Form N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-3668
                                    --------

                         The Wright Managed Income Trust
                         -------------------------------
               (Exact Name of Registrant as Specified in Charter)

     The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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                    (Address of Principal Executive Offices)

                                Janet E. Sanders
     The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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                    (Name and Address of Agent for Services)

                                 (617) 482-8260
                                 --------------
                         (Registrant's Telephone Number)

                                   December 31
                                  -------------
                             Date of Fiscal Year End

                                  June 30, 2008
                                 ----------------
                            Date of Reporting Period

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ITEM 1. REPORTS TO STOCKHOLDERS

THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS




                           SEMI-ANNUAL REPORT
                           ------------------
                           JUNE 30, 2008

                  THE WRIGHT MANAGED EQUITY TRUST

                           o   Wright Selected Blue Chip Equities Fund
                           o   Wright Major Blue Chip Equities Fund
                           o   Wright International Blue Chip Equities Fund

                  THE WRIGHT MANAGED INCOME TRUST

                           o   Wright Total Return Bond Fund
                           o   Wright Current Income Fund









THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS
- -----------------------------------------------


THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS CONSIST OF THREE EQUITY FUNDS FROM
THE  WRIGHT  MANAGED  EQUITY  TRUST AND TWO FIXED  INCOME  FUNDS FROM THE WRIGHT
MANAGED INCOME TRUST. EACH OF THE FIVE FUNDS HAVE DISTINCT INVESTMENT OBJECTIVES
AND  POLICIES.  THEY  CAN BE USED  INDIVIDUALLY  OR IN  COMBINATION  TO  ACHIEVE
VIRTUALLY  ANY  OBJECTIVE.   FURTHER,  AS  THEY  ARE  ALL  "NO-LOAD"  FUNDS  (NO
COMMISSIONS OR SALES CHARGES), PORTFOLIO ALLOCATION STRATEGIES CAN BE ALTERED AS
DESIRED TO MEET  CHANGING  MARKET  CONDITIONS OR CHANGING  REQUIREMENTS  WITHOUT
INCURRING ANY SALES CHARGES.

APPROVED WRIGHT INVESTMENT LIST

Securities  selected for investment in these funds are chosen mainly from a list
of  "investment  grade"  companies   maintained  by  Wright  Investors'  Service
("Wright"  or  the  "Adviser").   Over  31,000  global  companies  (covering  63
countries)  in Wright's  database are screened as new data becomes  available to
determine any eligible  additions or deletions to the list.  The  qualifications
for inclusion as  "investment  grade" are companies  that meet Wright's  Quality
Rating  criteria.  This rating  includes  fundamental  criteria  for  investment
acceptance,  financial  strength,  profitability  &  stability  and  growth.  In
addition,  securities,  which are not  included in Wright's  "investment  grade"
list, may also be selected from companies in the fund's  specific  benchmark (up
to 20% of  the  market  value  of the  portfolio)  in  order  to  achieve  broad
diversification.  Different  quality criteria may apply for the different funds.
For example,  the  companies in the Major Blue Chip Fund would  require a higher
Investment Acceptance rating than the companies in the Selected Blue Chip Fund.

THREE EQUITY FUNDS

WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WSBC) (the Fund) seeks to enhance total
investment return through price  appreciation plus income.  The Fund's portfolio
is   characterized   as  a  blend  of  growth  and  value  stocks.   The  market
capitalization  of the companies is typically between $1-$10 billion at the time
of the Fund's investment.  The Adviser seeks to outperform the Standard & Poor's
400 Index (S&P 400) by selecting stocks using  fundamental  company analysis and
company specific  criteria such as valuation and earnings trends.  The portfolio
is then diversified across industries and sectors.

WRIGHT MAJOR BLUE CHIP  EQUITIES  FUND (WMBC) (the Fund) seeks to enhance  total
investment return through price  appreciation plus income by providing a broadly
diversified  portfolio  of equities of larger  well-established  companies  with
market  values of $10  billion or more.  The  Adviser  seeks to  outperform  the
Standard & Poor's 500 Index (S&P 500) by  selecting  stocks,  using  fundamental
company  analysis and company  specific  criteria such as valuation and earnings
trends. The portfolio is then diversified across industries and sectors.

WRIGHT  INTERNATIONAL  BLUE CHIP  EQUITIES  FUND  (WIBC)  (the Fund) seeks total
return  consisting of price  appreciation  plus income by investing in a broadly
diversified portfolio of equities of well-established,  non-U.S.  companies. The
Fund may buy common stocks traded on the  securities  exchange of the country in
which the  company  is based or it may  purchase  American  Depositary  Receipts
(ADR's)  traded in the United  States.  The  portfolio  is  denominated  in U.S.
dollars and investors  should  understand that  fluctuations in foreign exchange
rates may impact the value of their investment.  The Adviser seeks to outperform
the MSCI  Developed  World ex U.S. Index by selecting  stocks using  fundamental
company  analysis and  company-specific  criteria such as valuation and earnings
trends.  The  portfolio  is then  diversified  across  industries,  sectors  and
countries.


TWO FIXED-INCOME FUNDS

WRIGHT TOTAL RETURN BOND FUND (WTRB)(the  Fund) is a diversified  portfolio
of investment  grade government and corporate bonds and other debt securities of
varying maturities which, in the Adviser's  opinion,  will achieve the portfolio
objective of best total return (i.e.  the total of ordinary  income plus capital
appreciation).  Accordingly,  investment  selections  and  maturities may differ
depending on the  particular  phase of the interest  rate cycle.  Dividends  are
accrued  daily  and paid  monthly.  The  Fund's  benchmark  is the  Lehman  U.S.
Aggregate Bond Index.

Wright Current Income Fund (WCIF)(the Fund) may be invested in a variety of
securities and may use a number of  strategies,  including  GNMAs,  to produce a
high level of income with reasonable stability of principal.  The Fund reinvests
all principal payments. Dividends are accrued daily and paid monthly. The Fund's
benchmark is the Lehman GNMA Backed Bond Index.



TABLE OF CONTENTS
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Investment Objectives...........................inside front & back cover
Letter to Shareholders...................................................2
Management Discussion....................................................4
Fund Expenses............................................................9
Board of Trustees Annual Approval of the Investment Advisory Agreement..53
Important Notices Regarding Privacy, Delivery of Shareholder Documents,
Portfolio Holdings and Proxy Voting.....................................54

                FINANCIAL STATEMENTS

THE WRIGHT MANAGED EQUITY TRUST
   WRIGHT SELECTED BLUE CHIP EQUITIES FUND
     Portfolio of Investments..................11
     Statement of Assets & Liabilities.........14
     Statement of Operations...................14
     Statements of Changes in Net Assets.......15
     Financial Highlights......................16

   WRIGHT MAJOR BLUE CHIP EQUITIES FUND
     Portfolio of Investments..................17
     Statement of Assets & Liabilities.........20
     Statement of Operations...................20
     Statements of Changes in Net Assets.......21
     Financial Highlights......................22

   WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
     Portfolio of Investments..................23
     Statement of Assets & Liabilities.........26
     Statement of Operations...................26
     Statements of Changes in Net Assets.......27
     Financial Highlights......................28

   NOTES TO FINANCIAL STATEMENTS...............29


THE WRIGHT MANAGED INCOME TRUST
   WRIGHT TOTAL RETURN BOND FUND
     Portfolio of Investments..................35
     Statement of Assets & Liabilities.........39
     Statement of Operations...................39
     Statements of Changes in Net Assets.......40
     Financial Highlights......................41

   WRIGHT CURRENT INCOME FUND
     Portfolio of Investments..................42
     Statement of Assets & Liabilities.........45
     Statement of Operations...................45
     Statements of Changes in Net Assets.......46
     Financial Highlights......................47

   NOTES TO FINANCIAL STATEMENTS...............48


LETTER TO SHAREHOLDERS
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                                                 July 2008

Dear Shareholders:

Given the poor performance of global stock and bond markets in the first half of
2008, this may be an appropriate time for an expanded discussion of the economic
and market  prospects  over the balance of the year and in 2009.  As daunting as
the  obstacles to near-term  growth are, it is important to remember that market
turns always come well in advance of a return of economic prosperity.  With this
in mind, it is not  unreasonable  to expect a marked  improvement  in the market
climate during the second half of 2008 in  anticipation  of better  economic and
credit conditions over the course of 2009.

                               CURRENT CONDITIONS

With the help of  multi-billion  dollar tax rebates and a strong export  sector,
the U.S. economy avoided  recession in the first half of 2008, while the S&P 500
flirted  with the 20% decline  from its peak that  generally  designates  a bear
market.  Whether or not the economy  continues  to advance  and markets  rebound
appears to depend to a  significant  degree on the course of oil  prices,  which
have so far proved  unusually  resilient  to global  economic  slowdown.  Energy
demand has  softened,  but concerns  about  potential  supply  disruptions  have
combined with ongoing capital flows into commodities and a weaker dollar to push
crude oil futures to $145 a barrel in early July,  a level that,  if  sustained,
poses both inflation and recession risks around the globe. (Fortunately, oil has
retreated,  although further declines are both needed and likely,  in our view.)
On the other hand,  once oil prices begin to retreat that will act as a catalyst
for receding inflation, rising confidence and renewed economic growth, better in
many ways than the tax cuts and  monetary  remedies  that have been  employed so
far. Stock prices ought to anticipate  these more favorable trends by six months
or more, lending support to the case for a much improved second-half performance
in the equities markets.

                              CENTRAL BANK DILEMMA

As July began, the European  Central Bank (ECB) bowed to inflation  concerns and
raised its base  lending rate from 4.00% to 4.25%,  the second  increase in four
months.  The Bank of England  (BOE),  like the U.S.  Federal  Reserve (the Fed),
reduced  interest  rates by  one-quarter  percentage  point  during  the  second
quarter,  but it is now wrestling with the  possibility of raising rates to head
off inflation pressures. In developing economies,  interest rates have increased
and energy  subsidies have been reduced,  both of which will tend to slow growth
and reduce inflation.  In the U.S., the Fed struggled with the  growth/inflation
question during the second  quarter,  holding its fed funds rate target at 2% at
its June policy  meeting.  In our view,  while  commodities  prices may yet be a
problem,  the Fed is likely to leave interest rates at current low levels out of
concern for weak credit  conditions,  recessions  in the home  building and auto
industries,  and the  softening  labor market,  where more than 500,000  private
sector jobs were lost over the first six months of 2008.

We also  believe  that the  unfolding  economic  slowdown  will be big enough to
produce a cooling  off of global  inflation  pressures  - limiting  the scope of
further  interest rate  increases  from the ECB or BOE - and yet not so big that
the global  economy drops into outright  recession.  That is the sweet spot that
the world's central bankers are aiming for, and the probability of their success
relies on the fact that no tree grows to the sky - not even the oil tree. Having
seen the way high oil  prices  resulted  in a 6  million  barrel  per day  (10%)
contraction in world oil consumption  over the 1980-83 period (which in turn set
the stage for two decades of lower oil  prices),  we believe  that the bubble in
crude is  close to the  bursting  point.  Of  course,  the  longer  that oil and
commodities  prices defy gravity,  the greater the risks to world  economies and
markets.

                           STOCK AND BOND MARKET RECAP

Stocks  rallied for the first two months of the second  quarter before giving up
those gains in June. As the markets took their July 4 holiday break, the S&P 500
stood at 1,263, close to a two-year low and 19% below last October's price peak.
Unlike the first quarter,  when all 10 of the S&P 500's market sectors declined,
the second  quarter saw gains in four  sectors:  energy (17%),  utilities  (7%),
materials (4%) and technology  (2%). In fact,  excluding stocks in the financial
sector,  which hemorrhaged 19% in price during the second quarter (Q2), the rest
of the S&P 500 had a net  decline of only 0.3% - although  the month of June was
off more than 6%. If you  exclude  both  financials  and  energy,  the other 333
stocks in the S&P 500 lost  nearly 3% in the second  quarter on top of the first
quarter's 8% decline.  Since October's market peak,  energy stocks have returned
11%,  financials  have lost 43%,  and the rest of the S&P 500 has averaged a 14%
market correction.  Early in the third quarter, energy and materials stocks have
been among the weaker sectors of the market,  reinforcing our suspicion that new
market  leadership  will be required  before a new upleg in stock  prices can be
sustained.

Since August 2007, the Fed has cut interest rates by 325 basis points,  injected
billions of dollars of liquidity into the market, and instituted a number of new
lending  facilities  for banks and  primary  securities  dealers in an effort to
shore up credit markets.  The Fed's efforts met with a modicum of success in the
second quarter, as credit spreads declined modestly.  Still,  mortgage rates and
interest  rates  on  corporate  borrowings  rose  in  the  quarter,  and  credit
conditions  must still be considered to be  relatively  tight,  despite the fact
that the real fed funds rate is effectively zero. Mortgage-backed securities and
corporate bonds,  particularly at the shorter end of the yield curve,  performed
better than  Treasuries in Q2,  although  toward the end of the quarter  renewed
evidence  of risk  aversion  began to be seen.  Bond  markets  outside  the U.S.
generally  trailed the U.S. bond market in Q2 as interest  rates rose around the
globe and the U.S.  dollar  rebounded  modestly,  recovering less than 5% of the
ground lost to the major foreign currencies over the past six years.

                                ECONOMIC OUTLOOK

Even if the U.S. manages to avoid  recession,  pretty clearly the growth outlook
is somewhat muted. In fact, it may be difficult for the U.S.  economy to do much
better than the 1% or so growth rate experienced over the past nine months,  and
a short  shallow  recession  cannot be ruled out in the event  that more  credit
problems  emerge or energy prices  perversely go still higher.  Housing  figures
detract from Gross Domestic Product (GDP) growth in diminishing  amounts,  but a
return to robust  residential  construction will first require a working down of
large inventories of unsold homes. Likewise, the contribution to economic growth
from the auto  industry  will likely be meager for a while since the capacity to
produce the "green" vehicles that consumers want now is somewhat limited. What's
more,  consumers  are in no position to step up their  spending in any big way -
not with incomes  constrained by job losses and confidence shaken by $4 a gallon
gasoline.  These depressing effects will be only partially offset by the limited
tax  rebates  going out to  consumers  over Q2 and Q3. It may well be the fourth
quarter of 2009  before a return to trend  growth of 2.5%-3%  can be  achieved -
which would make the growth  trajectory  over the next 18 months  similar to the
stunted takeoff from the 2001 recession.

As to the prospects for inflation, we repeat what we said three months ago: "The
Fed's latest moves to bolster credit and economic  growth may have  inflationary
consequences."  Nevertheless,  second-quarter price action in gold (down), crude
oil (up) and the dollar  (stronger)  presents a mixed picture,  unlike the first
quarter,  when all of these  inflation  indicators  were flashing a red light on
inflation  risks.  Still, our view is that inflation ought to remain a secondary
consideration for the Fed,  subordinate to the need to return the credit markets
to normal  functioning and get the economy's growth engines  restarted.  Without
question,  yield  spreads got too low,  mortgage  investors too  complacent  and
lending  standards  too lax in 2007,  making some of the  subsequent  tightening
entirely  appropriate.  A reduction in home prices and some overdue deleveraging
of the U.S.  consumer  sector,  though  painful  in the short  run,  can only be
positive in the longer term scheme of things.

                                  RISKS REMAIN

The  rise  in  oil  and  commodity  prices,   which  is  both  inflationary  and
recessionary,   is  at  odds  with  the  global  economic  slowdown  and  demand
destruction now occurring in energy and resource  markets.  Still,  that doesn't
mean these  trends  will  reverse in the near term since the  extremes  that any
market can get to are often as surprising as they are dramatic.  Obviously a key
threat  to the  economy  and  markets  midway  through  2008 is that oil  prices
continue to range in  slowdown-inducing  territory.  By the same token,  though,
should commodity prices fall sharply,  the effect on consumer  confidence should
be  quite  salutary.  Nominal  GDP  growth  may  not be  much  higher,  but  its
composition  would take a  favorable  turn - i.e.,  more real  growth  with less
inflation.

Another  risk to capital  markets  heading into 2009 is the  possibility  of tax
increases  next year - capital  gains,  dividend  treatment,  income  tax rates,
corporate  taxes and payroll taxes all appear to be in play. In fact, we suspect
that some of the recent  market  weakness may be attributed to concerns on how a
sweep of  Congress  and the White House by the  Democrats  might lead to tougher
treatment of capital  (vis-a-vis labor). Our view is that the likely backdrop of
muted economic expansion over the next couple years will not allow Washington to
impose the large tax increases that some fear.

In the current  market  environment,  it is  especially  important to maintain a
focus on high-quality securities. In times like this, the wisdom of investing in
a diversified portfolio of high-quality  securities becomes abundantly clear. At
Wright  Investors'  Service,  we continue to reject  investment fads in favor of
investment  principles.  In our view, the 2007-08 financial crisis, like earlier
ones,  will  create as many  opportunities  as  challenges.  While the bottom in
stocks  may not yet have been  seen,  we take  encouragement  from the fact that
stock  price/earnings  multiples are at multiyear lows as the third quarter gets
under way. If you have any questions or  suggestions  on how we can better serve
your investment and wealth management needs, please let us know.

                                             Sincerely,

                                             /s/ Peter M. Donovan
                                             --------------------------
                                             Peter M. Donovan, President

MANAGEMENT DISCUSSION
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EQUITY FUNDS

IN THE FIRST HALF OF 2008, THE S&P 500 LOST NEARLY 12%. STOCKS FELL EARLY IN THE
YEAR AS  INVESTORS  REALIZED  THAT THE EFFECTS OF THE  MORTGAGE  MELTDOWN ON THE
FINANCIAL  SYSTEM  THAT KEEPS THE  ECONOMY  MOVING WAS MORE SEVERE AND LIKELY TO
LAST LONGER THAN PREVIOUSLY  EXPECTED.  IN MARCH, AFTER THE FEDERAL RESERVE (THE
FED) ENGINEERED THE RESCUE OF COLLAPSED INVESTMENT BANK BEAR STEARNS BY JPMORGAN
CHASE AND TOOK  STEPS TO  ENHANCE  LIQUIDITY  IN THE  CREDIT  MARKETS,  INVESTOR
SENTIMENT  IMPROVED.  THE MARKET RALLY WAS  SHORT-LIVED,  HOWEVER,  AS SENTIMENT
AGAIN TURNED NEGATIVE  MIDWAY THROUGH THE SECOND  QUARTER.  ALTHOUGH THE FED MAY
HAVE PREVENTED THE WORST-CASE  OUTCOME FROM THE COLLAPSE OF THE HOUSING  BUBBLE,
IT BECAME CLEAR THAT FINANCIAL  INSTITUTIONS  WOULD BE TAKING MORE WRITE-OFFS OF
DISTRESSED  ASSETS,  FORCING  THEM TO  RAISE  MORE  CAPITAL.  THERE  WAS ALSO AN
INCREASE  IN  UNCERTAINTY  ABOUT  FED  POLICY.   EARLY  IN  2008,  THE  FED  WAS
CONCENTRATING  ITS  EFFORTS ON EASING  THE  CREDIT  CRUNCH AND TRYING TO GET THE
FINANCIAL  SYSTEM  RUNNING  SMOOTHLY.  BUT LATE IN JUNE,  THE FED  PAUSED IN ITS
EASING PROGRAM AND WAS PUTTING MORE FOCUS ON THE POTENTIAL FOR HIGHER  INFLATION
CAUSED  BY THE  RUN-UP  IN  COMMODITY  PRICES.  AT THE  SAME  TIME,  THE RISK OF
RECESSION  STILL LOOMED AS CONSUMER  SPENDING  POWER AND  CONFIDENCE  WERE BEING
SAPPED BY HIGHER ENERGY PRICES, DECLINING HOME PRICES AND A SOFT JOBS MARKET.

BY THE END OF THE SECOND  QUARTER,  THE S&P 500 HAD GIVEN BACK JUST ABOUT ALL IT
HAD GAINED IN THE MARCH-MAY  RALLY.  ON JUNE 30, THE DOW, THE S&P 500 AND NASDAQ
WERE ALL CLOSE TO BEING IN "BEAR MARKET" TERRITORY,  I.E., HAVING PRICE DECLINES
APPROACHING  20% FROM 2007'S PEAKS.  (EARLY IN THE THIRD QUARTER,  THE AVERAGES'
RETREATS DID MEET THE "BEAR MARKET"  DEFINITION.) IN TOTAL RETURN TERMS, FOR THE
SECOND QUARTER THE S&P 500 LOST 2.7%, BRINGING ITS HALF-YEAR LOSS TO NEARLY 12%.
THE DOW JONES  INDUSTRIALS  TOOK A BIGGER HIT IN THE QUARTER,  LOSING 6.9% FOR A
FIRST-HALF LOSS OF ABOUT 13%; NASDAQ WAS SLIGHTLY POSITIVE IN THE SECOND QUARTER
WITH A 0.8% RETURN,  BUT IT ALSO LOST ABOUT 13% IN THE FIRST HALF OF 2008.  LIKE
NASDAQ,  THE S&P MIDCAP 400 AND SMALLCAP 600 HAD POSITIVE  RETURNS IN THE SECOND
QUARTER  (5.4% AND 0.4%,  RESPECTIVELY),  TOPPING THE S&P 500 AS THEY DID IN THE
FIRST QUARTER.  THE MIDCAPS LOST JUST 3.9% IN THE FIRST HALF; THE SMALLCAPS LOST
7.1%. IN THE FIRST HALF OF 2008, MARKETS OUTSIDE OF THE UNITED STATES SHARED THE
ANXIETY ABOUT THE ECONOMIC OUTLOOK AND THE CREDIT CRISIS.  IN THE FIRST QUARTER,
THE  MSCI  WORLD  EX  U.S.  INDEX'S  DOLLAR  LOSS  OF 8.7%  BENEFITED  FROM  THE
DEPRECIATION OF THE DOLLAR;  IN THE SECOND QUARTER,  SLIGHT  APPRECIATION OF THE
DOLLAR HURT RESULTS,  THOUGH THE INDEX'S LOSS OF 1.2% WAS STILL SMALLER THAN THE
S&P 500'S.

THE  BOTTOMING  PROCESS FOR STOCKS  COULD BE A PROLONGED,  BUMPY ONE.  CORPORATE
PROFIT GROWTH WAS  DISAPPOINTING  IN THE FIRST HALF OF 2008 AND EXPECTATIONS FOR
THE SECOND  HALF ARE  LIKELY TO BE  REVISED  LOWER.  THIS  COULD  CONTRIBUTE  TO
NEAR-TERM  VOLATILITY  IN THE STOCK  MARKET,  WHICH  ALREADY  FIGURES TO REFLECT
UNCERTAINTY  ABOUT THE  ECONOMY  AND THE HEALTH OF THE CREDIT  MARKETS  (FACTORS
WHICH  CONTRIBUTED TO STOCK MARKET WEAKNESS EARLY IN Q3). POSITIVE FOR STOCKS IS
THE CURRENT LOW VALUATION RESULTING FROM THE LATEST SELL-OFF;  AT MID-YEAR,  THE
S&P 500'S  FORWARD P/E  MULTIPLE WAS MORE THAN TWO  PERCENTAGE  POINTS BELOW ITS
AVERAGE SINCE 1985.  EVEN A MODEST  INCREASE IN MULTIPLES AS INVESTORS  BEGIN TO
ANTICIPATE  BETTER  CONDITIONS  DEVELOPING IN 2009 COULD  GENERATE  DOUBLE-DIGIT
RETURNS FROM EQUITIES IN THE COMING 12 MONTHS.  MANY  INTERNATIONAL  MARKETS ARE
ATTRACTIVELY VALUED AND THE INCLUSION OF INTERNATIONAL EQUITIES IN PORTFOLIOS IS
LIKELY TO ENHANCE RETURNS AS WELL AS PROVIDE DIVERSIFICATION.


                                                                                  

                                       2008    2007    2006   2005    2004   2003    2002    2001   2000    1999   1998
   Total Return                      6 Mos.    Year    Year   Year    Year   Year    Year    Year   Year    Year  Year
   -------------------------------------------------------------------------------------------------------------------

   Wright Selected Blue Chip
     Equities Fund (WSBC)             -7.3%   11.6%    3.8%  11.1%   15.7%  30.1%  -17.0%  -10.2%  10.8%    5.8%   0.1%
   Wright Major Blue Chip
     Equities Fund (WMBC)            -13.3%    6.0%   11.6%   6.2%   12.4%  23.2%  -24.5%  -16.9% -12.5%   24.0%  20.4%
   Wright International Blue Chip
     Equities Fund (WIBC)             -9.8%    5.5%   28.5%  21.1%   17.7%  32.0%  -14.5%  -24.2% -17.6%   34.3%   6.1%



WRIGHT SELECTED BLUE CHIP EQUITIES FUND

The S&P MidCap 400 outperformed the S&P 500 in the first half of 2008, posting a
smaller  loss in the first  quarter  and a positive  return in the  second.  The
Wright Selected Blue Chip Fund (WSBC) (the Fund), which is a mid-cap blend fund,
also outperformed the S&P 500 in the first half of 2008,  although it lagged the
S&P MidCap 400. WSBC  returned 4.7% in the second  quarter of 2008 compared to a
5.4% return for the S&P MidCap 400. For the entire first half of 2008, WSBC lost
7.3%  compared  to a  3.9%  loss  for  the  S&P  MidCaps.  Most  of  the  WSBC's
underperformance  in the first  quarter of 2008  compared to the S&P MidCaps was
due to the lagging  performance of its financial  holdings  compared to those in
the benchmark.  This reversed in the second quarter,  when the Fund's  financial
holdings  outperformed  the S&P MidCaps,  although in absolute terms  financials
remained weak. Among the financial  contributors in Q2 were Eaton Vance Corp.(+
31%) and Raymond  James  Financial,  Inc.  (+15%),  which were among the weakest
holdings  in Q1.  Offsetting  the strong  showing in WSBC  financials  in Q2 was
relative  underperformance  of the Fund's health care and industrial  selections
compared to the index (e.g., Intuitive Surgical,  Inc. -17%, Oshkosh Truck Corp.
- -43%).  In absolute  terms,  the WSBC Fund benefitted from the strong showing of
its  energy  holdings  in the first half of 2008,  especially  during the second
quarter (e.g.,  Helmerich & Payne +80%,  Patterson-Uti Energy, Inc. +86% for the
first half).  The S&P MidCap  400's P/E in terms of forward  earnings was higher
than the S&P 500's at mid-year 2008, but despite the higher  valuation,  mid-cap
stocks  still look  attractive  because of their  better  forecast  for earnings
growth.  WSBC is well positioned in the mid-cap area with a tilt toward the more
substantial companies in the S&P MidCap 400. In the aggregate,  WSBC stocks have
a lower forward P/E than those in the MidCap 400 with similar expected  earnings
growth.  Wright  Investors'  Service  (WIS)  continues  to advise  diversity  in
investment  portfolios  and sees  mid-cap  stocks as  likely to make a  positive
contribution to total portfolio returns going forward.

WRIGHT MAJOR BLUE CHIP EQUITIES FUND

The Wright  Major Blue Chip Fund  (WMBC) (the Fund) is managed as a blend of the
large-cap growth and value stocks in the S&P 500 Composite, selected with a bias
toward  the  higher-quality  issues in the  index.  After  lagging  in the first
quarter of 2008 with a loss of 11.4%  compared  to the S&P 500's 9.4% loss,  the
WMBC Fund recovered some ground in Q2 with a loss of 2.1%,  smaller than the S&P
500's 2.7%  loss.  For the first half of 2008,  WMBC lost 13.3%  compared  to an
11.9% loss for the S&P 500.  In the second  quarter of 2008,  many of the WMBC's
best-performing issues were in the energy sector (e.g., ConocoPhillips Co. +24%,
Occidental  Petroleum Corp. +23%).  Relative to the S&P 500 benchmark,  the WMBC
Fund's outperformance in Q2 reflected superior stock selection,  particularly in
the financial and consumer  discretionary sectors, where the Fund's holdings did
significantly  better than the index. Some specific examples of good performance
in Q2 include Big Lots,Inc.  (+41%),  Hasbro,  Inc.  (+29%),  Progressive  Corp.
(+16%) and Goldman Sachs Group,  Inc.  (+6%).  A relatively  good showing in the
weak financial  sector also helped in the first quarter,  but this was offset by
overexposure to the managed health care industry,  where performance lagged. For
the first  half as a whole,  the  Fund's  results  relative  to the S&P 500 were
helped  by its  relatively  good  showing  in the weak  financial  and  consumer
discretionary  sectors,  while the  biggest  relative  detraction  came from its
selections in the health care sector. The third quarter started with a soft tone
to the stock market.  Given the high level of economic  uncertainty,  along with
the prospect of some  downward  revision of earnings  estimates,  we wouldn't be
surprised to see more bouts of market  volatility in the months ahead.  With its
bias toward the higher-quality issues in the S&P 500 and attractive  valuations,
the WMBC Fund is well positioned for today's relatively risk-averse environment,
which may persist for a while. At the end of the second  quarter,  WMBC holdings
were priced at lower  current and forward P/E  multiples  than the S&P 500, with
similar next 12 months expected earnings growth.

WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND

U.S.  investors  benefited  from including  international  stocks in diversified
portfolios  in 2007 and that  continued  in the  first  half of 2008 as the MSCI
World ex U.S. stock index outperformed the S&P 500 in dollars for the period. In
the first two quarters of 2008, the Wright  International  Blue Chip Fund (WIBC)
(the Fund) lost 9.8%,  matching the loss of the MSCI World ex U.S. index. In the
second  quarter  of  2008,  WIBC  lost  0.3%,  a  better  showing  than the MSCI
benchmark's  1.2% loss and  making  up for a slight  shortfall  compared  to the
benchmark in the first quarter (WIBC -9.5%,  MSCI World ex U.S.  -8.7%).  In the
first quarter of 2008,  the WIBC Fund's  relative  performance  was helped by an
underweight  position in financial stocks,  which was a weak sector globally for
the entire first half.  The Fund remained  underweight  in financials in Q2, but
its relative  performance was hurt by weakness in the specific issues it held in
that sector. Being overweight in the defensive utility sector was a positive for
performance in both the first and second quarters of the year; in both quarters,
the Fund also benefited from the strong  showing of its energy  holdings  (e.g.,
Encana  Corp.'s  +36%  first-half  return).  In the  second  quarter,  the  Fund
benefited  from a strong  showing in its  selections  in the  materials  sector.
Holdings in Japanese auto makers  detracted from performance in Q1, while in Q2,
performance of the Fund's technology holdings was negative, with Nokia Oyj being
a contributor to this weakness.  Although the global economy is slowing in 2008,
near-term  earnings  prospects for foreign  companies  generally look relatively
good  compared  to  the  U.S.  In  addition,  foreign  stocks  offer  attractive
valuations  relative  to  U.S.  stocks.  We  continue  to see the  inclusion  of
international stocks as likely to enhance  risk-adjusted  returns in diversified
investment  portfolios.  Going into the second half of 2008,  WIBC weightings in
the  defensive  health care and utility  sectors  were  increased;  the consumer
discretionary  sector was also increased  (reducing the underweight  relative to
the MSCI benchmark) to take advantage of some attractive valuations. Holdings in
the financial  sector,  which were increased earlier in the year when valuations
were very low, were reduced (to  underweight  relative to the MSCI benchmark) in
May after some  recovery in  financials.  Holdings in the Euro zone were reduced
because of a worsening of the economic outlook,  while weightings in Switzerland
and Hong Kong have been increased through the addition of defensive  holdings in
the health care and utility sectors.

FIXED-INCOME FUNDS

THE SECOND  QUARTER OF 2008 WAS THE FOURTH QUARTER IN A ROW THAT THE LEHMAN U.S.
AGGREGATE BOND INDEX OUTPERFORMED THE S&P 500. IN THE FIRST QUARTER OF 2008, THE
FEDERAL RESERVE BOARD (FED) WAS AGGRESSIVE IN PROVIDING MONETARY STIMULATION AND
LIQUIDITY TO EASE THE CREDIT CRUNCH, BUT FOR MOST OF THE QUARTER, A HIGH ANXIETY
LEVEL DROVE  INVESTORS TO THE SAFETY OF TREASURY  BONDS. BY THE BEGINNING OF THE
SECOND QUARTER,  THESE FED ACTIONS WERE HAVING SOME EFFECT IN REDUCING  INVESTOR
ANXIETY,  AND FOR A WHILE,  INVESTORS MOVED AWAY FROM TREASURIES  TOWARD RISKIER
ASSETS.  IN THE SECOND  QUARTER,  THE FED SEEMED TO BE PUTTING MORE FOCUS ON THE
POTENTIAL FOR HIGHER INFLATION CAUSED BY THE RUN-UP IN COMMODITY  PRICES, AS DID
INVESTORS BY AND LARGE.  IN JUNE, THE FED PAUSED IN ITS EASING PROGRAM AFTER 325
BASIS POINTS OF RATE CUTS SINCE AUGUST 2007. BUT WHILE INFLATION THREATENED, THE
RISK OF RECESSION STILL LOOMED.  ONCE THE BOOST TO CONSUMPTION FROM THE ECONOMIC
STIMULUS PACKAGE HAS RUN ITS COURSE,  HIGH ENERGY PRICES,  DECLINING HOME PRICES
AND  A  SOFT  JOBS  MARKET  COULD  AGAIN  DAMPEN  CONSUMER  SPENDING  POWER  AND
CONFIDENCE. BY THE END OF THE SECOND QUARTER, CONCERNS ABOUT THE ECONOMY AND THE
REALIZATION THAT MANY FINANCIAL  INSTITUTIONS WOULD BE TAKING MORE WRITE-OFFS OF
DISTRESSED DEBT TURNED INVESTOR SENTIMENT NEGATIVE AGAIN.

THE TREASURY  YIELD CURVE FELL AND STEEPENED IN THE FIRST QUARTER OF 2008,  THEN
ROSE AND FLATTENED IN THE SECOND QUARTER. AT MID YEAR, THE 10-YEAR TREASURY BOND
WAS YIELDING  ABOUT 4%, JUST ABOUT WHERE IT WAS AT THE START OF 2008;  THE YIELD
ON THE TWO-YEAR  TREASURY WAS AT 2.62%, DOWN ABOUT 40 BASIS POINTS FROM WHERE IT
BEGAN THE YEAR. THE LEHMAN U.S.  AGGREGATE BOND INDEX RETURNED 2.2% IN THE FIRST
QUARTER,  LED BY  TREASURY  BONDS,  WHICH  RETURNED  MORE  THAN 4% AS  INVESTORS
SEARCHED FOR A SAFE HAVEN.  IN Q2, THE AGGREGATE INDEX LOST 1.0% AS YIELDS ROSE.
THE SPREAD TIGHTENING ON RISKIER ASSETS EARLY IN THE SECOND QUARTER (AS INVESTOR
CONFIDENCE  WAS ON AN UPSWING)  RESULTED IN TREASURY  BONDS  LAGGING THE OVERALL
INDEX IN THE SECOND  THREE MONTHS OF 2008.  FOR Q2,  MORTGAGES  AND  SECURITIZED
PRODUCTS  HAD THE BEST  PERFORMANCE  AND  CORPORATE  BONDS ALSO DID BETTER  THAN
TREASURIES AND THE AGGREGATE AS A WHOLE. THE LEHMAN U.S. AGGREGATE RETURNED 1.1%
FOR THE FIRST HALF OF 2008 WITH THE BEST RETURNS FOR THE SIX MONTHS  COMING FROM
TREASURY BONDS (+2.2%).

IN OUR VIEW,  THE FED IS UNLIKELY TO RAISE  INTEREST RATES IN THE SECOND HALF OF
2008,  THE JUNE  PAUSE IN ITS EASING  PROGRAM  NOTWITHSTANDING.  THE  ECONOMY IS
STRADDLING  A FINE  LINE  BETWEEN  THE  RISKS TO  GROWTH  POSED  BY THE  FRAGILE
FINANCIAL, HOUSING AND AUTO SECTORS AND THE DANGER OF INFLATION DRIVEN BY RISING
COMMODITY  COSTS.  THE INFLATION THREAT MAKES A STAND-PAT COURSE BY THE FED MOST
LIKELY FOR THE REST OF THIS YEAR,  BUT WE WOULDN'T PUT THE CHANCE OF ANOTHER CUT
AT ZERO  SHOULD A  SERIOUS  THREAT  TO THE  STABILITY  OF THE  FINANCIAL  SYSTEM
DEVELOP.  BONDS COULD BE VOLATILE IN THE  NEAR-TERM  AS PROBLEMS IN THE MORTGAGE
SECTOR  DOMINATE THE HEADLINES AND THE  PERCEIVED  ECONOMIC  RISKS WAVER BETWEEN
RECESSION  AND  INFLATION.  A YEAR FROM NOW,  LONG-TERM  RATES COULD BE SOMEWHAT
HIGHER  THAN THEY WERE AT MID-YEAR  2008,  REFLECTING  THE  PROSPECT OF IMPROVED
ECONOMIC  CONDITIONS  AND  POSSIBLY  SOME FED  TIGHTENING  NEXT YEAR.  YIELDS ON
SHORTER  MATURITY  SECURITIES,  WHERE THE PROSPECT OF FED TIGHTENING WAS ALREADY
PRICED IN AT THE END OF THE SECOND  QUARTER,  MAY NOT BE MUCH CHANGED FROM WHERE
THEY ARE TODAY.  WE EXPECT  THAT  SPREAD  TIGHTENING  ON  CORPORATE,  AGENCY AND
MORTGAGE-RELATED  BONDS AS WELL AS COUPON  INCOME WILL  PROVIDE A POSITIVE  REAL
RETURN FROM BONDS OVER THE COMING 12 MONTHS. EVEN THOUGH BOND RETURNS ARE LIKELY
TO LAG EQUITY RETURNS OVER THE COMING YEAR, THE EXPERIENCE OF 2007 AND THE FIRST
HALF  OF 2008  POINTS  OUT THE  ADVANTAGE  OF  INCLUDING  BONDS  IN  DIVERSIFIED
INVESTMENT PORTFOLIOS.


                                                                                  

                                      2008     2007    2006   2005    2004   2003    2002    2001   2000    1999  1998
   Total Return                      6 Mos.    Year    Year   Year    Year   Year    Year    Year   Year    Year  Year
   -------------------------------------------------------------------------------------------------------------------

   Wright Total Return Bond Fund
     (WTRB)                            0.4%    5.6%    3.3%   1.5%    3.5%   3.3%    9.0%    5.0%  10.6%   -3.9%   9.6%

   Wright Current Income Fund
     (WCIF)                            1.8%    5.8%    3.9%   1.8%    3.3%   1.7%    7.7%    7.2%  10.3%    0.5%   6.5%




WRIGHT TOTAL RETURN BOND FUND

In the first half of 2008, the return on the Lehman Aggregate topped that of the
S&P 500.  In the first half of 2008,  the Wright  Total  Return Bond Fund (WTRB)
(the Fund), a diversified  bond fund,  returned 0.4%,  behind the 1.1% return of
the  Lehman  U.S.  Aggregate  Bond  Index.  This  performance  reflected  slight
shortfalls in performance  in both the first (WTRB +1.9%,  Lehman Agg +2.2%) and
second  quarters (WTRB -1.5%,  Lehman Agg -1.0%).  WTRB had an SEC yield of 4.9%
for June 2008.  Dividends  paid by this Fund may be more or less than implied by
this yield. WTRB's duration position had a positive impact on performance in the
first quarter of 2008. At the start of the quarter, duration was 0.2 years short
of neutral compared to the Lehman Aggregate benchmark,  reflecting the view that
bonds were likely to correct in the near term.  This happened early in the first
quarter,  and the short duration  worked to the Fund's  advantage.  About midway
through Q1, when bonds were near their lows,  the Fund's  duration  was moved to
neutral in anticipation that the uncertain economic outlook and disrupted credit
markets would keep bonds volatile but in a relatively narrow trading range for a
while. This neutral position was maintained through the second quarter, with the
result  that  duration  had no  impact on  performance  relative  to the  Lehman
benchmark  in Q2.  In the  first  quarter,  the  Fund  also  benefited  from its
positioning to take advantage of the steepening  yield curve,  some of which was
reversed in Q2. At mid-year,  WTRB's duration was neutral compared to the Lehman
Aggregate and its yield curve  positioning  anticipated  some curve  steepening.
During the first quarter,  spreads on non-Treasury  sectors of the  fixed-income
market  widened  compared  to  Treasuries.   This  widening  created  attractive
valuations  and  the  potential  for  significant   excess  return  relative  to
Treasuries once investor confidence improved.  To take advantage of this, WTRB's
relative overweight in corporate bonds was increased during the first and second
quarters,  with the additions being funded primarily through reduction in Agency
and  mortgage-backed  holdings,  where the spreads  compared to Treasuries  were
considered less compelling than those in corporates. The Fund's increased weight
in corporate bonds and its position in commercial  mortgages  detracted from its
relative return in the first quarter,  offsetting some of the positive effect of
duration  and  yield  curve  positioning.  In the  second  quarter,  the  Fund's
performance relative to the Lehman Aggregate benefited from spread tightening in
commercial mortgages (8% of assets at June 30), asset-backed securities (2%) and
corporate bonds (29%). A position in hybrid ARMs (10%) performed relatively well
in both the first and second  quarters.  Being  underweight in Treasury (8%) and
Agency  (4%) issues also helped in Q2 but  detracted  from  performance  for the
entire first half. Being underweight in mortgage  pass-throughs (36%), which had
a good showing in Q2, also  detracted  from relative  performance in the quarter
and first half. The Fund's performance relative to the Lehman Aggregate was also
hurt in Q2 by its position in whole loan mortgages (2%), which underperformed.

WRIGHT CURRENT INCOME FUND

In the first half of 2008, the mortgage-backed  sector of the bond market lagged
behind  Treasury  bonds (+2.2%) but had a better return  (+1.9%) that the Lehman
U.S. Aggregate bond index's 1.1% return. In the second quarter, the MBS sector's
loss  (-0.5%) was smaller  than those of the Lehman  Aggregate  and the Treasury
sector.  The  Wright  Current  Income  Fund  (WCIF)  (the Fund) is managed to be
primarily invested in GNMA issues  (mortgage-based  securities,  known as Ginnie
Maes,  guaranteed by the full faith and credit of the U.S. government) and other
mortgage-based  securities. The WCIF Fund is actively managed to maximize income
and minimize principal fluctuation. In the second quarter of 2008, the WCIF Fund
returned 0.1%, better than the loss of 0.6% for the Lehman GNMA bond index. This
outperformance  in Q2 just  about  offset a  lagging  performance  in the  first
quarter (WCIF +1.6%, Lehman GNMA index + 2.5%); for the first half of 2008, WCIF
returned 1.8%,  matching the return of the Lehman GNMA index. For June 2008, the
WCIF Fund had an SEC yield of 4.9%.  Dividends  paid by this Fund may be more or
less than implied by this yield.  WCIF's  outperformance  compared to the Lehman
GNMA  index  in Q2  was  its  underweight  in  longer  maturity  mortgage-backed
securities,  which lagged shorter issues in the latest three months,  a reversal
of their first-quarter  performance.  At mid-year, WCIF held FNMA-backed (28% of
assets) and FHLMC-backed  (15%) mortgage  securities.  WIS believes that, market
concerns  notwithstanding,  MBS  securities  backed  by FNMA  and  FHLMC  remain
"money-good"  under all reasonable  scenarios,  a view strongly supported by the
plan recently  announced by the U.S. Treasury and the Federal Reserve to restore
confidence in these GSEs.

   THE VIEWS  EXPRESSED  THROUGHOUT  THIS  REPORT  ARE  THOSE OF THE  PORTFOLIO
   MANAGERS AND ARE CURRENT ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS
   STATED ON THE  COVER.  THESE  VIEWS ARE  SUBJECT TO CHANGE AT ANY TIME BASED
   UPON MARKET OR OTHER  CONDITIONS,  AND THE INVESTMENT  ADVISER DISCLAIMS ANY
   RESPONSIBILITY  TO UPDATE  SUCH  VIEWS.  THESE VIEWS MAY NOT BE RELIED ON AS
   INVESTMENT ADVICE AND, BECAUSE INVESTMENT  DECISIONS FOR A FUND ARE BASED ON
   MANY FACTORS,  MAY NOT BE RELIED ON AS AN  INDICATION  OF TRADING  INTENT ON
   BEHALF OF ANY OF THE WRIGHT MANAGED INVESTMENT FUNDS.



U.S. SECURITIES MARKETS -------------------------------------------------------

The Dow Jones  Industrial  Average  chart shows the point changes in the average
which  consists of 30 major NYSE  industrial  companies and is a  price-weighted
arithmetic  average,  with the divisor  adjusted  for stock splits. The yield
chart  shows the basis  point  changes  in the U.S.  Treasury  bond which is the
benchmark U.S. Treasury bond with a maturity of 10 years.

The following plotting points are used for comparison in the mountain charts.


       Date           Dow Jones           U.S. 10 Year
                   Industrial Average   Treasury Bond Yield

      12/31/98         9181.43               4.65%
      12/31/99       11,497.12               6.44%
      12/31/00       10,786.85               5.11%
      12/31/01       10,021.50               5.00%
      12/31/02        8,341.63               3.82%
      12/31/03       10,453.92               4.25%
      12/31/04       10,783.01               4.22%
      12/31/05       10,717.50               4.39%
      12/31/06       12,463.15               4.71%
      12/31/07       13,264.82               4.03%
      06/30/08       11,350.01               3.97%



FUND EXPENSES
- -------------------------------------------------------------------------------


EXAMPLE:

As a shareholder of a fund, you incur two types of costs: (1) transaction costs,
including   sales  charges   (loads)  on  purchases  and  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, 2008 - June 30, 2008).

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 table are meant to  highlight  your
ongoing  costs only and do not reflect any  transactional  costs,  such as sales
charges (loads) or redemption fees (if payable).  Therefore,  the second line of
the table 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.


                                  EQUITY FUNDS

                     WRIGHT SELECTED BLUE CHIP EQUITIES FUND

                                                 Expenses Paid
                       Beginning      Ending     During Period*
                     Account Value  Account Value  (1/1/08-
                       (1/1/08)     (6/30/08)      6/30/08)
- ------------------------------------------------------------------------------

   Actual Fund Shares  $1,000.00     $926.60       $6.04
- ------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,018.60      $6.32

  *Expenses are equal to the Fund's annualized expense ratio of 1.26% multiplied
   by the  average  account  value over the  period,  multiplied  by 182/366 (to
   reflect the one-half  year period).  The example  assumes that the $1,000 was
   invested at the net asset value per share determined at the close of business
   on December 31, 2007.


                      WRIGHT MAJOR BLUE CHIP EQUITIES FUND

                                                 Expenses Paid
                       Beginning      Ending     During Period*
                     Account Value  Account Value  (1/1/08-
                       (1/1/08)     (6/30/08)      6/30/08)
- -------------------------------------------------------------------------------

   Actual Fund Shares  $1,000.00     $867.40       $5.85
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,018.60      $6.32

  *Expenses are equal to the Fund's annualized expense ratio of 1.26% multiplied
   by the  average  account  value over the  period,  multiplied  by 182/366 (to
   reflect the one-half  year period).  The example  assumes that the $1,000 was
   invested at the net asset value per share determined at the close of business
   on December 31, 2007.


                  WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND

                                                 Expenses Paid
                       Beginning     Ending      During Period*
                     Account Value  Account Value  (1/1/08-
                       (1/1/08)     (6/30/08)      6/30/08)
- -------------------------------------------------------------------------------

   Actual Fund Shares  $1,000.00     $901.80       $7.14
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,017.40      $7.57

  *Expenses are equal to the Fund's annualized expense ratio of 1.51% multiplied
   by the  average  account  value over the  period,  multiplied  by 182/366 (to
   reflect the one-half  year period).  The example  assumes that the $1,000 was
   invested at the net asset value per share determined at the close of business
   on December 31, 2007.


                               FIXED INCOME FUNDS

                          WRIGHT TOTAL RETURN BOND FUND

                                                 Expenses Paid
                       Beginning      Ending     During Period*
                     Account Value  Account Value  (1/1/08-
                       (1/1/08)     (6/30/08)       6/30/08)
- -------------------------------------------------------------------------------

   Actual Fund Shares  $1,000.00    $1,004.00      $3.54
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,021.30      $3.57

  *Expenses are equal to the Fund's annualized expense ratio of 0.71% multiplied
   by the  average  account  value over the  period,  multiplied  by 182/366 (to
   reflect the one-half  year period).  The example  assumes that the $1,000 was
   invested at the net asset value per share determined at the close of business
   on December 31, 2007.

                           WRIGHT CURRENT INCOME FUND

                                                 Expenses Paid
                       Beginning       Ending    During Period*
                     Account Value   Account Value  (1/1/08-
                       (1/1/08)     (6/30/08)       6/30/08)
- -------------------------------------------------------------------------------

   Actual Fund Shares  $1,000.00    $1,017.70      $4.87
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,020.00      $4.87

  *Expenses are equal to the Fund's annualized expense ratio of 0.97% multiplied
   by the  average  account  value over the  period,  multiplied  by 182/366 (to
   reflect the one-half  year period).  The example  assumes that the $1,000 was
   invested at the net asset value per share determined at the close of business
   on December 31, 2007.


WRIGHT SELECTED BLUE CHIP EQUITIES FUNd (WSBC)
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)

                                         Shares       Value

         EQUITY INTERESTS - 103.4%

AEROSPACE & DEFENSE -- 1.1%
Alliant Techsystems, Inc. *              610   $     62,025
DRS Technologies, Inc.                 1,905        149,961
                                               ------------
                                               $    211,986
                                               ------------

AUTOMOBILES & COMPONENTS -- 2.9%
BorgWarner, Inc.                       8,925   $    396,091
Lear Corp. *                             745         10,564
Oshkosh Truck Corp.                    4,945        102,312
Thor Industries, Inc.                  1,275         27,107
                                               ------------
                                               $    536,074
                                               ------------

BANKS -- 3.4%
Bank of Hawaii Corp.                   1,510   $     72,178
Cullen/Frost Bankers, Inc.             1,740         86,739
New York Community Bancorp, Inc.       8,725        155,654
SVB Financial Group *                  5,755        276,873
Wilmington Trust Corp.                 1,830         48,385
                                               ------------
                                               $    639,829
                                               ------------

CAPITAL GOODS -- 5.8%
AGCO Corp. *                           6,295   $    329,921
SPX Corp.                              4,535        597,396
Thomas & Betts Corp. *                 4,310        163,133
                                               ------------
                                               $  1,090,450
                                               ------------

CHEMICALS -- 0.3%
Olin Corp.                             2,030   $     53,145
                                               ------------

COMMERCIAL SERVICES & SUPPLIES -- 4.7%
Belo Corp.                             1,260   $      9,211
Charles River Laboratories
  International*                       3,270        209,018
ChoicePoint, Inc. *                    1,895         91,339
Global Payments, Inc.                    875         40,775
Harsco Corp.                           1,925        104,739
KBR, Inc.                              2,990        104,381
Korn/Ferry International *             2,280         35,864
Republic Services, Inc.                5,302        157,469
Stericycle, Inc. *                     2,415        124,856
                                               ------------
                                               $    877,652
                                               ------------

COMMUNICATIONS EQUIPMENT -- 2.7%
Adtran, Inc.                           2,130   $     50,779
CommScope, Inc. *                      3,935        207,650
Harris Corp.                           2,595        131,022
Plantronics, Inc.                      5,340        119,189
                                               ------------
                                               $    508,640
                                               ------------

COMPUTERS & PERIPHERALS -- 3.3%
Jack Henry & Associates, Inc.          4,230   $     91,537
Western Digital Corp. *               15,355        530,208
                                               ------------
                                               $    621,745
                                               ------------


CONSUMER DURABLES & APPAREL -- 2.4%
Callaway Golf Co.                      4,390   $     51,934
Herman Miller, Inc.                    4,240        105,534
Mohawk Industries, Inc. *              2,475        158,647
The Warnaco Group, Inc. *              2,790        122,955
                                               ------------
                                               $    439,070
                                               ------------

CONSUMER PRODUCTS -- 0.2%
American Greetings Corp. - Class A     3,675   $     45,350
                                               ------------

DIVERSIFIED FINANCIALS -- 3.6%
Eaton Vance Corp. (1)                  5,530   $    219,873
Raymond James Financial, Inc.          9,367        247,195
SEI Investments Co.                    8,425        198,156
                                               ------------
                                               $    665,224
                                               ------------


EDUCATION -- 0.8%
Career Education Corp. *               1,780   $     26,006
Scholastic Corp. *                     4,275        122,521
                                               ------------
                                               $    148,527
                                               ------------

ELECTRONIC EQUIPMENT & INSTRUMENTS-- 7.8%
Ametek, Inc.                           4,105   $    193,838
Amphenol Corp. - Class A               3,895        174,808
Arrow Electronics, Inc. *              7,385        226,867
Avnet, Inc. *                          7,430        202,690
Hubbell, Inc.                          1,470         58,609
Ingram Micro, Inc. - Class A*          2,960         52,540
Lincoln Electric Holdings, Inc.        2,980        234,526
Pentair, Inc.                          2,985        104,535
Tech Data Corp. *                      2,185         74,050
ValueClick, Inc. *                     4,130         62,569
Vishay Intertechnology, Inc. *         7,540         66,880
                                               ------------
                                               $  1,451,912
                                               ------------

ENERGY -- 12.2%
Cimarex Energy Co.                     3,615   $    251,857
Denbury Resources, Inc. *              7,535        275,027
Energen Corp.                            290         22,629
FMC Technologies, Inc. *               6,820        524,663
Forest Oil Corp. *                     6,850        510,325
Frontier Oil Corp.                     1,875         44,831
Helmerich & Payne, Inc.                3,110        223,982
Patterson-UTI Energy, Inc.             4,325        155,873
Southwestern Energy Co. *              2,535        120,690
Tidewater, Inc.                        2,250        146,318
                                               ------------
                                               $  2,276,195
                                               ------------

FOOD, BEVERAGE & TOBACCO -- 2.6%
Corn Products International, Inc.      2,155   $    105,832
PepsiAmericas, Inc.                    8,875        175,548
Smucker Co, (J.M.)                     1,305         53,035
Universal Corp.                        3,450        156,009
                                               ------------
                                               $    490,424
                                               ------------

HEALTH CARE EQUIPMENT & SERVICES-- 6.4%
Apria Healthcare Group, Inc. *         4,980   $     96,562
DENTSPLY International, Inc.           2,685         98,808
Gen-Probe, Inc. *                        710         33,711
Health Net, Inc. *                       825         19,850
Hologic, Inc. *                        3,390         73,902
Intuitive Surgical, Inc. *             1,260        339,444
Invitrogen Corp. *                     3,260        127,988
LifePoint Hospitals, Inc. *            2,400         67,920
Lincare Holdings, Inc. *               9,465        268,806
WellCare Health Plans, Inc. *          2,090         75,553
                                               ------------
                                               $  1,202,544
                                               ------------

HOUSEHOLD & PERSONAL PRODUCTS -- 2.6%
Energizer Holdings, Inc. *             3,435   $    251,064
NetFlix, Inc. *                        4,420        115,230
Tupperware Brands Corp.                3,260        111,557
                                               ------------
                                               $    477,851
                                               ------------

INSURANCE -- 6.4%
American Financial Group Inc.          2,140   $     57,245
Everest Re Group, Ltd.                 2,005        159,819
HCC Insurance Holdings, Inc.          11,840        250,298
Horace Mann Educators Corp.            2,355         33,017
Mercury General Corp.                  2,985        139,459
Old Republic International Corp.       1,393         16,493
StanCorp Financial Group, Inc.         5,895        276,829
W.R. Berkley Corp.                    10,692        258,319
                                               ------------
                                               $  1,191,479
                                               ------------

MATERIALS -- 12.8%
Airgas, Inc.                           2,790   $    162,908
Carpenter Technology Corp.             1,875         81,844
CF Industries Holdings, Inc.           1,780        271,984
Cleveland-Cliffs, Inc.                 1,500        178,785
Commercial Metals Co.                  3,165        119,320
Crane Co.                              2,990        115,205
Flowserve Corp.                        1,580        215,986
FMC Corp.                              1,545        119,645
Joy Global, Inc.                       1,890        143,319
Kennametal, Inc.                         960         31,248
Lubrizol Corp.                         3,370        156,132
Matthews International Corp. - Class A 1,075         48,654
Reliance Steel & Aluminum Co.          2,640        203,517
RPM International, Inc.                  940         19,364
Sonoco Products Co.                    3,735        115,598
Steel Dynamics, Inc.                   5,295        206,876
Terra Industries, Inc. *               4,065        200,608
                                               ------------
                                               $  2,390,993
                                               ------------

PHARMACEUTICALS & BIOTECHNOLOGY -- 1.7%
Endo Pharmaceuticals Holdings, Inc. *  6,905   $    167,032
NBTY, Inc. *                           1,560         50,014
Perrigo Co.                            3,430        108,971
                                               ------------
                                               $    326,017
                                               ------------

REAL ESTATE -- 2.4%
Cousins Properties, Inc.               3,960   $     91,476
Jones Lang LaSalle, Inc.               1,665        100,217
NVR, Inc. *                              365        182,529
Toll Brothers, Inc. *                  1,890         35,400
UDR, Inc.                              1,735         38,829
                                               ------------
                                               $    448,451
                                               ------------

RETAILING -- 3.4%
Aeropostale, Inc. *                    1,907   $     59,746
American Eagle Outfitters, Inc.        7,797        106,273
Dollar Tree, Inc. *                    6,380        208,562
Guess?, Inc.                             300         11,235
Phillips-Van Heusen Corp.              2,990        109,494
Regis Corp.                            3,450         90,908
Rent-A-Center Inc. *                   2,290         47,105
                                               ------------
                                               $    633,323
                                               ------------


SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 1.1%
International Rectifier Corp. *        2,125   $     40,800
Intersil Corp. - Class A               3,630         88,282
Lam Research Corp. *                   1,810         65,431
RF Micro Devices, Inc. *               6,875         19,938
                                               ------------
                                               $    214,451
                                               ------------


SOFTWARE & SERVICES -- 3.9%
Activision, Inc. *                     3,215   $    109,535
Alliance Data Systems Corp. *          2,195        124,127
F5 Networks, Inc. *                      935         26,573
McAfee, Inc. *                         7,450        253,524
Sybase, Inc. *                         7,015        206,381
                                               ------------
                                               $    720,140
                                               ------------

TELECOMMUNICATION SERVICES -- 0.4%
NeuStar, Inc. - Class A*                 775   $     16,709
Telephone & Data Systems, Inc.         1,290         60,978
                                               ------------
                                               $     77,687
                                               ------------

TRANSPORTATION -- 2.1%
AirTran Holdings, Inc. *              26,300   $     53,652
Alaska Air Group, Inc. *               7,630        117,044
Con-way, Inc.                          2,025         95,701
J.B. Hunt Transport Services, Inc.     1,445         48,090
JetBlue Airways Corp. *               21,505         80,214
                                               ------------
                                               $    394,701
                                               ------------

UTILITIES -- 6.4%
AGL Resources, Inc.                    3,655   $    126,390
Exterran Holdings, Inc. *                300         21,447
MDU Resources Group, Inc.             13,828        482,044
OGE Energy Corp.                       1,725         54,700
Oneok, Inc.                           10,585        516,865
                                               ------------
                                               $  1,201,446
                                               ------------

TOTAL EQUITY INTERESTS - 103.4%
(identified cost, 17,730,601)                  $ 19,335,306

OTHER ASSETS, LESS LIABILITIES - (3.4)%           (628,315)
                                               ------------

NET ASSETS - 100.0%                            $ 18,706,991
                                               ============





*    Non-income-producing security.
(1)  Affiliated investment.

See notes to financial statements


WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WSBC)
- ------------------------------------------------------------------------------

                       STATEMENT OF ASSETS AND LIABILITIES

                            June 30, 2008 (Unaudited)
- ------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $17,550,599) (Note 1A)     $ 19,115,433
  Affiliated investments at value
   (identified cost $180,002)                       219,873
  Cash                                                  140
  Receivable for fund shares sold                     5,043
  Receivable from investment adviser                  7,955
  Dividends receivable                               12,844
  Other assets                                        4,515
                                               ------------
  Total assets                                 $ 19,365,803
                                               ------------


LIABILITIES:
  Payable for fund shares reacquired           $    308,498
  Demand note payable                               331,000
  Payable to affiliate for Trustees' fees                 4
  Accrued expenses and other liabilities             19,310
                                               ------------
  Total liabilities                            $    658,812
                                               ------------
NET ASSETS                                     $ 18,706,991
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 17,094,783
  Accumulated undistributed net realized gain
    on investments
 (computed on the basis of identified cost)          39,956
  Unrealized appreciation of investments
 (computed on the basis of identified cost)       1,604,705
  Net investment loss                              (32,453)
                                               ------------
  Net assets applicable to outstanding shares  $ 18,706,991
                                               ============


  SHARES OF BENEFICIAL INTEREST OUTSTANDING       2,004,159
                                               ============

  NET ASSET VALUE, OFFERING PRICE,
   AND REDEMPTION PRICE PER SHARE
   OF BENEFICIAL INTEREST                      $       9.33
                                               ============



See notes to financial statements




                             STATEMENT OF OPERATIONS

                   Six Months Ended June 30, 2008 (Unaudited)
- -------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1C)
  Dividend income                              $     93,892
  Dividend income from affiliated investment          2,586
                                               ------------
  Total Investment Income                      $     96,478
                                               ------------


Expenses -
  Investment adviser fee (Note 3)              $     61,983
  Administrator fee (Note 3)                         12,397
  Compensation of Trustees who are not employees
   of the investment adviser or administrator         6,465
  Custodian fee (Note 1F)                            33,847
  Distribution expenses (Note 4)                     25,826
  Transfer and dividend disbursing agent fees        13,650
  Printing                                            1,820
  Interest expense                                    2,308
  Shareholder communications                            910
  Audit services                                     16,232
  Legal services                                      4,550
  Registration costs                                  7,435
  Miscellaneous                                       4,290
                                               ------------
  Total expenses                               $    191,713
                                               ------------


Deduct -
  Reimbursement from custodian                 $    (1,600)
  Reduction of investment adviser fee (Note 3)     (34,659)
  Reduction of distribution expenses
   by principal underwriter (Note 4)               (25,826)
  Reduction of custodian fee (Note 1F)                (697)
                                               ------------
  Total deductions                             $   (62,782)
                                               ------------
  Net expenses                                 $    128,931
                                               ------------
  Net investment loss                          $   (32,453)
                                               ------------


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on investment transactions
   (identified cost basis)                     $     84,447
  Realized gain on affiliated investment
   transactions                                       6,066
  Change in unrealized depreciation on
   investments                                 $(1,675,078)
  Change in unrealized depreciation on
   affiliated investments                         (129,682)
                                               ------------
  Net realized and unrealized loss on
     investments                            $   (1,714,247)
                                               ------------
Net decrease in net assets from operations     $(1,746,700)
                                               ============


See notes to financial statements

WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WSBC)
- ------------------------------------------------------------------------------


                                                                                                    


                                                                                     Six Months Ended         Year Ended
STATEMENTS OF CHANGES IN NET ASSETS                                                    June 30, 2008      December 31, 2007
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                        (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment loss                                                             $    (32,453)         $    (28,028)
     Net realized gain on investments                                                       90,513             6,519,033
     Change in unrealized depreciation of investments                                  (1,804,760)           (3,232,243)
                                                                                      --------------       --------------
       Net increase (decrease) in net assets resulting from operations               $ (1,746,700)         $   3,258,762
                                                                                      --------------       --------------


   Distributions to shareholders (Note 2) -
     From net investment income                                                      $       -             $    (33,344)
     From net realized gain                                                            (1,863,251)           (5,034,405)
                                                                                      --------------       --------------
       Total distributions                                                           $ (1,863,251)         $ (5,067,749)
                                                                                      --------------       --------------
   Net decrease in net assets from fund share transactions (Note 5)                  $ (1,606,050)         $(12,619,826)
                                                                                      --------------       --------------
   Net decrease in net assets                                                        $ (5,216,001)         $(14,428,813)

NET ASSETS:
   At beginning of period                                                               23,922,992            38,351,805
                                                                                      --------------       --------------
   At end of period                                                                  $  18,706,991         $  23,922,992
                                                                                      --------------       --------------


NET INVESTMENT LOSS INCLUDED IN NET ASSETS AT END OF PERIOD                          $    (32,453)         $       -
                                                                                      ==============       ==============


See notes to financial statements



WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WSBC)
- ------------------------------------------------------------------------------


                                                                                                   


                                                Six Months
                                               Ended June 30                      Year Ended December 31,
                                              ----------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                              2008(3)      2007(3)       2006(3)       2005         2004       2003(3)
- --------------------------------------------------------------------------------------------------------------------------------
                                                (Unaudited)

Net asset value, beginning of period             $ 11.100     $ 12.270     $  13.030    $  13.226    $  11.870     $  9.270
                                                 ---------    ---------    ---------    ---------    ---------     ---------

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss(1)                           $ (0.015)    $ (0.013)    $  (0.034)   $  (0.053)   $  (0.028)    $ (0.023)
Net realized and unrealized gain (loss)            (0.849)       1.340         0.529        1.476        1.884        2.756
                                                 ---------    ---------    ---------    ---------    ---------     ---------
Total income (loss) from investment operations   $ (0.864)    $  1.327     $   0.495    $   1.423    $   1.856     $  2.733
                                                 ---------    ---------    ---------    ---------    ---------     ---------

LESS DISTRIBUTIONS:
Distributions from investment income             $  -         $ (0.016)    $   -        $   -        $   -         $  -
Distributions from capital gains                   (0.906)      (2.481)       (1.255)      (1.619)      (0.500)      (0.133)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
Total distributions                              $ (0.906)    $ (2.497)    $  (1.255)   $  (1.619)   $  (0.500)    $ (0.133)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
Net asset value, end of period                   $  9.330     $ 11.100     $  12.270    $  13.030    $  13.226     $ 11.870
                                                 =========    =========    =========    =========    =========     =========
TOTAL RETURN(2)                                   (7.34)%(6)     11.59%        3.77%       11.09%       15.73%       30.06%

RATIOS/SUPPLEMENTAL DATA(1):
Net assets, end of period (000 omitted)          $  18,707    $  23,923    $  38,352    $  47,652    $  43,498     $ 38,190
     Ratios (As a percentage of average
            daily net assets):
        Net expenses                                1.26% (5)    1.26%         1.26%        1.27%        1.26%        1.25%
Net expenses after custodian fee reduction(4)       1.25% (5)    1.25%         1.25%        1.25%        1.25%        1.25%
Interest expense                                    0.02% (5)    0.05%          -  %         -  %         -  %         -  %
Net investment loss                                (0.32)%(5)   0.10)%       (0.27)%      (0.18)%      (0.23)%      (0.23)%
Portfolio turnover rate                               33% (6)      67%           66%         110%          69%         106%
- --------------------------------------------------------------------------------------------------------------------------------

(1)  For the six months  ended June 30, 2008,  and for the years ended  December
     31, 2007, 2006,  2005,  2004, and 2003, the operating  expenses of the Fund
     were  reduced by a waiver of fees and/or an  allocation  of expenses to the
     distributor and/or investment adviser. Had such action not been undertaken,
     net investment income per share and the ratios would have been as follows:

                                                   2008         2007          2006         2005         2004         2003
- --------------------------------------------------------------------------------------------------------------------------------

Net investment income per share                  $ (0.044)    $ (0.064)    $  (0.058)   $  (0.111)   $  (0.050)    $ (0.057)
                                                 =========    =========    =========    =========    =========     =========

     Ratios (As a percentage of average net assets):

         Expenses                                   1.86%(5)     1.66%         1.46%        1.45%        1.44%        1.59%
                                                  ==========    =========    =========    =========    =========     =========

         Expenses after custodian fee reduction     1.85%(5)     1.66%         1.44%        1.43%        1.43%        1.59%
                                                  ==========    =========    =========    =========    =========     =========

         Interest expense                           0.02%(5)     0.05%          -  %         -  %         -  %         -  %
                                                  ==========    =========    =========    =========    =========     =========

         Net investment loss                      (0.91)%(5)   (0.51)%       (0.46)%      (0.38)%      (0.41)%      (0.57)%
                                                  ==========    =========    =========    =========    =========     =========


- --------------------------------------------------------------------------------------------------------------------------------

(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) Certain per share amounts are based on average shares outstanding.
(4) Under a written  agreement in effect through the current fiscal year, Wright
    waives a portion of its advisory fee and/or distribution fees and  assumes  operating  expenses to
    the extent  necessary to limit expense ratios to 1.25% after custodian fee  reductions,  if any.
(5) Annualized.
(6) Not annualized.

See notes to financial statements



WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
- ---------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)

                                       Shares       Value
  EQUITY INTERESTS - 100.0%

AEROSPACE -- 0.6%
Honeywell International, Inc.          6,130   $    308,216
                                               ------------


AUTOMOBILES & COMPONENTS -- 1.2%
Cooper Industries, Ltd. - Class A      3,540   $    139,830
Johnson Controls, Inc.                15,045        431,491
                                               ------------
                                               $    571,321
                                               ------------


BANKS -- 4.7%
Bank of New York Mellon Corp.         26,350   $    996,821
Northern Trust Corp.                   1,770        121,369
Wells Fargo & Co.                     46,315      1,099,981
                                               ------------
                                               $  2,218,171
                                               ------------


CAPITAL GOODS -- 6.2%
Caterpillar, Inc.                      7,690   $    567,676
Deere & Co.                            5,090        367,142
General Electric Co.                  11,850        316,276
Illinois Tool Works, Inc.              3,405        161,771
Lockheed Martin Corp.                 12,145      1,198,226
Parker Hannifin Corp.                  4,380        312,382
                                               ------------
                                               $  2,923,473
                                               ------------


CHEMICALS -- 1.1%
Monsanto Co.                           4,135   $    522,829
                                               ------------



COMMUNICATIONS EQUIPMENT -- 2.5%
Cisco Systems, Inc. *                 32,530   $    756,648
JDS Uniphase Corp. *                   7,645         86,847
L-3 Communications Holdings, Inc.      3,635        330,312
                                               ------------
                                               $  1,173,807
                                               ------------


COMPUTERS & PERIPHERALS -- 9.1%
Affiliated Computer Services,
   Inc. - Class A*                     3,245   $    173,575
Apple, Inc. *                          3,905        653,853
Hewlett-Packard Co.                   37,220      1,645,496
International Business Machines Corp. 15,260      1,808,768
                                               ------------
                                               $  4,281,692
                                               ------------


CONSUMER DURABLES & APPAREL -- 1.0%
NIKE, Inc. - Class B                   7,655   $    456,315
                                               ------------


DIVERSIFIED FINANCIALS -- 4.2%
American Express Co.                  13,545   $    510,240
Capital One Financial Corp.            6,840        259,988
Citigroup, Inc.                            1             17
Federated Investors, Inc. - Class B    7,070        243,349
Goldman Sachs Group, Inc. (The)        1,615        282,464
State Street Corp.                    10,555        675,415
                                               ------------
                                               $  1,971,473
                                               ------------


EDUCATION -- 0.4%
Apollo Group, Inc. - Class A*          4,050   $    179,253
                                               ------------


ELECTRONICS -- 0.1%
MEMC Electronic Materials, Inc. *      1,140   $     70,156
                                               ------------


ENERGY -- 15.9%
Chesapeake Energy Corp.                4,130   $    272,415
Chevron Corp.                         15,160      1,502,811
ConocoPhillips Co.                    12,845      1,212,439
ENSCO International, Inc.              2,870        231,724
Exxon Mobil Corp.                     27,945      2,462,793
Hess Corp.                               910        114,833
National Oilwell Varco, Inc. *         3,905        346,452
Occidental Petroleum Corp.            11,225      1,008,678
Tesoro Corp.                           2,070         40,924
Transocean, Inc. *                       705        107,435
Valero Energy Corp.                    4,055        166,985
                                               ------------
                                               $  7,467,489
                                               ------------

ENTERTAINMENT & LEISURE -- 3.2%
CBS Corp. - Class B                    6,390   $    124,541
Hasbro, Inc.                           6,135        219,142
Walt Disney Co. (The)                 37,435      1,167,972
                                               ------------
                                               $  1,511,655
                                               ------------


FOOD, BEVERAGE & TOBACCO -- 3.7%
Altria Group, Inc.                    18,390   $    378,098
Coca-Cola Enterprises, Inc.           20,805        359,927
Molson Coors Brewing Co. - Class B     3,530        191,785
Pepsi Bottling Group, Inc.            13,965        389,903
PepsiCo, Inc.                          3,425        217,796
Philip Morris International, Inc. *    4,275        211,142
                                               ------------
                                               $  1,748,651
                                               ------------


HEALTH CARE EQUIPMENT & SERVICES-- 3.4%
Aetna, Inc.                            9,320   $    377,740
Cigna Corp.                            6,220        220,126
Express Scripts, Inc. *                2,235        140,179
Humana, Inc. *                         3,600        143,172
Laboratory Corp of America Holdings *  2,410        167,808
WellPoint, Inc. *                     11,375        542,132
                                               ------------
                                               $  1,591,157
                                               ------------


HOTELS, RESTAURANTS & LEISURE -- 1.7%
McDonald's Corp.                      13,945   $    783,988
                                               ------------


HOUSEHOLD DURABLES -- 0.8%
Procter & Gamble Co.                   5,140   $    312,564
Stanley Works, (The)                   1,510         67,693
                                               ------------
                                               $    380,257
                                               ------------

INSURANCE -- 9.5%
ACE, Ltd.                              3,295   $    181,522
AFLAC, Inc.                            4,355        273,494
Allstate Corp. (The)                   7,395        337,138
American International Group, Inc.     8,950        236,817
Chubb Corp.                           12,920        633,209
Hartford Financial Services Group, Inc. 6,635       428,422
Lincoln National Corp.                 5,895        267,162
MetLife, Inc.                         22,095      1,165,953
Progressive Corp.                     11,460        214,531
Torchmark Corp.                        3,300        193,545
Travelers Cos, Inc. (The)              5,585        242,389
Unum Group                            13,545        276,995
                                               ------------
                                               $  4,451,177
                                               ------------


MATERIALS -- 2.6%
Nucor Corp.                            7,215   $    538,744
Precision Castparts Corp.              7,000        674,590
                                               ------------
                                               $  1,213,334
                                               ------------


MEDIA -- 0.7%
News Corp. - Class A                  11,260   $    169,350
Omnicom Group, Inc.                    3,775        169,422
                                               ------------
                                               $    338,772
                                               ------------

METALS -- 1.4%
Freeport-McMoRan Copper & Gold, Inc.   5,550   $    650,404
                                               ------------


PHARMACEUTICALS & BIOTECHNOLOGY -- 6.8%
Biogen Idec, Inc. *                    3,480   $    194,497
Johnson & Johnson, Inc.               18,495      1,189,968
King Pharmaceuticals, Inc. *          12,210        127,839
Merck & Co., Inc.                      6,575        247,812
Pfizer, Inc.                          63,185      1,103,842
Waters Corp. *                           850         54,825
Watson Pharmaceuticals, Inc. *        11,135        302,538
                                               ------------
                                               $  3,221,321
                                               ------------


RETAILING -- 3.8%
Autozone, Inc. *                       1,510   $    182,725
Best Buy Co., Inc.                     7,120        281,952
Big Lots, Inc. *                      11,565        361,291
CVS/Caremark Corp.                     6,065        239,992
GameStop Corp. - Class A*              3,725        150,490
Sherwin-Williams Co.                   6,780        311,405
SUPERVALU, Inc.                        8,500        262,565
                                               ------------
                                               $  1,790,420
                                               ------------


SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 1.1%
Nvidia Corp. *                        21,350   $    399,672
Texas Instruments, Inc.                3,930        110,669
                                               ------------
                                               $    510,341
                                               ------------


SOFTWARE & SERVICES -- 6.8%
BMC Software, Inc. *                   9,145   $    329,220
Computer Sciences Corp. *              6,425        300,947
Compuware Corp. *                     16,470        157,124
EMC Corp. *                           14,270        209,626
Microsoft Corp.                       48,105      1,323,369
Oracle Corp. *                        41,945        880,845
                                               ------------
                                               $  3,201,131
                                               ------------


TELECOMMUNICATION SERVICES -- 3.7%
AT&T, Inc.                            42,465   $  1,430,646
CenturyTel, Inc.                       4,175        148,588
Qwest Communications
   International, Inc.                10,010         39,339
Sprint Nextel Corp.                   12,240        116,280
                                               ------------
                                               $  1,734,853
                                               ------------


TRANSPORTATION -- 1.2%
Boeing Co. (The)                       8,485   $    557,634
                                               ------------


TRAVEL -- 0.2%
Expedia, Inc. *                        5,775   $    106,144
                                               ------------


UTILITIES -- 2.4%
FPL Group, Inc.                        3,085   $    202,314
Integrys Energy Group, Inc.           12,720        646,558
Public Service Enterprise Group, Inc.  5,695        261,571
                                               ------------
                                               $  1,110,443
                                               ------------


TOTAL EQUITY INTERESTS - 100.0%
   (identified cost, 46,636,520)               $ 47,045,877

OTHER ASSETS, LESS LIABILITIES - 0.0%                 4,994
                                               ------------

NET ASSETS - 100.0%                            $ 47,050,871
                                               ============



*  Non-income-producing security.

See notes to financial statements


WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
- -------------------------------------------------------------------------------



                       STATEMENT OF ASSETS AND LIABILITIES

                            June 30, 2008 (Unaudited)
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $46,636,520) (Note 1A)     $ 47,045,877
  Cash                                                  186
  Receivable for investments sold                   763,950
  Receivable for fund shares sold                     6,366
  Dividends receivable                               52,867
  Other assets                                        4,639
                                               ------------
  Total assets                                 $ 47,873,885
                                               ------------


LIABILITIES:
  Payable for fund shares reacquired           $    189,251
  Demand note payable                               609,000
  Payable to affiliate for Trustees' fees                 4
  Payable to affiliate for distribution fees          5,191
  Investment adviser fee payable                      5,959
  Accrued expenses and other liabilities             13,609
                                               ------------
  Total liabilities                            $    823,014
                                               ------------
NET ASSETS                                     $ 47,050,871
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 61,153,965
  Accumulated net realized loss on investments
   (computed on the basis of identified cost)  (14,634,813)
  Unrealized appreciation of investments
   (computed on the basis of identified cost)       409,357
  Accumulated undistributed net investment
   income                                           122,362
                                               ------------
  Net assets applicable to outstanding shares  $ 47,050,871
                                               ============

  SHARES OF BENEFICIAL INTEREST OUTSTANDING       3,737,484
                                               ============

  NET ASSET VALUE, OFFERING PRICE,
   AND REDEMPTION PRICE PER SHARE
   OF BENEFICIAL INTEREST                      $      12.59
                                               ============
See notes to financial statements


                             STATEMENT OF OPERATIONS

                   Six Months Ended June 30, 2008 (Unaudited)
- ------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1C)
  Dividend income                              $    446,848
                                               ------------


Expenses -
  Investment adviser fee (Note 3)              $    159,683
  Administrator fee (Note 3)                         31,156
  Compensation of Trustees who are not employees
   of the investment adviser or administrator         6,465
  Custodian fee (Note 1F)                            29,833
  Distribution expenses (Note 4)                     64,909
  Transfer and dividend disbursing agent fees        11,830
  Printing                                            1,456
  Interest expense                                    1,899
  Shareholder communications                            410
  Audit services                                     14,560
  Legal services                                      4,840
  Registration costs                                  8,130
  Miscellaneous                                       4,549
                                               ------------
  Total expenses                               $    339,720
                                               ------------

Deduct -
  Reimbursement from custodian                 $    (1,000)
  Reduction of distribution expenses by principal
   underwriter (Note 4)                            (12,512)
  Reduction of custodian fee (Note 1F)              (1,673)
                                               ------------
  Total deductions                             $   (15,185)
                                               ------------
  Net expenses                                 $    324,535
                                               ------------
  Net investment income                        $    122,313
                                               ------------



REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on investment transactions
   (identified cost basis)                     $    679,107
  Change in unrealized depreciation on
   investments                                  (8,308,446)
                                               ------------
  Net realized and unrealized loss on
   investments                                 $(7,629,339)
                                               ------------

  Net decrease in net assets from operations   $(7,507,026)
                                               ============


See notes to financial statements


WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
- ------------------------------------------------------------------------------


                                                                                                    

                                                                                     Six Months Ended         Year Ended
STATEMENTS OF CHANGES IN NET ASSETS                                                    June 30, 2008      December 31, 2007
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                        (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                           $     122,313          $     381,955
     Net realized gain on investments                                                      679,107              5,221,457
     Change in unrealized depreciation of investments                                  (8,308,446)            (1,973,444)
                                                                                     --------------         --------------
       Net increase (decrease) in net assets resulting from operations               $ (7,507,026)          $   3,629,968
                                                                                     --------------         --------------

   Distributions to shareholders (Note 2) -
     From net investment income                                                      $    (19,218)          $   (362,113)
                                                                                     --------------         --------------
       Total distributions                                                           $    (19,218)          $   (362,113)
                                                                                     --------------         --------------
   Net decrease in net assets from fund share transactions (Note 5)                  $ (3,172,655)          $ (8,794,028)
                                                                                     --------------         --------------
   Net decrease in net assets                                                        $(10,698,899)          $ (5,526,173)


NET ASSETS:
   At beginning of period                                                               57,749,770             63,275,943
                                                                                     --------------         --------------
   At end of period                                                                  $  47,050,871          $  57,749,770
                                                                                     ==============         ==============


ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME
   INCLUDED IN NET ASSETS AT END OF PERIOD                                           $     122,362          $      19,267
                                                                                     ==============         ==============


See notes to financial statements



WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
- ------------------------------------------------------------------------------



                                                                                                 

                                                Six Months
                                               Ended June 30                      Year Ended December 31,
                                              ----------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                              2008(3)      2007(3)       2006(3)       2005         2004       2003(3)
- --------------------------------------------------------------------------------------------------------------------------------



Net asset value, beginning of period             $ 14.520     $ 13.790     $  12.420    $  11.780    $  10.530     $  8.570
                                                 ---------    ---------    ---------    ---------    ---------     ---------

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

   Net investment income(1)                      $  0.031     $  0.091     $   0.062    $   0.077    $   0.053     $  0.029
   Net realized and unrealized gain (loss)         (1.956)       0.728         1.374        0.651        1.247        1.958
                                                 ---------    ---------    ---------    ---------    ---------     ---------
     Total income (loss) from investment
        operations                               $ (1.925)    $  0.819     $   1.436    $   0.728     $  1.300     $  1.987
                                                 ---------    ---------    ---------    ---------    ---------     ---------

LESS DISTRIBUTIONS:

   Distributions from investment income          $ (0.005)    $ (0.089)    $  (0.066)   $  (0.088)   $  (0.050)    $ (0.027)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
     Total distributions                         $ (0.005)    $ (0.089)    $  (0.066)   $  (0.088)   $  (0.050)    $ (0.027)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
Net asset value, end of period                   $ 12.590     $ 14.520     $  13.790    $  12.420    $  11.780     $ 10.530
                                                 =========    =========    =========    =========    =========     =========

TOTAL RETURN(2)                                  (13.26)%(6)     5.96%        11.57%        6.20%       12.36%       23.20%
                                                 =========    =========    =========    =========    =========     =========

RATIOS/SUPPLEMENTAL DATA(1):

   Net assets, end of period (000 omitted)       $  47,051    $  57,750    $  63,276    $  66,742    $  65,503     $ 71,539
Ratios (As a percentage of average daily
  net assets):
     Net expenses                                   1.26%(5)     1.26%         1.26%        1.26%        1.25%        1.25%
Net expenses after custodian fee reduction(4)       1.25%(5)     1.25%         1.25%        1.25%        1.25%        1.25%
Interest expense                                    0.01%(5)     0.02%          -  %         -  %         -  %         -  %
     Net investment income                          0.47%(5)     0.63%         0.48%        0.66%        0.49%        0.31%
Portfolio turnover rate                               30%(6)       55%           97%          82%          74%         143%
- --------------------------------------------------------------------------------------------------------------------------------
(1) For the six months ended June 30, 2008, and for the years ended December 31,
    2007, 2006, 2005, 2004, and 2003, the operating expenses of the Fund were reduced
    by a waiver of fees and/or an allocation of expenses to the distributor and/or
    investment adviser. Had such action not been undertaken,  net investment income per
    share and the ratios would have been as follows:

                                                   2008         2007          2006         2005         2004         2003
- --------------------------------------------------------------------------------------------------------------------------------

Net investment income per share                  $  0.028     $  0.088     $   0.062   $  0.077     $   0.050       $ 0.024
                                                 =========    =========    =========    =========    =========     =========
   Ratios (As a percentage of average net assets):

     Expenses                                       1.31%(5)     1.28%         1.28%       1.26%         1.28%         1.31%
                                                 ===========  =========    =========    =========    =========     =========
     Expenses after custodian fee reduction         1.30%(5)     1.27%         1.27%       1.25%         1.28%         1.31%
                                                 ===========  =========    =========    =========    =========     =========
     Interest expense                               0.01%(5)     0.02%          -  %        -  %          -  %          -  %
                                                 ===========  =========    =========    =========    =========     =========
     Net investment income                          0.42%(5)     0.61%         0.46%        0.66%        0.46%          0.26%
                                                 ===========  =========    =========    =========    =========     =========

- --------------------------------------------------------------------------------------------------------------------------------
(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) Certain per share amounts are based on average shares outstanding.
(4) Under a written  agreement in effect through the current fiscal year, Wright
    waives a portion of its advisory fee and/or distribution fees and assumes operating
    expenses to the extent necessary to limit expense ratios to 1.25% after custodian
    fee reductions, if any.
(5) Annualized.
(6) Not annualized.


See notes to financial statements


Wright International Blue Chip Equities Fund (WIBC)
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)

                                      Shares       Value


       EQUITY INTERESTS - 99.6%

AUSTRALIA -- 3.3%
BHP Billiton, Ltd. (1)                37,746   $  1,582,942
BlueScope Steel, Ltd.                 54,343        591,384
QBE Insurance Group, Ltd.             96,101      2,065,802
Westfield Group (1)                   42,808        668,793
                                               ------------
                                               $  4,908,921
                                               ------------


AUSTRIA -- 0.8%
Voestalpine AG                        15,073   $  1,238,472
                                               ------------


BELGIUM -- 0.6%
Fortis                                59,931   $    959,351
                                               ------------


CANADA -- 7.8%
Canadian Pacific Railway, Ltd.        11,399   $    760,645
CGI Group, Inc. - Class A             75,142        752,494
Encana Corp.                          32,913      3,028,690
Husky Energy, Inc.                    29,238      1,406,928
Methanex Corp. (1)                    34,651        984,320
Petro-Canada                          15,285        860,408
Potash Corp. of Saskatchewan, Inc.     7,045      1,642,734
Power Financial Corp. (1)             39,992      1,307,116
Toronto-Dominion Bank (1)             16,462      1,042,515
                                               ------------
                                               $ 11,785,850
                                               ------------

DENMARK -- 1.6%
Danske Bank A/S (Stammaktie)          18,911   $    547,340
Novo Nordisk A/S Series B             27,272      1,786,080
                                               ------------
                                               $  2,333,420
                                               ------------


FINLAND -- 2.0%
Nokia Oyj                             90,844   $  2,217,072
Rautaruukki Oyj                       16,249        743,968
                                               ------------
                                               $  2,961,040
                                               ------------


FRANCE -- 10.0%
AXA (Actions Ordinaires) (1)          17,595   $    522,833
BNP Paribas                           25,933      2,351,012
Casino Guichard-Perrachon SA (1)      10,648      1,207,905
EDF (1)                                7,744        736,212
France Telecom SA                     31,547        929,959
Sanofi-Aventis (1)                    11,691        781,550
Schneider Electric SA                  5,283        571,084
Societe Generale de France
 (Actions Ord.) (1)                    8,088        704,563
Total SA (1)                          29,746      2,540,154
Unibail-Rodamco                       11,385      2,635,398
Vallourec SA                           5,918      2,078,436
                                               ------------
                                               $ 15,059,106
                                               ------------

GERMANY -- 12.4%
Allianz AG Holding (Namensaktie)       4,374   $    771,154
BASF AG (Stammaktie)                  44,660      3,083,353
Bayerische Motoren Werke AG           11,637        560,124
Continental AG (Stammaktie)            6,839        703,297
Deutsche Bank AG (Stammaktie)          5,469        472,625
Deutsche Lufthansa AG                 31,012        669,395
E.On AG (Stammaktie)                  26,523      5,355,172
Gerresheimer AG                        6,043        308,101
Henkel AG & Co KGaA                   10,533        420,026
MAN AG                                10,726      1,191,573
Muenchener Rueckversicherungs-
  Gesellschaft AG                      4,345        761,660
Porsche AG (Preferred Stock)           5,471        843,796
RWE AG                                 9,427      1,191,633
Salzgitter AG                            988        181,193
Siemens AG                             6,927        769,644
ThyssenKrupp AG                       22,763      1,430,266
                                               ------------
                                               $ 18,713,012
                                               ------------


GREECE -- 1.1%
Alpha Bank A.E.                       28,075   $    849,285
National Bank of Greece SA            18,942        854,137
                                               ------------
                                               $  1,703,422
                                               ------------

HONG KONG -- 4.1%
Cheung Kong Holdings, Ltd.            42,000   $    566,108
CLP Holdings, Ltd. (Ordinary)        380,500      3,259,707
Hang Lung Group, Ltd.                 83,000        368,832
Li & Fung, Ltd.                      102,000        307,408
Sun Hung Kai Properties, Ltd.        120,000      1,628,225
                                               ------------
                                               $  6,130,280
                                               ------------


IRELAND -- 0.4%
Anglo Irish Bank Corp. PLC            58,746   $    550,716
                                               ------------


ITALY -- 4.0%
Eni SpA (Azioni Ordinarie)           137,899   $  5,149,222
Saipem SpA                            18,232        856,880
                                               ------------
                                               $  6,006,102
                                               ------------


JAPAN -- 17.7%
Aisin Seiki Co., Ltd.                 18,600   $    610,613
Asahi Kasei Corp.                     60,000        314,702
Astellas Pharma, Inc.                 24,900      1,057,026
Daikin Industries, Ltd.                9,900        500,580
Fanuc, Ltd.                            3,600        352,172
Honda Motor Co., Ltd. (1)             37,000      1,260,035
Kawasaki Kisen Kaisha, Ltd.          123,000      1,156,842
KDDI Corp.                               119        736,418
Kobe Steel, Ltd.                     196,000        562,087
Makita Corp.                          32,200      1,318,315
Mitsubishi Corp.                      28,000        924,485
Mitsui OSK Lines, Ltd.               204,000      2,911,674
Murata Manufacturing Co., Ltd.         9,600        452,809
Nintendo Company, Ltd.                 3,000      1,695,203
Nippon Steel Corp.                   299,000      1,621,857
Nippon Yusen Kabushiki Kaisha        168,000      1,618,112
Nisshin Steel Co., Ltd.              301,000      1,025,055
OKUMA Corp. (1)                       52,000        517,523
Sony Corp.                            10,500        459,601
Sumitomo Corp. (1)                   100,300      1,319,924
Sumitomo Electric Industries, Ltd.    13,900        176,758
Sumitomo Metal Industries, Ltd.      290,000      1,277,581
Tokai Rika Co., Ltd.                  25,600        530,088
Toyota Boshoku Corp.                  34,800        933,975
Toyota Motor Corp.                    48,100      2,273,298
Yamaha Motor Co., Ltd. (1)            50,100        939,094
                                               ------------
                                               $ 26,545,827
                                               ------------


NETHERLANDS -- 3.4%
ASML Holding NV                       18,837   $    459,623
ING Groep NV (Aandeel)                98,942      3,157,513
Koninklijke Philips
    Electronics NV (Aandeel)          42,995      1,463,878
                                               ------------
                                               $  5,081,014
                                               ------------


NORWAY -- 2.7%
Norsk Hydro ASA (Ordinaere Aksje) (1) 26,346   $    384,836
StatoilHydro ASA                      17,659        658,384
Telenor Group ASA *                  124,990      2,350,870
Yara International ASA (1)             7,499        664,000
                                               ------------
                                               $  4,058,090
                                               ------------


REPUBLIC OF KOREA -- 0.5%
SK Telecom Co., Ltd.                  35,984   $    747,388
                                               ------------



SINGAPORE -- 1.5%

Jardine Cycle & Carriage, Ltd.        29,000   $    362,860
Overseas-Chinese Banking Corp., Ltd. 147,000        883,958
Singapore Petroleum Co., Ltd. (1)    107,000        519,781
Singapore Telecommunications, Ltd.   173,000        460,943
                                               ------------
                                               $  2,227,542
                                               ------------

SPAIN -- 5.5%
Acciona SA (1)                         2,686   $    638,386
ACS, Actividades de Construccion
   y Servicios SA (1)                 13,958        701,750
Banco Santander SA                   114,396      2,103,361
Repsol YPF SA (Accion) (1)            39,961      1,575,903
Telefonica SA                        123,155      3,275,342
                                               ------------
                                               $  8,294,742
                                               ------------

SWEDEN -- 1.2%
Scania AB Class B (1)                 19,037   $    261,091
TeliaSonera AB (1)                   216,677      1,606,522
                                               ------------
                                               $  1,867,613
                                               ------------


SWITZERLAND -- 4.8%
ABB, Ltd.                             12,714   $    362,722
Holcim, Ltd. (1)                       4,712        382,798
Nestle SA                             21,730      1,098,121
Novartis AG                           16,011        884,173
Swatch Group AG (1)                    3,924        983,312
Swiss Re AG                           19,463      1,300,272
Zurich Financial Services
 (Inhaberaktie)                        8,633      2,216,306
                                               ------------
                                               $  7,227,704
                                               ------------


TAIWAN -- 0.2%
Silicon Motion Technology Corp. (1)   21,220   $    306,629
                                               ------------



UNITED KINGDOM -- 14.0%
Anglo American PLC (Ordinary)         20,261   $  1,421,768
AstraZeneca PLC                       16,641        709,389
Barclays PLC                          55,611         42,056
Barclays PLC (Ordinary)              259,522      1,505,561
BHP Billiton PLC                      46,896      1,791,936
British American Tobacco PLC          19,895        688,540
Centrica PLC                         189,176      1,168,055
Enterprise Inns PLC                   39,067        315,662
HBOS PLC                             126,228        693,346
HBOS PLC NPR                          50,491         10,802
Legal & General Group (Ordinary)     443,732        884,859
Man Group PLC                        170,125      2,112,702
Next PLC                              12,446        240,139
Persimmon PLC (Ordinary) (1)          42,213        265,472
Rio Tinto PLC                         11,070      1,323,840
Royal Bank of Scotland
  Group PLC (Ordinary)               145,859        624,104
Royal Dutch Shell PLC                 93,757      3,769,126
Unilever PLC                          67,815      1,928,606
Vodafone Group PLC                   452,344      1,342,696
William Hill PLC                      41,719        265,894
                                               ------------
                                               $ 21,104,553
                                               ------------

TOTAL EQUITY INTERESTS - 99.6%
(identified cost, 143,835,665)                 $149,810,794
                                               ------------
SHORT-TERM INVESTMENTS - 11.1%

State Street Navigator Securities Lending Prime
   Portfolio(2)                                $ 16,745,820
                                               ------------

TOTAL SHORT-TERM INVESTMENTS - 11.1%
(identified cost, 16,745,820)                  $ 16,745,820
                                               ------------

TOTAL INVESTMENTS - 110.7%
(identified cost, 160,581,485)                 $166,556,614

OTHER ASSETS, LESS LIABILITIES - (10.7)%       (16,130,759)
                                               ------------

NET ASSETS - 100.0%                            $150,425,855
                                               ============


*    Non-income-producing security.
(1) All or a portion on these securities were on loan at June 30, 2008.
(2) The amount  invested in State  Street  Navigator  Securities  Lending  Prime
Portfolio  represents cash collateral received for securities on loan as of June
30,  2008.  Other  Assets,  Less  Liabilities  includes an equal and  offsetting
liability  of the Fund to repay  collateral  amounts  upon the  return of loaned
securities.

                    Top Holdings By Industry
                   --------------------------
                   % of net assets at 6/30/08

     Financial......23.5%           Industrials...12.7%
     Materials......14.9%           Other.........35.3%
     Energy.........13.6%

See notes to financial statements

WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC)
- -------------------------------------------------------------------------------

                       STATEMENT OF ASSETS AND LIABILITIES

                            June 30, 2008 (Unaudited)
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value including $15,848,328
   of securities loaned (identified cost
   $160,581,485)  (Note 1A)                    $166,556,614
  Foreign currency, at value
    (cost $98,545) (Note 1B)                         99,051
  Cash                                              868,164
  Receivable for fund shares sold                    40,667
  Dividends receivable                              144,953
  Receivable for securities lending                  32,071
  Tax reclaims receivable                           138,675
  Other assets                                       17,116
                                               ------------
   Total assets                                $167,897,311
                                               ------------

LIABILITIES:
  Payable for fund shares reacquired           $    614,391
  Collateral for securities loaned               16,745,820
  Accrued expenses and other liabilities            111,245
                                               ------------
   Total liabilities                           $ 17,471,456
                                               ------------
NET ASSETS                                     $150,425,855
                                               ============



NET ASSETS CONSIST OF:
  Paid-in capital                              $150,153,544
  Accumulated undistributed net
   realized loss on investments and
   foreign currency (computed on
   the basis of identified cost)                (8,533,863)
  Unrealized appreciation of investments
   (computed on the basis of identified cost)     6,018,330
  Accumulated undistributed net
   investment income                              2,787,844
                                               ------------
  Net assets applicable to outstanding shares  $150,425,855
                                               ============

SHARES OF BENEFICIAL INTEREST OUTSTANDING         7,631,688
                                               ============

NET ASSET VALUE, OFFERING PRICE,
  AND REDEMPTION PRICE PER SHARE
  OF BENEFICIAL INTEREST                       $      19.71
                                               ============

See notes to financial statements


                             STATEMENT OF OPERATIONS

                   Six Months Ended June 30, 2008 (Unaudited)
- ------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1C)
  Dividend income                              $  4,274,404
  Income from security lending                      183,450
  Miscellaneous income                               10,091
  Less: Foreign taxes                             (478,880)
                                               ------------
    Total Investment Income                    $  3,989,065
                                               ------------

  Expenses -
  Investment adviser fee (Note 3)              $    636,993
  Administrator fee (Note 3)                        106,000
  Compensation of Trustees who are not employees
  of the investment adviser or administrator          6,465
  Custodian fee (Note 1F)                           156,113
  Distribution expenses (Note 4)                    200,977
  Transfer and dividend disbursing agent fees        30,940
  Printing                                            8,845
  Interest expense                                   21,768
  Shareholder communications                          1,900
  Audit services                                     16,380
  Legal services                                      4,550
  Registration costs                                 10,134
  Miscellaneous                                      10,919
                                               ------------
    Total expenses                             $  1,211,984
                                               ------------

  Deduct -
  Reimbursement from custodian                 $    (3,000)
  Reduction of custodian fee (Note 1F)              (7,763)
                                               ------------
    Total deductions                           $   (10,763)
                                               ------------
   Net expenses                                $  1,201,221
                                               ------------
   Net investment income                       $  2,787,844
                                               ------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized loss -
  Investment transactions
    (identified cost basis)                    $(7,126,955)
  Foreign currency transactions                     (9,352)
                                               ------------
   Net realized loss                           $(7,136,307)
                                               ------------
   Change in unrealized depreciation on
   Investments (identified cost basis)         $(13,347,804)
   Foreign currency                                (23,744)
                                               ------------

  Net unrealized loss                          $(13,371,548)
                                               ------------

  Net realized and unrealized loss
     on investments                            $(20,507,855)
                                               ------------

  Net decrease in net assets from operations   $(17,720,011)
                                               ==============

See notes to financial statements



WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC)
- -------------------------------------------------------------------------------

                                                                                                     



                                                                                     Six Months Ended         Year Ended
STATEMENTS OF CHANGES IN NET ASSETS                                                    June 30, 2008       December 31, 2007
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                        (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                          $    2,787,844          $   4,142,249
   Net realized gain (loss) on investment and foreign currency transactions            (7,136,307)             32,400,973
   Change in unrealized depreciation of investments and translations of assets
       and liabilities in foreign currencies                                          (13,371,548)           (25,176,405)
                                                                                     ---------------        --------------
     Net increase (decrease) in net assets resulting from operations                 $(17,720,011)          $  11,366,817
                                                                                     ---------------        --------------
   Distributions to shareholders (Note 2) -
     From net investment income                                                      $      --              $ (4,294,177)
     From net realized gain                                                            (4,298,169)            (8,544,757)
                                                                                    ---------------        --------------
       Total distributions                                                           $ (4,298,169)          $(12,838,934)
                                                                                     ---------------        --------------
   Net decrease in net assets from fund share transactions (Note 5)                  $(11,163,891)          $(33,121,129)
                                                                                     ---------------        --------------
   Net decrease in net assets                                                        $(33,182,071)          $(34,593,246)
NET ASSETS:
   At beginning of period                                                              183,607,926            218,201,172
                                                                                     ---------------        --------------

     At end of period                                                                $ 150,425,855          $ 183,607,926
                                                                                     ===============        ==============

ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS
   AT END OF PERIOD                                                                  $   2,787,844          $      --
                                                                                     ===============        ==============



See notes to financial statements



Wright International Blue Chip Equities Fund (WIBC)
- -------------------------------------------------------------------------------

                                                                                                  


                                                Six Months
                                               Ended June 30                      Year Ended December 31,
                                               ---------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                              2008(1)      2007(1)       2006(1)     2005 (1)       2004       2003(1)
- --------------------------------------------------------------------------------------------------------------------------------


Net asset value, beginning of period             $  22.470    $  22.830    $  18.060    $  15.070    $  12.890     $ 9.840
                                                 ----------   ----------   ----------   ----------   ----------    ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:

   Net investment income                         $   0.355    $   0.434    $   0.255    $   0.129    $   0.128     $ 0.073
   Net realized and unrealized gain (loss)          (2.557)       0.755        4.859        3.028        2.140       3.044
                                                 ----------   ----------   ----------   ----------   ----------    ----------

     Total income (loss) from
       investment operations                     $  (2.202)   $   1.189    $   5.114    $   3.157     $   2.268    $  3.117
                                                 ----------   ----------   ----------   ----------   ----------    ----------

LESS DISTRIBUTIONS:

   Distributions from investment income          $   -        $  (0.491)   $  (0.320)   $  (0.167)   $  (0.088)    $(0.067)
   Distributions from capital gains                 (0.558)      (1.058)      (0.024)       -            -           -
                                                 ----------   ----------   ----------   ----------   ----------    ----------
     Total distributions                         $  (0.558)   $  (1.549)   $  (0.344)   $  (0.167)   $  (0.088)    $(0.067)
                                                 ----------   ----------   ----------   ----------   ----------    ----------
Net asset value, end of period                   $  19.710    $  22.470    $  22.830    $  18.060    $  15.070     $12.890
                                                 ==========   ==========   ==========   ==========   ==========    ==========

TOTAL RETURN(2)                                    (9.82)%(4)     5.50%       28.49%       21.13%       17.71%      31.96%
                                                 ==========   ==========   ==========   ==========   ==========    ==========

RATIOS/SUPPLEMENTAL DATA:

   Net assets, end of period (000 omitted)       $ 150,426    $ 183,608    $ 218,201    $ 109,897    $  62,266     $ 54,586
   Ratios (As a percentage of average
      daily net assets):
     Net expenses                                    1.51%(3)     1.49%        1.46%        1.66%        1.72%       1.80%
     Net expenses after custodian fee reduction      1.50%(3)     1.47%        1.37%        1.62%        1.71%       1.80%
     Interest expense                                0.01%(3)     0.07%         -  %          -  %        -  %        -  %
     Net investment income                           3.48%(3)     1.82%        1.26%        0.81%        0.97%       0.81%
     Portfolio turnover rate                           38%(4)      138%         116%          99%         121%         77%

- --------------------------------------------------------------------------------------------------------------------------------

(1) Certain per share amounts are based on 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) Annualized.
(4) Not annualized.


See notes to financial statements


WRIGHT MANAGED EQUITY TRUST
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1    Significant Accounting Policies
     --------------------------------
The Wright Managed  Equity Trust (the Trust),  issuer of Wright Select Blue Chip
Equities Fund (WSBC) series, Wright Major Blue Chip Equities Fund (WMBC) series,
and Wright  International  Blue Chip Equities Fund (WIBC) series  (collectively,
the Funds),  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.

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 an independent 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  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. When valuing foreign equity securities that meet certain criteria, the
Trustees have approved the use of a fair value  procedure  that reflects  market
trading  that  occurs  after  the close of the  applicable  foreign  markets  of
comparable securities or other instruments that have a strong correlation to the
fair-valued securities.

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 and  distributions  to shareholders  are recorded on
the ex-dividend date for dividends received in cash and/or securities.  However,
if the ex-dividend date has passed,  certain  dividends from foreign  securities
are recorded as the Fund is 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 discount.

D. Federal  Taxes - The Trust's  policy is to comply with the  provisions of the
Internal  Revenue 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.  At December 31, 2007,
WMBC,  for  federal  income  tax  purposes,   had  capital  loss  carryovers  of
$14,968,848  which will reduce the 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 Fund of any  liability  for federal
income or excise tax. Such capital loss  carryovers  will expire on December 31,
2010 ($12,738,080) and December 31, 2011 ($2,230,768).

As of June 30, 2008,  there are no uncertain  tax  positions  that would require
financial  statement  recognition,  de-recognition,  or disclosure.  Each of the
Fund's  federal tax returns filed in the 3-year  period ended  December 31, 2007
remains subject to examination by the Internal Revenue Service.

E. Expenses - The majority of expenses of each Fund 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.  Expense  Reduction - State  Street  Bank & Trust  Company  (SSBT)  serves as
custodian to the Funds. Pursuant to the custodian agreement, SSBT receives a fee
reduced by credits which are determined  based on the average daily cash balance
the Funds maintain with SSBT. All credit  balances,  if any, used to reduce each
Fund's  custodian  fees are reported as a reduction of expenses in the Statement
of Operations.

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.  Recognized gains
or losses on investment transactions attributable to changes in foreign currency
exchange  rates are recorded for  financial  statement  purposes as net realized
gains and losses on investments.  That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency exchange rates is
not separately disclosed.

H. Use of Estimates - The preparation of financial statements in conformity with
accounting  principles  generally  accepted  in the  United  States  of  America
requires  management to make estimates and assumptions  that affect the reported
amounts of 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,  2008 and for the six months  then  ended  have not been  audited by an
independent registered public accounting firm, but in the opinion of the Trust's
management  reflect  all  adjustments,   consisting  only  of  normal  recurring
adjustments, necessary for the fair presentation of the 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 WSBC,  WMBC and WIBC and to
distribute  annually all or substantially  all of the net realized capital gains
of WSBC,  WMBC and WIBC.  Distributions  to  shareholders  are  recorded  on the
ex-dividend   date.   Shareholders   may   reinvest   income  and  capital  gain
distributions in additional shares of the same Fund at the net asset value as of
the  ex-dividend  date  or,  at  the  election  of  the   shareholder,   receive
distributions  in cash. The Fund  distinguishes  between  distributions on a tax
basis and a financial reporting basis.  Accounting principles generally accepted
in the United States of America require 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.

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 fee
is computed at an annual rate of 0.79% of average daily net assets for WIBC, and
at an annual  rate of 0.60% of  average  net  assets  for WSBC and WMBC,  and is
payable  monthly.  For the six months ended June 30, 2008 the fee and percentage
of average daily net assets, for each of the Funds was as follows:

     Fund                Fee            Percentage of Net Assets
- -------------------------------------------------------------------------

    WSBC             $ 61,983                  0.60%
    WMBC              155,783                  0.60%
    WIBC              636,993                  0.79%

The administration fee is earned by Eaton Vance Management for administering the
business affairs of each of the Funds and is computed at an annual rate of 0.12%
for WSBC and WMBC,  and 0.13% for WIBC of each Fund's  average daily net assets.
For the six months ended June 30, 2008, the  administration  fee for WSBC,  WMBC
and WIBC amounted to $12,397, $31,156 and $106,000, respectively.

Wright  has  agreed to  reimburse  expenses  to the  extent  that  total  annual
operating expenses exceed 1.25% of the average daily net assets of WSBC and WMBC
through  April  30,  2009.  Thereafter,  the  reimbursement  may be  changed  or
terminated at any time.  Pursuant to this agreement,  Wright reimbursed expenses
to WSBC in the amount of $34,659 for the six months ended June 30, 2008.

4    Distribution Plans
    ---------------------
The Trust has in effect adopted a Distribution  Plan (the Plan) pursuant to Rule
12b-1 of the 1940 Act. The Plan  provides that each of the Funds will pay Wright
Investors'  Service  Distributors,   Inc.  (WISDI)  (Principal  Underwriter),  a
wholly-owned  subsidiary of The Winthrop Corporation and an affiliate of Wright,
a distribution  and service fee of 0.25% of each fund's average daily net assets
for  distribution  services and facilities  provided to the Funds by Wright,  as
well  as for  personal  service  and/or  maintenance  of  shareholder  accounts.
Distribution and services fees paid or accrued to WISDI for the six months ended
June 30,  2008 for WSBC,  WMBC and WIBC were  $25,826,  $64,909,  and  $200,977,
respectively.  Under a written agreement in effect through April 30, 2009, WISDI
has agreed to waive a portion of its  distribution  fees and  assumes  operating
expenses  to the  extent  necessary  to limit  expense  ratios  to  1.25%  after
custodian  fee  reductions,  if any,  for both WSBC and WMBC.  Pursuant  to this
agreement, the principal underwriter made a reduction of its fees of $25,826 and
$12,512 on behalf of WSBC and WMBC, 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  account  maintenance  services to their  customers  who are
beneficial  owners of shares.  The combined  amount of service fee payable under
the Service Plan and Rule 12b-1 distribution may not exceed 0.25% of the average
daily net assets of the Funds, annually. For the six months ended June 30, 2008,
the funds did not accrue or pay any service fees.

5    Investment Transactions

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

                   Six Months Ended June 30, 2008
              ------------------------------------------------
                         WSBC                WMBC                   WIBC
- ------------------------------------------------------------------------------

   Purchases       $   6,850,540      $    15,797,200          $    62,041,284
                   ================    ================       ================
   Sales           $   9,356,014      $    18,764,516          $    71,223,127
                   ================    ================       ================

 Purchases and sales of affiliated investments:

   Purchases       $      -           $           -            $           -
                   ================    ================        ================

   Sales           $     341,068      $           -            $           -
                   ================    ================        ================


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:

                                                                                                    
                                                                  Six Months Ended                     Year Ended
                                                              June 30, 2008 (Unaudited)             December 31, 2007
                                                              -------------------------             -----------------
                                                              Shares            Amount          Shares            Amount
- --------------------------------------------------------------------------------------------------------------------------------

WRIGHT SELECTED BLUE CHIP EQUITIES FUND
Sold                                                              59,163     $    582,524          131,958     $   1,665,341
Issued to shareholders in payment of distributions declared      192,783        1,704,210          401,088         4,525,042
Redemptions                                                    (403,784)      (3,892,784)      (1,501,608)      (18,810,209)
                                                            ------------  ----------------   ------------   ----------------
Net decrease                                                   (151,838)    $ (1,606,050)        (968,562)     $(12,619,826)
                                                            ============  ================   ============   ================

WRIGHT MAJOR BLUE CHIP EQUITIES FUND
Sold                                                             305,098    $   4,064,041          393,484      $   5,670,384
Issued to shareholders in payment of distributions declared        1,241           15,874           21,159            299,544
Redemptions                                                    (547,067)       (7,252,570)     (4,023,623)       (14,763,956)
                                                            ------------  ----------------   ------------   ----------------
Net decrease                                                   (240,728)    $  (3,172,655)       (608,980)      $ (8,794,028)
                                                            ============  ================     ============   ================

WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
Sold                                                            658,614    $    13,534,263       4,830,446       $115,578,462
Issued to shareholders in payment of distributions declared     191,321          3,795,810         504,859         11,019,992
Redemptions                                                  1,389,535)       (28,503,034)      (6,722,679)     (159,773,243)
Redemption Fees                                                    -                 9,070           -                53,660
                                                            ------------  ----------------    -------------   ----------------
Net decrease                                                  (539,600)    $  (11,163,891)      (1,387,374)  $   (33,121,129)
                                                            ============  ================  = ============   ================

- --------------------------------------------------------------------------------------------------------------------------------



7    Federal Income Tax Basis of Investments
   --------------------------------------------
The cost and unrealized appreciation (depreciation) of the investment securities
owned at June 30, 2008,  as  determined  on a federal  income tax basis,  are as
follows:

                         Six Months Ended June 30, 2008
                   ----------------------------------------------
                               WSBC             WMBC                WIBC
- ------------------------------------------------------------------------------

 Aggregate cost        $    17,781,217     $  46,638,007      $  162,653,755
                         ================  ================   ================

Gross unrealized
  appreciation               3,771,012         6,112,791          19,135,479
Gross unrealized
  depreciation             (2,216,923)        (5,704,921)        (15,232,620)
                        ----------------  ----------------  ----------------
Net unrealized
  appreciation              1,554,089            407,870           3,902,859
                        ================  ================= ==================



- ------------------------------------------------------------------------------

8    Line of Credit
   ------------------
The Funds  participate  with other funds  managed by Wright in a  committed  $10
million  unsecured  line  of  credit  agreement  with  a  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  Federal  Funds  rate.  In  addition,  a fee
computed at an annual rate of 0.10% on the average  daily unused  portion of the
$10 million line of credit,  is allocated among the  participating  funds at the
end of each quarter.  At June 30, 2008, WSBC and WMBC had a balance  outstanding
pursuant to this line of credit of $331,000 and $609,000, respectively.

The average  borrowings and average  interest rate for the six months ended June
30, 2008 are follows:

                               WSBC              WMBC                  WIBC
- -------------------------------------------------------------------------------

Average borrowing         $ 180,915        $  119,673            $   2,419,724
Average interest rate            2%                2%                       2%

- -------------------------------------------------------------------------------


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   Security Lending Agreement
    ----------------------------
The Wright  International  Blue Chip Fund has  established a securities  lending
agreement  with  SSBT as  securities  lending  agent  in which  the  Fund  lends
portfolio  securities to a broker in exchange for collateral  consisting of cash
in an amount at least equal to the market value of the securities on loan.  Cash
collateral  is invested  in State  Street  Navigator  Securities  Lending  Prime
Portfolio.  The Fund earns  interest  on the  amount  invested  in State  Street
Navigator Securities Lending Prime Portfolio,  but it must pay the broker a loan
rebate fee computed as a varying percentage of the collateral received. The loan
rebate fee paid by the Fund  amounted to $13,962  for the six months  ended June
30, 2008. At June 30, 2008, the value of the securities loaned and the value for
the collateral  amounted to $15,848,328 and  $16,745,820,  respectively.  In the
event of  counterparty  default,  the Fund is subject to potential loss if it is
delayed or prevented from exercising its right to dispose of the collateral. The
Fund bears risk in the event that invested  collateral is not sufficient to meet
obligations due on loans. The Fund has the right under the lending  agreement to
recover the securities from the borrower on demand.

11   Fair Valuation Measurements
    -----------------------------
Each Fund adopted  Financial  Accounting  Standards Board Statement of Financial
Accounting  Standards No. 157 (FAS 157),  "Fair Value  Measurements",  effective
January 1, 2008.  FAS 157  established a three-tier  hierarchy to prioritize the
assumptions, referred to as inputs, used in valuation techniques to measure fair
value.  The  three-tier  hierarchy  of inputs is  summarized  in the three broad
levels listed below.

     o Level 1 - quoted prices in active markets for identical investments

     o Level 2 - other  significant  observable  inputs (including quoted prices
       for similar investments, interest rates, prepayment speeds, credit
       risk, etc.)

     o 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, 2008, the inputs used in valuing each Fund's investments,  which are
carried at value, were as follows:

WSBC

                          Valuation Inputs            Investments in Securities
- -------------------------------------------------------------------------------

         Level 1          Quoted Prices                        $ 19,335,306
         Level 2          Other Significant Observable Inputs        -
         Level 3          Significant Unobservable Inputs            -
- -------------------------------------------------------------------------------
         Total                                                 $ 19,335,306


WMBC

                          Valuation Inputs            Investments in Securities
- -------------------------------------------------------------------------------

         Level 1          Quoted Prices                        $  47,045,877
         Level 2          Other Significant Observable Inputs         -
         Level 3          Significant Unobservable Inputs             -
- -------------------------------------------------------------------------------
         Total                                                 $  47,045,877


WIBC

                          Valuation Inputs            Investments in Securities
- --------------------------------------------------------------------------------

         Level 1          Quoted Prices                        $  166,556,614
         Level 2          Other Significant Observable Inputs          -
         Level 3          Significant Unobservable Inputs              -
- -------------------------------------------------------------------------------
         Total                                                 $  166,556,614


The Funds held no investments or other financial  instruments as of December 31,
2007 whose fair value was determined using Level 3 inputs.



WRIGHT TOTAL RETURN BOND FUND (WTRB)
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)

                                                                                                    

Face                                                                  Coupon        Maturity                       Current
Amount            Description                                          Rate           Date           Value          Yield
- -------------------------------------------------------------------------------------------------------------------------------

ASSET-BACKED SECURITIES - 1.5%
$      155,000    AEP Texas Central Transition Funding LLC             4.980%        07/01/13     $  157,021        5.0%
       180,000    PSE&G Transition Funding LLC, Series 2001-1 A7       6.750%        06/15/16        194,307        7.3%
                                                                                                ------------
Total Asset-Backed Securities (identified cost $349,259)                                          $  351,328
                                                                                                ------------


COMMERCIAL MORTGAGE-BACKED SECURITIES - 8.1%
$      220,000    Citigroup Commercial Mortgage Trust,
                    Series 2004-C2 A5                                  4.733%        10/15/41     $  208,239        4.5%
       285,000    CS First Boston Mortgage Securities
                    Corp., Series 2003-C3 A5                           3.936%        05/15/38        264,433        3.7%
       330,000    JP Morgan Chase Commercial Mortgage Securities Corp.,
                  Series 2004-C3 A5                                    4.878%        01/15/42        313,940        4.6%
       265,000    Lehman Brothers UBS, Series 2006-C6 A4               5.372%        09/15/39        251,230        5.1%
       270,000    Merrill Lynch Mortgage Trust, Series 2005-LC1 A4     5.291%        01/12/44        260,249        5.1%
       420,000    Merrill Lynch/Countrywide Commercial Mortgage Trust,
                  Series 2006-2 A4                                     5.909%(1)     06/12/46        414,575        5.8%
       141,100    Salomon Brothers Mortgage Securities VII,
                    Series 2002-KEY2 A2                                4.467%        03/18/36        138,328        4.4%
                                                                                                   ------------
Total Commercial Mortgage-Backed Securities (identified cost $1,902,341)                          $1,850,994
                                                                                                   ------------


NON-AGENCY MORTGAGE-BACKED SECURITIES - 2.4%
$      252,362    First Horizon Alternative Mortgage Securities,
                  Series 2005-AA10, 1A2                                5.720%(1)     12/25/35     $  189,945        4.3%
       389,373    First Horizon Asset Securities Inc,
                    Series 2007-AR2, Class 1A1                         5.854%        06/25/37        367,334        5.5%
                                                                                                   ------------
Total Non-Agency Mortgage-Backed Securities (identified cost 641,735)                             $  557,279
                                                                                                   ------------


CORPORATE BONDS - 29.2%

AEROSPACE -- 0.5%
- ------------------
$      115,000    Lockheed Martin Corp.                                8.200%        12/01/09     $  121,161        8.6%

AUTOMOBILE -- 0.6%
- -------------------
$      125,000    DaimlerChrysler North America Holding Co.            7.200%        09/01/09     $  128,606        7.4%

BANKS & MISCELLANEOUS FINANCIAL-- 2.9%
- --------------------------------------
$      250,000    Capital One Bank USA NA                              2.763%        02/23/09     $  244,234        2.7%
       235,000    HSBC Finance Corp.                                   6.375%        10/15/11        240,522        6.5%
       200,000    Royal Bank of Scotland Group PLC                     7.648%        08/31/49        195,096        7.5%

CABLE TV-- 0.9%
- ---------------
$      100,000    Comcast Cable Communications Holdings                5.875%        02/15/18     $   96,382        5.7%
       125,000    Time Warner, Inc.                                    5.875%        11/15/16        118,060        5.5%

COMMUNICATIONS EQUIPMENT-- 0.6%
- -------------------------------
$      140,000    Harris Corp.                                         5.000%        10/01/15     $  133,849        4.8%

DIVERSIFIED FINANCIALS-- 8.9%
- -----------------------------
$      240,000    Ameriprise Financial, Inc.                           5.350%        11/15/10     $  240,920        5.4%
       125,000    Bear Stearns Cos. Inc, (The)                         4.550%        06/23/10        124,005        4.5%
       120,000    CIT Group, Inc.                                      7.625%        11/30/12         99,830        6.3%
       235,000    Citigroup, Inc.                                      6.125%        11/21/17        225,925        5.9%
       225,000    General Electric Capital Corp.                       6.750%        03/15/32        227,233        6.8%
       225,000    Genworth Global Funding Trusts                       5.200%        10/08/10        225,180        5.2%
       235,000    Goldman Sachs Group, Inc. (The)                      6.150%        04/01/18        228,398        6.0%
       245,000    International Lease Finance Corp.                    5.875%        05/01/13        218,806        5.2%
       165,000    Lehman Brothers Holdings Capital Trust V             5.857%        11/29/49        107,747        3.8%
       125,000    Merrill Lynch & Co., Inc.                            6.050%        05/16/16        115,488        5.6%
       210,000    National Rural Utilities Cooperative Finance Corp.   7.250%        03/01/12        223,725        7.7%

ELECTRIC UTILITIES-- 3.2%
- -------------------------
$      115,000    American Electric Power                              5.250%        06/01/15    $?  110,908        5.1%
        90,000    Dominion Resources, Inc.                             6.300%        03/15/33         84,558        5.9%
       115,000    Duke Energy Indiana, Inc.                            5.000%        09/15/13        113,077        4.9%
       115,000    Exelon Corp.                                         4.900%        06/15/15        105,968        4.5%
       215,000    FPL Group Capital, Inc.                              5.350%        06/15/13        218,154        5.4%
       100,000    Spectra Energy Capital LLC                           7.500%        10/01/09        102,014        7.7%

FOOD - RETAIL-- 0.5%
- --------------------
$      115,000    Kraft Foods, Inc.                                    6.000%        02/11/13    $?  116,303        6.1%

INFORMATION TECHNOLOGY-- 0.9%
- -----------------------------
$      195,000    Oracle Corp.                                         5.000%        01/15/11    $?  198,914        5.1%

INSURANCE -- 1.9%
- ------------------
$      130,000    Fund American Cos., Inc.                             5.875%        05/15/13    $?  125,890        5.7%
       130,000    PartnerRe Finance II                                 6.440%        12/01/66        103,424        5.1%
       200,000    St. Paul Travelers                                   5.500%        12/01/15        197,706        5.4%

MEDICAL -- 2.0%
- ---------------
$      245,000    Bristol-Myers Squibb Co.                             5.875%        11/15/36    $?  229,306        5.5%
       115,000    WellPoint, Inc.                                      5.875%        06/15/17        111,347        5.7%
       115,000    Wyeth                                                5.500%        02/01/14        116,068        5.6%

OIL & GAS-- 1.9%
- ----------------
$      110,000    Canadian Natural Resources, Ltd.                     5.700%        05/15/17    $?  107,947        5.6%
       120,000    EnCana Corp.                                         5.900%        12/01/17        120,828        5.9%
       110,000    Marathon Oil Corp.                                   6.000%        10/01/17        109,564        6.0%
       100,000    Sempra Energy                                        6.000%        02/01/13        102,762        6.2%

RETAIL -- 0.5%
- ----------------
$      120,000    Home Depot, Inc.                                     5.200%        03/01/11    $?  119,086        5.2%

SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 0.8%
- -----------------------------------------
$      165,000    Applied Materials, Inc.                              7.125%        10/15/17    $?  181,254        7.8%

TELECOMMUNICATIONS -- 2.6%
- ---------------------------
$       95,000    AT&T  Wireless Services, Inc.                        7.875%        03/01/11    $?  101,203        8.4%
        70,000    British Telecom PLC                                  9.125%        12/15/30         84,368       11.0%
       100,000    Deutsche Telekom International Finance BV            8.000%        06/15/10        105,836        8.5%
       120,000    France Telecom SA                                    7.750%        03/01/11        127,162        8.2%
       175,000    Verizon Global Funding Corp.                         7.750%        12/01/30        188,515        8.3%

TRANSPORTATION -- 0.5%
- -----------------------
$      125,000    Burlington Northern Santa Fe Corp.                   5.650%        05/01/17    $?  122,400        5.5%
                                                                                                ------------

Total Corporate Bonds (identified cost $6,965,429)                                               $ 6,719,729
                                                                                                ------------


GOVERNMENT INTERESTS - 57.8%

AGENCY MORTGAGE-BACKED SECURITIES-- 45.7%
- -----------------------------------------
$      245,254    FHLMC Gold Pool #A32600                              5.500%        05/01/35     $  242,342        5.4%
        69,220    FHLMC Gold Pool #C01646                              6.000%        09/01/33         70,333        6.1%
        46,032    FHLMC Gold Pool #C27663                              7.000%        06/01/29         48,694        7.4%
       153,239    FHLMC Gold Pool #C47318                              7.000%        09/01/29        164,350        7.5%
       571,899    FHLMC Gold Pool #C55780                              6.000%        01/01/29        583,415        6.1%
       389,311    FHLMC Gold Pool #C66878                              6.500%        05/01/32        404,693        6.8%
       243,732    FHLMC Gold Pool #C91046                              6.500%        05/01/27        251,956        6.7%
        93,983    FHLMC Gold Pool #D66753                              6.000%        10/01/23         96,082        6.1%
        15,981    FHLMC Gold Pool #E00903                              7.000%        10/01/15         16,787        7.4%
       371,274    FHLMC Gold Pool #G01035                              6.000%        05/01/29        378,287        6.1%
       115,229    FHLMC Gold Pool #G02662                              7.500%        07/01/34        124,808        8.1%
       184,250    FHLMC Gold Pool #G03930                              6.000%        05/01/29        187,922        6.1%
       290,656    FHLMC Gold Pool #H19018                              6.500%        08/01/37        296,469        6.6%
       243,947    FHLMC Gold Pool #K30262                              5.000%        11/01/47        231,293        4.7%
       136,738    FHLMC Gold Pool #N30514                              5.500%        11/01/28        135,433        5.4%
       408,963    FHLMC Gold Pool #P00024                              7.000%        09/01/32        428,735        7.3%
        63,288    FHLMC Gold Pool #P50031                              7.000%        08/01/18         66,928        7.4%
        51,702    FHLMC Gold Pool #P50064                              7.000%        09/01/30         54,675        7.4%
       161,544    FHLMC Pool #1B1291                                   4.400%(1)     11/01/33        162,315        4.4%
       566,879    FHLMC Pool #1G0233                                   5.001%(1)     05/01/35        572,140        5.0%
       130,280    FHLMC Pool #781071                                   5.183%(1)     11/01/33        129,196        5.1%
       106,050    FHLMC Pool #781804                                   5.061%(1)     07/01/34        105,868        5.1%
        53,620    FHLMC Pool #781884                                   5.146%(1)     08/01/34         54,054        5.2%
       123,335    FHLMC Pool #782862                                   5.004%(1)     11/01/34        124,427        5.0%
       172,844    FHLMC Pool #783190                                   5.864%        03/01/37        175,698        6.0%
       301,343    FHLMC Series 1983 Z                                  6.500%        12/15/23        315,143        6.8%
       305,180    FHLMC Series 2044 PE                                 6.500%        04/15/28        320,570        6.8%
       132,552    FNMA Pool #253057                                    8.000%        12/01/29        144,126        8.7%
       147,061    FNMA Pool #254232                                    6.500%        03/01/22        152,884        6.8%
        47,700    FNMA Pool #254845                                    4.000%        07/01/13         47,462        4.0%
        47,581    FNMA Pool #254863                                    4.000%        08/01/13         46,897        3.9%
        34,239    FNMA Pool #479477                                    6.000%        01/01/29         34,875        6.1%
        37,780    FNMA Pool #489357                                    6.500%        03/01/29         39,297        6.8%
        28,089    FNMA Pool #535332                                    8.500%        04/01/30         30,938        9.4%
       201,656    FNMA Pool #545407                                    5.500%        01/01/32        200,171        5.5%
        47,977    FNMA Pool #545782                                    7.000%        07/01/32         51,196        7.5%
        41,601    FNMA Pool #597396                                    6.500%        09/01/31         43,218        6.8%
       346,749    FNMA Pool #725419                                    4.500%        10/01/33        323,195        4.2%
        67,083    FNMA Pool #725866                                    4.500%        09/01/34         62,421        4.2%
       173,039    FNMA Pool #738630                                    5.500%        11/01/33        171,602        5.5%
       420,521    FNMA Pool #745467                                    5.776%(1)     04/01/36        425,810        5.8%
       204,715    FNMA Pool #747529                                    4.500%        10/01/33        190,809        4.2%
       232,842    FNMA Pool #753189                                    4.000%        12/01/33        211,362        3.6%
       709,017    FNMA Pool #781893                                    4.500%        11/01/31        664,133        4.2%
       236,063    FNMA Pool #807804                                    5.500%        03/01/35        233,440        5.4%
        72,635    FNMA Pool #809888                                    4.500%        03/01/35         67,429        4.2%
       154,985    FNMA Pool #906455                                    5.984%        01/01/37        157,210        6.1%
       169,816    GNMA II Pool #2630                                   6.500%        08/20/28        176,241        6.7%
        52,479    GNMA II Pool #2671                                   6.000%        11/20/28         53,531        6.1%
         7,686    GNMA II Pool #2909                                   8.000%        04/20/30          8,392        8.7%
        19,318    GNMA II Pool #2972                                   7.500%        09/20/30         20,707        8.0%
         7,102    GNMA II Pool #2973                                   8.000%        09/20/30          7,755        8.7%
        75,933    GNMA II Pool #3095                                   6.500%        06/20/31         78,701        6.7%
       203,149    GNMA Pool #374892                                    7.000%        02/15/24        216,906        7.5%
        48,180    GNMA Pool #376400                                    6.500%        02/15/24         50,094        6.8%
        72,881    GNMA Pool #379982                                    7.000%        02/15/24         77,816        7.5%
       211,951    GNMA Pool #393347                                    7.500%        02/15/27        228,335        8.1%
        76,477    GNMA Pool #410081                                    8.000%        08/15/25         83,728        8.8%
        36,462    GNMA Pool #427199                                    7.000%        12/15/27         38,919        7.5%
        20,559    GNMA Pool #436214                                    6.500%        02/15/13         21,330        6.7%
        20,788    GNMA Pool #442996                                    6.000%        06/15/13         21,457        6.2%
       103,379    GNMA Pool #448490                                    7.500%        03/15/27        111,370        8.1%
        53,012    GNMA Pool #458762                                    6.500%        01/15/28         55,117        6.8%
        74,053    GNMA Pool #460726                                    6.500%        12/15/27         76,994        6.8%
        29,363    GNMA Pool #463839                                    6.000%        05/15/13         30,307        6.2%
        16,469    GNMA Pool #488924                                    6.500%        11/15/28         17,123        6.8%
        15,988    GNMA Pool #510706                                    8.000%        11/15/29         17,515        8.8%
        82,577    GNMA Pool #581536                                    5.500%        06/15/33         82,536        5.5%

U.S. GOVERNMENT AGENCIES-- 3.7%
- -------------------------------
$      425,000    Fannie Mae                                           3.250%        04/09/13    $   409,411        3.1%
       250,000    Fannie Mae                                           6.250%        05/15/29        283,690        7.1%
       150,000    Federal Home Loan Bank                               5.000%        11/17/17        153,222        5.1%

U.S. TREASURIES-- 8.4%
- ----------------------
$       95,000    U.S. Treasury Bonds                                  6.250%        08/15/23    $   113,058        7.4%
        45,000    U.S. Treasury Notes                                  5.000%        08/15/11         47,795        5.3%
       500,000    U.S. Treasury Notes                                  4.250%        11/15/13        521,953        4.4%
       380,000    U.S. Treasury Notes                                  4.875%        08/15/16        407,520        5.2%
       325,000    U.S. Treasury Notes                                  4.625%        02/15/17        342,266        4.9%
       350,000    U.S. Treasury Strip                                  0.000%        02/15/18        231,768        0.0%
       115,000    U.S. Treasury Strip                                  0.000%        02/15/21         64,216        0.0%
       460,000    U.S. Treasury Strip                                  0.000%        02/15/27        190,516        0.0%
                                                                                                ------------

Total Government Interests (identified cost $13,235,766)                                         $13,281,377
                                                                                                ------------


TOTAL INVESTMENTS (identified cost, $23,094,530)-- 99.0%                                         $22,760,707

OTHER ASSETS, LESS LIABILITIES-- 1.0%                                                                237,008
                                                                                                ------------

NET ASSETS-- 100.0%                                                                              $22,997,715
                                                                                                ============



FHLMC -Federal Home Loan Mortgage Corporation
FNMA -Federal National Mortgage Association
GNMA -Government National Mortgage Association

(1) Adjustable rate security. Rate shown is rate at period end.


See notes to financial statements




WRIGHT TOTAL RETURN BOND FUND (WTRB)
- -------------------------------------------------------------------------------


                       STATEMENT OF ASSETS AND LIABILITIES

                            June 30, 2008 (Unaudited)
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $23,094,530) (Note 1A)     $ 22,760,707
  Cash                                               19,749
  Receivable for investments sold                   511,759
  Receivable for fund shares sold                     1,146
  Receivable from investment adviser                 20,799
  Interest receivable                               199,805
  Other assets                                        5,015
                                               ------------
   Total assets                                $ 23,518,980
                                               ------------


LIABILITIES:
  Payable for investments purchased            $    373,500
  Payable for fund shares reacquired                113,929
  Distributions payable                              19,029
  Payable to affiliate for Trustees' fees                52
  Payable to affiliate for distribution fees            478
  Accrued expenses and other liabilities             14,277
                                               ------------
   Total liabilities                           $    521,265
                                               ------------

NET ASSETS                                     $ 22,997,715
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 26,636,991
  Accumulated net realized loss on investments
 (computed on the basis of identified cost)     (3,277,103)
  Unrealized appreciation of investments
 (computed on the basis of identified cost)       (333,823)
  Distributions in excess of net investment
   income                                          (28,350)
                                               ------------
  Net assets applicable to outstanding shares  $ 22,997,715
                                               ============

SHARES OF BENEFICIAL INTEREST
  OUTSTANDING                                     1,893,550
                                               ============

NET ASSET VALUE, OFFERING PRICE, AND
  REDEMPTION PRICE PER SHARE OF
  BENEFICIAL INTEREST                          $      12.15
                                               ============


See notes to financial statements


                             STATEMENT OF OPERATIONS

                   Six Months Ended June 30, 2008 (Unaudited)
- -------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1B)
   Interest income                             $    668,648
   Less: Foreign taxes                                   53
                                               ------------
    Total Investment Income                    $    668,701
                                               ------------

  Expenses -
   Investment adviser fee (Note 3)             $     55,055
   Administrator fee (Note 3)                         8,564
   Compensation of Trustees who are not employees
    of the investment adviser or administrator        9,722
   Custodian fee (Note 1F)                           34,018
   Distribution expenses (Note 4)                    30,586
   Transfer and dividend disbursing agent fees       10,101
   Printing                                             910
   Interest expense                                   1,154
   Shareholder communications                           364
   Audit services                                    16,016
   Legal services                                     2,730
   Registration costs                                 9,439
   Miscellaneous                                      5,642
                                               ------------
    Total expenses                             $    184,301
                                               ------------

  Deduct -
   Allocation of expenses to the investment advisor
    (Note 3)                                   $   (10,431)
   Reimbursement from custodian                     (1,000)
   Reduction of investment adviser fee (Note 3)    (55,055)
   Reduction of distribution expenses by principal
    underwriter (Note 4)                           (30,586)
   Reduction of custodian fee (Note 1F)             (1,298)
                                               ------------
    Total deductions                           $   (98,370)
                                               ------------
    Net expenses                               $     85,931
                                               ------------
    Net investment income                      $    582,770
                                               ------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on investment transactions
   (identified cost basis)                     $    102,325
  Change in unrealized depreciation
   on investments                              $  (568,440)
                                               ------------
  Net realized and unrealized loss on
   investments                                 $  (466,115)
                                               ------------

  Net increase in net assets from operations   $    116,655
                                               ============



See notes to financial statements

WRIGHT TOTAL RETURN BOND FUND (WTRB)
- -----------------------------------------------------------------------------


                                                                                                        

                                                                                     Six Months Ended         Year Ended
STATEMENTS OF CHANGES IN NET ASSETS                                                    June 30, 2008      December 31, 2007
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                        (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
   Net investment income                                                             $     582,770          $   1,258,878
   Net realized gain (loss) on investments                                                 102,325               (96,499)
   Change in unrealized appreciation (depreciation) on investments                       (568,440)                300,776
                                                                                     --------------         --------------
     Net increase in net assets resulting from operations                            $     116,655          $   1,463,155
                                                                                     --------------         --------------
   Distributions to shareholders (Note 2) -
     From net investment income                                                      $   (601,109)          $ (1,291,075)
                                                                                     --------------         --------------
       Total distributions                                                           $   (601,109)          $ (1,291,075)
                                                                                     --------------         --------------
   Net decrease in net assets from fund share transactions (Note 5)                  $ (1,506,629)          $ (6,049,001)
                                                                                     --------------         --------------
       Net decrease in net assets                                                    $ (1,991,083)          $ (5,876,921)

NET ASSETS:
   At beginning of period                                                               24,988,798             30,865,719
                                                                                     --------------         --------------
   At end of period                                                                  $  22,997,715          $  24,988,798
                                                                                     ==============         ==============

DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
   INCOME INCLUDED IN NET ASSETS AT END OF PERIOD                                    $    (28,350)          $    (10,011)
                                                                                     ==============         ==============



See notes to financial statements


WRIGHT TOTAL RETURN BOND FUND (WTRB)
- -----------------------------------------------------------------------------


                                                                                                  


                                                Six Months
                                               Ended June 30                      Year Ended December 31,
                                               ---------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                              2008(3)      2007(3)        2006         2005         2004        2003
- --------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period             $ 12.390     $ 12.290     $  12.430    $  12.770    $  12.870     $ 13.010
                                                 ---------    ---------    ---------    ---------    ---------     ---------

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
     Net investment income(1)                    $  0.293     $  0.558     $   0.483    $   0.465    $   0.453     $  0.483
     Net realized and unrealized gain (loss)       (0.230)       0.115        (0.082)      (0.271)      (0.011)      (0.066)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
         Total income from investment operations $  0.063     $  0.673     $   0.401    $   0.194    $   0.442     $  0.417
                                                 ---------    ---------    ---------    ---------    ---------     ---------

LESS DISTRIBUTIONS:

     Distributions from investment income        $ (0.303)    $ (0.573)    $  (0.541)   $  (0.534)   $  (0.542)    $ (0.557)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
         Total distributions                     $ (0.303)    $ (0.573)    $  (0.541)   $  (0.534)   $  (0.542)    $ (0.557)
                                                 ---------    ---------    ---------    ---------    ---------     ---------
Net asset value, end of period                   $ 12.150     $ 12.390     $  12.290    $  12.430    $  12.770     $ 12.870
                                                 =========    =========    =========    =========    =========     =========

TOTAL RETURN(2)                                     0.40%(5)     5.64%         3.34%        1.54%        3.52%        3.25%

RATIOS/SUPPLEMENTAL DATA(1):
     Net assets, end of period (000 omitted)     $  22,998    $  24,989    $  30,866    $  41,288    $  38,213     $ 42,317
     Ratios (As a percentage of average
      daily net assets):
         Net expenses                               0.71%(4)      0.87%        0.99%        0.98%        0.96%        0.95%
         Net expenses after custodian fee reduction 0.70%(4)      0.85%        0.95%        0.95%        0.95%        0.95%
         Interest expense                           0.01%(4)      0.01%         -  %         -  %         -  %         -  %
         Net investment income                      4.76%(4)      4.56%        3.96%        3.66%        3.58%        3.67%
         Portfolio turnover rate                      67%(5)       119%          90%          86%          64%         131%

- --------------------------------------------------------------------------------------------------------------------------------

(1) For the six months ended June 30, 2008, and for the years ended December 31,
2007, 2006, 2005, 2004, and 2003, the operating expenses of the Fund were reduced by
a waiver of fees and/or an allocation of expenses to the distributor and/or investment adviser.
Had such action not been undertaken,  net investment income per share and the ratios would have
been as follows:

                                                   2008         2007          2006         2005         2004         2003
- --------------------------------------------------------------------------------------------------------------------------------

     Net investment income per share             $  0.244     $  0.490     $   0.453    $   0.439    $   0.429     $  0.455
                                                 =========    =========    =========    =========    =========     =========

     Ratios (As a percentage of average net assets):

         Expenses                                   1.50%(4)     1.41%         1.23%        1.18%        1.18%        1.17%
                                                 ===========    =========    =========    =========    =========     =========

         Expenses after custodian fee reduction     1.49%(4)     1.38%         1.19%        1.15%        1.17%        1.17%
                                                 ===========    =========    =========    =========    =========     =========

         Interest expense                           0.01%(4)     0.01%          -  %         -  %         -  %         -  %
                                                 ===========    =========    =========    =========    =========     =========

         Net investment income                      3.97%(4)     4.03%         3.72%        3.46%        3.36%        3.46%
                                                 ===========    =========    =========    =========    =========     =========


- --------------------------------------------------------------------------------------------------------------------------------

(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) Certain per share amounts are based on average shares outstanding.
(4) Annualized.
(5) Not annualized.


Aee notes to financial statements


WRIGHT CURRENT INCOME FUND (WCIF)
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED)

                                                                                                     

Face                                                                    Coupon        Maturity                      Current
Amount            Description                                            Rate           Date           Value         Yield
- --------------------------------------------------------------------------------------------------------------------------------

NON-AGENCY MORTGAGE-BACKED SECURITIES -- 3.5%
$   253,069       Bear Stearns Adj. Rate Mortgage Trust,
                   Series 2003-4, Class 3A1                              4.962%(1)    07/25/33     $   237,303        4.7%
    747,775       Chase Mortgage Finance Corporation,
                   Series 2003-S13, Class A16                            5.000%       11/25/33         702,601        4.7%
    478,942       Countrywide Home Loans, Series 2006-J1, Class 3A1      6.000%       02/25/36         445,062        5.6%
                                                                                                  ------------
Total Non-Agency Mortgage-Backed Securities (identified cost $1,447,753)                           $ 1,384,966
                                                                                                  ------------

AGENCY MORTGAGE-BACKED SECURITIES -- 98.4%
$   359,114       FHLMC Series 15                                        7.000%       07/25/23     $   379,759        7.4%
     41,145       FHLMC Gold Pool #C00548                                7.000%       08/01/27          43,614        7.4%
    125,564       FHLMC Gold Pool #C00778                                7.000%       06/01/29         132,825        7.4%
    189,296       FHLMC Gold Pool #C47318                                7.000%       09/01/29         203,020        7.5%
    382,387       FHLMC Gold Pool #C90580                                6.000%       09/01/22         390,888        6.1%
     96,611       FHLMC Gold Pool #D81642                                7.500%       08/01/27         104,680        8.1%
    154,907       FHLMC Gold Pool #D82572                                7.000%       09/01/27         164,204        7.4%
     97,912       FHLMC Gold Pool #E00678                                6.500%       06/01/14         102,572        6.8%
    104,425       FHLMC Gold Pool #E00721                                6.500%       07/01/14         109,406        6.8%
    103,361       FHLMC Gold Pool #E81704                                8.500%       05/01/15         113,959        9.4%
    518,479       FHLMC Gold Pool #E88471                                7.500%       01/01/17         543,843        7.9%
    140,794       FHLMC Gold Pool #E90181                                6.500%       06/01/17         146,686        6.8%
    102,077       FHLMC Gold Pool #G00812                                6.500%       04/01/26         106,429        6.8%
    230,457       FHLMC Gold Pool #G02662                                7.500%       07/01/34         249,616        8.1%
  1,105,501       FHLMC Gold Pool #G03930                                6.000%       05/01/29       1,127,532        6.1%
    200,000       FHLMC Pool #2176 OJ                                    7.000%       08/15/29         210,020        7.4%
    119,978       FHLMC Pool #2201 C                                     8.000%       11/15/29         127,318        8.5%
    263,064       FHLMC Pool #2259 ZM                                    7.000%       10/15/30         277,819        7.4%
    231,340       FHLMC Pool #2410 NG                                    6.500%       02/15/32         243,095        6.8%
    252,169       FHLMC Pool #2457 PE                                    6.500%       06/15/32         262,051        6.8%
    212,967       FHLMC Pool #845802                                     6.530%(1)    06/01/24         214,676        6.6%
     92,999       FHLMC Pool #845830                                     6.471%(1)    07/01/24          94,209        6.6%
    723,833       FNMA Series 2000-T6, Class A1                          7.500%       06/25/30         768,462        8.0%
    308,768       FNMA Series 2003-W3, Class 2A5                         5.356%       06/25/42         304,280        5.3%
    425,646       FNMA Series G93-5, Class Z                             6.500%       02/25/23         444,532        6.8%
    850,763       FNMA Pool #252034                                      7.000%       09/01/28         908,613        7.5%
     41,451       FNMA Pool #254227                                      5.000%       02/01/09          41,508        5.0%
    779,423       FNMA Pool #254232                                      6.500%       03/01/22         810,287        6.8%
     99,165       FNMA Pool #254305                                      6.500%       05/01/22         103,092        6.8%
     17,256       FNMA Pool #254505                                      5.000%       11/01/09          17,420        5.0%
    337,538       FNMA Pool #254588                                      6.000%       12/01/22         344,795        6.1%
    160,908       FNMA Pool #255068                                      6.000%       01/01/24         164,138        6.1%
    548,482       FNMA Pool #255958                                      5.000%       10/01/35         515,412        4.7%
    874,124       FNMA Pool #259796                                      4.500%       08/01/33         814,745        4.2%
    253,358       FNMA Pool #313953                                      7.000%       12/01/17         269,027        7.4%
    248,763       FNMA Pool #532204                                      7.000%       02/01/20         262,912        7.4%
     91,804       FNMA Pool #535131                                      6.000%       03/01/29          93,509        6.1%
    132,890       FNMA Pool #535817                                      7.000%       04/01/31         140,463        7.4%
    119,274       FNMA Pool #545133                                      6.500%       12/01/28         124,210        6.8%
     73,600       FNMA Pool #663689                                      5.000%       01/01/18          73,519        5.0%
    457,922       FNMA Pool #673315                                      5.500%       11/01/32         454,407        5.5%
    271,204       FNMA Pool #705118                                      4.936%(1)    05/01/33         273,824        5.0%
    832,198       FNMA Pool #725419                                      4.500%       10/01/33         775,667        4.2%
     63,093       FNMA Pool #733750                                      6.310%       10/01/32          64,968        6.5%
    601,490       FNMA Pool #735861                                      6.500%       09/01/33       1,291,056        6.8%
    315,391       FNMA Pool #745467                                      5.776%(1)    04/01/36         319,357        5.8%
    284,055       FNMA Pool #745630                                      5.500%       01/01/29         283,207        5.5%
    367,660       FNMA Pool #801357                                      5.500%       08/01/34         364,838        5.5%
    454,534       FNMA Pool #871394                                      7.000%       04/01/21         473,900        7.3%
    275,133       FNMA Pool #889383                                      6.500%       03/01/23         287,150        6.8%
    653,771       FNMA Pool #892522                                      6.117%(1)    08/01/36         669,413        6.3%
    332,922       FNMA Pool #906326                                      5.628%(1)    01/01/37         338,164        5.7%
  1,261,758       GNMA Series 1999-4                                     6.000%       02/20/29       1,298,206        6.2%
    451,040       GNMA Series 2000-14                                    7.000%       02/16/30         478,386        7.4%
    819,621       GNMA Series 2001-2                                     7.500%       07/20/28         881,960        8.1%
    412,042       GNMA Series 2001-4                                     6.500%       03/20/31         431,651        6.8%
    510,834       GNMA Series 2002-22                                    6.500%       03/20/32         536,240        6.8%
    348,882       GNMA Series 2002-40                                    6.500%       06/20/32         366,409        6.8%
    274,378       GNMA Series 2002-45                                    6.500%       06/20/32         288,053        6.8%
    697,047       GNMA Series 2002-47                                    6.500%       07/16/32         732,924        6.8%
    228,377       GNMA Series 2002-7                                     6.500%       01/20/32         239,517        6.8%
    137,610       GNMA I Pool #448970                                    8.000%       08/15/27         150,687        8.8%
    479,416       GNMA I Pool #487108                                    6.000%       04/15/29         489,266        6.1%
  1,032,779       GNMA I Pool #675363                                    6.000%       01/15/35       1,050,611        6.1%
    332,133       GNMA I Pool #780492                                    7.000%       09/15/24         354,694        7.5%
      3,187       GNMA II Pool #1596                                     9.000%       04/20/21           3,488        9.9%
     45,075       GNMA II Pool #2268                                     7.500%       08/20/26          48,389        8.1%
    144,366       GNMA II Pool #2442                                     6.500%       06/20/27         149,864        6.7%
      5,905       GNMA II Pool #2855                                     8.500%       12/20/29           6,475        9.3%
    453,848       GNMA II Pool #3053                                     6.500%       03/20/31         470,390        6.7%
    267,392       GNMA II Pool #3284                                     5.500%       09/20/32         266,368        5.5%
    562,605       GNMA II Pool #3388                                     4.500%       05/20/33         523,965        4.2%
    121,907       GNMA II Pool #3401                                     4.500%       06/20/33         113,534        4.2%
     96,576       GNMA II Pool #3484                                     3.500%       09/20/33          82,249        3.0%
    183,283       GNMA II Pool #3554                                     4.500%       05/20/34         170,424        4.2%
  1,558,432       GNMA II Pool #3556                                     5.500%       05/20/34       1,551,683        5.5%
    525,954       GNMA II pool #3689                                     4.500%       03/20/35       1,024,969        4.2%
  2,248,076       GNMA II Pool #3747                                     5.000%       08/20/35       2,175,984        4.8%
    264,189       GNMA II Pool #3920                                     6.000%       11/20/36         268,317        6.1%
    499,345       GNMA II pool #4149                                     7.500%       05/20/38         527,455        7.9%
    112,952       GNMA II Pool #601135                                   6.310%       09/20/32         116,091        6.5%
    129,599       GNMA II Pool #601255                                   6.310%       01/20/33         133,070        6.5%
    110,038       GNMA II Pool #608120                                   6.310%       01/20/33         112,985        6.5%
    479,528       GNMA II Pool #648541                                   6.000%       10/20/35         486,259        6.1%
     33,915       GNMA II Pool #723                                      7.500%       01/20/23          36,372        8.0%
     90,004       GNMA II Pool #81161                                    5.500%       11/20/34          90,257        5.5%
      1,680       GNMA Pool #176992                                      8.000%       11/15/16           1,821        8.7%
      2,258       GNMA Pool #177784                                      8.000%       10/15/16           2,448        8.7%
     10,955       GNMA Pool #192357                                      8.000%       04/15/17          11,904        8.7%
     14,531       GNMA Pool #194057                                      8.500%       04/15/17          15,945        9.3%
      2,354       GNMA Pool #194287                                      9.500%       03/15/17           2,602       10.5%
      1,271       GNMA Pool #196063                                      8.500%       03/15/17           1,395        9.3%
      6,775       GNMA Pool #211231                                      8.500%       05/15/17           7,434        9.3%
      1,299       GNMA Pool #212601                                      8.500%       06/15/17           1,425        9.3%
      2,345       GNMA Pool #220917                                      8.500%       04/15/17           2,573        9.3%
      6,858       GNMA Pool #223348                                     10.000%       08/15/18           7,723       11.3%
      7,851       GNMA Pool #228308                                     10.000%       01/15/19           8,837       11.3%
      2,699       GNMA Pool #230223                                      9.500%       04/15/18           2,993       10.5%
      3,479       GNMA Pool #251241                                      9.500%       06/15/18           3,858       10.5%
      3,838       GNMA Pool #260999                                      9.500%       09/15/18           4,257       10.5%
      5,420       GNMA Pool #263439                                     10.000%       02/15/19           6,122       11.3%
      1,402       GNMA Pool #265267                                      9.500%       08/15/20           1,562       10.6%
      1,738       GNMA Pool #266983                                     10.000%       02/15/19           1,963       11.3%
      2,211       GNMA Pool #273690                                      9.500%       08/15/19           2,459       10.6%
        796       GNMA Pool #286556                                      9.000%       03/15/20             873        9.9%
      3,694       GNMA Pool #301366                                      8.500%       06/15/21           4,072        9.4%
      4,610       GNMA Pool #302933                                      8.500%       06/15/21           5,082        9.4%
     10,825       GNMA Pool #308792                                      9.000%       07/15/21          11,894        9.9%
      1,885       GNMA Pool #314222                                      8.500%       04/15/22           2,080        9.4%
      3,469       GNMA Pool #315187                                      8.000%       06/15/22           3,790        8.7%
     11,658       GNMA Pool #315754                                      8.000%       01/15/22          12,738        8.7%
     26,461       GNMA Pool #319441                                      8.500%       04/15/22          29,200        9.4%
      8,330       GNMA Pool #325165                                      8.000%       06/15/22           9,102        8.7%
     13,939       GNMA Pool #335950                                      8.000%       10/15/22          15,230        8.7%
    175,999       GNMA Pool #346987                                      7.000%       12/15/23         187,964        7.5%
     78,660       GNMA Pool #352001                                      6.500%       12/15/23          81,784        6.8%
     29,246       GNMA Pool #352110                                      7.000%       08/15/23          31,235        7.5%
     49,880       GNMA Pool #368238                                      7.000%       12/15/23          53,271        7.5%
     49,158       GNMA Pool #372379                                      8.000%       10/15/26          53,840        8.8%
     59,260       GNMA Pool #396537                                      7.490%       03/15/25          63,838        8.1%
     44,234       GNMA Pool #399726                                      7.490%       05/15/25          47,651        8.1%
    135,102       GNMA Pool #399788                                      7.490%       09/15/25         145,540        8.1%
     29,836       GNMA Pool #399958                                      7.490%       02/15/27          32,131        8.1%
     63,302       GNMA Pool #399964                                      7.490%       04/15/26          68,187        8.1%
     66,231       GNMA Pool #410215                                      7.500%       12/15/25          71,371        8.1%
      8,041       GNMA Pool #414736                                      7.500%       11/15/25           8,665        8.1%
     37,991       GNMA Pool #420707                                      7.000%       02/15/26          40,568        7.5%
     20,655       GNMA Pool #421829                                      7.500%       04/15/26          22,256        8.1%
     11,775       GNMA Pool #431036                                      8.000%       07/15/26          12,897        8.8%
     36,872       GNMA Pool #431612                                      8.000%       11/15/26          40,383        8.8%
     60,230       GNMA Pool #438004                                      7.490%       11/15/26          64,877        8.1%
      8,628       GNMA Pool #442190                                      8.000%       12/15/26           9,450        8.8%
     21,668       GNMA Pool #449176                                      6.500%       07/15/28          22,528        6.8%
     33,636       GNMA Pool #462623                                      6.500%       03/15/28          34,972        6.8%
    292,746       GNMA Pool #471369                                      5.500%       05/15/33         292,601        5.5%
     56,437       GNMA Pool #475149                                      6.500%       05/15/13          58,554        6.7%
    140,184       GNMA Pool #489377                                      6.375%       03/15/29         144,988        6.6%
     38,385       GNMA Pool #524811                                      6.375%       09/15/29          39,700        6.6%
     30,804       GNMA Pool #538314                                      7.000%       02/15/32          32,797        7.5%
    321,184       GNMA Pool #595606                                      6.000%       11/15/32         327,482        6.1%
     41,008       GNMA Pool #602377                                      4.500%       06/15/18          40,295        4.4%
     40,481       GNMA Pool #603377                                      4.500%       01/15/18          39,778        4.4%
    826,144       GNMA Pool #608639                                      5.500%       07/15/24         830,844        5.5%
    177,491       GNMA Pool #609452                                      4.000%       08/15/33         160,377        3.6%
    274,481       GNMA Pool #616829                                      5.500%       01/15/25         280,034        5.6%
    475,657       GNMA Pool #624600                                      6.150%       01/15/34         486,858        6.3%
    119,217       GNMA Pool #640940                                      5.500%       05/15/35         118,971        5.5%
    128,586       GNMA Pool #658267                                      6.500%       02/15/22         133,337        6.7%
     58,404       GNMA Pool #780429                                      7.500%       09/15/26          62,935        8.1%
    186,564       GNMA Pool #780977                                      7.500%       12/15/28         201,014        8.1%
    467,366       GNMA Pool #781120                                      7.000%       12/15/29         498,378        7.5%
    475,825       Vendee Mortgage Trust, Series 1996-1, Class 1Z         6.750%       02/15/26         497,534        7.1%
    387,866       Vendee Mortgage Trust, Series 1998-1, Class 2E         7.000%       09/15/27         409,959        7.4%
                                                                                                  ------------
Total Agency Mortgage-Backed Securities (identified cost $38,467,762)                              $38,733,514
                                                                                                  ------------
TOTAL INVESTMENTS (identified cost $39,915,515)                                                    $40,118,480
OTHER ASSETS, LESS LIABILITIES-- (1.9)%                                                              (748,150)
                                                                                                  ------------
NET ASSETS-- 100.0%                                                                                $39,370,330
                                                                                                  ============


FHLMC - Federal Home Loan Mortgage Corporation; FNMA - Federal National Mortgage
Association;  GNMA - Government  National Mortgage  Association;  (1) Adjustable
rate security. Rate shown is rate at period end.

See notes to financial statements


WRIGHT CURRENT INCOME FUND (WCIF)
- ------------------------------------------------------------------------------


                       STATEMENT OF ASSETS AND LIABILITIES
                            June 30, 2008 (Unaudited)
- ------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $39,915,515) (Note 1A)     $ 40,118,480
  Cash                                              321,225
  Receivable for investments sold                   722,638
  Receivable for fund shares sold                    47,156
  Interest receivable                               202,046
  Other assets                                        4,694
                                               ------------
   Total assets                                $ 41,416,239
                                               ------------

LIABILITIES:
  Payable for investments purchased            $  1,970,293
  Payable for fund shares reacquired                 10,366
  Distributions payable                              57,352
  Payable to affiliate for Trustees' fees                21
  Accrued expenses and other liabilities              7,877
                                               ------------
   Total liabilities                           $  2,045,909
                                               ------------
NET ASSETS                                     $ 39,370,330
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 39,993,117
  Accumulated net realized loss on investments
   (computed on the basis of identified cost)   (1,298,848)
  Unrealized appreciation of investments
   (computed on the basis of identified cost)       202,965
  Accumulated undistributed net investment
   income                                           473,096
                                               ------------
  Net assets applicable to outstanding shares  $ 39,370,330
                                               ============


  SHARES OF BENEFICIAL INTEREST
   OUTSTANDING                                    4,130,987
                                               =============


  NET ASSET VALUE, OFFERING PRICE, AND
   REDEMPTION PRICE PER SHARE OF
   BENEFICIAL INTEREST                         $       9.53
                                               ==============

See notes to financial statements

                             STATEMENT OF OPERATIONS

                   Six Months Ended June 30, 2008 (Unaudited)
- -------------------------------------------------------------------------------

INVESTMENT INCOME (Note 1B)
  Interest income                              $  1,526,024
                                               ------------

  Expenses -
   Investment adviser fee (Note 3)             $     89,803
   Administrator fee (Note 3)                        17,961
   Compensation of Trustees who are not employees
    of the investment adviser or administrator        9,697
   Custodian fee (Note 1F)                           30,652
   Distribution expenses (Note 4)                    49,891
   Transfer and dividend disbursing agent fees       11,983
   Printing                                           1,820
   Interest expense                                   1,204
   Shareholder communications                           546
   Audit services                                    14,560
   Legal services                                     2,730
   Registration costs                                 8,203
   Miscellaneous                                      3,637
                                               ------------
    Total expenses                             $    242,687
                                               ------------

  Deduct -
   Reimbursement from custodian                $    (1,000)
   Reduction of investment adviser fee (Note 3)        (46)
   Reduction of distribution expenses
    by principal underwriter (Note 4)              (48,623)
   Reduction of custodian fee (Note 1F)             (2,442)
                                               ------------
    Total deductions                           $   (52,111)
                                               ------------
    Net expenses                               $    190,576
                                               ------------
     Net investment income                     $  1,335,448
                                               ------------


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on investment transactions
   (identified cost basis)                     $    105,635
  Change in unrealized depreciation
   on investments                                 (736,038)
                                               ------------
   Net realized and unrealized loss
    on investments                             $  (630,403)
                                               ------------
   Net increase in net assets from operations  $    705,045
                                               ============


See notes to financial statements


Wright Current Income Fund (WCIF)
- -------------------------------------------------------------------------------



                                                                                                     

                                                                                     Six Months Ended         Year Ended
STATEMENTS OF CHANGES IN NET ASSETS                                                    June 30, 2008      December 31, 2007
- --------------------------------------------------------------------------------------------------------------------------------
                                                                                        (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                           $   1,335,448          $   1,897,291
     Net realized gain (loss) on investments                                               105,635              (186,065)
     Change in unrealized appreciation (depreciation) on investments                     (736,038)                512,985
                                                                                     --------------         --------------
       Net increase in net assets resulting from operations                          $     705,045          $   2,224,211
                                                                                     --------------         --------------


   Distributions to shareholders (Note 2)
     From net investment income                                                      $   (957,428)          $ (1,853,630)
     From net realized gain                                                                 -                    (36,891)
                                                                                     --------------         --------------
       Total distributions                                                           $   (957,428)          $ (1,890,521)
                                                                                     --------------         --------------
   Net decrease in net assets from fund share transactions (Note 5)                  $    (76,448)          $ (1,108,939)
                                                                                     --------------         --------------
   Net decrease in net assets                                                        $   (328,831)          $   (775,249)

NET ASSETS:
   At beginning of period                                                               39,699,161             40,474,410
                                                                                     --------------         --------------
   At end of period                                                                  $  39,370,330          $  39,699,161
                                                                                     ==============         ==============

ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
   IN NET ASSETS AT END OF PERIOD                                                    $     473,096          $      95,076
                                                                                     ==============         ==============



WRIGHT CURRENT INCOME FUND (WCIF)
- ------------------------------------------------------------------------------

                                                                                                


                                                Six Months
                                               Ended June 30                      Year Ended December 31,
                                             ------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                              2008(3)      2007(3)        2006         2005         2004        2003
- ---------------------------------------------------------------------------------------------------------------------------------


Net asset value, beginning of period             $  9.590     $  9.510     $   9.610    $   9.890    $  10.490     $ 10.810
                                                 ----------   ----------   ----------   ----------   ----------    ----------

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

   Net investment income(1)                      $  0.320     $  0.455     $   0.427    $   0.400    $   0.447     $  0.417
   Net realized and unrealized gain (loss)         (0.150)       0.078        (0.063)      (0.230)      (0.112)      (0.235)
                                                 ----------   ----------   ----------   ----------   ----------    ----------
     Total income from investment operations     $  0.170     $  0.533     $   0.364    $   0.170    $   0.335     $  0.182
                                                 ----------   ----------   ----------   ----------   ----------    ----------

LESS DISTRIBUTIONS:

   Distributions from investment income          $ (0.230)    $ (0.444)    $  (0.447)   $  (0.430)   $  (0.482)    $ (0.502)
   Distributions from capital gains                 -           (0.009)       (0.017)      (0.020)      (0.453)       -
                                                 ----------   ----------   ----------   ----------   ----------    ----------
     Total distributions                         $ (0.230)    $ (0.453)    $  (0.464)   $  (0.450)   $  (0.935)    $ (0.502)
                                                 ----------   ----------   ----------   ----------   ----------    ----------
Net asset value, end of period                   $  9.530     $  9.590     $   9.510    $   9.610    $   9.890     $ 10.490
                                                 ==========   ==========   ==========   ==========   ==========    ==========

TOTAL RETURN(2)                                     1.77%        5.77%         3.92%        1.76%        3.29%        1.73%

RATIOS/SUPPLEMENTAL DATA(1):
Net assets, end of period (000 omitted)          $  39,370    $  39,699      $40,474      $33,861      $35,013      $36,332
   Ratios (As a percentage of average
    daily net assets):
Net expenses                                        0.97%(4)     0.96%         0.96%        0.97%        0.97%        0.95%
Net expenses after custodian fee reduction          0.95%(4)     0.95%         0.95%        0.95%        0.95%        0.95%
Interest expense                                    0.01%(4)     0.02%         0.02%        0.01%        0.02%        0.01%
Net investment income                               6.69%(4)     4.80%         4.47%        4.12%        4.29%        4.43%
Portfolio turnover rate                               15%(5)       47%           75%         103%          27%          20%

- ----------------------------------------------------------------------------------------------------------------------------------

(1) For the six months ended June 30, 2008, and for the years ended December 31,
    2007, 2006, 2005, 2004, and 2003, the operating expenses of  the Fund were reduced
    by a waiver of fees and/or an  allocation of expenses to the  distributor  and/or
    investment  adviser.  Had such action not been undertaken,  net investment income
    per share and the ratios would have been as follows:

                                                   2008         2007          2006         2005         2004         2003
- -----------------------------------------------------------------------------------------------------------------------------------

Net investment income per share                  $  0.310     $  0.429     $   0.391    $   0.369    $   0.410     $  0.401
                                                 ==========   ==========   ==========   ==========   ==========    ==========
   Ratios (As a percentage of average net assets):

     Expenses                                       1.22%(4)     1.23%         1.31%        1.30%        1.28%        1.12%
                                                 ==========   ==========   ==========   ==========   ==========    ==========
   Expenses after custodian fee reduction           1.20%(4)     1.22%         1.30%        1.28%        1.25%        1.12%
                                                 ==========   ==========   ==========   ==========   ==========    ==========
   Interest expense                                 0.01%(4)     0.02%         0.02%        0.01%        0.02%        0.01%
                                                 ==========   ==========   ==========   ==========   ==========    ==========
   Net investment income                            6.45%(4)     4.52%         4.13%        3.80%        3.99%        4.26%
                                                 ==========   ==========   ==========   ==========   ==========    ==========

- -----------------------------------------------------------------------------------------------------------------------------------


(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  Certain per share amounts are based on average shares outstanding.
(4) Annualized.
(5) Not annualized.



Wright Managed Income Trust
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1    Significant Accounting Policies
    ----------------------------------
The Wright Managed Income Trust (the Trust),  issuer of Wright Total Return Bond
Fund (WTRB) series, and Wright Current Income Fund (WCIF) series  (collectively,
the Funds),  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.

A. Investment  Valuations - Debt  obligations,  including listed  securities and
securities for which  quotations  are available,  will normally be valued on the
basis of market quotations provided by independent pricing services. The pricing
services  consider various factors relating to bonds and/or market  transactions
to determine market value.  Short-term debt securities with a remaining maturity
of sixty days or less  (excluding  those that are non-U.S.  dollar  denominated,
which  typically are valued by a pricing service or dealer quotes) are 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.

Investments for which valuations or market  quotations are not readily available
are valued at fair value  using  methods  determined  in good faith by or at the
direction of the Trustees of the Fund  considering  relevant  factors,  data and
information including the market value of freely tradable securities of the same
class in the principal market on which such securities are normally traded.

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. Interest Income - Interest  income is recorded on the basis of interest
accrued,  adjusted for  amortization of premium or accretion of discount.

D. Federal  Taxes - The Trust'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  gains.
Accordingly,  no provision  for federal  income or excise tax is  necessary.  At
December 31, 2007, the Trust, for federal income tax purposes,  had capital loss
carryovers of $3,311,851  (WTRB) and $1,331,737 (WCIF) which will reduce taxable
income  arising from future net  realized  gain on  investments,  if any, to the
extent  permitted  by  the  Code,  and  thus  will  reduce  the  amount  of  the
distribution to  shareholders  which would otherwise be necessary to relieve the
respective  fund of any liability for federal income or excise tax.  Pursuant to
the Code, such capital loss carryovers will expire as follows:

                                                                                        

                                                        Amount Expiring at December 31,
                         -------------------------------------------------------------------------------------------------
   Fund                  2008         2010         2011         2012          2013         2014         2015        Total
- --------------------------------------------------------------------------------------------------------------------------

  WTRB               $1,244,473   $  508,606           --           --    $  270,953   $1,088,772   $  199,047  $ 3,311,851
  WCIF                   --           --      $   505,639  $   469,640       196,117       --          160,341    1,331,737

- ---------------------------------------------------------------------------------------------------------------------------


As of June 30, 2008,  there are 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, 2007
remains subject to examination by the Internal Revenue Service.

E..  Expenses - The majority of expenses of each Fund 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.  Expense  Reduction - State  Street  Bank & Trust  Company  (SSBT)  serves as
custodian to the Funds. Pursuant to the custodian agreement, SSBT receives a fee
reduced by credits which are determined  based on the average daily cash balance
the Funds  maintain with SSBT. All credit  balances,  if any, used to reduce the
Funds'  custodian  fees are reported as a reduction of expenses in the Statement
of Operations.

G. Use of Estimates - The preparation of financial statements in conformity with
accounting  principles  generally  accepted  in the  United  States  of  America
requires  management to make estimates and assumptions  that affect the reported
amounts of assets and  liabilities  at the date of the financial  statements and
the reported amounts of income and expense during the reporting  period.  Actual
results could differ from those estimates.

H. Indemnifications - Under each Fund's organizational  documents,  its officers
and Trustees may be indemnified against certain liabilities and expenses arising
out of the  performance  of their  duties to the  Funds,  and  shareholders  are
indemnified  against  personal  liability  for  the  obligations  of the  Funds.
Additionally, in the normal course of business, the Funds enters into agreements
with  service  providers  that may contain  indemnification  clauses.  The Funds
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.

I. Interim Financial  Statements - The interim financial  statements relating to
June 30,  2008 and for the six months  then  ended  have not been  audited by an
independent registered public accounting firm, but in the opinion of the Trust's
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 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.  Accounting principles generally accepted in the United States of America
require 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.

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 fee
is computed at an annual rate of 0.45% of average  daily net assets for WTRB and
WCIF, and is payable monthly. For the six months ended June 30, 2008 the fee and
percentage of average daily net assets, for each of the Funds was as follows:

      Fund                Fee                  Percentage of Net Assets
- -------------------------------------------------------------------------------

      WTRB             $55,055                       0.45%
      WCIF              89,803                       0.45%

The administration fee is earned by Eaton Vance Management for administering the
business affairs of each of the Funds and is computed at an annual rate of 0.07%
of the  average  daily net assets for WTRB and at an annual rate of 0.09% of the
average daily net assets of WCIF. For the six months ended,  the  administration
fee for WTRB and WCIF amounted to $8,564 and $17,961, respectively.

Wright  has  agreed to  reimburse  expenses  to the  extent  that  total  annual
operating  expenses exceed 0.95% of the average daily net assets of each of WTRB
and WCIF,  respectively,  through April 30, 2009. Thereafter,  the reimbursement
may be changed or terminated at any time. In addition,  effective March 22, 2007
and August 28, 2007, Wright and Wright Investors'  Service  Distributors,  Inc.,
have voluntarily  agreed to limit the operating expenses of WTRB to 0.70%, after
custodian fee  reductions.  Such  voluntary  limitation may be terminated at any
time.  Pursuant to this  agreement,  Wright made  reductions  of its  investment
adviser fee by $55,055 and $46 for WTRB and WCIF, respectively and was allocated
expenses of $11,475 for WTRB, for the six months ended June 30, 2008.

4    Distribution 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 of the  Funds  will  pay  Wright
Investors' Service Distributors,  Inc. (Principal  Underwriter),  a wholly-owned
subsidiary  of  The  Winthrop   Corporation  and  an  affiliate  of  Wright,   a
distribution  and service fee of 0.25% per annum of the average daily net assets
of each Fund for distribution  services and facilities  provided to each Fund by
the  Principal  Underwriter,  as  well  as  for  personal  services  and/or  the
maintenance  of  shareholder  accounts.  Distribution  and service  fees paid or
accrued to the Principal  Underwriter for the six months ended June 30, 2008 for
WTRB and WCIF  amounted  to $30,586  and  $49,891,  respectively.  Pursuant to a
written  agreement  (Note 3) the Principal  Underwriter  made a reduction of its
fees of  $30,586  and  $48,623  on  behalf of WTRB and  WCIF,  respectively.  In
addition,  the Trustees  have  adopted a service  plan (the Service  Plan) which
allows  the  Funds to  reimburse  the  Principal  Underwriter  for  payments  to
intermediaries  for providing  account  administration  and personal and account
maintenance services to their customers who are beneficial owners of each Fund's
shares.  The combined  amount of service fees payable under the Service Plan and
Rule  12b-1  distribution  fees may not exceed  0.25%  annually  of each  Fund's
average daily net assets.  For the six months ended June 30, 2008, the Funds did
not accrue or pay any service fees.

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

                                               WTRB                  WCIF
- ------------------------------------------------------------------------------

     Purchases -
     Non-U.S. Gov't & Agency Obligations  $ 3,880,440            $     6,872
                                        ----------------       ----------------

     U.S Gov't & Agency Obligations       $12,271,002            $10,107,635
                                        ----------------       ----------------


     Sales -
     Non-U.S. Gov't & Agency Obligations $  2,765,758            $      -
                                        ----------------       ----------------

     U.S Gov't & Agency Obligations      $ 13,571,644            $ 6,028,263
                                       ----------------        ----------------

- -------------------------------------------------------------------------------


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:

                                                                                                      

                                                                   Six Months Ended                    Year Ended
                                                                     June 30, 2008                  December 31, 2007
                                                                     -------------                  -----------------
                                                               Shares            Amount         Shares            Amount
- --------------------------------------------------------------------------------------------------------------------------------

Wright Total Return Bond Fund--
     Sold.................................................      195,708   $    2,428,509         298,879    $   3,663,258
     Issued to shareholders in payment of distributions
      declared............................................       38,518          476,622          81,211          994,635

     Redemptions..........................................    (357,314)      (4,411,760)       (875,601)      (10,706,894)
                                                             ------------  ---------------   ------------    ---------------
         Net decrease.....................................    (123,088)   $  (1,506,629)       (495,511)    $  (6,049,001)
                                                             ============  ===============   ============    ===============


Wright Current Income Fund--
     Sold.................................................      499,632   $    4,814,318         788,878    $   7,459,407
     Issued to shareholders in payment of distributions
      declared............................................       67,296          648,036         136,552        1,294,792

     Redemptions..........................................    (576,517)      (5,538,802)     (1,041,404)       (9,863,138)
     Issued to Wright U.S. Government Near Term Fund......         -                -               -                  -
                                                             ------------  ---------------   ------------    ---------------
         Net increase (decrease)..........................      (9,589)   $     (76,448)       (115,974)    $  (1,108,939)
                                                             ============  ===============   ============    ===============




7    Federal Income Tax Basis of Investments
    --------------------------------------------
The cost and unrealized appreciation (depreciation) of the investment securities
owned at June 30,  2008,  as  computed  on a federal  income tax  basis,  are as
follows:

                                                     WTRB          WCIF
- -------------------------------------------------------------------------------

     Aggregate cost                              $ 23,170,036   $   8,324,876
                                              ================ ================
     Gross unrealized appreciation                    148,067         772,226
     Gross unrealized depreciation                  (557,396)        (180,380)
                                              ---------------- ----------------
     Net unrealized appreciation (depreciation)     (409,329)          591,846
                                              ================ ================


- -------------------------------------------------------------------------------


8    Line of Credit
    ----------------
The Funds  participate  with other Funds  managed by Wright in a  committed  $10
million  unsecured  line  of  credit  agreement  with  a  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  federal  funds  rate.  In  addition,  a fee
computed at an annual rate of 0.10% on the average  daily unused  portion of the
$10 million line of credit,  is allocated among the  participating  funds at the
end of each  quarter.  At June 30,  2008,  there  were no  outstanding  balances
pursuant to this line of credit.

The average  borrowings and average  interest rate for the six months ended June
30, 2008 are as follows:

                                     WTRB                        WCIF
- -------------------------------------------------------------------------------

          Average borrowing      $   21,628                $   28,864
          Average interest rate          2%                        2%

- -------------------------------------------------------------------------------


9    Fair Valuation Measures
    -------------------------

Each Fund adopted  Financial  Accounting  Standards Board Statement of Financial
Accounting  Standards No. 157 (FAS 157),  "Fair Value  Measurements",  effective
January 1, 2008.  FAS 157  established a three-tier  hierarchy to prioritize the
assumptions, referred to as inputs, used in valuation techniques to measure fair
value.  The  three-tier  hierarchy  of inputs is  summarized  in the three broad
levels listed below.

     o   Level 1 - quoted prices in active markets for identical investments

     o Level 2 - other  significant  observable  inputs (including quoted prices
for similar investments, interest rates, prepayment

         speeds, credit risk, etc.)

     o   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, 2008, the inputs used in valuing each Fund's investments,  which are
carried at value, were as follows:

WTRB
                     Valuation Inputs                 Investments in Securities
                  --------------------------------------------------------------

         Level 1   Quoted Prices                         $       -
         Level 2   Other Significant Observable Inputs      22,760,707
         Level 3   Significant Unobservable Inputs               -
                  -------------------------------------------------------------
         Total                                           $  22,760,707


WCIF
                   Valuation Inputs                   Investments in Securities
                  -------------------------------------------------------------

         Level 1  Quoted Prices                          $       -
         Level 2  Other Significant Observable Inputs       38,916,722
         Level 3  Significant Unobservable Inputs                -
                 --------------------------------------------------------------
         Total                                           $  38,916,722


The Funds held no investments or other financial instruments as of December 31,
2007 whose fair value was determined using Level 3 inputs.


                                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:

Equity Funds and Income Funds
- -------------------------------

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

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

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

     o   Fees and  expense  ratios  compared  to  similar  funds.  The  Trustees
         concluded  that the  expense  ratios of the  funds  are lower  than the
         average for similar funds.

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

     o   Analysis of each Fund's  profitability  to the  adviser.  The  Trustees
         concluded  that  the  profitability  to the  adviser  of each  fund was
         reasonable and not excessive.

     o   The adviser's financial condition and the overall organization  of the
         adviser.

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

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

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

Additional Considerations for Equity Funds
- --------------------------------------------

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

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


                IMPORTANT NOTICES REGARDING PRIVACY, DELIVERY OF
           SHAREHOLDER DOCUMENTS, PORTFOLIO HOLDINGS AND PROXY VOTING

                         Wright Managed Investment Funds
                         Wright Investors' Service, Inc.
                  Wright Investors' Service Distributors, Inc.
                             Eaton Vance Management

                                 Privacy Policy
                              ---------------------

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

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

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

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

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


          IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDERS DOCUMENTS
         ---------------------------------------------------------------

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

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

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

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

                               PORTFOLIO HOLDINGS
                          ---------------------------

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

                      PROXY VOTING POLICIES AND PROCEDURES
                   --------------------------------------------

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



SEMI-ANNUAL REPORT

         OFFICERS AND TRUSTEES OF THE FUNDS
         Peter M. Donovan, President and Trustee
         A. M. Moody III, Vice President and Trustee
         Judith R. Corchard, Vice President
         James J. Clarke, Trustee
         Dorcas R. Hardy, Trustee
         Richard E. Taber, Trustee
         Janet E.Sanders, Secretary
         Barbara E. Campbell, Treasurer
         William J. Austin, Jr., Assistant Treasurer

         ADMINISTRATOR
         Eaton Vance Management
         255 State Street
         Boston, Massachusetts 02109

         INVESTMENT ADVISER
         Wright Investors' Service, Inc.
         440 Wheelers Farms Road
         Milford, Connecticut 06461

         PRINCIPAL UNDERWRITER
         Wright Investors' Service Distributors, Inc.
         440 Wheelers Farms Road
         Milford, Connecticut 06461
         (800) 888-9471
         e-mail: wright@wisi.com

         CUSTODIAN
         State Street Bank and Trust Company
         200 Clarendon Street
         Boston, Massachusetts 02116

         TRANSFER AND DIVIDEND DISBURSING AGENT
         Atlantic Fund Administration, LLC
         P.O. Box 588
         Portland, ME 04112





         This  report is not  authorized  for  use as an  offer  of  sale  or a
         solicitation of an  offer  to  buy  shares  of a  mutual  fund  unless
         accompanied or preceded by a Fund's current prospectus.





ITEM 2. CODE OF ETHICS

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

         Not required in filing.

ITEMS 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

         Not required in Filing

ITEM 6. SCHEDULE OF INVESTMENTS

Please see  schedule  of  investments  contained  in the Report to  Stockholders
included under Item 1 of this Form N-CSR.

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

         Not required in Filing.

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

         Not required in Filing

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

         Not required in Filing

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

There have been no material changes to the procedures by which  shareholders may
recommend nominees to the registrant's board of directors/trustees.

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 in the  Commission's  rules and forms and that the information
required to be disclosed by the registrant has been accumulated and communicated
to the registrant's  principal executive officer and principal financial officer
in order to allow timely decisions regarding required disclosure.

(b) There have been no significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their  evaluation,  including any corrective  actions with regard to
significant deficiencies and material weaknesses.

ITEM 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.
(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.

The Wright Managed Income Trust (On behalf of Wright Total Return Bond Fund and
- -------------------------------------------------------------------------------
Wright Current Income Fund)
- ----------------------------



By:      /s/ Peter M. Donovan
         ---------------------
         Peter M. Donovan
         President


Date:  August 21,2008


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/ Barbara E. Campbell
         -------------------------
         Barbara E. Campbell
         Treasurer

Date:   August 22,2008



By:      /s/ Peter M. Donovan
         ----------------------
         Peter M. Donovan
         President

Date:   August 21,2008