FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-3489
                                    --------

                         The Wright Managed Equity 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

                                December 31, 2008
                               ------------------
                            Date of Reporting Period

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Item 1. REPORTS TO STOCKHOLDERS

THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS

                           ANNUAL REPORT

                           DECEMBER 31, 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
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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.

(continued on inside back cover)

TABLE OF CONTENTS
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INVESTMENT OBJECTIVES ................................INSIDE FRONT & BACK COVER
LETTER TO SHAREHOLDERS .......................................................2
MANAGEMENT DISCUSSION ........................................................4
PERFORMANCE SUMMARIES ........................................................9
FUND EXPENSES ...............................................................14
MANAGEMENT AND ORGANIZATION .................................................64
BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT.......66
IMPORTANT NOTICES REGARDING PRIVACY, DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING .........................................67

                              FINANCIAL STATEMENTS

THE WRIGHT MANAGED EQUITY TRUST
   WRIGHT SELECTED BLUE CHIP EQUITIES FUND
     Portfolio of Investments..................16
     Statement of Assets and Liabilities.......19
     Statement of Operations...................19
     Statements of Changes in Net Assets.......20
     Financial Highlights......................21

   WRIGHT MAJOR BLUE CHIP EQUITIES FUND
     Portfolio of Investments..................22
     Statement of Assets and Liabilities.......25
     Statement of Operations...................25
     Statements of Changes in Net Assets.......26
     Financial Highlights......................27

   WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
     Portfolio of Investments..................28
     Statement of Assets and Liabilities.......31
     Statement of Operations...................31
     Statements of Changes in Net Assets.......32
     Financial Highlights......................33

   NOTES TO FINANCIAL STATEMENTS...............34

   REPORT OF INDEPENDENT REGISTERED
     PUBLIC ACCOUNTING FIRM....................41

   FEDERAL TAX INFORMATION.....................42

THE WRIGHT MANAGED INCOME TRUST
   WRIGHT TOTAL RETURN BOND FUND
     Portfolio of Investments..................43
     Statement of Assets and Liabilities.......47
     Statement of Operations...................47
     Statements of Changes in Net Assets.......48
     Financial Highlights......................49

   WRIGHT CURRENT INCOME FUND
     Portfolio of Investments..................50
     Statement of Assets and Liabilities.......53
     Statement of Operations...................53
     Statements of Changes in Net Assets.......54
     Financial Highlights......................55

   NOTES TO FINANCIAL STATEMENTS...............56

   REPORT OF INDEPENDENT REGISTERED
     PUBLIC ACCOUNTING FIRM....................62

   FEDERAL TAX INFORMATION.....................63



LETTER TO SHAREHOLDERS
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                                                         January 2009

Dear Shareholders:

GLOBAL   CREDIT   CRUNCH   AND  BEAR   MARKET  -  The  year   2008   brought   a
once-in-a-lifetime  collapse  in global  financial  markets,  with stock  prices
declining and credit conditions  deteriorating virtually everywhere.  No market,
whether  developed or emerging;  oil producer or oil consumer;  capital saver or
capital  spender;  was spared.  Storied  firms like Lehman  Brothers and Merrill
Lynch  breathed their last in 2008,  victims of reckless  lending and investing.
Household  net worth  dwindled  with house prices and stock values  shrinking so
precipitously  as to put economic  activity  into a sharp  decline in the fourth
quarter.  And in a cruel bit of irony,  the year was punctuated by a $50 billion
Ponzi scheme that further sapped  confidence  and faith in American  capitalism.
What the big bear  markets of the postwar  period did in two years  (1973-74) or
three years (2000-02),  2008 did in less than 12 months, producing more fear and
volatility  and  negative  returns  than all but the  most  wizened  of  today's
investors had ever experienced. This secular decline for equities represents the
unwinding of the postwar build-up in debt throughout the U.S. financial system.

FINANCIAL  CONDITIONS  SHOW  SIGNS OF  IMPROVEMENT  AS 2009  BEGINS - While risk
aversion  was the order of the day last  year,  there were some signs as the new
year began that investors  might be a bit more inclined to take on risk in 2009.
For one thing,  last  year's  indiscriminate  selling  created  some  attractive
opportunities  in the stock and  credit  markets.  Over the past  month,  credit
spreads  between  risky  securities  and U.S.  Treasuries  have narrowed by some
three-quarters of a percentage point, and the S&P 500's price/earnings  multiple
has bounced off of 20-year lows.

It may take longer for economic  activity and corporate  profits to turn higher.
Economic data for the month of December have been  decidedly  weak,  and leading
indictors suggest that economic activity is likely to stay soft at least through
midyear.  Given that the U.S. economy is judged to have peaked in December 2007,
a decline  longer than 16 months in duration  (the case in 1973-75 and  1981-82)
and  deeper  than  the 3%  peak-to-trough  declines  in GDP  seen in  those  two
recessions is possible.  Fortunately, U.S. monetary and fiscal policy has become
increasingly  aggressive - which may set in motion inflation  pressures down the
road, but that is a worry for another day.

THE ECONOMIC  POLICY  RESPONSE - The Federal  Reserve (the "Fed") is having some
success  in  lowering   mortgage  rates.   House   affordability   has  improved
significantly due to the declines in rates and prices, and increased real estate
traffic even in the softest markets suggests that the worst of the forecasts for
how much more house prices need to decline are exaggerated. The European Central
Bank is playing  catch-up in the area of interest rate  reductions,  but further
rate cutting is expected, and central banks everywhere are in easing mode.

The  Congressional  Budget Office is projecting a $1.2 trillion  deficit for the
U.S. in fiscal 2009. The stimulus plan working its way toward President  Obama's
signature may produce a trillion  dollar  deficit in 2010 as well. In the 1980s,
President  Reagan's  Budget  Director,  David Stockman  famously  predicted $200
billion budget deficits as far as the eye can see. Since Reagan's  inauguration,
the average  federal deficit has in fact been $160 billion or about 2.5% of U.S.
GDP. In today's bigger economy,  a $1.2 trillion deficit equates to 8% of GDP, a
postwar record, but not entirely out of line with our history in deep recessions
- - e.g.,  6% in fiscal 1983.  While one wonders how many bridges to nowhere might
be  included  in such a  budget,  there is  reason  to think it will  produce  a
worthwhile stimulus for the U.S. economy.

THE  TOPSY-TURVY  ENVIRONMENT  OF 2009:  VIRTUE  AS A RISK - When an  individual
increases  his  savings,  his  financial  condition  improves.   When  too  many
individuals  boost  savings,  the  resulting  downturn in spending can crimp the
overall  level of economic  activity,  having the  perverse  result of weakening
everyone's finances.  For the U.S., where savings rates have been in decline for
25 years, there may be no way around an increase in savings (deferred  spending)
ahead, since the Chinese and others that we have relied on to finance our growth
may no longer be  willing  to invest  as  freely in U.S.  dollar  assets.  While
becoming  more self  reliant - whether  it be in savings or in energy - may be a
laudable  long-term  objective,  realistically  we can't  get from here to there
without a period of reduced economic growth.

While the private sector is deleveraging,  the government is rapidly adding debt
- - including an  unprecedented  expansion of the Fed's balance  sheet.  Trying to
cure the economy's excess of debt by throwing trillions of dollars in new credit
facilities at the financial  system is at the very least  counterintuitive.  The
point of this expansion of the government sector is to mitigate some of the pain
caused by the  contraction  in the private  sector;  the risk in this  unbridled
growth in the public sector is a return of inflation and  debasement of the U.S.
dollar.  Investors have already endured a lot of pain, and workers and consumers
are  increasingly  finding their finances  strained by the recession of 2008-09,
which  stands  to be the  worst  since  1973-75.  It  stands  to  reason in this
environment that volatility will remain elevated.

THE OUTLOOK  FOR  INFLATION  AND THE ECONOMY - As 2009 gets under way,  there is
some  reason to think that the  economy  will get back into a growth mode before
the end of the year. The Fed's  stimulation  efforts and the bailout steps taken
by the Fed and  Treasury  have put the  financial  system on a sounder  footing.
Policy efforts have provided new capital to financial  institutions  and brought
down the short-term  interest rates at which banks borrow.  Bond issuance picked
up late in the  fourth  quarter,  also a signal  that  the  credit  markets  are
loosening. Mortgage rates have declined, with the rate on conventional mortgages
down close to 5% in early 2009.  In addition,  spending  power for both consumer
and businesses has benefited from the drop in energy prices, which are less than
one-third their peak levels.

Before  the  economy  returns to a growth  mode,  Wright  expects  that GDP will
contract  for at least the first two  quarters of 2009 and that the recovery may
be subpar for a while  thereafter.  With home  values  still  falling  and stock
market  values 40% below their  peaks,  consumer  balance  sheets are in need of
strengthening.  Add to this the prospect of a weak jobs market  through 2009 and
it  looks  like  consumer  spending,  which  constitutes  70% of  U.S.  economic
activity, will be soft for several more quarters even with the benefits of lower
energy  prices  and the Obama  stimulus  package.  In the short  run,  we expect
inflation to moderate,  possibly by a good amount.  The inflationary  effects of
increases  in money supply  resulting  from the  liquidity  the Fed and Treasury
continue  to pump into the  financial  system are likely to be offset to a large
extent by the  deflationary  pressures of a global economy  operating well below
its  potential.  During  the  first  half of 2009,  headline  inflation  will be
depressed  by the sharp  decline in energy  prices  compared to a year ago,  and
sellers  of most  consumer  goods  are  cutting  prices as much as  possible  to
stimulate demand.  Eventually the huge increase in the nation's money supply may
contribute to higher inflation, but that shouldn't be a problem in 2009.

STOCK AND  CORPORATE  BONDS ARE PRICED AT  ATTRACTIVE  LEVELS - By virtue of the
worst markets in over 60 years,  stock prices and  corporate  bond yield spreads
(the excess over  Treasury  yields) have  reached  levels that one would have to
consider bargain basement cheap. At their lows,  stocks were discounting  severe
economic  distress,  the worst  conditions in perhaps 50 years. At their widest,
corporate yield spreads were priced for depression.

Investors  struggling  with what the  losses  of 2008 mean for their  retirement
plans are  understandably  doubtful  about trusting  stocks.  The 2008 financial
crisis and its resolution will have a significant impact on the U.S. economy and
financial  markets for some time to come.  Certainly the effects of tight credit
and a mood of risk avoidance will take a long time to be purged from the economy
even after  recovery  begins.  One likely  positive is that,  to the extent that
excessively risky behavior is reduced through regulation or  self-discipline,  a
stronger financial system will come out of this turmoil. Human nature being what
it is, the risk/return (greed/fear) cycle will come round to these same mistakes
again, but we hope not for a long time.

We expect that over the next  several  years both stocks and bonds will  provide
investors  with  positive  real  investment  returns.  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 cheapness of equities and the fact that credit conditions
are starting to improve.

                                                        Sincerely,

                                                        /s/ Peter M. Donovan
                                                        ----------------------
                                                        Peter M. Donovan
                                                        Chairman & CEO


MANAGEMENT DISCUSSION
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EQUITY FUNDS

THE  YEAR  2008  BROUGHT  ONCE-IN-A-LIFETIME  TURMOIL  TO THE  GLOBAL  FINANCIAL
MARKETS,  WITH  STOCK  PRICES  DECLINING  AND  CREDIT  CONDITIONS  DETERIORATING
VIRTUALLY  EVERYWHERE.   LAST  YEAR,  THE  WISDOM  OF  DIVERSITY  IN  INVESTMENT
PORTFOLIOS  WAS PROVEN AGAIN AS U.S EQUITIES HAD THEIR WORST YEAR IN DECADES AND
INTERNATIONAL STOCK MARKETS ALSO FELL, WHILE THE BARCLAYS CAPITAL U.S. AGGREGATE
BOND INDEX HAD A SOLIDLY POSITIVE RETURN.  THE STOCK MARKET STABILIZED  SOMEWHAT
AFTER REACHING ITS LOW FOR THE YEAR IN LATE NOVEMBER,  PERHAPS ENCOURAGED BY THE
MYRIAD OF STEPS TAKEN BY GLOBAL  POLICYMAKERS TO STEM AND EVENTUALLY REVERSE THE
DAMAGE CAUSED BY THE FINANCIAL CRISIS.  STIMULATION EFFORTS FROM CENTRAL BANKERS
AROUND THE WORLD HAVE  SHIFTED  INTO HIGH GEAR,  WITH THE U.S.  FEDERAL  RESERVE
CUTTING THE FED FUNDS TARGET RATE  ESSENTIALLY TO ZERO.  INVESTORS MAY ALSO HAVE
BEEN  ENCOURAGED  BY THE FACT  THAT  PRESIDENT-ELECT  BARACK  OBAMA WAS QUICK TO
ANNOUNCE KEY  APPOINTMENTS TO HIS FINANCIAL TEAM AND INDICATED THAT HE WILL MOVE
QUICKLY TO ADDRESS THE FINANCIAL  CRISIS.  BUT WHILE THERE MAY BE SOME REASON TO
THINK THAT THE WORST OF THE CRISIS IS OVER FOR  FINANCIAL  INSTITUTIONS  AND THE
CREDIT  CRUNCH HAS EASED A BIT,  THE  EFFECTS OF THE CRISIS ON THE REAL  ECONOMY
DEEPENED DURING THE FOURTH QUARTER.  GDP DECLINED SHARPLY IN Q4. WALL STREET CUT
ITS FORECAST FOR Q4  OPERATING  PROFITS FOR S&P 500  COMPANIES TO SHOW A DECLINE
FOR THE  QUARTER,  COMPARED  TO NEARLY A 50%  INCREASE  EXPECTED  AS RECENTLY AS
OCTOBER 1.

EVEN WITH A RECOVERY OF 20% FROM ITS  NOVEMBER LOW BY YEAR END, THE S&P 500 LOST
22% IN TOTAL RETURN TERMS IN THE FOURTH  QUARTER AND 37% FOR THE YEAR.  COMPARED
TO ITS 2007  PEAK,  THE S&P WAS  DOWN  42% IN PRICE AT THE END OF 2008.  FOR THE
OTHER MARKET AVERAGES, THE RESULTS WERE JUST ABOUT AS BLEAK: THE DOW LOST 18% IN
Q4 AND 32% FOR THE YEAR IN TOTAL RETURN, WHILE NASDAQ'S LOSSES WERE 24% AND 40%,
RESPECTIVELY,  FOR THE QUARTER AND YEAR. AS RISKS TO ECONOMIC  GROWTH  INCREASED
AND THE OUTLOOK FOR CORPORATE  PROFITS  DETERIORATED,  SMALLER STOCKS,  WHICH IN
THEORY HAVE FEWER RESOURCES TO WEATHER THE FINANCIAL STORM, LAGGED BIGGER ISSUES
IN THE FOURTH QUARTER. THE S&P MIDCAP 400 LOST 26% AND THE S&P SMALLCAP 600 LOST
25%.  BOTH EDGED OUT THE S&P 500 FOR ALL OF 2008 BUT THEIR  LOSSES  STILL TOPPED
30%. IF THERE IS A DOWNSIDE TO GLOBALIZATION,  IT IS THAT FINANCIAL INSTITUTIONS
AROUND THE WORLD HAVE  SUFFERED  FROM  HOLDING  TOXIC  INVESTMENTS  AND  EXTREME
LEVERAGE.  THE SLOWDOWN IN THE REAL ECONOMY HAS CERTAINLY  GONE GLOBAL.  FOR THE
YEAR, THE MSCI WORLD EX U.S. STOCK INDEX LOST ABOUT 40% IN LOCAL  CURRENCY;  THE
OVERALL  APPRECIATION OF THE DOLLAR DURING THE PERIOD INCREASED THE INDEX'S LOSS
TO 44% IN DOLLARS,  COMPARED TO THE S&P 500'S 37% LOSS.  IN THE FOURTH  QUARTER,
THE MSCI INDEX LOST 21% IN DOLLAR TERMS, SIMILAR TO THE S&P 500'S LOSS.

AS 2009 GOT UNDERWAY,  THERE WAS SOME REASON FOR OPTIMISM THAT THE ECONOMY WOULD
GET BACK INTO A GROWTH  MODE  BEFORE THE END OF THE YEAR.  NEVERTHELESS,  WRIGHT
INVESTORS' SERVICE (WIS) EXPECTS THAT THE ECONOMY WILL CONTRACT FOR AT LEAST THE
FIRST TWO QUARTERS OF 2009 AND THAT THE SUBSEQUENT  RECOVERY WILL BE SUBPAR.  IT
WILL TAKE SOME TIME BEFORE EFFORTS TO COMPLETELY THAW THE CREDIT MARKETS AND GET
THE ECONOMY  MOVING AGAIN REVERSE THE TREND OF DECLINING  PROFIT  FORECASTS,  AT
THIS POINT, IT LOOKS LIKE S&P 500 COMPANY PROFITS IN 2009 WILL AT BEST MATCH THE
2008 LEVEL, BUT 2010 SHOULD SEE SIGNIFICANT PROFIT GROWTH.  INVESTOR  CONFIDENCE
MAY SLOWLY IMPROVE OVER THE COURSE OF 2009 AS PROFIT EXPECTATIONS BOTTOM BUT THE
DAMAGE TO CONFIDENCE  CAUSED BY THE RISKY BEHAVIOR OF BANKS,  INVESTMENT  BANKS,
HEDGE  FUNDS AND OTHERS IS GOING TO TAKE A WHILE TO BE FULLY  REPAIRED.  THE S&P
500'S YEAR-END P/E OF ABOUT 12 TIMES NEXT 12 MONTHS'  EARNINGS WAS CLOSER TO ITS
AVERAGE  DURING THE  DEPRESSED  MARKETS OF THE 1970S AND EARLY 1980S THAN TO THE
AVERAGE OF THE LAST 20 YEARS.  ONCE  CONFIDENCE  IS RESTORED,  THERE IS ROOM FOR
SIGNIFICANT PRICE  APPRECIATION IN STOCKS,  AND WE EXPECT 2009 TO SEE A MODESTLY
POSITIVE REAL RETURN FROM EQUITIES.

                                                                                      

                                               2008    2007   2006    2005   2004    2003    2002   2001    2000   1999
   Total Return                                Year    Year   Year    Year   Year    Year    Year   Year    Year   Year
   --------------------------------------------------------------------------------------------------------------------

   Wright Selected Blue Chip
     Equities Fund (WSBC)                    -39.8%   11.6%   3.8%   11.1%  15.7%   30.1%  -17.0% -10.2%   10.8%   5.8%
   Wright Major Blue Chip
     Equities Fund (WMBC)                    -34.9%    6.0%  11.6%    6.2%  12.4%   23.2%  -24.5% -16.9%  -12.5%  24.0%
   Wright International Blue Chip
     Equities Fund (WIBC)                    -47.7%    5.5%  28.5%   21.1%  17.7%   32.0%  -14.5% -24.2%  -17.6%  34.3%



WRIGHT SELECTED BLUE CHIP EQUITIES FUND

The S&P MidCap 400 outperformed the S&P 500 in the first half of 2008 but lagged
in the second half as economic conditions deteriorated. The Wright Selected Blue
Chip Fund  (WSBC),  which is a mid-cap  blend  fund,  lagged  the S&P MidCap 400
benchmark in each of the first three  quarters of 2008.  In the fourth  quarter,
however,  WSBC's loss of 24.8% was smaller than the S&P MidCap's 25.6% loss. For
all of 2008,  the WSBC lost 39.8%  compared to a 36.2% loss for the S&P MidCaps.
For all of 2008,  the  smaller  stocks in the S&P  MidCap 400  outperformed  the
bigger  ones,  and this hurt the  Fund's  performance  for the year  since it is
biased  toward  the  more  substantial  stocks  in the  index.  Reflecting  this
big-stock bias,  stock  selection  overall was a negative factor for WSBC during
the past year,  with its holdings in energy,  consumer  staples and utilities in
particular detracting from Fund performance. In the fourth quarter, however, the
Fund was able to outperform the MidCap benchmark on strong stock selection. This
was especially positive in the industrial sector,  where WSBC's airline holdings
(e.g., Alaska Air Group, JetBlue, AirTran) had strong showings as they benefited
from lower fuel prices.  The S&P MidCap  400's P/E in terms of forward  earnings
was higher than the S&P 500's at December 30, but despite the higher  valuation,
mid-cap stocks still look attractive because of better forecast earnings growth.
We expect that the pattern of 2008 is reversing, and that WSBC's tilt toward the
more  substantial  companies  in the S&P  MidCap  400 will  serve it well in the
period of economic  uncertainty  ahead. In the aggregate,  WSBC companies have a
lower  forward P/E than those in the MidCap 400 with similar  expected  earnings
growth.  WIS continues to advise diversity in investment  portfolios as the best
way to navigate difficult economic times.

WRIGHT MAJOR BLUE CHIP EQUITIES FUND

The Wright  Major Blue Chip Fund  (WMBC) is managed as a blend of the  large-cap
growth and value stocks in the S&P 500  Composite,  selected  with a bias toward
the  higher-quality  issues in the index.  After lagging in the first quarter of
2008 with a bigger loss than the S&P 500's, WMBC more than made up the ground in
the second,  third and fourth quarters,  with smaller losses in each period than
the  benchmark  index.  In the fourth  quarter of 2008,  which was the worst for
stocks in more than 20 years,  WMBC lost 19.5%  compared to a 21.9% loss for the
S&P 500.  In all of 2008,  WMBC lost 34.9%  compared to a 37.0% loss for the S&P
500. Stock selection was the key to WMBC's favorable performance compared to the
S&P 500 in both  the  fourth  quarter  and the full  year  2008.  In the  fourth
quarter,  stock  selection  resulted  in WMBC's  outperformance  in eight of ten
industry sectors. For the year, the Fund was stronger than the S&P in six of ten
sectors.  For the year as a whole, the Fund's showing was particularly strong in
the financial  sector.  Though this was the weakest sector in the S&P 500 with a
loss of more  than 55% in 2008,  WMBC's  loss in the  sector  was  significantly
smaller (less than 40%) even though it was  overweight in financials  because of
some of the attractive values there.  Among the Fund's holdings in the financial
sector with  relatively  strong  showings were Wells Fargo, CB Richard Ellis and
Assurant. Stock selection in the consumer discretionary sector (e.g., McDonalds,
Hasbro) and information technology (e.g., Applied Materials,  Computer Sciences)
also contributed  significantly to the Fund's  relatively good showing.  For the
year, the most negative impact on relative performance came from stock selection
in health care, but in the fourth quarter this turned  favorable also. We expect
that the next five years will provide  steadfast  investors  with  positive real
returns from equities,  but it may take a while for confidence in the markets to
be restored. The new year started with continued volatility in the stock market.
Given the high level of uncertainty about the health of the financial system and
the  economic  environment,  along with the  prospect of downward  revisions  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 is well  positioned  for a
relatively  risk-averse  environment that may persist for a while. At the end of
2008,  WMBC holdings were priced at lower current and forward P/E multiples than
the S&P 500 with similar expected earnings prospects.

WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND

U.S.  investors  benefited  from including  international  stocks in diversified
portfolios  for each year from 2002 through 2007. But in 2008, the MSCI World ex
U.S.  Index lost 43.6% compared to the S&P 500's 37% loss for the year. The bulk
of the MSCI  Index's  loss for the year  compared to the S&P 500  reflected  the
currency  effect,  i.e.,  the  dollar's  appreciation  against the  aggregate of
currencies in the index. After matching the MSCI benchmark's  performance in the
first half of the year, the Wright International Blue Chip Fund (WIBC) lagged in
the second half. In the fourth quarter, WIBC lost 24.3% compared to a 21.2% loss
for the MSCI  benchmark.  For all of 2008, WIBC lost 47.7% compared to 43.6% for
the benchmark. In the first half of 2008, WIBC's relative performance was helped
by  overweight  positions  in energy and  materials  stocks,  which were  strong
performers  early in the year. But in the second half of the year, WIBC was hurt
by an overall  pattern in  international  markets  in which  low-quality  stocks
performed better than high quality and small stocks  outperformed  big. (Both of
these  trends may have  reflected  the closing out of hedge fund  positions  and
international  mutual fund  redemptions.)  Another  factor  that worked  against
WIBC's  2008  performance  was the  appreciation  of the yen while  other  major
currencies depreciated against the dollar. The increased value of the yen, which
resulted  from demand for the Japanese  currency in response to the unwinding of
the yen carry trade as interest rates in the U.S. declined,  gave a boost to the
dollar returns of Japanese  stocks.  The WIBC was underweight in Japanese stocks
based on their earnings outlook and for macroeconomic  reasons.  With the global
recession deepening as 2008 was winding down, WIBC took a more defensive stance,
adding to its positions in consumer  staples and health care while  reducing its
holdings in energy and materials stocks. Because of some attractive values, WIBC
also added some  industrial  positions  and brought the  consumer  discretionary
sector up to neutral.  WIBC remains  underweight in the financial  sector.  WIBC
reduced  its  overweight  position  in the  Eurozone  and added to its  Japanese
positions,  though  it  remains  underweight  in  Japan.  Foreign  stocks  offer
attractive  valuations  relative  to  U.S.  stocks,   allowing  for  significant
appreciation  potential once confidence in the financial markets improves.  WIBC
holdings are valued at a discount to the MSCI World ex U.S.  Index.  We continue
to see the  inclusion of  international  stocks as likely to enhance  returns in
diversified investment portfolios over the long term.

FIXED-INCOME FUNDS

THE YEAR  2008  BROUGHT  ONCE-IN-A  LIFETIME  TURMOIL  TO THE  GLOBAL  FINANCIAL
MARKETS,  WITH  STOCK  PRICES  DECLINING  AND  CREDIT  CONDITIONS  DETERIORATING
VIRTUALLY EVERYWHERE. LAST YEAR, THE VALUE OF DIVERSITY IN INVESTMENT PORTFOLIOS
WAS  PROVEN  AGAIN  AS  U.S  EQUITIES  HAD  THEIR  WORST  YEAR  IN  DECADES  AND
INTERNATIONAL  STOCK MARKETS ALSO FELL,  WHILE BARCLAYS  CAPITAL U.S.  AGGREGATE
BOND INDEX HAD A SOLIDLY POSITIVE RETURN.  THE BOND MARKET'S GAIN, MOST OF WHICH
CAME IN THE FOURTH QUARTER,  WAS ACTUALLY  SENDING A NEGATIVE SIGNAL ON ECONOMIC
CONDITIONS,  AT LEAST THROUGH  NOVEMBER,  SINCE IT PRIMARILY  REFLECTED  WORRIED
INVESTORS  SEEKING THE SAFETY OF TREASURY  BONDS,  SENDING THEIR PRICES SOARING.
LATE IN THE YEAR, SPREADS ON NON-TREASURY SECTORS OF THE BOND MARKET TIGHTENED A
LITTLE  FROM  RECORD  LEVELS,  PERHAPS,  LIKE THE  STOCK  MARKET'S  LATE  RALLY,
SIGNALING A GLIMMER OF HOPE FOR BETTER TIMES AHEAD.  BUT WHILE THERE MAY BE SOME
REASON TO THINK THAT THE WORST OF THE CREDIT CRISIS IS OVER,  THE EFFECTS OF THE
CRISIS ON THE REAL  ECONOMY  DEEPENED  DURING THE FOURTH  QUARTER.  GDP DECLINED
SHARPLY IN Q4. THE  FEDERAL  RESERVE'S  REDUCTION  OF THE FED FUNDS  TARGET RATE
ESSENTIALLY TO ZERO IN DECEMBER  INDICATED JUST HOW SEVERE THE CURRENT  ECONOMIC
SLOWDOWN HAS BECOME. WITH LITTLE AMMUNITION LEFT TO CUT RATES, THE FED SAID THAT
IF NEEDED IT WOULD  INJECT  MONEY  INTO THE  SYSTEM  BY  BUYING  TREASURY  BONDS
OUTRIGHT,  ALSO  IMPLYING  THAT IT WOULD  BUY  AGENCY,  MORTGAGE  AND  CORPORATE
SECURITIES IF NEEDED. THE SPEED AND MAGNITUDE OF THE RETREAT IN COMMODITY PRICES
(OIL WAS TRADING  UNDER $40 A BARREL FOR A WHILE IN DECEMBER  COMPARED TO A PEAK
OF $147 IN JULY) ALSO ARE  TESTAMENT  TO THE DEPTH OF THE GLOBAL  SLOWDOWN.  THE
CONSUMER  PRICE INDEX TURNED LOWER IN OCTOBER AND  NOVEMBER,  WHILE THE CORE CPI
WAS ESSENTIALLY FLAT IN THE LATEST THREE MONTHS.

THE BARCLAYS  CAPITAL  (FORMERLY  LEHMAN  BROTHERS)  U.S.  AGGREGATE  BOND INDEX
RETURNED 4.6% IN THE FOURTH QUARTER OF 2008,  WHICH  ACCOUNTED FOR ALMOST ALL OF
ITS 5.2% RETURN FOR THE YEAR.  TREASURY  BONDS LED THE  AGGREGATE  HIGHER WITH A
RETURN OF NEARLY 9% FOR THE QUARTER AND 14% FOR THE YEAR. THE BUBBLE-LIKE  SURGE
IN TREASURIES,  WHICH TOOK THE YIELD ON THE 10-YEAR  TREASURY TO A RECORD LOW OF
2.08% NEAR THE END OF THE YEAR,  REFLECTED  THE  SEARCH FOR SAFETY IN  DIFFICULT
TIMES AND ALSO A DECLINE  IN  INFLATION  EXPECTATIONS.  THE YIELD ON THE  90-DAY
TREASURY BILL WAS CLOSE TO ZERO AT YEAR END; THE YIELD ON THE TWO-YEAR  TREASURY
WAS UNDER 1%. ALONG WITH TREASURY  BONDS,  AGENCY AND  MORTGAGE-BACKED  DEBT HAD
POSITIVE  RETURNS FOR THE YEAR,  WHILE  CORPORATE,  ASSET-BACKED  AND COMMERCIAL
MORTGAGE DEBT DECLINED. IN THE FOURTH QUARTER, CORPORATE BONDS ALSO HAD POSITIVE
RETURNS ON THE COATTAILS OF TREASURY BONDS, THOUGH RETURNS ON ALL SECTORS LAGGED
THOSE OF TREASURIES. IN DECEMBER, HOWEVER, SPREAD SECTORS, WITH THE EXCEPTION OF
ASSET-BACKED  SECURITIES,  HAD POSITIVE EXCESS RETURNS COMPARED TO TREASURIES AS
SPREADS TIGHTENED.

IN THE SHORT-RUN,  WE EXPECT  INFLATION TO MODERATE.  IN THE COMING MONTHS,  THE
INFLATIONARY  EFFECTS OF THE  INCREASE IN THE MONEY SUPPLY THAT RESULTS FROM THE
LIQUIDITY THAT THE FED AND TREASURY  CONTINUE TO PUMP INTO THE FINANCIAL  SYSTEM
ARE LIKELY TO BE OFFSET TO A LARGE  EXTENT BY THE  DEFLATIONARY  PRESSURES OF AN
ECONOMY  TAKING A LONG TIME GETTING BACK TO TREND GROWTH.  (EVENTUALLY  THE HUGE
INCREASE IN MONEY SUPPLY MAY CONTRIBUTE TO HIGHER INFLATION,  BUT THAT SHOULDN'T
BE A PROBLEM IN 2009,  IN OUR VIEW.) LIKE  STOCKS,  BONDS  COULD  CONTINUE TO BE
VOLATILE  FOR A WHILE.  WITH YIELDS NEAR RECORD  LOWS,  WE DON'T SEE MUCH UPSIDE
POTENTIAL FOR TREASURY BONDS,  THOUGH  SKITTISH  INVESTORS MAY CONTINUE TO FAVOR
TREASURIES  IN  THE  NEAR  TERM.  THERE  IS  POTENTIAL  FOR  SIGNIFICANT  SPREAD
TIGHTENING TO GENERATE VERY  ATTRACTIVE  RETURNS IN SPREAD  PRODUCTS AS INVESTOR
CONFIDENCE IMPROVES, BUT THE TIMING ON THIS IS UNCERTAIN,  SINCE, AS WITH EQUITY
INVESTORS, IT MAY TAKE A WHILE FOR FIXED-INCOME INVESTORS' CONFIDENCE TO RECOVER
FROM ITS  RECENT  BATTERING.  WIS  EXPECTS  THAT FOR  2009,  THE  BARCLAYS  U.S.
AGGREGATE WILL GENERATE A POSITIVE REAL RETURN DUE TO SPREAD TIGHTENING,  AND WE
CONTINUE TO RECOMMEND  HOLDING A MIX OF ASSET  CLASSES IN  LONG-TERM  INVESTMENT
PORTFOLIOS.

                                                                                      

                                               2008    2007   2006    2005   2004    2003    2002   2001    2000   1999
   Total Return                                Year    Year   Year    Year   Year    Year    Year   Year    Year   Year
   ---------------------------------------------------------------------------------------------------------------------

   Wright Total Return Bond Fund
     (WTRB)                                    1.7%    5.6%   3.3%    1.5%   3.5%    3.3%    9.0%   5.0%   10.6%  -3.9%

   Wright Current Income Fund
     (WCIF)                                    6.1%    5.8%   3.9%    1.8%   3.3%    1.7%    7.7%   7.2%   10.3%   0.5%



WRIGHT TOTAL RETURN BOND FUND

In 2008, the return on the Barclays Capital U.S.  Aggregate Bond Index was 5.2%,
well ahead of the S&P 500's 37% loss for the year.  The Wright Total Return Bond
Fund (WTRB) (the Fund), a diversified bond fund,  lagged the Barclays  Aggregate
during 2008,  returning  1.7%. In the fourth quarter of 2008, WTRB returned 3.2%
compared to 4.6% for the Barclays benchmark. WTRB had a yield of 5.1% calculated
according to SEC guidelines  for December 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. A neutral  position
was maintained through the second quarter,  with the result that duration had no
impact on  performance  relative to the  Barclays  benchmark  in Q2. The neutral
duration was  maintained  through the early part of the third  quarter,  then in
mid-September  as Treasury yields moved to low levels and appeared to be due for
a correction,  the Fund's duration was shortened by a quarter of a year compared
to the benchmark.  This move allowed the Fund's  performance to benefit from the
sell-off in  Treasuries  that ensued.  By the start of the fourth  quarter,  the
duration  position was moved back to neutral,  where it remained for the rest of
the year. Throughout 2008, WTRB has been positioned to benefit from a steepening
yield curve and for the year as a whole this worked to the Fund's advantage. For
the year, the Fund's sector  weights offset the positive  effect of duration and
yield curve positioning.  Early in the year, spreads on non-Treasury  sectors of
the fixed-income market widened compared to Treasuries. To take advantage of the
attractive  values created by this  widening,  the Fund increased its overweight
position in corporate  bonds and the overweight was maintained  through the rest
of the year.  This  benefited  the Fund in Q2, but  detracted  for the year as a
whole as  corporate  spreads  widened  significantly  in the  third  and  fourth
quarters  (though  this  began to  reverse in  December).  A specific  corporate
holding that hurt performance in the third quarter was the Fund's small position
in a Lehman  Brothers  issue.  The  Fund  benefited  from  being  overweight  in
mortgage-backed  issues in the second half of the year, but being underweight in
Treasury and Agency  issues  dampened  performance.  An  overweight  position in
commercial  mortgages,  which were the worst performing  fixed-income sector for
both the fourth  quarter and the year,  significantly  detracted from the Fund's
showing relative to its benchmark. As 2009 got underway, the Fund maintained its
overweight  position in corporate bonds (32% of net assets) and  mortgage-backed
issues  (46% of net  assets),  which  appear to be valued at levels  that  offer
significant  appreciation  potential once investor confidence improves. The Fund
was  also  overweight  in  commercial   mortgages  (7%)  and  asset-backed  (1%)
securities.  At December  31, the Fund was  underweight  in Treasury  securities
(6%),  which  appeared to have little  upside  potential  after their  strong Q4
rally, and in Agency issues (6%).

WRIGHT CURRENT INCOME FUND

In 2008, the  mortgage-backed  sector of the bond market lagged behind  Treasury
bonds but had a better  return (8.3%) than the Barclays  Capital U.S.  Aggregate
Bond Index (5.2%). In the fourth quarter,  the MBS sector returned 4.3% compared
to a return of 4.6% for the Barclays  Aggregate.  The Wright Current Income Fund
(WCIF) is  managed  to be  primarily  invested  in GNMA  issues  (mortgage-based
securities, known as Ginnie Maes, guaranteed by the full faith and credit of the
U.S. government) and other mortgage-based  securities.  WCIF is actively managed
to maximize income and minimize principal fluctuation. After matching the return
of the  Barclays  GNMA Bond Index in the first half of 2008,  in the second half
WCIF lagged. In the fourth quarter,  WCIF returned 3.1% compared to 4.1% for the
Barclays  benchmark.  For all of 2008, WCIF returned 6.1%,  compared to 7.9% for
the Barclays  GNMA Bond Index.  For December  2008,  WCIF had a yield of 5.0% as
calculated by SEC  guidelines.  Dividends  paid by this Fund may be more or less
than  implied by this yield.  In addition to its  holdings in Ginnie Maes (about
55% of net assets at year end),  WCIF also held MBS securities  backed by Fannie
Mae (FNMA) and Freddie Mac (FHLMC). These issues outperformed Ginnie Maes in the
third and fourth quarters,  as the government  strengthened its backing of these
issues by  placing  Fannie Mae and  Freddie  Mac in  temporary  conservatorship.
WCIF's second-half  shortfall in performance compared to the Barclays Ginnie Mae
Bond Index in part reflected its  overweighting of higher-coupon  issues,  which
underperformed  lower-coupon  issues.  Fund  expenses also figured in the WCIF's
modest 2008 shortfall in performance compared to the Barclays GNMA Bond Index.

    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

      12/31/99       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%
      12/31/08        8,776.39               2.24%


PERFORMANCE SUMMARIES
- -------------------------------------------------------------------------------



                                    Important

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

WRIGHT  SELECTED  BLUE CHIP  EQUITIES  FUND
Growth of $10,000 Invested  1/1/99 Through 12/31/08

                                                                                              

                                                                                Average Annual Total Return
                                                                   -------------------------------------------------
                                                                         Last 1 Yr      Last 5 Yrs     Last 10 Yrs
- --------------------------------------------------------------------------------------------------------------------
       WSBC

         - Return before taxes                                            -39.81%         -2.17%          0.18%
         - Return after taxes on distributions                            -40.65%         -3.76%         -1.69%
         - Return after taxes on distributions and sales of fund shares   -40.65%         -3.76%         -1.69%
       S&P MidCap 400*                                                    -36.23%         -0.08%          4.46%




The cumulative total return of a U.S. $10,000 investment in the WRIGHT SELECTED
BLUE CHIP EQUITIES FUND on 12/31/98 would have grown to $10,181 by
December 31, 2008.

The following plotting points are used for comparison in the total investment
return mountain chart.

  Date          Wright Selected      S&P MidCap
                 Blue Chip Fund          400

12/31/1998        $10,000              $10,000
12/31/1999        $10,575              $11,472
12/31/2000        $11,712              $13,481
12/31/2001        $10,523              $13,399
12/31/2002        $ 8,737              $11,454
12/31/2003        $11,363              $15,534
12/31/2004        $13,151              $18,094
12/31/2005        $14,608              $20,367
12/31/2006        $15,159              $22,469
12/31/2007        $16,916              $24,262
12/31/2008        $10,181              $15,471


* The Fund's average annual return is compared with that of the S&P Mid-Cap 400,
an unmanaged index of stocks in a broad range of industries with a market
capitalization of a few billion or less. The performance of the S&P Mid-Cap 400,
unlike that of the Fund, reflects no deductions for fees, expenses or taxes.


   Industry Weightings
- -------------------------------------------------------------------------------
   % of net assets @ 12/31/08

  Insurance                        9.7%     Real Estate                    3.0%
  Energy                           9.1%     Household & Personal Products  2.8%
  Electronic Equipment&Instruments 7.4%     Computers & Peripherals        2.0%
  Materials                        6.7%     Food, Beverage & Tobacco       1.8%
  Retailing                        6.7%     Consumer Durables & Apparel    1.3%
  Utilities                        5.7%     Consumer Products              1.3%
  Banks                            5.3%     Automobiles & Components       1.2%
  Health Care Equipment & Services 5.1%     Education                      1.0%
  Software & Services              5.0%     Machinery                      1.0%
  Transportation                   4.1%     Communications Equipment       0.8%
  Pharmaceuticals & Biotechnology  3.9%     Aerospace & Defense            0.4%
  Commercial Services & Supplies   3.8%     Chemicals                      0.3%
  Capital Goods                    3.4%     Telecommunication Services     0.3%
  Diversified Financials           3.1%     Semiconductor Equip. & Prods.  0.3%


  Ten Largest Stock Holdings
- -------------------------------------------------------------------------------
  % of net assets @ 12/31/08

  W.R. Berkley Corp.              2.7%
  HCC Insurance Holdings, Inc.    2.5%
  Lincare Holdings, Inc.          2.5%
  MDU Resources Group, Inc.       2.4%
  Dollar Tree, Inc.               2.1%
  StanCorp Financial Group, Inc.  2.0%
  Oneok, Inc.                     1.8%
  Alaska Air Group, Inc.          1.8%
  Perrigo Co.                     1.6%
  Energen Corp.                   1.5%


WRIGHT MAJOR BLUE CHIP EQUITIES FUND
Growth of $10,000  Invested  1/1/99 Through 12/31/08

                                                                                               

                                                                                Average Annual Total Return
                                                                    -----------------------------------------------------
                                                                         Last 1 Yr      Last 5 Yrs     Last 10 Yrs
- -------------------------------------------------------------------------------------------------------------------------
       WMBC
         - Return before taxes                                            -34.85%         -1.67%         -2.58%
         - Return after taxes on distributions                            -35.14%         -1.92%         -2.92%
         - Return after taxes on distributions and sales of fund shares   -35.14%         -1.92%         -2.92%
       S&P 500*                                                           -37.00%         -2.19%         -1.38%



The cumulative total return of a U.S. $10,000 investment in the
WRIGHT MAJOR BLUE CHIP EQUITIES FUND on 12/31/98 would have
been $7,702 by December 31, 2008.

The following  plotting  points are used for comparison in the total investment
return mountain chart.

    Date     Wright Major Blue
                Chip Fund          S&P 500

  12/31/1998    $10,000            $10,000
  12/31/1999    $12,395            $12,104
  12/31/2000    $10,839            $11,002
  12/31/2001    $ 9,010            $ 9,695
  12/31/2002    $ 6,802            $ 7,552
  12/31/2003    $ 8,380            $ 9,718
  12/31/2004    $ 9,417            $10,776
  12/31/2005    $10,000            $11,305
  12/31/2006    $11,157            $13,091
  12/31/2007    $11,822            $13,810
  12/31/2008    $ 7,702            $ 8,700


* The Fund's average annual return is compared with that of the S&P 500,
an unmanaged index of 500 widely held common stocks that generally indicates the
performance of the market. The performance of the S&P 500, unlike that of the
Fund, reflects no deductions for fees, expenses or taxes.


   Industry Weightings
- -------------------------------------------------------------------------------
   % of net assets @ 12/31/08

  Energy                          13.7%
  Pharmaceuticals & Biotechnology 10.1%
  Computers & Peripherals          8.4%
  Insurance                        8.2%
  Software & Services              6.4%
  Capital Goods                    5.8%
  Banks                            5.6%
  Retailing                        5.1%
  Health Care Equipment & Services 4.5%
  Food, Beverage & Tobacco         3.9%
  Diversified Financials           3.0%
  Entertainment & Leisure          2.8%
  Aerospace                        2.6%
  Telecommunication Services       2.6%
  Utilities                        2.4%
  Hotels, Restaurants & Leisure    2.3%
  Household Durables               2.0%
  Transportation                   1.9%
  Communications Equipment         1.4%
  Materials                        1.1%
  Metals                           1.0%
  Construction & Engineering       0.6%
  Education                        0.5%
  Electronics                      0.4%
  Heavy Machinery                  0.4%
  Automobiles & Components         0.3%
  Media                            0.3%
  Office Electronics               0.1%
  Semiconductor Equipment & Prods. 0.1%


  Ten Largest Stock Holdings
- -------------------------------------------------------------------------------
  % of net assets @ 12/31/08

  Exxon Mobil Corp.               4.8%
  Chevron Corp.                   3.5%
  Hewlett-Packard Co.             3.5%
  Int'l. Business Machines Corp.  3.3%
  Pfizer, Inc.                    3.0%
  Johnson & Johnson, Inc.         3.0%
  Microsoft Corp.                 2.6%
  Lockheed Martin Corp.           2.4%
  McDonald's Corp.                2.3%
   AT&T, Inc.                     2.3%


WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
Growth of $10,000 Invested 1/1/99 Through 12/31/08

                                                                                               

                                                                                Average Annual Total Return
                                                                      -----------------------------------------------
                                                                         Last 1 Yr      Last 5 Yrs     Last 10 Yrs
- ---------------------------------------------------------------------------------------------------------------------
       WIBC
         - Return before taxes                                            -47.74%          0.20%         -0.45%
         - Return after taxes on distributions                            -48.93%         -0.78%         -1.26%
         - Return after taxes on distributions and sales of fund shares   -48.93%         -0.78%         -1.26%
       MSCI World ex U.S. Index*                                          -43.56%          1.91%          1.18%


The cumulative total return of a U.S. $10,000 investment in the
WRIGHT INT'L BLUE CHIP EQUITIES FUND  on 12/31/98 would have
been $ 9,561 by December 31, 2008.

The following  plotting points are used for comparison in the total  investment
return mountain chart.

     Date       Wright Int'l Blue Chip   MSCI World Ex U.S.
                   Equities Fund               Index

   12/31/1998         $10,000                $10,000
   12/31/1999         $13,426                $12,793
   12/31/2000         $11,066                $11,082
   12/31/2001         $ 8,390                $ 8,711
   12/31/2002         $ 7,173                $ 7,335
   12/31/2003         $ 9,466                $10,226
   12/31/2004         $11,142                $12,310
   12/31/2005         $13,497                $14,092
   12/31/2006         $17,342                $17,715
   12/31/2007         $18,296                $19,918
   12/31/2008         $ 9,561                $11,243


* The Fund's  average  annual  return is compared with that of the MSCI World ex
U.S.  Index.  While the Fund does not seek to match the  returns of this  index,
this unmanaged index generally indicates foreign stock market  performance.  The
performance of the MSCI World ex U.S. Index,  unlike that of the Fund,  reflects
no deductions for fees, expenses, or taxes.

       Country Weightings
- ------------------------------------------------------------------------------
       % of net assets @ 12/31/08

       Japan                   16.3%
       United Kingdom          15.8%
       Germany                 10.6%
       France                   9.5%
       Spain                    8.0%
       Canada                   7.8%
       Switzerland              6.3%
       Hong Kong                5.9%
       Italy                    3.9%
       Netherlands              3.4%
       Australia                3.2%
       United States            3.2%
       Singapore                1.4%
       Norway                   1.3%
       Greece                   1.2%
       Denmark                  1.2%
       Finland                  1.2%
       Sweden                   0.8%
       Ireland                  0.4%
       Austria                  0.3%

  Ten Largest Stock Holdings
- ------------------------------------------------------------------------------
  % of net assets @ 12/31/08

  Telefonica SA                   3.8%
  Eni SpA (Azioni Ordinarie)      3.5%
  CLP Holdings, Ltd. (Ordinary)   2.9%
  Zurich Financial Services
     (Inhaberaktie)               2.9%
  E.On AG (Stammaktie)            2.8%
  Royal Dutch Shell PLC           2.7%
  Groupe Danone                   2.3%
  BASF AG (Stammaktie)            2.2%
  AstraZeneca PLC                 2.1%
  Astellas Pharma, Inc.           2.1%


WRIGHT TOTAL RETURN BOND FUND
Growth of $10,000 Invested 1/1/99 Through 12/31/08

                                                                                              

                                                                                Average Annual Total Return
                                                                     ----------------------------------------------
                                                                         Last 1 Yr      Last 5 Yrs     Last 10 Yrs
- --------------------------------------------------------------------------------------------------------------------
       WTRB
        - Return before taxes                                              1.69%           3.14%          3.90%
        - Return after taxes on distributions                             -0.05%           1.52%          2.05%
        - Return after taxes on distributions and sales of fund shares    -0.05%          -1.24%          0.88%
       Barclays Capital U.S. Aggregate Bond Index*                         5.24%           4.65%          5.63%


The cumulative total return of a U.S. $10,000 investment in the
WRIGHT TOTAL RETURN BOND FUND on 12/31/98 would have grown to $14,655 by
December 31, 2008.

The following  plotting  points are used for comparison in the total investment
return mountain chart.

     Date  Wright Total Retun   Barclays Capital U.S.
              Bond Fund         Aggregate Bond Index

  12/31/1998   $10,000             $10,000
  12/31/1999   $ 9,609             $ 9,918
  12/31/2000   $10,629             $11,071
  12/31/2001   $11,156             $12,006
  12/31/2002   $12,164             $13,237
  12/31/2003   $12,559             $13,780
  12/31/2004   $13,001             $14,378
  12/31/2005   $13,201             $14,727
  12/31/2006   $13,642             $15,365
  12/31/2007   $14,411             $16,436
  12/31/2008   $14,655             $17,297


* The Fund's average annual return is compared with that of the Barclays Capital
U.S. Aggregate Bond Index, an unmanaged index that is a broad  representation of
the  investment-grade  fixed income market in the U.S. The Barclays Capital U.S.
Aggregate  Bond  Index,  unlike  the  Fund,  reflects  no  deductions  for fees,
expenses, or taxes.


Holdings by Sector
- ------------------------------------------------------------------------------
% of net assets @ 12/31/08

Asset-Backed Securities                          1.4%
Corporate Bonds                                 31.9%
Mortgage-Backed Securities                      52.3%
U.S. Treasuries                                  6.4%
U.S. Government Agencies                         5.9%

Holdings by Credit Quality*
- -------------------------------------------------------------------------------
% of net assets @ 12/31/08

AAA                                                2%
AA                                                 3%
A                                                 20%
BBB                                                8%
<BBB                                               0%
Agency-Backed Securities                           1%
Mortgage-Backed Securities                        52%
U.S.  Treasuries                                   6%
U.S. Government Agencies                           6%

* based on the lower of Standard & Poor's or Moody's Investors' Service.



Five Largest Bond Holdings
- -------------------------------------------------------------------------------
% of net assets @ 12/31/08

U.S. Treasury Notes       3.50%    02/15/10      3.6%
FNMA Pool #781893         4.50%    11/01/31      3.0%
FHLMC Gold Pool #C55780   6.00%    01/01/29      2.5%
FNMA Pool #725515         5.00%    04/01/19      2.5%
FNMA Pool #745755         5.00%    12/01/35      2.5%

Weighted Average Maturity
@12/31/08                                   5.5 years


WRIGHT CURRENT INCOME FUND
Growth of $10,000 Invested 1/1/99 Through 12/31/08


                                                                                                

                                                                                Average Annual Total Return
                                                                     -------------------------------------------------
                                                                         Last 1 Yr      Last 5 Yrs     Last 10 Yrs
- -----------------------------------------------------------------------------------------------------------------------
       WCIF
        - Return before taxes                                              6.10%           4.16%          4.79%
        - Return after taxes on distributions                              4.34%           2.33%          2.75%
        - Return after taxes on distributions and sales of fund shares     4.20%           2.33%          2.75%
       Barclays Capital GNMA Backed Bond Index*                            7.87%           5.39%          5.94%




The cumulative total return of a U.S. $10,000 investment in the WRIGHT CURRENT
INCOME FUND on 12/31/98 would have grown to $15,963 by December 31, 2008.

The following  plotting  points are used for comparison in the total investment
return mountain chart.

            Date      Wright Current       Lehman GNMA
                        Income Fund            Index

          12/31/98       $10,000              $10,000
          12/31/99       $10,052              $10,193
          12/31/2000     $11,088              $11,325
          12/31/2001     $11,885              $12,256
          12/31/2002     $12,800              $13,321
          12/31/2003     $13,022              $13,701
          12/31/2004     $13,451              $14,297
          12/31/2005     $13,688              $14,755
          12/31/2006     $14,224              $15,435
          12/31/2007     $15,044              $16,512
          12/31/2008     $15,963              $17,812


* The Fund's average annual return is compared with that of the Barclays Capital
GNMA Backed Bond Index. While the Fund does not seek to match the returns of the
Barclays  Capital GNMA Backed Bond Index,  Wright  believes that this  unmanaged
index   generally   indicates  the   performance  of  government  and  corporate
mortgage-backed  bond  markets.  The  Barclays  Capital  GNMA Backed Bond Index,
unlike the Fund, reflects no deductions for fees, expenses, or taxes.

     Holdings by Sector
- -------------------------------------------------------------------------------
     % of net assets @ 12/31/08

     Mortgage-Backed Securities                   98.1%


     Weighted Average Maturity
     @ 12/31/08                               3.3 Years

     Five Largest Bond Holdings
- -------------------------------------------------------------------------------
     % of net assets @ 12/31/08

     GNMA II Pool #3747            5.00%   08/20/35     5.6%
     GNMA II Pool #696908          4.50%   07/20/38     5.4%
     GNMA Series 2002-47           6.50%   07/16/32     4.9%
     FNMA Series 2002-T4, Class A2 7.00%   12/25/41     3.2%
     GNMA Series 1999-4            6.00%   02/20/29     3.1%

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 (July 1, 2008 - December 31, 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 tables 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 tables is useful in  comparing  ongoing  costs  only,  and will not help you
determine the relative total costs of owning  different  funds. In addition,  if
these transactional costs were included, your costs would have been higher.

                                  EQUITY FUNDS

                     WRIGHT SELECTED BLUE CHIP EQUITIES FUND

                                                  Expenses Paid
                       Beginning      Ending      During Period*
                     Account Value Account Value  (7/1/08-
                        (7/1/08)    (12/31/08)     12/31/08)
- -------------------------------------------------------------------------------
   Actual Fund Shares  $1,000.00     $649.50       $5.18
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,018.90      $6.34

  *Expenses are equal to the Fund's annualized expense ratio of 1.25% multiplied
   by the  average  account  value over the  period,  multiplied  by 184/366 (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 June 30, 2008.


                      WRIGHT MAJOR BLUE CHIP EQUITIES FUND

                                                     Expenses Paid
                       Beginning         Ending      During Period*
                     Account Value   Account Value    (7/1/08-
                       (7/1/08)        (12/31/08)      12/31/08)
- -------------------------------------------------------------------------------
   Actual Fund Shares  $1,000.00       $751.10        $5.50
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,018.90      $6.34

  *Expenses are equal to the Fund's annualized expense ratio of 1.25% multiplied
   by the  average  account  value over the  period,  multiplied  by 184/366 (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 June 30, 2008.


                  WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND

                                                   Expenses Paid
                       Beginning      Ending       During Period*
                     Account Value  Account Value    (7/1/08-
                       (7/1/08)     (12/31/08)      12/31/08)
- -------------------------------------------------------------------------------
   Actual Fund Shares  $1,000.00     $579.40         $6.31
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,017.10      $8.06

  *Expenses are equal to the Fund's annualized expense ratio of 1.59% multiplied
   by the  average  account  value over the  period,  multiplied  by 184/366 (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 June 30, 2008.


                               FIXED INCOME FUNDS

                          WRIGHT TOTAL RETURN BOND FUND

                                                    Expenses Paid
                       Beginning        Ending      During Period*
                     Account Value   Account Value   (7/1/08-
                       (7/1/08)       (12/31/08)     12/31/08)
- ------------------------------------------------------------------------------
   Actual Fund Shares  $1,000.00    $1,021.90        $3.59
- ------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,021.60        $3.61

  *Expenses are equal to the Fund's annualized expense ratio of 0.71% multiplied
   by the  average  account  value over the  period,  multiplied  by 184/366 (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 June 30, 2008.

                           WRIGHT CURRENT INCOME FUND

                                                    Expenses Paid
                       Beginning        Ending      During Period*
                     Account Value   Account Value   (7/1/08-
                       (7/1/08)       (12/31/08)     12/31/08)
- -------------------------------------------------------------------------------

   Actual Fund Shares  $1,000.00    $1,042.60         $4.88
- -------------------------------------------------------------------------------
   Hypothetical (5% return per year before expenses)
   Fund Shares         $1,000.00    $1,020.40      $4.82

  *Expenses are equal to the Fund's annualized expense ratio of 0.95% multiplied
   by the  average  account  value over the  period,  multiplied  by 184/366 (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 June 30, 2008.


WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WSBC)
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - AS OF DECEMBER 31, 2008

                                       Shares       Value


                 EQUITY INTERESTS - 96.5%

AEROSPACE & DEFENSE -- 0.4%
Alliant Techsystems, Inc. *              685   $     58,746
                                               ------------

AUTOMOBILES & COMPONENTS -- 1.2%
Advance Auto Parts, Inc.               2,825   $     95,061
BorgWarner, Inc.                       3,100         67,487
                                               ------------
                                               $    162,548
                                               ------------
BANKS -- 5.3%
Bank of Hawaii Corp.                   3,345   $    151,094
Commerce Bancshares, Inc.              2,139         94,009
Cullen/Frost Bankers, Inc.             3,090        156,601
New York Community Bancorp, Inc.       5,375         64,285
SVB Financial Group *                  6,185        162,233
Westamerica Bancorporation               625         31,969
Wilmington Trust Corp.                 1,955         43,479
                                               ------------
                                               $    703,670
                                               ------------
CAPITAL GOODS -- 3.4%
AGCO Corp. *                           6,775   $    159,822
SPX Corp.                              4,505        182,678
Thomas & Betts Corp. *                 4,620        110,972
                                               ------------
                                               $    453,472
                                               ------------
CHEMICALS -- 0.3%
Cytec Industries, Inc.                 2,215   $     47,002
                                               ------------


COMMERCIAL SERVICES& SUPPLIES -- 3.8%
Charles River Laboratories
 International*                        3,540   $     92,748
FirstMerit Corp.                       3,845         79,169
Global Payments, Inc.                  2,795         91,648
Harsco Corp.                           2,300         63,664
Manpower, Inc.                         3,845        130,691
Navigant Consulting, Inc. *            2,860         45,388
                                               ------------
                                               $    503,308
                                               ------------
COMMUNICATIONS EQUIPMENT -- 0.8%
CommScope, Inc. *                      2,255   $     35,043
Plantronics, Inc.                      5,785         76,362
                                               ------------
                                               $    111,405
                                               ------------
COMPUTERS & PERIPHERALS -- 2.0%
Jack Henry & Associates, Inc.          4,600   $     89,286
Western Digital Corp. *               15,630        178,964
                                               ------------
                                               $    268,250
                                               ------------

CONSUMER DURABLES & APPAREL -- 1.3%
Herman Miller, Inc.                    4,560   $     59,417
Mohawk Industries, Inc. *              2,660        114.300
                                               ------------
                                               $    173,717
                                               ------------
CONSUMER PRODUCTS -- 1.3%
John Wiley & Sons, Inc. - Class A      1,530   $     54,437
Priceline.com, Inc. *                  1,540        113,421
                                               ------------
                                               $    167,858
                                               ------------

DIVERSIFIED FINANCIALS -- 3.1%
Eaton Vance Corp.                      4,595   $     96,541
Raymond James Financial, Inc.         10,112        173,219
SEI Investments Co.                    9,050        142,175
                                               ------------
                                               $    411,935
                                               ------------

EDUCATION -- 1.0%
Career Education Corp. *               1,930   $     34,624
DeVry, Inc.                            1,720         98,745
                                               ------------
                                               $    133,369
                                               ------------

ELECTRONIC EQUIPMENT & INSTRUMENTS-- 7.4%
Ametek, Inc.                           3,485   $    105,282
Arrow Electronics, Inc. *              7,985        150,437
Avnet, Inc. *                          7,995        145,589
Hubbell, Inc.                          4,570        149,348
Ingram Micro, Inc. - Class A*          3,240         43,384
Lincoln Electric Holdings, Inc.        2,525        128,598
Pentair, Inc.                          5,025        118,942
Synopsys, Inc. *                       2,870         53,152
Tech Data Corp. *                      2,330         41,567
Vishay Intertechnology, Inc. *        15,010         51,334
                                               ------------
                                               $    987,633
                                               ------------
ENERGY -- 9.1%
Cimarex Energy Co.                     3,875   $    103,772
Cliffs Natural Resources, Inc.         1,945         49,811
Denbury Resources, Inc. *              8,100         88,452
Energen Corp.                          6,925        203,110
FMC Technologies, Inc. *               7,355        175,270
Forest Oil Corp. *                     7,320        120,707
Helmerich & Payne, Inc.                3,365         76,554
Patterson-UTI Energy, Inc.             6,070         69,866
SCANA Corp.                            3,890        138,484
Superior Energy Services, Inc. *       1,835         29,232
Tidewater, Inc.                        2,415         97,252
UGI Corp.                              2,665         65,079
                                               ------------
                                               $  1,217,589
                                               ------------
FOOD, BEVERAGE & TOBACCO -- 1.8%
Corn Products International, Inc.      2,365   $     68,230
PepsiAmericas, Inc.                    4,580         93,249
Ralcorp Holdings, Inc. *               1,350         78,840
                                               ------------
                                               $    240,319
                                               ------------
HEALTH CARE EQUIPMENT & SERVICES-- 5.1%
Community Health Systems, Inc. *       3,390   $     49,426
Health Management Associates,
  Inc. - Class A*                     36,305         64,986
LifePoint Hospitals, Inc. *            2,600         59,384
Lincare Holdings, Inc. *              12,190        328,277
STERIS Corp.                           4,070         97,232
WellCare Health Plans, Inc. *          6,495         83,526
                                               ------------
                                               $    682,831
                                               ------------
HOUSEHOLD & PERSONAL PRODUCTS -- 2.8%
Church & Dwight Co., Inc.              2,595   $    145,631
NetFlix, Inc. *                        4,765        142,426
Tupperware Brands Corp.                3,515         79,791
                                               ------------
                                               $    367,848
                                               ------------

INSURANCE -- 9.7%
American Financial Group Inc.          5,325   $    121,836
Everest Re Group, Ltd.                 1,765        134,387
Hanover Insurance Group, Inc.            800         34,376
HCC Insurance Holdings, Inc.          12,700        339,725
Horace Mann Educators Corp.            2,345         21,550
Protective Life Corp.                  1,305         18,727
StanCorp Financial Group, Inc.         6,375        266,284
W.R. Berkley Corp.                    11,497        356,407
                                               ------------
                                               $  1,293,292
                                               ------------
MACHINERY -- 1.0%
IDEX Corp.                             1,425   $     34,414
Wabtec Corp.                           2,350         93,412
                                               ------------
                                               $    127,826

MATERIALS -- 6.7%
Airgas, Inc.                           3,415   $    133,151
Carpenter Technology Corp.             1,255         25,778
Crane Co.                              3,105         53,530
FMC Corp.                              1,675         74,923
Joy Global, Inc.                       3,225         73,820
Kennametal, Inc.                         995         22,079
Lubrizol Corp.                         3,635        132,278
Matthews International Corp. - Class A 1,790         65,657
Reliance Steel & Aluminum Co.          2,795         55,732
Sonoco Products Co.                    4,035         93,451
Steel Dynamics, Inc.                   5,730         64,061
Terra Industries, Inc.                 4,360         72,681
Worthington Industries, Inc.           3,010         33,170
                                               ------------
                                               $    900,311
                                               ------------

PHARMACEUTICALS & BIOTECHNOLOGY -- 3.9%
Endo Pharmaceuticals Holdings, Inc. *  7,410   $    191,771
Omnicare, Inc.                         1,820         50,523
Perrigo Co.                            6,545        211,469
Pharmaceutical Product
  Development, Inc.                    2,430         70,494
                                               ------------
                                               $    524,257
                                               ------------
REAL ESTATE -- 3.0%
NVR, Inc. *                              310   $    141,437
Toll Brothers, Inc. *                  8,725        186,977
UDR, Inc.                              5,095         70,260
                                               ------------
                                               $    398,674
                                               ------------
RETAILING -- 6.7%
Aeropostale, Inc. *                    3,277   $     52,760
American Eagle Outfitters, Inc.        8,952         83,791
BJ's Wholesale Club, Inc. *            4,020        137,725
Dollar Tree, Inc. *                    6,855        286,539
Phillips-Van Heusen Corp.              3,220         64,818
Regis Corp.                            3,745         54,415
Rent-A-Center Inc. *                   2,490         43,948
Ross Stores, Inc.                      5,860        174,218
                                               ------------
                                               $    898,214
                                               ------------

SEMICONDUCTOR EQUIPMENT & PRODUCTS -- 0.3%
Intersil Corp. - Class A               3,825   $     35,152
                                               ------------

SOFTWARE & SERVICES -- 5.0%
Alliance Data Systems Corp. *          2,340   $    108,880
Ansys, Inc. *                          4,835        134,848
Mantech International Corp. - Class A *1,670         90,497
McAfee, Inc. *                         4,385        151,590
Sybase, Inc. *                         7,550        187,014
                                               ------------
                                               $    672,829
                                               ------------
TELECOMMUNICATION SERVICES -- 0.3%
Telephone & Data Systems, Inc.         1,345   $     42,704
                                               ------------

TRANSPORTATION -- 4.1%
AirTran Holdings, Inc. *              28,310   $    125,696
Alaska Air Group, Inc. *               8,015        234,439
Con-way, Inc.                          1,345         35,777
JetBlue Airways Corp. *               21,345        151,550
                                               ------------
                                               $    547,462
                                               ------------
UTILITIES -- 5.7%
MDU Resources Group, Inc.             14,863   $    320,745
Northeast Utilities                    8,365        201,262
Oneok, Inc.                            8,260        240,531
                                               ------------
                                               $    762,538
                                               ------------

TOTAL EQUITY INTERESTS - 96.5%
(identified cost, $16,295,643)                 $ 12,894,759

OTHER ASSETS, LESS LIABILITIES - 3.5%               469,049
                                               ------------


NET ASSETS - 100.0%                            $ 13,363,808
                                               ============



Industry classifications included in the Portfolio of Investments are unaudited.

*    Non-income-producing security.

See notes to financial statements


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

                   STATEMENT OF ASSETS AND LIABILITIES

                           December 31, 2008
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $16,295,643) (Note 1A)     $ 12,894,759
  Cash                                              475,445
  Receivable for fund shares sold                     3,433
  Receivable from affiliates                          5,749
  Dividends receivable                               22,646
  Other assets                                        3,440
                                               ------------
  Total assets                                 $ 13,405,472
                                               ------------


LIABILITIES:
  Payable for fund shares reacquired           $     16,774
  Payable to affiliate for investment
   adviser fee                                        1,153
  Payable to affiliate for
   distribution expenses                                 87
  Accrued expenses and other liabilities             23,650
                                               ------------
  Total liabilities                            $     41,664
                                               ------------

NET ASSETS                                     $ 13,363,808
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 18,184,581
  Accumulated net realized loss on investments
 (computed on the basis of identified cost)     (1,419,889)
  Unrealized appreciation (depreciation)
   of investments(computed on the basis
   of identified cost)                          (3,400,884)
                                               ------------
  Net assets applicable to outstanding shares  $ 13,363,808
                                               ============

  SHARES OF BENEFICIAL INTEREST OUTSTANDING       2,205,103
                                               ============

  NET ASSET VALUE, OFFERING PRICE,
   AND REDEMPTION PRICE PER SHARE
   OF BENEFICIAL INTEREST                      $       6.06
                                               ============





                      STATEMENT OF OPERATIONS

                 For the Year Ended December 31, 2008
- -------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1C)
  Dividend income                              $    197,911
                                               ------------

Expenses -
  Investment adviser fee (Note 3)              $    108,213
  Administrator fee (Note 3)                         21,643
  Compensation of Trustees who are not employees
   of the investment adviser or administrator        12,961
  Custodian fee (Note 1F)                            63,992
  Distribution expenses (Note 4)                     45,089
  Transfer and dividend disbursing agent fees        23,878
  Printing                                            2,106
  Interest expense                                    3,567
  Shareholder communications                          1,750
  Audit services                                     27,685
  Legal services                                      4,270
  Registration costs                                 19,181
  Miscellaneous                                       7,918
                                               ------------
  Total expenses                               $    342,253
                                               ------------


Deduct -
  Waiver and/or reimbursement by the principal
   underwriter and/or investment adviser
   (Note 3 and 4)                              $  (115,081)
  Reduction of custodian fee (Note 1F)              (1,728)
                                               ------------
  Total deductions                             $  (116,809)
                                               ------------
  Net expenses                                 $    225,444
                                               ------------
  Net investment loss                          $   (27,533)
                                               ------------


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized loss on investment transactions
   (identified cost basis)                     $(1,371,940)
  Net change in unrealized appreciation
   (depreciation) on investments                (6,810,349)
                                               ------------
  Net realized and unrealized loss
    on investments                          $   (8,182,289)
                                               ------------
  Net decrease in net assets from operations   $(8,209,822)
                                               ============



See notes to financial statements


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

                                                                                                             

                                                                                                   Year Ended
                                                                                                  December 31,
                                                                                  ------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS                                                        2008                  2007
- --------------------------------------------------------------------------------------------------------------------------------

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment loss                                                             $    (27,533)         $    (28,028)
     Net realized gain (loss) on investment transactions                               (1,371,940)             6,519,033
     Net change in unrealized appreciation (depreciation) on investments               (6,810,349)           (3,232,243)
                                                                                      --------------       --------------
       Net increase (decrease) in net assets from operations                         $ (8,209,822)         $   3,258,762
                                                                                      --------------       --------------

   Distributions to shareholders (Note 2) -
     From net investment income                                                      $       -             $    (33,344)
     From net realized gains                                                           (1,863,251)           (5,034,405)
                                                                                      --------------       --------------
       Total distributions                                                           $ (1,863,251)         $ (5,067,749)
                                                                                      --------------       --------------
   Net decrease in net assets from fund share transactions (Note 6)                  $   (486,111)         $(12,619,826)
                                                                                      --------------       --------------
   Net decrease in net assets                                                        $(10,559,184)         $(14,428,813)

NET ASSETS:
   At beginning of year                                                                 23,922,992            38,351,805
                                                                                      --------------       --------------
   At end of year                                                                    $  13,363,808         $  23,922,992
                                                                                      ==============       ==============
See notes to financial statements




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

                                                                                                    


                                                                           Year Ended December 31,
- --------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                                           2008(3)       2007(3)      2006(3)       2005        2004
- --------------------------------------------------------------------------------------------------------------------------------


Net asset value, beginning of year                            $ 11.100     $  12.270    $  13.030    $  13.226     $ 11.870
                                                              ---------    ---------    ---------    ---------     ---------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
     Net investment loss(1)                                   $ (0.013)    $  (0.013)   $  (0.034)   $  (0.053)    $ (0.028)
     Net realized and unrealized gain (loss)                    (4.121)        1.340        0.529        1.476        1.884
                                                              ---------    ---------    ---------    ---------     ---------
         Total income (loss) from investment operations       $ (4.134)    $   1.327    $   0.495     $  1.423     $  1.856
                                                              ---------    ---------    ---------    ---------     ---------

LESS DISTRIBUTIONS:
     From net investment income                               $  -         $  (0.016)   $   -        $   -            -
     From net realized gains                                    (0.906)       (2.481)      (1.255)      (1.619)    $ (0.500)
                                                              ---------    ---------    ---------    ---------     ---------
         Total distributions                                  $ (0.906)    $  (2.497)   $  (1.255)   $  (1.619)    $ (0.500)
                                                              ---------    ---------    ---------    ---------     ---------
Net asset value, end of year                                  $  6.060     $  11.100    $  12.270    $  13.030     $ 13.226
                                                              =========    =========    =========    =========     =========
TOTAL RETURN(2)                                                (39.81)%       11.59%        3.77%       11.09%        15.73%

RATIOS/SUPPLEMENTAL DATA(1):
   Net assets, end of year (000 omitted)                      $ 13,364     $  23,923    $  38,352    $  47,652     $ 43,498
   Ratios (As a percentage of average daily net assets):
     Net expenses                                                1.26%         1.26%        1.26%        1.27%        1.26%
     Net expenses after custodian fee reduction                  1.25%         1.25%        1.25%        1.25%        1.25%
     Net investment loss                                        (0.15)%       (0.10)%      (0.27)%      (0.18)%      (0.23)%
  Portfolio turnover rate                                           72%          67%          66%         110%          69%

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


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

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

Net investment loss per share                                 $ (0.068)    $  (0.064)   $  (0.058)   $  (0.111)    $ (0.050)
                                                              =========    =========    =========    =========     =========
Ratios (As a percentage of average daily net assets):
     Expenses                                                    1.90%         1.66%        1.46%        1.45%        1.44%
                                                              =========    =========    =========    =========     =========
     Expenses after custodian fee reduction                      1.89%         1.66%        1.44%        1.43%        1.43%
                                                              =========    =========    =========    =========     =========
     Net investment loss                                        (0.79)%       (0.51)%      (0.46)%      (0.38)%      (0.41)%
                                                              =========    =========    =========    =========     =========

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


(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.

See notes to financial statements




WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
- ------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - AS OF DECEMBER 31, 2008

                                       Shares       Value

                EQUITY INTERESTS - 97.5%

AEROSPACE -- 2.6%
General Dynamics Corp.                 4,630   $    266,642
Honeywell International, Inc.          8,885        291,694
Northrop Grumman Corp.                 2,345        105,619
Raytheon Co.                           3,540        180,682
                                               ------------
                                               $    844,637
                                               ------------

AUTOMOBILES & COMPONENTS -- 0.3%
Cooper Industries, Ltd. - Class A      3,135   $     91,636
                                               ------------


BANKS -- 5.6%
Bank of America Corp.                 12,905   $    181,703
Bank of New York Mellon Corp.         25,155        712,641
Hudson City Bancorp, Inc.             13,605        217,136
M&T Bank Corp.                         1,230         70,614
Wells Fargo & Co.                     21,185        624,534
                                               ------------
                                               $  1,806,628
                                               ------------

CAPITAL GOODS -- 5.8%
Caterpillar, Inc.                      9,830   $    439,106
Cummins, Inc.                          1,775         47,446
Deere & Co.                            4,580        175,505
General Electric Co.                  10,215        165,483
Illinois Tool Works, Inc.              3,075        107,779
Lockheed Martin Corp.                  9,155        769,752
Parker Hannifin Corp.                  3,955        168,246
                                               ------------
                                               $  1,873,317
                                               ------------

COMMUNICATIONS EQUIPMENT -- 1.4%
Cisco Systems, Inc. *                 13,290   $    216,627
L-3 Communications Holdings, Inc.      3,155        232,776
                                               ------------
                                               $    449,403
                                               ------------

COMPUTERS & PERIPHERALS -- 8.4%
Affiliated Computer Services,
 Inc. - Class A*                       2,930   $    134,633
Apple, Inc. *                          4,220        360,177
Hewlett-Packard Co.                   30,930      1,122,450
International Business Machines Corp. 12,720      1,070,515
Lexmark International, Inc. - Class A *1,690         45,461
                                               ------------
                                               $  2,733,236
                                               ------------


CONSTRUCTION & ENGINEERING -- 0.6%
Fluor Corp.                            4,325   $    194,063
                                               ------------


DIVERSIFIED FINANCIALS -- 3.0%
American Express Co.                   7,840   $    145,432
Capital One Financial Corp.            7,570        241,407
Citigroup, Inc.                       10,191         68,382
Federated Investors, Inc. - Class B    6,365        107,950
Goldman Sachs Group, Inc. (The)        1,325        111,817
PNC Financial Services Group, Inc.     6,005        294,245
                                               ------------
                                               $    969,233
                                               ------------

EDUCATION -- 0.5%
Apollo Group, Inc. - Class A*          2,205   $    168,947
                                               ------------

ELECTRONICS -- 0.4%
Emerson Electric Co.                   3,930   $    143,877
                                               ------------

ENERGY -- 13.7%
Apache Corp.                           1,250   $     93,162
Chesapeake Energy Corp.                3,375         54,574
Chevron Corp.                         15,470      1,144,316
ConocoPhillips Co.                    12,630        654,234
ENSCO International, Inc.              1,920         54,509
Exxon Mobil Corp.                     19,660      1,569,458
Hess Corp.                             1,625         87,165
National Oilwell Varco, Inc. *         3,520         86,029
Noble Energy, Inc.                     1,740         85,643
Occidental Petroleum Corp.             9,790        587,302
Transocean, Inc. *                       625         29,531
                                               ------------
                                               $  4,445,923
                                               ------------

ENTERTAINMENT & LEISURE -- 2.8%
Hasbro, Inc.                           5,315   $    155,039
Walt Disney Co. (The)                 32,550        738,559
                                               ------------
                                               $    893,598
                                               ------------

FOOD, BEVERAGE & TOBACCO -- 3.9%
Altria Group, Inc.                    32,970   $    496,528
Molson Coors Brewing Co. - Class B     5,860        286,671
PepsiCo, Inc.                          3,085        168,966
Philip Morris International, Inc.      7,115        309,574
                                               ------------
                                               $  1,261,739
                                               ------------

HEALTH CARE EQUIPMENT & SERVICES-- 4.5%
Aetna, Inc.                            8,050   $    229,425
Baxter International, Inc.             2,965        158,894
Express Scripts, Inc. *                6,480        356,270
Laboratory Corp of America Holdings *  2,210        142,346
Medtronic, Inc.                        7,775        244,291
WellPoint, Inc. *                      8,105        341,464
                                               ------------
                                               $  1,472,690
                                               ------------


HEAVY MACHINERY -- 0.4%
Dover Corp.                            3,270   $    107,648
Manitowoc Co., Inc. (The)              2,480         21,477
                                               ------------
                                               $    129,125
                                               ------------

HOTELS, RESTAURANTS & LEISURE -- 2.3%
McDonald's Corp.                      12,175   $    757,163
                                               ------------


HOUSEHOLD DURABLES -- 2.0%
Fortune Brands, Inc.                   2,085   $     86,069
Leggett & Platt, Inc.                 11,205        170,204
Procter & Gamble Co.                   5,730        354,229
Stanley Works, (The)                   1,455         49,615
                                               ------------
                                               $    660,117
                                               ------------

INSURANCE -- 8.2%
Aflac, Inc.                           12,495   $    572,771
Assurant, Inc.                         2,220         66,600
Chubb Corp.                           11,265        574,515
Hartford Financial Services Group, Inc. 6,185       101,558
MetLife, Inc.                         19,920        694,411
Progressive Corp.                      5,175         76,642
Torchmark Corp.                        2,955        132,088
Travelers Cos, Inc. (The)              4,790        216,508
Unum Group                            11,590        215,574
                                               ------------
                                               $  2,650,667
                                               ------------


MATERIALS -- 1.1%
CF Industries Holdings, Inc.           1,645   $     80,868
Nucor Corp.                            6,285        290,367
                                               ------------
                                               $    371,235
                                               ------------

MEDIA -- 0.3%
Omnicom Group, Inc.                    3,330   $     89,644
                                               ------------


METALS -- 1.0%
AK Steel Holding Corp.                 2,435   $     22,694
Freeport-McMoRan Copper & Gold, Inc.   5,005        122,322
Newmont Mining Corp.                   2,880        117,216
United States Steel Corp.              1,830         68,076
                                               ------------
                                               $    330,308
                                               ------------


OFFICE ELECTRONICS -- 0.1%
Xerox Corp.                            5,765   $     45,947
                                               ------------


PHARMACEUTICALS & BIOTECHNOLOGY-- 10.1%
Amgen, Inc. *                         10,900   $    629,475
Biogen Idec, Inc. *                    3,135        149,320
Forest Labs *                          5,825        148,363
Johnson & Johnson, Inc.               16,470        985,400
King Pharmaceuticals, Inc. *          11,010        116,926
Pfizer, Inc.                          55,825        988,661
Watson Pharmaceuticals, Inc. *         9,565        254,142
                                               ------------
                                               $  3,272,287
                                               ------------


RETAILING -- 5.1%
Best Buy Co., Inc.                     6,355   $    178,639
Big Lots, Inc. *                       7,175        103,966
CVS/Caremark Corp.                     5,415        155,627
eBay, Inc. *                           3,110         43,416
GameStop Corp. - Class A*              7,125        154,327
Sherwin-Williams Co.                   5,860        350,135
SUPERVALU, Inc.                        4,245         61,977
TJX Cos., Inc.                         6,015        123,729
Wal-Mart Stores, Inc.                  8,835        495,290
                                               ------------
                                               $  1,667,106
                                               ------------


SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 0.1%
QLogic Corp. *                         2,810   $     37,766
                                               ------------


SOFTWARE & SERVICES -- 6.4%
BMC Software, Inc. *                   8,250   $    222,007
Computer Sciences Corp. *              1,910         67,117
Compuware Corp. *                     14,665         98,989
EMC Corp. *                           12,865        134,697
Microsoft Corp.                       43,065        837,184
Oracle Corp. *                        36,525        647,588
Symantec  Corp. *                      5,330         72,062
                                               ------------
                                               $  2,079,644
                                               ------------

TELECOMMUNICATION SERVICES -- 2.6%
AT&T, Inc.                            26,205   $    746,842
CenturyTel, Inc.                       3,760        102,761
                                               ------------
                                               $    849,603
                                               ------------

TRANSPORTATION -- 1.9%
Boeing Co. (The)                       3,030   $    129,290
Burlington Northern Santa Fe Corp.     4,135        313,061
CSX Corp.                              1,900         61,693
Norfolk Southern Corp.                 2,345        110,332
                                               ------------
                                               $    614,376
                                               ------------


UTILITIES -- 2.4%
Integrys Energy Group, Inc.           14,605   $    627,723
Public Service Enterprise Group, Inc.  4,900        142,933
                                               ------------
                                               $    770,656
                                               ------------


TOTAL EQUITY INTERESTS - 97.5%
   (identified cost, $40,243,137)              $ 31,674,571
                                               ------------

INVESTMENT FUNDS -- 1.3%

CAPITAL MARKETS -- 1.3%

SPDR Trust Series 1                    4,535   $    409,238
                                               ------------

TOTAL INVESTMENT FUNDS - 1.3%
   (identified cost, $399,352)                 $    409,238
                                               ------------

TOTAL INVESTMENTS - 98.8%
   (identified cost, $40,642,489)              $ 32,083,809

OTHER ASSETS, LESS LIABILITIES - 1.2%               399,775
                                               ------------

NET ASSETS - 100.0%                            $ 32,483,584
                                               ============



Industry classifications included in the Portfolio of Investments are unaudited.

*  Non-income-producing security.

See notes to financial statements




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



                   STATEMENT OF ASSETS AND LIABILITIES

                           December 31, 2008
- ------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $40,642,489) (Note 1A)     $ 32,083,809
  Cash                                              244,676
  Receivable for fund shares sold                   126,052
  Receivable from affiliates                          2,361
  Dividends receivable                               65,678
  Other assets                                        2,840
                                               ------------
  Total assets                                 $ 32,525,416
                                               ------------


LIABILITIES:
  Payable for fund shares reacquired           $      4,484
  Payable to affiliate for investment
    adviser fee                                       1,502
  Payable to affiliate for distribution
    expenses                                          5,183
  Accrued expenses and other liabilities             30,663
                                               ------------
  Total liabilities                            $     41,832
                                               ------------
NET ASSETS                                     $ 32,483,584
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 58,659,125
  Accumulated net realized loss on investments
   (computed on the basis of identified cost)  (17,624,522)
  Unrealized appreciation (depreciation)
   of investments (computed on the basis
   of identified cost)                          (8,558,680)
  Accumulated undistributed net investment
   income                                             7,661
                                               ------------
  Net assets applicable to outstanding shares  $ 32,483,584
                                               ============

  SHARES OF BENEFICIAL INTEREST OUTSTANDING       3,478,991
                                               ============


  NET ASSET VALUE, OFFERING PRICE,
   AND REDEMPTION PRICE PER SHARE
   OF BENEFICIAL INTEREST                      $       9.34
                                               ============


                    STATEMENT OF OPERATIONS

                For the Year Ended December 31, 2008
- ------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1C)
  Dividend income                              $    961,590
                                               ------------

Expenses -
  Investment adviser fee (Note 3)              $    274,083
  Administrator fee (Note 3)                         54,817
  Compensation of Trustees who are not employees
   of the investment adviser or administrator        12,961
  Custodian fee (Note 1F)                            67,506
  Distribution expenses (Note 4)                    114,201
  Transfer and dividend disbursing agent fees        19,657
  Printing                                            3,195
  Interest expense                                    5,055
  Shareholder communications                          1,865
  Audit services                                     30,003
  Legal services                                     10,366
  Registration costs                                 20,536
  Miscellaneous                                       8,901
                                               ------------
  Total expenses                               $    623,146
                                               ------------

Deduct -
  Waiver and/or reimbursement by the principal
   underwriter and/or investment adviser
   (Note 3 and 4)                              $   (50,060)
  Reduction of custodian fee (Note 1F)              (2,081)
                                               ------------
  Total deductions                             $   (52,141)
                                               ------------
  Net expenses                                 $    571,005
                                               ------------
  Net investment income                        $    390,585
                                               ------------


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized loss on investment transactions
   (identified cost basis)                     $ (2,313,558)
  Net change in unrealized appreciation
   (depreciation on investments                 (17,276,483)
                                               ------------
  Net realized and unrealized loss on
    investments                                $(19,590,041)
                                               ------------

  Net decrease in net assets from operations   $(19,199,456)
                                               ============

See notes to financial statements


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


                                                                                                          

                                                                                                   Year Ended
                                                                                                  December 31,
                                                                                      ------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS                                                        2008                  2007
- --------------------------------------------------------------------------------------------------------------------------------

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                           $     390,585          $     381,955
     Net realized gain (loss) on investment transactions                               (2,313,558)              5,221,457
     Net change in unrealized appreciation (depreciation) on investments              (17,276,483)            (1,973,444)
                                                                                     --------------         --------------
       Net increase (decrease) in net assets from operations                         $(19,199,456)          $   3,629,968
                                                                                     --------------         --------------
   Distributions to shareholders (Note 2) -
     From net investment income                                                      $   (399,235)          $   (362,113)
                                                                                     --------------         --------------
       Total distributions                                                           $   (399,235)          $   (362,113)
                                                                                     --------------         --------------
   Net decrease in net assets from fund share transactions (Note 6)                  $ (5,667,495)          $ (8,794,028)
                                                                                     --------------         --------------
   Net decrease in net assets                                                        $(25,266,186)          $ (5,526,173)


NET ASSETS:
   At beginning of year                                                                 57,749,770             63,275,943
                                                                                     --------------         --------------
   At end of year                                                                    $  32,483,584          $  57,749,770
                                                                                     ==============         ==============

ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME
   INCLUDED IN NET ASSETS AT END OF YEAR                                             $       7,661          $      19,267
                                                                                     ==============         ==============



See notes to financial statements




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

                                                                                                     

                                                                                Year Ended December 31,
- --------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                                           2008(3)       2007(3)      2006(3)       2005        2004
- --------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of year                            $ 14.520     $  13.790    $  12.420    $  11.780     $ 10.530
                                                              ---------    ---------    ---------    ---------     ---------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
   Net investment income(1)                                   $  0.104     $   0.091    $   0.062    $   0.077     $  0.053
   Net realized and unrealized gain (loss)                      (5.169)        0.728        1.374        0.651        1.247
                                                              ---------    ---------    ---------    ---------     ---------
     Total income (loss) from investment operations           $ (5.065)    $   0.819    $   1.436     $  0.728     $  1.300
                                                              ---------    ---------    ---------    ---------     ---------

LESS DISTRIBUTIONS:
   From net investment income                                 $ (0.115)    $  (0.089)   $  (0.066)   $  (0.088)    $ (0.050)
                                                              ---------    ---------    ---------    ---------     ---------
     Total distributions                                      $ (0.115)    $  (0.089)   $  (0.066)   $  (0.088)    $ (0.050)
                                                              ---------    ---------    ---------    ---------     ---------
Net asset value, end of year                                  $  9.340     $  14.520    $  13.790    $  12.420     $ 11.780
                                                              =========    =========    =========    =========     =========
TOTAL RETURN(2)                                                 (34.85)%       5.96%       11.57%        6.20%       12.36%
                                                              =========    =========    =========    =========     =========
 RATIOS/SUPPLEMENTAL DATA(1):
   Net assets, end of year (000 omitted)                      $  32,484    $  57,750    $  63,276    $  66,742     $ 65,503
   Ratios (As a percentage of average daily net assets):
     Net expenses                                                1.26%         1.26%        1.26%        1.26%        1.25%
     Net expenses after custodian fee reduction                  1.25%         1.25%        1.25%        1.25%        1.25%
     Net investment income                                       0.86%         0.63%        0.48%        0.66%        0.49%
   Portfolio turnover rate                                         58%           55%          97%          82%          74%
- --------------------------------------------------------------------------------------------------------------------------------
(1) For the years ended  December  31,  2008,  2007,  2006,  2005 and 2004,  the
operating expenses of the Fund were reduced by a waiver of fees and/or an allocation
of expenses to the principal underwriter 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
- --------------------------------------------------------------------------------------------------------------------------------

Net investment income per share                               $  0.091     $   0.088    $  0.062     $  0.077      $ 0.050
                                                              =========    =========    =========    =========     =========
Ratios (As a percentage of average daily net assets):
     Expenses                                                    1.37%         1.28%       1.28%         1.26%        1.28%
                                                              =========    =========    =========    =========     =========
     Expenses after custodian fee reduction                      1.36%         1.27%       1.27%         1.25%        1.28%
                                                              =========    =========    =========    =========     =========
     Net investment income                                       0.75%         0.61%       0.46%         0.66%        0.46%
                                                              =========    =========    =========    =========     =========

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

(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.

See notes to financial statements




WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC)
- ------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - AS OF DECEMBER 31, 2008

                                      Shares       Value


                EQUITY INTERESTS - 98.5%

AUSTRALIA -- 3.2%
BHP Billiton, Ltd.                    34,756   $    722,210
BlueScope Steel, Ltd.                 52,563        127,089
Caltex Australia, Ltd. (1)            20,461        101,094
QBE Insurance Group, Ltd.             40,597        724,371
Sims Metal Management, Ltd.            9,087        108,772
Westpac Banking Corp.                 30,204        352,018
                                               ------------
                                               $  2,135,554
                                               ------------


AUSTRIA -- 0.3%
Voestalpine AG                         8,557   $    184,503
                                               ------------


CANADA -- 7.8%
Canadian National Railway Co.         18,198   $    662,762
Canadian Natural Resources, Ltd.       3,095        122,118
Canadian Pacific Railway, Ltd.        11,330        379,443
CGI Group, Inc. - Class A *           74,788        581,758
Encana Corp.                          24,223      1,130,750
Husky Energy, Inc.                    23,742        586,861
Manulife Financial Corp.              13,104        220,674
Methanex Corp.                        34,407        392,924
Petro-Canada                          12,483        272,713
Potash Corp. of Saskatchewan, Inc.     4,934        368,289
Toronto-Dominion Bank                 15,519        545,802
                                               ------------
                                               $  5,264,094
                                               ------------

DENMARK -- 1.2%
Danske Bank A/S (Stammaktie)           4,161   $     41,622
Novo Nordisk A/S - Series B           14,826        772,889
                                               ------------
                                               $    814,511
                                               ------------


FINLAND -- 1.2%
Nokia Oyj                             49,306   $    784,617
                                               ------------


FRANCE -- 9.5%
AXA (Actions Ordinaires) (1)          14,810   $    331,219
BNP Paribas                           10,763        462,903
Casino Guichard-Perrachon SA           7,678        577,886
Compagnie Generale des Etablisssements
   Michelin - Class B                  4,009        213,803
France Telecom SA                     12,645        365,736
Groupe Danone                         24,337      1,515,452
Sanofi-Aventis (1)                    11,893        780,041
Schneider Electric SA                  4,301        328,834
Total SA                              22,636      1,272,099
Vallourec SA                           4,355        501,472
                                               ------------
                                               $  6,349,445
                                               ------------

GERMANY -- 10.6%
Allianz AG Holding (Namensaktie)       3,537   $    380,305
BASF AG (Stammaktie)                  37,967      1,509,355
Bayer AG                              10,957        652,676
Bayerische Motoren Werke AG            7,851        243,229
Deutsche Bank AG (Stammaktie)         11,881        474,025
Deutsche Lufthansa AG                 18,850        302,396
E.On AG (Stammaktie)                  46,138      1,881,151
MAN AG                                 6,634        368,253
Muenchener Rueckversicherungs-
 Gesellschaft AG                       4,365        694,612
Porsche AG (Preferred Stock)           2,887        227,017
ThyssenKrupp AG                       13,318        362,003
                                               ------------
                                                $  7,095,022
                                               ------------


GREECE -- 1.2%
Alpha Bank A.E.                       24,324   $    236,428
Coca Cola Hellenic Bottling Co. SA    18,688        273,274
National Bank of Greece SA            16,822        325,572
                                               ------------
                                               $    835,274
                                               ------------

HONG KONG -- 5.9%
BOC Hong Kong Holdings, Ltd.         186,000   $    208,952
Cheung Kong Holdings, Ltd.            40,000        371,415
CLP Holdings, Ltd. (Ordinary)        285,000      1,964,248
Hang Seng Bank, Ltd.                  41,500        558,475
Henderson Land Development Co., Ltd. 110,000        404,240
Sun Hung Kai Properties, Ltd.         58,000        489,247
                                               ------------
                                               $  3,996,577
                                               ------------


IRELAND -- 0.4%
CRH PLC                               10,670   $    275,342
                                               ------------


ITALY -- 3.9%
Eni SpA (Azioni Ordinarie)            97,644   $  2,343,345
Saipem SpA                            14,773        250,335
                                               ------------
                                               $  2,593,680
                                               ------------


JAPAN -- 16.3%
Aisin Seiki Co., Ltd.                 18,400   $    255,401
Astellas Pharma, Inc.                 34,400      1,403,469
Daihatsu Motor Co., Ltd.               9,000         79,203
Denso Corp.                           10,000        165,217
Honda Motor Co., Ltd.                 28,500        610,528
Kirin Holdings Co., Ltd.              13,000        171,826
Komatsu, Ltd.                         18,000        226,179
Makita Corp.                          28,000        619,013
Marubeni Corp.                        43,000        162,385
Mitsubishi Corp.                      28,000        389,598
Mitsubishi Electric Corp.             29,000        179,918
Mitsubishi Gas Chemical Co., Inc.     45,000        183,087
Mitsui & Co., Ltd.                    23,000        232,911
Mitsui OSK Lines, Ltd.               175,000      1,066,044
Nintendo Company, Ltd.                 1,200        455,190
Nippon Oil Corp.                      59,000        296,413
Nippon Steel Corp.                   157,000        511,723
Nippon Yusen Kabushiki Kaisha        132,000        808,552
Nisshin Steel Co., Ltd. (1)          245,000        501,158
Omron Corp.                           11,200        150,930
Panasonic Corp.                        8,000        100,074
Sankyo Co., Ltd.                       4,400        222,537
Sumitomo Corp. (1)                    80,000        701,330
Tokai Rika Co., Ltd.                  26,000        227,348
Tokyo Electron, Ltd.                   4,100        142,851
Toyota Motor Corp.                    33,900      1,106,836
                                               ------------
                                               $ 10,969,721
                                               ------------


NETHERLANDS -- 3.4%
ING Groep NV (Aandeel)                78,733   $    870,593
Koninklijke (Royal) KPN NV            49,376        733,349
Koninklijke Philips
 Electronics NV (Aandeel)             35,244        702,826
                                               ------------
                                               $  2,306,768
                                               ------------


NORWAY -- 1.3%
StatoilHydro ASA                      12,500   $    206,122
Telenor Group ASA *                   96,973        650,014
                                               ------------
                                               $    856,136
                                               ------------


SINGAPORE -- 1.4%
Jardine Cycle & Carriage, Ltd. (1)    89,000   $    606,831
Overseas-Chinese Banking Corp., Ltd. 100,000        355,003
                                               ------------
                                               $    961,834
                                               ------------


SPAIN -- 8.0%
Acciona SA (1)                         2,682   $    342,203
Banco Bilbao Vizcaya Argentaria SA    14,523        180,306
Banco Santander SA                   104,004      1,006,443
Iberdrola Renovables SA *             90,000        393,530
Mapfre SA                            117,796        405,300
Repsol YPF SA (Accion)                21,258        460,187
Telefonica SA                        112,959      2,566,760
                                               ------------
                                               $  5,354,729
                                               ------------


SWEDEN -- 0.8%
TeliaSonera AB                       109,718   $    558,659
                                               ------------


SWITZERLAND -- 6.3%
ABB, Ltd. *                           14,982   $    224,825
Holcim, Ltd.                           3,540        205,603
Nestle SA                             13,350        534,913
Roche Holding AG                       4,228        661,754
Swatch Group AG                        1,922        269,910
Swiss Re AG                            7,961        385,695
Zurich Financial Services
 (Inhaberaktie)                        8,859      1,936,952
                                               ------------
                                               $  4,219,652
                                               ------------


UNITED KINGDOM -- 15.8%
Anglo American PLC (Ordinary)         16,052   $    365,030
AstraZeneca PLC                       35,899      1,442,673
Barclays PLC (Ordinary)               99,680        217,202
BG Group PLC                          10,637        150,734
BHP Billiton PLC                      40,865        763,750
BP PLC                                45,872        348,835
British Airways PLC                   95,143        246,970
British American Tobacco PLC          19,696        515,585
Centrica PLC                          48,246        184,502
GlaxoSmithKline PLC                   10,700        197,005
HSBC Holdings PLC                     43,538        413,221
Legal & General Group (Ordinary)     361,748        396,768
Lloyds TSB Group PLC                 219,116        405,353
Lloyds TSB Group PLC Rights           95,249             --
Man Group PLC                        157,944        542,223
Next PLC                              14,886        237,940
Rio Tinto PLC                         11,165        236,426
Royal Bank of Scotland Group
 PLC (Ordinary)                      190,836        134,517
Royal Dutch Shell PLC                 72,317      1,825,366
Tate & Lyle PLC                       17,424        100,969
Unilever PLC                          59,165      1,366,205
Vodafone Group PLC                   254,799        507,136
                                               ------------
                                               $ 10,598,410
                                               ------------

TOTAL EQUITY INTERESTS - 98.5%
(identified cost, $93,692,893)                 $ 66,154,528
                                               ------------

SHORT-TERM INVESTMENTS - 3.2%
State Street Navigator Securities
 Lending Prime Portfolio, 2.17%(2) 2,105,799   $  2,105,799
                                               ------------

TOTAL SHORT-TERM INVESTMENTS - 3.2%
(identified cost, $2,105,799)                  $  2,105,799
                                               ------------

TOTAL INVESTMENTS - 101.7%
(identified cost, $95,798,692)                 $ 68,260,327

OTHER ASSETS, LESS LIABILITIES - (1.7)%         (1,114,793)
                                               ------------


NET ASSETS - 100.0%                            $ 67,145,534
                                               ============




*    Non-income-producing security.

(1) All or a portion on these securities were on loan at December 31, 2008.

(2) The amount  invested in State  Street  Navigator  Securities  Lending  Prime
    Portfolio  represents cash collateral  received for securities on loan as of
    December 31, 2008.  Other  Assets,  Less  Liabilities  includes an equal and
    offsetting liability of the Fund to repay collateral amounts upon the return
    of loaned securities.

                 Portfolio Composition By Sector
               -----------------------------------
                 % of net assets at 12/31/08
                        (Unaudited)

         Financial............................21.3%
         Energy...............................14.2%
         Industrials..........................11.3%
         Materials............................10.3%
         Health Care...........................9.0%
         Other................................32.4%

See notes to financial statements


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

                STATEMENT OF ASSETS AND LIABILITIES

                        December 31, 2008
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value including
    $1,977,119 of securities loaned
    (identified cost $95,798,692) (Note 1A)    $ 68,260,327
  Foreign currency, at value
    (cost $58,591) (Note 1A)                         58,562
  Cash                                                  127
  Receivable for investments sold                 1,110,063
  Receivable for fund shares sold                   167,680
  Dividends receivable                               95,630
  Receivable for securities lending                   2,147
  Tax reclaims receivable                           117,987
  Other assets                                          657
                                               ------------
   Total assets                                $ 69,813,180
                                               ------------

LIABILITIES:
  Demand note payable (Note 8)                 $    244,000
  Payable for investments purchased                 189,914
  Payable for fund shares reacquired                 34,247
  Collateral for securities loaned                2,105,799
  Payable to affiliate for distribution
    expenses                                         17,887
  Accrued expenses and other liabilities             75,799
                                               ------------
   Total liabilities                           $  2,667,646
                                               ------------
NET ASSETS                                     $ 67,145,534
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $130,629,404
  Accumulated net realized loss on investments
   and foreign currency (computed on
   the basis of identified cost)               (35,983,173)
  Unrealized appreciation (depreciation) of
   investments and foreign currency
   (computed on the basis of identified cost)  (27,500,697)
                                               ------------
  Net assets applicable to outstanding shares  $ 67,145,534
                                               ============


SHARES OF BENEFICIAL INTEREST OUTSTANDING         6,211,095
                                               ============


NET ASSET VALUE, OFFERING PRICE,
  AND REDEMPTION PRICE PER SHARE
  OF BENEFICIAL INTEREST                       $      10.81
                                               ============


                     STATEMENT OF OPERATIONS

               For the Year Ended December 31, 2008
- ------------------------------------------------------------------------------

INVESTMENT INCOME (Note 1C)
  Dividend income (net of foreign
    taxes, $595,667)                          $   5,302,207
  Income from securities lending                    246,977
  Other income                                       12,621
                                               ------------
    Total Investment Income                    $  5,561,805
                                               ------------

  Expenses -
  Investment adviser fee (Note 3)              $  1,045,198
  Administrator fee (Note 3)                        184,837
  Compensation of Trustees who are not employees
   of the investment adviser or administrator        12,965
  Custodian fee (Note 1F)                           272,753
  Distribution expenses (Note 4)                    329,057
  Transfer and dividend disbursing agent fees        47,672
  Printing                                            4,675
  Interest expense                                   28,129
  Shareholder communications                          1,640
  Audit services                                     40,265
  Legal services                                     14,248
  Registration costs                                 24,180
  Miscellaneous                                      11,774
                                               ------------
    Total expenses                             $  2,017,393
                                               ------------

  Deduct -
   Reduction of custodian fee (Note 1F)        $    (9,613)
                                               ------------
   Total deductions                            $    (9,613)
                                               ------------
   Net expenses                                $  2,007,780
                                               ------------
   Net investment income                       $  3,554,025
                                               ------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized loss -
  Investment transactions (identified
    cost basis)                               $(34,577,073)
  Foreign currency transactions                   (103,013)
                                               ------------
   Net realized loss                          $(34,680,086)
                                               ------------
  Change in unrealized appreciatio
     (depreciation) -
   Investments (identified cost basis)        $(46,861,298)
   Foreign currency                                (29,277)
                                               ------------
  Net change in unrealized appreciation
     (depreciation)                           $(46,890,575)
                                               ------------
  Net realized and unrealized loss on
    investments                               $(81,570,661)
                                               ------------

  Net decrease in net assets from operations  $(78,016,636)
                                              =============

See notes to financial statements


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

                                                                                                           

                                                                                                   Year Ended
                                                                                                  December 31,
                                                                                 ---------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS                                                        2008                  2007
- ------------------------------------------------------------------------------------------------------------------------------

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                          $    3,554,025          $   4,142,249
Net realized gain (loss) on investment and foreign currency transactions              (34,680,086)             32,400,973
Net change in unrealized appreciation (depreciation) of investments and
       foreign currency                                                               (46,890,575)           (25,176,405)
                                                                                     ---------------        --------------
       Net increase (decrease) in net assets from operations                         $(78,016,636)          $  11,366,817
                                                                                     ---------------        --------------
   Distributions to shareholders (Note 2) -
     From net investment income                                                      $ (3,451,012)          $ (4,294,177)
From net realized gains                                                                (4,298,181)            (8,544,757)
     Tax return of capital                                                                (48,984)                     --
                                                                                     ---------------        --------------
       Total distributions                                                           $ (7,798,177)          $(12,838,934)
                                                                                     ---------------        --------------
   Net decrease in net assets from fund share transactions (Note 6)                  $(30,647,579)          $(33,121,129)
                                                                                     ---------------        --------------
   Net decrease in net assets                                                        $(116,462,392)         $(34,593,246)

NET ASSETS:
   At beginning of year                                                                183,607,926            218,201,172
                                                                                     ---------------        --------------
   At end of year                                                                    $  67,145,534          $183,607,926
                                                                                     ===============        ==============

See notes to financial statements



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

                                                                                                   


                                                                           Year Ended December 31,
- --------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                                           2008(1)       2007(1)      2006(1)      2005(1)      2004
- --------------------------------------------------------------------------------------------------------------------------------


Net asset value, beginning of year                            $  22.470    $  22.830    $  18.060    $  15.070     $12.890
                                                              ----------   ----------   ----------   ----------    ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
   Net investment income                                      $   0.483    $   0.434    $   0.255    $   0.129     $ 0.128
   Net realized and unrealized gain (loss)                      (11.002)       0.755        4.859        3.028       2.140
                                                              ----------   ----------   ----------   ----------    ----------
     Total income (loss) from investment operations           $ (10.519)   $   1.189    $   5.114    $   3.157     $ 2.268

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

LESS DISTRIBUTIONS:
   From net investment income                                 $  (0.575)   $  (0.491)   $  (0.320)   $  (0.167)    $(0.088)
   From net realized gains                                       (0.558)      (1.058)      (0.024)       -           -
   Tax return of capital                                         (0.008)       -            -            -           -
                                                              ----------   ----------   ----------   ----------    ----------
     Total distributions                                      $  (1.141)   $  (1.549)   $  (0.344)   $  (0.167)    $(0.088)
                                                              ----------   ----------   ----------   ----------    ----------
Net asset value, end of year                                  $  10.810    $  22.470    $  22.830    $  18.060     $15.070
                                                              ==========   ==========   ==========   ==========    ==========
TOTAL RETURN(2)                                                (47.74)%        5.50%       28.49%        21.13%      17.71%
                                                              ==========   ==========   ==========   ==========    ==========

RATIOS/SUPPLEMENTAL DATA:
   Net assets, end of year (000 omitted)                      $  67,146    $ 183,608    $ 218,201    $ 109,897     $ 62,266
   Ratios (As a percentage of average daily net assets):
     Net expenses                                                 1.54%        1.49%        1.46%        1.66%       1.72%
     Net expenses after custodian fee reduction                   1.53%        1.47%        1.37%        1.62%       1.71%
     Net investment income                                        2.71%        1.82%        1.26%        0.81%       0.97%
   Portfolio turnover rate                                          82%         138%         116%          99%         121%

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

(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.



See notes to financial statements




WRIGHT MANAGED EQUITY TRUST
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS

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.
Investments in open-end  mutual funds are valued at net asset value.  Short-term
debt  securities  with a remaining  maturity of sixty days or less are 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.  The daily  valuation of  exchange-traded  foreign
securities  generally is  determined as of the close of trading on the principal
exchange on which such  securities  trade.  Events  occurring after the close of
trading on foreign  exchanges  are monitored by the  investment  adviser and may
result in adjustments to the valuation of foreign  securities to more accurately
reflect  their  fair  value as of the close of  regular  trading on the New York
Stock Exchange.  Foreign  securities and currencies are valued in U.S.  dollars,
based on foreign  currency  exchange rate quotations  supplied by an independent
quotation service. The independent service uses a proprietary model to determine
the  exchange  rate.  Inputs to the model  include  reported  trades and implied
bid/ask spreads.  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 Funds  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. Income - Dividend  income is recorded on the  ex-dividend  date for dividends
received in cash and/or securities. However, if the ex-dividend date has passed,
certain  dividends from foreign  securities are recorded as the 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 accretion of
discount.

D. Federal  Taxes - Each Fund's  policy is to comply with the  provisions of the
Internal  Revenue Code (the Code) applicable to regulated  investment  companies
and to distribute to  shareholders  each year  substantially  all of its taxable
income  and  all or  substantially  all  of  its  net  realized  capital  gains.
Accordingly,  no provision  for federal  income or excise tax is  necessary.  At
December 31, 2008,  WSBC,  WMBC and WIBC, for federal  income tax purposes,  had
capital loss carryovers of $640,031, $15,844,437 and $18,850,926,  respectively,
which will reduce the  respective  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  distributions  to  shareholders  which
would otherwise be necessary to relieve the respective Fund of any liability for
federal  income or excise tax. The amounts and  expiration  dates of the capital
loss carryforwards are as follows:

   December 31,                         WSBC              WMBC             WIBC
- -------------------------------------------------------------------------------

   2010                        $         -       $  12,738,080    $         -
   2011                                  -           2,230,768              -
   2016                              640,031           875,589       18,850,926
- -------------------------------------------------------------------------------


Additionally,  at December 31, 2008,  WSBC, WMBC and WIBC had net capital losses
of $593,005, $1,749,806 and $12,196,103, respectively,  attributable to security
transactions  incurred  after  October 31,  2008.  These net capital  losses are
treated as arising on the first day of the Funds'  taxable year ending  December
31, 2009.

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

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

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

2.   Distributions to Shareholders
    ---------------------------------
It is the  present  policy of the Trust to make annual  distributions  of all or
substantially  all of the net  investment  income of the Funds and to distribute
annually all or substantially  all of the net realized capital gains (reduced by
available capital loss carryforwards from prior years, if any). Distributions to
shareholders  are recorded on the ex-dividend  date.  Shareholders  may reinvest
income and capital gain  distributions in additional  shares of the same Fund at
the net  asset  value as of the  ex-dividend  date or,  at the  election  of the
shareholder,  receive  distributions  in cash.  The  Funds  distinguish  between
distributions  on a  tax  basis  and a  financial  reporting  basis.  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.

The tax character of distributions paid for the year ended December 31, 2008 and
December 31, 2007 was as follows:

 Year Ended 12/31/08                  WSBC              WMBC              WIBC
- -------------------------------------------------------------------------------

Distributions declared from:
   Ordinary income           $     115,945     $     399,235    $    3,451,012
   Long-term capital gains       1,747,306               -           4,298,181
   Tax return of capital               -                 -              48,984
- -------------------------------------------------------------------------------


 Year Ended 12/31/07                  WSBC              WMBC             WIBC
- -------------------------------------------------------------------------------

 Distributions declared from:
   Ordinary income           $      33,344     $     362,113    $   4,294,177
   Long-term capital gains       5,034,405               -          8,544,757
- -------------------------------------------------------------------------------


During the year ended December 31, 2008, the following amounts were reclassified
due to differences between book and tax accounting,  primarily for net operating
losses, foreign currency gain (loss),  distributions from real estate investment
trusts, and return of capital distributions from securities.

Increase (decrease):                  WSBC              SMBC              WIBC
- -------------------------------------------------------------------------------

Paid-in capital              $    (30,141)     $         -      $        8,532
Accumulated net realized
     gain (loss)                    2,608            2,956              94,481
Accumulated undistributed

   net investment income
     (loss)                        27,533           (2,956)           (103,013)
- -------------------------------------------------------------------------------

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

As of December 31, 2008, the components of distributable  earnings (accumulated
losses) on a tax basis were as follows:

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

Undistributed ordinary income  $       -       $       7,661    $          -
Capital loss carryforward and
   post October losses         (1,233,036)      (17,594,243)      (31,047,029)
Net unrealized depreciation    (3,587,737)       (8,588,959)      (32,436,841)
- -------------------------------------------------------------------------------

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

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.  For
WIBC,  the fee is computed  at an annual rate of 0.80% of its average  daily net
assets up to $100 million and at reduced  rates as net assets exceed that level,
and is payable monthly. For WSBC and WMBC, the fee is computed at an annual rate
of 0.60% of their  average  daily net assets up to $100  million  and at reduced
rates as net assets  exceed that  level,  and is payable  monthly.  For the year
ended December 31, 2008, the fee and the effective  annual rate, as a percentage
of average daily net assets for each of the Funds were as follows:

        Fund                 Investment Adviser Fee      Effective Annual Rate
     --------------------------------------------------------------------------

        WSBC                   $  108,213                      0.60%
        WMBC                      274,083                      0.60%
        WIBC                    1,045,198                      0.80%

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

The administrator fee is earned by Eaton Vance Management (Eaton Vance) for
administering  the  business  affairs of each Fund.  The fee is  computed  at an
annual rate of 0.17% of WIBC's  average  daily net assets up to $100 million and
0.07% of average daily net assets over $100  million.  The fee is computed at an
annual  rate of 0.12% of WSBC's and WMBC's  average  daily net assets up to $100
million and 0.07% of average  daily net assets over $100  million.  For the year
ended December 31, 2008, the  administrator fee for WSBC, WMBC and WIBC amounted
to  $21,643,  $54,817 and  $184,837,  respectively.  Wright  also waived  and/or
reimbursed expenses for WSBC and WMBC (see Note 4).

Certain of the Trustees and officers of the Trust are Trustees or officers of
the above organizations and/or of the Funds' principal underwriter. Except as
to Trustees of the Trust who are not employees of Eaton Vance or Wright,
Trustees and officers receive remuneration for their services to the Trust out
of fees paid to Eaton Vance and Wright.

4.   Distribution and Service Plans
    ---------------------------------
The Trust has in effect a Distribution Plan (the Plan) pursuant to Rule 12b-1 of
the 1940 Act.  The Plan  provides  that each  Fund  will pay  Wright  Investors'
Service Distributors,  Inc. (WISDI), the principal  underwriter,  a wholly-owned
subsidiary  of  The  Winthrop   Corporation  and  an  affiliate  of  Wright,   a
distribution  fee of 0.25% of the  average  daily  net  assets  of each Fund for
distribution   services  and   facilities   provided  to  the  Funds  by  WISDI.
Distribution  fees paid or accrued to WISDI for the year ended December 31, 2008
for WSBC, WMBC and WIBC were $45,089, $114,201, and $329,057,  respectively.  In
addition,  the Trustees  have  adopted a service  plan (the Service  Plan) which
allows  the  Funds to  reimburse  the  principal  underwriter  for  payments  to
intermediaries  for providing  account  administration  and personal and account
maintenance services to their customers who are beneficial owners of each Fund's
shares.  The combined  amount of service fees payable under the Service Plan and
Rule  12b-1  distribution  fees may not exceed  0.25%  annually  of each  Fund's
average daily net assets.  For the year ended  December 31, 2008,  the Funds did
not accrue or pay any service fees. Pursuant to an Expense Limitation Agreement,
Wright  and  WISDI  have  agreed to waive  all or a  portion  of their  fees and
reimburse  expenses to the extent that total  annual  operating  expenses  after
custodian fee  reductions,  if any, exceed 1.25% of the average daily net assets
of each of WSBC and WMBC  through  April 30,  2009.  Thereafter,  the waiver and
reimbursement  may be  changed  or  terminated  at any  time.  Pursuant  to this
agreement,  Wright and WISDI waived and/or reimbursed  expenses in the aggregate
of $115,081 and $50,060 for WSBC and WMBC, respectively.

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

                         Year Ended December 31, 2008
                     --------------------------------------
                     WSBC                  WMBC                   WIBC
- ------------------------------------------------------------------------------

   Purchases    $    13,200,747      $    26,718,651           $   108,451,665
                  ==============       ==============            ==============
   Sales        $    16,019,794      $    32,687,333           $   140,326,162
                  ==============       ==============            ==============

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

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

                                                                                                      

                                                                     Year Ended                        Year Ended
                                                                  December 31, 2008                 December 31, 2007
                                                                ----------------------           ----------------------
                                                              Shares            Amount          Shares            Amount
- --------------------------------------------------------------------------------------------------------------------------------

WRIGHT SELECTED BLUE CHIP EQUITIES FUND
Sold                                                            427,666    $   2,870,659         131,958   $     1,665,341
Issued to shareholders in payment of distributions declared     192,784        1,704,210         401,088         4,525,042
Redemptions                                                    (571,344)      (5,060,980)     (1,501,608)      (18,810,209)
                                                            ------------  ----------------   ------------   ----------------
Net increase (decrease)                                          49,106   $     (486,111)       (968,562)    $ (12,619,826)
                                                            ============  ================   ============   ================

WRIGHT MAJOR BLUE CHIP EQUITIES FUND
Sold                                                            604,845   $    7,164,833         393,484     $   5,670,384
Issued to shareholders in payment of distributions declared      34,851          314,669          21,159           299,544
Redemptions                                                  (1,138,917)     (13,146,997)     (1,023,623)      (14,763,956)
                                                            ------------  ----------------   ------------   ----------------
Net decrease                                                   (499,221)  $   (5,667,495)       (608,980)    $  (8,794,028)
                                                            ============  ================   ============   ================

WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
Sold                                                          1,072,677   $   19,169,564       4,830,446     $ 115,578,462
Issued to shareholders in payment of distributions declared     435,264        6,310,860         504,859        11,019,992
Redemptions                                                 (3,468,134)     (56,133,850)     (6,722,679)     (159,773,243)
Redemption fees                                                    -               5,847              -             53,660
                                                            ------------  ----------------   ------------   ----------------
Net decrease                                                (1,960,193)  $   (30,647,579)    (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 December 31, 2008, as determined on a federal income tax basis, were as
follows:


                                                                                          
                                                                    Year Ended December 31, 2008
                                                         ---------------------------------------------------------
                                                       WSBC                      WMBC                      WIBC
- --------------------------------------------------------------------------------------------------------------------------------

 Aggregate cost                                $    16,482,496           $    40,672,768           $   100,734,836
                                               ================          ================          ================
Gross unrealized appreciation                          287,020                 1,843,681                 2,077,657
Gross unrealized depreciation                      (3,874,757)               (10,432,640)              (34,552,166)
                                               ----------------          ----------------          ----------------
Net unrealized depreciation                    $   (3,587,737)           $   (8,588,959)           $  (32,474,509)
                                               ================          ================          =================
- --------------------------------------------------------------------------------------------------------------------------------



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 December 31, 2008, WIBC had a balance  outstanding  pursuant
to this line of credit of $244,000 at an interest rate of 1%.

The average borrowings and average interest rate for the year ended December 31,
2008 were follows:

                                WSBC             WMBC                  WIBC
- -------------------------------------------------------------------------------
     Average borrowings      $ 58,598      $  143,964           $   920,667
     Average interest rate       3.0%            2.2%                  2.9%
- -------------------------------------------------------------------------------


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

10.  Securities Lending Agreement
     ------------------------------
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 Portfolio). The Fund earns interest on the amount invested in the
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 $779 for the year ended December 31, 2008. At December 31, 2008, the
value of the  securities  loaned  and the value of the  collateral  amounted  to
$1,977,119 and $2,105,799,  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 securities  lending agreement to recover
the securities from the borrower on demand.

11.  Fair Value Measurements
    -------------------------
The Funds 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 December 31, 2008, the inputs used in valuing each Fund's investments,  which
are carried at value, were as follows:

                                                                                             

                                                              WSBC                    WMBC                    WIBC
                                                           -------------------------------------------------------------
                Valuation Inputs
               ---------------------------------------------------------------------------------------------------------
     Level 1    Quoted Prices                          $     12,894,759         $    32,083,809         $    68,260,327
     Level 2    Other Significant Observable Inputs               -                       -                       -
     Level 3    Significant Unobservable Inputs                   -                       -                       -
               ---------------------------------------------------------------------------------------------------------
     Total                                             $     12,894,759         $    32,083,809         $    68,260,327



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


WRIGHT MANAGED EQUITY TRUST
- ------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying  statements of assets and liabilities of Wright
Selected Blue Chip Equities  Fund,  Wright Major Blue Chip  Equities  Fund,  and
Wright    International   Blue   Chip   Equities   Fund    (collectively,    the
"Funds")(together   comprising  Wright  Managed  Equity  Trust),  including  the
portfolios of investments,  as of December 31, 2008, and the related  statements
of operations  for the year then ended,  the statements of changes in net assets
for each of the two years in the period then ended, and the financial highlights
for each of the periods  presented.  These  financial  statements  and financial
highlights are the responsibility of the Funds'  management.  Our responsibility
is to express an opinion on these financial  statements and financial highlights
based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Funds
are not  required  to have,  nor were we engaged to  perform,  an audit of their
internal control over financial reporting.  Our audits included consideration of
internal  control  over  financial  reporting  as a basis  for  designing  audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the  effectiveness  of the Funds' internal control over
financial  reporting.  Accordingly,  we express no such  opinion.  An audit also
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by  management,  as well as evaluating the
overall financial statement  presentation.  Our procedures included confirmation
of  securities  owned  as of  December  31,  2008,  by  correspondence  with the
custodian  and  brokers;  where  replies  were not  received  from  brokers,  we
performed  other  auditing  procedures.  We believe  that our  audits  provide a
reasonable basis for our opinion.

In our opinion,  the financial  statements and financial  highlights referred to
above present  fairly,  in all material  respects,  the  financial  positions of
Wright  Selected Blue Chip Equities Fund,  Wright Major Blue Chip Equities Fund,
and Wright  International  Blue Chip Equities Fund as of December 31, 2008,  the
results of their  operations  for the year then ended,  the changes in their net
assets for each of the two years in the period  then  ended,  and the  financial
highlights  for each of the periods  presented,  in conformity  with  accounting
principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 16, 2009


WRIGHT MANAGED EQUITY TRUST AS OF DECEMBER 31, 2008
- ------------------------------------------------------------------------------
FEDERAL TAX INFORMATION (UNAUDITED)

The Form  1099-DIV  you  received  in January  2009 showed the tax status of all
distributions paid to your account in calendar 2008. Shareholders are advised to
consult  their own tax adviser  with  respect to the tax  consequences  of their
investment in the Funds. As required by the Internal  Revenue Code  regulations,
shareholders  must be  notified  within  60 days of a  Fund's  fiscal  year  end
regarding  capital gain dividends,  and the status of qualified  dividend income
for  individuals,  the dividends  received  deduction for  corporations  and the
foreign tax credit.

CAPITAL GAIN  DIVIDENDS - Wright  Selected  Blue Chip  Equities  Fund and Wright
International  Blue Chip  Equities Fund  designate  $1,863,310  and  $4,306,699,
respectively, as a capital gain dividend.

DIVIDENDS RECEIVED DEDUCTION - Corporate  shareholders are generally entitled to
take the  dividends  received  deduction  on the  portion  of a fund's  dividend
distribution  that  qualifies  under tax law. For the Wright  Selected Blue Chip
Equities Fund's, Wright Major Blue Chip Equities Fund's and Wright International
Blue Chip Equities Fund's fiscal 2008 ordinary income  dividends,  99.49%,  100%
and  1.30%,  respectively,   qualifies  for  the  corporate  dividends  received
deduction.

QUALIFIED  DIVIDEND  INCOME - Wright  Selected Blue Chip Equities  Fund,  Wright
Major Blue Chip Equities Fund and Wright  International  Blue Chip Equities Fund
designate approximately $177,714, $937,409 and $6,154,751,  respectively,  or up
to the maximum  amount of such  dividends  allowable  pursuant  to the  Internal
Revenue Code, as qualified  dividend income eligible for the reduced tax rate of
15%.

FOREIGN TAX CREDIT - Wright  International  Blue Chip Equities Fund paid foreign
taxes of $595,667 and recognized foreign source income of $5,897,874.




WRIGHT TOTAL RETURN BOND FUND (WTRB)
- ------------------------------------------------------
Portfolio of Investments - As of December 31, 2008

                                                                                        

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


ASSET-BACKED SECURITIES - 1.4%
$      155,000    AEP Texas Central Transition Funding LLC,
                    Series 2006-A, Class A2                            4.980%        07/01/13     $    153,565
       180,000    PSE&G Transition Funding LLC,
                    Series 2001-1, Class A7                            6.750%        06/15/16          183,012
                                                                                                   ------------
Total Asset-Backed Securities (identified cost, $348,198)                                         $    336,577
                                                                                                   ------------


COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.8%
$      220,000    Citigroup Commercial Mortgage Trust,
                    Series 2004-C2, Class A5                           4.733%        10/15/41     $    181,777
       285,000    CS First Boston Mortgage Securities Corp.,
                    Series 2003-C3, Class A5                           3.936%        05/15/38          243,081
       330,000    JP Morgan Chase Commercial Mortgage Securities Corp.,
                    Series 2004-C3, Class A5                           4.878%        01/15/42          265,413
       265,000    Lehman Brothers UBS, Series 2006-C6, Class A4        5.372%        09/15/39          208,691
       270,000    Merrill Lynch Mortgage Trust,
                    Series 2005-LC1 Class A4                           5.291% (1)    01/12/44          222,275
       420,000    Merrill Lynch/Countrywide Commercial Mortgage Trust,
                  Series 2006-2, Class A4                              5.909% (1)    06/12/46          337,839
       126,645    Salomon Brothers Mortgage Securities VII, Series 2002-KEY2,
                     Class A2                                          4.467%        03/18/36          118,091
                                                                                                     -----------
Total Commercial Mortgage-Backed Securities (identified cost, $1,888,442)                          $ 1,577,167
                                                                                                     -----------


NON-AGENCY MORTGAGE-BACKED SECURITIES - 1.3%
$      238,491    First Horizon Alternative Mortgage Securities,
                    Series 2005-AA10, Class 1A2                        5.707% (1)    12/25/35      $    71,425
       367,643    First Horizon Asset Securities Inc,
                    Series 2007-AR2, Class 1A1                         5.846% (1)    06/25/37          239,778
                                                                                                     ------------
Total Non-Agency Mortgage-Backed Securities (identified cost, $606,134)                            $   311,203
                                                                                                     ------------


CORPORATE BONDS - 31.9%

AEROSPACE -- 0.5%
- -----------------
$      115,000    Lockheed Martin Corp.                                8.200%        12/01/09      $   119,520

BANKS & MISCELLANEOUS FINANCIAL-- 3.7%
- --------------------------------------
$       60,000    American Express Credit Corp.                        7.300%        08/20/13      $    61,475
       250,000    Capital One Bank USA NA                              2.278% (1)    02/23/09          249,016
       110,000    Credit Suisse USA, Inc.                              6.125%        11/15/11          111,177
       235,000    HSBC Finance Corp.                                   6.375%        10/15/11          231,350
       200,000    Royal Bank of Scotland Group PLC                     7.648% (1)    08/31/49           96,845
       110,000    Wells Fargo & Co.                                    4.375%        01/31/13          107,813

CABLE TV-- 0.9%
- ---------------
$      100,000    Comcast Cable Communications Holdings                5.875%        02/15/18      $    94,924
       125,000    Time Warner, Inc.                                    5.875%        11/15/16          112,231

COMMUNICATIONS EQUIPMENT-- 0.5%
- -------------------------------
$      140,000    Harris Corp.                                         5.000%        10/01/15      $   116,490

COMPUTERS & PERIPHERALS-- 0.5%
- ------------------------------
$      105,000    International Business Machines Corp.                7.625%        10/15/18      $   126,141

DIVERSIFIED FINANCIALS-- 7.9%
- -----------------------------
$      240,000    Ameriprise Financial, Inc.                           5.350%        11/15/10      $   216,366
       115,000    Bank of America Corp.                                5.650%        05/01/18          115,890
       125,000    Bear Stearns Cos. Inc. (The)                         4.550%        06/23/10          124,858
        75,000    CIT Group, Inc.                                      7.625%        11/30/12           63,363
       115,000    Citigroup, Inc.                                      6.125%        11/21/17          116,410
       110,000    Daimler Finance North America LLC                    6.500%        11/15/13           85,885
       225,000    General Electric Capital Corp.                       6.750%        03/15/32          239,945
        90,000    Genworth Global Funding Trusts                       5.200%        10/08/10           71,098
       235,000    Goldman Sachs Group, Inc. (The)                      6.150%        04/01/18          226,216
       245,000    International Lease Finance Corp.                    5.875%        05/01/13          163,705
       125,000    Merrill Lynch & Co., Inc.                            6.050%        05/16/16          117,104
       100,000    Morgan Stanley                                       5.300%        03/01/13           90,771
       210,000    National Rural Utilities Cooperative Finance Corp.   7.250%        03/01/12          216,372

ELECTRIC UTILITIES-- 3.0%
- -------------------------
$      115,000    American Electric Power                              5.250%        06/01/15      $  106,284
       110,000    Consolidated Edison Co. of New York, Inc.            7.125%        12/01/18         118,492
        90,000    Dominion Resources, Inc.                             6.300%        03/15/33          81,130
       100,000    Duke Cap Corp.                                       7.500%        10/01/09          99,201
       115,000    FPL Group Capital Inc.                               7.300% (1)    09/01/67          64,485
        50,000    Pacific Gas & Electric Co.                           8.250%        10/15/18          60,178
       115,000    PSI Energy, Inc.                                     5.000%        09/15/13         109,123
        60,000    Public Service Electric & Gas Co.                    5.300%        05/01/18          58,384
FOOD - RETAIL-- 0.7%
- --------------------
$      115,000    Kraft Foods, Inc.                                    6.000%        02/11/13     $  116,971
        50,000    Safeway, Inc.                                        6.500%        03/01/11         50,172
FOOD, BEVERAGE & TOBACCO-- 1.8%
- -------------------------------
$       55,000    Altria Group, Inc.                                   9.700%        11/10/18     $   59,541
        55,000    Diageo Capital PLC                                   7.375%        01/15/14         58,650
        55,000    General Mills, Inc.                                  6.000%        02/15/12         57,096
       100,000    PepsiCo, Inc.                                        7.900%        11/01/18        122,784
       105,000    Philip Morris International, Inc.                    6.875%        03/17/14        110,463

INFORMATION TECHNOLOGY-- 0.9%
- -----------------------------
$      195,000    Oracle Corp.                                         5.000%        01/15/11      $ 200,357

INSURANCE -- 2.0%
- --------------------
$      130,000    Fund American Cos., Inc.                             5.875%        05/15/13      $  94,697
       125,000    MetLife, Inc.                                        5.000%        06/15/15        117,244
       130,000    PartnerRe Finance II                                 6.440% (1)    12/01/66         51,737
       200,000    St. Paul Travelers                                   5.500%        12/01/15        191,917

MEDICAL -- 2.1%
- -------------------
$      245,000    Bristol-Myers Squibb Co.                             5.875%        11/15/36      $ 261,463
       115,000    WellPoint, Inc.                                      5.875%        06/15/17        104,834
       115,000    Wyeth                                                5.500%        02/01/14        116,944

MINING -- 0.3%
- ------------------
$       80,000    Barrick Gold Financeco LLC                           6.125%        09/15/13      $  75,933

OIL & GAS-- 2.8%
- ----------------
$      105,000    Baker Hughes, Inc.                                   7.500%        11/15/18      $ 116,616
       110,000    Canadian Natural Resources, Ltd.                     5.700%        05/15/17         96,087
       120,000    EnCana Corp.                                         5.900%        12/01/17        100,281
        80,000    Halliburton Co.                                      6.700%        09/15/38         86,828
       100,000    Sempra Energy                                        6.000%        02/01/13         96,089
       170,000    TransCanada Pipelines, Ltd.                          6.500%        08/15/18        167,074

RETAIL -- 0.5%
- ----------------
$      120,000    Home Depot, Inc.                                     5.200%        03/01/11      $ 116,741

SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 0.7%
- -----------------------------------------
$      165,000    Applied Materials, Inc.                              7.125%        10/15/17      $ 152,342

TELECOMMUNICATIONS -- 2.6%
- -----------------------------
$       95,000    AT&T Wireless Services, Inc.                         7.875%        03/01/11      $  98,397
        70,000    British Telecom PLC                                  9.125%        12/15/30         74,588
       100,000    Deutsche Telekom International Finance BV            8.000%        06/15/10        103,042
       120,000    France Telecom SA                                    7.750%        03/01/11        126,339
       175,000    Verizon Global Funding Corp.                         7.750%        12/01/30        194,593

TRANSPORTATION -- 0.5%
- ------------------------
$      125,000    Burlington Northern Santa Fe Corp.                   5.650%        05/01/17      $ 120,218
                                                                                                  ------------

Total Corporate Bonds (identified cost, $7,903,739)                                              $ 7,412,280
                                                                                                  ------------


U.S. GOVERNMENT INTERESTS - 56.5%

AGENCY MORTGAGE-BACKED SECURITIES-- 44.2%
- -----------------------------------------
$      243,144    FHLMC Gold Pool #A32600                              5.500%        05/01/35     $  249,233
        65,536    FHLMC Gold Pool #C01646                              6.000%        09/01/33         67,741
        45,564    FHLMC Gold Pool #C27663                              7.000%        06/01/29         47,968
       146,244    FHLMC Gold Pool #C47318                              7.000%        09/01/29        155,064
       555,206    FHLMC Gold Pool #C55780                              6.000%        01/01/29        576,743
       352,059    FHLMC Gold Pool #C66878                              6.500%        05/01/32        367,406
       239,977    FHLMC Gold Pool #C91046                              6.500%        05/01/27        249,631
        83,550    FHLMC Gold Pool #D66753                              6.000%        10/01/23         85,380
        14,220    FHLMC Gold Pool #E00903                              7.000%        10/01/15         14,916
       345,702    FHLMC Gold Pool #G01035                              6.000%        05/01/29        358,248
       252,230    FHLMC Gold Pool #G02478                              5.500%        12/01/36        258,507
       290,469    FHLMC Gold Pool #H19018                              6.500%        08/01/37        299,546
       243,017    FHLMC Gold Pool #K30262                              5.000%        11/01/47        238,129
       134,242    FHLMC Gold Pool #N30514                              5.500%        11/01/28        138,853
       365,812    FHLMC Gold Pool #P00024                              7.000%        09/01/32        379,609
        59,833    FHLMC Gold Pool #P50031                              7.000%        08/01/18         62,787
        50,719    FHLMC Gold Pool #P50064                              7.000%        09/01/30         53,224
       127,256    FHLMC Pool #1B1291                                   4.998% (1)    11/01/33        127,700
       554,647    FHLMC Pool #1G0233                                   5.001% (1)    05/01/35        559,882
       123,554    FHLMC Pool #781071                                   5.183% (1)    11/01/33        122,850
        98,222    FHLMC Pool #781804                                   5.056% (1)    07/01/34         98,620
        49,606    FHLMC Pool #781884                                   5.141% (1)    08/01/34         50,236
       117,995    FHLMC Pool #782862                                   5.002% (1)    11/01/34        122,661
       301,343    FHLMC Series 1983 Z                                  6.500%        12/15/23        300,972
       283,696    FHLMC Series 2044 PE                                 6.500%        04/15/28        301,516
       130,170    FNMA Pool #253057                                    8.000%        12/01/29        137,900
        40,516    FNMA Pool #254845                                    4.000%        07/01/13         41,242
        40,423    FNMA Pool #254863                                    4.000%        08/01/13         41,002
        24,530    FNMA Pool #479477                                    6.000%        01/01/29         25,427
        28,014    FNMA Pool #489357                                    6.500%        03/01/29         29,323
        26,112    FNMA Pool #535332                                    8.500%        04/01/30         28,258
       190,843    FNMA Pool #545407                                    5.500%        01/01/32        196,577
        45,398    FNMA Pool #545782                                    7.000%        07/01/32         48,192
        38,697    FNMA Pool #597396                                    6.500%        09/01/31         40,505
       557,340    FNMA Pool #725515                                    5.000%        04/01/19        574,396
        64,823    FNMA Pool #725866                                    4.500%        09/01/34         65,878
       162,897    FNMA Pool #727374                                    4.000%        08/01/18        167,195
       163,826    FNMA Pool #738630                                    5.500%        11/01/33        168,363
       396,081    FNMA Pool #745467                                    5.770% (1)    04/01/36        406,193
       557,999    FNMA Pool #745755                                    5.000%        12/01/35        570,926
       197,963    FNMA Pool #747529                                    4.500%        10/01/33        201,310
       691,054    FNMA Pool #781893                                    4.500%        11/01/31        707,875
        69,614    FNMA Pool #809888                                    4.500%        03/01/35         70,704
       149,132    FNMA Pool #906455                                    5.978% (1)    01/01/37        152,603
       155,883    GNMA II Pool #2630                                   6.500%        08/20/28        164,115
         7,071    GNMA II Pool #2909                                   8.000%        04/20/30          7,509
        17,880    GNMA II Pool #2972                                   7.500%        09/20/30         18,883
         6,341    GNMA II Pool #2973                                   8.000%        09/20/30          6,734
        70,705    GNMA II Pool #3095                                   6.500%        06/20/31         74,478
       199,545    GNMA Pool #374892                                    7.000%        02/15/24        211,516
        44,356    GNMA Pool #376400                                    6.500%        02/15/24         46,484
        67,138    GNMA Pool #379982                                    7.000%        02/15/24         71,165
       198,012    GNMA Pool #393347                                    7.500%        02/15/27        209,896
        72,367    GNMA Pool #410081                                    8.000%        08/15/25         77,016
        36,026    GNMA Pool #427199                                    7.000%        12/15/27         38,184
        16,876    GNMA Pool #436214                                    6.500%        02/15/13         17,793
       101,886    GNMA Pool #448490                                    7.500%        03/15/27        108,001
        51,971    GNMA Pool #458762                                    6.500%        01/15/28         54,634
        72,952    GNMA Pool #460726                                    6.500%        12/15/27         76,631
        26,606    GNMA Pool #463839                                    6.000%        05/15/13          28,08
        16,258    GNMA Pool #488924                                    6.500%        11/15/28         17,091
        15,750    GNMA Pool #510706                                    8.000%        11/15/29         16,808
        77,285    GNMA Pool #581536                                    5.500%        06/15/33         79,887

U.S. GOVERNMENT AGENCIES-- 5.9%
- -------------------------------
$      225,000    Citigroup, Inc. (FDIC guaranteed)                    2.875%        12/09/11    $   232,176
       150,000    Federal Home Loan Bank                               5.000%        11/17/17        172,289
       325,000    Federal National Mortgage Association                3.250%        04/09/13        338,988
       200,000    Federal National Mortgage Association                6.250%        05/15/29        273,957
       110,000    JPMorgan Chase & Co. (FDIC guaranteed)               3.125%        12/01/11        114,358
       220,000    Regions Bank (FDIC guaranteed)                       3.250%        12/09/11        229,039

U.S. TREASURIES-- 6.4%
- ----------------------
$      815,000    U.S. Treasury Notes                                  3.500%        02/15/10    $   844,226
       625,000    U.S. Treasury Strip                                  0.000%        02/15/18        480,850
       275,000    U.S. Treasury Strip                                  0.000%        02/15/27        156,722
                                                                                                ------------
Total U.S. Government Interests (identified cost, $12,707,529)                                   $13,128,803
                                                                                                ------------


TOTAL INVESTMENTS (identified cost, $23,454,042)-- 97.9%                                         $22,766,030
OTHER ASSETS, LESS LIABILITIES-- 2.1%                                                                496,373
                                                                                                ------------

NET ASSETS-- 100.0%                                                                              $23,262,403
                                                                                                ============


Industry classifications included in the Portfolio of Investments are unaudited.

FHLMC - Federal Home Loan Mortgage Corporation; FNMA - Federal National Mortgage
Association; GNMA - Government National Mortgage Association
(1) Adjustable rate security. Rate shown is the rate at December 31, 2008.

See notes to financial statements



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


                 STATEMENT OF ASSETS AND LIABILITIES

                         December 31, 2008
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $23,454,042) (Note 1A)     $ 22,766,030
  Cash                                              266,114
  Receivable for fund shares sold                    12,102
  Receivable from affiliates                         25,118
  Interest receivable                               206,147
  Other assets                                      180,390
                                               ------------
   Total assets                                $ 23,455,901
                                               ------------

LIABILITIES:
  Payable for investments purchased            $    146,979
  Payable for fund shares reacquired                  4,351
  Distributions payable                              16,308
  Payable to affiliate for distribution expenses        478
  Accrued expenses and other liabilities             25,382
                                               ------------
   Total liabilities                           $    193,498
                                               ------------
NET ASSETS                                     $ 23,262,403
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 26,109,560
  Accumulated net realized loss on investments
   (computed on the basis of identified cost)   (2,142,837)
  Unrealized appreciation (depreciation)
   of investments(computed on the basis of
   identified cost)                               (688,012)
  Accumulated distributions in excess of
   net investment income                           (16,308)
                                               ------------
  Net assets applicable to outstanding shares  $ 23,262,403
                                               ============
SHARES OF BENEFICIAL INTEREST
  OUTSTANDING                                     1,940,235
                                               ============
NET ASSET VALUE, OFFERING PRICE, AND
  REDEMPTION PRICE PER SHARE OF
  BENEFICIAL INTEREST                          $      11.99
                                               ============





                      STATEMENT OF OPERATIONS

                For the Year Ended December 31, 2008
- -------------------------------------------------------------------------------


INVESTMENT INCOME (Note 1C)
   Interest income                             $  1,278,987
                                               ------------

  Expenses -
   Investment adviser fee (Note 3)             $    105,943
   Administrator fee (Note 3)                        16,480
   Compensation of Trustees who are not employees
    of the investment adviser or administrator       19,420
   Custodian fee (Note 1F)                           65,754
   Distribution expenses (Note 4)                    58,857
   Transfer and dividend disbursing agent fees       18,178
   Printing                                           2,834
   Interest expense                                   2,100
   Shareholder communications                         1,322
   Audit services                                    28,436
   Legal services                                     5,908
   Registration costs                                22,663
   Miscellaneous                                      8,927
                                               ------------
    Total expenses                             $    356,822
                                               ------------

  Deduct -
   Waiver and/or reimbursement by the principal
   underwriter and/or investment adviser
   (Note 3 and 4)                              $  (189,917)
   Reduction of custodian fee (Note 1F)             (2,052)
                                               ------------
    Total deductions                           $  (191,969)
                                               ------------
    Net expenses                               $    164,853
                                               ------------
    Net investment income                      $  1,114,134
                                               ------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on investment transactions
   (identified cost basis)                     $    224,053
  Net change in unrealized appreciation
   (depreciation) on investments               $  (922,629)
                                               ------------
  Net realized and unrealized loss
   on investments                              $  (698,576)
                                               ------------
  Net increase in net assets from operations   $    415,558
                                               ============


See notes to financial statements


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

                                                                                                       

                                                                                                   Year Ended
                                                                                                  December 31,

                                                                                     --------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS                                                        2008                  2007
- ---------------------------------------------------------------------------------------------------------------------------


INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                           $   1,114,134          $   1,258,878
     Net realized gain (loss) on investment transactions                                   224,053               (96,499)
     Net change in unrealized appreciation (depreciation) on investments                 (922,629)                300,776
                                                                                     --------------         --------------
       Net increase in net assets from operations                                    $     415,558          $   1,463,155
                                                                                     --------------         --------------
   Distributions to shareholders (Note 2) -
     From net investment income                                                      $ (1,166,826)          $ (1,291,075)
                                                                                     --------------         --------------
       Total distributions                                                           $ (1,166,826)          $ (1,291,075)
                                                                                     --------------         --------------
   Net decrease in net assets from fund share transactions (Note 6)                  $   (975,127)          $ (6,049,001)
                                                                                     --------------         --------------
       Net decrease in net assets                                                    $ (1,726,395)          $ (5,876,921)

NET ASSETS:
   At beginning of year                                                                 24,988,798             30,865,719
                                                                                     --------------         --------------
   At end of year                                                                    $  23,262,403          $  24,988,798
                                                                                     ==============         ==============

ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
   INCOME INCLUDED IN NET ASSETS AT END OF YEAR                                      $    (16,308)          $    (10,011)
                                                                                     ==============         ==============

See notes to financial statements



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

                                                                                                    


                                                                           Year Ended December 31,
- --------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                                           2008(3)       2007(3)       2006         2005        2004
- --------------------------------------------------------------------------------------------------------------------------------


Net asset value, beginning of year                            $ 12.390     $  12.290    $  12.430    $  12.770     $ 12.870
                                                              ---------    ---------    ---------    ---------     ---------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
   Net investment income(1)                                   $  0.573     $   0.558    $   0.483    $   0.465     $  0.453
   Net realized and unrealized gain (loss)                      (0.373)        0.115       (0.082)      (0.271)      (0.011)
                                                              ---------    ---------    ---------    ---------     ---------
     Total income from investment operations                  $  0.200     $   0.673    $   0.401    $   0.194     $  0.442
                                                              ---------    ---------    ---------    ---------     ---------
LESS DISTRIBUTIONS:
   From net investment income                                 $ (0.600)    $  (0.573)   $  (0.541)   $  (0.534)    $ (0.542)
                                                              ---------    ---------    ---------    ---------     ---------
     Total distributions                                      $ (0.600)    $  (0.573)   $  (0.541)   $  (0.534)    $ (0.542)
                                                              ---------    ---------    ---------    ---------     ---------
Net asset value, end of year                                  $ 11.990     $  12.390    $  12.290    $  12.430     $ 12.770
                                                              =========    =========    =========    =========     =========

TOTAL RETURN(2)                                                  1.69%         5.64%        3.34%        1.54%        3.52%

RATIOS/SUPPLEMENTAL DATA(1):

   Net assets, end of year (000 omitted)                      $  23,262    $  24,989    $  30,866    $  41,288     $ 38,213
   Ratios (As a percentage of average daily net assets):
     Net expenses                                                0.71%         0.87%        0.99%        0.98%        0.96%
     Net expenses after custodian fee reduction                  0.70%         0.85%        0.95%        0.95%        0.95%
     Net investment income                                       4.73%         4.56%        3.96%        3.66%        3.58%
   Portfolio turnover rate                                        125%          119%          90%          86%          64%

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


(1) For the years ended  December  31,  2008,  2007,  2006,  2005 and 2004, the
operating expenses of the Fund were reduced by a waiver of fees and/or an allocation
of expenses to the principal underwriter 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
                                                           ------------------------------------------------------------------

     Net investment income per share                          $  0.475     $   0.490    $   0.453    $   0.439     $  0.429
                                                              =========    =========    =========    =========     =========
     Ratios (As a percentage of average daily net assets):

         Expenses                                                1.52%         1.41%        1.23%        1.18%        1.18%
                                                              =========    =========    =========    =========     =========
         Expenses after custodian fee reduction                  1.51%         1.38%        1.19%        1.15%        1.17%
                                                              =========    =========    =========    =========     =========
         Net investment income                                   3.93%         4.03%        3.72%        3.46%        3.36%
                                                              =========    =========    =========    =========     =========

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


(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.

See notes to financial statements



WRIGHT CURRENT INCOME FUND (WCIF)
- -------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS - AS OF DECEMBER 31, 2008

                                                                                          

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

NON-AGENCY MORTGAGE-BACKED SECURITIES -- 3.2%
$   240,917       Bear Stearns Adj. Rate Mortgage Trust,
                    Series 2003-4, Class 3A1                             4.960%(1)     07/25/33   $   191,676
    729,434       Chase Mortgage Finance Corporation,
                    Series 2003-S13, Class A16                           5.000%        11/25/33       687,389
    462,697       Countrywide Home Loans, Series 2006-J1, Class 3A1      6.000%        02/25/36       357,929
                                                                                                  ------------
Total Non-Agency Mortgage-Backed Securities (identified cost $1,374,142) - 3.2%                    $1,236,994
                                                                                                  ------------

AGENCY MORTGAGE-BACKED SECURITIES -- 94.9%
$    38,950       FHLMC Gold Pool #C00548                                7.000%       08/01/27      $   41,004
    118,360       FHLMC Gold Pool #C00778                                7.000%       06/01/29         124,605
    180,655       FHLMC Gold Pool #C47318                                7.000%       09/01/29         191,550
    354,274       FHLMC Gold Pool #C90580                                6.000%       09/01/22         366,956
     75,689       FHLMC Gold Pool #D81642                                7.500%       08/01/27          79,960
    152,318       FHLMC Gold Pool #D82572                                7.000%       09/01/27         160,350
     85,557       FHLMC Gold Pool #E00678                                6.500%       06/01/14          88,393
     89,382       FHLMC Gold Pool #E00721                                6.500%       07/01/14          92,362
     89,015       FHLMC Gold Pool #E81704                                8.500%       05/01/15         102,288
    475,331       FHLMC Gold Pool #E88471                                7.500%       01/01/17         499,268
    134,264       FHLMC Gold Pool #E90181                                6.500%       06/01/17         139,519
     95,596       FHLMC Gold Pool #G00812                                6.500%       04/01/26         100,301
    662,105       FHLMC Gold Pool #G02478                                5.500%       12/01/36         678,582
    198,919       FHLMC Pool #2176 OJ                                    7.000%       08/15/29         208,253
    110,276       FHLMC Pool #2201 C                                     8.000%       11/15/29         116,699
    241,457       FHLMC Pool #2259 ZM                                    7.000%       10/15/30         254,033
    218,385       FHLMC Pool #2410 NG                                    6.500%       02/15/32         228,870
    232,686       FHLMC Pool #2457 PE                                    6.500%       06/15/32         241,997
     84,706       FHLMC Pool #845830                                     5.738%(1)    07/01/24          85,518
    338,649       FHLMC Series 15                                        7.000%       07/25/23         357,061
    759,454       FNMA Pool #252034                                      7.000%       09/01/28         805,366
     15,386       FNMA Pool #254227                                      5.000%       02/01/09          15,331
     92,205       FNMA Pool #254305                                      6.500%       05/01/22          96,371
     14,594       FNMA Pool #254505                                      5.000%       11/01/09          14,640
    315,643       FNMA Pool #254588                                      6.000%       12/01/22         326,688
    151,614       FNMA Pool #255068                                      6.000%       01/01/24         156,819
    539,239       FNMA Pool #255958                                      5.000%       10/01/35         536,482
  1,034,186       FNMA Pool #256600                                      5.500%       02/01/27       1,062,911
    223,879       FNMA Pool #313953                                      7.000%       12/01/17         237,164
    174,417       FNMA Pool #532204                                      7.000%       02/01/20         184,616
     86,478       FNMA Pool #535131                                      6.000%       03/01/29          89,644
    123,509       FNMA Pool #535817                                      7.000%       04/01/31         130,722
    112,191       FNMA Pool #545133                                      6.500%       12/01/28         117,704
    441,861       FNMA Pool #673315                                      5.500%       11/01/32         454,583
    802,199       FNMA Pool #725419                                      4.500%       10/01/33         815,759
    235,836       FNMA Pool #727374                                      4.000%       08/01/18         242,058
     62,575       FNMA Pool #733750                                      6.310%       10/01/32           65,06
    546,876       FNMA Pool #735861                                      6.500%       09/01/33         572,425
    264,346       FNMA Pool #745630                                      5.500%       01/01/29         273,940
    339,877       FNMA Pool #801357                                      5.500%       08/01/34         349,663
    415,586       FNMA Pool #871394                                      7.000%       04/01/21         433,811
    453,729       FNMA Pool #888129                                      5.500%       02/01/37         465,730
    672,007       FNMA Pool #888339                                      4.500%       04/01/37         682,527
    661,172       FNMA Series 2000-T6, Class A1                          7.500%       06/25/30         686,702
  1,218,091       FNMA Series 2002-T4, Class A2                          7.000%       12/25/41       1,255,688
    288,159       FNMA Series 2003-W3, Class 2A5                         5.356%       06/25/42         290,699
    389,915       FNMA Series G93-5, Class Z                             6.500%       02/25/23         413,484
    106,217       GNMA I Pool #448970                                    8.000%       08/15/27         113,437
    449,014       GNMA I Pool #487108                                    6.000%       04/15/29         465,848
    728,805       GNMA I Pool #675363                                    6.000%       01/15/35         753,510
    305,184       GNMA I Pool #780492                                    7.000%       09/15/24         323,885
      3,091       GNMA II Pool #1596                                     9.000%       04/20/21           3,298
     41,168       GNMA II Pool #2268                                     7.500%       08/20/26          43,493
    133,490       GNMA II Pool #2442                                     6.500%       06/20/27         140,522
      4,688       GNMA II Pool #2855                                     8.500%       12/20/29           5,055
    247,950       GNMA II Pool #3284                                     5.500%       09/20/32         255,744
    527,207       GNMA II Pool #3388                                     4.500%       05/20/33         533,072
    116,656       GNMA II Pool #3401                                     4.500%       06/20/33         117,953
     95,270       GNMA II Pool #3484                                     3.500%       09/20/33          88,270
    174,220       GNMA II Pool #3554                                     4.500%       05/20/34         176,258
    919,901       GNMA II Pool #3556                                     5.500%       05/20/34         947,797
    504,007       GNMA II Pool #3689                                     4.500%       03/20/35         510,125
  2,124,067       GNMA II Pool #3747                                     5.000%       08/20/35       2,181,125
    355,304       GNMA II Pool #4149                                     7.500%       05/20/38         369,172
  1,000,000       GNMA II pool #4308                                     5.000%       12/20/38       1,005,000
    112,020       GNMA II Pool #601135                                   6.310%       09/20/32         117,514
    128,281       GNMA II Pool #601255                                   6.310%       01/20/33         134,136
    109,042       GNMA II Pool #608120                                   6.310%       01/20/33         114,019
    475,684       GNMA II Pool #648541                                   6.000%       10/20/35         489,988
  2,087,896       GNMA II Pool #696908                                   4.500%       07/20/38       2,110,754
     27,261       GNMA II Pool #723                                      7.500%       01/20/23          28,794
     89,265       GNMA II Pool #81161                                    5.500%       11/20/34          89,037
      1,487       GNMA Pool #176992                                      8.000%       11/15/16           1,589
      2,144       GNMA Pool #177784                                      8.000%       10/15/16           2,290
     10,517       GNMA Pool #192357                                      8.000%       04/15/17          11,253
      9,018       GNMA Pool #194057                                      8.500%       04/15/17           9,653
      2,267       GNMA Pool #194287                                      9.500%       03/15/17           2,461
      1,199       GNMA Pool #196063                                      8.500%       03/15/17           1,283
      6,517       GNMA Pool #211231                                      8.500%       05/15/17           6,975
      1,246       GNMA Pool #212601                                      8.500%       06/15/17           1,333
      1,712       GNMA Pool #220917                                      8.500%       04/15/17           1,833
      6,320       GNMA Pool #223348                                     10.000%       08/15/18           7,032
      5,571       GNMA Pool #228308                                     10.000%       01/15/19           6,197
      2,614       GNMA Pool #230223                                      9.500%       04/15/18           2,843
      3,370       GNMA Pool #251241                                      9.500%       06/15/18           3,666
      3,727       GNMA Pool #260999                                      9.500%       09/15/18           4,054
      5,276       GNMA Pool #263439                                     10.000%       02/15/19           5,853
      1,371       GNMA Pool #265267                                      9.500%       08/15/20           1,494
      1,683       GNMA Pool #266983                                     10.000%       02/15/19           1,867
        776       GNMA Pool #286556                                      9.000%       03/15/20             832
      3,581       GNMA Pool #301366                                      8.500%       06/15/21           3,831
      4,506       GNMA Pool #302933                                      8.500%       06/15/21           4,822
     10,610       GNMA Pool #308792                                      9.000%       07/15/21          11,362
      1,846       GNMA Pool #314222                                      8.500%       04/15/22           1,975
      3,375       GNMA Pool #315187                                      8.000%       06/15/22           3,591
     10,955       GNMA Pool #315754                                      8.000%       01/15/22          11,653
     25,626       GNMA Pool #319441                                      8.500%       04/15/22          27,411
      7,764       GNMA Pool #325165                                      8.000%       06/15/22           8,259
      9,006       GNMA Pool #335950                                      8.000%       10/15/22           9,580
    170,409       GNMA Pool #346987                                      7.000%       12/15/23         180,927
     74,062       GNMA Pool #352001                                      6.500%       12/15/23          77,294
     27,032       GNMA Pool #352110                                      7.000%       08/15/23          28,700
     48,993       GNMA Pool #368238                                      7.000%       12/15/23          52,016
     48,503       GNMA Pool #372379                                      8.000%       10/15/26          51,642
     58,372       GNMA Pool #396537                                      7.490%       03/15/25          61,903
     43,589       GNMA Pool #399726                                      7.490%       05/15/25          46,226
    133,104       GNMA Pool #399788                                      7.490%       09/15/25         141,156
     29,432       GNMA Pool #399958                                      7.490%       02/15/27          31,190
     31,757       GNMA Pool #399964                                      7.490%       04/15/26          33,668
     62,956       GNMA Pool #410215                                      7.500%       12/15/25          66,781
      7,345       GNMA Pool #414736                                      7.500%       11/15/25           7,791
     37,141       GNMA Pool #420707                                      7.000%       02/15/26          39,358
     20,276       GNMA Pool #421829                                      7.500%       04/15/26          21,502
     11,277       GNMA Pool #431036                                      8.000%       07/15/26          12,007
     14,678       GNMA Pool #431612                                      8.000%       11/15/26          15,628
     29,381       GNMA Pool #438004                                      7.490%       11/15/26          31,149
      8,484       GNMA Pool #442190                                      8.000%       12/15/26           9,033
     14,844       GNMA Pool #449176                                      6.500%       07/15/28          15,605
     33,215       GNMA Pool #462623                                      6.500%       03/15/28          34,917
    289,594       GNMA Pool #471369                                      5.500%       05/15/33         299,344
     27,941       GNMA Pool #475149                                      6.500%       05/15/13          29,458
    138,597       GNMA Pool #489377                                      6.375%       03/15/29         145,203
     37,920       GNMA Pool #524811                                      6.375%       09/15/29          39,728
     29,356       GNMA Pool #538314                                      7.000%       02/15/32          30,876
    285,564       GNMA Pool #595606                                      6.000%       11/15/32         295,734
     33,431       GNMA Pool #602377                                      4.500%       06/15/18          34,762
     38,435       GNMA Pool #603377                                      4.500%       01/15/18          39,965
    175,543       GNMA Pool #609452                                      4.000%       08/15/33         172,870
    205,555       GNMA Pool #616829                                      5.500%       01/15/25         217,510
    471,694       GNMA Pool #624600                                      6.150%       01/15/34         489,091
    107,947       GNMA Pool #640940                                      5.500%       05/15/35         111,480
     97,397       GNMA Pool #658267                                      6.500%       02/15/22         102,670
     50,451       GNMA Pool #780429                                      7.500%       09/15/26          53,509
    172,954       GNMA Pool #780977                                      7.500%       12/15/28         183,385
    443,413       GNMA Pool #781120                                      7.000%       12/15/29         469,478
  1,180,054       GNMA Series 1999-4, Class 2B                           6.000%       02/20/29       1,218,109
    423,158       GNMA Series 2000-14, Class PD                          7.000%       02/16/30         448,195
    762,690       GNMA Series 2001-2, Class GD                           7.500%       07/20/28         818,798
    375,495       GNMA Series 2001-4, Class PM                           6.500%       03/20/31         393,461
    466,714       GNMA Series 2002-22, Class GF                          6.500%       03/20/32         488,836
    318,796       GNMA Series 2002-40, Class UK                          6.500%       06/20/32         333,953
    254,686       GNMA Series 2002-45, Class QE                          6.500%       06/20/32         266,676
  1,800,830       GNMA Series 2002-47, Class PG                          6.500%       07/16/32       1,886,931
    209,641       GNMA Series 2002-7, Class PG                           6.500%       01/20/32         225,924
    366,038       Vendee Mortgage Trust, Series 1998-1, Class 2E         7.000%       09/15/27         383,681
    452,019       Vendee Mortgage Trust, Series 1996-1, Class 1Z         6.750%       02/15/26         476,903
                                                                                                  ------------
Total Agency Mortgage-Backed Securities (identified cost $35,269,675)-- 94.9%                      $36,821,980
                                                                                                  ------------

TOTAL INVESTMENTS (identified cost $36,643,817)-- 98.1%                                            $38,058,974

OTHER ASSETS, LESS LIABILITIES-- 1.9%                                                                  747,235
                                                                                                  ------------
NET ASSETS-- 100.0%                                                                                $38,806,209
                                                                                                  ============


Industry classifications included in the Portfolio of Investments are unaudited.

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

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

See notes to financial statements




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


              STATEMENT OF ASSETS AND LIABILITIES

                       December 31, 2008
- -------------------------------------------------------------------------------


ASSETS:
  Investments, at value
   (identified cost $36,643,817) (Note 1A)     $ 38,058,974
  Cash                                              567,368
  Receivable for fund shares sold                    64,692
  Receivable from affiliates                          7,119
  Interest receivable                               189,801
  Other assets                                        2,840
                                               ------------
   Total assets                                $ 38,890,794
                                               ------------

LIABILITIES:
  Payable for fund shares reacquired           $      5,627
  Distributions payable                              52,131
  Accrued expenses and other liabilities             26,827
                                               ------------
   Total liabilities                           $     84,585
                                               ------------
NET ASSETS                                     $ 38,806,209
                                               ============


NET ASSETS CONSIST OF:
  Paid-in capital                              $ 38,769,198
  Accumulated net realized loss on investments
   (computed on the basis of identified cost)   (1,497,882)
  Unrealized appreciation of investments
   (computed on the basis of identified cost)     1,415,157
  Accumulated undistributed net
    investment income                               119,736
                                               ------------
  Net assets applicable to outstanding shares  $ 38,806,209
                                               ============


  SHARES OF BENEFICIAL INTEREST
   OUTSTANDING                                    3,999,928
                                                ============

  NET ASSET VALUE, OFFERING PRICE, AND
   REDEMPTION PRICE PER SHARE OF
   BENEFICIAL INTEREST                         $       9.70
                                               =============


                     STATEMENT OF OPERATIONS

               For the Year Ended December 31, 2008
- -----------------------------------------------------------------------------

INVESTMENT INCOME (Note 1C)
  Interest income                              $  2,221,982
                                               ------------

  Expenses -
   Investment adviser fee (Note 3)             $    178,144
   Administrator fee (Note 3)                        35,629
   Compensation of Trustees who are not employees
    of the investment adviser or administrator       19,426
   Custodian fee (Note 1F)                           63,405
   Distribution expenses (Note 4)                    98,969
   Transfer and dividend disbursing agent fees       21,727
   Printing                                           3,660
   Interest expense                                   2,138
   Shareholder communications                         1,534
   Audit services                                    28,966
   Legal services                                     6,296
   Registration costs                                22,321
   Miscellaneous                                      9,278
                                               ------------
    Total expenses                             $    491,493
                                               ------------

  Deduct -
   Waiver and/or reimbursement by the principal
    underwriter and/or investment adviser
    (Note 3 and 4)                             $  (111,340)
   Reduction of custodian fee (Note 1F)             (4,073)
                                               ------------
    Total deductions                           $  (115,413)
                                               ------------
    Net expenses                               $    376,080
                                               ------------
    Net investment income                      $  1,845,902
                                               ------------


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
   Net realized loss on investment transactions
    (identified cost basis)                    $   (20,196)
   Net change in unrealized appreciation
     (depreciation)on investments                   476,154
                                               ------------

   Net realized and unrealized gain
    on investments                             $    455,958
                                               ------------

   Net increase in net assets from operations  $  2,301,860
                                               ============

See notes to financial statements


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



                                                                                                       
                                                                                                   Year Ended
                                                                                                  December 31,

                                                                                   ---------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS                                                        2008                  2007
- --------------------------------------------------------------------------------------------------------------------------------

INCREASE (DECREASE) IN NET ASSETS:
   From operations -
     Net investment income                                                           $   1,845,902          $   1,897,291
     Net realized loss on investment transactions                                         (20,196)              (186,065)
     Net change in unrealized appreciation (depreciation) on investments                   476,154                512,985
                                                                                     --------------         --------------
       Net increase in net assets from operations                                    $   2,301,860          $   2,224,211
                                                                                     --------------         --------------

   Distributions to shareholders (Note 2)
     From net investment income                                                      $ (1,894,445)          $ (1,853,630)
     From net realized gain                                                                   -                  (36,891)
                                                                                     --------------         --------------
       Total distributions                                                           $ (1,894,445)          $ (1,890,521)
                                                                                     --------------         --------------
   Net decrease in net assets from fund share transactions (Note 6)                  $ (1,300,367)          $ (1,108,939)
                                                                                     --------------         --------------
   Net decrease in net assets                                                        $   (892,952)          $   (775,249)

NET ASSETS:
   At beginning of year                                                                 39,699,161             40,474,410
                                                                                     --------------         --------------
   At end of year                                                                    $  38,806,209          $  39,699,161
                                                                                     ==============         ==============


ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
   IN NET ASSETS AT END OF YEAR                                                      $     119,736          $      95,076
                                                                                     ==============         ==============

See notes to financial statements




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


                                                                                                     

                                                                           Year Ended December 31,
                                                          ----------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                                           2008(3)       2007(3)       2006         2005        2004
- --------------------------------------------------------------------------------------------------------------------------------


Net asset value, beginning of year                            $  9.590     $   9.510    $   9.610    $   9.890     $ 10.490
                                                              ----------   ----------   ----------   ----------    ----------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
   Net investment income(1)                                   $  0.447     $   0.455    $   0.427    $   0.400     $  0.447
   Net realized and unrealized gain (loss)                       0.122         0.078       (0.063)      (0.230)      (0.112)
                                                              ----------   ----------   ----------   ----------    ----------
     Total income from investment operations                  $  0.569     $   0.533    $   0.364    $   0.170     $  0.335
                                                              ----------   ----------   ----------   ----------    ----------

LESS DISTRIBUTIONS:
   From net investment income                                 $ (0.459)    $  (0.444)   $  (0.447)   $  (0.430)    $ (0.482)
   From net realized gains                                       -            (0.009)      (0.017)      (0.020)      (0.453)
                                                              ----------   ----------   ----------   ----------    ----------
     Total distributions                                      $ (0.459)    $  (0.453)   $  (0.464)   $  (0.450)    $ (0.935)
                                                              ----------   ----------   ----------   ----------    ----------
Net asset value, end of year                                  $  9.700     $   9.590    $   9.510    $   9.610     $  9.890
                                                              ==========   ==========   ==========   ==========    ==========

TOTAL RETURN(2)                                                  6.10%         5.77%        3.92%        1.76%        3.29%

RATIOS/SUPPLEMENTAL DATA(1):
   Net assets, end of year (000 omitted)                      $  38,806    $  39,699      $40,474      $33,861      $35,013
   Ratios (As a percentage of average daily net assets):
     Net expenses                                                0.96%         0.96%        0.96%        0.97%        0.97%
     Net expenses after custodian fee reduction                  0.95%         0.95%        0.95%        0.95%        0.95%
     Net investment income                                       4.66%         4.80%        4.47%        4.12%        4.29%
   Portfolio turnover rate                                          57%          47%          75%         103%          27%

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

(1) For the years ended  December  31,  2008,  2007,  2006,  2005 and 2004,  the
operating expenses of the Fund were reduced by a waiver of fees and/or an allocation
of expenses to the principal underwriter 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
- --------------------------------------------------------------------------------------------------------------------------------

   Net investment income per share                            $  0.420     $   0.429    $   0.391    $   0.369     $  0.410
                                                              ==========   ==========   ==========   ==========    ==========
   Ratios (As a percentage of average daily net assets):

     Expenses                                                    1.24%         1.23%        1.31%        1.30%        1.28%
                                                              ==========   ==========   ==========   ==========    ==========
     Expenses after custodian fee reduction                      1.23%         1.22%        1.30%        1.28%        1.25%
                                                              ==========   ==========   ==========   ==========    ==========
     Net investment income                                       4.38%         4.52%        4.13%        3.80%        3.99%
                                                              ==========   ==========   ==========   ==========    ==========

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


(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.

See notes to financial statements



WRIGHT MANAGED INCOME TRUST
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS

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 readily  available,  will normally be valued
on the basis of reported  trades or market  quotations  obtained by  independent
pricing   services,   when  in  the   services'   judgment,   these  prices  are
representative  of the  securities'  market values.  For debt  securities  where
market  quotations  are not readily  available,  the pricing  services  will use
various techniques that consider factors  including,  but not limited to, prices
or  yields  of  securities  with  similar  characteristics,   benchmark  yields,
broker/dealer  quotes,  issuer spreads, as well as industry and economic events.
Short-term debt  securities with a remaining  maturity of sixty days or less are
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 Funds
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 - Each Fund's  policy is to comply with the  provisions of the
Internal  Revenue Code (the Code) applicable to regulated  investment  companies
and to  distribute  to  shareholders  each  year  substantially  all of its  net
investment  income,  and all or  substantially  all of its net realized  capital
gains. Accordingly,  no provision for federal income or excise tax is necessary.
At December  31,  2008,  WTRB and WCIF,  for federal  income tax  purposes,  had
capital loss carryovers of $2,067,378 and $1,302,373,  respectively,  which will
reduce the  respective  Fund's  taxable  income arising from future net realized
gain on investments,  if any, to the extent permitted by the Code, and thus will
reduce the amount of  distributions  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:

    December 31,                WTRB                      WCIF
- ------------------------------------------------------------------------------

      2010              $     508,606             $         -
      2011                        -                     476,275
      2012                        -                     469,640
      2013                    270,953                   196,117
      2014                  1,088,772                       -
      2015                    199,047                   160,341
- -------------------------------------------------------------------------------


Additionally,  at December  31,  2008,  WCIF had net capital  losses of $98,225,
attributable to security  transactions  incurred after October 31, 2008. The net
capital  losses are  treated  as arising on the first day of the Fund's  taxable
year ending December 31, 2009.

A capital loss carryover of  $1,302,373,  included in WCIF's amount in the table
above, is available to the Fund as a result of the reorganization of Wright U.S.
Government Near Term Fund on December 9, 2006.  Utilization of this capital loss
carryover may be limited in accordance with certain income tax regulations.

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

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

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

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

The tax character of  distributions  paid for the years ended  December 31, 2008
and December 31, 2007 was as follows:

     Year Ended 12/31/08                         WTRB             WCIF
- ------------------------------------------------------------------------------

     Distributions declared from:
          Ordinary income                 $   1,166,826      $  1,894,445
- ------------------------------------------------------------------------------

     Year Ended 12/31/07                         WTRB             WCIF
- ------------------------------------------------------------------------------

     Distributions declared from:
          Ordinary income                 $   1,291,075      $  1,853,836
          Long-term capital gains                    -             36,685
- ------------------------------------------------------------------------------


During the year ended December 31, 2008, the following amounts were reclassified
due to expired capital loss  carryforwards and differences  between book and tax
accounting, primarily for premium amortization and paydown gain (loss).

Increase (decrease):                            WTRB              WCIF
- ------------------------------------------------------------------------------

Paid-in capital                           $ (1,058,933)    $          -
Accumulated net realized gain (loss)      $   1,012,538    $      (73,203)
Accumulated undistributed
  (distributions in excess of) net
   investment income                      $      46,395    $       73,203
- -------------------------------------------------------------------------------


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

As of December 31, 2008, the components of distributable  earnings (accumulated
losses) on a tax basis were as follows:

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

Undistributed ordinary income             $         -      $     119,736
Capital loss carryforward and
     post October losses                   (2,067,378)       (1,400,598)
Unrealized appreciation (depreciation)       (763,471)         1,317,873
Other temporary differences                   (16,308)               -
- -------------------------------------------------------------------------------


The  differences  between  components  of  distributable  earnings (accumulated
losses) on a tax basis and the amounts reflected in the Statements of Assets and
Liabilities are primarily due to wash sales, premium amortization and the timing
of recognizing distributions to shareholders.

3.   Investment Adviser Fee and Other Transactions With Affiliates
     ---------------------------------------------------------------
The investment adviser fee is earned by Wright Investors' Service, Inc. (Wright)
as compensation for investment  advisory services rendered to the Funds. The fee
is computed at an annual rate of 0.45% of the average  daily net assets for WTRB
and WCIF up to $100  million  and at  reduced  rates as net assets  exceed  that
level, and is payable monthly. For the year ended December 31, 2008, the fee and
the  effective  annual rate as a percentage of average daily net assets for each
of the Funds were as follows:

       Fund                  Investment Adviser Fee      Effective Annual Rate
    ---------------------------------------------------------------------------

       WTRB                      $105,943                      0.45%
       WCIF                       178,144                      0.45%
- -------------------------------------------------------------------------------


The  administrator fee is earned by Eaton Vance Management (Eaton Vance)for
administering  the  business  affairs of each Fund and is  computed at an annual
rate of 0.07% of the average daily net assets up to $100 million for WTRB and an
annual  rate of 0.09% of the  average  daily net assets up to $100  million  for
WCIF,  and at reduced rates as net assets exceed that level.  For the year ended
December 31, 2008, the  administrator  fee for WTRB and WCIF amounted to $16,480
and $35,629,  respectively.  Wright also waived and/or  reimbursed  expenses for
WTRB and WCIF (see Note 4).

Certain of the Trustees and officers of the Trust are Trustees or officers of
the above organizations and/or of the Funds' principal underwriter. Except as
to Trustees of the Trust who are not employees of Eaton Vance or Wright,
Trustees and officers receive remuneration for their services to the Trust out
of fees paid to Eaton Vance and Wright.

4.   Distribution and Service Plans
     --------------------------------
The Trust has in effect a Distribution Plan (the Plan) pursuant to Rule 12b-1 of
the 1940 Act.  The Plan  provides  that each  Fund  will pay  Wright  Investors'
Service Distributors,  Inc. (WISDI), the principal  underwriter,  a wholly-owned
subsidiary  of  The  Winthrop   Corporation  and  an  affiliate  of  Wright,   a
distribution fee of 0.25% per annum of the average daily net assets of each Fund
for  distribution  services  and  facilities  provided  to each  Fund by  WISDI.
Distribution  fees paid or accrued to WISDI for the year ended December 31, 2008
for WTRB and WCIF  amounted to $58,857 and $98,969,  respectively.  In addition,
the Trustees  have  adopted a service  plan (the Service  Plan) which allows the
Funds to reimburse the principal  underwriter for payments to intermediaries for
providing account  administration and personal and account maintenance  services
to their customers who are beneficial owners of each Fund's shares. The combined
amount  of  service  fees  payable   under  the  Service  Plan  and  Rule  12b-1
distribution fees may not exceed 0.25% annually of each Fund's average daily net
assets.  For the year ended  December 31, 2008,  the Funds did not accrue or pay
any service fees. Pursuant to an Expense Limitation Agreement,  Wright and WISDI
have  agreed to waive all or a portion of their fees and  reimburse  expenses to
the extent that total annual operating  expenses after custodian fee reductions,
if any,  exceed  0.95% of the average  daily net assets of each of WTRB and WCIF
through April 30, 2009. Thereafter,  the waiver and reimbursement may be changed
or terminated at any time. In addition, Wright and WISDI have voluntarily agreed
to  further  limit the total  annual  operating  expenses  after  custodian  fee
reductions,  if any,  of WTRB to 0.70% of its  average  daily net  assets.  Such
voluntary  limitation may be terminated at any time.  Pursuant to this agreement
and voluntary limitation,  Wright and WISDI waived and/or reimbursed expenses in
the aggregate of $189,917 and $111,340 for WTRB and WCIF, respectively.

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

                                                                                          

                                                                           Year Ended December 31, 2008
                                                                          ------------------------------
                                                                      WTRB                               WCIF
- --------------------------------------------------------------------------------------------------------------------------------

     Purchases -
     Non-U.S. Government & Agency Obligations                 $        5,836,803                 $            -
                                                                ----------------                   ----------------
     U.S. Government & Agency Obligations                     $       23,146,468                 $       22,099,840
                                                                ----------------                   ----------------


     Sales -
     Non-U.S. Government & Agency Obligations                 $        3,590,550                 $          109,996
                                                                ----------------                   ----------------
     U.S. Government & Agency Obligations                     $       26,213,867                 $       22,611,571
                                                                ----------------                   ----------------

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



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

                                                                                                

                                                                      Year Ended                       Year Ended
                                                                   December 31, 2008                December 31, 2007
                                                                 --------------------            ---------------------
                                                               Shares            Amount         Shares            Amount
- --------------------------------------------------------------------------------------------------------------------------------

WRIGHT TOTAL RETURN BOND FUND--
     Sold                                                       496,389   $    5,923,634         298,879    $   3,663,258
     Issued to shareholders in payment of
       distributions declared                                    77,959          940,667          81,211          994,635

     Redemptions                                              (650,751)      (7,839,428)       (875,601)      (10,706,894)
                                                             ------------  ---------------   ------------    ---------------
         Net decrease                                          (76,403)   $    (975,127)       (495,511)    $  (6,049,001)
                                                             ============  ===============   ============    ===============



 WRIGHT CURRENT INCOME FUND--
     Sold                                                       902,053   $    8,661,740         788,878    $   7,459,407
     Issued to shareholders in payment of
       distributions declared                                   131,890        1,262,992         136,552        1,294,792

     Redemptions                                            (1,174,591)     (11,225,099)     (1,041,404)       (9,863,138)
                                                             ------------  ---------------   ------------    ---------------
         Net decrease                                         (140,648)   $  (1,300,367)       (115,974)    $  (1,108,939)
                                                             ============  ===============   ============    ===============



7.   Federal Income Tax Basis of Investments
     ---------------------------------------------
The cost and unrealized appreciation (depreciation) of the investment securities
owned at December 31, 2008, as computed on a federal  income tax basis, were as
follows:

                                                                             

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

         Aggregate cost                                       $       23,529,501    $       36,741,101
                                                                ================       ================
         Gross unrealized appreciation                                   542,806              1,432,612
         Gross unrealized depreciation                               (1,306,277)               (114,739)
                                                                ----------------       ----------------
         Net unrealized appreciation (depreciation)           $        (763,471)     $        1,317,873
                                                                ================        ================

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



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 December  31,  2008,  there were no  outstanding  balances
pursuant to this line of credit.

The average borrowings and average interest rate for the year ended December 31,
2008 were as follows:

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

  Average borrowings          $     7,282           $    9,287
  Average interest rate              3.7%                 3.3%

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


9.   Fair Value Measurements
    -------------------------
The Funds 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 December 31, 2008, the inputs used in valuing each Fund's investments, which
are carried at value, were as follows:

                                                                                              

                                                                                      WTRB                    WCIF
                                                                                --------------------------------------------
                Valuation Inputs
                ------------------------------------------------------------------------------------------------------------
     Level 1    Quoted Prices                                                   $         -             $         -
     Level 2    Other Significant Observable Inputs                                  22,766,030              38,058,974
     Level 3    Significant Unobservable Inputs                                           -                       -
                ------------------------------------------------------------------------------------------------------------
     Total                                                                      $    22,766,030         $    38,058,974
                ------------------------------------------------------------------------------------------------------------
The Funds held no investments or other financial instruments as of December 31,
2007 whose fair value was determined using Level 3 inputs.



WRIGHT MANAGED INCOME TRUST
- ------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

         We have audited the  accompanying  statements of assets and liabilities
         of  Wright  Total  Return  Bond Fund and  Wright  Current  Income  Fund
         (collectively,  the "Funds") (together comprising Wright Managed Income
         Trust),  including the  portfolios of  investments,  as of December 31,
         2008, and the related statements of operations for the year then ended,
         the  statements  of  changes in net assets for each of the two years in
         the period then ended,  and the  financial  highlights  for each of the
         periods presented.  These financial statements and financial highlights
         are the responsibility of the Funds' management.  Our responsibility is
         to  express  an opinion on these  financial  statements  and  financial
         highlights based on our audits.

         We conducted our audits in accordance  with the standards of the Public
         Company  Accounting  Oversight Board (United  States).  Those standards
         require  that we plan  and  perform  the  audit  to  obtain  reasonable
         assurance   about  whether  the  financial   statements  and  financial
         highlights  are  free  of  material  misstatement.  The  Funds  are not
         required  to have,  nor were we engaged to  perform,  an audit of their
         internal  control  over  financial   reporting.   Our  audits  included
         consideration of internal  control over financial  reporting as a basis
         for  designing   audit   procedures   that  are   appropriate   in  the
         circumstances,  but not for the purpose of expressing an opinion on the
         effectiveness of the Funds' internal control over financial  reporting.
         Accordingly,  we  express  no such  opinion.  An  audit  also  includes
         examining,  on a  test  basis,  evidence  supporting  the  amounts  and
         disclosures  in the  financial  statements,  assessing  the  accounting
         principles used and significant  estimates made by management,  as well
         as  evaluating  the  overall  financial  statement  presentation.   Our
         procedures included confirmation of securities owned as of December 31,
         2008, by correspondence  with the custodian and brokers;  where replies
         were not received from brokers, we performed other auditing procedures.
         We believe that our audits provide a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  and  financial  highlights
         referred  to  above  present  fairly,  in all  material  respects,  the
         financial positions of Wright Total Return Bond Fund and Wright Current
         Income Fund as of December  31, 2008,  the results of their  operations
         for the year then  ended,  the  changes in their net assets for each of
         the two years in the period then ended,  and the  financial  highlights
         for  each of the  periods  presented,  in  conformity  with  accounting
         principles generally accepted in the United States of America.

         DELOITTE & TOUCHE LLP

         Boston, Massachusetts
         February 16, 2009


WRIGHT MANAGED INCOME TRUST AS OF DECEMBER 31, 2008
- -------------------------------------------------------------------------------
FEDERAL TAX INFORMATION (UNAUDITED)

The Form  1099-DIV  you  received  in January  2009 showed the tax status of all
distributions paid to your account in calendar 2008. Shareholders are advised to
consult  their own tax adviser  with  respect to the tax  consequences  of their
investment in the Funds.


MANAGEMENT AND ORGANIZATION
- ------------------------------------------------------------------------------


FUND  MANAGEMENT.  The  Trustees  of the Trust are  responsible  for the overall
management  and  supervision  of the  affairs of the  Trust.  The  Trustees  and
principal  officers of the Trusts are listed below.  Except as  indicated,  each
individual  has held the office  shown or other  offices in the same company for
the last five years. The business address of each Trustee and principal  officer
is 255 State Street, Boston, Massachusetts 02109.

Definitions:
- -----------

                                                                                             
"WISDI" means Wright Investors' Service Distributors, Inc., the principal underwriter of the fund.
"Winthrop" means The Winthrop Corporation, a holding company which owns all of the shares of Wright and WISDI.


                                                                                              Number of      Other Trustee/
                                         Term*                                                Funds in       Director/
Name,                    Position(s)     of Office                                            Fund Complex   Partnership/
Address                  with the        and Length     Principal Occupation                  Overseen       Employment
and Age                  Trusts          of Service     During Past Five Years                By Trustee     Positions Held
- --------------------------------------------------------------------------------------------------------------------------------


INTERESTED TRUSTEES

Peter M. Donovan**       President      President         Chairman, Chief Executive Officer        5            Director of
Age   65                 and            and Trustee       and Director of Wright and Winthrop;                  Wright and
                         Trustee        since             Chief Investment Officer and Chairman                  Winthrop
                                        Inception         of the Investment Committee;a Director
                                                          of WISDI; President of 5 funds managed
                                                          by Wright




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

A.M. Moody, III***       Vice President Vice President     President, AM Moody Consulting LLC       5             None
Age   72                 and            of the Trusts     (compliance and administrative services
                         Trustee        since  December,   to  the  mutual  fund industry)since
                                        1990; Trustee of   July 1,2003;  President  and  Director
                                        the Trusts since   of the WISDI since 2005; Vice President
                                        January 1990       of 5 funds managed by Wright; Retired
                                                           Senior Vice President of Wright and
                                                           Winthrop; Retired President of WISDI
                                                           June 30, 2003 to May 2005

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

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

**    Mr. Donovan is an interested person of the Trusts because of his positions
      as President of the Trusts, Chairman, Chief Executive Officer and Director
      of Wright and Winthrop and Director of WISDI.

***   Mr. Moody is an interested  person of the Trusts  because of his positions
      as Vice President of the Trusts,  President and Director of WISDI, and his
      affiliation as a consultant to Wright.

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

                                                                                              Number of      Other Trustee/
                                         Term*                                                Funds in       Director/
Name,                    Position(s)     of Office                                            Fund Complex   Partnership/
Address                  with the        and Length     Principal Occupation                  Overseen       Employment
and Age                  [Trust/Fund]    of Service     During Past Five Years                By Trustee     Positions Held
- --------------------------------------------------------------------------------------------------------------------------------

INDEPENDENT TRUSTEES

James J. Clarke          Trustee        Trustee           President, Clarke Consulting (bank         5         None
Age   67                                since             consultant - financial management and
                                        December, 2002    strategic planning);Director - Reliance
                                                          Bank, Altoona PA since August 1995;
                                                          Director - Quaint Oak Bank, Southampton,
                                                          PA since March 2007, Associate Professor of
                                                          Finance at Villanova University 1972-2002

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

Dorcas R. Hardy          Trustee        Trustee           President, Dorcas R. Hardy & Associates     5         None
Age   62                                since             (a public policy and government relations
                                        December, 1998    firm) Spotsylvania, VA; Director, The
                                                          Options Clearing Corporation 1997-2005;
                                                          Director, First Coast Service Options
                                                          since 1998
- --------------------------------------------------------------------------------------------------------------------------------

Richard E. Taber         Trustee        Trustee since     Chairman and Chief Executive                5         None
Age   60                                March, 1997       Officer of First County Bank,
                                                          Stamford, CT

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


PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES

Judith R. Corchard       Vice President Vice President    Executive Vice President, Investment
Age   70                                of the Trusts     Management; Senior Investment Officer
                                        since June,1998   and Director of Wright and Winthrop;
                                                          Vice President  of 5 funds managed
                                                          by Wright, Fund Chief  Compliance
                                                          Officer since 2004

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

Janet E. Sanders         Secretary      Secretary of the  Vice President Eaton Vance Management,
Age 73                   and Assistant  Trusts since      Administrator for the funds; Officer of
                         Treasurer      March 17, 2005,   5 funds managed by Wright and 173
                                        Ass't. Secretary  funds managed by Eaton Vance and
                                        1983 to 2005,     its affiliates
                                        Ass't. Treasurer
                                        since 1989

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

Barbara E. Campbell      Treasurer      Treasurer of      Vice President Eaton Vance Management;
Age 51                                  the Trusts        Administrator for the funds; Officer of
                                        since 2005        5 funds managed by Wright and 173
                                                          funds managed by Eaton Vance and
                                                          its affiliates

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

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

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



                                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 Funds'  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  Contracts  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.


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

(continued from inside front cover)

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 Barclays  Capital
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 Barclays Capital GNMA Backed Bond







WRIGHT INVESTORS' SERVICE DISTRIBUTORS, INC.
440 Wheelers Farms Road, Milford, CT 06461



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



         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

         INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
         Deloitte & Touche LLP
         200 Berkeley Street
         Boston, Massachusetts 02116-5022


         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.

(a)      Audit Fees
        --------------

     The  aggregate  fees  billed  for  each of the last two  fiscal  years  for
professional  services rendered by the principal accountant for the audit of the
registrant's annual financial  statements or services that are normally provided
by the accountant in connection  with  statutory and filings or engagements  for
those fiscal years were as follows: 2008: $87,375 and 2007: $86,800.

(b)     Audit-Related Fees
       ----------------------
                  None.

(c)     Tax Fees
        ---------

     The  aggregate  fees  billed  in each of the  last  two  fiscal  years  for
professional  services rendered by the principal  accountant for tax compliance,
tax advice, and tax planning were 2008: $16,300 and 2007: $15,740. The nature of
the  services  comprising  these  fees was tax  compliance,  tax  advice and tax
planning including fees for tax return preparation.

(d)     All Other Fees
       ------------------
                  None.

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

    (2) Not applicable.

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.


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 INVESTMEN
        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 a  Fund's
shareholders may recommend nominees to the registrant's board of Trustees, where
those changes were implemented after the registrant last provided  disclosure in
response  to  the  requirements  of  Item   7(d)(2)(ii)(G)  of  Schedule  14A(17
CFR240.14a-101), or this item.

Item 11. CONTROLS AND PROCEDURES

 a) It is the conclusion of the  registrant's  principal  executive  officer and
principal  financial officer that the effectiveness of the registrant's  current
disclosure  controls and  procedures  (such  disclosure  controls and procedures
having  been  evaluated  within  90 days of the  date  of this  filing)  provide
reasonable  assurance  that the  information  required  to be  disclosed  by the
registrant has been recorded, processed, summarized and reported within the time
period  specified 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 Equity Trust(On behalf of Wright Selected Blue Chip Equities
- -------------------------------------------------------------------------------
Fund, Wright Major Blue Chip Equities Fund and Wright International Blue Chip
- -----------------------------------------------------------------------------
Equities Fund)
- --------------


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

Date:    February 26,2009


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:    February 27,2009


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

Date:    February 26,2009