WRIGHT ASSET ALLOCATION TRUST
497, 2000-06-29
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                            Supplement to Prospectus
                                       of
                     Wright Managed Growth with Income Fund
                                dated May 1, 2000




         Effective as of the date of this  Supplement,  the last sentence of the
         first  paragraph  under the caption  "Selling  Shares" on page 5 of the
         Prospectus is replaced by the following:

           If you redeem Individual Shares within the first year after
           purchase you will pay a contingent deferred sales charge of 1%
           deducted from the redemption proceeds. This charge will be
           waived if the intermediary through which you bought these
           shares has elected not to receive any up-front compensation
           from WISDI. This charge may also be waived under certain other
           circumstances. Please refer to your Shareholder Manual for
           details on the contingent deferred sales charge.






         July 1, 2000



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