WRIGHT MANAGED EQUITY TRUST
497, 1995-05-04
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- -----------------------------------------------------------------------------
Description of art work on front cover of Prospectus

Two thin blue vertical lines on right side of page.
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PROSPECTUS

MAY 1, 1995



WRIGHT TRUE BLUE CHIP
EQUITY INVESTMENT FUNDS

<PAGE>


P R O S P E C T U S                                              MAY 1, 1995
- -------------------------------------------------------------------------------
THE  WRIGHT TRUE BLUE CHIP EQUITY MANAGED INVESTMENT FUNDS
- -------------------------------------------------------------------------------
                        THE WRIGHT MANAGED EQUITY TRUST
A mutual  fund consisting  of four  series  (three of which are covered by this
Prospectus),  or Funds, seeking  long-term  growth of  capital  and  reasonable
current income.

                       WRIGHT QUALITY CORE EQUITIES FUND
                    WRIGHT SELECTED BLUE CHIP EQUITIES FUND
                     WRIGHT JUNIOR BLUE CHIP EQUITIES FUND

- -------------------------------------------------------------------------------
 Write To:      THE WRIGHT MANAGED INVESTMENT FUNDS, BOS 725, BOX 1559, 
                BOSTON, MA 02104

   Or Call:     THE FUND ORDER ROOM -- (800) 225-6265
- -------------------------------------------------------------------------------


This combined  Prospectus is designed to provide you with information you should
know before investing. Please retain this document for future reference.

A combined  Statement of Additional  Information dated May 1, 1995 for the Funds
has been filed with the Securities and Exchange  Commission and is  incorporated
herein by  reference.  This  Statement is available  without  charge from Wright
Investors' Service  Distributors,  Inc., 1000 Lafayette  Boulevard,  Bridgeport,
Connecticut 06604 (800-888-9471).

SHARES  OF THE  FUNDS  ARE NOT  DEPOSITS  OR  OBLIGATIONS  OF,  OR  ENDORSED  OR
GUARANTEED  BY ANY BANK OR OTHER  INSURED  DEPOSITORY  INSTITUTION,  AND ARE NOT
FEDERALLY  INSURED BY THE FEDERAL  DEPOSIT  INSURANCE  CORPORATION,  THE FEDERAL
RESERVE  BOARD OR ANY OTHER  GOVERNMENT  AGENCY.  SHARES  OF THE  FUNDS  INVOLVE
INVESTMENT RISKS,  INCLUDING FLUCTUATIONS IN VALUE AND THE POSSIBLE LOSS OF SOME
OR ALL OF THE PRINCIPAL INVESTMENT.

                               TABLE OF CONTENTS

                                                       PAGE              


   An Introduction to the Funds......................     2
   Shareholder and Fund Expenses.....................     4
   Financial Highlights..............................     5
   Performance and Yield Information.................     8
   The Funds and their  Investment Objectives
   and Policies......................................     8
     Wright Quality Core Equities Fund (WQC).........     8
     Wright Selected Blue Chip Equities Fund (WBC)...     9
     Wright Junior Blue Chip Equities Fund (WJBC)....     9
   Other Investment Policies.........................    10
   Special Investment Considerations.................    10
   The Investment Adviser............................    11
   The Administrator.................................    13
   Distribution Expenses.............................    13
   Who May Purchase Fund Shares and
     What is a "Participating Trust Department"......    14
   How The Funds Value their Shares..................    14
   How to Buy Shares.................................    15
   How Shareholder Accounts are Maintained...........    16
   Distributions by the Funds........................    16
   Taxes.............................................    16
   How to Exchange Shares............................    18
   How to Redeem or Sell Shares......................    18
   Other Information.................................    20
   Tax-Sheltered Retirement Plans....................    20


   THESE  SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
   EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
   AND EXCHANGE  COMMISSION OR ANY STATE SECURITIES  COMMISSION  PASSED UPON THE
   ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION  TO  THE  
   CONTRARY  IS A  CRIMINAL OFFENSE.

<PAGE>

AN  INTRODUCTION  TO THE  FUNDS

THE  INFORMATION  SUMMARIZED  BELOW IS  QUALIFIED  IN ITS  ENTIRETY  BY THE MORE
DETAILED INFORMATION SET FORTH IN THIS PROSPECTUS.


The Trust................The  Wright  Managed  Equity Trust
                         (the  "Trust" or the  "Equity  Trust")  is an  open-end
                         management  investment  company known as a mutual fund,
                         is registered under the Investment Company Act of 1940,
                         as amended (the "1940 Act") and consists of four series
                         (the  "Funds")  (including  one  series  that is  being
                         offered  under a separate  prospectus).  Each Fund is a
                         diversified fund and represents a separate and distinct
                         series of the Trust's shares of beneficial interest.

Investment...............Each Fund seeks long-term growth of capital and
Objective                reasonable current income by investing in  securities 
                         selected  from  The  Approved   Wright
                         Investment List ("AWIL")  prepared by Wright Investors'
                         Service,  the  Fund's  investment  adviser.  Only those
                         companies meeting or exceeding  Wright's 32 fundamental
                         standards  of  investment   quality  are  eligible  for
                         inclusion on the AWIL.

The Funds................Wright  Quality  Core  Equities  Fund  ("WQC") selects
                         AWIL  companies  (as  defined  above) with a superior
                         investment outlook.

                         Wright Selected Blue Chip Equities Fund ("WBC") invests
                         in selected WQC  companies,  regardless of size,  whose
                         current operations have been identified as being likely
                         to  provide  comparatively  superior  total  investment
                         return over the intermediate term.

                         Wright Junior Blue Chip Equities Fund ("WJBC")  invests
                         in smaller  WQC  companies  with a superior  investment
                         outlook.

The Investment...........Each Fund has engaged Wright Investors' Service of
Adviser                  Bridgeport, Connecticut ("Wright" or the "Investment 
                         Adviser") as investment adviser to carry out the 
                         investment and reinvestment of the Fund's assets.

The Administrator........Each Fund also has retained Eaton Vance Management
                         ("Eaton Vance" or the "Administrator"),  24 Federal
                         Street, Boston, MA 02110 as administrator to manage 
                         the Fund's legal and business affairs.

The Distributor..........Wright Investors' Service Distributors, Inc. is the 
                         Distributor  of the  Fund's  shares  and  receives a
                         distribution fee equal on an annual basis to 2/10 of 
                         1% of each Fund's average daily net assets.

Who May Purchase.........The Funds were established to provide diversified
Fund  Shares             investment opportunities for investment  portfolios 
                         managed  or serviced by participating  bank trust 
                         departments and certain other institutions  which are 
                         clients of Wright ("Participating Trust Departments").
                         Shares  of  the Funds offered under this  Prospectus 
                         are not available to the public except through these 
                         Participating Trust Departments.
<PAGE>

How to Purchase..........There is no sales charge on the purchase of shares of
Fund Shares              any Fund. Shares of any Fund may
                         be  purchased  at the net asset value per share
                         next  determined after  receipt and acceptance of the
                         purchase  order. The  minimum  initial  investment is
                         $1,000  per Fund although  this  will be  waived  for
                         investments in 401(k)  tax-sheltered  retirement plans.
                         There is no minimum amount for subsequent purchases.

Distribution ............Distributions are paid in additional shares at net
Options                  asset value or cash as the shareholder
                         elects. Unless the  shareholder has elected to receive
                         dividends and  distributions in cash,  dividends  and
                         distributions will be reinvested in additional shares
                         of the Funds at net asset value  per share as of the
                         investment date.

Redemptions..............Shares may be redeemed  directly from the Fund at the
                         net asset value per share next determined  after
                         receipt of the redemption request in good order.

Exchange ................Shares of the Funds may be exchanged for shares of
Privilege                another Fund and certain other investment  companies 
                         for which Wright acts as investment adviser at the net
                         asset value next determined after receipt of the
                         exchange request in good order.

Net Asset Value..........Net asset  value per share of each Fund is calculated 
                         on each day the New York Stock Exchange is open for
                         trading.

   
Taxation.................Each Fund has elected to be treated,  has qualified and
                         intends to continue to qualify each year as a regulated
                         investment  company under  Subchapter M of the Internal
                         Revenue  Code and,  consequently,  should not be liable
                         for federal income tax on net investment income and net
                         realized   capital  gains  that  are   distributed   to
                         shareholders  in  accordance  with  applicable   timing
                         requirements.
    

Shareholder..............Each shareholder will receive annual and semi-annual
Communications           reports containing financial statements, and  a 
                         statement confirming each  share transaction. 
                         Financial  statements  included in annual
                         reports  are   audited  by  the   Trust's   independent
                         certified public accountants.





THE PROSPECTUSES OF THE FUNDS ARE COMBINED IN THIS PROSPECTUS.  EACH FUND OFFERS
ONLY ITS OWN SHARES,  YET IT IS POSSIBLE  THAT A FUND MIGHT BECOME  LIABLE FOR A
MISSTATEMENT  IN THE  PROSPECTUS OF ANOTHER FUND. THE TRUSTEES OF THE TRUST HAVE
CONSIDERED THIS IN APPROVING THE USE OF A COMBINED PROSPECTUS.
<PAGE>

SHAREHOLDER AND FUND EXPENSES
The  following  table of fees and  expenses is provided to assist investors  in
understanding the various costs and  expenses  which may be borne directly or
indirectly by an investment in each  Fund. The percentages  shown  below
representing  total operating expenses are based on actual amounts incurred for
the fiscal year ended December 31, 1994.

<TABLE>
<CAPTION>
   
                                                             Wright                  Wright                  Wright
                                                       Selected Blue Chip       Junior Blue Chip          Quality Core
                                                       Equities Fund (WBC)    Equities Fund (WJBC)     Equities Fund (WQC)
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                                          <C>                       <C>                      <C>      
SHAREHOLDER TRANSACTION EXPENSES                             none                      none                     none 

   ANNUALIZED FUND OPERATING EXPENSES
   (as a percentage of average net assets)
     Investment Adviser Fee                                  0.62%                     0.55%                    0.45%
     Rule 12b-1 Distribution Expense                         0.20%                     0.20%                    0.20%
     Other Expenses (including administration fees)[1]       0.21%                     0.36%                    0.34%
                                                         ----------------------------------------------------------------------
         TOTAL OPERATING EXPENSES                            1.03%                     1.11%                    0.99%

- -------------------------------------------------------------------------------------------------------------------------------
<FN>
[1]  Administration fees for WJBC and WQC were 0.20% and for WBC 0.13%.
</FN>
</TABLE>
    

EXAMPLE OF FUND EXPENSES

The following is an illustration of the total transaction and operating expenses
that an  investor  in each Fund  would  bear  over  different  periods  of time,
assuming  a  investment  of $1,000,  a 5% annual  return on the  investment  and
redemption at the end of each period:
<TABLE>
<CAPTION>

                                                  Wright                     Wright                    Wright
                                            Selected Blue Chip          Junior Blue Chip            Quality Core
                                            Equities Fund (WBC)       Equities Fund (WJBC)       Equities Fund (WQC)
- -----------------------------------------------------------------------------------------------------------------------------
          <S>                                      <C>                        <C>                       <C> 
          1 Year                                   $ 11                       $ 11                      $ 10
          3 Years                                    33                         35                        32
          5 Years                                    57                         61                        55
         10 Years                                   126                        135                       121
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>

THIS EXAMPLE SHOULD NOT BE CONSIDERED A  REPRESENTATION  OF ACTUAL PAST EXPENSES
OR  FUTURE  EXPENSES.  ACTUAL  EXPENSES  MAY BE MORE OR LESS  THAN  THOSE  SHOWN
DEPENDING  UPON A VARIETY OF FACTORS  INCLUDING THE ACTUAL  PERFORMANCE  OF EACH
FUND.  Moreover,  while the Example assumes a 5% annual return,  a Fund's actual
performance will vary and may result in actual returns greater or less than 5%.

The Fund's payment of a distribution  fee may result in a long-term  shareholder
indirectly paying more than the economic equivalent of the maximum initial sales
charge permitted under the Rules of Fair Practice of the National Association of
Securities Dealers, Inc.

<PAGE>


FINANCIAL HIGHLIGHTS


   
The  following  information  should  be read in  conjunction  with  the  audited
financial statements included in the Statement of Additional Information, all of
which have been so  included  in  reliance  upon the report of Deloitte & Touche
LLP,  independent  certified  public  accountants,  as experts in accounting and
auditing,  which  report is  contained  in the Fund's  Statement  of  Additional
Information.  Further  information  regarding  the  performance  of each Fund is
contained  in the Funds'  annual  report to  shareholders  which may be obtained
without charge by contacting the Funds' Principal Underwriter, Wright Investors'
Service Distributors, Inc. at 800-888-9471.
<TABLE>
<CAPTION>
    


THE WRIGHT                                                   WRIGHT SELECTED BLUE CHIP EQUITIES FUND
MANAGED EQUITY TRUST                                                 Year Ended December 31,
FINANCIAL HIGHLIGHTS                -------------------------------------------------------------------------------------------
                                        1994     1993     1992    1991     1990     1989     1988    1987     1986      1985
- ------------------------------------------------------------------------------------------------------------------------------- 

<S>                                 <C>      <C>       <C>     <C>      <C>       <C>      <C>      <C>       <C>      <C>    
Net asset value, beginning of year. $ 14.920 $ 14.790  $17.180 $13.840  $15.370   $13.760  $12.120  $14.040   $13.490  $10.990
                                    -------- --------  ------- -------  -------   -------  -------  -------   -------  -------
Income from Investment Operations:
  Net investment income............ $  0.233 $  0.196  $ 0.222 $ 0.267  $ 0.323   $ 0.368  $ 0.315  $ 0.292   $ 0.287  $ 0.393
  Net realized and unrealized
   gain (loss) oninvestments.......   (0.763)   0.104    0.498   4.553   (0.843)    2.922    2.250   (0.557)    1.553    2.527
                                      ------    -----    -----   -----   ------     -----    -----   ------     -----    -----

   Total income (loss) from 
    investment operations.......... $ (0.530)$  0.300  $ 0.720 $ 4.820  $(0.520)  $ 3.290  $ 2.565  $(0.265)  $ 1.840  $ 2.920
                                    -------- --------  ------- -------  -------   -------  -------  -------   -------  -------

Less Distributions:
  From net investment income....... $ (0.180)$ (0.170) $(0.200)$(0.250) $(0.320)  $(0.310) $(0.275) $(0.340)  $(0.310) $(0.420)
  From net realized gain on
   investments.....................   (0.360)  --       (2.910) (1.230)  (0.690)   (1.370)  (0.650)  (1.315)   (0.980)   --
                                      ------  --------   ------  ------   ------    ------   ------   ------    ------ --------     

   Total distributions............. $ (0.540)$ (0.170) $(3.110)$(1.480) $(1.010)  $(1.680) $(0.925) $(1.655)  $(1.290) $(0.420)
                                    -------- --------  ------- -------  -------   -------  -------  -------   -------  ------- 

Net asset value, end of year....... $ 13.850 $ 14.920  $14.790 $17.180  $13.840   $15.370  $13.760  $12.120   $14.040  $13.490
                                    ======== ========  ======= =======  =======   =======  =======  =======   =======  =======

Total Return.......................   (3.52%)   2.06%    4.71%  35.98%   (3.30%)   24.57%   21.31%   (1.83%)   14.18%   27.25%

Ratios/Supplemental Data
  Net assets, end of year
   (000 omitted)..................  $186,016 $175,481  $152,997 $167,900 $108,571 $120,345 $114,042  $99,200 $92,908    $65,232
  Ratio of expenses to average
   net assets.....................    1.03%    1.03%    1.02%    1.08%    1.12%   1.11%      1.10%    1.03%    0.98%      0.87%
  Ratio of net investment income to
   average net assets.............    1.57%    1.28%    1.34%    1.67%    2.28%   2.38%      2.29%    1.92%    1.96%      3.21%
  Portfolio Turnover Rate               72%      28%      77%      72%      83%     20%        29%      30%      40%        80%

</TABLE>
<PAGE>
<TABLE>
<CAPTION>


THE WRIGHT                                                   WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
MANAGED EQUITY TRUST                                                 Year Ended December 31,
FINANCIAL HIGHLIGHTS                 -------------------------------------------------------------------------------------------
                                       1994     1993     1992    1991     1990     1989     1988    1987     1986     1985
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                 <C>      <C>      <C>      <C>      <C>     <C>      <C>       <C>      <C>      <C>    
Net asset value, beginning of year. $ 11.950 $ 11.690 $ 14.720 $11.500  $13.020 $ 12.450 $ 11.030  $12.730  $12.380  $10.000
                                    -------- -------- -------- -------  ------- -------- --------  -------  -------  -------
Income from Investment Operations:
  Net investment income............ $  0.101 $  0.101 $  0.045 $ 0.072  $ 0.111 $  0.177 $ 0.197  $ 0.131  $ 0.149  $ 0.209
  Net realized and unrealized
   gain (loss) on investments......   (0.431)   0.809    0.315   4.118   (1.491)   1.723   1.478   (0.671)   0.541    2.331
                                      ------    -----    -----   -----   ------    -----   -----   ------    -----    -----
   Total income (loss) from 
    investment operations.......... $ (0.330)$  0.910 $  0.360 $ 4.190  $(1.380)$  1.900 $ 1.675  $(0.540) $ 0.690  $ 2.540
                                    -------- -------- -------- -------  ------- -------- -------  -------  -------  -------
Less Distributions:
  From net investment income....... $ (0.100)$ (0.060)$ (0.030)$(0.070) $(0.140)$ (0.150)$ (0.175)$(0.150) $(0.160) $(0.160)
  From net realized gain on
   investments.....................   (0.520)  (0.590)  (3.360) (0.900)   --      (1.180)  (0.080) (1.010) (0.180)    --
                                      ------   ------   ------  ------            ------   ------  ------  ------       
   Total distributions............. $ (0.620)$ (0.650)$ (3.390)$(0.970) $(0.140)$ (1.330)$ (0.255)$(1.160)$(0.340)  $(0.160)
                                    -------- -------- -------- -------  ------- -------- -------- ------- -------   ------- 
Net asset value, end of year....... $ 11.000 $ 11.950 $ 11.690 $14.720  $11.500 $ 13.020 $ 12.450 $11.030 $12.730   $12.380
                                    ======== ======== ======== =======  ======= ======== ======== ======= =======   =======

Total Return.......................   (2.75%)   7.93%    3.28%  36.98%  (10.61%)  15.61%   15.21%  (3.58%)  5.62%    25.61%[**]
Ratios/Supplemental Data
  Net assets, end of year 
   (000 omitted) .................. $ 37,124 $ 68,226 $ 64,635 $120,911 $63,385 $ 98,593 $121,644 $95,808 $74,113   $30,132 
  Ratio of expenses to average
    net assets.....................    1.11%    1.09%    1.07%    1.10%   1.14%    1.10%    1.08%   1.03%   1.05%     0.90%[**]
  Ratio of net investment income to
   average net assets..............    0.91%    0.86%    0.31%   0.52%    0.95%    1.34%    1.61%   0.96%    1.11%    1.74%[**]
Portfolio Turnover Rate............      36%      38%      80%     60%      75%      15%      38%     58%      20%      26%

<FN>
[*]Portfolio  commenced operations on January 14, 1985; [**] Computed on an
annualized basis.
</FN>
</TABLE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>

THE WRIGHT                                                        WRIGHT QUALITY CORE EQUITIES FUND
MANAGED EQUITY TRUST                                                 Year Ended December 31,
FINANCIAL HIGHLIGHTS                -------------------------------------------------------------------------------------------
                                       1994     1993     1992    1991     1990     1989     1988    1987     1986     1985[*]

<S>                                 <C>      <C>      <C>      <C>      <C>     <C>      <C>      <C>      <C>      <C>    
Net asset value, beginning of year. $ 12.720 $ 13.380 $ 14.730 $10.760  $11.290 $ 10.590 $  9.710 $12.810  $11.300  $10.000
                                    -------- -------- -------- -------  ------- -------- -------- -------  -------  -------
Income from Investment Operations:
  Net investment income............ $  0.180 $  0.176 $  0.179 $ 0.175  $ 0.192 $  0.207 $  0.211 $ 0.233  $ 0.232  $ 0.111
  Net realized and unrealized 
   gain (loss) on investments......   (0.295)  (0.046)   0.951   3.985   (0.522)   2.163    1.394  (0.303)   1.658    1.229 
                                      ------   ------    -----   -----   ------    -----    -----  ------    -----    ----- 
   Total income (loss) from
    investment operations.......... $ (0.115)$  0.130 $  1.130 $ 4.160  $(0.330)$  2.370 $  1.605  $(0.070) $1.890  $ 1.340
                                    -------- -------- -------- -------  ------- -------- --------  -------  ------  -------
Less Distributions:
  From net investment income....... $ (0.160)$ (0.160)$ (0.160)$(0.190) $(0.200)$ (0.220)$ (0.185) $(0.265) $(0.240)$(0.040)
  From net realized gain on 
   investments.....................   (1.055)  (0.625)  (2.320)   --      --      (1.450)  (0.540)  (2.765)  (0.140)   --
  In excess of net realized gains..   --       (0.005)   --       --      --       --       --       --       --       --
                                     -------   ------   -------  ------  ------- -------- --------- -------- ------- -------      
   Total distributions............. $ (1.215)$ (0.790)$ (2.480)$(0.190) $(0.200)$ (1.670)$ (0.725) $(3.030) $(0.380)$(0.040)
                                    -------- -------- -------- -------  ------- -------- --------  -------  ------- ------- 
Net asset value, end of year....... $ 11.390 $ 12.720 $ 13.380 $14.730  $10.760 $ 11.290 $ 10.590  $ 9.710  $12.810 $11.300
                                    ======== ======== ======== =======  ======= ======== ========  =======  ======= =======

Total Return.......................   (0.73%)   1.00%    8.02%  38.90%   (2.89%)   23.02%  16.66%    1.01%   16.90%   13.46%[**] 
Ratios/Supplemental Data
  Net assets, end of year 
   (000 omitted)................... $ 51,085 $ 88,349 $ 81,674 $80,065  $44,293 $ 50,193 $ 60,989  $ 0,579   $81,939 $27,446 
  Ratio of expenses to average 
   net assets......................    0.99%    0.97%    1.01%   1.03%    1.07%     1.14%   1.06%    0.96%     1.03%   0.90%[**]
  Ratio of net investment income to
   average net assets..............    1.46%    1.37%    1.20%   1.34%    1.80%    1.76%    1.97%   1.61%    1.79%    2.61%[**]
  Portfolio Turnover Rate............    55%      53%      70%      9%      18%      12%      14%     34%      17%       9%
<FN>
 
[*]Portfolio commenced operations on August 7, 1985; [**] Computed on an annualized
basis.
</FN>
</TABLE>
<PAGE>
NOTES:
- -------------------------------------------------------------------------------
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
During  each of the  years ended  December  31,  1987 and 1986,  the  operating
expenses  of the Fund were reduced  either  by a  reduction  of the  investment
adviser fee, administration fee, distribution fee, or through the allocation of
expenses to the Adviser, or a combination  of these.  Had such actions not been
undertaken, the net investment  income per share and the ratios would have been
as follows:
<TABLE>
                                                                              Year Ended December 31,
                                                                        ----------------------------------
WRIGHT SELECTED BLUE CHIP EQUITIES FUND                                   1987                     1986
- ----------------------------------------------------------------------------------------------------------
<S>                                                                     <C>                      <C>    
Net investment income per share...............................          $ 0.279                  $ 0.278
                                                                        =======                  =======

Ratios (As a percentage of average net assets):
     Expenses.................................................            1.09%                    1.02%
                                                                          ====                     ==== 

     Net investment income....................................            1.86%                    1.92%
                                                                          ====                     ==== 

</TABLE>
- -------------------------------------------------------------------------------

WRIGHT JUNIOR BLUE CHIP EQUITIES FUND  (INCEPTION DATE JANUARY 14, 1985)
During the year ended December 31, 1985, the Principal Underwriter  reduced the
distribution expenses incurred by it for the benefit of Wright Junior Blue Chip
Equities Fund (WJBC). In addition, during the year ended December 31, 1987, the
Administrator reduced its fee.  Had such actions not been  undertaken,  the net
investment income per share and the ratios would have been as follows:
<TABLE>
                                                                              Year Ended December 31,
                                                                       ------------------------------------
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND                                     1987                     1985[*]
- -----------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                      <C>    
Net investment income per share...............................          $ 0.118                  $ 0.207
                                                                        =======                  =======

Ratios (As a percentage of average net assets):
     Expenses.................................................            1.08%                   0.92%[**]
                                                                          ====                    ====   

     Net investment income....................................            0.91%                   1.72%[**]
                                                                          ====                    ====   
<FN>

[*]Portfolio commenced operations on January 14, 1985;  [**]Computed on an annualized basis.
</FN>
</TABLE>
- -------------------------------------------------------------------------------

WRIGHT QUALITY CORE EQUITIES FUND  (INCEPTION DATE AUGUST 7, 1985)
The  Principal  Underwriter made a reduction  of its fees during the year ended
December 31, 1990. During each of the years ended December 31, 1985, 1987, 1988
and 1989, the operating expenses of the Fund were reduced either by a reduction
of the  investment adviser  fee,  administrator  fee,  distribution  fee,  or a
reduction of a combination of these fees.Had such actions not been  undertaken,
the net investment income per share and the annualized ratios would have been as
follows:
<TABLE>
                                                                         Year Ended December 31,
                                                               ---------------------------------------------
WRIGHT QUALITY CORE EQUITIES FUND                               1990     1989     1988     1987    1985[*]
- ------------------------------------------------------------------------------------------------------------
<S>                                                            <C>      <C>     <C>      <C>      <C>    
Net investment income per share.............                   $ 0.183  $ 0.206 $  0.208 $  0.222 $ 0.104
                                                               =======  ======= ======== ======== =======

Ratios (As a percentage of average net assets):
   Expenses.................................                     1.15%    1.15%    1.08%    1.00%   1.07%[**]
                                                                 ====     ====     ====     ====    ====     

   Net investment income....................                     1.72%    1.75%    1.95%    1.57%   2.44%[**]
                                                                 ====     ====     ====     ====    ====     
<FN>

[*]Period from August 7,1985 (commencement of operations) to December 31, 1985;
[**]Computed on an annualized basis.
</FN>
</TABLE>
<PAGE>

PERFORMANCE AND YIELD INFORMATION


From  time to time,  a Fund  may  publish  its  yield  and/or  total  return  in
advertisements and communications to shareholders.  The current yield for a Fund
will be  calculated  by dividing  the net  investment  income per share during a
recent 30-day period by the maximum  offering  price (net asset value) per share
of a Fund on the last day of the period.  A Fund's total return is determined by
computing  the  annual  percentage  change  in value of $1,000  invested  at the
maximum  public  offering  price (net asset value) for specified  periods ending
with  the  most  recent   calendar   quarter,   assuming   reinvestment  of  all
distributions.  Investors should note that the investment results of a Fund will
fluctuate  over time,  and any  presentation  of a Fund's current yield or total
return for any prior period should not be considered as a representation of what
an investment may earn or what an investor's yield or total return may be in any
future period.


THE FUNDS AND THEIR
INVESTMENT OBJECTIVES AND POLICIES


The objective of each Fund is to provide long-term growth of capital and at the
same time earn reasonable current income. Securities selected for each Fund are
drawn from an  investment  list  prepared by Wright and known as The  Approved
Wright Investment List (the "AWIL").

APPROVED WRIGHT  INVESTMENT  LIST (AWIL).  Wright systematically  reviews about
3,000 U.S.  companies  in its  proprietary database in order to identify  those
which, on the basis of at least five years of audited records, pass the minimum
standards of prudence  (e.g. the value of its assets and  shareholders'  equity
exceeds  certain  minimum standards  and the  company's  operations  have  been
profitable during the last three years) and thus are suitable for consideration
by fiduciary  investors. Companies which meet these  requirements  (about 1,600
companies) are considered by Wright to be of  "investment  grade." They may be
large or small, may have  their  securities  traded on  exchanges  or over the
counter, and may include  companies  not  currently  paying  dividends on their
shares.

These companies are then subjected to extensive analysis and evaluation in order
to identify  those which meet  Wright's 32  fundamental  standards of investment
quality.  Only those  companies  which meet or exceed all of these standards are
eligible for selection by the Wright  Investment  Committee for inclusion in The
Approved Wright Investment List. See the Statement of Additional Information for
a more detailed description of Wright Quality Ratings and the AWIL.

All companies on the AWIL are, in the opinion of Wright,  soundly financed "True
Blue  Chips"  with  established  records of  earnings  profitability  and equity
growth. All have established  investment  acceptance and active,  liquid markets
for their publicly owned shares. The AWIL will normally be made up of 250 to 300
companies.

The investment objective and, unless otherwise indicated,  policies of each Fund
may be  changed  by the  Trustees  of the  Trust  without  a vote of the  Fund's
shareholders.  Any such  change of the  investment  objective  of a Fund will be
preceded by thirty days advance notice to each  shareholder of such Fund. If any
changes were made, a Fund might have  investment  objectives  different from the
objectives  which an investor  considered  appropriate  at the time the investor
became a shareholder  in such Fund.  There is no assurance that the Trust or any
of the  Funds  will  achieve  its  investment  objective.  The  market  price of
securities  held by the Funds and the net asset value of each Fund's shares will
fluctuate in response to stock market developments.

WRIGHT  QUALITY  CORE  EQUITIES  FUND  (WQC).  This Fund seeks to enhance  total
investment  return  (consisting of price  appreciation plus income) by providing
management  of  a  broadly   diversified   portfolio  of  equity  securities  of
well-established  companies  meeting  strict quality  standards.  The Fund will,
through continuous  professional  investment supervision by Wright, pursue these
objectives by investing in a diversified  portfolio of common stocks of what are
believed to be high-quality, well-established and profitable companies.

The Fund will,  under normal market  conditions,  invest at least 80% of its net
assets in equity  securities,  including  common  stocks,  preferred  stocks and
securities convertible
<PAGE>
into stock.  However,  for temporary  defensive  purposes the Fund may hold
cash or invest more than 20% of its net assets in the short-term debt securities
described under "Special Investment Considerations -- Defensive Investments."

   
This Fund is quality oriented and is suitable for a total equity account or as a
base portfolio for accounts with multiple  objectives.  Investments,  except for
temporary defensive  investments,  will be made solely in companies on the AWIL.
In  selecting  companies  from  the  AWIL for  this  portfolio,  the  Investment
Committee of Wright Investors' Service selects,  based on quantitative formulae,
those companies which are expected to do better over the intermediate  term. The
quantitative  formulae  take  into  consideration  factors  such  as  over/under
valuation and  compatibility  with current  market  trends.  Investments  in the
portfolio are equally weighted in the selected securities.


The disciplines which determine sale include preventing individual holdings from
exceeding 2 1/2 times their normal value position in this Fund and requiring the
sale of the securities of any company which no longer meets the standards of the
AWIL. Also,  portfolio holdings which fall in the unfavorable  category based on
the  quantitative  formulae  described  above are generally sold. The discipines
which  determine  purchase  provide  that  new  funds,  income  from  securities
currently  held,  and proceeds of sales of  securities  will be used to increase
those  positions  which at current  market are the  furthest  below their normal
target values and to purchase  companies which become eligible for the portfolio
as described above.
    


WRIGHT  SELECTED BLUE CHIP  EQUITIES FUND (WBC).  This Fund seeks to enhance the
total  investment  return  (consisting  of price  appreciation  plus  income) by
providing active management of equity securities of  well-established  companies
meeting  strict  quality  standards.  Equity  securities  are  limited  to those
companies whose current operations reflect defined,  quantified  characteristics
which have been  identified  by Wright as being likely to provide  comparatively
superior total investment return. The process selects  approximately  two-thirds
of the WQC  companies  on the basis of  Wright's  evaluation  of their  outlook.
Investments are equally weighted.

   
The disciplines which determine sale include preventing individual holdings from
exceeding 2 1/2 times their normal value  position in this Fund,  preventing the
retention of the  securities  of any company which no longer meets the standards
of the AWIL,  and portfolio  holdings  which cease to meet the outlook  criteria
described  above.  The  disciplines  which determine  purchase  provide that new
funds,  income  from  securities  currently  held,  and  proceeds  of  sales  of
securities  will be used to increase  those  positions  which at current  market
values are the  furthest  below  their  normal  target  values  and to  purchase
companies which become eligible for the portfolio.
    


The Fund will,  under normal market  conditions,  invest at least 80% of its net
assets in  Selected  Blue  Chip  equity  securities,  including  common  stocks,
preferred stocks and securities  convertible into stock.  However, for temporary
defensive  purposes  the Fund may hold cash or  invest  more than 20% of its net
assets in the short-term  debt securities  described  under "Special  Investment
Considerations -- Defensive Investments."


WRIGHT  JUNIOR BLUE CHIP  EQUITIES  FUND (WJBC).  This Fund seeks to enhance the
total  investment  return  (consisting  of price  appreciation  plus  income) by
providing   management  of  equity   securities  of  smaller   companies   still
experiencing their rapid growth period.  Equity securities  selected are limited
to those  companies  selected for the WQC Fund which when sorted by stock market
capitalization  represent  the smaller  companies on the list.  Investments  are
equally weighted.


The Fund will,  under normal market  conditions,  invest at least 80% of its net
assets in Junior Blue Chip equity securities, including common stocks, preferred
stocks and securities  convertible into stock.  However, for temporary defensive
purposes the Fund may hold cash or invest more than 20% of its net assets in the
short-term debt securities described under "Special Investment  Considerations -
Defensive Investments.
<PAGE>

   
Somewhat  higher  volatility  of  market  pricing  and  greater  variability  of
individual stock investment  returns can be expected in this Fund as compared to
either the Wright  Quality Core Equities  Fund or the Wright  Selected Blue Chip
Equities Fund, which invest in larger companies.
    


OTHER INVESTMENT POLICIES

   
The Trust has adopted  certain  fundamental  investment  restrictions  which are
enumerated in detail in the Statement of Additional Information and which may be
changed as to a Fund only by the vote of a majority of such  Fund's  outstanding
voting securities.  Among other restrictions,  each Fund may not borrow money in
excess of 1/3 of the current  market value of such Fund's net assets  (excluding
the amount  borrowed),  invest more than 5% of the Fund's  total assets taken at
current market value in the securities of any one issuer, purchase more than 10%
of the voting  securities of any one issuer or inveset 25% or more of the Fund's
total  assets in the  securities  of  issuers  in the same  industry.  There is,
however,  no  limitation  in respect to  investments  in  obligations  issued or
guaranteed by the U.S. Government or its agencies or instrumentalities.  None of
the Funds has any current  intention  of borrowing  for leverage or  speculative
purposes.
    

None of the Funds is  intended  to be a  complete  investment  program,  and the
prospective   investor  should  take  into  account  his  objectives  and  other
investments when considering the purchase of any Fund's shares. The Funds cannot
eliminate risk or assure achievement of their objectives.


SPECIAL INVESTMENT CONSIDERATIONS

REPURCHASE AGREEMENTS. Each of the Funds may enter into repurchase agreements to
the extent  permitted  by its  investment  policies  in order to earn  income on
temporarily  uninvested cash. A repurchase agreement is an agreement under which
the seller of securities  agrees to repurchase and the Fund agrees to resell the
securities  at a  specified  time and price.  A Fund may enter  into  repurchase
agreements  only with large,  well-capitalized  banks or  government  securities
dealers  that  meet  Wright  credit  standards.  In  addition,  such  repurchase
agreements  will  provide  that  the  value  of the  collateral  underlying  the
repurchase  agreement  will  always be at least equal to the  repurchase  price,
including any accrued  interest  earned under the repurchase  agreement.  In the
event of a default or bankruptcy by a seller under a repurchase  agreement,  the
Fund will seek to liquidate such collateral.  However, the exercise of the right
to  liquidate  such  collateral   could  involve   certain  costs,   delays  and
restrictions and is not ultimately assured. To the extent that proceeds from any
sale upon a default of the obligation to repurchase are less than the repurchase
price, the Fund could suffer a loss.

DEFENSIVE INVESTMENTS.  During periods of unusual market conditions, when Wright
believes that investing for temporary defensive purposes is appropriate,  all or
a portion of each Fund's  assets may be held in cash or  invested in  short-term
obligations,  including  but not  limited to  short-term  obligations  issued or
guaranteed as to interest and principal by the U.S.  Government or any agency or
instrumentality thereof (including repurchase agreements  collateralized by such
securities);  commercial  paper which at the date of  investment is rated A-1 by
Standard  &  Poor's  Ratings  Group  ("Standard  &  Poor's")  or P-1 by  Moody's
Investors  Service,  Inc.   ("Moody's"),   or,  if  not  rated  by  such  rating
organizations, is deemed by the Trustees to be of comparable quality; short-term
corporate obligations and other debt instruments which at the date of investment
are rated AA or better by  Standard & Poor's or Aa or better by  Moody's  or, if
unrated  by such  rating  organizations,  are  deemed by the  Trustees  to be of
comparable quality;  and certificates of deposit,  bankers' acceptances and time
deposits of domestic  banks which are  determined  to be of high  quality by the
Trustees. The Funds may invest in instruments and obligations of banks that have
other  relationships  with the Funds,  Wright,  Eaton Vance or Investors  Bank &
Trust Company,  an affiliate of Eaton Vance. No preference will be shown towards
investing in banks which have such relationships.

LENDING PORTFOLIO SECURITIES. Each Fund may seek to increase its total return by
lending portfolio securities to broker-dealers or other institutional borrowers.
Under present  regulatory  policies of the Securities  and Exchange  Commission,
such  loans are  required  to be  continuously  secured by  collateral  in cash,
cash-equivalents and U.S. Government securities held by the Fund's custodian and
<PAGE>
maintained on a current basis at an amount at least equal to the market value of
the  securities  loaned,  which  will be  marked  to market  daily.  During  the
existence  of a loan,  a Fund will  continue  to receive the  equivalent  of the
interest or dividends paid by the issuer on the securities  loaned and will also
receive a fee, or all or a portion of the interest, if any, on investment of the
collateral. However, the Fund may at the same time pay a transaction fee to such
borrowers.  As with  other  extensions  of  credit  there  are risks of delay in
recovery or even loss of rights in the securities  loaned if the borrower of the
securities  fails  financially.   However,  the  loans  will  be  made  only  to
organizations  deemed by the Investment Adviser to be of good standing and when,
in the judgment of the Investment Adviser, the consideration which can be earned
from  securities  loans of this type justifies the attendant risk. The financial
condition of the borrower  will be  monitored  by the  Investment  Adviser on an
ongoing basis and collateral  values will be continuously  maintained at no less
than 100% by "marking to market"  daily.  If the Investment  Adviser  decides to
make securities  loans,  it is intended that the value of the securities  loaned
would not exceed 30% of the Fund's total assets.


THE INVESTMENT ADVISER

Each Fund has engaged  Wright  Investors'  Service  ("Wright"),  1000  Lafayette
Boulevard, Bridgeport, Connecticut, to act as its investment adviser pursuant to
an Investment  Advisory Contract.  Under the general supervision of the Trustees
of the Trust,  Wright furnishes the Funds with investment  advice and management
services. The Trustees of the Trust are responsible for the general oversight of
the conduct of the Funds' business.

Wright is a leading independent international investment management and advisory
firm with more than 30 years' experience.  Its staff of over 175 people includes
a highly  respected  team of 70  economists,  investment  experts  and  research
analysts.  Wright  manages  assets  for bank  trust  departments,  corporations,
unions,  municipalities,  eleemosynary institutions,  professional associations,
institutional investors, fiduciary organizations,  family trusts and individuals
as well as mutual  funds.  Wright  operates one of the world's  largest and most
complete databases of financial information on 12,000 domestic and international
corporations.  At the end of 1994,  Wright managed  approximately  $4 billion of
assets.

   
Under Wright's  Investment  Advisory  Contract with the Trust,  Wright  receives
monthly  advisory fees at the annual rates (as a percentage of average daily net
assets)  set forth in the  following  table.  The table also  lists each  Fund's
aggregate  net asset value at December  31, 1994 and the  advisory fee rate paid
during the fiscal year ended December 31, 1994.
    

The combined advisory and administration fee rates paid by the Funds (other than
the WQC Fund) are  believed  to be higher  than those paid by most other  mutual
funds. This higher fee is attributable to the specialized  expertise required to
implement  each Fund's  investments  and is  comparable to the fees paid by many
other funds with similar investment objectives and policies.

Pursuant to the Investment Advisory Contract,  Wright also furnishes for the use
of each Fund office space and all  necessary  office  facilities,  equipment and
personnel for servicing the  investments of each Fund.  Each Fund is responsible
for the  payment of all  expenses  relating to its
<TABLE>
<CAPTION>
   
                                           Annual  %  Advisory  Fee  Rates 
                        --------------------------------------------------------------------      Aggregate        Fee Rate Paid
                             Under   $100 Million to $250 Million to $500 Million to Over     Net Asset Value   for the Fiscal Year
                        $100 Million $250 Million   $500 Million    $1 Billion    $1 Billion    at 12/31/94       Ended 12/31/94
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>          <C>           <C>            <C>          <C>           <C>
Wright Selected Blue Chip  
Equities Fund (WBC)        0.55%        0.69%         0.67%          0.63%        0.58%         $186,015,791         0.62%

Wright Junior Blue Chip
Equities Fund (WJBC)       0.55%        0.69%         0.67%          0.63%        0.58%         $37,124,040          0.55%

Wright Quality Core
Equities Fund (WQC)        0.45%        0.59%         0.57%          0.53%        0.48%         $51,084,656          0.45%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    
<PAGE>
operations  other than those expressly stated to be payable by Wright under its
Investment Advisory Contract.

An  Investment  Committee of six senior  officers,  all of whom are  experienced
analysts,  exercises  disciplined  direction  and  control  over all  investment
selections,  policies and procedures  for each Fund.  The  Committee,  following
highly  disciplined  buy-and-sell  rules, makes all decisions for the selection,
purchase  and  sale of all  securities.  The  members  of the  Committee  are as
follows:

JOHN WINTHROP WRIGHT,  Chairman of the Investment Committee,  Chairman and Chief
Executive  Officer of Wright  Investors'  Service.  AB Amherst  College.  Before
founding Wright Investors' Service in 1960, Mr. Wright was treasurer, St. John's
College;  Commander,  USNR;  Executive  Vice  President,  Standard Air Services;
President,  Wright Power Saw & Tool Corp.;  Senior Partner,  Andris Trubee & Co.
(financial  consultants);   and  Chairman,   Rototiller,  Inc.  Mr.  Wright  has
frequently  been  interviewed  on radio and  television in the United States and
Europe and his published  investment  and financial  writings are widely quoted.
His testimony has often been requested by various House and Senate Committees of
the Congress on matters concerning monetary policy and taxes. He participated in
the 1974 White House  Financial  Summit on Inflation and the 1980  Congressional
Economic Conference.  He is a director of the Center for Financial Studies and a
member  of the  Board  of  Visitors  of the  School  of  Business  at  Fairfield
University,  a fellow of the  University  of  Bridgeport  Business  School and a
Trustee  of  the   Institutes  for  the   Development  of  Human   Potential  in
Philadelphia. He is also a member of the New York Society of Security Analysts.

JUDITH R. CORCHARD,  Vice Chairman of the Investment  Committee,  Executive
Vice President-Investment Management of Wright Investors' Service. Ms. Corchard
attended the University of Connecticut and joined Wright Investors' in 1960.She
is a member  of the New York Society  of  Security  Analysts  and the  Hartford
Society of Financial Analysts.

PETER M. DONOVAN,  CFA,  President of Wright  Investors'  Service.  Mr. Donovan
received a BA Economics,  Goddard College and joined Wright  Investors' Service
from Jones, Kreeger & Co., Washington, DC in 1966. Mr. Donovan is the president
of The Wright  Managed Blue Chip Series Trust, The Wright Managed Income Trust,
The Wright Managed Equity Trust,  and The Wright EquiFund Equity Trust.  He is
also director of EquiFund - Wright National Equity Fund, a Luxembourg SICAV. He
is a member  of the New York  Society of Security  Analysts  and the  Hartford
Society of Financial Analysts.

JATIN J. MEHTA,  CFA,  Executive  Counselor  and Director of Education of Wright
Investors'  Service.  Mr. Mehta received a BS Civil  Engineering,  University of
Bombay,  India and an MBA from the  University  of  Bridgeport.  Before  joining
Wright in 1969, Mr. Mehta was an executive of the Industrial  Credit  Investment
Corporation  of  India,  a  development  bank  promoted  by the  World  Bank for
financial assistance to private industry.  He is a Trustee of The Wright Managed
Blue Chip  Series  Trust.  He is a member of the New York  Society  of  Security
Analysts and the Hartford Society of Financial Analysts.

HARIVADAN K. KAPADIA,  CFA, Senior Vice President - Investment Analysis and
Information  of Wright  Investors'  Service.  Mr.  Kapadia  received a BA (hon.)
Economics and  Statistics and MA Economics,  University of Baroda,  India and an
MBA from the  University  of  Bridgeport.  Before  joining  Wright in 1969,  Mr.
Kapadia was Assistant  Lecturer at the College of Engineering  and Technology in
Surat, India and Lecturer, B.J. at the College of Commerce & Economics, VVNagar,
India. He has published the textbooks:  "Elements of Statistics,"  "Statistics,"
"Descriptive  Economics," and "Elements of Economics." He was appointed  Adjunct
Professor at the Graduate School of Business,  Fairfield  University in 1981. He
is a member  of the New York  Society  of  Security  Analysts  and the  Hartford
Society of Financial Analysts.

 MICHAEL F. FLAMENT,  CFA,  Senior Vice  President - Investment and Economic
Analysis of Wright  Investors'  Service.  Mr. Flament received a BS Mathematics,
Fairfield  University;  MA Mathematics,  University of Massachusetts  and an MBA
Finance,  University  of  Bridgeport.  He is a member of the New York Society of
Security Analysts and the Hartford Society of Financial Analysts.
<PAGE>

Wright places the portfolio  security  transactions for each Fund, which in some
cases may be effected in block transactions which include other accounts managed
by Wright. Wright provides similar services directly for bank trust departments.
Wright seeks to execute the Funds' portfolio  security  transactions on the most
favorable  terms  and in the most  effective  manner  possible.  Subject  to the
foregoing,  Wright  may  consider  sales  of  shares  of the  Funds  or of other
investment  companies  sponsored  by  Wright  as a factor  in the  selection  of
broker-dealer firms to execute such transactions.

Wright is also the  investment  adviser to the other Funds in The Wright Managed
Equity Trust,  The Wright  Managed  Income Trust,  The Wright  Managed Blue Chip
Series Trust and The Wright EquiFund Equity Trust (the "Wright Funds").


THE ADMINISTRATOR

Each Fund  engages  Eaton  Vance as its  administrator  under an  Administration
Agreement.  Under the Administration  Agreement,  Eaton Vance is responsible for
managing the legal and business affairs of each Fund, subject to the supervision
of  the  Trust's  Trustees.   Eaton  Vance's  services  include   recordkeeping,
preparation  and filing of  documents  required to comply with federal and state
securities  laws,  supervising  the  activities  of each  Fund's  custodian  and
transfer  agent,  providing  assistance  in  connection  with the  Trustees' and
shareholders'  meetings and other  administrative  services necessary to conduct
each Fund's business.  Eaton Vance will not provide any investment management or
advisory  services  to the  Funds.  For its  services  under the  Administration
Agreement,  Eaton Vance receives monthly administration fees at the annual rates
(as a percentage of average daily net assets) set forth in the table below.

Eaton Vance,  its  affiliates and its  predecessor  companies have been managing
assets of  individuals  and  institutions  since  1924 and  managing  investment
companies since 1931. In addition to acting as the  administrator  of the Funds,
Eaton Vance or its affiliates act as investment adviser to investment  companies
and various individual and institutional clients with assets under management of
approximately  $15 billion.  Eaton Vance is a  wholly-owned  subsidiary of Eaton
Vance Corp.,  a publicly held holding  company.  Eaton Vance Corp.,  through its
subsidiaries  and  affiliates,  engages in investment  management  and marketing
activities,  fiduciary and banking services, oil and gas operations, real estate
investment,  consulting  and  management  activities,  and  the  development  of
precious metals properties.


DISTRIBUTION EXPENSES

In addition to the fees and expenses payable by each Fund in accordance with the
Investment  Advisory Contract and Administration  Agreement,  each Fund pays for
certain  expenses  pursuant to a Distribution  Plan (the "Plan")  adopted by the
Trust and designed to meet the  requirements  of Rule 12b-1 under the Investment
Company Act of 1940.

The Trust's Plan provides  that monies may be spent by a Fund on any  activities
primarily  intended to result in the sale of the Fund's shares,  including,  but
not  limited  to,  compensation  paid  to and  expenses  incurred  by  officers,

<TABLE>
<CAPTION>
   
                                                       Annual % Administration Fee Rates 
                                               ---------------------------------------------  Fee Rates     Fee Rate Paid
                                                   Under    $100 Million to $250 Million to     Over     for the Fiscal Year
                                               $100 Million  $250 Million   $500 Million     $500 Million   Ended 12/31/94
- ----------------------------------------------------------------------------------------------------------------------------------

<S>                                                <C>             <C>            <C>            <C>             <C>  
   Wright Selected Blue Chip Equities Fund (WBC)   0.20%           0.06%          0.03%          0.02%           0.13%

   Wright Junior Blue Chip Equities Fund (WJBC)    0.20%           0.06%          0.03%          0.02%           0.20%

   Wright Quality Core Equities Fund (WQC)         0.20%           0.06%          0.03%          0.02%           0.20%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    
<PAGE>

Trustees,  employees or sales representatives of the Trust,  including telephone
expenses,  the  printing of  prospectuses  and  reports for other than  existing
shareholders,  preparation and distribution of sales literature, and advertising
of any type.  The expenses  covered by the Trust's Plan may include  payments to
any  separate  distributors  under  agreement  with  the  Trust  for  activities
primarily intended to result in the sale of the Trust's shares.

   
The Trust has  entered  into a  distribution  contract  with  Wright  Investors'
Service Distributors,  Inc. ("WISDI" or the "Principal  Underwriter"),  a wholly
owned subsidiary of Wright. Under the Plan, as amended, it is intended that each
Fund will pay 2/10 of 1% of its  average  daily net assets to WISDI.  Subject to
the 2/10 of 1% per  annum  limitation  imposed  by the  Plan,  each Fund may pay
separately for expenses of any other activities  primarily intended to result in
the sale of its shares.

The following table shows the distribution rate paid by each Fund for the fiscal
year ended December 31, 1994.

                                            Distribution Rate
                                             Paid as a % of
                                             Fund's Average
                                             Net Asset Value
- -------------------------------------------------------------------------------
   Wright Selected Blue Chip Equities Fund
     (WBC)                                       0.20%

   Wright Junior Blue Chip Equities Fund
     (WJBC)                                      0.20%

   Wright Quality Core Equities Fund
     (WQC)                                       0.20%
    

- -------------------------------------------------------------------------------
The  Principal  Underwriter  may use the  distribution  fee for its  expenses of
distributing each Fund's shares,  including  allocable  overhead  expenses.  Any
distribution  expenses  exceeding the amounts paid by the Funds to the Principal
Underwriter  were not  incurred by the  Principal  Underwriter  but were paid by
Wright from its own assets.  Distribution expenses not specifically attributable
to a particular  Fund are allocated among the Funds based on the amount of sales
of each Fund's shares  resulting from the Principal  Underwriter's  distribution
efforts  and  expenditures.  If  the  distribution  fee  exceeds  the  Principal
Underwriter's  expenses,  the  Principal  Underwriter  may realize a profit from
these  arrangements.  The Trust's Plan is a  compensation  plan.  If the Plan is
terminated,  the Funds would stop paying the  distribution  fee and the Trustees
would consider other methods of financing the distribution of the Funds' shares.



WHO MAY PURCHASE FUND SHARES AND
WHAT IS A "PARTICIPATING TRUST DEPARTMENT"

The  Funds'  shares  will not be  offered  to the  public  generally  and may be
purchased only by Participating Trust Departments,  either for their own account
or for the  account of their  clients,  or by  individual  clients of Wright.  A
Participating  Trust  Department  is defined as the trust  department of a trust
company, of a commercial bank or of a thrift  institution,  or as a corporation,
an employee benefit plan sponsor,  or another institution which is acceptable to
the Trustees of the Trust and which utilizes the investment advisory services of
Wright or which  serves as a  fiduciary  (including  as a  custodian  or similar
agent) for investment  funds of clients which utilize Wright.  The purchase of a
Fund's shares alone does not satisfy the requirement that a Participating  Trust
Department  utilize  the  services of the Wright  organization.  Wright does not
intend to  exclude  from the  calculation  of the  investment  advisory  fees it
charges  Participating  Trust  Departments,  the assets of  Participating  Trust
Departments  which  are  invested  in  shares  of  the  Funds.  Accordingly,   a
Participating  Trust Department may pay an advisory fee to Wright as a client of
Wright in accordance with Wright's  customary  investment  advisory fee schedule
charged  to  Participating  Trust  Departments  and  at  the  same  time,  as  a
shareholder  in a Fund,  bear its share of the advisory fee paid by that Fund to
Wright as described above.



HOW THE FUNDS VALUE THEIR SHARES

   
The shares of each Fund are valued once on each day the New York Stock  Exchange
(the  "Exchange")  is open as of the close of regular  trading on the Exchange -
normally  4:00 p.m.  New York time.  The net asset  value is  determined  by the
Funds'  custodian  (as agent  for the  Funds) in 
<PAGE>
the manner authorized by the Trustees of the Trust.  Such  determination is
accomplished by dividing the number of outstanding  shares of each Fund into its
net worth (the excess of its assets over its liabilities).  Securities listed on
securities exchanges or in the NASDAQ National Market are valued at closing sale
prices.  Unlisted or listed  securities,  for which  closing sale prices are not
available,  are  valued  at the  mean  between  latest  bid  and  asked  prices.
Securities for which market quotations are unavailable,  restricted  securities,
and other assets are valued at their fair value as  determined  in good faith by
or at the direction of the Trustees of the Trust. (These valuation methods apply
to  debt  and  fixed-income  as  well  as  to  equity  securities.)   Short-term
obligations  maturing  in 60 days or less are valued at  amortized  cost,  which
approximates market value.
    
HOW TO BUY SHARES

Shares of each Fund are sold  without a sales charge at the net asset value next
determined after the receipt of a purchase order as described below. The minimum
initial purchase of shares is $1,000 per Fund,  although this will be waived for
investments in 401(k) tax-sheltered retirement plans. There is no minimum amount
required for  subsequent  purchases.  Each Fund reserves the right to reject any
order for the  purchase  of its  shares or to limit or  suspend,  without  prior
notice, the offering of its shares.

BY WIRE: Participating Trust Departments may purchase shares by transmitting 
         immediately available funds (Federal Funds) by wire to:

                         Federal Reserve Bank of Boston
                       A/C Investors Bank & Trust Company
                            for (specify name) Fund
                Name and account number of Shareholder's Account

Initial  purchase - When making an initial  investment by wire, a  Participating
Trust  Department  must first  telephone  the Order  Department  of the Funds at
800-225-6265  to advise of the action and to be assigned an account  number.  If
this  telephone  call is not made,  it may not be  possible to process the order
promptly.  In addition, an Account Instructions form, which is available through
WISDI, should be promptly forwarded to The Shareholder Services Group, Inc. (the
"Transfer Agent") at the following address:

                        Wright Managed Investment Funds
                                    BOS 725
                                 P.O. Box 1559
                          Boston, Massachusetts 02104

Subsequent  Purchases - Additional  investments  may be made at any time through
the  wire  procedure  described  above.  The  Funds'  Order  Department  must be
immediately  advised by telephone at 800-225-6265 of each  transmission of funds
by wire.

BY MAIL:  Initial  Purchases - The Account  Instructions  form available through
WISDI should be completed by a Participating Trust Department, signed and mailed
with a check,  Federal Reserve Draft, or other negotiable bank draft, drawn on a
U.S. bank and payable in U.S. dollars, to the order of the Fund whose shares are
being  purchased,  as the case may be, and mailed to the  Transfer  Agent at the
above address.

Subsequent  Purchases  -  Additional  purchases  may be  made  at any  time by a
Participating  Trust  Department  by  check,  Federal  Reserve  draft,  or other
negotiable bank draft, drawn on a U.S. bank and payable in U.S. dollars,  to the
order  of the  relevant  Fund at the  above  address.  The  Participating  Trust
Department  sub-account,  if any,  to which  the  subsequent  purchase  is to be
credited should be identified  together with the sub-account  number and, unless
otherwise agreed, the name of the sub-account.

   
PURCHASE THROUGH EXCHANGE OF SECURITIES: Investors wishing to purchase shares of
a Fund  through an exchange of  portfolio  securities  should  contact  WISDI to
determine the acceptability of the securities and make the proper  arrangements.
The shares of a Fund may be purchased, in whole or in part, by delivering to the
Fund's custodian securities that meet the investment  objectives and policies of
the Fund, have readily  ascertainable market prices and quotations and which are
otherwise acceptable to the Investment Adviser and the Fund. The Trust will only
accept securities in exchange for shares of the Fund for 
<PAGE>
investment  purposes and not as agent for the shareholders with a view to a
resale  of such  securities.  The  Investment  Adviser  will also  require  that
securities  presented  for  exchange  be listed on the New York Stock  Exchange,
American Stock Exchange or NASDAQ. The Investment  Adviser,  WISDI and the Funds
reserve  the  right to  reject  all or any  part of the  securities  offered  in
exchange for shares of a Fund. An investor who wishes to make an exchange should
furnish  to  WISDI  a list  with  a full  and  exact  description  of all of the
securities  which he proposes to deliver.  WISDI or the Investment  Adviser will
specify those  securities  which the Fund is prepared to accept and will provide
the  investor  with  the  necessary  forms to be  completed  and  signed  by the
investor.  The  investor  should  then send the  securities,  in proper form for
transfer,  with the  necessary  forms to the Fund's  custodian  and certify that
there are no legal or contractual  restrictions on the free transfer and sale of
the securities.  Exchanged  securities will be valued at their fair market value
as of the  date  that  the  securities  in  proper  form  for  transfer  and the
accompanying purchase order are both received by the Trust, using the procedures
for valuing  portfolio  securities as described under "How the Funds Value their
Shares"  on page 14.  However,  if the  Exchange  is not  open for  unrestricted
trading on such  date,  such  valuation  should be on the next day on which such
Exchange  is so open.  The net asset value used for  purposes of pricing  shares
sold under the  exchange  program  will be the net asset  value next  determined
following  the  receipt  of both the  securities  offered  in  exchange  and the
accompanying  purchase  order.  Securities  to be exchanged  must have a minimum
aggregate  value of $5,000.  An exchange of securities is a taxable  transaction
which may result in  realization  of a gain or loss for Federal and state income
tax purposes.
    

HOW SHAREHOLDER ACCOUNTS ARE MAINTAINED

Upon the initial purchase of a Fund's shares,  an account will be opened for the
account  or  sub-account  of  the  Participating  Trust  Department.  Subsequent
investments may be made at any time by mail to the Transfer Agent or by wire, as
noted  above.  Distributions  paid in  additional  shares are  credited  to Fund
accounts quarterly. Confirmation statements indicating total shares of each Fund
owned in the account or each sub-account  will be mailed to Participating  Trust
Departments  quarterly,  and at the time of each  purchase  or  redemption.  The
issuance of shares will be recorded on the books of the relevant Fund. The Trust
does not issue share certificates.


DISTRIBUTIONS BY THE FUNDS

The Trust intends to pay dividends from the net  investment  income of each Fund
as shown on the Fund's books at least quarterly.  Any net capital gains realized
from the sale of securities or other transactions in a Fund's portfolio (reduced
by any available  capital loss  carryforwards  from prior years) will be paid at
least  annually,  shortly  before or after the close of the Fund's  fiscal year.
Shareholders may reinvest dividends and accumulate capital gains  distributions,
if any, in  additional  shares of the same Fund at the net asset value as of the
ex-dividend date. Unless shareholders  otherwise instruct, all distributions and
dividends will be automatically  invested in additional shares of the same Fund.
Alternatively,  shareholders may reinvest capital gains distributions and direct
that  dividends  be paid in cash,  or that  both  dividends  and  capital  gains
distributions  be  paid in  cash.  Any  distributions  received  in cash  may be
credited to an account at the Participating Trust Department.


TAXES

   
Each Fund is treated as a separate  entity for Federal income tax purposes under
the  Internal  Revenue  Code of 1986,  as amended  (the  "Code").  Each Fund has
qualified  and  elected to be  treated as a  regulated  investment  company  for
Federal income tax purposes and intends to continue to qualify as such. In order
to so qualify,  each Fund must meet certain requirements with respect to sources
of income,  diversification of assets,  and distributions to shareholders.  Each
Fund  does  not pay  Federal  income  or  excise  taxes  to the  extent  that it
distributes  to its  shareholders  all of its  net  investment  income  and  net
realized  capital gains in accordance with the timing  requirements of the Code.
In  addition,  each Fund will not be  subject to income or  corporate  excise or
franchise  taxes  in  Massachusetts 
<PAGE>
     as long as it qualifies as a regulated investment company under the Code.

In order  to  avoid  Federal  excise  tax,  the Code  requires  that  each  Fund
distribute  (or be deemed to have  distributed)  by December 31 of each calendar
year at least 98% of its  ordinary  income  for such  year,  at least 98% of the
excess of its realized  capital gains over its realized capital losses (computed
on the basis of the  one-year  period  ending on October 31 of such year,  after
reduction  by any  available  capital loss  carryforwards,  for the WBC and WJBC
Funds and at the election of the WQC Fund, for the year ended December 31, after
reduction by any  available  capital loss  carryforwards,  for the WQC Fund) and
100% of any  income  and  capital  gains  from the  prior  year  (as  previously
computed)  that was not paid out during  such year and on which the Fund paid no
Federal income tax.

Distributions of net investment income and the excess of net short-term  capital
gain over net  long-term  capital loss are taxable to  shareholders  as ordinary
income,  whether received in cash or reinvested in additional  shares. A portion
of distributions of net investment  income made by a Fund which are derived from
dividends may qualify for the dividends-received deduction for corporations. The
dividends-received deduction is reduced to the extent the shares with respect to
which the dividends are received are treated as debt-financed under the Code and
is eliminated if the shares are deemed to have been held for less than a minimum
period, generally 46 days. Receipt of distributions qualifying for the deduction
may result in liability for the alternative  minimum tax and/or reduction of the
tax basis of the corporate shareholder's shares.

Distributions  of the excess of each Fund's net long-term  capital gain over its
net  short-term  capital loss are taxable as  long-term  capital  gains  whether
received in cash or reinvested in additional shares,  regardless of how long the
shareholder has held the Fund shares.  The dividends received deduction does not
apply to distributions of such gains. Distributions on Fund shares shortly after
their purchase,  although in effect a return of a portion of the purchase price,
are generally subject to Federal income tax.

Shareholders may realize a taxable gain or loss upon a redemption or exchange of
shares of a Fund.  Any loss realized  upon the  redemption or exchange of shares
with a tax  holding  period of six months or less will be treated as a long-term
capital loss to the extent of any  distribution  of net long-term  capital gains
with  respect  to  such  shares.  All or a  portion  of a loss  realized  upon a
redemption or other  disposition  of Fund shares may be  disallowed  under "wash
sale" rules if other Fund shares are purchased (whether through  reinvestment of
dividends or otherwise) within the period beginning 30 days before and ending 30
days after the date of such disposition.

Each Fund  follows the  accounting  practice  known as  equalization,  which may
affect the amount, timing and character of distributions.

Annually,  shareholders  of each  Fund  that  are not  exempt  from  information
reporting  requirements  will  receive  information  on Form  1099 to  assist in
reporting the prior calendar year's  distributions  and  redemptions  (including
exchanges) on Federal and state income tax returns. Dividends declared by a Fund
in October,  November or December of any calendar year to shareholders of record
as of a date in such a month and paid the following  January will be treated for
Federal income tax purposes as having been received by  shareholders on December
31 of the year in which they are declared.

Under Section 3406 of the Code, individuals and other nonexempt shareholders who
have not provided to a Fund their correct  taxpayer  identification  numbers and
certain required  certifications will be subject to backup withholding of 31% on
distributions  made by the Funds and on proceeds of  redemptions or exchanges of
shares of the Funds.  In  addition,  the Funds may be  required  to impose  such
backup withholding if they are notified by the IRS or a broker that the taxpayer
identification number is incorrect or that backup withholding applies because of
underreporting   of  interest  or  dividend  income.   If  such  withholding  is
applicable, such distributions and proceeds will be reduced by the amount of tax
required to be withheld.

Special  tax  rules  apply  to IRA  accounts  (including  penalties  on  certain
distributions and other transactions) and to other special classes of investors,
such as tax-exempt organizations, banks or insurance companies. Investors should
consult their tax advisers for more information.
<PAGE>

Shareholders  who are not United  States  persons  should also consult their tax
advisers as to the potential application of certain U.S. taxes,  including a 30%
U.S. withholding tax at the rate of 30% (or at a lower treaty rate) on dividends
representing  ordinary income to them, and of foreign taxes to their  investment
in the Funds.

Dividends and other  distributions may, of course,  also be subject to state and
local taxes.  Shareholders should consult their own tax advisers with respect to
state and local tax consequences of investing in the Fund.
    


HOW TO EXCHANGE SHARES

   
Shares of any Fund may be exchanged  for shares of the other Funds in The Wright
Managed Equity Trust,  The Wright  Managed  Income Trust or The Wright  EquiFund
Equity Trust at net asset value at the time of the exchange.
    

This exchange  offer is available only in states where shares of such other Fund
may be legally sold. Each exchange is subject to a minimum initial investment of
$1,000 in each Fund.

The prospectus of each fund describes its investment objectives and policies and
shareholders  should  obtain a prospectus  and  consider  these  objectives  and
policies carefully before requesting an exchange.

The Shareholder Services Group, Inc. makes exchanges at the next determined
net asset  value  after  receiving  a request in writing  mailed to the  address
provided under "How to Buy Shares."

   
Telephone  exchanges are also accepted if the exchange involves shares valued at
less than $25,000 and on deposit with The Shareholder  Services Group,  Inc. and
the investor has not disclaimed in writing the use of the  privilege.  To effect
such  exchanges,  call The Shareholder  Services Group,  Inc. at 800-262-1122 or
within  Massachusetts,  617-573-9403,  Monday through Friday,  9:00 a.m. to 4:00
p.m. (Eastern Standard Time). All such telephone exchanges must be registered in
the same name(s) and with the same address and social security or other taxpayer
identification number as are registered with the fund from which the exchange is
being made.  Neither the Trust,  the Principal  Underwriter  nor The Shareholder
Services  Group,  Inc.  will be  responsible  for the  authenticity  of exchange
instructions  received by telephone,  provided that  reasonable  procedures have
been followed to confirm that instructions communicated are genuine, and if such
procedures  are not  followed,  the Trust,  the Funds,  the  Distributor  or The
Shareholder   Services  Group,  Inc.  may  be  liable  for  any  losses  due  to
unauthorized or fraudulent telephone  instructions.  Telephone instructions will
be tape recorded.  In times of drastic  economic or market changes,  a telephone
exchange may be difficult to implement.

Additional  documentation  may be required for  exchange  requests if shares are
registered in the name of a corporation,  partnership or fiduciary. Any exchange
request  may  be  rejected  by a  Fund  or  the  Principal  Underwriter  at  its
discretion.  Contact the Transfer Agent, The Shareholder  Services Group,  Inc.,
for  additional  information  concerning  the Exchange  Privilege.  The exchange
privilege  may  be  changed  or  discontinued   without  penalty  at  any  time.
Shareholders  will be given sixty (60) days' notice prior to any  termination or
material amendment of the exchange privilege.

Shareholders should be aware that for Federal and state income tax purposes,  an
exchange is a taxable  transaction  which may result in recognition of a gain or
loss.
    



HOW TO REDEEM OR SELL SHARES

   
Shares of a Fund will be redeemed at the net asset value next  determined  after
receipt of a redemption request in good order as described below.  Proceeds will
be mailed  within seven days of such receipt.  However,  at various times a Fund
may be  requested  to  redeem  shares  for  which it has not yet  received  good
payment.  If the shares to be redeemed  represent an  investment  made by check,
each Fund may delay  payment  of  redemption  proceeds  until the check has been
collected which,  depending upon the location of the issuing bank, could take up
to 15 days. For Federal and state income tax purposes, a redemption of shares is
a taxable transaction which may result in recognition of a gain or loss.
<PAGE>

BY  TELEPHONE:  Participating  Bank Trust  Departments,  who have given  written
authorization  in advance,  may effect a redemption  by calling the Funds' Order
Department at 800-225-6265  (8:30 a.m. to 4:00 p.m. Eastern time). In times when
the  volume of  telephone  redemptions  is heavy,  additional  phone  lines will
automatically  be added by the Funds.  However,  in times of drastic economic or
market  changes,  a telephone  redemption  may be difficult to  implement.  When
calling to make a telephone redemption, shareholders should have available their
account  number.  A  telephone  redemption  will be made at the  day's net asset
value,  provided that the telephone redemption request is received prior to 4:00
p.m. on that day. Telephone redemption requests received after 4:00 p.m. will be
effected at the net asset value  determined  for the next trading  day.  Payment
will be made by wire transfer to the bank account  designated  and normally,  as
indicated above, within one business day after receipt of the redemption request
in good order.  Participating Trust Departments may make redemptions and deposit
the  proceeds  in  checking  or other  accounts  of  clients,  as  specified  in
instructions  furnished  to the Funds at the time of initially  purchasing  Fund
shares.  Neither  the  Trust,  the  Principal  Underwriter  nor The  Shareholder
Services  Group,  Inc. will be responsible  for the  authenticity  of redemption
instructions  received by telephone,  provided that  reasonable  procedures have
been followed to confirm that instructions communicated are genuine, and if such
procedures  are not  followed,  the Trust,  the Funds,  the  Distributor  or The
Shareholder   Services  Group,  Inc.  may  be  liable  for  any  losses  due  to
unauthorized or fraudulent telephone instructions.
    

BY MAIL: A Participating  Trust  Department may also redeem all or any number of
shares at any time by mail by  delivering  the request with a stock power to the
Transfer Agent, The Shareholder  Services Group, Inc., Wright Managed Investment
Funds, BOS 725, P.O. Box 1559,  Boston,  Massachusetts  02104. As in the case of
wire  requests,  payments  will  normally be made within one  business day after
receipt of the redemption  request in good order.  Good order means that written
redemption  requests or stock  powers  must be  endorsed by the record  owner(s)
exactly as the shares are registered and the signature(s)  must be guaranteed by
a member of either the Securities  Transfer  Association's  STAMP program or the
New York Stock Exchange's Medallion Signature Program, or certain banks, savings
and loan institutions,  credit unions, securities dealers, securities exchanges,
clearing  agencies  and  registered  securities  associations  as  required by a
regulation  of the  Securities  and Exchange  Commission  and  acceptable to The
Shareholder  Services  Group,  Inc. In addition,  in some cases,  good order may
require  the  furnishing  of  additional  documents,  such as where  shares  are
registered in the name of a corporation, partnership or fiduciary.

The right to redeem  shares of a Fund and to receive  payment  therefore  may be
suspended  at times (a) when the  securities  markets  are  closed,  other  than
customary weekend and holiday  closings,  (b) when trading is restricted for any
reason,  (c) when an emergency  exists as a result of which disposal by the Fund
of securities owned by it is not reasonably  practicable or it is not reasonably
practicable for the Fund fairly to determine the value of its net assets, or (d)
when the Securities and Exchange Commission by order permits a suspension of the
right of redemption or a postponement of the date of payment or redemption.

Although the Funds normally intend to redeem shares in cash, each Fund,  subject
to compliance  with  applicable  regulations,  reserves the right to deliver the
proceeds of redemptions in the form of portfolio  securities if deemed advisable
by the Trustees.  The value of any such portfolio securities distributed will be
determined in the manner  described under "How the Funds Value Their Shares" and
may be more or less than a shareholder's cost depending upon the market value of
portfolio  securities  at the time the  redemption  is made.  If the amount of a
Fund's shares to be redeemed for a Participating  Trust  Department  sub-account
within a 90-day period exceeds the lesser of $250,000 or 1% of the aggregate net
asset value of the Fund at the beginning of such period,  such Fund reserves the
right  to  deliver  all or any  part of such  excess  in the  form of  portfolio
securities.  If  portfolio  securities  were  distributed  in lieu of cash,  the
shareholder  would normally incur  transaction costs upon the disposition of any
such securities.

Due to the  relatively  high  cost of  maintaining  small  accounts,  each  Fund
reserves  the  right  to  redeem  fully at net  asset  value  any  Fund  account
(including  accounts of clients of Participating Trust Departments) which at any
time, due to redemption or transfer,  amounts to less than $1,000 for
<PAGE>
that Fund; any shareholder who makes a partial redemption which reduces his
account in a Fund to less than  $1,000  would be subject to the Fund's  right to
redeem such account.  However,  no such redemption would be required by the Fund
if the cause of the low account  balance was a reduction  in the net asset value
of Fund shares.  Prior to the execution of any such  redemption,  notice will be
sent and the  Participating  Trust  Department  will be allowed 60 days from the
date of notice to make an additional  investment to meet the required minimum of
$1,000 per Fund.

OTHER INFORMATION

The Trust is a  business  trust  established  under  Massachusetts  law and is a
no-load,  open-end  management  investment  company.  The Trust was  established
pursuant to a Declaration  of Trust dated June 17, 1982, as amended and restated
December 21, 1987.

The Trust's shares of beneficial interest have no par value. Shares of the Trust
may be issued in two or more series or "Funds".  The Trust  currently  has three
Funds  which are offered  hereby.  (The Trust also has one  additional  series -
Wright  International  Blue Chip  Equities  Fund - that is being offered under a
separate prospectus.) Each Fund's shares may be issued in an unlimited number by
the  Trustees  of  the  Trust.   Each  share  of  a  Fund  represents  an  equal
proportionate beneficial interest in that Fund and, when issued and outstanding,
the shares are fully paid and non-assessable by the relevant Fund.  Shareholders
are  entitled  to one vote for each full share  held.  Fractional  shares may be
voted in  proportion  to the amount of the net asset  value of a Fund which they
represent.  Voting  rights are not  cumulative,  which means that the holders of
more than 50% of the shares voting for the election of the Trustees of the Trust
can elect 100% of the Trustees and, in such event,  the holders of the remaining
less than 50% of the shares  voting on the matter  will not be able to elect any
Trustees.  Shares  have no  preemptive  or  conversion  rights  and  are  freely
transferable. Upon liquidation of a Fund, shareholders are entitled to share pro
rata in the net assets of the  particular  Fund  available for  distribution  to
shareholders,  and  in any  general  assets  of the  Trust  not  allocated  to a
particular Fund by the Trustees.

As  permitted  by  Massachusetts  law,  there will  normally  be no  meetings of
shareholders for the purpose of electing  Trustees unless and until such time as
less than a  majority  of the  Trustees  holding  office  have been  elected  by
shareholders.  In  such an  event,  the  Trustees  then in  office  will  call a
shareholders'  meeting for the  election of Trustees.  Except for the  foregoing
circumstances  and unless  removed by action of the  shareholders  in accordance
with the Trust's  by-laws,  the Trustees  shall  continue to hold office and may
appoint successor Trustees.  The Trustees shall only be liable in cases of their
willful misfeasance, bad faith, gross negligence, or reckless disregard of their
duties.

The  Trust's  by-laws  provide  that no  persons  shall  serve as a  Trustee  if
shareholders  holding two-thirds of the outstanding shares have removed him from
that office either by a written  declaration filed with the Trust's custodian or
by votes cast at a meeting called for that purpose.  The by-laws further provide
that the Trustees shall promptly call a meeting of shareholders  for the purpose
of voting upon a question of removal of a Trustee when requested so to do by the
record holders of not less than 10 per centum of the outstanding shares.




TAX-SHELTERED RETIREMENT PLANS

The Funds are suitable  investments for individual  retirement account plans for
individuals and their non-employed spouses, pension and profit sharing plans for
self-employed individuals,  corporations and non-profit organizations, or 401(k)
tax-sheltered  retirement plans. The minimum initial purchase of $1,000 for each
Fund will be waived for investments in 401(k) plans.

   For more information, write to:

                  Wright Investors' Service Distributors, Inc.
                            1000 Lafayette Boulevard
                         Bridgeport, Connecticut 06604

                                    or call

                                (203) 330-5060
                                                  
                                                        
<PAGE> 
- ------------------------------------------------------------------------------
Description of art work on back cover of Prospectus.

Two thin blue vertical lines on the right side of the page.
- ------------------------------------------------------------------------------
                                   
WRIGHT TRUE BLUE CHIP
EQUITY INVESTMENT FUNDS


PROSPECTUS
MAY 1, 1995

THE WRIGHT MANAGED EQUITY TRUST

INVESTMENT ADVISER
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604

PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604

ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110

CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, Massachusetts 02110

TRANSFER AGENT
The Shareholder Services Group, Inc.
Wright Managed Investment Funds
BOS 725
P.O. Box 1559
Boston, Massachusetts 02104

AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston, Massachusetts  02110


24 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110
<PAGE>
                                       STATEMENT OF ADDITIONAL INFORMATION
                                                               MAY 1, 1995
===============================================================================
                        THE WRIGHT MANAGED EQUITY TRUST  
                               24 Federal Street
                          Boston, Massachusetts 02110

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                       Wright Quality Core Equities Fund
                    Wright Selected Blue Chip Equities Fund
                     Wright Junior Blue Chip Equities Fund
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TABLE OF CONTENTS                                         PAGE

General Information And History........................     2
Investment Objectives And Policies.....................     3
Investment Restrictions................................     5
Officers And Trustees..................................     6
Control Persons And Principal Holders Of Shares........     8
Investment Advisory And Administrative Services........     8
Custodian..............................................    11
Independent Certified Public Accountants...............    11
Brokerage Allocation...................................    12
Fund Shares And Other Securities.......................    13
Purchase, Exchange, Redemption And Pricing Of Shares...    13
Principal Underwriter..................................    14
Calculation Of Performance And Yield Quotations........    16
Financial Statements...................................    18
Appendix ..................................................36


THIS COMBINED STATEMENT OF ADDITIONAL  INFORMATION  IS NOT A PROSPECTUS  AND IS
AUTHORIZED  FOR  DISTRIBUTION TO PROSPECTIVE  INVESTORS  ONLY IF  PRECEDED  OR
ACCOMPANIED BY THE CURRENT COMBINED  PROSPECTUS OF THE WRIGHT  MANAGED  EQUITY
TRUST (THE "TRUST" OR THE "EQUITY TRUST") OFFERING THE ABOVE FUNDS DATED MAY 1,
1995; A COPY OF WHICH MAY BE OBTAINED  WITHOUT  CHARGE  FROM WRIGHT  INVESTORS'
SERVICE GENERAL INFORMATION AND HISTORYTTE  BOULEVARD, BRIDGEPORT, CONNECTICUT
06604 (800-888-9471).
<PAGE>


     The Trust is a no-load, open-end management investment company organized in
1982 as a  Massachusetts  business trust.  The Trust has three series  described
herein  (the  "Funds" or the "Equity  Funds")  plus one series  offered  under a
separate  prospectus  and  statement of additional  information.  Each Fund is a
diversified fund.

     As permitted by  Massachusetts  law,  there will normally be no meetings of
shareholders for the purpose of electing  Trustees of the Trust unless and until
such time as less than a majority of the  Trustees of the Trust  holding  office
have been elected by its  shareholders.  In such an event,  the Trustees then in
office will call a shareholders'  meeting for the election of Trustees.  Subject
to the  foregoing  circumstances,  the Trustees will continue to hold office and
may appoint successor or new Trustees except that, pursuant to provisions of the
Investment  Company  Act of 1940 (the  "1940  Act"),  which are set forth in the
By-Laws of the Trust, the shareholders can remove one or more of its Trustees.

     The Trust's  Declaration of Trust may be amended with the affirmative  vote
of a majority of the outstanding  shares of such Trust or, if the interests of a
particular Fund are affected,  a majority of such Fund's outstanding shares. The
Trustees are authorized to make amendments to a Declaration of Trust that do not
have a material adverse effect on the interests of  shareholders.  The Trust may
be  terminated  (i) upon the sale of the Trust's  assets to another  diversified
open-end management investment company, if approved by the holders of two-thirds
of the outstanding  shares of the Trust,  except that if the Trustees  recommend
such sale of assets,  the approval by the vote of a majority of the  outstanding
shares will be sufficient,  or (ii) upon  liquidation  and  distribution  of the
assets of the Trust, if approved by a majority of its Trustees or by the vote of
a majority of the Trust's  outstanding  shares. If not so terminated,  the Trust
may continue indefinitely.

     The Trust's Declaration of Trust further provides that the Trust's Trustees
will not be liable for errors of judgment  or mistakes of fact or law;  however,
nothing in the  Declaration of Trust protects a Trustee against any liability to
which he would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of
his office.


     The Trust is an organization of the type commonly known as a "Massachusetts
business  trust." Under  Massachusetts  law,  shareholders  of such a trust may,
under  certain  circumstances,  be held  personally  liable as partners  for the
obligations of the Trust.  The Trust's  Declaration of Trust contains an express
disclaimer of shareholder liability in connection with the Trust property or the
acts,  obligations  or  affairs  of the  Trust.  The  Declaration  of Trust also
provides for  indemnification  out of the Trust property of any shareholder held
personally  liable for the claims and  liabilities  to which a  shareholder  may
become subject by reason of being or having been a  shareholder.  Thus, the risk
of a shareholder incurring financial loss on account of shareholder liability is
limited to  circumstances  in which the Trust itself would be unable to meet its
obligations.  The  risk  of any  shareholder  incurring  any  liability  for the
obligations of the Trust is extremely remote.


     The Trust has retained Wright Investors' Service of Bridgeport, Connecticut
("Wright") as investment  adviser to carry out the  management,  investment  and
reinvestment  of its  assets.  The Trust has  retained  Eaton  Vance  Management
("Eaton   Vance"),   24  Federal  Street,   Boston,   Massachusetts   02110,  as
administrator of its business affairs.
<PAGE>

INVESTMENT OBJECTIVES AND POLICIES

     The  investment  objective of each Fund is to provide  long-term  growth of
capital and at the same time earn  reasonable  current  income.  The  investment
objective  and  policies  of the Equity  Funds may be  changed  by the  Trustees
without a vote of the Equity Funds'  shareholders.  Securities selected for each
Fund are drawn  from an  investment  list  prepared  by Wright  and known as The
Approved Wright Investment List (the "AWIL").

   
     APPROVED WRIGHT INVESTMENT LIST (AWIL). Wright systematically reviews about
3,000 U.S.  companies  in its  proprietary  database in order to identify  those
which, on the basis of at least five years of audited records,  pass the minimum
standards of prudence  (e.g.  the value of its assets and  shareholders'  equity
exceeds  certain  minimum  standards  and the  company's  operations  have  been
profitable  during the last three years) and thus are suitable for consideration
by fiduciary  investors.  Companies which meet these  requirements  (about 1,600
companies) are considered by Wright to be "investment  grade." They may be large
or small, may have their securities traded on exchanges or over the counter, and
may include companies not currently paying dividends on their shares.

     These companies are then subjected to extensive  analysis and evaluation in
order to  identify  those  which  meet  Wright's  32  fundamental  standards  of
investment  quality.  Only  those  companies  which  meet or exceed all of these
standards  are eligible for  selection by the Wright  Investment  Committee  for
inclusion in the AWIL.

     All companies on the AWIL are, in the opinion of Wright,  soundly  financed
"True Blue Chips" with established records of earnings  profitability and equity
growth. All have established  investment  acceptance and active,  liquid markets
for their publicly owned shares.

      WRIGHT QUALITY CORE EQUITIES FUND (WQC).  This Fund seeks to enhance total
investment  return  (consisting of price  appreciation plus income) by providing
management  of  a  broadly   diversified   portfolio  of  equity  securities  of
well-established  companies  meeting  strict quality  standards.  The Fund will,
through continuous  professional  investment supervision by Wright, pursue these
objectives by investing in a diversified  portfolio of common stocks of what are
believed to be high-quality, well-established and profitable companies.

      This Fund is quality  oriented and is suitable for a total equity  account
or as a base  portfolio  for accounts  with  multiple  objectives.  Investments,
except for temporary defensive investments,  will be made solely in companies on
the  AWIL.  In  selecting  companies  from  the AWIL  for  this  portfolio,  the
Investment Committee of Wright Investors' Service selects, based on quantitative
formulae,  those companies which are expected to do better over the intermediate
term.  The  quantitative  formulae  take  into  consideration  factors  such  as
over/under  valuation and compatibility with current market trends.  Investments
in the portfolio are equally weighted in the selected securities.

      The  disciplines  which  determine  sale  include  preventing   individual
holdings from exceeding 2 1/2 times their normal value position in this Fund and
requiring  the sale of the  securities  of any company which no longer meets the
standards of the AWIL.  Also,  portfolio  holdings which fall in the unfavorable
category based on the quantitative  formulae described above are generally sold.
The disciplines  which determine  purchase  provide that new funds,  income from
securities  currently  held, and proceeds of sales of securities will be used to
increase  those  positions  which at current market are the furthest below their
normal target  values and to purchase  companies  which become  eligible for the
portfolio as described above.
<PAGE>
    

      WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC).  This Fund seeks to enhance
the total investment  return  (consisting of price  appreciation plus income) by
providing active management of equity securities of  well-established  companies
meeting  strict  quality  standards.  Equity  securities  are  limited  to those
companies whose current operations reflect defined,  quantified  characteristics
which have been  identified  by Wright as being likely to provide  comparatively
superior total investment return. The process selects  approximately  two-thirds
of the WQC  companies  on the basis of  Wright's  evaluation  of their  outlook.
Investments are equally weighted.

   
      The  disciplines  which  determine  sale  include  preventing   individual
holdings  from  exceeding 2 1/2 times their normal value  position in this Fund,
preventing  the retention of the securities of any company which no longer meets
the standards of the AWIL,  and  liquidating  portfolio  holdings which cease to
meet the outlook  criteria  described  above.  The  disciplines  which determine
purchase  provide that new funds,  income from  securities  currently  held, and
proceeds of sales of securities  will be used to increase those  positions which
at current  market values are the furthest  below their normal target values and
to purchase companies which become eligible for the portfolio.
    

      WRIGHT JUNIOR BLUE CHIP  EQUITIES FUND (WJBC).  This Fund seeks to enhance
the total investment  return  (consisting of price  appreciation plus income) by
providing   management  of  equity   securities  of  smaller   companies   still
experiencing their rapid growth period.  Equity securities  selected are limited
to those  companies  selected for the WQC Fund which when sorted by stock market
capitalization  represent  the smaller  companies on the list.  Investments  are
equally weighted.

     A series of  disciplines  controls the purchase and sale of securities  for
the Wright  Junior  Blue Chip  Equities  Fund.  Each  company is  reviewed  on a
continuous  basis by Wright's  Investment  Committee  in order to assure that it
continues to meet all of the required  characteristics  of  investment  quality,
financial  strength,  profitability and stability and growth.  These disciplines
are  believed to limit the  financial  risk which is sometimes  associated  with
investment in smaller companies.  However,  somewhat higher volatility of market
pricing and greater  variability of individual stock  investment  returns can be
expected  in this Fund as  compared to the Wright  Selected  Blue Chip  Equities
Fund, which is invested in larger companies.

   
     POLICIES FOR ALL EQUITY  FUNDS.  It is the policy of the Funds to hold cash
or temporarily invest in cash-equivalent  securities (high-quality,  short-term,
fixed-income  debt  securities)  whenever  this  is  deemed  to be in  the  best
interests of the shareholders for any reason, which would include the investment
adviser's  expectation  of a substantial  stock market  decline.  Such defensive
investments  will normally be limited to that percentage of Fund assets which is
considered to be desirable under the then  prevailing  economic and stock market
conditions,  normally  no  more  than  approximately  20%  of a  Fund's  assets.
Accordingly,  it is  intended  that each Fund  remain at least 80%  invested  in
equity securities at all times, and this is a fundamental investment policy that
may only be changed by the vote of a majority of such Fund's  outstanding voting
securities.  The Fund may, for defensive  purposes,  temporarily exceed this 20%
limit  if  Wright  believes  that  this  would be  advisable  in view of what it
considers  extraordinary  economic  and stock  market  conditions.  In practice,
Wright does not anticipate  adopting a defensive  position in the Wright Quality
Core  Equities  Fund (WQC) or the Wright  Junior Blue Chip  Equities Fund (WJBC)
except in the most  extraordinary  economic  and  stock  market  conditions  and
intends to avoid adopting a defensive  position in the Wright Selected Blue Chip
Equities Fund (WBC) during periods of normal market fluctuations.
<PAGE>
    

INVESTMENT RESTRICTIONS

The following investment  restrictions have been adopted by each Fund and may be
changed  as to a Fund only by the vote of a majority  of the Fund's  outstanding
voting  securities,  which as used in this  Statement of Additional  Information
means the  lesser of (a) 67% of the  shares of the Fund if the  holders  of more
than 50% of the shares are  present or  represented  at the  meeting or (b) more
than 50% of the shares of the Fund. Accordingly, the Trust may not:

     (1) Borrow  money in excess of 1/3 of the current  market  value of the net
         assets of any Fund  (excluding  the amount  borrowed)  and then only if
         such borrowing is incurred as a temporary  measure for extraordinary or
         emergency  purposes  or to  facilitate  the orderly  sale of  portfolio
         securities to accommodate  redemption requests; or issue any securities
         of a Fund  other  than its  shares  of  beneficial  interest  except as
         appropriate  to evidence  indebtedness  which the Fund is  permitted to
         incur.  To  the  extent  that  a Fund  purchases  additional  portfolio
         securities while such borrowings are outstanding,  that particular Fund
         may be considered to be leveraging its assets,  which entails the risks
         that the costs of borrowing  may exceed the return from the  securities
         purchased.  (The Trust anticipates paying interest on borrowed money at
         rates  comparable  to a Fund's  yield and the Trust has no intention of
         attempting to increase any Fund's net income by means of borrowing);

     (2) Pledge,  mortgage or  hypothecate  its assets to an extent greater than
         1/3 of the total assets of a Fund taken at market;

     (3) Invest more than 5% of a Fund's total  assets  taken at current  market
         value in the  securities  of any one issuer or allow a Fund to purchase
         more than 10% of the voting securities of any one issuer;

     (4) Purchase  or retain  securities  of any  issuer  if 5% of the  issuer's
         securities are owned by those officers and Trustees of the Trust or its
         manager,  investment adviser or administrator who own individually more
         than 1/2 of 1% of the issuer's securities;

     (5) Purchase  securities  on margin or make short sales except sales 
         against the box, write or purchase or sell any put options,or purchase
         warrants;

     (6) Buy or sell real estate, commodities, or commodity contracts unless
         acquired as a result of ownership of securities;

     (7) Purchase any securities which would cause more than 25% of the market
         value of a Fund's total  assets  at the  time of such  purchase  to be
         invested in the securities of issuers having their principal  business
         activities in the same industry, provided that there is no limitation
         in respect to investments in  obligations  issued or guaranteed by the
         U.S. Government or its agencies or instrumentalities;

     (8) Underwrite  securities  issued by other persons except  insofar as the
         Trust may technically be deemed an underwriter under the Securities Act
         of 1933 in selling a portfolio security;

     (9) Make loans, except i) through the loan of a portfolio security, (ii)
         by entering into repurchase agreements and (iii) to the extent that the
         purchase of debt instruments for a Fund in accordance with the Trust's
         investment objective and policies may be deemed to be loans; or
<PAGE>

   (10)  Purchase from or sell to any of its Trustees or officers, its manager,
         administrator or investment adviser, its principal underwriter, if any,
         or the officers or directors of said manager, administrator, investment
         adviser or principal underwriter, portfolio securities of any Fund.


     Although  not a matter of  fundamental  policy,  the  Trust has no  current
intention  of entering  into  repurchase  agreements  on behalf of any Fund.  In
addition,  each Fund  will not  invest  (1) more  than 15% of its net  assets in
illiquid  investments,  including  repurchase  agreements  maturing in more than
seven days, securities that are not readily marketable and restricted securities
not eligible for resale  pursuant to Rule 144A under the  Securities Act of 1933
(the "1933 Act"); (2) more than 10% of its net assets in restricted  securities,
excluding  securities  eligible  for  resale  pursuant  to Rule 144A or  foreign
securities  which are offered or sold  outside the United  States in  accordance
with  Regulation S under the 1933 Act; or (3) more than 15% of its net assets in
restricted securities (including those eligible for resale under Rule 144A).


     If a percentage  restriction contained in any Fund's investment policies is
adhered  to at the time of  investment,  a later  increase  or  decrease  in the
percentage  resulting from a change in the value of portfolio  securities or the
Fund's net assets will not be considered a violation of such restriction.



OFFICERS AND TRUSTEES


   
The officers and Trustees of the Trust 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.  Those  Trustees  who are  "interested  persons" of the
Trust,  Wright,  Eaton Vance,  Eaton  Vance's  wholly-owned  subsidiary,  Boston
Management  and  Research  ("BMR"),  Eaton  Vance's  parent,  Eaton  Vance Corp.
(`EVC'), or by Eaton Vance's Trustee, Eaton Vance, Inc. ("EV") as defined in the
1940 Act by virtue of their  affiliation  with either the Trust,  Wright,  Eaton
Vance, EVC or EV, are indicated by an asterisk (*).


PETER M. DONOVAN (52), PRESIDENT AND TRUSTEE*
President and Director of Wright Investors' Service;  Vice President,  Treasurer
and a Director of Wright Investors' Service Distributors, Inc.
Address: 1000 Lafayette Boulevard, Bridgeport, CT 06604


H. DAY BRIGHAM, JR. (68), VICE PRESIDENT, SECRETARY AND TRUSTEE*
Vice  President  of  Eaton  Vance,  BMR,  EV and EVC and  Director, EV and EVC;
Director,  Trustee and officer of various investment companies managed by Eaton
Vance or BMR;  Director,  Investors  Bank & Trust  Company 
Address:  24 Federal Street, Boston, MA 02110


WINTHROP S. EMMET (84), TRUSTEE
Attorney at Law, Stockbridge, MA; Trust Officer, First National City Bank,
New York, NY (1963-1971)
Address: Box 327, West Center Road, West Stockbridge, MA  01266


LELAND MILES (71), TRUSTEE
President Emeritus, University of Bridgeport (1987 - present); President, 
University of Bridgeport (1974-1987) Director, United Illuminating Company
Address: Tide Mill Landing, 2425 Post Road, Suite 102, Southport, CT  06490
<PAGE>

A. M. MOODY III (58), VICE PRESIDENT & TRUSTEE*
Senior Vice President, Wright Investors' Service; President, Wright Investors' 
Service Distributors, Inc.
Address: 1000 Lafayette Boulevard, Bridgeport, CT  06604

LLOYD F. PIERCE (76), TRUSTEE
Retired Vice Chairman (prior to 1984 - President),  People's Bank,  Bridgeport,
CT;  Member,  Board of  Trustees,  People's  Bank,  Bridgeport,  CT;  Board  of
Directors,  Southern Connecticut  Gas Company;  Chairman,  Board of  Directors,
COSINE
Address: 125 Gull Circle North, Daytona Beach, FL 32119

GEORGE R. PREFER (60), TRUSTEE
Retired President and Chief Executive Officer, Muller Data Corp., New York, NY
(President 1983-1986)  (1989-1990);  President and Chief Executive Officer,
InvestData Corporation, A Mellon Financial Services Company (1986-1989)
Address: 7738 Silver Bell Drive, Sarasota, FL 34241

RAYMOND VAN HOUTTE (70), TRUSTEE
President  Emeritus and Counselor of The Tompkins County Trust Company, Ithaca,
NY since January 1989;  President and Chief Executive Officer, The Tompkins
County Trust Company (1973-1988); President, New York State Bankers Association
1987-1988;  Director,  McGraw Housing Company, Inc., Deanco, Inc.,
Evaporated Metal Products and Ithaco, Inc.
Address: One Strawberry Lane, Ithaca, NY  14850

JUDITH R. CORCHARD (56), VICE PRESIDENT
Executive  Vice  President,  Senior  Investment  Officer, Vice Chairman of The
Investment Committee and Director, Wright Investors' Service.
Address: 1000 Lafayette Boulevard, Bridgeport, CT  06604

JAMES L. O'CONNOR (50), TREASURER
Vice President of Eaton Vance, BMR and EV. Officer of various investment
companies managed by Eaton Vance or BMR.
Address: 24 Federal Street, Boston, MA 02110

JANET E. SANDERS (59), ASSISTANT TREASURER AND ASSISTANT SECRETARY
Vice President of Eaton Vance, BMR and EV. Officer of various investment
companies managed by Eaton Vance or BMR.
Address: 24 Federal Street, Boston, MA 02110

WILLIAM J. AUSTIN, JR. (43), ASSISTANT TREASURER
Assistant  Vice  President of Eaton  Vance,  BMR and EV.  Officer of various
investment  companies  managed by Eaton Vance or BMR. Mr. Austin was elected 
Assistant Treasurer of the Trust on December 18, 1991.
Address: 24 Federal Street, Boston, MA 02110

RICHARD E. HOUGHTON (64), ASSISTANT SECRETARY
Vice President of Eaton Vance, BMR and EV.
Officer of various investment companies managed by Eaton Vance or BMR.
Address: 24 Federal Street, Boston, MA 02110

JOHN P. RYNNE (52), ASSISTANT SECRETARY
Vice President and Comptroller of Eaton Vance,BMR and EV and Comptroller of EVC.
Address: 24 Federal Street, Boston, MA 02110


     All of the Trustees and officers hold  identical  positions with The Wright
Managed  Income  Trust,  The Wright  Managed Blue Chip Series Trust  (except Mr.
Miles) and The Wright  EquiFund  Equity  Trust.  The fees and  expenses of those
Trustees of the Trust (Messrs.  Emmet, Miles, Pierce, Prefer and Van Houtte) who
are not  affiliated  persons of the Trust are paid by the Funds and other series
of the Trust.  They also  received  additional  payments  from other  investment
companies for which Wright provides investment  advisory services.  The Trustees
who are  "interested  persons"  of the Trust  receive no  compensation  from the
Trust. For Trustee compensation for the fiscal year ended December 31, 1994, see
the following table.
<PAGE>

                               COMPENSATION TABLE
                      Fiscal Year Ended December 31, 1994
                  Registrant - The Wright Managed Equity Trust
                      Registered Investment Companies - 4

                   Aggregate Com-            Esti-   Total
                 pensation from ThePension   mated  Compen-
                   Wright Managed Benefits  Annual  sation
Trustees            Equity Trust   Accrued Benefits Paid(1)
- ------------------------------------------------------------------------------
Winthrop S. Emmet      $1,100       None     None   $5,000
Leland Miles           $1,100       None     None   $5,000
Lloyd F. Pierce        $1,100       None     None   $5,000
George R. Prefer       $1,100       None     None   $5,000
Raymond Van Houtte     $1,100       None     None   $5,000
- ------------------------------------------------------------------------------
(1) Total  compensation  paid is from The Wright  Managed Equity Trust (4 Funds)
and the other  boards in the Wright  Fund  complex  (19 Funds) for a total of 23
Funds.
    
     Messrs.  Emmet,  Miles,  Pierce,  Prefer and Van Houtte are  members of the
Special  Nominating  Committee  of  the  Trustees  of  the  Trust.  The  Special
Nominating  Committee's function is selecting and nominating individuals to fill
vacancies,  as and when they occur,  in the ranks of those  Trustees who are not
"interested  persons" of the Trust,  Eaton  Vance or Wright.  The Trust does not
have a designated audit committee since the full board performs the functions of
such committee.

CONTROL PERSONS AND
PRINCIPAL HOLDERS OF SHARES

   
As of March 31, 1995, the Trustees and officers of the Trust, as a group,  owned
in the aggregate less than 1% of the outstanding  shares of any Fund. The Funds'
shares are held primarily by Participating  Trust  Departments  either for their
own account or for the accounts of their clients.  From time to time, several of
these Participating Trust Departments are the record owners of 5% or more of the
outstanding shares of a particular Fund. To date, the Funds' experience has been
that such  shareholders  do not  continuously  hold in excess of 5% or more of a
Fund's  outstanding  shares for extended  periods of time.  Should a shareholder
continuously  hold 5% or more of a Fund's  outstanding  shares  for an  extended
period of time (a period in excess of a year),  this  would be  disclosed  by an
amendment to this Statement of Additional Information showing such shareholder's
name, address and percentage of ownership.  Upon request, the Trust will provide
shareholders  with a list of all  shareholders  holding  5% or more of a  Fund's
outstanding shares as of a current date.

     As of March 31, 1995, the number of Participating  Trust  Departments which
were the record  owners of more than 5% of the  outstanding  shares of the Funds
was as follows: WBC, 4; WJBC, 4; and WQC, 6.
    


INVESTMENT ADVISORY
AND ADMINISTRATIVE SERVICES

The Trust has engaged Wright to act as each Fund's  investment  adviser pursuant
to an Investment  Advisory  Contract  dated  December 21, 1987 (the  "Investment
Advisory Contract").  Wright,  located at 1000 Lafayette Boulevard,  Bridgeport,
Connecticut,  was founded in 1960 and currently provides  investment services to
clients  throughout  the United States and abroad.  John Winthrop  Wright may be
considered a controlling  person of Wright by virtue of his position as Chairman
of the Board of Directors of Wright, and by reason of his ownership of more than
a majority of the outstanding shares of Wright.

     The Investment  Advisory  Contract  provides that Wright will carry out the
investment  and   reinvestment  of  the  assets  of  the  Funds,   will  furnish
continuously  an investment  program with respect to the Funds,  will  determine
which securities should be purchased, sold or exchanged, and will implement such
determinations.   Wright  will  furnish  to  the  Funds  investment  advice  and
management  services,  office  space,  equip-
<PAGE>
<TABLE>
<CAPTION>

                                                   Annual % Advisory Fee Rate
                                            ------------------------------------------          Fee Earned  Fee Earned  Fee Earned
                                              Under  $100 Mil  $250 Mil  $500 Mil     Over      for Fiscal  for Fiscal  for Fiscal
                                              $100-    to       to        to           $1        Yr Ended    Yr Ended    Yr Ended
                                             Million $250 Mil  $500 Mil  $1 Billion    Billion   12/31/92    12/31/93    12/31/94
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>    <C>        <C>      <C>           <C>       <C>       <C>          <C>       
Wright Selected Blue Chip Equities Fund (WBC) 0.55%  0.69%      0.67%    0.63%         0.58%     $997,071  $1,042,731   $1,169,165
Wright Junior Blue Chip Equities Fund (WJBC)  0.55%  0.69%      0.67%    0.63%         0.58%     $453,476   $364,034    $  322,161
Wright Quality Core Equities Fund (WQC)       0.45%  0.59%      0.57%    0.53%         0.48%     $308,574   $391,623    $  332,192
- ----------------------------------------------------------------------------------------------------------------------------------  
</TABLE>



ment  and  clerical  personnel,  and investment advisory,  statistical and 
research facilities.  In addition,  Wright has arranged for certain members of
the Eaton Vance and Wright  organizations to serve without  salary as officers 
or Trustees of the Trust.  In return for these services, each Fund is obligated 
to pay a monthly advisory fee calculated at the rates set forth in the table
above.

     Wright does not intend to exclude from the  calculation  of the  investment
advisory  fees  it  charges   Participating  Trust  Departments  the  assets  of
Participating  Trust  Departments  which are  invested  in shares of the  Funds.
Accordingly,  a Participating Trust Department may pay an advisory fee to Wright
as a client of Wright in accordance with Wright's customary  investment advisory
fee schedule charged to Participating Trust Departments and at the same time, as
a shareholder in a Fund,  bear its share of the advisory fee paid by the Fund to
Wright as described above.

     The Trust has engaged Eaton Vance to act as the administrator for each Fund
pursuant to an Administration  Agreement dated December 21, 1987 and re-executed
November 1, 1990. Eaton Vance, or its affiliates,  act as investment  adviser to
investment  companies  and various  individual  and  institutional  clients with
assets  under  management  of  approximately  $15  billion.  Eaton  Vance  is  a
wholly-owned subsidiary of EVC, a publicly held holding company.

     Under the Administration Agreement, Eaton Vance is responsible for managing
the business  affairs of each Fund,  subject to the  supervision  of the Trust's
Trustees. Eaton Vance services include recordkeeping,  preparation and filing of
documents required to comply with Federal and state securities laws, supervising
the activities of the Trust's custodian and transfer agent, providing assistance
in  connection  with  the  Trustees'  and   shareholders'   meetings  and  other
administrative  services necessary to conduct each Fund's business.  Eaton Vance
will not provide any  investment  management or advisory  services to the Funds.
For its  services  under the  Administration  Agreement,  Eaton  Vance  receives
monthly  administration  fees at the  annual  rates set  forth in the  following
table.
<TABLE>
<CAPTION>

                                                  Annual % Administration Fee Rates 
                                                -------------------------------------   Fee Earned   Fee Earned   Fee Earned
                                                   Under  $100 Mil $250 Mil   Over      for Fiscal   for Fiscal   for Fiscal
                                                   $100      to       to      $500       Yr Ended     Yr Ended     Yr Ended
                                                  Million $250 Mil $500 Mil  Million     12/31/92     12/31/93     12/31/94
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                                <C>      <C>      <C>      <C>        <C>          <C>          <C>     
Wright Selected Blue Chip Equities Fund (WBC)      0.20%    0.06%    0.03%    0.02%      $238,876     $242,846     $253,840
Wright Junior Blue Chip Equities Fund (WJBC)       0.20%    0.06%    0.03%    0.02%      $160,552     $132,376     $117,150
Wright Quality Core Equities Fund (WQC)            0.20%    0.06%    0.03%    0.02%      $137,144     $174,054     $147,641
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

   
     Eaton  Vance and EV are both wholly  owned  subsidiaries  of EVC.  BMR is a
wholly-owned   subsidiary  of  Eaton  Vance.   Eaton  Vance  and  BMR  are  both
Massachusetts business trusts, and EV is the trustee of Eaton Vance and BMR. The
Directors  of EV are Landon T. Clay,  H. Day  Brigham,  Jr., M. Dozier  Gardner,
James B. Hawkes and Benjamin A. Rowland, Jr. The Directors of EVC consist of the
same persons and John G.L.  Cabot and Ralph Z.  Sorenson.  Mr. Clay is chairman,
and Mr.  Gardner is president and chief  executive  officer of EVC, Eaton Vance,
BMR and EV. All of the issued and  outstanding  shares of Eaton  Vance and of EV
are owned by EVC. All of the issued and  outstanding  shares of BMR are owned by
Eaton  Vance.  All  shares of the  outstanding  Voting  Common  Stock of EVC are
deposited  in a Voting  Trust which  expires on December  31,  1996,  the Voting
Trustees of which are Messrs.  Brigham, Clay, Gardner,  Hawkes, and Rowland. The
Voting Trustees have unrestricted voting rights for the election of Directors of
EVC. All of the outstanding voting trust receipts issued under said Voting Trust
are  owned  by  certain  of the  officers  of Eaton  Vance  and BMR who are also
officers  and  Directors  of EVC and EV. As of March  31,  1995,  Messrs.  Clay,
Gardner  and Hawkes  each owned 24% of such voting  trust  receipts  and Messrs.
Rowland  and  Brigham  owned 15% and 13%,  respectively,  of such  voting  trust
receipts.  Messrs.  Brigham and Rynne are officers or Trustees of the Trust, and
are members of EVC,  Eaton  Vance,  BMR and EV  organizations.  Messrs.  Austin,
Houghton and O'Connor and Ms. Sanders,  are officers of the Trust,  and are also
members of the Eaton Vance, BMR and EV  organizations.  Eaton Vance will receive
the fees paid under the Administration Agreement.
    

     Eaton Vance owns all of the stock of Energex  Corporation  which is engaged
in oil and gas operations.  EVC owns all of the stock of Marblehead Energy Corp.
(which  engages in oil and gas  operations)  and 77.3% of the stock of Investors
Bank & Trust Company,  the Funds' custodian,  which provides custodial,  trustee
and other  fiduciary  services to  investors,  including  individuals,  employee
benefit  plans,  corporations,  investment  companies,  savings  banks and other
institutions.  In  addition,  Eaton  Vance  owns  all  the  stock  of  Northeast
Properties,  Inc., which is engaged in real estate investment and consulting and
management, and of Fulcrum Management,  Inc. and MinVen, Inc., which are engaged
in the  development of precious metal  properties.  EVC, EV, Eaton Vance and BMR
may also enter into other businesses.

     The Trust will be responsible for all of its expenses not assumed by Wright
under  the   Investment   Advisory   Contract   or  by  Eaton  Vance  under  the
Administration Agreement,  including,  without limitation, the fees and expenses
of its custodian and transfer  agent,  including  those incurred for determining
each  Fund's net asset value and keeping  each Fund's  books;  the cost of share
certificates;  membership dues in investment  company  organizations;  brokerage
commissions and fees;  fees and expenses of registering its shares;  expenses of
reports to shareholders,  proxy statements,  and other expenses of shareholders'
meetings; insurance premiums; printing and mailing expenses; interest, taxes and
corporate  fees;  legal  and  accounting  expenses;  expenses  of  Trustees  not
affiliated with Eaton Vance or Wright;  distribution  expenses incurred pursuant
to the Trust's  distribution  plan; and investment  advisory and  administration
fees. The Trust will also bear expenses  incurred in connection  with litigation
in which the Trust is a party  and the  legal  obligation  the Trust may have to
indemnify its officers and Trustees with respect thereto.

     The Trust's Investment Advisory Contract and Administration  Agreement will
remain in effect  until  February  28,  1996.  The Trust's  Investment  Advisory
Contract may be continued with respect to a Fund from year to year thereafter so
long as such  continuance  after February 28, 1996 is approved at least annually
(i) by the vote of a majority of the Trustees
<PAGE>
who are not "interested  persons" of the Trust,  Eaton Vance or Wright cast
in person at a meeting  specifically  called  for the  purpose of voting on such
approval and (ii) by the Board of Trustees of the Trust or by vote of a majority
of the outstanding shares of that Fund. The Trust's Administration Agreement may
be  continued  from  year  to  year  after  February  28,  1996  so long as such
continuance is approved annually by the vote of a majority of the Trustees. Each
agreement may be  terminated  as to a Fund at any time without  penalty on sixty
(60) days' written notice by the Board of Trustees or Directors of either party,
or by vote of the  majority  of the  outstanding  shares of that Fund,  and each
agreement  will terminate  automatically  in the event of its  assignment.  Each
agreement provides that, in the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard of its obligations or duties to the Trust under
such agreement on the part of Eaton Vance or Wright,  Eaton Vance or Wright will
not be  liable  to the  Trust  for any loss  incurred.  The  Trust's  Investment
Advisory  Contract and  Administration  Agreement were most recently approved by
its  Trustees,  including  the  "non-interested  Trustees," at a meeting held on
January 25, 1995 and by the  shareholders of each of the Funds at a meeting held
on December 9, 1987.

CUSTODIAN

Investors Bank & Trust Company ("IBT"), 24 Federal Street, Boston, Massachusetts
(a 77.3% owned  subsidiary of EVC) acts as custodian for the Funds.  IBT has the
custody of all cash and  securities of the Funds,  maintains the Funds'  general
ledgers and  computes the daily net asset value per share.  In such  capacity it
attends to details in connection with the sale, exchange, substitution, transfer
or other dealings with the Funds' investments,  receives and disburses all funds
and  performs   various  other   ministerial   duties  upon  receipt  of  proper
instructions  from the Funds.  IBT charges  custody  fees which are  competitive
within the industry. A portion of the custody fee for each fund served by IBT is
based upon a schedule of  percentages  applied to the aggregate  assets of those
funds  managed  by Eaton  Vance for which IBT serves as  custodian,  the fees so
determined  being then allocated among such funds relative to their size.  These
fees are then reduced by a credit for cash  balances of the  particular  fund at
IBT equal to 75% of the 91-day,  U.S.  Treasury Bill auction rate applied to the
particular  fund's average daily  collected  balances for the week. In addition,
each fund pays a fee based on the number of portfolio transactions and a fee for
bookkeeping  and valuation  services.  During the fiscal year ended December 31,
1994, the Funds paid IBT the following amounts under these arrangements.

     Wright Selected Blue Chip Equities Fund (WBC)..$57,774
     Wright Junior Blue Chip Equities Fund (WJBC)...$27,815
     Wright Quality Core Equities Fund (WQC)........$32,641

     EVC and its  affiliates  and its officers and  employees  from time to time
have transactions with various banks, including the Funds' custodian, IBT. Those
transactions with IBT which have occurred to date have included loans to certain
of Eaton Vance's  officers and employees.  It is Eaton Vance's  opinion that the
terms and conditions of such transactions were not and will not be influenced by
existing or  potential  custodian or other  relationships  between the Funds and
IBT.


INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS

Deloitte & Touche LLP, 125 Summer Street, Boston,  Massachusetts are the Trust's
independent certified public accountants,  providing audit services,  tax return
preparation,  and assistance and consultation with respect to the preparation of
filings with the Securities and Exchange Commission.
<PAGE>

BROKERAGE ALLOCATION


     Wright places the portfolio  security  transactions for each Fund, which in
some cases may be effected in block  transactions  which include other  accounts
managed by Wright.  Wright  provides  similar  services  directly for bank trust
departments. Wright seeks to execute portfolio security transactions on the most
favorable  terms and in the most  effective  manner  possible.  In seeking  best
execution,  Wright  will use its best  judgment  in  evaluating  the  terms of a
transaction,  and will give consideration to various relevant factors, including
without  limitation  the  size  and  type of the  transaction,  the  nature  and
character  of the  markets  for the  security,  the  confidentiality,  speed and
certainty of effective  execution required for the transaction,  the reputation,
experience  and  financial  condition  of the  broker-dealer  and the  value and
quality of service rendered by the broker-dealer in other transactions,  and the
reasonableness of the brokerage commission or markup, if any.


     It is expected that on frequent  occasions there will be many broker-dealer
firms which will meet the foregoing  criteria for a particular  transaction.  In
selecting  among such  firms,  the Funds may give  consideration  to those firms
which supply  brokerage and research  services,  quotations and  statistical and
other information to Wright for their use in servicing their accounts. The Funds
may include  firms which  purchase  investment  services  from Wright.  The term
"brokerage and research services" includes advice as to the value of securities,
the  advisability  of investing in,  purchasing or selling  securities,  and the
availability  of securities or purchasers or sellers of  securities;  furnishing
analyses  and  reports  concerning  issuers,  industries,  securities,  economic
factors and trends,  portfolio  strategy and the  performance  of accounts;  and
effecting  securities  transactions and performing  functions incidental thereto
(such as clearance and settlement).  Such services and information may be useful
and of value to Wright in servicing  all or less than all of their  accounts and
the services and information  furnished by a particular firm may not necessarily
be used in connection with the account which paid brokerage  commissions to such
firm.  The  advisory  fee  paid by the  Funds  to  Wright  is not  reduced  as a
consequence  of Wright's  receipt of such services and  information.  While such
services and  information  are not expected to reduce  Wright's  normal research
activities  and  expenses,  Wright  would,  through  use of  such  services  and
information,  avoid the additional expenses which would be incurred if it should
attempt to develop comparable services and information through its own staff.

     Subject to the  requirement  that Wright shall use its best efforts to seek
to execute each Fund's portfolio  security  transactions at advantageous  prices
and at reasonably  competitive  commission rates, Wright, as indicated above, is
authorized  to consider as a factor in the selection of any  broker-dealer  firm
with whom a Fund's  portfolio  orders  may be placed the fact that such firm has
sold  or is  selling  shares  of the  Funds  or of  other  investment  companies
sponsored  by Wright.  This  policy is  consistent  with a rule of the  National
Association of Securities Dealers,  Inc., which rule provides that no firm which
is a member of the  Association  shall favor or  disfavor  the  distribution  of
shares of any particular  investment company or group of investment companies on
the basis of  brokerage  commissions  received or expected by such firm from any
source.

     Under the Trust's Investment Advisory Contract, Wright has the authority to
pay commissions on portfolio  transactions  for brokerage and research  services
exceeding  that which other  brokers or dealers  might charge  provided  certain
conditions  are met. This authority  will not be exercised,  however,  until the
Funds'  Prospectus  or  this  Statement  of  Additional   Information  has  been
supplemented  or amended to disclose the conditions  under which Wright proposes
to do so.
<PAGE>

     The Trust's Investment Advisory Contract expressly recognizes the practices
which are provided for in Section 28(e) of the  Securities  Exchange Act of 1934
by  authorizing  the  selection  of a broker  or dealer  which  charges a Fund a
commission  which is in excess of the  amount of  commission  another  broker or
dealer would have charged for effecting that  transaction if it is determined in
good faith that such  commission  was reasonable in relation to the value of the
brokerage and research services which have been provided.

     During the fiscal years ended  December 31, 1992,  1993 and 1994, the Funds
paid the following aggregate brokerage commissions on portfolio transactions:

                              1992       1993       1994
- ------------------------------------------------------------------------------
Wright Selected Blue Chip
Equities Fund (WBC)         $309,821   $112,735   $345,675

Wright Junior Blue Chip
Equities Fund (WJBC)        $145,380    $38,721    $71,949

Wright Quality Core
Equities (WQC)              $125,730   $109,394   $112,398

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


FUND SHARES AND OTHER SECURITIES

     The shares of beneficial  interest of the Trust,  without par value, may be
issued in two or more  series,  or Funds.  The Trust  currently  has three Funds
described in this Statement of Additional  Information.  In addition,  the Trust
has one additional series - Wright  International Blue Chip Equities Fund  that
is being offered  pursuant to a separate  prospectus and statement of additional
information.  Shares of each Fund may be  issued in an  unlimited  number by the
Trustees of the Trust.  Each share of a Fund  represents an equal  proportionate
beneficial  interest in that Fund and, when issued and  outstanding,  the shares
are fully paid and non-assessable by the Trust.

     Shareholders are entitled to one vote for each full share held.  Fractional
shares may be voted in  proportion  to the  amount of a Fund's  net asset  value
which they  represent.  Voting rights are not  cumulative,  which means that the
holders of more than 50% of the shares  voting for the  election of Trustees can
elect 100% of the Trustees and, in such event, the holders of the remaining less
than 50% of the  shares  voting  on the  matter  will  not be able to elect  any
Trustees.  Shares  have no  preemptive  or  conversion  rights  and  are  freely
transferable.  Upon liquidation of a Trust or Fund, shareholders are entitled to
share pro rata in the net assets of the  affected  Trust or Fund  available  for
distribution  to  shareholders,  and in any  general  assets  of the  Trust  not
previously allocated to a particular Fund by the Trustees.



PURCHASE, EXCHANGE,
REDEMPTION AND PRICING OF SHARES


     For  information  regarding  the purchase of shares,  see "Who May Purchase
Fund  Shares  and  What is a  Participating  Trust  Department"  and "How to Buy
Shares" in the Fund's current Prospectus.


     For information about exchanges between Funds, see "How to Exchange Shares"
in the Fund's current Prospectus.
<PAGE>

     For a description  of how the Funds value their shares,  see "How The Funds
Value their Shares" in the Fund's current Prospectus. The Funds value short-term
obligations  with a remaining  maturity of 60 days or less by the amortized cost
method.  The amortized method involves  initially valuing a security at its cost
(or its fair  market  value  on the  sixty-first  day  prior  to  maturity)  and
thereafter  assuming a constant  amortization  to  maturity  of any  discount or
premium, without regard to unrealized appreciation or depreciation in the market
value of the security.

     For information about the redemption of shares,  see "How To Redeem or Sell
Shares" in the Fund's current Prospectus.



PRINCIPAL UNDERWRITER


     The Trust has  adopted a  Distribution  Plan (the  "Plan") on behalf of its
Funds as defined in Rule 12b-1 under the 1940 Act. The Trust's Plan specifically
allows  that  expenses  covered  by the Plan may  include  direct  and  indirect
expenses  incurred by any separate  distributor or distributors  under agreement
with the Trust in  activities  primarily  intended  to result in the sale of its
shares.  The  expenses of such  activities  shall not exceed  two-tenths  of one
percent (2/10 of 1%) per annum of each Fund's average daily net assets. Payments
under the Plans are reflected as an expense in each Fund's financial statements.
Such expenses do not include interest or other financing charges.

     The Trust has entered into a  distribution  contract on behalf of its Funds
with its principal  underwriter,  Wright Investors' Service  Distributors,  Inc.
("WISDI"), a wholly-owned subsidiary of Wright,  providing for WISDI to act as a
separate distributor of each Fund's shares.

     It is intended  that each Fund will pay 2/10 of 1% of its average daily net
assets to WISDI for distribution  activities on behalf of the Fund in connection
with  the  sale  of  its  shares.  WISDI  shall  provide  on a  quarterly  basis
documentation concerning the expenses of such activities. Documented expenses of
a Fund shall include  compensation  paid to and  out-of-pocket  disbursements of
officers,  employees  or sales  representatives  of WISDI,  including  telephone
costs,  the  printing  of  prospectuses  and  reports  for other  than  existing
shareholders,  preparation and distribution of sales literature, and advertising
of any type  intended to enhance the sale of shares of the Fund.  Subject to the
2/10 of 1% per annum  limitation  imposed by the  Trust's  Plan,  a Fund may pay
separately for expenses of activities  primarily  intended to result in the sale
of the Fund's  shares.  It is  contemplated  that the payments for  distribution
described above will be made directly to WISDI. If the distribution  payments to
WISDI exceed its expenses,  WISDI may realize a profit from these  arrangements.
Peter M.  Donovan,  President  and a Trustee  of the Trust and  President  and a
Director of Wright, is Vice President,  Treasurer and a Director of WISDI. A. M.
Moody,  III, Vice President and a Trustee of the Trust and Senior Vice President
of Wright, is President and a Director of WISDI.

     It is the  opinion  of the  Trustees  and  officers  of the Trust  that the
following  are not expenses  primarily  intended to result in the sale of shares
issued by any Fund;  fees and expenses of  registering  shares of the Fund under
Federal or state laws  regulating the sale of  securities;  fees and expenses of
registering the Trust as a broker-dealer or of registering an agent of the Trust
under  Federal  or  state  laws  regulating  the  sale  of  securities;  fees of
registering,  at the  request  of the  Trust,  agents  or  representatives  of a
principal  underwriter  or  distributor  of any Fund under Federal or state laws
regulating the sale of securities,  provided that no sales  commission or "load"
is charged on sales of shares of the Fund;  and fees
<PAGE>
and  expenses of  preparing  and  setting in type the Trust's  registration
statement under the Securities Act of 1933.  Should such expenses be deemed by a
court or agency having  jurisdiction to be expenses primarily intended to result
in the sale of shares issued by a Fund,  they shall be considered to be expenses
contemplated  by and included in the applicable Plan but not subject to the 2/10
of 1% per annum limitation described above.

     Under the Trust's Plan,  the President or Vice President of the Trust shall
provide to the Trustees for their review, and the Trustees shall review at least
quarterly,  a written  report  of the  amounts  expended  under the Plan and the
purposes  for which  such  expenditures  were made.  For the  fiscal  year ended
December 31, 1994, it is estimated that WISDI spent  approximately the following
amounts on behalf of the Wright Managed Investment Funds including these Funds:
<TABLE>
<CAPTION>

                                              Wright Investors Service Distributors, Inc.
                                                 Financial Summaries for the Year 1994
   
                                              Printing & Mailing   Travel and    Commissions and   Administration
FUNDS                             Promotional   Prospectuses      Entertainment    Service Fees       and Other      TOTAL
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>             <C>              <C>             <C>              <C>           <C>
Wright Selected Blue Chip
Equities Fund (WBC)                $209,846        $62,612          $51,608          --              $55,402       $379,468
Wright Junior Blue Chip
Equities Fund (WJBC)                $64,784        $19,330          $15,932          --              $17,104       $117,150
Wright Quality Core
Equities Fund (WQC)                 $81,645        $24,361          $20,079          --              $21,556       $147,641
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

     The table below shows the distribution expenses allowable to WISDI and paid
by each Fund for the fiscal year ended December 31, 1994.

     Under its terms  the  Trust's  Plan  remains  in effect  from year to year,
provided  such  continuance  is  approved  annually  by a vote of its  Trustees,
including a majority of the Trustees who are not interested persons of the Trust
and who have no direct or indirect  financial  interest in the  operation of the
Plan. The Plan may not be amended to increase  materially the amount to be spent
for the services described therein as to any Fund without approval of a majority
of the outstanding voting securities of that Fund and all material amendments of
the Plan must  also be  approved  by the  Trustees  of the  Trust in the  manner
<TABLE>
<CAPTION>

                                                                     Distribution          Distribution Expenses
                                                                       Expenses            Paid as a % of Funds
                                                                     Paid by Fund         Average Net Asset Value
- --------------------------------------------------------------------------------------------------------------------
         <S>                                                           <C>                         <C>  
         Wright Selected Blue Chip Equities Fund (WBC)                 $379,468                    0.20%
         Wright Junior Blue Chip Equities Fund (WJBC)                  $117,150                    0.20%
         Wright Quality Core Equities (WQC)                            $147,641                    0.20%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

described  above. The Trust's Plan may be terminated at any time as to any Fund
without payment of any  penalty by vote of a majority  of the  Trustees  of the
Trust who are not  interested  persons  of the  Trust and who have no direct or
indirect financial  interest  in the  operation  of the  Plan or by a vote of a
majority of the  outstanding  voting  securities  of that Fund.  So long as the
Trust's Plan is in effect, the selection and nomination of Trustees who are not
interested  persons of the rust shall be  committed  to the  discretion  of the
Trustees  who are not such interested  persons.  The Trustees of the Trust have
determined that in their judgment there is a reasonable likelihood that the Plan
will benefit the Trust and its shareholders.

     The continuation of the Plan was most recently  approved by the Trustees of
the Trust on January 25, 1995 and by the  shareholders  of each Fund on December
9, 1987.


CALCULATION OF PERFORMANCE
AND YIELD QUOTATIONS

     The average annual total return of each Fund is determined for a particular
period by calculating the actual dollar amount of investment  return on a $1,000
investment in the Fund made at the maximum public offering price (i.e. net asset
value)  at  the  beginning  of the  period,  and  then  calculating  the  annual
compounded  rate of return which would  produce that amount.  Total return for a
period of one year is equal to the actual return of the Fund during that period.
This calculation  assumes that all dividends and distributions are reinvested at
net asset value on the reinvestment dates during the period.

<TABLE>
<CAPTION>
                                                                                                            
                                                              Year Ended 12/31/94                  Inception
                                              --------------------------------------------------      To        Inception
                                                1 Year       3 Years      5 Years     10 Years      12/31/94       Date
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>         <C>           <C>          <C>          <C>          <C>  <C>
Wright Selected Blue Chip Equities Fund (1)     -3.52%       1.03%         6.28%        11.32%       10.94%       1/04/83
Wright Junior Blue Chip Equities Fund (2)       -2.75%       2.73%         5.83%         --           8.54%       1/14/85
Wright Quality Core Equities Fund (3)           -0.73%       2.70%         7.88%         --          11.56%       8/07/85
- ---------------------------------------------------------------------------------------------------------------------------
<FN>
(1) If a portion of the WBC Funds expenses had not been subsidized for the
years ended  December  31,  1987,  1986 and 1984,  the Fund would have had lower
returns;  (2) If a portion of the WJBC Funds  expenses had not been  subsidized
during the years ended December 31, 1987 and 1985, the Fund would have had lower
returns;  (3) If a portion of the WQC Funds  expenses  had not been  subsidized
during the years ended December 31, 1990,  1989,  1988,  1987 and 1985, the Fund
would have had lower returns.
</FN>
</TABLE>
     The  average  annual  total  return  of each  Fund for the one,  three  and
five-year  periods  ended  December  31, 1994 and the period from  inception  to
December 31, 1994 are shown in the table below.


     Each Fund's  yield is computed by dividing  its net  investment  income per
share earned during a recent 30-day period by the maximum  offering  price (i.e.
net asset  value) per share on the last day of the period  and  annualizing  the
resulting  figure.  Net  investment  income  per  share is  equal to the  Fund's
dividends and interest earned during the period, with the resulting number being
divided by the  average  daily  number of shares  outstanding  and  entitled  to
receive dividends during the period.
<PAGE>

     For the 30-day period ended  December 31, 1994,  the yield of each Fund was
as follows:

                                           30-Day Period
                                              Ended
                                        December 31, 1994*
- --------------------------------------------------------------
Wright Selected Blue Chip Equities Fund      1.57%
Wright Junior Blue Chip Equities Fund        1.25%
Wright Quality Core Equities Fund            1.71%
- --------------------------------------------------------------


* according to the following formula:

                                               6
                         Yield = 2 [ ( a-b + 1)  - 1 ]
                                       ---     
                                       cd 
Where:

     a   =    dividends and interest earned during the period.

     b   =    expenses accrued for the period (after reductions).

     c   =    the average daily number of accumulation units outstanding
              during the period.

     d   =    the maximum offering price per accumulation unit on the last 
              day of the period.


NOTE: "a" has been  calculated  for stocks by dividing the stated  dividend rate
for each security held during the period by 360. "a" has been estimated for debt
securities  other than  mortgage  certificates  by dividing the year-end  market
value times the yield to maturity by 360. "a" for mortgage  securities,  such as
GNMAs,  is the actual  income  earned.  Neither  discount  or premium  have been
amortized.

     "b" has been  estimated by dividing the actual 1992 expense  amounts by 360
or the number of days the Fund was in existence.

     A Fund's yield or total return may be compared to the Consumer  Price Index
and various  domestic  securities  indices.  A Fund's  yield or total return and
comparisons with these indices may be used in advertisements  and in information
furnished to present or prospective shareholders.

     From time to time,  evaluations of a Fund's performance made by independent
sources may be used in advertisements and in information furnished to present or
prospective   shareholders.   According  to  the  rankings  prepared  by  Lipper
Analytical Services, Inc., an independent service which monitors the performance
of mutual funds. The Lipper  performance  analysis  includes the reinvestment of
dividends and capital gain  distributions,  but does not take sales charges into
consideration and is prepared without regard to tax consequences.
<PAGE>
<TABLE>
<CAPTION>

                 WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC)
                            PORTFOLIO OF INVESTMENTS
                               DECEMBER 31, 1994

================================================================================
                                       Shares       Value
- --------------------------------------------------------------------------------
<S>                                    <C>      <C>
EQUITY INTERESTS -- 98.0%


APPAREL -- 4.9%
Fruit of the Loom, Inc*.............  65,000   $  1,755,000
Justin Industries................... 145,000      1,721,875
Nike Inc............................  25,000      1,865,625
Reebok International Ltd............  51,000      2,014,500
VF Corp.............................  36,830      1,790,859
                                               -------------
                                               $  9,147,859
                                               -------------  


AUTOMOTIVE -- 2.0%
Modine Manufacturing Co.............  68,000   $  1,955,000
Myers Industries.................... 118,625      1,660,750
                                               -------------
                                               $  3,615,750
                                               -------------


BEVERAGES -- 1.1%
Brown Forman Corp...................  66,000   $  2,013,000
                                               -------------                


CHEMICALS -- 2.1%
Clorox Company......................  31,140   $  1,833,368
Sherwin Williams Co.................  61,800      2,047,125
                                               ------------- 
                                               $  3,880,493
                                               -------------


CONSTRUCTION -- 1.0%
Clayton Homes....................... 119,250   $  1,878,188
                                               -------------


DIVERSIFIED -- 4.0%
National Service Industries.........  72,000   $  1,845,000
Rockwell International Corp.........  53,210      1,902,258
Standex International Corp..........  57,730      1,811,279
Teleflex, Incorporated..............  55,000      1,952,500
                                               -------------
                                               $  7,511,037
                                               -------------

DRUGS, COSMETICS & HEALTH CARE -- 6.9%
Alberto Culver Co. Class A..........  79,000   $  1,935,500
Becton Dickenson & Co...............  40,000      1,920,000
Bristol-Meyers Squibb Co............  33,564      1,942,517
Johnson & Johnson...................  32,600      1,784,850
Medex Inc........................... 124,000      1,674,000
Merck & Co., Inc....................  47,000      1,791,875
Upjohn Co...........................  57,000      1,752,750
                                               -------------
                                               $ 12,801,492
                                               -------------

ELECTRICAL -- 2.8%
Emerson Electric Co.................  26,650   $  1,665,625
General Electric Co.................  39,540      2,016,540
Juno Lighting, Inc..................  88,000      1,562,000
                                               -------------
                                               $  5,244,165
                                               -------------

ELECTRONICS -- 6.5%
Compaq Computer*....................  48,000   $  1,896,000
EG&G................................  60,000        847,500
E-Systems Inc.......................  48,955      2,037,752
Hewlett Packard Inc.................  19,000      1,897,625
Intel Corporation...................  28,155      1,798,401
Methode Electronics Class A......... 103,000      1,751,000
Raytheon Co.........................  29,180      1,863,873
                                               -------------
                                               $ 12,092,151
                                               -------------

FINANCIAL -- 17.0%
AFLAC Inc...........................  55,000   $  1,760,000
American International Group........  20,000      1,960,000
Amsouth Bancorp.....................  66,000      1,699,500
Bancorp Hawaii Inc..................  65,175      1,653,816
Commerce Bancshares, Inc............  69,037      1,864,012
Edwards (A.G.), Inc................. 106,000      1,908,000
Fifth Third Bancorp.................  36,000      1,728,000
First Colonial Bankshares...........  86,000      1,741,500
First Colony Corp...................  80,000      1,790,000
First Hawaiian Inc..................  70,500      1,674,375
First Virginia Banks Inc............  52,665      1,685,280
Keycorp.............................  71,208      1,780,200
Raymond James Financial Corp........ 127,000      1,778,000
Southern National Corp..............  92,000      1,759,500

</TABLE>
<PAGE>
<TABLE>
<CAPTION>

<S>                                   <C>         <C>      
Southtrust Corporation..............  88,000      1,584,000
Star Banc Corp......................  49,965      1,817,477
SunTrust Banks Inc..................  35,920      1,715,180
West One Bancorp....................  67,000      1,775,500
                                               -------------        
                                               $ 31,674,340
                                               -------------                 




FOOD -- 5.0%
Archer Daniels Midland Co...........  91,375   $  1,884,609
Dean Foods Company..................  64,000      1,856,000
Hormel (George A.) & Company........  68,000      1,683,000
Pioneer Hi-Bred International.......  58,000      2,001,000
Universal Foods Corp................  70,000      1,925,000
                                               -------------    
                                               $  9,349,609
                                               -------------




MACHINERY & EQUIPMENT -- 1.9%
Briggs & Stratton Corp..............  56,180   $  1,839,895
Pitney-Bowes Inc....................  54,500      1,730,375
                                               -------------
                                               $  3,570,270
                                               -------------                



METAL PRODUCTS MANUFACTURERS -- 4.1%
CLARCOR Inc.........................  93,950   $  1,996,438
Crown Cork & Seal Company*..........  53,000      2,000,750
Kaydon Corp.........................  81,000      1,944,000
Watts Industries Inc................  76,000      1,605,500
                                               -------------
                                               $  7,546,688
                                               -------------



OIL, GAS & COAL -- 0.9%
Exxon Corporation...................  25,800   $  1,567,350
                                               -------------


PAPER -- 1.0%
Kimberly-Clark Corp.................  38,000   $  1,919,000
                                               -------------


PRINTING & PUBLISHING -- 7.0%
Banta (George) Corp.................  60,899   $  1,842,195
Ennis Business Forms................ 134,220      1,677,750
Gannett Co. Inc.....................  34,080      1,814,760
Harland (John H.) Co................  89,900      1,798,000
Lee Enterprises, Inc................  57,300      1,976,850
Reynolds & Reynolds Inc.............  78,900      1,972,500
Wallace Computer Services...........  68,600      1,989,400
                                               ------------- 
                                               $ 13,071,455
                                               -------------


RECREATION -- 3.1%
Carnival Corporation................  90,590   $  1,925,038
International Dairy Queen*.......... 113,000      1,921,000
Luby's Cafeteria, Inc...............  84,750      1,896,281
                                               -------------
                                               $  5,742,319
                                               -------------


RETAILERS -- 7.5%
Casey's General Stores.............. 128,000   $  1,920,000
Dress Barn Inc*..................... 178,000      1,913,500
Giant Food Inc......................  82,000      1,783,500
Hannaford Brothers Company..........  70,000      1,776,250
Land's End Inc*..................... 112,000      1,540,000
May Department Stores...............  50,000      1,687,500
Melville Corp.......................  58,000      1,790,750
Ross Stores Inc..................... 138,000      1,552,500
                                               -------------
                                               $ 13,964,000
                                               -------------


TRANSPORTATION -- 3.2%
Air Express International Corp...... 105,000   $  2,100,000
Arnold Industries Inc...............  90,000      1,867,500
Intertrans Corp..................... 147,400      1,916,200
                                               -------------
                                               $  5,883,700
                                               ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                               
<S>                                  <C>        <C>
UTILITIES -- COMMUNICATIONS -- 2.0%
Ameritech Corp......................  48,240   $  1,947,690
Lincoln Telecom Co.................. 107,400      1,825,800
                                               -------------
                                               $  3,773,490
                                               -------------


UTILITIES -- ELECTRIC POWER -- 5.0%
DQE.................................  65,000   $  1,925,625
Duke Power Co.......................  47,850      1,824,281
Southwestern Energy Company......... 110,000      1,636,250
TECO Energy, Inc....................  97,800      1,968,225
Wisconsin Energy Corp...............  77,350      2,001,431
                                               -------------
                                               $  9,355,812
                                               -------------


UTILITIES-- ELECTRIC POWER HOLDING-- 1.0%
Central & South West Corp...........  79,400   $  1,796,425
                                               ------------- 



UTILITIES-- ELECTRIC POWER & GAS-- 1.1%
NIPSCO Industries Inc...............  68,000   $  2,023,000
                                               -------------



MISCELLANEOUS -- 6.9%
Dionex Corporation*.................  48,000   $  1,812,000
Genuine Parts Co....................  54,150      1,949,400
Handleman Co........................ 172,000      1,956,500
Marshall Industries*................  72,265      1,933,089
Medicine Shoppe International.......  68,300      1,827,021
Pioneer Stand Electronics........... 101,000      1,590,750
Stanhome Inc........................  58,000      1,834,250
                                               -------------
                                               $ 12,903,010
                                               -------------

TOTAL INVESTMENTS -- 98.0%
  (identified cost, $180,285,908)              $182,324,603

OTHER ASSETS,
  LESS LIABILITIES-- 2.0%                         3,691,188
                                               -------------

NET ASSETS-- 100%                              $186,015,791
                                               =============


</TABLE>

* Non-income-producing security.
  See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>

                    WRIGHT SELECTED BLUE CHIP EQUITIES FUND
================================================================================

                      STATEMENT OF ASSETS AND LIABILITIES
                               December 31, 1994
- --------------------------------------------------------------------------------

<S>                                                        <C>
ASSETS:
   Investments --
     Identified cost....................................   $180,285,908 
     Unrealized appreciation............................      2,038,695 
                                                          -------------
       Total Value (Note 1A)............................   $182,324,603 

   Receivable for fund shares sold......................        241,516 
   Cash.................................................            471 
   Receivable for investments sold......................      4,843,983 
   Dividends receivable.................................        532,153 
                                                          -------------
     Total Assets.......................................   $187,942,726 
                                                          -------------                 

LIABILITIES:
   Loans payable........................................   $     52,983 
   Capital gains distribution payable.......                      4,065 
   Payable for fund shares reacquired.......                  1,846,092 
   Trustee fees payable.....................                        312 
   Custodian fee payable....................                     14,482 
   Accrued expenses and other liabilities...                      9,001 
                                                          -------------
     Total Liabilities......................               $  1,926,935 
                                                          -------------
NET ASSETS..................................               $186,015,791 
                                                          =============

NET ASSETS CONSIST OF:
   Proceeds from sales of shares (including the market
     value of securities received in exchange for Fund
     shares and shares issued to shareholders in
     payment of distributions declared), less cost
     of shares reacquired...............................   $178,381,517 
   Accumulated undistributed net realized gain
     on investments (computed on the basis of
     identified cost)...................................      3,586,353 
   Unrealized appreciation of investments (computed
     on the basis of identified cost)...................      2,038,695 
   Undistributed net investment income..................      2,009,226 
                                                           -------------
     Net assets applicable to outstanding shares           $186,015,791 
                                                           =============
   SHARES OF BENEFICIAL INTEREST
     OUTSTANDING........................................     13,431,844 
                                                           =============
   NET ASSET VALUE, OFFERING PRICE,
     AND REDEMPTION PRICE PER SHARE
     OF BENEFICIAL INTEREST.............................         $13.85 
                                                           =============
</TABLE>

<TABLE>
<CAPTION>


                            STATEMENT OF OPERATIONS
                      For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S>                                                        <C>
INVESTMENT INCOME:
   Income --
     Dividends..........................................   $  4,510,245 
     Interest...........................................        408,176 
                                                           -------------
       Total Income.....................................   $  4,918,421 
                                                           -------------
   Expenses --
     Investment Adviser fee (Note 2)....................   $  1,169,165 
     Administrator fee (Note 2).........................        253,840 
     Compensation of Trustees not affiliated with
       the Investment Adviser or Administrator..........          2,151 
     Custodian fee (Note 2).............................         57,774 
     Transfer and dividend disbursing agent fees........         22,462 
     Distribution expenses (Note 3).....................        379,468 
     Audit services.....................................         24,533 
     Legal services.....................................          2,523 
     Registration costs.................................         18,481 
     Printing...........................................          2,464 
     Miscellaneous......................................         11,957 
     Interest paid on loans.............................            699 
                                                           -------------
       Total Expenses...................................   $  1,945,517 
                                                           -------------
         Net Investment Income..........................   $  2,972,904 
                                                           -------------


REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
   Net realized gain on investment transactions
     (identified cost basis)............................   $  9,148,808 
   Change in unrealized appreciation
     of investments.....................................    (19,763,621)
                                                           -------------
   Net realized and unrealized gain (loss)
     on investments.....................................   $(10,614,813)
                                                           -------------
       Net decrease in net assets
         from operations................................   $ (7,641,909)
                                                           =============
</TABLE>

  See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
                    WRIGHT SELECTED BLUE CHIP EQUITIES FUND
================================================================================

                                                                                                    Year Ended
                                                                                                   December 31,
                                                                                          ---------------------------------
STATEMENT OF CHANGES IN NET ASSETS                                                          1994                  1993
- ---------------------------------------------------------------------------------------------------------------------------        
<S>                                                                                    <C>                   <C>
INCREASE (DECREASE)IN NET ASSETS:

     From operations --
         Net investment income......................................................   $   2,972,904         $   2,189,863 
         Net realized gain (loss) on investment transactions........................       9,148,808              (767,573)
         Change in unrealized appreciation of investments...........................     (19,763,621)            2,320,286 
                                                                                       --------------        --------------
                                                                                                                                   
              Increase (decrease) in net assets from operations.....................   $  (7,641,909)        $   3,742,576 
                                                                                       --------------        --------------
     Undistributed net investment income included in
       price of shares sold and redeemed (Note 1C)..................................   $     280,883         $     227,658 
                                                                                       --------------        --------------
     Distributions to shareholders --
         From net investment income.................................................   $  (2,385,221)        $  (2,019,776)
         From net realized gain on investment transactions..........................      (4,787,377)                   -- 
                                                                                       --------------        -------------
              Total distributions to shareholders...................................   $  (7,172,598)        $  (2,019,776)
                                                                                       --------------        --------------
     Net increase from fund share transactions (exclusive of amounts
       allocated to net investment income)  (Note 4)................................   $  25,068,300         $  20,534,008 
                                                                                       --------------        --------------
              Net increase in net assets............................................   $  10,534,676         $  22,484,466 


NET ASSETS:

     At beginning of year...........................................................     175,481,115           152,996,649 
                                                                                       --------------        -------------
     At end of year.................................................................   $ 186,015,791         $ 175,481,115 
                                                                                       ==============        =============

UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS..........................   $   2,009,226         $   1,140,660 
                                                                                       ==============        =============
</TABLE>
                                                                            
See notes to financial statements

<PAGE>
<TABLE>
<CAPTION>

                  WRIGHT JUNIOR BLUE CHIP EQUITIES FUND (WJBC)
                            PORTFOLIO OF INVESTMENTS
                               DECEMBER 31, 1994
================================================================================

                                       Shares       Value
- --------------------------------------------------------------------------------
<S>                                   <C>       <C>
EQUITY INTERESTS -- 96.6%


APPAREL -- 4.5%
Justin Industries...................  31,000   $    368,125
Nautica Enterprises*................  32,000        968,000
Stride Rite Corp....................  29,000        322,625
                                               -------------
                                               $  1,658,750
                                               -------------


AUTOMOTIVE -- 2.0%
Modine Manufacturing................  26,600   $    764,756
                                               -------------



DIVERSIFIED -- 4.8%
Standex International Corp..........  27,000   $    847,125
Teleflex, Inc.......................  26,000        923,000
                                               -------------
                                               $  1,770,125



DRUGS, COSMETICS & HEALTH CARE -- 6.7%
Alberto Culver Company Class A......  42,000   $  1,029,000
Invacare Corporation................  13,000        445,250
Nellcor Inc*........................  18,000        594,000
Sunrise Medical, Inc*...............  15,000        414,375
                                               -------------
                                               $  2,482,625



ELECTRICAL -- 4.4%
Baldor Electric.....................  15,000   $    405,000
Juno Lighting Inc...................  68,600      1,217,650
                                               -------------
                                               $  1,622,650


ELECTRONICS -- 3.1%
EG&G................................  56,000   $    791,000
Methode Electronics Class A.........  21,000        357,000
                                               -------------
                                               $  1,148,000


FINANCIAL -- 2.9%
First Hawaiian Inc..................  15,000   $    356,250
Raymond James Financial Corp........  27,000        378,000
Southern National Corp..............  19,000        363,375
                                               -------------
                                               $  1,097,625




FOOD -- 4.3%
Bob Evans Farms, Inc................  45,000   $    922,500
Universal Food Corporation..........  24,000        660,000
                                               -------------
                                               $  1,582,500




MACHINERY & EQUIPMENT -- 2.5%
Donaldson Co. Inc...................  40,000   $    945,000
                                               -------------



METAL PRODUCTS MANUFACTURERS -- 6.5%
CLARCOR Inc.........................  57,300   $  1,217,625
Kaydon Corp.........................  34,300        823,200
Watts Industries Inc................  17,000        359,125
                                               -------------
                                               $  2,399,950




PAPER  -- 1.1%
Wausau Paper Mills Co...............  18,700   $    425,425
                                               -------------



PRINTING & PUBLISHING -- 10.3%
Banta (George) Co., Inc.............  28,750   $    869,688
Harland J.H. Co.....................  46,000        920,000
Lee Enterprises, Inc................  33,700      1,162,650
Wallace Computer Services...........  30,400        881,600
                                               -------------
                                               $  3,833,938
</TABLE>
<PAGE>
<TABLE>


<S>                                   <C>      <C>
RECREATION -- 5.9%
International Dairy Queen*..........  33,000   $    561,000
Luby's Cafeteria, Inc...............  41,000        917,375
Morrison Restaurants Inc............  29,500        722,750
                                               -------------
                                               $  2,201,125



RETAILERS -- 5.6%
Casey's General Stores..............  70,000   $  1,050,000
Hannaford Brothers Co...............  16,000        406,000
Lands' End Inc*.....................  22,000        302,500
Ross Stores, Inc....................  29,000        326,250
                                               -------------
                                               $  2,084,750



TRANSPORTATION -- 5.5%
Air Express International Corp......  38,250   $    765,000
Arnold Industries Inc...............  39,200        813,400
Comair Holdings, Inc................  26,000        455,000
                                               -------------
                                               $  2,033,400



UTILITIES -- 9.6%
Black Hills Corporation.............  41,300   $    882,788
Lincoln Telecom.....................  60,000      1,020,000
Southern Indiana Gas & Electric.....  36,000        954,000
Southwestern Energy Company.........  47,000        699,125
                                               -------------
                                               $  3,555,913


MISCELLANEOUS -- 16.9%
Blair (John) Corp...................  25,350   $  1,014,000
Crawford & Co.......................  39,000        624,000
Dionex Corp*........................  28,400      1,072,100
Handleman Co........................  42,000        477,750
Lydall Inc*.........................  24,000        780,000
Marshall Industries*................  33,000        882,750
Pioneer Stand Electronics...........  44,000        693,000
Stanhome Inc........................  23,000        727,375
                                               -------------
                                               $  6,270,975


TOTAL INVESTMENTS -- 96.6%
  (identified cost, $34,143,838)               $ 35,877,507


OTHER ASSETS,
  LESS LIABILITIES-- 3.4%                         1,246,533
                                               -------------

NET ASSETS-- 100.0%                            $ 37,124,040
                                               =============



</TABLE>

* Non-income-producing security.

See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>

                     WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
================================================================================

                      STATEMENT OF ASSETS AND LIABILITIES
                               December 31, 1994
- --------------------------------------------------------------------------------
<S>                                                      <C>
ASSETS:
   Investments --
     Identified cost..................................   $  34,143,838
     Unrealized appreciation..........................       1,733,669
                                                         -------------
       Total Value (Note 1A)..........................   $  35,877,507

   Cash...............................................          94,335
   Receivable for fund shares sold....................          35,732
   Receivable for investments sold....................       1,353,625
   Dividends receivable...............................          52,154
                                                         -------------
     Total Assets.....................................   $  37,413,353
                                                         -------------
LIABILITIES:
   Payable for fund shares reacquired.................   $     278,653
   Trustee fees payable...............................             312
   Custodian fee payable..............................           8,883
   Accrued expenses and other liabilities.............           1,465
                                                         -------------
     Total Liabilities................................   $     289,313
                                                         -------------
NET ASSETS............................................   $  37,124,040
                                                         =============

NET ASSETS CONSIST OF:
   Proceeds from sales of shares (including the market
     value of securities received in exchange for Fund
     shares and shares issued to shareholders in
     payment of distributions declared), less cost
     of shares reacquired.............................   $  30,253,969
   Accumulated undistributed net realized gain
     on investments (computed on the basis of
     identified cost).................................       4,751,919
   Unrealized appreciation of investments (computed
     on the basis of identified cost).................       1,733,669
   Undistributed net investment income................         384,483
                                                         -------------
     Net assets applicable to outstanding shares......   $  37,124,040
                                                         =============
   SHARES OF BENEFICIAL INTEREST
     OUTSTANDING......................................       3,375,431
                                                         =============
   NET ASSET VALUE, OFFERING PRICE,
     AND REDEMPTION PRICE PER SHARE
     OF BENEFICIAL INTEREST...........................          $11.00
                                                         =============
</TABLE>
<TABLE>
<CAPTION>

                            STATEMENT OF OPERATIONS
                      For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S>                                                       <C>
INVESTMENT INCOME:
   Income --
     Dividends........................................    $  1,106,123 
     Interest.........................................          67,273 
                                                          -------------
       Total Income...................................    $  1,173,396 
                                                          -------------
   Expenses --
     Investment Adviser fee (Note 2)..................    $    322,161 
     Administrator fee (Note 2).......................         117,150 
     Compensation of trustees not affiliated with
       the Investment Adviser or Administrator........           2,201 
     Custodian fee (Note 2)...........................          27,815 
     Transfer and dividend disbursing agent  fees.....          11,755 
     Distribution expenses (Note 3)...................         117,150 
     Audit services...................................          24,133 
     Legal services...................................           1,781 
     Registration costs...............................          11,562 
     Printing.........................................           2,541 
     Miscellaneous....................................           5,826 
                                                         -------------
       Total Expenses.................................         644,075 
                                                         -------------
         Net Investment Income........................   $     529,321
                                                         -------------


REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
   Net realized gain on investment transactions
     (identified cost basis).........................     $  6,599,714 
   Change in unrealized appreciation
     of investments..................................       (8,816,947)
                                                          -------------
   Net realized and unrealized gain (loss)
       on investments................................     $ (2,217,233)
                                                          -------------
       Net decrease in net assets 
         from operations.............................     $ (1,687,912)
                                                          =============
</TABLE>

See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
                     WRIGHT JUNIOR BLUE CHIP EQUITIES FUND

================================================================================

                                                                                                    Year Ended
                                                                                                   December 31,
                                                                                       -------------------------------------
STATEMENT OF CHANGES IN NET ASSETS                                                          1994                  1993
- ----------------------------------------------------------------------------------------------------------------------------

<S>                                                                                    <C>                  <C>
INCREASE (DECREASE) IN NET ASSETS:
     From operations --
         Net investment income......................................................   $     529,321        $      571,301 
         Net realized gain on investment transactions...............................       6,599,714             4,621,330 
         Change in unrealized appreciation of investments...........................      (8,816,947)              (81,609)
                                                                                       --------------       --------------- 

              Increase (decrease) in net assets from operations.....................   $  (1,687,912)       $    5,111,022 
                                                                                       --------------       --------------- 

     Undistributed net investment loss included in
       price of shares sold and redeemed (Note 1C)..................................   $     (98,655)       $       (4,664)
                                               -                                       --------------       --------------- 

     Distributions to shareholders
       From net investment income...................................................   $    (488,244)       $     (335,175)
       From net realized gain on investment transactions............................      (2,117,788)           (3,274,154)
                                                                                       --------------       --------------- 

              Total distribution to shareholders....................................   $  (2,606,032)       $   (3,609,329)
                                                                                       --------------        -------------- 

     Net increase (decrease) from fund share transactions (exclusive of
       amounts allocated to net investment income) (Note 4).........................   $ (26,708,885)       $    2,093,853 
                                                         -                             --------------       --------------- 

              Net increase (decrease) in net assets.................................   $ (31,101,484)       $    3,590,882 


NET ASSETS:

     At beginning of year...........................................................      68,225,524            64,634,642 
                                                                                       --------------       --------------- 

     At end of year.................................................................   $  37,124,040        $   68,225,524 
                                                                                       ==============       =============== 


UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS..........................   $      89,314        $      146,892 
                                                                                       ==============       =============== 
</TABLE>

See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>

                    WRIGHT QUALITY CORE EQUITIES FUND (WQC)
                            PORTFOLIO OF INVESTMENTS
                               DECEMBER 31, 1994
================================================================================

                                       Shares       Value
- --------------------------------------------------------------------------------
<S>                                    <C>      <C>

EQUITY INTERESTS -- 92.7%


APPAREL -- 2.5%
Nike Inc............................   6,500   $    485,063
Reebok International................  11,400        450,300
VF Corp.............................   6,700        325,787
                                               -------------
                                               $  1,261,150
                                               -------------


BEVERAGES -- 1.8%
Brown-Forman Corp ..................  14,650   $    446,825
Coca-Cola Co........................   9,532        490,898
                                               -------------
                                               $    937,723
                                               -------------


CHEMICALS -- 7.0%
Bandag, Inc.........................   6,000   $    363,000
Clorox Corp.........................   8,300        488,662
Great Lakes Chemical Corp...........   6,000        342,000
Int'l Flavors & Fragrances Inc......   9,700        448,625
Lubrizol Corp.......................  12,900        436,988
Nalco Chemical......................  10,500        351,750
PPG Industries......................  11,000        408,375
Proctor & Gamble Co.................   5,000        310,000
Sherwin Williams Co.................  12,700        420,688
                                               -------------
                                               $  3,570,088
                                               -------------


CONSTRUCTION -- 0.8%
Clayton Homes.......................  27,108   $    426,951
                                               -------------



DIVERSIFIED -- 2.1%
Lancaster Colony Corp...............   9,932   $    291,752
Minnesota Mining & Mfg. Co..........   7,516        401,167
Rockwell Int'l. Corp................  10,200        364,650
                                               -------------
                                               $  1,057,569
                                               -------------


DRUGS, COSMETICS & HEALTH CARE -- 9.6%
Abbott Laboratories.................  16,330   $    532,766
Alberto Culver Co. Class A..........  15,500        379,750
Becton Dickinson & Co...............   9,400        451,200
Biomet, Inc*........................  29,500        413,000
Bristol-Meyers Squibb Co............   7,700        445,638
Johnson & Johnson...................   8,700        476,325
Merck & Co..........................   9,242        352,351
Pfizer Inc..........................   6,400        494,400
St. Jude Medical Inc................  13,000        516,750
Schering-Plough Corp................   6,200        458,800
Upjohn Co...........................  12,400        381,300
                                               -------------
                                               $  4,902,280
                                               -------------

ELECTRICAL -- 3.5%
Baldor Electric.....................  14,000   $    378,000
Emerson Electric Co.................   6,800        425,000
General Electric Co.................   9,100        464,100
Thomas & Betts Corp.................   7,500        503,438
                                               -------------
                                               $  1,770,538
                                               -------------

ELECTRONICS -- 7.6%
ADC Telecommunications*.............   9,500   $    475,000
Amp Inc.............................   5,600        407,400
Compaq Computer*....................   8,600        339,700
E Systems Inc.......................  10,100        420,412
Hewlett-Packard Inc.................   5,200        519,350
Intel Corporation...................   5,400        344,925
Linear Technology Corp..............  10,300        509,850
Motorola Inc........................   7,800        451,425
Raytheon Co.........................   6,300        402,413
                                               -------------
                                               $  3,870,475
                                               -------------


FINANCIAL -- 9.9%
AFLAC, Inc..........................   8,400   $    268,800
American International Group........   3,600        352,800
Amsouth Bancorp.....................  11,500        296,125
Andrew Corporation*.................   7,700        402,325
Bancorp Hawaii......................  12,550        318,456
Commerce Bancshares, Inc............   9,450        255,150
Edwards (A.G.), Inc.................  20,800        374,400
</TABLE>
<PAGE>
<TABLE>

<S>                                    <C>          <C>    
Fifth Third Bancorp.................   7,200   $    345,600
First Hawaiian Inc..................  13,900        330,125
First Virginia Banks Inc............  10,600        339,200
Keycorp.............................  12,748        318,700
Southtrust Corp.....................  19,800        356,400
Star Banc Corp......................  10,200        371,025
Suntrust Banks Inc..................   8,500        405,875
West One Bancorp....................  12,300        325,950
                                               -------------
                                               $  5,060,931
                                               -------------

FOOD -- 5.2%
Archer Daniels Midland Co...........  27,187   $    560,731
CPC International Inc...............   8,500        452,625
Dean Foods Co.......................  12,200        353,800
Hershey Foods Corp..................   7,340        355,073
Hormel (George A.) & Co.............  18,700        462,825
Wrigley (Wm.) Jr. Co................   9,200        454,250
                                               -------------
                                               $  2,639,304
                                               -------------


MACHINERY & EQUIPMENT -- 3.7%
Briggs & Stratton Corp..............  11,000   $    360,250
Donaldson Co., Inc..................  15,800        373,275
Dover Corp..........................   8,000        413,000
Nordson Corp........................   7,200        432,000
Pitney-Bowes Inc....................  10,200        323,850
                                               -------------
                                               $  1,902,375
                                               -------------

METAL PRODUCERS -- 0.8%
Worthington Industries..............  20,450   $    409,000
                                               -------------     


METAL PRODUCTS MANUFACTURERS -- 3.0%
CLARCOR.............................  17,300   $    367,625
Crown Cork & Seal Inc*..............  10,700        403,925
Illinois Tool Works Inc.............  10,300        450,625
Stanley Works.......................   8,900        318,175
                                               -------------
                                               $  1,540,350
                                               -------------


OIL, GAS, COAL & RELATED SERVICES-- 0.9%
Exxon Corp..........................   7,200   $    437,400
                                               -------------


PAPER -- 1.3%
Kimberly-Clark......................   6,800   $    343,400
Sonoco Products Co..................  15,100        330,313
                                               -------------
                                               $    673,713
                                               ------------- 


PRINTING & PUBLISHING -- 3.6%
American Business Products..........  16,000   $    356,000
Banta Corp..........................  10,500        317,625
Donnelley (R.R.) & Sons.............  14,200        418,900
Gannett Co. Inc.....................   7,200        383,400
Knight-Ridder Inc...................   6,900        348,450
                                               -------------
                                               $  1,824,375
                                               -------------

RECREATION -- 2.3%
Bob Evans Farms.....................  17,200   $    352,600
Carnival Cruise Class A.............  19,200        408,000
McDonald's Corp.....................  15,000        438,750
                                               -------------
                                               $  1,199,350
                                               -------------


RETAILERS -- 9.8%
Albertson's Inc.....................  15,600   $    452,400
Blair Corporation...................   8,500        340,000
Casey's General Stores, Inc.........  26,000        390,000
Circuit City Stores Inc.............  18,100        402,725
Dollar General Corp.................  16,312        489,360
Giant Food Inc......................  14,900        324,075
Hannaford Brothers Co...............  17,500        444,063
May Department Stores...............   9,300        313,875
Nordstrom Inc.......................   9,500        399,000
Pep Boys-M. M. & M. (The)...........  15,400        477,400
Rite Aid Corp.......................  20,600        481,525
Winn-Dixie..........................   9,800        503,475
                                               -------------
                                               $  5,017,898
                                               -------------

</TABLE>
<PAGE>
<TABLE>


<S>                                   <C>      <C>
TRANSPORTATION -- 2.1%
Air Express International Corp......  19,500   $    390,000
Arnold Industries...................  16,900        350,675
Comair Holdings, Inc................  18,000        315,000
                                               -------------
                                               $  1,055,675
                                               -------------


UTILITIES -- COMMUNICATIONS -- 3.3%
Alltel Corp.........................  15,100   $    454,888
AmeriTech Corp......................  10,000        403,750
Century Telephone Enterprises.......  14,700        433,650
Southwestern Bell Corp..............   9,600        387,600
                                               -------------
                                               $  1,679,888
                                               -------------


UTILITIES -- ELECTRIC POWER -- 3.2%
Black Hills.........................  18,000   $    384,750
Duke Power Company..................  10,700        407,937
TECO Energy, Inc....................  20,500        412,563
Wisconsin Energy Corp...............  17,150        443,756
                                               -------------
                                               $  1,649,006
                                               -------------


UTILITIES-- ELECTRIC POWER HOLDING-- 0.7%
Central & South West Corp...........  16,700   $    377,838
                                               -------------


MISCELLANEOUS -- 8.0%
Automatic Data Processing Inc.......   7,800   $    456,300
Block (H & R) Inc...................  11,100        412,087
Cintas Corp.........................  13,400        475,700
Crawford and Co.....................  22,900        366,400
Dionex Corporation*.................   9,200        347,300
Genuine Parts Co....................  11,900        428,400
Interpublic Group Cos. Inc..........  12,700        407,986
Leggett & Platt Inc.................   8,800        308,000
Newell Co...........................  18,000        378,000
Pacificare Health Systems*..........   7,800        514,800
                                               -------------
                                               $  4,094,973
                                               -------------

TOTAL EQUITY INTERESTS -- 92.7%
  (identified cost, $43,675,674)               $ 47,358,850
                                               -------------

                             RESERVE FUNDS -- 7.1%


                                  Face Amount
                                 ------------
American Express Corp., 5.759%,
  1/09/95..........................$1,770,000  $  1,770,000
General Electric Capital Corp., 5.441%,
  1/03/95...........................$1,865,000    1,865,000

TOTAL RESERVE FUNDS,                           -------------
  at amortized cost                            $  3,635,000
                                               -------------  

TOTAL INVESTMENTS -- 99.8%
  (identified cost, $47,310,674)               $ 50,993,850

OTHER ASSETS,
  LESS LIABILITIES --  0.2%                          90,806
                                               -------------


NET ASSETS-- 100%                              $ 51,084,656
                                               =============

</TABLE>


* Non-income-producing security.

See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>


                       WRIGHT QUALITY CORE EQUITIES FUND
================================================================================

                      STATEMENT OF ASSETS AND LIABILITIES
                               December 31, 1994
- --------------------------------------------------------------------------------
<S>                                                       <C>
ASSETS:
   Investments --
     Identified cost..................................    $ 47,310,674 
     Unrealized appreciation..........................       3,683,176 
                                                          -------------
       Total Value (Note 1A)..........................    $ 50,993,850 

   Cash...............................................             787 
   Receivable for fund shares sold....................          10,955 
   Dividends and interest receivable..................         110,471 
                                                          -------------
     Total Assets.....................................    $ 51,116,063 
                                                          -------------
LIABILITIES:
   Payable for fund shares reacquired.................    $     21,753 
   Trustee fees payable...............................             312 
   Custodian fee payable..............................           7,616 
   Accrued expenses and other liabilities.............           1,726 
                                                          -------------
     Total Liabilities................................    $     31,407 
                                                          -------------
NET ASSETS............................................    $ 51,084,656 
                                                          =============

NET ASSETS CONSIST OF:

   Proceeds  from  sales of shares  (including  the
     market  value of  securities received in exchange
     for Fund shares and shares issued to share-
     holders in payment of distributions declared),
     less cost of shares reacquired...................    $ 47,208,714
   Unrealized appreciation of investments
   (computed on the basis of identified cost).........       3,683,176 
   Undistributed net investment income................         192,766 
                                                          -------------
     Net assets applicable to
       outstanding shares.............................    $ 51,084,656 
                                                          ============= 

   SHARES OF BENEFICIAL INTEREST
     OUTSTANDING.....................................        4,485,312 
                                                          ============= 

   NET ASSET VALUE, OFFERING PRICE,
     AND REDEMPTION PRICE PER SHARE
     OF BENEFICIAL INTEREST...........................          $11.39 
                                                          ============= 
</TABLE>
<TABLE>
<CAPTION>


                            STATEMENT OF OPERATIONS
                      For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S>                                                        <C>
INVESTMENT INCOME:
   Income --
     Dividends........................................    $  1,740,963 
     Interest.........................................          67,255 
                                                          -------------
       Total Income...................................    $  1,808,218 
                                                          -------------
   Expenses --
     Investment Adviser fee (Note 2)..................    $    332,192 
     Administrator fee (Note 2).......................         147,641 
     Compensation of trustees not affiliated with
       the Investment Adviser or Administrator........           2,151 
     Custodian fee (Note 2)...........................          32,641 
     Transfer and dividend disbursing agent  fees.....          14,012 
     Distribution expenses (Note 3)...................         147,641 
     Audit services...................................          28,250 
     Legal services...................................           1,833 
     Registration costs...............................          11,786 
     Printing.........................................           2,394 
     Interest paid on loans...........................           5,450 
     Miscellaneous....................................           5,420 
                                                          -------------
       Total Expenses.................................    $    731,411 
                                                          -------------
         Net Investment Income........................    $  1,076,807 
                                                          -------------


REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
   Net realized gain on investment transactions
     (identified cost basis)..........................    $  9,834,657 
   Change in unrealized appreciation
     of investments...................................     (11,332,016)
                                                          -------------
   Net realized and unrealized gain (loss)
     on investments...................................    $ (1,497,359)
                                                          -------------
       Net decrease in net assets
         from operations..............................    $   (420,552)
                                                          ============= 
</TABLE>

 See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>


                       WRIGHT QUALITY CORE EQUITIES FUND

================================================================================

                                                                                                    Year Ended
                                                                                                   December 31,
                                                                                       -------------------------------------
STATEMENT OF CHANGES IN NET ASSETS                                                          1994                  1993
- ----------------------------------------------------------------------------------------------------------------------------

<S>                                                                                    <C>                  <C>
INCREASE  (DECREASE) IN NET ASSETS:
     From operations --
         Net investment income......................................................   $   1,076,807        $    1,187,636 
         Net realized gain on investment transactions...............................       9,834,657             4,083,933 
         Change in unrealized appreciation of investments...........................     (11,332,016)           (4,372,477)
                                                                                       --------------       --------------- 

              Increase (decrease) in net assets from operations.....................   $    (420,552)       $      899,092
                                                                                       --------------       ---------------

     Undistributed net investment income (loss) included in
       price of shares sold and redeemed (Note 1C)..................................   $    (198,337)       $       28,601 
                                               -                                       --------------       --------------- 

     Distributions to shareholders --
       From net investment income...................................................   $    (879,992)       $   (1,084,466)
       From net realized gain on investment transactions............................      (4,488,457)           (4,083,933)
       In excess of net realized gain on investment transactions....................          (7,109)              (31,540)
                                                                                       --------------        -------------- 

              Total distributions to shareholders...................................   $  (5,375,558)       $   (5,199,939)
                                                                                       --------------       --------------- 

     Net increase (decrease) from fund share transactions (exclusive of
       amounts allocated to net investment income) (Note 4).........................   $ (31,269,572)       $   10,946,442 
                                                         -                             --------------       --------------- 

              Net increase (decrease) in net assets.................................   $ (37,264,019)       $    6,674,196 



NET ASSETS:

     At beginning of year...........................................................      88,348,675            81,674,479 
                                                                                       --------------       --------------- 

     At end of year.................................................................   $  51,084,656        $   88,348,675 
                                                                                       ==============        ============== 


UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS..........................   $     255,021        $      256,543 
                                                                                       ==============       =============== 
</TABLE>

See notes to financial statements

<PAGE>



                       THE WRIGHT MANAGED EQUITY TRUST
                         NOTES TO FINANCIAL STATEMENTS

================================================================================

(1)  SIGNIFICANT ACCOUNTING POLICIES

     The Wright Managed Equity Trust (the  "Trust"),  issuer of Wright  Selected
Blue Chip  Equities  Fund (WBC)  series,  Wright  Junior Blue Chip Equities Fund
(WJBC)  series,  Wright  Quality  Core  Equities  Fund  (WQC)  series and Wright
International  Blue Chip  (WIBC)  series,  is  registered  under the  Investment
Company  Act  of  1940,  as  amended,  as a  diversified,  open-end,  management
investment company.  WIBC's financial  statements have been prepared separately.
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 generally accepted accounting principles.

A.   Investment Valuations - Securities listed on securities exchanges or in the
     NASDAQ  National  Market are valued at closing  sale  prices.  Unlisted  or
     listed  securities  for which  closing  sale prices are not  available  are
     valued at the mean  between  the  latest bid and asked  prices.  Short-term
     obligations  maturing in sixty days or less are valued at  amortized  cost,
     which  approximates  value.  Securities  for which  market  quotations  are
     unavailable  are  appraised at their fair value as determined in good faith
     by or at the direction of the Trustees.

B.   Federal Taxes - The Trust's  policy is to comply with the provisions of the
     Internal  Revenue  Code  (the  Code)  available  to  regulated   investment
     companies  and  distribute  to  shareholders  each year all of its  taxable
     income,  including any net realized gain on  investments.  Accordingly,  no
     provision for federal income or excise tax is necessary.

C.   Equalization  -  The  Funds  follow  the   accounting   practice  known  as
     equalization  by which a portion  of the  proceeds  from sales and costs of
     reacquisitions  of Fund  shares,  equivalent  on a  per-share  basis to the
     amount  of  undistributed   net  investment  income  on  the  date  of  the
     transaction, is credited or charged to undistributed net investment income.
     As a result, undistributed net investment income per share is unaffected by
     sales or reacquisitions of Fund shares.

D.   Distributions  - The Trust requires that  differences in the recognition or
     classification of income between the financial  statements and tax earnings
     and profits  which  result in  temporary  overdistributions  for  financial
     statement  purposes,  are  classified  as  distributions  in  excess of net
     investment  income or accumulated net realized gains. At December 31, 1994,
     WQC recharacterized  $62,255 of capital gain distributions to distributions
     from net investment income. WJBC recharacterized  $295,169 of distributions
     from  net  investment  income  to  distributions  from  capital  gains.  In
     addition,  permanent  differences  of  $5,346,200  and $766,787 for WQC and
     WJBC, respectively,  were reclassified from net realized gain on investment
     transactions  to  paid-in  capital.  These  differences  were a  result  of
     redemption-in-kind transactions.

E.   Other  -  Investment  transactions  are  accounted  for  on  the  date  the
     investments  are purchased or sold.  Dividend income and  distributions  to
     shareholders  are  recorded on the  ex-dividend  date.  Interest  income is
     recorded on the accrual basis.


(2)  INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

     The Trust  has  engaged  Wright  Investors'  Service  (Wright)  to  perform
investment  management,   investment  advisory,  and  other  services.  For  its
services,  Wright is  compensated  based upon a percentage  of average daily net
assets which rate is adjusted as average daily net assets exceed certain levels.
For the year ended  December 31, 1994,  the effective  annual rate was 0.62% for
WBC,  0.55% for WJBC,  and 0.45% for WQC. The Trust also has engaged Eaton Vance
Management  (Eaton  Vance)  to act as  administrator  of the  Trust.  Under  the
Administration  Agreement,  Eaton Vance is responsible 

<PAGE>
                   THE WRIGHT MANAGED EQUITY TRUST
                NOTES TO FINANCIAL STATEMENTS - continued   
================================================================================

for managing the business affairs of the Trust and is compensated based upon a
percentage of average daily net assets  which rate is reduced  as average  daily
net assets  exceed  certain levels.  For the year ended  December 31, 1994,  the
effective  annual rate was 0.13% for WBC,  0.20% for WJBC and 0.20% for WQC.
Except as to  Trustees of the Trust who are not affiliated  with Eaton Vance or
Wright,  Trustees and officers receive  remuneration  for their  services  to
the Trust out of the fees paid to Eaton Vance and Wright.  The  custodian  fee
was paid to Investors  Bank & Trust Company (IBT), an affiliate of Eaton Vance, 
for its services as custodian of the Trust.  Pursuant  to the  custodian 
agreement,  IBT  receives a fee  reduced by credits which are determined 
based on the average daily cash balances the Trust maintains  with IBT. 
Certain  of the  Trustees  and  officers  of the Trust are Trustees or officers
of the above organizations. See Note 3.

(3)  DISTRIBUTION EXPENSES
     The Trustees have adopted a  Distribution  Plan (the Plan) pursuant to Rule
12b-1 of the Investment  Company Act of 1940. The Plan provides that each of the
Funds  will  pay  the   Principal   Underwriter,   Wright   Investors'   Service
Distributors, Inc., a subsidiary of Wright Investors' Service, an annual rate of
2/10 of 1% of each  Fund's  average  daily net assets for  activities  primarily
intended to result in the sale of each Fund's shares.

(4)  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:

<TABLE>
<CAPTION>
                                                                                Year Ended December 31,
                                                             --------------------------------------------------------------
                                                                       1994                               1993
                                                             ---------------------------     ------------------------------
                                                                Shares          Amount            Shares          Amount
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                          <C>          <C>                  <C>          <C>            
WRIGHT SELECTED BLUE CHIP EQUITIES FUND --                                                                                      
     Sold  ...............................................   5,636,130    $  81,393,593        4,523,131    $   65,219,268 
     Issued to shareholders in payment
       of distributions declared..........................     429,746        5,868,021          105,286         1,512,950 
     Reacquired...........................................  (4,395,865)     (62,193,314)      (3,212,081)      (46,198,210)
                                                            -----------   --------------      -----------   --------------- 

           Net increase ..................................   1,670,011    $  25,068,300        1,416,336    $   20,534,008 
                                                            ===========   ==============       ==========   =============== 

WRIGHT JUNIOR BLUE CHIP EQUITIES FUND --
     Sold  ...............................................     780,096    $   9,079,764        1,023,432    $   11,994,806 
     Issued to shareholders in payment
       of distributions declared..........................     201,483        2,267,954          271,144         3,167,595 
     Reacquired...........................................  (3,315,481)     (38,056,603)      (1,113,847)      (13,068,548)
                                                            -----------   --------------      -----------   --------------- 

           Net increase (decrease)........................  (2,333,902)   $ (26,708,885)         180,729    $    2,093,853 
                                                            ===========   ==============       ==========   =============== 

WRIGHT QUALITY CORE EQUITIES FUND --
     Sold  ...............................................   1,640,109    $  20,229,633        2,016,941    $   26,177,770 
     Issued to shareholders in payment
       of distributions declared..........................     444,758        5,046,814          399,579         5,030,154 
     Reacquired...........................................  (4,547,757)     (56,546,019)      (1,570,396)      (20,261,482)
                                                            -----------   --------------      -----------    -------------- 

           Net increase (decrease)........................  (2,462,890)   $ (31,269,572)         846,124    $   10,946,442 
                                                            ===========   ==============      ===========   =============== 
</TABLE>
<PAGE>

                THE WRIGHT MANAGED EQUITY TRUST
                NOTES TO FINANCIAL STATEMENTS - continued   
================================================================================

(5)  INVESTMENT TRANSACTIONS

     Purchases and sales of investments,  other than U.S. Government  securities
and  short-term  obligations,  for the year ended  December  31,  1994,  were as
follows:

<TABLE>
                                                  WRIGHT SELECTED BLUE CHIP  WRIGHT JUNIOR BLUE CHIP   WRIGHT QUALITY CORE
                                                        EQUITIES FUND             EQUITIES FUND           EQUITIES FUND
- ----------------------------------------------------------------------------------------------------------------------------

<S>                                                     <C>                        <C>                     <C>        
   Purchases.....................................       $154,613,053               $20,170,178             $38,772,261
                                                        ============               ===========             ===========

   Sales.........................................       $130,108,838               $45,167,452             $57,130,479
                                                        ============               ===========             ===========
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>

     In addition,  investments  for WQC and WJBC having  aggregate  market
 values of $16,768,992  and  $3,493,125,  respectively,  were distributed 
 in payment for capital stock redeemed.

(6)  FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES

     The cost  and  unrealized  appreciation  (depreciation)  of the  investment
securities  owned at December  31,  1994,  as  computed on a federal  income tax
basis, are as follows:

<TABLE>
                                                                  WRIGHT                 WRIGHT                 WRIGHT
                                                            SELECTED BLUE CHIP      JUNIOR BLUE CHIP         QUALITY CORE
                                                               EQUITIES FUND          EQUITIES FUND          EQUITIES FUND
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                                          <C>                    <C>                    <C>           
   Aggregate cost....................................        $ 180,285,908          $  34,143,838          $  47,310,674 
                                                             ==============         ==============          ============== 

   Gross unrealized appreciation.....................        $   9,594,283          $   3,853,319          $   4,986,750 
   Gross unrealized depreciation.....................           (7,555,588)            (2,119,650)            (1,303,574)
                                                             --------------         --------------         -------------- 

   Net unrealized appreciation.......................        $   2,038,695          $   1,733,669          $   3,683,176 
                                                             ==============         ==============         ============== 
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>


(7)  FINANCIAL INSTRUMENTS

     The Trust may trade in financial instruments with off-balance sheet risk in
the normal course of its investing  activities to assist in managing exposure to
various market risks.  These  financial  instruments  include  written  options,
forward  foreign  currency  exchange  contracts,  and futures  contracts and may
involve,  to a  varying  degree,  elements  of risk  in  excess  of the  amounts
recognized for financial statement purposes.  The Funds hold no such instruments
at December 31, 1994.


(8)  LINE OF CREDIT

     The Trust  participates  with  other  funds  managed by Wright in a line of
credit  with  a  bank  which  allows  the  Funds  to  borrow  up to  $20,000,000
collectively. The line of credit consists of a $5,000,000 committed facility and
a $15,000,000  uncommitted  facility.  Interest is charged to each Fund based on
its borrowings,  at a rate equal to the bank's base rate. In addition, the funds
pay a facility fee computed at a rate of 1/4 of 1% on the unused  portion of the
$5,000,000 facility. The Trust did not have any significant borrowings under the
line of credit during the year ended December 31, 1994.

<PAGE>

                          INDEPENDENT AUDITORS' REPORT




To the Trustees and Shareholders of
The Wright Managed Equity Trust:


We have audited the accompanying statements of assets and liabilities, including
the  portfolios of  investments,  of Wright  Selected  Blue Chip Equities  Fund,
Wright Junior Blue Chip  Equities  Fund,  and Wright  Quality Core Equities Fund
(three of the four portfolios  which constitute The Wright Managed Equity Trust)
as of December 31, 1994, the related  statements of operations for the year then
ended,  the statements of changes in net assets for the years ended December 31,
1994  and  1993,  and the  financial  highlights  for  each of the  years in the
five-year  period ended  December  31,  1994.  These  financial  statements  and
financial  highlights  are the  responsibility  of the Trust's  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  generally   accepted  auditing
standards.  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.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  Our procedures included  confirmation of the securities owned as of
December 31, 1994, by correspondence with the custodian.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  such  financial  statements  and financial  highlights  present
fairly,  in all  material  respects,  the  financial  position  of  each  of the
aforementioned  Portfolios of The Wright Managed Equity Trust as of December 31,
1994,  the results of their  operations,  the  changes in their net assets,  and
their financial  highlights for the respective stated periods in conformity with
generally accepted accounting principles.


DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 2, 1995
<PAGE>


APPENDIX
- --------



DESCRIPTION OF INVESTMENTS


     U.S. GOVERNMENT,  AGENCY AND INSTRUMENTALITY OBLIGATIONS -- U.S. Government
obligations  are issued by the  Treasury  and  include  bills,  certificates  of
indebtedness,  notes,  and bonds.  Agencies  and  instrumentalities  of the U.S.
Government  are  established  under  the  authority  of an act of  Congress  and
include,  but are not limited to, the Government National Mortgage  Association,
the Tennessee  Valley  Authority,  the Bank for  Cooperatives,  the Farmers Home
Administration,  Federal Home Loan Banks,  Federal  Intermediate  Credit  Banks,
Federal Land Banks, and the Federal National Mortgage Association.

     CERTIFICATES OF DEPOSIT -- are certificates  issued against funds deposited
in a bank, are for a definite  period of time,  earn a specified rate of return,
and are normally negotiable.

     BANKERS'  ACCEPTANCES -- are short-term credit  instruments used to finance
the import,  export,  transfer or storage of goods.  They are termed  "accepted"
when a bank guarantees their payment at maturity.

     COMMERCIAL  PAPER -- refers to promissory  notes issued by  corporations in
order to finance their short-term credit needs.

     FINANCE  COMPANY  PAPER -- refers to  promissory  notes  issued by  finance
companies in order to finance their short-term credit needs.

     CORPORATE  OBLIGATIONS -- include bonds and notes issued by corporations in
order to finance longer-term credit needs.



LENDING PORTFOLIO SECURITIES

     Each  Equity  Fund may seek to  increase  its income by  lending  portfolio
securities to broker-dealers  or other  institutional  borrowers.  Under present
regulatory  policies of the Securities and Exchange  Commission,  such loans are
required to be secured  continuously by collateral in cash, cash  equivalents or
U.S.  Government  securities  held by the Fund's  custodian and  maintained on a
current basis at an amount at least equal to the market value of the  securities
loaned,  which  will  be  marked  to  market  daily.  Cash  equivalents  include
certificates  of deposit,  commercial  paper and other  short-term  money market
instruments.  The Fund  would  have the  right  to call a loan  and  obtain  the
securities  loaned at any time on up to five  business  days'  notice.  The Fund
would not have the right to vote any securities  having voting rights during the
existence  of a loan,  but would call the loan
<PAGE>
in  anticipation  of an  important  vote to be taken  among  holders of the
securities or the giving or  withholding  of their consent on a material  matter
affecting the investment.

WRIGHT QUALITY RATINGS

     Wright Quality Ratings provide the means by which the fundamental  criteria
for the  measurement  of quality of an issuer's  securities  can be  objectively
evaluated.

     Each rating is based on 32 individual measures of quality grouped into four
components: (1) Investment Acceptance, (2) Financial Strength, (3) Profitability
and Stability,  and (4) Growth. The total rating is three letters and a numeral.
The three letters measure (1) Investment Acceptance, (2) Financial Strength, and
(3) Profitability and Stability. Each letter reflects a composite measurement of
eight individual standards which are summarized as A: Outstanding, B: Excellent,
C: Good, D: Fair,  L: Limited,  and N: Not Rated.  The numeral  rating  reflects
Growth and is a composite of eight individual standards ranging from 0 to 20.


EQUITY SECURITIES

     INVESTMENT  ACCEPTANCE  reflects the acceptability of a security by and its
marketability  among  investors,  and the adequacy of the floating supply of its
common shares for the investment of substantial funds.

     FINANCIAL  STRENGTH  represents  the amount,  adequacy and liquidity of the
corporation's resources in relation to current and potential  requirements.  Its
principal  components  are  aggregate  equity  and total  capital,  the ratio of
invested equity capital to debt, the adequacy of net working capital,  its fixed
charges coverage ratio and other appropriate criteria.


     PROFITABILITY  AND  STABILITY   measures  the  record  of  a  corporation's
management  in  terms  of (1) the  rate and  consistency  of the net  return  on
shareholders'  equity capital  investment at corporate  book value,  and (2) the
profits or losses of the corporation  during generally adverse economic periods,
including its ability to withstand adverse financial developments.

     GROWTH per common share of the corporation's equity capital,  earnings, and
dividends -- rather than the  corporation's  overall  growth of dollar sales and
income.

     These  ratings  are  determined  by  specific   quantitative   formulae.  A
distinguishing  characteristic  of these  ratings is that The Wright  Investment
Committee  must  review and  accept  each  rating.  The  Committee  may reduce a
computed rating of any company, but may not increase it.
<PAGE>

DEBT SECURITIES


     Wright ratings for commercial paper,  corporate bonds and bank certificates
of  deposit  consist  of  the  two  central   positions  of  the  four  position
alphanumeric  corporate equity rating. The two central positions represent those
factors which are most applicable to fixed income and reserve  investments.  The
first, Financial Strength, represents the amount, the adequacy and the liquidity
of  the   corporation's   resources   in  relation  to  current  and   potential
requirements.  Its principal  components are aggregate equity and total capital,
the ratios of (a) invested  equity  capital,  and (b) long-term  debt,  total of
corporate capital, the adequacy of net working capital,  fixed-charges  coverage
ratio and other appropriate criteria. The second letter represents Profitability
and Stability and measures the record of a corporation's management in terms of:
(a) the rate and consistency of the net return on  shareholders'  equity capital
investment  at  corporate  book  value,  and (b) the  profits  and losses of the
corporation  during  generally  adverse  economic  periods,  and its  ability to
withstand adverse financial developments.

     The first  letter  rating of the Wright  four-part  alphanumeric  corporate
rating is not  included  in the  ratings  of fixed  income  securities  since it
primarily  reflects the adequacy of the floating supply of the company's  common
shares for the investment of substantial funds. The numeric growth rating is not
included because this element is identified only with equity investments.



A-1 AND P-1 COMMERCIAL PAPER RATINGS
BY STANDARD & POOR'S AND MOODY'S


A Standard  & Poor's  Commercial  Paper  Rating is a current  assessment  of the
likelihood of timely payment of debt having an original maturity of no more than
365 days.

     `A':  Issues  assigned  this  highest  rating  are  regarded  as having the
greatest  capacity for timely  payment.  Issues in this category are  delineated
with the  numbers 1, 2, and 3 to indicate  the  relative  degree of safety.  The
`A-1'  designation  indicates that the degree of safety regarding timely payment
is either  overwhelming  or very  strong.  Those  issues  determined  to possess
overwhelming  safety  characteristics  will  be  denoted  with a plus  (+)  sign
designation.

     The commercial paper rating is not a  recommendation  to purchase or sell a
security.  The ratings are based on current information  furnished to Standard &
Poor's by the issuer or obtained from other sources it considers  reliable.  The
ratings  may be changed,  suspended  or  withdrawn  as a result of changes in or
unavailability of such information.


     Issuers (or related  supporting  institutions) rated P-1 by Moody's have a
superior capacity  for  repayment of  short-term  promissory  obligations. P-1
<PAGE>
repayment capacity will normally be evidenced by the following characteristics:

     --   Leading market positions in well-established industries.

     --   High rates of return on funds employed.

     -- Conservative  capitalization  structures with moderate  reliance on debt
and ample asset protection.

     -- Broad margins in earnings  coverage of fixed financial  charges and high
internal cash generation.

     --  Well-established  access to a range of  financial  markets  and assured
sources of alternate liquidity.
<PAGE>


P R O S P E C T U S                                              MAY 1, 1995

- -------------------------------------------------------------------------------
                  WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
- -------------------------------------------------------------------------------

                              A SERIES OF
                    THE  WRIGHT  MANAGED  EQUITY TRUST
    A mutual fund seeking  growth of capital and reasonable current income
- -------------------------------------------------------------------------------
 Write To:  THE WRIGHT MANAGED INVESTMENT FUNDS, BOS 725, BOX 1559,
             BOSTON, MA 02104

   Or Call:     THE FUND ORDER ROOM -- (800) 225-6265


This  Prospectus  is designed to provide  you with  information  you should know
before investing. Please retain this document for future reference.

A Statement of  Additional  Information  dated May 1, 1995 for the Fund has been
filed with the Securities and Exchange  Commission and is incorporated herein by
reference.  This Statement is available  without  charge from Wright  Investors'
Service Distributors,  Inc., 1000 Lafayette Boulevard,  Bridgeport,  Connecticut
06604 (800-888-9471).

SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, OR ENDORSED OR GUARANTEED
BY ANY BANK OR  OTHER  INSURED  DEPOSITORY  INSTITUTION,  AND ARE NOT  FEDERALLY
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION,  THE FEDERAL RESERVE BOARD
OR ANY OTHER GOVERNMENT  AGENCY.  SHARES OF THE FUND INVOLVE  INVESTMENT  RISKS,
INCLUDING  FLUCTUATIONS  IN VALUE  AND THE  POSSIBLE  LOSS OF SOME OR ALL OF THE
PRINCIPAL INVESTMENT.


                               TABLE OF CONTENTS

                                                      PAGE                     

   An Introduction to the Fund.......................   2
   Shareholder and Fund Expenses.....................   3
   Financial Highlights..............................   4
   Performance Information...........................   5
   The Fund's Investment Objectives and Policies.....   5
   Other Investment Policies.........................   6
   Special Investment Considerations.................   6
   The Investment Adviser............................   8
   The Administrator.................................   9
   Distribution Expenses.............................  10
   How the Fund Values its Shares....................  11
   How to Buy Shares.................................  11
   How Shareholder Accounts are Maintained...........  13
   Distributions by the Fund.........................  13
   Taxes.............................................  13
   How to Exchange Shares............................  15
   How to Redeem or Sell Shares......................  16
   Other Information.................................  17
   Tax-Sheltered Retirement Plans....................  18



   THESE  SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
   EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
   AND EXCHANGE  COMMISSION OR ANY STATE SECURITIES  COMMISSION  PASSED UPON THE
   ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
   IS A  CRIMINAL OFFENSE.
<PAGE>
AN  INTRODUCTION  TO THE  FUND

THE  INFORMATION  SUMMARIZED  BELOW IS  QUALIFIED  IN ITS  ENTIRETY  BY THE MORE
DETAILED INFORMATION SET FORTH BELOW IN THIS PROSPECTUS.


The Trust................The  Wright  Managed  Equity Trust
                         (the  "Trust")  is an  open-end  management  investment
                         company known as a mutual fund, is registered under the
                         Investment  Company  Act  of  1940,  as  amended,   and
                         consists of four series  (the Funds)  (including  three
                         series  that  are  being   offered   under  a  separate
                         prospectus).  Each  Fund  is  a  diversified  fund  and
                         represents  a  separate  and  distinct  series  of  the
                         Trust's shares of beneficial interest.

The Fund.................WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC).

Investment...............The Fund seeks to enhance total investment return 
Objective                (consisting of price appreciation plus income) by 
                         investing in a broadly  diversified  portfolio of
                         equity  securities of  well-established,  non-U.S. 
                         companies  meeting strict quality standards. The Fund 
                         may buy common stocks traded on a securities exchange 
                         in the country in which the  company is based, other 
                         foreign securities exchanges or it may purchase
                         American  Depositary Receipts ("ADRs") traded in the
                         United  States. The net asset value of the Fund's 
                         shares is  calculated in U.S. dollars while the Fund's
                         portfolio  securities may be quoted in foreign 
                         currencies. Investors should understand that the
                         fluctuations in foreign exchange rates may impact
                         the value of their investment.

The Investment...........The Fund has engaged Wright Investors' Service, 1000
Adviser                  Lafayette Boulevard, Bridgeport, Connecticut 06604
                         ("Wright" or the "Investment  Adviser") as investment
                         adviser to carry out the investment and reinvestment of
                         the Fund's assets.

The Administrator........The Fund also has retained Eaton Vance Management 
                         ("Eaton Vance" or the  "Administrator"),  24 Federal 
                         Street, Boston, MA 02110 as administrator to manage 
                         the Fund's legal and business affairs.

The Distributor..........Wright Investors' Service Distributors, Inc. is the 
                         Distributor of the Fund's shares and receives a
                         distribution fee equal on an annual basis to 2/10 of 
                         1% of the Fund's average daily net assets.

How to Purchase..........There is no sales  charge on the purchase of shares of
Fund Shares              the Fund. Shares of the Fund may be  purchased  at the
                         net asset  value  per share  next determined after
                         receipt and acceptance of the purchase order.  The  
                         minimum  initial  investment is  1,000, although
                         this will be waived for investments in 401(k)
                         tax-sheltered  retirement  plans. There is no  minimum
                         amount for subsequent purchases.

Distribution ............Distributions are paid in additional shares at net
Options                  asset value or cash as the shareholder  elects.
                         Unless the shareholder has elected to receive 
                         dividends and distributions in cash,  dividends and 
                         distributions  will be reinvested in additional shares
                         of the Fund at net asset value per share as of the 
                         investment date.
<PAGE>

Redemptions..............Shares may be redeemed  directly from the Fund at the
                         net asset value per share next determined after receipt
                         of the redemption request in good order.

Exchange ................Shares of the Fund may be exchanged for shares of
Privilege                certain other funds managed by the Investment Adviser 
                         at the net asset value next determined after receipt
                         of the exchange request in good order.

Net Asset Value..........Net asset value per share of the Fund is calculated on
                         each day the New York Stock Exchange is open for
                         trading.

   
Taxation.................The Fund has elected to be treated,  has  qualified and
                         intends to continue to qualify each year as a regulated
                         investment  company under  Subchapter M of the Internal
                         Revenue Code and consequently, should not be liable for
                         federal  income  tax on net  investment  income and net
                         realized   capital  gains  that  are   distributed   to
                         shareholders  in  accordance  with  applicable   timing
                         requirements.
    

Shareholder..............Each shareholder will receive annual and semi-annual
Communications           reports containing financial statements,  and  a 
                         statement  confirming  each  share  transaction.
                         Financial statements included in annual reports 
                         audited by the Trust's independent certified public
                         accountants.

SHAREHOLDER AND FUND EXPENSES

   
The  following  table of fees and  expenses is provided to assist  investors  in
understanding  the various  costs and  expenses  which may be borne  directly or
indirectly  by  an  investment  in  the  Fund.  The   percentages   shown  below
representing  total operating  expenses are based on actual amounts incurred for
the fiscal year ended December 31, 1994.

- ----------------------------------------------------------------
SHAREHOLDER TRANSACTION EXPENSES ..................   none

ANNUALIZED FUND OPERATING EXPENSES
(as a percentage of average net assets)
     Investment Adviser Fee........................  0.77%
     Rule 12b-1 Distribution Expense...............  0.20%
     Other Expenses (including
       administration fee of 0.14%)................  0.34%

     TOTAL OPERATING EXPENSES .....................  1.31%
- ----------------------------------------------------------------
    

EXAMPLE OF FUND EXPENSES

The following is an illustration of the total transaction and operating expenses
that an investor in the Fund would bear over different periods of time, assuming
a investment of $1,000,  a 5% annual return on the  investment and redemption at
the end of each period:

- ----------------------------------------------------------------
        1 Year..............................   $ 13
        3 Years............................      42
        5 Years...........................       72
       10 Years.............................    158
- ----------------------------------------------------------------
     THIS  EXAMPLE  SHOULD NOT BE  CONSIDERED  A  REPRESENTATION  OF ACTUAL PAST
EXPENSES  OR FUTURE  EXPENSES.  ACTUAL  EXPENSES  MAY BE MORE OR LESS THAN THOSE
SHOWN  DEPENDING UPON A VARIETY OF FACTORS  INCLUDING THE ACTUAL  PERFORMANCE OF
THE FUND.  Moreover,  while the Example  assumes a 5% annual return,  the Fund's
actual  performance  will vary and may result in actual returns  greater or less
than 5%.

     The  Fund's  payment  of a  distribution  fee  may  result  in a  long-term
shareholder  indirectly paying more than the economic  equivalent of the maximum
initial sales charge  permitted under the Rules of Fair Practice of the National
Association of Securities Dealers, Inc.
<PAGE>

FINANCIAL HIGHLIGHTS

   
The  following  information  should  be read in  conjunction  with  the  audited
financial statements included in the Statement of Additional Information, all of
which has been so included in reliance upon the report of Deloitte & Touche LLP,
independent  certified public  accounts,  as experts in accounting and auditing,
which  report is contained in the Fund's  Statement of  Additional  Information.
Further  information  regarding the  performance of the Fund is contained in the
Fund's annual report to  shareholders  which may be obtained  without  charge by
contacting  the  Fund's  Principal   Underwriter,   Wright  Investors'   Service
Distributors, Inc. at 800-888-9471.
    

<TABLE>
<CAPTION>
                                                                                  Year Ended December 31,
                                               -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS                               1994         1993          1992         1991         1990         1989[2]
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>          <C>          <C>          <C>          <C>           <C>     
Net asset value, beginning of year...........    $ 13.410     $ 10.520     $  11.040    $   9.520    $  10.400     $ 10.000
                                                 --------     --------     ---------    ---------    ---------     --------

Income from Investment Operations:
     Net investment income[1].................   $  0.127     $  0.107     $   0.094    $   0.115    $   0.164     $  0.092
     Net realized and unrealized gain (loss)
       on investments........................      (0.347)       2.853        (0.524)       1.515       (0.874)       0.353
                                                   ------        -----        ------        -----       ------        -----

         Total income (loss) from investment
           operations........................    $ (0.220)    $  2.960     $  (0.430)   $   1.630    $  (0.710)    $  0.445
                                                 --------     --------     ---------    ---------    ---------     --------

Less Distributions:
     From net investment income..............    $ (0.100)    $ (0.070)    $  (0.090)   $  (0.110)   $  (0.170)    $ (0.045)
                                                 --------     --------     ---------    ---------    ---------     -------- 

Net asset value, end of year.................    $ 13.090     $ 13.410     $  10.520    $  11.040    $   9.520     $ 10.400
                                                 ========     ========     =========    =========    =========     ========


Total Return  ...............................      (1.64%)       28.22%      (3.94%)       17.21%      (6.92%)       4.46%[4]
Ratios/Supplemental Data
     Net assets, end of year (000 omitted)...    $200,232     $ 100,071    $  74,409    $  51,802    $  18,842     $14,363 
     Ratio of expenses to average net assets.       1.31%         1.46%        1.51%        1.67%        1.65%       0.59%[3]
     Ratio of net investment income to average
       net assets............................       1.00%         0.67%        0.81%        1.12%        1.66%       3.28%[3]
     Portfolio Turnover Rate.................         12%           30%          15%          23%          13%          0% 

<FN>
[1] During  each of the two years in the  period  ended  December  31,  1990,  the
operating  expenses  of the Fund  were  reduced  either  by a  reduction  of the
investment adviser fee, administrator fee, or distribution fee or a reduction of
a  combination  of  these  fees.  Had such  actions  not  been  undertaken,  the
investment  income  per  share  and the  annualized  ratios  would  have been as
follows:

                                                                                                Year Ended December 31,
                                                                                                ------------------------    
                                                                                                     1990       1989[2]
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income per share...............................                                   $  0.092   $  0.065

Ratios (As a percentage of average net assets):

     Expenses ................................................                                      2.38%      1.55%[3]

     Net investment income....................................                                      0.93%      2.33%[3]


[2]  For the period from September 14, 1989 (commencement of operations), to December 31, 1989.
[3]  Annualized.
[4]  Not annualized.
</FN>
</TABLE>
<PAGE>
PERFORMANCE AND YIELD INFORMATION

From time to time, the Fund may publish its total return in  advertisements  and
communications  to  shareholders.  The  Fund's  total  return is  determined  by
computing  the  annual  percentage  change  in value of $1,000  invested  at the
maximum  public  offering  price (net asset value) for specified  periods ending
with  the  most  recent   calendar   quarter,   assuming   reinvestment  of  all
distributions.  Investors  should note that the  investment  results of the Fund
will fluctuate over time,  and any  presentation  of the Fund's total return for
any  prior  period  should  not be  considered  as a  representation  of what an
investment  may earn or what an  investor's  total  return  may be in any future
period.



THE FUND'S INVESTMENT OBJECTIVES AND POLICIES

The Fund's  objective is to provide  long-term growth of capital and at the same
time earn reasonable current income.  Securities selected for the Fund are drawn
from an  investment  list  prepared  by Wright  and  known as The  International
Approved Wright Investment List (the "International AWIL").

THE INTERNATIONAL  APPROVED WRIGHT INVESTMENT LIST (AWIL). Wright systematically
reviews  the about 8,000  non-U.S.  companies  from 36  countries  contained  in
Wright's  WORLDSCOPE(R)  database in order to identify those which, on the basis
of at least  five  years of  audited  records,  pass the  minimum  standards  of
prudence (e.g. the value of its assets and  shareholders  equity exceeds certain
minimum  standards and the company's  operations have been profitable during the
last  three  years)  and  thus  are  suitable  for  consideration  by  fiduciary
investors.  Companies which meet these requirements  (about 2,500 companies) are
considered by Wright to be "investment  grade".  They may be large or small, may
have their securities  traded on exchanges or over the counter,  and may include
companies not currently paying dividends on their shares.

     These companies are then subjected to extensive  analysis and evaluation in
order to identify those which meet Wright's 32 fundamental  standards of Premium
Investment  Quality.  Only  those  companies  which  meet or exceed all of these
standards  are eligible for  selection by the Wright  Investment  Committee  for
inclusion  in  The  International  Approved  Wright  Investment  List.  See  the
Statement of Additional  Information  for a more detailed  description of Wright
Quality Ratings and the International AWIL.

     All  companies  on the  International  AWIL are,  in the opinion of Wright,
soundly  financed  "True  Blue  Chips"  with  established  records  of  earnings
profitability and equity growth. All have established  investment acceptance and
active, liquid markets for their publicly owned shares.

     The investment objective and, unless otherwise  indicated,  policies of the
Fund may be changed by the  Trustees  of the Trust  without a vote of the Fund's
shareholders.  Any such change of the  investment  objective of the Fund will be
preceded by thirty days' advance notice to each  shareholder of the Fund. If any
changes were made,  the Fund might have an investment  objective  different from
the objective which an investor considered  appropriate at the time the investor
became a  shareholder  in the  Fund.  There is no  assurance  that the Fund will
achieve its  investment  objective.  The market price of securities  held by the
Fund and the net asset value of the Fund's shares will  fluctuate in response to
international stock market developments and currency exchange rate fluctuations.

     The Fund seeks to enhance the total investment return  (consisting of price
appreciation  plus  income) by  providing  management  of a broadly  diversified
portfolio of equity securities of well-established,  non-U.S.  companies meeting
strict  quality  standards.  The  Fund  will,  through  continuous  professional
investment  supervision  by Wright,  pursue these  objectives  by investing in a
diversified portfolio of equity securities of high-quality, well-established and
profitable  non-U.S.  companies having their principal business activities in at
least three different countries outside the United States.

     The Fund will, under normal market  conditions,  invest at least 80% of its
net  assets in  International  Blue Chip  equity  securities,  including  common
stocks,  preferred stocks and securities  convertible into stock.  International
Blue Chip equity  securities  are those which are included in
<PAGE>
the  International  AWIL,  as  described  above.   However,  for  temporary
defensive  purposes  the Fund may hold cash or  invest  more than 20% of its net
assets in the short-term  debt securities  described  under "Special  Investment
Considerations -- Defensive Investments."

     The Fund may purchase equity  securities  traded on a securities  market of
the  country  in which  the  company  is  located  or other  foreign  securities
exchanges,  or it may purchase American  Depositary  Receipts ("ADRs") traded in
the United  States.  Purchases of shares of the Fund are suitable for  investors
wishing to diversify their portfolios by investing in non-U.S.  companies or for
investors who simply wish to participate in non-U.S.  investments.  Although the
value of the Fund's net assets  per share will be  calculated  in U.S.  dollars,
fluctuations  in  foreign  currency  exchange  rates may  affect the value of an
investment in the Fund.

     The disciplines which determine sale include disposing of equity securities
of any company which no longer meets the quality  standards of the International
AWIL. The disciplines  which determine  purchase provide that new funds,  income
from the  Fund's  portfolio  securities  and  proceeds  of  sales of the  Fund's
portfolio  securities  will be used to increase those positions which at current
market value are the furthest below their normal target values.



OTHER INVESTMENT POLICIES

   
The Fund has  adopted  certain  fundamental  investment  restrictions  which are
enumerated in detail in the Statement of Additional Information and which may be
changed  only  by the  vote  of a  majority  of the  Fund's  outstanding  voting
securities.  Among the restrictions,  the Fund may not borrow money in excess of
1/3 of the current  market value of the Fund's net assets  (excluding the amount
borrowed),  invest  more than 5% of the  Fund's  total  assets  taken at current
market value in the securities of any one issuer,  purchase more than 10% of the
voting  securities  of any one issuer or invest 25% or more of the Fund's  total
assets in the securities of issuers in the same industry.  There is, however, no
limitation in respect to investments in obligations  issued or guaranteed by the
U.S.  Government or its agencies or  instrumentalities.  The Fund has no current
intention of borrowing for leverage or speculative purposes.
    

     The Fund is not  intended  to be a  complete  investment  program,  and the
prospective   investor  should  take  into  account  his  objectives  and  other
investments  when  considering  the  purchase  of Fund  shares.  The Fund cannot
eliminate risk or assure achievement of its objective.



SPECIAL INVESTMENT CONSIDERATIONS


REPURCHASE  AGREEMENTS.  The Fund may enter into  repurchase  agreements  to the
extent  permitted  by its  investment  policies  in  order  to  earn  income  on
temporarily  uninvested cash. A repurchase agreement is an agreement under which
the seller of securities  agrees to repurchase and the Fund agrees to resell the
securities  at a specified  time and price.  The Fund may enter into  repurchase
agreements  only with large,  well-capitalized  banks or  government  securities
dealers  that  meet  Wright  credit  standards.  In  addition,  such  repurchase
agreements  will  provide  that  the  value  of the  collateral  underlying  the
repurchase  agreement  will  always be at least equal to the  repurchase  price,
including any accrued  interest  earned under the repurchase  agreement.  In the
event of a default or bankruptcy by a seller under a repurchase  agreement,  the
Fund will seek to liquidate such collateral.  However, the exercise of the right
to  liquidate  such  collateral   could  involve   certain  costs,   delays  and
restrictions and is not ultimately assured. To the extent that proceeds from any
sale upon a default of the obligation to repurchase are less than the repurchase
price, the Fund could suffer a loss.

DEFENSIVE INVESTMENTS.  During periods of unusual market conditions, when Wright
believes that investing for temporary defensive purposes is appropriate,  all or
any portion of the Fund's  assets may be held in cash or invested in  short-term
obligations,  including  but not  limited to  short-term  obligations  issued or
guaranteed as to interest and principal by the U.S.  Government or any agency or
instrumentality thereof (including repurchase agreements  collateralized by such
securities);  commercial  paper which at the date of 
<PAGE>
investment  is rated A-1 by Standard & Poor's  Ratings  Group  ("Standard &
Poor's") or P-1 by Moody's Investors Service, Inc. ("Moody's"), or, if not rated
by such  rating  organization,  is deemed by the  Trustees  to be of  comparable
quality;  short-term  corporate  obligations and other debt instruments which at
the date of  investment  are rated AA or better  by  Standard  & Poor's or Aa or
better by Moody's or, if unrated by such rating organization,  are deemed by the
Trustees to be of comparable  quality;  and  certificates  of deposit,  bankers'
acceptances and time deposits of domestic and foreign banks which are determined
to be of high quality by the Trustees.  The Fund may invest in  instruments  and
obligations of banks that have other relationships with the Fund, Wright,  Eaton
Vance or  Investors  Bank & Trust  Company,  an  affiliate  of Eaton  Vance.  No
preference   will  be  shown   towards   investing  in  banks  which  have  such
relationships.

FOREIGN   INVESTMENTS.   Investing  in  securities  of  foreign   companies  and
governments  involves certain  considerations  in addition to those arising when
investing in domestic securities.  These considerations  include the possibility
of currency  exchange rate  fluctuations  and  revaluation  of  currencies,  the
existence  of  less  publicly  available   information  about  foreign  issuers,
different accounting, auditing and financial reporting standards, less stringent
securities  regulation,  non-negotiable  brokerage  commissions,  different  tax
provisions,  political or social  instability,  war or expropriation.  Moreover,
foreign  stock and bond markets  generally are not as developed and efficient as
those in the United  States and,  therefore,  the volume and  liquidity in those
markets may be less, and the  volatility of prices may be greater,  than in U.S.
markets.  Settlement of  transactions  on foreign  markets may be delayed beyond
what is customary in U.S. markets. These considerations generally are of greater
concern in developing countries.

     The value in U.S.  dollars of investments  quoted or denominated in foreign
currencies will be affected by changes in currency exchange rates. As one way of
managing  currency  exchange rate risk, the Fund may enter into forward  foreign
currency  exchange  contracts,  which  are  agreements  to  purchase  or  sell a
designated amount of foreign  currencies at a specified price and date. The Fund
will  usually  enter  into these  contracts  to fix the U.S.  dollar  value of a
security it has agreed to buy or sell. The Fund may also use these  contracts to
hedge the U.S.  dollar value of a security it already owns,  particularly  if it
expects a decline in the value of the currency in which the foreign  security is
quoted or  denominated.  Although  the Fund will  attempt to benefit  from using
forward  contracts,  the  success of its  hedging  strategy  will  depend on the
Investment  Adviser's  ability to predict  accurately  the future  exchange rate
between  foreign  currencies  and the U.S.  dollar.  The  ability to predict the
direction of currency  exchange rates involves skills  different from those used
in selecting  securities.  The Fund may hold foreign currency or short-term U.S.
or foreign government securities pending investment in foreign securities.

   
LENDING PORTFOLIO SECURITIES.  The Fund may seek to increase its total return by
lending portfolio securities to broker-dealers or other institutional borrowers.
Under present  regulatory  policies of the Securities  and Exchange  Commission,
such  loans are  required  to be  continuously  secured by  collateral  in cash,
cash-equivalents and U.S. Government securities held by the Fund's custodian and
maintained on a current basis at an amount at least equal to the market value of
the  securities  loaned,  which  will be  marked  to market  daily.  During  the
existence of a loan,  the Fund will  continue to receive the  equivalent  of the
interest or dividends paid by the issuer on the securities  loaned and will also
receive a fee, or all or a portion of the interest, if any, on investment of the
collateral. However, the Fund may at the same time pay a transaction fee to such
borrowers.  As with  other  extensions  of  credit  there  are risks of delay in
recovery or even loss of rights in the securities  loaned if the borrower of the
securities  fails  financially.   However,  the  loans  will  be  made  only  to
organizations  deemed by the Investment Adviser to be of good standing and when,
in the judgment of the Investment Adviser, the consideration which can be earned
from  securities  loans of this type justifies the attendant risk. The financial
condition of the borrower  will be  monitored  by the  Investment  Adviser on an
ongoing basis and collateral  values will be continuously  maintained at no less
than 100% by "marking to market"  daily.  If the Investment  Adviser  decides to
make  securities  loans on behalf of the Fund,  it is intended that the value of
the securities loaned would not exceed 30% of the Fund's total assets.
<PAGE>
    


THE INVESTMENT ADVISER

The Fund has  engaged  Wright  Investors'  Service  ("Wright"),  1000  Lafayette
Boulevard, Bridgeport, Connecticut, to act as its investment adviser pursuant to
an Investment  Advisory Contract.  Under the general supervision of the Trustees
of the Trust,  Wright  furnishes the Fund with investment  advice and management
services. The Trustees of the Trust are responsible for the general oversight of
the conduct of the Fund's business.

     Wright is a leading  independent  international  investment  management and
advisory firm with more than 30 years' experience.  Its staff of over 175 people
includes  a highly  respected  team of 70  economists,  investment  experts  and
research   analysts.   Wright  manages   assets  for  bank  trust   departments,
corporations,  unions, municipalities,  eleemosynary institutions,  professional
associations,  institutional investors,  fiduciary organizations,  family trusts
and  individuals  as well as mutual  funds.  Wright  operates one of the world's
largest and most complete databases of financial  information on 12,000 domestic
and international corporations. At the end of 1994, Wright managed approximately
$4 billion of assets.

   
     Under Wright's Investment Advisory Contract with the Trust, Wright receives
monthly  advisory fees at the annual rates (as a percentage of average daily net
assets) set forth in the table below.  The table also lists the Fund's aggregate
net asset value at December  31, 1994 and the  advisory fee rate paid during the
fiscal year ended December 31, 1994.
    

     The  advisory fee rates paid by the Fund are higher than those paid by most
other mutual funds. This higher fee is attributable to the specialized expertise
required to implement the Fund's international  investments and is comparable to
the fees  paid by many  other  funds  with  similar  investment  objectives  and
policies.

     Pursuant to the Investment Advisory Contract, Wright also furnishes for the
use of the Fund office space and all necessary office facilities,  equipment and
personnel for servicing the investments of the Fund. The Fund is responsible for
the  payment  of all  expenses  relating  to its  operations  other  than  those
expressly stated to be payable by Wright under its Investment Advisory Contract.

     An Investment Committee of six senior officers, all of whom are experienced
analysts,  exercises  disciplined  direction  and  control  over all  investment
selections,  policies and procedures  for each Fund.  The  Committee,  following
highly  disciplined  buy-and-sell  rules, makes all decisions for the selection,
purchase and sale of all securities. The members of the Committe are as follows:

     JOHN WINTHROP WRIGHT,  Chairman of the Investment  Committee,  Chairman and
Chief Executive Officer of Wright Investors' Service. AB Amherst College. Before
founding Wright Investors' Service in 1960, Mr. Wright was treasurer, St. John's
College;  Commander,  USNR;  Executive  Vice  President,  Standard Air Services;
President,  Wright Power Saw & Tool Corp.;  Senior Partner,  Andris Trubee & Co.
(financial  consultants);   and  Chairman,   Rototiller,  Inc.  Mr.  Wright  has
frequently  been  interviewed  on radio and  television in the United States and
Europe and his published  investment  and financial  writings are widely quoted.
His testimony has often been requested by various House and Senate Committees of
the Congress on matters concerning monetary policy and taxes. He participated in
the 1974 White House  Financial  Summit on Inflation and the 1980  Congressional
Economic Conference.  He is a director of the Center for Financial Studies and a
member  of the  Board  of  Visitors  of the  School  of  Business  at  Fairfield
University,  a fellow of the  University  of  Bridgeport  Business  School and a
Trustee  of  the   Institutes  for  the   Development  of  Human   Potential  in
Philadelphia. He is also a member of the New York Society of Security Analysts.
<TABLE>
<CAPTION>
   
                             ANNUAL % ADVISORY FEE RATES 
 -----------------------------------------------------------------------------               Aggregate       Fee Rate Paid
       Under      $100 Million to  $250 Million to   $500 Million to     Over                   NAV        for the Fiscal Year
   $100 Million    $250 Million     $500 Million       $1 Billion     $1 Billion            at 12/31/94      Ended 12/31/94
- --------------------------------------------------------------------------------------------------------------------------------
       <S>             <C>              <C>               <C>            <C>               <C>                    <C>  
       0.75%           0.79%            0.77%             0.73%          0.68%             $200,231,636           0.77%         
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    
<PAGE>

     JUDITH R. CORCHARD,  Vice Chairman of the Investment  Committee,  Executive
Vice President-Investment  Management of Wright Investors' Service. Ms. Corchard
attended the University of Connecticut and joined Wright Investors' in 1960. She
is a member  of the New York  Society  of  Security  Analysts  and the  Hartford
Society of Financial Analysts.

     PETER M. DONOVAN,  CFA, President of Wright Investors' Service. Mr. Donovan
received a BA Economics,  Goddard College and joined Wright  Investors'  Service
from Jones, Kreeger & Co., Washington,  DC in 1966. Mr. Donovan is the president
of The Wright Managed Income Trust,  The Wright Managed Equity Trust, The Wright
Managed Blue Chip Series Trust, and The Wright EquiFund Equity Trust. He is also
director of EquiFund - Wright National Equity Fund, a Luxembourg  SICAV. He is a
member of the New York Society of Security  Analysts and the Hartford Society of
Financial Analysts.

     JATIN J. MEHTA,  CFA,  Executive  Counselor  and  Director of  Education of
Wright Investors' Service. Mr. Mehta received a BS Civil Engineering, University
of Bombay,  India and an MBA from the University of  Bridgeport.  Before joining
Wright in 1969, Mr. Mehta was an executive of the Industrial  Credit  Investment
Corporation  of  India,  a  development  bank  promoted  by the  World  Bank for
financial assistance to private industry.  He is a Trustee of The Wright Managed
Blue Chip  Series  Trust.  He is a member of the New York  Society  of  Security
Analysts and the Hartford Society of Financial Analysts.

     HARIVADAN K. KAPADIA,  CFA, Senior Vice President - Investment Analysis and
Information  of Wright  Investors'  Service.  Mr.  Kapadia  received a BA (hon.)
Economics and  Statistics and MA Economics,  University of Baroda,  India and an
MBA from the  University  of  Bridgeport.  Before  joining  Wright in 1969,  Mr.
Kapadia was Assistant  Lecturer at the College of Engineering  and Technology in
Surat, India and Lecturer, B.J. at the College of Commerce & Economics, VVNagar,
India. He has published the textbooks:  "Elements of Statistics,"  "Statistics,"
"Descriptive  Economics," and "Elements of Economics." He was appointed  Adjunct
Professor at the Graduate School of Business,  Fairfield  University in 1981. He
is a member  of the New York  Society  of  Security  Analysts  and the  Hartford
Society of Financial Analysts.

     MICHAEL F. FLAMENT,  CFA,  Senior Vice  President - Investment and Economic
Analysis of Wright  Investors'  Service.  Mr. Flament received a BS Mathematics,
Fairfield  University;  MA Mathematics,  University of Massachusetts  and an MBA
Finance,  University  of  Bridgeport.  He is a member of the New York Society of
Security Analysts and the Hartford Society of Financial Analysts.

     Wright places the portfolio  security  transactions  for the Fund, which in
some cases may be effected in block  transactions  which include other  accounts
managed by Wright.  Wright  provides  similar  services  directly for bank trust
departments.  Wright seeks to execute the Fund's portfolio security transactions
on the most favorable terms and in the most effective manner  possible.  Subject
to the  foregoing,  Wright may consider  sales of shares of the Fund or of other
investment  companies  sponsored  by  Wright  as a factor  in the  selection  of
broker-dealer firms to execute such transactions.

     Wright is also the  investment  adviser  to the other  Funds in The  Wright
Managed Equity Trust,  The Wright Managed Income Trust,  The Wright Managed Blue
Chip Series Trust and The Wright EquiFund Equity Trust (the "Wright Funds").


THE ADMINISTRATOR

The Fund  engages  Eaton  Vance  as its  administrator  under an  Administration
Agreement.  Under the Administration  Agreement,  Eaton Vance is responsible for
managing the legal and business affairs of the Fund,  subject to the supervision
of  the  Trust's  Trustees.   Eaton  Vance's  services  include   recordkeeping,
preparation  and filing of  documents  required to comply with federal and state
securities laws, supervising the activities of the Fund's custodian and transfer
agent,  providing  assistance in connection with the Trustees' and shareholders'
meetings  and other  administrative  services  necessary  to conduct  the Fund's
business.  Eaton Vance will not provide any  investment 
<PAGE>
management  or advisory  services to the Fund.  For its services  under the
Administration  Agreement,  Eaton Vance receives a monthly administration fee at
the annual rates (as a percentage  of average daily net assets) set forth in the
following table.

   
      ANNUAL % ADMINISTRATION FEE RATES  
- ------------------------------------------    Fee Rate Paid
   Under  $100 Million $250 Million    Over   for the Fiscal
   $100        to           to         $500     Year Ended
  Million $250 Million $500 Million   Million    12/31/94
- -------------------------------------------------------------
   0.20%      0.06%        0.03%       0.02%       0.14%
- -------------------------------------------------------------
    
     Eaton  Vance,  its  affiliates  and its  predecessor  companies  have  been
managing  assets  of  individuals  and  institutions  since  1924  and  managing
investment  companies since 1931. In addition to acting as the  administrator of
the Fund, Eaton Vance or its affiliates act as investment  adviser to investment
companies and various  individual  and  institutional  clients with assets under
management  of  approximately  $15  billion.   Eaton  Vance  is  a  wholly-owned
subsidiary of Eaton Vance Corp.  ("EVC"), a publicly held holding company.  EVC,
through its  subsidiaries and affiliates,  engages in investment  management and
marketing  activities,  fiduciary and banking services,  oil and gas operations,
real  estate  investment,   consulting  and  management   activities,   and  the
development of precious metals properties.




DISTRIBUTION EXPENSES

In addition to the fees and expenses  payable by the Fund in accordance with the
Investment  Advisory Contract and  Administration  Agreement,  the Fund pays for
certain  expenses  pursuant to a Distribution  Plan (the "Plan")  adopted by the
Trust and designed to meet the  requirements  of Rule 12b-1 under the Investment
Company Act of 1940.

     The  Trust's  Plan  provides  that  monies  may be spent by the Fund on any
activities  primarily  intended  to  result  in the sale of the  Fund's  shares,
including,  but not limited to,  compensation  paid to and expenses  incurred by
officers,  Trustees,  employees or sales representatives of the Trust, including
telephone  expenses,  the  printing of  prospectuses  and reports for other than
existing  shareholders,  preparation and distribution of sales  literature,  and
advertising  of any type.  The expenses  covered by the Trust's Plan may include
payments  to any  separate  distributors  under  agreement  with the  Trust  for
activities primarily intended to result in the sale of the Trust's shares.

   
     The Trust has entered into a distribution  contract with Wright  Investors'
Service Distributors,  Inc. ("WISDI" or the "Principal  Underwriter"),  a wholly
owned subsidiary of Wright.  Under the Plan, as amended, it is intended that the
Fund will pay 2/10 of 1% of its  average  daily net assets to WISDI.  Subject to
the  2/10 of 1% per  annum  limitation  imposed  by the  Plan,  the Fund may pay
separately for expenses of any other activities  primarily intended to result in
the sale of its shares.
    

     The following table shows the distribution  expenses allowable to WISDI and
paid by the Fund for the fiscal year ended December 31, 1994.

                                  Distribution Expenses
    Distribution Expenses     Paid as a % of Fund's Average
        Paid by Fund                 Net Asset Value
- --------------------------------------------------------------
          $363,055                        0.20%
- --------------------------------------------------------------
     The Principal  Underwriter may use the distribution fee for its expenses of
distributing  the Fund's shares,  including  allocable  overhead  expenses.  Any
distribution  expenses  exceeding  the amounts paid by the Fund to the Principal
Underwriter  were not  incurred by the  Principal  Underwriter  but were paid by
Wright from its own assets.  Distribution expenses not specifically attributable
to the Fund are allocated among the Fund and certain other investment  companies
for which Wright acts as Principal Underwriter,  based on the amount of sales of
the  Fund's  shares  resulting  from the  Principal  Underwriter's  distribution
efforts  and  expenditures.  If  the  distribution  fee  exceeds  the  Principal
Underwriter's  expenses,  the  Principal  Underwriter  may realize a profit from
these  arrangements.  The Trust's Plan is a  compensation  plan.  If the Plan is
terminated,  the Fund would stop paying the  distribution  fee and the  Trustees
would consider other methods of financing the distribution of the Fund's shares.
<PAGE>


HOW THE FUND VALUES ITS SHARES

The Trust  values  the  shares  of the Fund once on each day the New York  Stock
Exchange  ("NYSE")  is open as of the  close  of  regular  trading  on the  NYSE
(normally  4:00 p.m. New York time).  The net asset value is  determined  in the
manner authorized by the Trustees of the Trust by the Fund's custodian (as agent
for the  Fund)  with the  assistance  of  Wright  for  securities  that  involve
valuation problems. Such determination is accomplished by dividing the number of
outstanding shares of the Fund into its net worth (the excess of its assets over
its liabilities).

   
     Portfolio  securities  traded  on more  than  one  United  States  national
securities  exchange  or foreign  securities  exchange  are valued by the Fund's
custodian  at the last sale price on the  business day as of which such value is
being determined at the close of the exchange  representing the principal market
for such  securities,  unless  those  prices  are  deemed  by  Wright  to be not
representative  of  market  values.  Securities  which  cannot be valued at such
prices,  will be valued by Wright at fair value in  accordance  with  procedures
adopted by the Trustees.  Foreign currencies,  options on foreign currencies and
forward foreign  currency  contracts will be valued at their last sales price as
determined  by  published  quotations  or as supplied by banks that deal in such
instruments.  The value of all  assets  and  liabilities  expressed  in  foreign
currencies  will be  converted  into U.S.  dollar  value at the mean between the
buying and selling rates of such currencies  against U.S. dollars last quoted by
any major bank. If such quotations are not available,  the rate of exchange will
be determined in good faith by or under procedures  established by the Trustees.
Securities traded  over-the-counter,  unlisted  securities and listed securities
for which  closing sale prices are not  available are valued at the mean between
latest bid and asked prices or, if such bid and asked prices are not  available,
at prices supplied by a pricing agent selected by Wright, unless such prices are
deemed  by Wright  not to be  representative  of  market  values at the close of
business of the NYSE.  Securities for which market  quotations are  unavailable,
restricted  securities,  securities for which prices are deemed by Wright not to
be representative of market values,  and other assets will be appraised at their
fair value as determined in good faith  according to guidelines  established  by
the Trustees of the Trust.  Short-term  obligations with remaining maturities of
sixty days or less are  valued at  amortized  cost,  which  approximates  market
value.  Options traded on exchanges and  over-the-counter  will be valued at the
last current sales price on the market where such option is principally  traded.
Over-the-counter  and  listed  options  for  which  a last  sales  price  is not
available  will be valued on the basis of  quotations  supplied  by dealers  who
regularly  trade such options or if such  quotations are not available or deemed
by Wright not to be representative of market values, at fair value.
    

     Trading in securities on European and Far Eastern securities  exchanges and
over-the-counter markets is normally completed well before the close of business
on each  business  day in New York  (i.e.,  a day on which  the NYSE is open for
trading).  In addition,  European or Far Eastern securities trading generally or
in a particular  country or countries may not take place on all business days in
New York.  Furthermore,  trading  takes  place in  Japanese  markets  on certain
Saturdays and in various  foreign markets on days which are not business days in
New York and on which the  Funds'  net asset  values  are not  calculated.  Such
calculation does not take place  contemporaneously with the determination of the
prices of the majority of the  portfolio  securities  used in such  calculation.
Events affecting the values of portfolio  securities that occur between the time
their prices are  determined  and the close of the NYSE will not be reflected in
the  Fund's  calculation  of net  asset  value  unless  Wright  deems  that  the
particular  event  would  materially  affect net asset  value,  in which case an
adjustment will be made.



HOW TO BUY SHARES

Shares of the Fund are sold  without a sales  charge at the net asset value next
determined after the receipt of a purchase order as described below. The minimum
initial  purchase  of  shares  is  $1,000,  although  this  will be  waived  for
investments in 401(k) tax-sheltered retirement plans or for Bank Draft Investing
accounts,  which may be established  with an investment of $50 or more. There is
no  minimum  amount  required  for  subsequent  purchases  except for Bank Draft
Investing  Accounts  which have a minimum of $50 
<PAGE>
applicable to each  subsequent  investment.  The Fund reserves the right to
reject any order for the purchase of its shares or to limit or suspend,  without
prior notice, the offering of its shares.

     Shares of the Fund may be  purchased  or  redeemed  through  an  investment
dealer,  bank or other  institution.  Such  purchase or  redemption  will not be
effective  until the order or request is received by the Fund's  transfer agent.
Charges may be imposed by the  institution  for its  services.  Any such charges
could  constitute  a  material  portion  of a  smaller  account.  Shares  may be
purchased or redeemed  directly from or with the Fund without  imposition of any
charges other than those described in this Prospectus.


     BY WIRE: Investors may purchase shares by transmitting immediately 
               available funds (Federal Funds) by wire to:

                         Federal Reserve Bank of Boston
                       A/C Investors Bank & Trust Company
                for Wright International Blue Chip Equities Fund
                Name and account number of Shareholder's Account


     Initial purchase -- Upon making an initial  investment by wire, an investor
must first telephone the Order  Department of the Fund at 800-225-6265 to advise
of the action and to be assigned an account  number.  If this  telephone call is
not made, it may not be possible to process the order promptly.  In addition, an
Account  Instructions form, which is available through WISDI, should be promptly
forwarded to The Shareholder  Services Group, Inc. (the "Transfer Agent") at the
following address:

                        Wright Managed Investment Funds
                                    BOS 725
                                 P.O. Box 1559
                          Boston, Massachusetts 02104


     Subsequent  Purchases  --  Additional  investments  may be made at any time
through the wire procedure  described above. The Fund's Order Department must be
immediately  advised by telephone at 800-225-6265 of each  transmission of funds
by wire.

     BY MAIL:  Initial  Purchases  -- The Account  Instructions  form  available
through  WISDI  should be  completed,  signed and mailed  with a check,  Federal
Reserve Draft, or other negotiable bank draft,  drawn on a U.S. bank and payable
in U.S.  dollars,  to the order of the Wright  International  Blue Chip Equities
Fund, and mailed to the Transfer Agent at the above address.


     Subsequent  Purchases --  Additional  purchases  may be made at any time by
check,  Federal Reserve draft, or other  negotiable bank draft,  drawn on a U.S.
bank and payable in U.S. dollars, to the order of the Fund at the above address.
The  sub-account,  if any,  to which the  subsequent  purchase is to be credited
should be identified  together with the sub-account number and, unless otherwise
agreed, the name of the sub-account.


     BANK DRAFT INVESTING -- FOR REGULAR SHARE ACCUMULATION: Cash investments of
$50 or more may be made  through  the  shareholder's  checking  account via bank
draft each month or quarter.  The $1,000  minimum  initial  investment and small
account redemption policy are waived for Bank Draft Investing accounts.

   
     PURCHASE  THROUGH  EXCHANGE OF  SECURITIES:  Investors  wishing to purchase
shares of the Fund through an exchange of portfolio  securities  should  contact
WISDI to  determine  the  acceptability  of the  securities  and make the proper
arrangements.  The shares of the Fund may be purchased,  in whole or in part, by
delivering to the Fund's custodian securities that meet the investment objective
and  policies  of  the  Fund,  have  readily  ascertainable  market  prices  and
quotations and which are otherwise  acceptable to the Investment Adviser and the
Fund.  The Fund will only accept  securities  in exchange for shares of the Fund
for investment  purposes and not as agent for the shareholders  with a view to a
resale of such securities.  The Investment  Adviser,  WISDI and the Fund reserve
the right to reject all or any part of the  securities  offered in
<PAGE>
exchange for shares of the Fund. An investor who wishes to make an exchange
should  furnish to WISDI a list with a full and exact  description of all of the
securities  which he proposes to deliver.  WISDI or the Investment  Adviser will
specify those  securities  which the Fund is prepared to accept and will provide
the  investor  with  the  necessary  forms to be  completed  and  signed  by the
investor.  The  investor  should  then send the  securities,  in proper form for
transfer,  with the  necessary  forms to the Fund's  custodian  and certify that
there are no legal or contractual  restrictions on the free transfer and sale of
the securities.  Exchanged  securities will be valued at their fair market value
as of the  date  that  the  securities  in  proper  form  for  transfer  and the
accompanying  purchase order are both received by the Fund, using the procedures
for valuing  portfolio  securities  as described  under "How the Fund Values its
Shares" on page 11. However,  if the NYSE or appropriate  foreign stock exchange
is not open for  unrestricted  trading on such date,  such valuation shall be on
the next day on which such  Exchange  is so open.  The net asset  value used for
purposes of pricing shares sold under the exchange program will be the net asset
value next  determined  following the receipt of both the securities  offered in
exchange and the  accompanying  purchase order.  Securities to be exchanged must
have a minimum aggregate value of $5,000. An exchange of securities is a taxable
transaction  which may result in  realization  of a gain or loss for Federal and
state income tax purposes.
    

HOW SHAREHOLDER ACCOUNTS ARE MAINTAINED

Upon the initial  purchase  of Fund  shares,  an account  will be opened for the
account or sub-account of the investor.  Subsequent  investments  may be made at
any time by mail to the Transfer Agent or by wire, as noted above. Distributions
paid in additional shares are credited to Fund accounts quarterly.  Confirmation
statements  indicating  total  shares of the Fund  owned in the  account or each
sub-account  will be  mailed  to  investors  quarterly,  and at the time of each
purchase or redemption.  The issuance of shares will be recorded on the books of
the Fund. The Trust does not issue share certificates.


DISTRIBUTIONS BY THE FUND

The Trust intends to pay dividends from the net investment income of the Fund as
shown on the Fund's books at least annually. Any net capital gains realized from
the sale of securities or other transactions in the Fund's portfolio (reduced by
any available capital loss carryforwards from prior years) will be paid at least
annually,  shortly  before  or  after  the  close  of the  Fund's  fiscal  year.
Shareholders may reinvest dividends and accumulate capital gains  distributions,
if any,  in  additional  shares  of the  Fund at the net  asset  value as of the
ex-dividend date. Unless shareholders  otherwise instruct, all distributions and
dividends  will be  automatically  invested  in  additional  shares of the Fund.
Alternatively,  shareholders may reinvest capital gains distributions and direct
that  dividends  be paid in cash,  or that  both  dividends  and  capital  gains
distributions be paid in cash.



TAXES

   
The Fund is treated as a separate  entity for Federal  income tax purposes under
the  Internal  Revenue  Code of 1986,  as  amended  (the  "Code").  The Fund has
qualified  and  elected to be  treated as a  regulated  investment  company  for
Federal income tax purposes and intends to continue to qualify as such. In order
to so qualify,  the Fund must meet certain  requirements with respect to sources
of income,  diversification  of assets,  and distributions to shareholders.  The
Fund  does  not pay  Federal  income  or  excise  taxes  to the  extent  that it
distributes  to its  shareholders  all of its  net  investment  income  and  net
realized  capital gains in accordance with the timing  requirements of the Code.
In addition,  the Fund will not be subject to  Massachusetts  income,  corporate
excise or franchise  taxation as long as it qualifies as a regulated  investment
company under the Code.

     In order to avoid  Federal  excise  tax,  the Code  requires  that the Fund
distribute  (or be deemed to have  distributed)  by December 31 of each calendar
year at least 98% of its  ordinary  income  for such  year,  at least 98% of the
excess of its realized  capital gains over its realized capital losses 
<PAGE>
(computed  on the basis of the taxable year ending on December  31),  after
reduction by any available  capital loss  carryforwards,  and 100% of any income
and capital gains from the prior year (as previously computed) that was not paid
out during such year and on which the Fund paid no Federal income tax.

     Distributions  of net  investment  income,  the  excess  of net  short-term
capital gain over net long-term capital loss, and certain foreign currency gains
are taxable to  shareholders  as ordinary  income,  whether  received in cash or
reinvested in additional  shares.  Distributions of the excess of the Fund's net
long-term  capital gain over net short-term  capital loss (including any capital
losses carried forward from prior years) are taxable as long-term  capital gains
whether received in cash or reinvested in additional  shares,  regardless of how
long the shareholder has held the Fund shares.

     Distributions  on Fund shares  shortly  after their  purchase,  although in
effect a return of a portion of the purchase  price,  are  generally  subject to
Federal income tax. It is not expected that any portion of  distributions by the
Fund will qualify for the corporate dividends-received deduction.

     Shareholders  may  realize a  taxable  gain or loss  upon a  redemption  or
exchange  of  shares of the  Fund.  Any loss  realized  upon the  redemption  or
exchange  of shares  with a tax  holding  period  of six  months or less will be
treated as a long-term  capital  loss to the extent of any  distribution  of net
long-term capital gains with respect to such shares.  All or a portion of a loss
realized upon a redemption or other disposition of Fund shares may be disallowed
under  "wash sale" rules if other Fund  shares are  purchased  (whether  through
reinvestment  of dividends  or  otherwise)  within the period  beginning 30 days
before and ending 30 days after the date of such disposition.

     The Fund's  transactions in certain foreign currency forward contracts will
be subject to special tax rules, the effect of which may be to accelerate income
to the Fund, defer Fund losses, cause adjustments in the holding periods of Fund
securities  and convert  capital gains or losses into ordinary  gains or losses.
These rules may therefore affect the amount,  timing and character of the Fund's
distributions  to  shareholders.  In order to qualify as a regulated  investment
company for Federal  income tax purposes,  the Fund must derive less than 30% of
its annual gross income from gross gains from the sale or other  disposition  of
securities  and certain  other  investments  held for less than three months and
will limit its  activities in forward  contracts,  and other  investments to the
extent necessary to comply with this requirement.

     The Fund may be subject to foreign  withholding or other foreign taxes with
respect to income  (possibly  including,  in some cases,  capital gains) derived
from  securities  of foreign  issuers.  These taxes may be reduced or eliminated
under the terms of an applicable U.S. income tax treaty.  In any taxable year in
which  more  than 50% of the  value of the  Fund's  assets  at the close of such
taxable year consists of stocks or securities of foreign corporations,  the Fund
may elect to pass through to its shareholders  foreign tax credits or deductions
with  respect to foreign  income or other  qualified  foreign  taxes paid by the
Fund.  In such case,  shareholders  will be required to include in gross  income
their pro rata  portion of such taxes and will be eligible to claim a credit (or
if they  itemize  their  deductions,  a  deduction)  with respect to such taxes,
subject to certain  conditions and limitations  under the Code.  Certain foreign
exchange  gains and losses  realized  by the Fund will be  treated  as  ordinary
income  and  losses.  Certain  uses of  foreign  currency  and  related  forward
contracts and  investment by the Fund in the stock of certain  "passive  foreign
investment companies" may be limited or in the latter case a tax election may be
made, if available, in order to avoid imposition of a tax on the Fund.

     The Fund follows the accounting  practice known as equalization,  which may
affect the amount, timing and character of distributions.

     Annually,  shareholders  of the Fund that are not exempt  from  information
reporting  requirements  will  receive  information  on Form  1099 to  assist in
reporting the prior calendar year's  distributions  and  redemptions  (including
exchanges)  on Federal and state income tax returns.  Dividends  declared by the
Fund in October,  November or December of any calendar year to  shareholders  of
record 
<PAGE>
as of a date in such a month  and paid  the  following  January  will be
treated for Federal income tax purposes as having been received by  shareholders
on December 31 of the year in which they are declared.

     Under  Section  3406  of  the  Code,   individuals   and  other   nonexempt
shareholders   who  have  not  provided  to  the  Fund  their  correct  taxpayer
identification  numbers and certain required  certifications  will be subject to
backup  withholding of 31% on distributions  made by the Fund and on proceeds of
redemptions  or  exchanges of shares of the Fund.  In addition,  the Fund may be
required  to impose such  backup  withholding  if it is notified by the IRS or a
broker  that the  taxpayer  identification  number is  incorrect  or that backup
withholding applies because of underreporting of interest or dividend income. If
such withholding is applicable,  such distributions and proceeds will be reduced
by the amount of tax required to be withheld.

     Special tax rules apply to IRA  accounts  (including  penalties  on certain
distributions and other transactions) and to other special classes of investors,
such as tax-exempt organizations, banks or insurance companies. Investors should
consult their tax advisers for more information.

     Shareholders  who are not United States  persons  should also consult their
tax advisers as to the potential application of certain U.S. taxes,  including a
U.S. withholding tax at the rate of 30% (or at a lower treaty rate) on dividends
representing  ordinary income to them, and of foreign taxes to their  investment
in the Fund.

     Dividends and other  distributions may, of course, also be subject to state
and local taxes. Shareholders should consult their own tax advisers with respect
to state and local tax consequences of investing in the Fund.
    



HOW TO EXCHANGE SHARES

Shares of the Fund may be exchanged for shares of the Wright U.S. Treasury Money
Market  Fund of The Wright  Managed  Income  Trust,  or for shares of any of the
Funds in The Wright  EquiFund Equity Trust at net asset value at the time of the
exchange.

     Participating bank trust departments and other institutional Wright clients
who are  eligible to invest  directly  in the Wright  Managed  Investment  Funds
("Institutional  Investors") may exchange shares of the Fund at a price equal to
the net asset value for those of any of the funds in The Wright  Managed  Equity
Trust,  The Wright Managed Income Trust or The Wright EquiFund Equity Trust. The
term "Institutional Investors" includes banks, insurance companies, professional
investment advisers,  broker/dealers,  financial  institutions,  municipalities,
professional   trustees,   pension  plans,   other   fiduciaries,   and  similar
institutions who have a relationship with Wright in addition to or other than as
a shareholder of the Fund or the Wright Managed Investment Funds.

     The  Shareholder   Services  Group,   Inc.  makes  exchanges  at  the  next
determination  of net asset value after receiving a request in writing mailed to
the address provided under "How to Buy Shares."

   
     Telephone  exchanges  are also  accepted if the  exchange  involves  shares
valued at less than $25,000 and on deposit with The Shareholder  Services Group,
Inc. and the investor has not disclaimed in writing the use of the privilege. To
effect such exchanges, call The Shareholder Services Group, Inc. at 800-262-1122
or within  Massachusetts,  617-573-9403 Monday through Friday, 9:00 a.m. to 4:00
p.m. (Eastern Standard Time). All such telephone exchanges must be registered in
the same name(s) and with the same address and social security or other taxpayer
identification number as are registered with the Fund from which the exchange is
being made.  Neither the Trust,  the Principal  Underwriter  nor The Shareholder
Services  Group,  Inc.  will be  responsible  for the  authenticity  of exchange
instructions  received by telephone,  provided that  reasonable  procedures have
been followed to confirm that instructions communicated are genuine, and if such
procedures  are not  followed,  the  Trust,  the Fund,  the  Distributor  or The
Shareholder   Services  Group,  Inc.  may  be  liable  for  any  losses  due  to
unauthorized or fraudulent telephone  instructions.  Telephone instructions will
be tape recorded.  In times of drastic  economic or market changes,  a telephone
exchange may be difficult to implement. Generally,  shareholders will be limited
to four telephone exchange round-trips per year and the Fund may refuse requests
<PAGE>
    

for telephone  exchanges in excess of four  round-trips (a round-trip  being the
exchange out of the Fund into another Wright Fund,  then back to the Fund).  The
Trust  believes  that  use of the  telephone  exchange  Privilege  by  investors
utilizing  market-timing  strategies adversely affects the Fund. Therefore,  the
Trust generally will not honor requests for telephone  exchanges by shareholders
identified by the Trust as "market-timers."

     Additional  documentation  may be required for exchange  requests if shares
are  registered in the name of a  corporation,  partnership  or  fiduciary.  Any
exchange request may be rejected by the Fund or the Principal Underwriter at its
discretion.  Contact the Transfer Agent, The Shareholder  Services Group,  Inc.,
for  additional  information  concerning  the Exchange  Privilege.  The exchange
privilege  may  be  changed  or  discontinued   without  penalty  at  any  time.
Shareholders  will be given sixty (60) days' notice prior to any  termination or
material amendment of the exchange privilege.

     A shareholder should read the prospectus of the other fund and consider the
differences in objectives and policies before making any exchange.  Shareholders
should be aware that for Federal and state income tax purposes, an exchange is a
taxable transaction which may result in the recognition of a gain or loss.

     This exchange  offer is available only in states where shares of such other
fund may be  legally  sold.  Each  exchange  is  subject  to a  minimum  initial
investment of $1,000 in each Fund.

     The  prospectus  of each  fund  describes  its  investment  objectives  and
policies  and  shareholders  should  obtain  a  prospectus  and  consider  these
objectives and policies carefully before requesting an exchange.


HOW TO REDEEM OR SELL SHARES

Shares of the Fund will be redeemed at the net asset value next determined after
receipt of a redemption request in good order as described below.  Proceeds will
be mailed within seven days of such receipt.  However, at various times the Fund
may be  requested  to  redeem  shares  for  which it has not yet  received  good
payment. If the shares to be redeemed represent an investment made by check, the
Fund may delay payment of redemption proceeds until the check has been collected
which,  depending  upon the  location of the issuing  bank,  could take up to 15
days.  For Federal and state income tax  purposes,  a redemption  of shares is a
taxable transaction which may result in recognition of a gain or loss.

   
     BY TELEPHONE:  Shareholders who have made an appropriate  election on their
account  applications,  or Participating  Bank Trust  Departments who have given
written  authorization in advance, may effect a redemption by calling the Fund's
Order Department at 800-225-6265 (8:30 a.m. to 4:00 p.m. Eastern time). In times
when the volume of telephone  redemptions is heavy,  additional phone lines will
automatically  be added by the Funds.  However,  in times of drastic economic or
market  changes,  a telephone  redemption  may be difficult to  implement.  When
calling to make a telephone redemption, shareholders should have available their
account  number.  A  telephone  redemption  will be made at that day's net asset
value,  provided that the telephone redemption request is received prior to 4:00
p.m. on that day. Telephone redemption requests received after 4:00 p.m. will be
effected at the net asset value  determined  for the next trading  day.  Payment
will be made by wire transfer to the bank account  designated  and normally,  as
indicated above, within one business day after receipt of the redemption request
in good order.  Institutional  Investors  may make  redemptions  and deposit the
proceeds in checking or other accounts of clients,  as specified in instructions
furnished to the Funds at the time of initially purchasing Fund shares.  Neither
the Trust, the Principal  Underwriter nor The Shareholder  Services Group,  Inc.
will be responsible for the authenticity of redemption  instructions received by
telephone,  provided that  reasonable  procedures  have been followed to confirm
that the instructions  communicated are genuine,  and if such procedures are not
followed,  the Trust,  the Fund,  the  Distributor or The  Shareholder  Services
Group,  Inc.  may be liable  for any losses due to  unauthorized  or  fraudulent
telephone  instructions.  Also,  shareholders may effect a redemption by calling
the Funds' Transfer Agent, The Shareholder Services Group, Inc., at 800-262-1122
(8:30 a.m. to 4:00 p.m.
<PAGE>
Eastern  time),  if the  redemption  involves  shares  valued  at less than
$25,000 and are on deposit with The  Shareholder  Services Group,  Inc.  Payment
will be made by check to the address of record.  Telephone  instructions will be
tape recorded.
    

     BY MAIL: A  shareholder  may also redeem all or any number of shares at any
time by mail by delivering the request with a stock power to the Transfer Agent,
The Shareholder  Services Group, Inc., Wright Managed Investment Funds, P.O. Box
1559,  Boston,  Massachusetts  02104.  As in the  case  of  telephone  requests,
payments  will  normally be made within one  business  day after  receipt of the
redemption  request in good order. Good order means that the written  redemption
requests or stock powers must be endorsed by the record owner(s)  exactly as the
shares are  registered  and the  signature(s)  must be guaranteed by a member of
either the Securities Transfer Association's STAMP program or the New York Stock
Exchange's  Medallion  Signature  Program,  or certain  banks,  savings and loan
institutions,  credit unions, securities dealers, securities exchanges, clearing
agencies and registered  securities  associations as required by a regulation of
the  Securities  and  Exchange  Commission  and  acceptable  to The  Shareholder
Services  Group,  Inc. In  addition,  in some cases,  good order may require the
furnishing of additional  documents,  such as where shares are registered in the
name of a corporation, partnership or fiduciary.

     The right to redeem shares of the Fund and to receive payment  therefor may
be suspended  at times (a) when the  securities  markets are closed,  other than
customary weekend and holiday  closings,  (b) when trading is restricted for any
reason,  (c) when an emergency  exists as a result of which disposal by the Fund
of securities owned by it is not reasonably  practicable or it is not reasonably
practicable for the Fund fairly to determine the value of its net assets, or (d)
when the Securities and Exchange Commission by order permits a suspension of the
right of redemption or a postponement of the date of payment or redemption.

     Although  the Fund  normally  intends  to redeem  shares in cash,  the Fund
reserves  the  right to  deliver  the  proceeds  of  redemptions  in the form of
portfolio securities if deemed advisable by the Trustees.  The value of any such
portfolio  securities  distributed will be determined in the manner as described
under  "How  The  Fund  Values  Its  Shares"  and may be  more  or  less  than a
shareholder's  cost depending  upon the market value of portfolio  securities at
the time the  redemption  is made.  If the  amount  of the  Fund's  shares to be
redeemed for a shareholder  or a sub-account  within a 90-day period exceeds the
lesser of  $250,000  or 1% of the  aggregate  net asset value of the Fund at the
beginning of such period, the Fund reserves the right to deliver all or any part
of such excess in the form of portfolio securities. If portfolio securities were
distributed in lieu of cash, the  shareholder  would normally incur  transaction
costs upon the disposition of any such securities.

     Due to the relatively  high cost of maintaining  small  accounts,  the Fund
reserves  the right to redeem  fully at net asset value any  account  (including
accounts of clients of Participating  Trust  Departments) which at any time, due
to  redemption  or  transfer,  amounts  to less than  $1,000  for the Fund;  any
shareholder  who makes a partial  redemption  which  reduces his account to less
than  $1,000  would be  subject  to the  Fund's  right to redeem  such  account.
However,  no such  redemption  would be required by the Fund if the cause of the
low account balance was a reduction in the net asset value of Fund shares. Prior
to the execution of any such redemption, notice will be sent and the shareholder
will be allowed 60 days from the date of notice to make an additional investment
to meet the  required  minimum of $1,000.  Thus,  an investor  making an initial
investment of $1,000 would not be able to redeem shares without being subject to
this policy.



OTHER INFORMATION

   
The Trust is a  business  trust  established  under  Massachusetts  law and is a
no-load,  open-end  management  investment  company.  The Trust was  established
pursuant to a Declaration  of Trust dated June 17, 1982, as amended and restated
December 21, 1987.

     The Trust's shares of beneficial  interest have no par value. Shares of the
Trust may be issued in two or more series or "Funds".  (The Trust also has three
additional 
<PAGE>
 series:  Wright Selected Blue Chip Equities Fund, Wright Junior Blue
Chip Equities Fund and Wright  Quality Core Equities Fund that are being offered
under a separate  prospectus.)  Each Fund's shares may be issued in an unlimited
number by the Trustees of the Trust.  Each share of a Fund  represents  an equal
proportionate beneficial interest in that Fund and, when issued and outstanding,
the shares are fully paid and non-assessable by the relevant Fund.  Shareholders
are  entitled  to one vote for each full share  held.  Fractional  shares may be
voted in  proportion  to the amount of the net asset  value of a Fund which they
represent.  Voting  rights are not  cumulative,  which means that the holders of
more than 50% of the shares voting for the election of the Trustees of the Trust
can elect 100% of the Trustees and, in such event,  the holders of the remaining
less than 50% of the shares  voting on the matter  will not be able to elect any
Trustees.  Shares  have no  preemptive  or  conversion  rights  and  are  freely
transferable.  Upon liquidation of the Fund,  shareholders are entitled to share
pro  rata  in  the  net  assets  of  the  Fund  available  for  distribution  to
shareholders,  and  in any  general  assets  of the  Trust  not  allocated  to a
particular fund by the Trustees.
    

     As permitted by  Massachusetts  law,  there will normally be no meetings of
shareholders for the purpose of electing  Trustees unless and until such time as
less than a  majority  of the  Trustees  holding  office  have been  elected  by
shareholders.  In  such an  event,  the  Trustees  then in  office  will  call a
shareholders'  meeting for the  election of Trustees.  Except for the  foregoing
circumstances  and unless  removed by action of the  shareholders  in accordance
with the Trust's  by-laws,  the Trustees  shall  continue to hold office and may
appoint successor Trustees.  The Trustees shall only be liable in cases of their
willful misfeasance, bad faith, gross negligence, or reckless disregard of their
duties.

     The Trust's  by-laws  provide  that no persons  shall serve as a Trustee if
shareholders  holding two-thirds of the outstanding shares have removed him from
that office either by a written  declaration filed with the Trust's custodian or
by votes cast at a meeting called for that purpose.  The by-laws further provide
that the Trustees shall promptly call a meeting of shareholders  for the purpose
of voting upon a question of removal of a Trustee when requested so to do by the
record holders of not less than 10 per centum of the outstanding shares.



TAX-SHELTERED RETIREMENT PLANS

The Fund is a suitable  investment for individual  retirement  account plans for
individuals and their non-employed spouses, pension and profit sharing plans for
self-employed individuals,  corporations and non-profit organizations, or 401(k)
tax-sheltered  retirement  plans. The minimum initial purchase of $1,000 will be
waived for investments in 401(k) plans.


     For more information, write to:

                  Wright Investors' Service Distributors, Inc.
                            1000 Lafayette Boulevard
                         Bridgeport, Connecticut 06604

                                    or call:

                                 (203) 330-5060                               
<PAGE>
WRIGHT INTERNATIONAL
BLUE CHIP EQUITIES FUND


PROSPECTUS
MAY 1, 1995



THE WRIGHT MANAGED EQUITY TRUST

INVESTMENT ADVISER
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604

PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604

ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110

CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, Massachusetts 02110

TRANSFER AGENT
The Shareholder Services Group, Inc.
Wright Managed Investment Funds
BOS 725
P.O. Box 1559
Boston, Massachusetts 02104

AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston, Massachusetts  02110

24 FEDERAL STREET
BOSTON,MASSACHUSETTS 02110

WRIGHT
INTERNATIONAL
BLUE CHIP
EQUITIES FUND

- -------------------------------------------------------------------------
Description of art work on cover of Prospectus

Split Globe Logo in blue and green in middle of page
- -------------------------------------------------------------------------





PROSPECTUS 
May 1,1995                                                                    
<PAGE>

                                         STATEMENT OF ADDITIONAL INFORMATION
                                                                 MAY 1, 1995
===============================================================================



                              WRIGHT INTERNATIONAL
                            BLUE CHIP EQUITIES FUND
- -------------------------------------------------------------------------------

                                  a series of
                        THE WRIGHT MANAGED EQUITY TRUST
                               24 Federal Street
                          Boston, Massachusetts 02110

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


TABLE OF CONTENTS                                        PAGE

General Information and History.......................    2
Investment Objectives and Policies....................    3
Investment Restrictions...............................    4
Officers and Trustees.................................    6
Control Persons and Principal Holders of Shares.......    7
Investment Advisory and Administrative Services.......    8
Custodian.............................................   10
Independent Certified Public Accountants..............   11
Brokerage Allocation..................................   11
Fund Shares and Other Securities......................   12
Purchase, Exchange, Redemption and Pricing of Shares..   13
Principal Underwriter.................................   13
Performance Information...............................   15
Financial Statements..................................   16
Appendix ................................................25

THIS STATEMENT OF ADDITIONAL  INFORMATION IS NOT A PROSPECTUS AND IS AUTHORIZED
FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR ACCOMPANIED BY THE
CURRENT PROSPECTUS  OF THE FUND  DATED  MAY 1,  1995;  A COPY OF  WHICH  MAY BE
OBTAINED WITHOUT CHARGE FROM WRIGHT INVESTORS' SERVICE DISTRIBUTORS, INC., 1000
LAFAYETTE  BOULEVARD,  BRIDGEPORT,  CONNECTICUT  06604  (800-888-9471). 
<PAGE>
GENERAL INFORMATION AND HISTORY

     The  Wright Managed  Equity  Trust (the  "Trust"  or "Equity  Trust") is a
no-load,  open-end, management  investment  company  organized  in  1982  as  a
Massachusetts business trust. The Trust has one series described herein, Wright
International Blue Chip Equities Fund (the "Fund"),  plus three series  offered
under a separate prospectus and statement of additional information. The Fund is
a diversified fund.


     As permitted by  Massachusetts  law,  there will normally be no meetings of
shareholders for the purpose of electing  Trustees of the Trust unless and until
such time as less than a majority of the  Trustees of the Trust  holding  office
have been elected by its  shareholders.  In such an event,  the Trustees then in
office will call a shareholders'  meeting for the election of Trustees.  Subject
to the  foregoing  circumstances,  the Trustees will continue to hold office and
may appoint successor or new Trustees except that, pursuant to provisions of the
Investment  Company  Act of 1940 (the  "1940  Act"),  which are set forth in the
By-Laws of the Trust, the shareholders can remove one or more of its Trustees.

     The Trust's  Declaration of Trust may be amended with the affirmative  vote
of a majority of the outstanding  shares of such Trust or, if the interests of a
particular Fund are affected,  a majority of such Fund's outstanding shares. The
Trustees are authorized to make amendments to a Declaration of Trust that do not
have a material adverse effect on the interests of  shareholders.  The Trust may
be  terminated  (i) upon the sale of the Trust's  assets to another  diversified
open-end management investment company, if approved by the holders of two-thirds
of the outstanding  shares of the Trust,  except that if the Trustees  recommend
such sale of assets,  the approval by the vote of a majority of the  outstanding
shares will be sufficient,  or (ii) upon  liquidation  and  distribution  of the
assets of the Trust, if approved by a majority of its Trustees or by the vote of
a majority of the Trust's  outstanding  shares. If not so terminated,  the Trust
may continue indefinitely.

     The Trust's Declaration of Trust further provides that the Trust's Trustees
will not be liable for errors of judgment  or mistakes of fact or law;  however,
nothing in the  Declaration of Trust protects a Trustee against any liability to
which he would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of
his office.

     The Trust is an organization of the type commonly known as a "Massachusetts
business  trust." Under  Massachusetts  law,  shareholders  of such a trust may,
under  certain  circumstances,  be held  personally  liable as partners  for the
obligations of the Trust.  The Trust's  Declaration of Trust contains an express
disclaimer of shareholder liability in connection with the Trust property or the
acts,  obligations  or  affairs  of the  Trust.  The  Declaration  of Trust also
provides for  indemnification  out of the Trust property of any shareholder held
personally  liable for the claims and  liabilities  to which a  shareholder  may
become subject by reason of being or having been a  shareholder.  Thus, the risk
of a shareholder incurring financial loss on account of shareholder liability is
limited to  circumstances  in which the Trust itself would be unable to meet its
obligations.  The  risk  of any  shareholder  incurring  any  liability  for the
obligations of the Trust is extremely remote.

     The Trust has retained Wright Investors' Service of Bridgeport, Connecticut
("Wright") as investment  adviser to carry out the  management,  investment  and
reinvestment  of its  assets.  The Trust has  retained  Eaton  Vance  Management
("Eaton   Vance"),   24  Federal  Street,   Boston,   Massachusetts   02110,  as
administrator of its business affairs.
<PAGE>


INVESTMENT OBJECTIVES AND POLICIES


     The  investment  objective  of the Fund is to provide  long-term  growth of
capital  and at the  same  time  earn  reasonable  current  income  through  the
investment objective and policies of the Fund as described below. The investment
objective and policies of the Fund may be changed by the Trustees without a vote
of the Fund's  shareholders.  Securities selected for the Fund are drawn from an
investment  list  prepared  by Wright  and known as The  International  Approved
Wright Investment List (the "International AWIL").


     THE   INTERNATIONAL   APPROVED  WRIGHT   INVESTMENT  LIST  (AWIL).   Wright
systematically  reviews the about 8,000  non-U.S.  companies  from 36  countries
contained in Wright's  WORLDSCOPE(R)  database in order to identify those which,
on the  basis of at  least  five  years of  audited  records,  pass the  minimum
standards  of prudence  (e.g.  the value of its assets and  shareholders  equity
exceeds  certain  minimum  standards  and the  company's  operations  have  been
profitable  during the last three years) and thus are suitable for consideration
by fiduciary  investors.  Companies which meet these  requirements  (about 2,500
companies) are considered by Wright to be "investment  grade." They may be large
or small, may have their securities traded on exchanges or over the counter, and
may include companies not currently paying dividends on their shares.

     These companies are then subjected to extensive  analysis and evaluation in
order to identify those which meet Wright's 32 fundamental  standards of premium
investment  quality.  Only  those  companies  which  meet or exceed all of these
standards  are eligible for  selection by the Wright  Investment  Committee  for
inclusion in the AWIL.

     All  companies  on the  International  AWIL are,  in the opinion of Wright,
soundly  financed  "True  Blue  Chips"  with  established  records  of  earnings
profitability and equity growth. All have established  investment acceptance and
active, liquid markets for their publicly owned shares.

   
     The Fund seeks to  enhance  total  investment  return  consisting  of price
appreciation plus income through investing in a broadly diversified selection of
high quality  international  (non-U.S.)  companies which meet  substantially the
same strict  quality  standards  used for U.S.  companies.  It is suitable for a
total  equity  account  or  as a  base  portfolio  for  accounts  with  multiple
objectives wishing international participation.
    

     The disciplines  which  determine sale include  preventing the retention of
any company  which no longer meets the quality  standards of the  "International
AWIL". The disciplines which determine  purchase provide that new funds received
for investment, income from the Fund's portfolio securities and proceeds of such
sale of the Fund's portfolio securities will be used to increase those positions
which at current market value are the furthest below their normal target values.

     Although there is no assurance that the Fund's  objective will be achieved,
it will through  continuous  professional  investment  supervision by Wright, an
experienced independent investment adviser, pursue its objective by investing in
a diversified  portfolio of common stocks of what are believed by the investment
adviser to be high-quality,  well-established and profitable non-U.S. companies.
The companies may be large or small, have their securities traded on an exchange
or  over-the-counter,  and may include those not currently  paying  dividends on
their securities. Investments, except for temporary reserves as described below,
will  be made  solely  in  companies  meeting  the  International  AWIL  quality
standards.

     The Fund may buy  shares  in a  national  securities  market  in which  the
company is located or it may 
<PAGE>
purchase American Depositary Receipts ("ADRs") traded in the United States.
An  American   Depositary   Receipt  is  a  receipt  for  the  securities  of  a
foreign-based  company held in the custody of the overseas branch of a U.S. bank
and  entitling  the holders of the receipt to all dividends and capital gains on
the securities.

     The Fund's net asset  value is  expressed  in U.S.  dollars  and  investors
should  understand  that  fluctuations  in foreign  exchange  currency rates may
affect the value of their investment in the Fund.

   
     It is the  policy  of the  Fund  to  hold  cash or  temporarily  invest  in
cash-equivalent   securities   (high-quality,   short-term,   fixed-income  debt
securities)  whenever  this  is  deemed  to be in  the  best  interests  of  the
shareholders  for any reason,  which  would  include  the  investment  adviser's
expectation of a substantial  stock market decline.  Such defensive  investments
will  normally be limited to that  percentage of Fund assets which is considered
to be desirable under the then prevailing  economic and stock market conditions,
normally no more than approximately 20% of the Fund's assets. Accordingly, it is
intended that the Fund remain at least 80% invested in equity  securities at all
times, and this is a fundamental  investment  policy that may only be changed by
the vote of a majority of the Fund's  outstanding  voting  securities.  The Fund
may,  for  defensive  purposes,  temporarily  exceed  this 20%  limit if  Wright
believes that this would be advisable in view of what it considers extraordinary
economic and stock market conditions.
    


INVESTMENT RESTRICTIONS

     The following investment restrictions have been adopted by the Fund and may
be changed  only by the vote of a  majority  of the  Fund's  outstanding  voting
securities,  which as used in this Statement of Additional Information means the
lesser of (a) 67% of the  shares of the Fund if the  holders of more than 50% of
the shares are present or represented at the meeting or (b) more than 50% of the
shares of the Fund. Accordingly, the Fund may not:

     (1) Borrow  money in excess of 1/3 of the current  market  value of the net
         assets of the Fund  (excluding  the amount  borrowed)  and then only if
         such borrowing is incurred as a temporary  measure for extraordinary or
         emergency  purposes  or to  facilitate  the orderly  sale of  portfolio
         securities to accommodate  redemption requests; or issue any securities
         of the Fund  other  than its shares of  beneficial  interest  except as
         appropriate  to evidence  indebtedness  which the Fund is  permitted to
         incur.  To the  extent  that the Fund  purchases  additional  portfolio
         securities  while  such  borrowings  are  outstanding,  the Fund may be
         considered  to be leveraging  its assets,  which entails the risks that
         the costs of  borrowing  may  exceed  the  return  from the  securities
         purchased.  (The Trust anticipates paying interest on borrowed money at
         rates  comparable to the Fund's yield and the Trust has no intention of
         attempting to increase the Fund's net income by means of borrowing);

     (2) Pledge,  mortgage or  hypothecate  its assets to an extent greater than
         1/3 of the total assets of the Fund taken at market;

     (3) Invest more than 5% of the Fund's total assets taken at current  market
         value in the securities of any one issuer or allow the Fund to purchase
         more than 10% of the voting securities of any one issuer;

     (4) Purchase  or retain  securities  of any  issuer  if 5% of the  issuer's
         securities are owned by those officers and Trustees of the Trust or its
         manager,  investment adviser or administrator who own individually more
         than 1/2 of 1% of the issuer's securities;
<PAGE>

     (5) Purchase  securities on margin or make short sales except sales against
         the box, write or purchase or sell any put options, or purchase
         warrants;

     (6) Buy or sell real estate,  commodities,  or commodity  contracts  unless
         acquired as a result of ownership of  securities;  except that the Fund
         may  purchase  and  sell  futures  contracts  on  securities,  indices,
         currency  and  other  financial   instruments,   and  options  on  such
         contracts;

     (7) Purchase any  securities  which would cause more than 25% of the market
         value of the Fund's  total  assets at the time of such  purchase  to be
         invested in the securities of issuers having their  principal  business
         activities in the same  industry,  provided that there is no limitation
         in respect to investments  in  obligations  issued or guaranteed by the
         U.S. Government or its agencies or instrumentalities;

     (8) Underwrite  securities  issued by other persons  except  insofar as the
         Trust may technically be deemed an underwriter under the Securities Act
         of 1933 in selling a portfolio security;

     (9) Make loans, except (i) through the loan of a portfolio  security,  (ii)
         by entering into repurchase agreements and (iii) to the extent that the
         purchase of debt instruments for the Fund in accordance with the Fund's
         investment objective and policies may be deemed to be loans; or

    (10) Purchase from or sell to any of its Trustees or officers,  its manager,
         administrator or investment adviser, its principal underwriter, if any,
         or the officers or directors of said manager, administrator, investment
         adviser or principal underwriter, portfolio securities of the Fund.

     The Fund has adopted the  following  nonfundamental  policies  which may be
changed  without  shareholder  approval.  The Fund will not purchase oil, gas or
other  mineral  leases or purchase  partnership  interests  in oil, gas or other
mineral exploration or development programs;  the Fund will not purchase or sell
real property  (including limited partnership  interests,  but excluding readily
marketable  interests  in real estate  investment  trusts or readily  marketable
securities of companies which invest in real estate); the Fund will not purchase
warrants  if,  as a result of such  purchase,  more  than 5% of the  Fund's  net
assets,  taken at current value, would be invested in warrants (and the value of
such warrants  which are not listed on the New York or American  Stock  Exchange
may not exceed 2% of the Fund's net  assets);  this  policy does not apply to or
restrict  warrants  acquired  by the Fund in units or  attached  to  securities,
inasmuch  as such  warrants  are  deemed to be  without  value;  the Fund has no
current  intention of entering  into  repurchase  agreements;  the Fund will not
invest (1) more than 15% of its net assets in  illiquid  investments,  including
repurchase  agreements maturing in more than seven days, securities that are not
readily marketable and restricted securities not eligible for resale pursuant to
Rule 144A under the Securities  Act of 1933 (the "1933 Act");  (2) more than 10%
of its net assets in restricted  securities,  excluding  securities eligible for
resale  pursuant  to Rule 144A or foreign  securities  which are offered or sold
outside the United States in accordance with Regulation S under the 1933 Act; or
(3) more than 15% of its net assets in restricted  securities  (including  those
eligible for resale under Rule 144A).


If a  percentage  restriction  contained  in the Fund's  investment  policies is
adhered  to at the time of  investment,  a later  increase  or  decrease  in the
percentage  resulting from a change in the value of portfolio  securities or the
Fund's net assets will not be considered a violation of such restriction.
<PAGE>


OFFICERS AND TRUSTEES

   
     The  officers  and  Trustees  of the  Trust  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.  Those  Trustees  who are  "interested
persons"  of  the  Trust,   Wright,  Eaton  Vance,  Eaton  Vance's  wholly-owned
subsidiary Boston Management and Research ("BMR"),  Eaton Vance's parent,  Eaton
Vance Corp.  (`EVC'),  or by Eaton Vance's and BMR's Trustee,  Eaton Vance, Inc.
("EV"),  as defined in the 1940 Act by virtue of their  affiliation  with either
the Trust,  Wright,  Eaton Vance,  BMR, EVC or EV, are  indicated by an asterisk
(*).


PETER M. DONOVAN (52), PRESIDENT AND TRUSTEE*
President and Director of Wright Investors' Service;  Vice President,  Treasurer
and a Director of Wright Investors' Service Distributors, Inc.
Address: 1000 Lafayette Boulevard, Bridgeport, CT 06604

H. DAY BRIGHAM, JR. (68), VICE PRESIDENT, SECRETARY AND TRUSTEE*
Vice  President  of  Eaton  Vance,  BMR,  EV and EVC and  Director,  EV and EVC;
Director,  Trustee and officer of various investment  companies managed by Eaton
Vance or BMR;  Director,  Investors  Bank & Trust  Company  Address:  24 Federal
Street, Boston, MA 02110

WINTHROP S. EMMET (84), TRUSTEE
Attorney at Law, Stockbridge, MA; Trust Officer, First National City Bank,
New York, NY (1963-1971)
Address: Box 327, West Center Road, West Stockbridge, MA  01266

LELAND MILES (71), TRUSTEE
President  Emeritus, University of Bridgeport (1987- present);  President, 
University of Bridgeport  (1974-1987);  Director,  United Illuminating Company
Address: Tide Mill Landing, 2425 Post Road, Suite 102, Southport, CT  06490

A. M. MOODY III (58), VICE PRESIDENT & TRUSTEE*
Senior Vice President, Wright Investors' Service; President, Wright Investors'
Service Distributors, Inc.
Address: 1000 Lafayette Boulevard, Bridgeport, CT  06604

LLOYD F. PIERCE (76), TRUSTEE
Retired Vice Chairman  (prior to 1984 - President),  People's Bank,  Bridgeport,
CT;  Member,  Board  of  Trustees,  People's  Bank,  Bridgeport,  CT;  Board  of
Directors,  Southern  Connecticut  Gas Company;  Chairman,  Board of  Directors,
COSINE Address: 125 Gull Circle North, Daytona Beach, FL 32119

GEORGE R. PREFER (60), TRUSTEE
Retired President and Chief Executive Officer, Muller Data Corp., New York, NY 
(President 1983-1986)  1989-1990); President and Chief Executive Officer,
InvestData Corporation, A Mellon Financial Services Company (1986-1989)
Address: 7738 Silver Bell Drive, Sarasota, FL  34241

RAYMOND VAN HOUTTE (70), TRUSTEE
President  Emeritus and Counselor of The Tompkins County Trust Company, 
Ithaca,  NY since January 1989; President and Chief Executive Officer, 
The Tompkins County Trust Company  (1973-1988);  President,  New York State
Bankers Association  1987-1988;  Director,  McGraw
Housing Co., Inc., Deanco, Inc., Evaporated Metal Products and Ithaco, Inc.
Address: One Strawberry Lane, Ithaca, NY  14850

JUDITH R. CORCHARD (56), VICE PRESIDENT
Executive  Vice  President,  Senior  Investment  Officer,  Vice  Chairman of The
Investment Committee and Director, Wright Investors' Service.
Address: 1000 Lafayette Boulevard, Bridgeport, CT  06604

JAMES L. O'CONNOR (50), TREASURER
Vice  President  of  Eaton  Vance  and  predecessor  since  April  1987 and Vice
President  of BMR and EV;  Officer of various  investment  companies  managed by
Eaton Vance or BMR.
Address: 24 Federal Street, Boston, MA 02110
<PAGE>

WILLIAM J. AUSTIN, JR. (43), ASSISTANT TREASURER
Assistant  Vice  President of Eaton  Vance,  BMR and EV.  Officer of various 
investment  companies  managed by Eaton Vance or BMR. Mr.Austin was elected 
Assistant Treasurer of the Trust on December 18, 1991.
Address: 24 Federal Street, Boston, MA 02110

JANET E. SANDERS (59), ASSISTANT TREASURER AND ASSISTANT SECRETARY
Vice President of Eaton Vance, BMR and EV.  Officer of various investment
companies managed by Eaton Vance or BMR.
Address: 24 Federal Street, Boston, MA 02110

RICHARD E. HOUGHTON (64), ASSISTANT SECRETARY
Vice President of Eaton Vance, BMR and EV.  Officer of various investment
companies managed by Eaton Vance or BMR.
Address: 24 Federal Street, Boston, MA 02110

JOHN P. RYNNE (52), ASSISTANT SECRETARY
Vice President and Comptroller of Eaton Vance, BMR and EV and Comptroller of EVC
Address: 24 Federal Street, Boston, MA 02110

     All of the Trustees and officers hold  identical  positions with The Wright
Managed  Income  Trust,  The Wright  Managed Blue Chip Series Trust  (except Mr.
Miles) and The Wright  EquiFund  Equity  Trust.  The fees and  expenses of those
Trustees of the Trust (Messrs.  Emmet, Miles, Pierce, Prefer and Van Houtte) who
are not affiliated persons of the Trust are paid by the Fund and other series of
the  Trust.  They  also  received  additional  payments  from  other  investment
companies for which Wright provides investment  advisory services.  The Trustees
who are  "interested  persons"  of the Trust  receive no  compensation  from the
Trust. For Trustee compensation for the fiscal year ended December 31, 1994, see
the following table.

                               COMPENSATION TABLE
                      Fiscal Year Ended December 31, 1994
                  Registrant - The Wright Managed Equity Trust
                      Registered Investment Companies - 4

                   Aggregate Com-                Esti-      
                   pensation from    Pension     mated        Total
                The Wright Managed   Benefits    Annual    Compensation 
Trustees            Equity Trust     Accrued     Benefits     Paid(1)
- ---------------------------------------------------------------------------
Winthrop S. Emmet      $1,100         None        None      $5,000
Leland Miles           $1,100         None        None      $5,000
Lloyd F. Pierce        $1,100         None        None      $5,000
George R. Prefer       $1,100         None        None      $5,000
Raymond Van Houtte     $1,100         None        None      $5,000
- ---------------------------------------------------------------------------
(1)Total compensation paid is from The Wright Managed Equity  Trust (4 Funds)
   and the other boards in the Wright Fund complex (19 Funds) for a total
   of 23 Funds.
    
     Messrs.  Emmet,  Miles,  Pierce,  Prefer and Van Houtte are  members of the
Special  Nominating  Committee  of  the  Trustees  of  the  Trust.  The  Special
Nominating  Committee's function is selecting and nominating individuals to fill
vacancies,  as and when they occur,  in the ranks of those  Trustees who are not
"interested  persons" of the Trust,  Eaton  Vance or Wright.  The Trust does not
have a designated audit committee since the full board performs the functions of
such committee.


CONTROL PERSONS AND
PRINCIPAL HOLDERS OF SHARES

   
     As of March 31, 1995,  the Trustees and officers of the Trust,  as a group,
owned in the aggregate less than 1% of the  outstanding  shares of the Fund. The
Fund's shares have been held primarily by Participating Trust Departments either
for their own account or for the accounts of their  clients.  From time to time,
several of these  Participating Trust Departments are the record owners of 5% or
more of the outstanding  shares of the Fund. To date, the Fund's  experience has
been that such  shareholders do not continuously hold in excess of 5% or more of
the Fund's outstanding shares for extended periods of time. Should a shareholder
continuously  hold 5% or more of the Fund's  outstanding 
<PAGE>
shares for an extended period of time (a period in excess of a year),  this
would be disclosed by an amendment to this  Statement of Additional  Information
showing such  shareholder's  name,  address and  percentage of  ownership.  Upon
request,  the Trust will provide  shareholders  with a list of all  shareholders
holding 5% or more of the Fund's outstanding shares as of a current date.

     As of March 31, 1995, the number of other  Participating  Trust Departments
which were the record  owners of more than 5% of the  outstanding  shares of the
Fund was three.
    


INVESTMENT ADVISORY
AND ADMINISTRATIVE SERVICES

     The  Trust  has  engaged  Wright to act as the  Fund's  investment  adviser
pursuant  to an  Investment  Advisory  Contract  dated  December  21,  1987 (the
"Investment  Advisory Contract").  Wright,  located at 1000 Lafayette Boulevard,
Bridgeport,  Connecticut,  was founded in 1960 and currently provides investment
services  to clients  throughout  the United  States and abroad.  John  Winthrop
Wright  may be  considered  a  controlling  person  of  Wright  by virtue of his
position as Chairman of the Board of Directors  of Wright,  and by reason of his
ownership of more than a majority of the outstanding shares of Wright.

     The Investment  Advisory  Contract  provides that Wright will carry out the
investment and reinvestment of the assets of the Fund, will furnish continuously
an investment  program with respect to the Fund, will determine which securities
should be purchased,  sold or exchanged, and will implement such determinations.
Wright  will  furnish to the Fund  investment  advice and  management  services,
office  space,  equipment  and  clerical  personnel,  and  investment  advisory,
statistical  and  research  facilities.  In  addition,  Wright has  arranged for
certain  members of the Eaton Vance and Wright  organizations  to serve  without
salary as officers or Trustees of the Trust. In return for these  services,  the
Fund is obligated  to pay a monthly  advisory  fee  calculated  at the rates set
forth in the table below.

     Wright does not intend to exclude from the  calculation  of the  investment
advisory  fees  it  charges   Participating  Trust  Departments  the  assets  of
Participating  Trust  Departments  which  are  invested  in  shares of the Fund.
Accordingly,  a Participating Trust Department may pay an advisory fee to Wright
as a client of Wright in accordance with Wright's customary  investment advisory
fee schedule charged to Participating Trust Departments and at the same time, as
a shareholder  in the Fund,  bear its share of the advisory fee paid by the Fund
to Wright as described above.

     The Trust has engaged Eaton Vance to act as the administrator for each Fund
pursuant to an Administration  Agreement dated December 21, 1987
<TABLE>
<CAPTION>

                    Annual % Advisory Fee Rate  
       -----------------------------------------------------           Fee Paid          Fee Paid           Fee Paid
         Under    $100 Mil   $250 Mil   $500 Mil    Over              for Fiscal        for Fiscal         for Fiscal
         $100-       to         to         to         $1              Year Ended        Year Ended         Year Ended
        Million   $250 Mil   $500 Mil  $1 Billion   Billion            12/31/92          12/31/93           12/31/94
- ------------------------------------------------------------------------------------------------------------------------
         <S>        <C>        <C>        <C>        <C>               <C>               <C>               <C>       
         0.75%      0.79%      0.77%      0.73%      0.68%             $488,279          $609,489          $1,394,066
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

and  re-executed  November 1, 1990.  Eaton Vance or its  affiliates  act as
investment   adviser  to  investment   companies  and  various   individual  and
institutional clients with assets under management of approximately $15 billion.
Eaton  Vance is a  wholly-owned  subsidiary  of EVC,  a  publicly  held  holding
company.

     Under the Administration Agreement, Eaton Vance is responsible for managing
the  business  affairs of the Fund,  subject to the  supervision  of the Trust's
Trustees.  Eaton Vance's services include recordkeeping,  preparation and filing
of  documents  required  to  comply  with  Federal  and state  securities  laws,
supervising  the  activities  of  the  Trust's  custodian  and  transfer  agent,
providing assistance in connection with the Trustees' and shareholders' meetings
and other  administrative  services  necessary  to conduct the Fund's  business.
Eaton Vance does not provide any investment  management or advisory  services to
the Fund.  For its  services  under the  Administration  Agreement,  Eaton Vance
receives monthly  administration  fee at the annual rates set forth in the table
below.

   
     Eaton  Vance and EV are both wholly  owned  subsidiaries  of EVC.  BMR is a
wholly  owned  subsidiary  of  Eaton  Vance.   Eaton  Vance  and  BMR  are  both
Massachusetts business trusts, and EV is the trustee of Eaton Vance and BMR. The
Directors  of EV are Landon T. Clay,  H. Day  Brigham,  Jr., M. Dozier  Gardner,
James B. Hawkes and Benjamin A. Rowland, Jr. The Directors of EVC consist of the
same persons and John G. L. Cabot and Ralph Z.  Sorenson.  Mr. Clay is chairman,
and Mr.  Gardner is president and chief  executive  officer of EVC, Eaton Vance,
BMR and EV. All of the issued and  outstanding  shares of Eaton  Vance and of EV
are owned by EVC. All of the issued and  outstanding  shares of BMR are owned by
Eaton  Vance.  All  shares of the  outstanding  Voting  Common  Stock of EVC are
deposited  in a Voting  Trust which  expires on December  31,  1996,  the Voting
Trustees of which are Messrs.  Brigham, Clay, Gardner,  Hawkes, and Rowland. The
Voting Trustees have unrestricted voting rights for the election of Directors of
EVC. All of the outstanding voting trust receipts issued under said Voting Trust
are  owned  by  certain  of the  officers  of Eaton  Vance  and BMR who are also
officers  and  Directors  of EVC and EV. As of March  31,  1995,  Messrs.  Clay,
Gardner  and Hawkes  each owned 24% of such voting  trust  receipts  and Messrs.
Rowland  and  Brigham  owned 15% and 13%,  respectively,  of such  voting  trust
receipts.  Messrs.  Brigham and Rynne are officers or Trustees of the Trust, and
are members of the EVC, Eaton Vance, BMR and EV organizations.  Messrs.  Austin,
Houghton and O'Connor  and Ms.  Sanders are officers of the Trust,  and are also
members of the Eaton Vance, BMR and EV  organizations.  Eaton Vance will receive
the fees paid under the Administration Agreement.
    

     Eaton Vance owns all of the stock of Energex  Corporation  which is engaged
in oil and gas operations.  EVC owns all of the stock of Marblehead Energy Corp.
(which  engages in oil and gas  operations)  and 77.3% of the stock of Investors
Bank & Trust Company,  the Funds' custodian,  which provides 
<TABLE>
<CAPTION>

               Annual % Administration Fee Rate 
    -----------------------------------------------------           Fee Earned       Fee Earned     Fee Paid
     Under        $100 Mil        $250 Mil        Over              for Fiscal       for Fiscal     for Fiscal
     $100            to              to            $500             Year Ended       Year Ended     Year Ended
    Million       $250 Mil        $500 Mil        Million            12/31/92         12/31/93       12/31/94
- ---------------------------------------------------------------------------------------------------------------
     <S>            <C>             <C>            <C>               <C>              <C>            <C>     
     0.20%          0.06%           0.03%          0.02%             $130,208         $162,531       $248,916
- ---------------------------------------------------------------------------------------------------------------        
</TABLE>
<PAGE>


custodial,  trustee and other  fiduciary  services to investors,  including
individuals, employee benefit plans, corporations, investment companies, savings
banks and other  institutions.  In  addition,  Eaton Vance owns all the stock of
Northeast  Properties,  Inc.,  which is engaged in real  estate  investment  and
consulting and management,  and of Fulcrum  Management,  Inc. and MinVen,  Inc.,
which are engaged in the  development  of precious  metal  properties.  EVC, EV,
Eaton Vance and BMR may also enter into other businesses.

     The Trust will be responsible for all of its expenses not assumed by Wright
under  the   Investment   Advisory   Contract   or  by  Eaton  Vance  under  the
Administration Agreement,  including,  without limitation, the fees and expenses
of its custodian and transfer  agent,  including  those incurred for determining
the Fund's net asset  value and  keeping  the  Fund's  books;  the cost of share
certificates;  membership dues in investment  company  organizations;  brokerage
commissions and fees;  fees and expenses of registering its shares;  expenses of
reports to shareholders,  proxy statements,  and other expenses of shareholders'
meetings; insurance premiums; printing and mailing expenses; interest, taxes and
corporate  fees;  legal  and  accounting  expenses;  expenses  of  Trustees  not
affiliated with Eaton Vance or Wright;  distribution  expenses incurred pursuant
to the Trust's  distribution  plan; and investment  advisory and  administration
fees. The Trust will also bear expenses  incurred in connection  with litigation
in which the Trust is a party  and the  legal  obligation  the Trust may have to
indemnify its officers and Trustees with respect thereto.


     The Trust's Investment Advisory Contract and Administration  Agreement will
remain in effect  until  February  28,  1996.  The Trust's  Investment  Advisory
Contract may be continued with respect to the Fund from year to year  thereafter
so long as such  continuance  after  February  28,  1996 is  approved  at  least
annually (i) by the vote of a majority of the  Trustees who are not  "interested
persons"  of the  Trust,  Eaton  Vance or  Wright  cast in  person  at a meeting
specifically  called for the purpose of voting on such  approval and (ii) by the
Board of  Trustees  of the  Trust or by vote of a  majority  of the  outstanding
shares of the Fund. The Trust's  Administration  Agreement may be continued from
year to year after  February  28, 1996 so long as such  continuance  is approved
annually  by the vote of a  majority  of the  Trustees.  Each  agreement  may be
terminated  as to the Fund at any time  without  penalty  on  sixty  (60)  days'
written  notice by the Board of  Trustees  of  either  party,  or by vote of the
majority  of the  outstanding  shares  of the  Fund,  and  each  agreement  will
terminate automatically in the event of its assignment.  Each agreement provides
that,  in the absence of willful  misfeasance,  bad faith,  gross  negligence or
reckless  disregard  of its  obligations  or  duties  to the  Trust  under  such
agreement  on the part of Eaton Vance or Wright,  Eaton Vance or Wright will not
be liable to the Trust for any loss incurred.  The Trust's  Investment  Advisory
Contract  and  Administration  Agreement  were  most  recently  approved  by its
Trustees,  including the "non-interested Trustees," at a meeting held on January
25, 1995 and by the  shareholders  of the Fund at a meeting  held on December 9,
1987.



CUSTODIAN


     Investors  Bank  &  Trust  Company  ("IBT"),  24  Federal  Street,  Boston,
Massachusetts  (a 77.3% owned subsidiary of EVC) acts as custodian for the Fund.
IBT has the custody of all cash and securities of the Fund, maintains the Fund's
general  ledgers  and  computes  the daily net asset  value per  share.  In such
capacity  it  attends  to  details  in  connection  with  the  sale,   exchange,
substitution,  transfer or other dealings with the Fund's investments,  receives
and  disburses  all funds and performs  various  other  ministerial  duties upon
receipt of proper instructions from 
<PAGE>
the Fund.  IBT  charges  custody  fees  which are  competitive  within  the
industry. A portion of the custody fee for each fund served by IBT is based upon
a schedule of percentages applied to the aggregate assets of those funds managed
by Eaton Vance for which IBT serves as custodian,  the fees so determined  being
then  allocated  among such funds  relative to their  size.  These fees are then
reduced by a credit for cash balances of the particular fund at IBT equal to 75%
of the 91-day,  U.S. Treasury Bill auction rate applied to the particular fund's
average daily collected balances for the week. In addition, each fund pays a fee
based on the number of  portfolio  transactions  and a fee for  bookkeeping  and
valuation  services.  During the fiscal year ended  December 31, 1994,  the Fund
paid IBT $268,696 under these arrangements.

     EVC and its  affiliates  and its officers and  employees  from time to time
have transactions with various banks, including the Fund's custodian, IBT. Those
transactions with IBT which have occurred to date have included loans to certain
of Eaton Vance's  officers and employees.  It is Eaton Vance's  opinion that the
terms and conditions of such transactions were not and will not be influenced by
existing or potential custodian or other relationships between the Fund and IBT.




INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS


     Deloitte & Touche LLP, 125 Summer Street,  Boston,  Massachusetts,  are the
Trust's independent certified public accountants,  providing audit services, tax
return  preparation,  and  assistance  and  consultation  with  respect  to  the
preparation of filings with the Securities and Exchange Commission.



BROKERAGE ALLOCATION

     Wright places the portfolio  security  transactions  for the Fund, which in
some cases may be effected in block  transactions  which include other  accounts
managed by Wright.  Wright  provides  similar  services  directly for bank trust
departments. Wright seeks to execute portfolio security transactions on the most
favorable  terms and in the most  effective  manner  possible.  In seeking  best
execution,  Wright  will use its best  judgment  in  evaluating  the  terms of a
transaction,  and will give consideration to various relevant factors, including
without  limitation  the  size  and  type of the  transaction,  the  nature  and
character  of the  markets  for the  security,  the  confidentiality,  speed and
certainty of effective  execution required for the transaction,  the reputation,
experience  and  financial  condition  of the  broker-dealer  and the  value and
quality of service rendered by the broker-dealer in other transactions,  and the
reasonableness of the brokerage commission or markup, if any.

     It is expected that on frequent  occasions there will be many broker-dealer
firms which will meet the foregoing  criteria for a particular  transaction.  In
selecting among such firms, the Fund may give consideration to those firms which
supply  brokerage and research  services,  quotations and  statistical and other
information  to  Wright  for its use in  servicing  its  accounts.  The Fund may
include  firms  which  purchase   investment  services  from  Wright.  The  term
"brokerage and research services" includes advice as to the value of securities,
the  advisability  of investing in,  purchasing or selling  securities,  and the
availability  of securities or purchasers or sellers of  securities;  furnishing
analyses  and  reports  concerning  issuers,  industries,  securities,  economic
factors and trends,  portfolio  strategy and the  performance  of accounts;  and
effecting  securities  transactions and performing  functions incidental thereto
(such as clearance and settlement).  Such services and information may be useful
and of value to Wright in servicing all or less
<PAGE>
than all of its accounts and the  services and  information  furnished by a
particular firm may not necessarily be used in connection with the account which
paid  brokerage  commissions  to such firm. The advisory fee paid by the Fund to
Wright is not reduced as a consequence of Wright's  receipt of such services and
information.  While such  services  and  information  are not expected to reduce
Wright's normal research activities and expenses,  Wright would,  through use of
such services and  information,  avoid the  additional  expenses  which would be
incurred if it should  attempt to develop  comparable  services and  information
through its own staff.

     Subject to the  requirement  that Wright shall use its best efforts to seek
to execute the Fund's portfolio security transactions at advantageous prices and
at reasonably  competitive  commission  rates,  Wright,  as indicated  above, is
authorized  to consider as a factor in the selection of any  broker-dealer  firm
with whom the Fund's  portfolio orders may be placed the fact that such firm has
sold or is selling shares of the Fund or of other investment companies sponsored
by Wright. This policy is consistent with a rule of the National  Association of
Securities Dealers,  Inc., which rule provides that no firm which is a member of
the  Association  shall  favor or  disfavor  the  distribution  of shares of any
particular  investment company or group of investment  companies on the basis of
brokerage commissions received or expected by such firm from any source.

     Under the  Equity  Trust's  Investment  Advisory  Contract,  Wright has the
authority  to pay  commissions  on  portfolio  transactions  for  brokerage  and
research  services  exceeding  that which other  brokers or dealers might charge
provided  certain  conditions  are met.  This  authority  will not be exercised,
however, until the Fund's Prospectus or this Statement of Additional Information
has been  supplemented or amended to disclose the conditions  under which Wright
proposes to do so.

     The Trust's Investment Advisory Contract expressly recognizes the practices
which are provided for in Section 28(e) of the  Securities  Exchange Act of 1934
by  authorizing  the  selection of a broker or dealer  which  charges the Fund a
commission  which is in excess of the  amount of  commission  another  broker or
dealer would have charged for effecting that  transaction if it is determined in
good faith that such  commission  was reasonable in relation to the value of the
brokerage and research services which have been provided.

     During the fiscal years ended  December 31, 1992,  1993 and 1994,  the Fund
paid  aggregate  brokerage  commissions  of  $232,400,  $248,202  and  $722,613,
respectively, on portfolio transactions.



FUND SHARES
AND OTHER SECURITIES


     The shares of beneficial  interest of the Trust,  without par value, may be
issued in two or more series or Funds. In addition to the Fund described in this
Statement of  Additional  Information,  the Trust has three  additional  series:
Wright  Selected Blue Chip Equities Fund,  Wright Junior Blue Chip Equities Fund
and Wright  Quality Core Equities  Fund,  that are being  offered  pursuant to a
separate prospectus and statement of additional information. Shares of each Fund
may be issued in an unlimited number by the Trustees of the Trust. Each share of
a Fund represents an equal  proportionate  beneficial interest in that Fund and,
when issued and outstanding, the shares are fully paid and non-assessable by the
Trust.

     Shareholders are entitled to one vote for each full share held.  Fractional
shares may be voted in  proportion  to the  amount of a Fund's  net asset  value
which they  represent.  Voting rights are not  cumulative, 
<PAGE>
which means that the holders of more than 50% of the shares  voting for the
election  of Trustees  can elect 100% of the  Trustees  and, in such event,  the
holders of the  remaining  less than 50% of the shares voting on the matter will
not be able to elect any  Trustees.  Shares  have no  preemptive  or  conversion
rights  and are  freely  transferable.  Upon  liquidation  of a Trust  or  Fund,
shareholders  are  entitled to share pro rata in the net assets of the  affected
Trust or Fund available for  distribution  to  shareholders,  and in any general
assets  of the  Trust  not  previously  allocated  to a  particular  Fund by the
Trustees.


PURCHASE, EXCHANGE, REDEMPTION
AND PRICING OF SHARES


     For information  regarding the purchase of shares,  see "How to Buy Shares"
in the Fund's current Prospectus.

     For information about exchanges between Funds, see "How to Exchange Shares"
in the Fund's current Prospectus.

     For a  description  of how the Fund  values its  shares,  see "How the Fund
Values its Shares" in the Fund's current Prospectus.  The Fund values short-term
obligations  with a remaining  maturity of 60 days or less by the amortized cost
method.  The amortized cost method involves  initially valuing a security at its
cost (or its fair market value on the  sixty-first  day prior to  maturity)  and
thereafter  assuming a constant  amortization  to  maturity  of any  discount or
premium, without regard to unrealized appreciation or depreciation in the market
value of the security.

     For information about the redemption of shares,  see "How to Redeem or Sell
Shares" in the Fund's current Prospectus.


PRINCIPAL UNDERWRITER

     The Trust has  adopted a  Distribution  Plan (the  "Plan") on behalf of the
Fund as defined in Rule 12b-1 under the 1940 Act. The Trust's Plan  specifically
allows  that  expenses  covered  by the Plan may  include  direct  and  indirect
expenses  incurred by any separate  distributor or distributors  under agreement
with the Trust in  activities  primarily  intended  to result in the sale of its
shares.  The  expenses of such  activities  shall not exceed  two-tenths  of one
percent (2/10 of 1%) per annum of the Fund's average daily net assets.  Payments
under the Plans are reflected as an expense in the Fund's financial  statements.
Such expenses do not include interest or other financing charges.

     The Trust has entered  into a  distribution  contract on behalf of the Fund
with its principal  underwriter,  Wright Investors' Service  Distributors,  Inc.
("WISDI"), a wholly-owned subsidiary of Wright,  providing for WISDI to act as a
separate distributor of the Fund's shares.

     It is intended  that the Fund will pay 2/10 of 1% of its average  daily net
assets to WISDI for distribution  activities on behalf of the Fund in connection
with  the  sale  of  its  shares.  WISDI  shall  provide  on a  quarterly  basis
documentation concerning the expenses of such activities. Documented expenses of
the Fund shall include  compensation paid to and out-of-pocket  disbursements of
officers,  employees  or sales  representatives  of WISDI,  including  telephone
costs,  the  printing  of  prospectuses  and  reports  for other  than  existing
shareholders,  preparation and distribution of sales literature, and advertising
of any type  intended to enhance the sale of shares of the Fund.  Subject to the
2/10 of 1% per annum  limitation  imposed by the Trust's Plan,  the Fund may pay
separately for expenses of activities  primarily  intended to result in the sale
of the Fund's  shares.  It is  contemplated  that the payments for  distribution
described above will be 
<PAGE>
made directly to WISDI.  If the  distribution  payments to WISDI exceed its
expenses, WISDI may realize a profit from these arrangements.  Peter M. Donovan,
President and a Trustee of the Trust and President and a Director of Wright,  is
Vice  President,  Treasurer  and a Director  of WISDI.  A. M. Moody,  III,  Vice
President  and a Trustee of the Trust and Senior Vice  President  of Wright,  is
President and a Director of WISDI.

     It is the  opinion  of the  Trustees  and  officers  of the Trust  that the
following  are not expenses  primarily  intended to result in the sale of shares
issued by any Fund;  fees and expenses of  registering  shares of the Fund under
Federal or state laws  regulating the sale of  securities;  fees and expenses of
registering the Trust as a broker-dealer or of registering an agent of the Trust
under  Federal  or  state  laws  regulating  the  sale  of  securities;  fees of
registering,  at the  request  of the  Trust,  agents  or  representatives  of a
principal  underwriter  or  distributor  of the Fund under Federal or state laws
regulating the sale of securities,  provided that no sales  commission or "load"
is charged on sales of shares of the Fund;  and fees and  expenses of  preparing
and setting in type the Trust's registration  statement under the Securities Act
of 1933. Should such expenses be deemed by a court or agency having jurisdiction
to be expenses  primarily intended to result in the sale of shares issued by the
Fund,  they shall be considered to be expenses  contemplated  by and included in
the  applicable  Plan but not  subject  to the 2/10 of 1% per  annum  limitation
described above.

     Under the Trust's Plan,  the President or Vice President of the Trust shall
provide to the Trustees for their review, and the Trustees shall review at least
quarterly,  a written  report  of the  amounts  expended  under the Plan and the
purposes  for which  such  expenditures  were made.  For the  fiscal  year ended
December 31, 1994, it is estimated that WISDI spent  approximately the following
amounts on behalf of the Wright Managed  Investment  Funds,  including this Fund
(see table below).

     The following table shows the distribution  expenses allowable to WISDI and
paid by the Fund for the year ended December 31, 1994.

        Distribution           Distribution Expenses Paid
          Expenses                  As a % of Fund's
        Paid By Fund             Average Net Asset Value
- -----------------------------------------------------------------
          $363,055                        0.20%
- -----------------------------------------------------------------
     Under its terms  the  Trust's  Plan  remains  in effect  from year to year,
provided  such  continuance  is  approved  annually  by a vote of its  Trustees,
including

<TABLE>
<CAPTION>
                                              Wright Investors Service Distributors, Inc.

                                                 Financial Summaries for the Year 1994
   

                                               Printing & Mailing   Travel and    Commissions and   Administration
FUNDS                               Promotional   Prospectuses     Entertainment    Service Fees       and Other      TOTAL
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>             <C>             <C>              <C>             <C>          <C>
Wright International Blue Chip
  Equities Fund                      $196,640        $59,904         $49,375          $4,129          $53,006      $363,055
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
    
<PAGE>

a majority of the Trustees who are not interested persons of the Trust
and who have no direct or indirect  financial  interest in the  operation of the
Plan. The Plan may not be amended to increase  materially the amount to be spent
for the services described therein as to the Fund without approval of a majority
of the outstanding voting securities of the Fund and all material  amendments of
the Plan must  also be  approved  by the  Trustees  of the  Trust in the  manner
described  above.  The Trust's Plan may be terminated at any time as to the Fund
without  payment of any  penalty by vote of a majority  of the  Trustees  of the
Trust  who are not  interested  persons  of the  Trust and who have no direct or
indirect  financial  interest  in the  operation  of the  Plan or by a vote of a
majority  of the  outstanding  voting  securities  of the  Fund.  So long as the
Trust's Plan is in effect,  the selection and nomination of Trustees who are not
interested  persons of the Trust shall be  committed  to the  discretion  of the
Trustees  who are not such  interested  persons.  The Trustees of the Trust have
determined that in their judgment there is a reasonable likelihood that the Plan
will benefit the Trust and its shareholders.

     The continuation of the Plan was most recently  approved by the Trustees of
the Trust on January 25, 1995 and by the shareholders of the Fund on December 7,
1990.


PERFORMANCE INFORMATION


The average  annual  total  return of the Fund is  determined  for a  particular
period by calculating the actual dollar amount of investment  return on a $1,000
investment in the Fund made at the maximum public offering price (i.e. net asset
value)  at  the  beginning  of the  period,  and  then  calculating  the  annual
compounded  rate of return which would  produce that amount.  Total return for a
period of one year is equal to the actual return of the Fund during that period.
This calculation  assumes that all dividends and distributions are reinvested at
net asset value on the reinvestment dates during the period.

     The  average  annual  total return  of the  Fund for the  one,  three  and
five-year  periods  ended  December 31, 1994 and the period from  inception  to
December 31, 1994 was as follows:
   
    One      Three     Five      Inception to    Inception
   Year      Years     Years      12/31/94(1)      Date
- --------------------------------------------------------------
  -1.64%     6.60%     5.74%         6.28%        9/14/89
- --------------------------------------------------------------
    
(1) If a portion of the Fund's expenses had not been reduced  during the fiscal
    years ending December 31, 1990 and 1989, the Fund would have had lower
    returns.


     The Fund's  total  return may be compared to the  Consumer  Price Index and
various  domestic  securities  indices.  The Fund's total return and comparisons
with these indices may be used in advertisements and in information furnished to
present or prospective shareholders.

     From  time  to  time,   evaluations  of  the  Fund's  performance  made  by
independent  sources may be used in advertisements and in information  furnished
to present or prospective  shareholders.  According to the rankings  prepared by
Lipper  Analytical  Services,  Inc., an  independent  service which monitors the
performance  of mutual  funds,  the Lipper  performance  analysis  includes  the
reinvestment  of  dividends  and capital gain  distributions,  but does not take
sales  charges  into  consideration  and  is  prepared  without  regard  to  tax
consequences.
<PAGE>

<TABLE>
<CAPTION>
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
=====================================================================

                                            Shares         Value
- ---------------------------------------------------------------------
<S>                                         <C>          <C>
EQUITY INTERESTS - 99.0%

AUSTRALIA - 5.3%
Broken Hill Proprietary Co. ADR . . . .       16,300     $  1,004,488
Broken Hill Proprietary . . . . . . . .       37,000          562,285
BTR Limited WTS 1995/1996*. . . . . . .        2,245            1,846
BTR Limited WTS 1997* . . . . . . . . .        4,178            4,123
BTR Limited WTS 1998* . . . . . . . . .        3,287            1,674
Coles Meyer Ltd  ADR. . . . . . . . . .       61,325        1,694,103
Email Ltd . . . . . . . . . . . . . . .      600,760        1,709,463
F.H. Faulding (U.K.). . . . . . . . . .      370,600        2,068,875
Lend Lease Corp. Ltd. . . . . . . . . .      133,845        1,656,278
Pacific Dunlop Ltd ADR. . . . . . . . .      139,290        1,497,368
Pacific Dunlop Ltd. . . . . . . . . . .      112,860          300,151
                                                         -------------
                                                         $ 10,500,654
                                                         -------------


BELGIUM - 1.7%
Delhaize Freres & Cie Le Lion SA. . . .       41,200     $  1,673,387
GB Inno - AFV . . . . . . . . . . . . .          789           30,657
GB Inno - BM SA . . . . . . . . . . . .       44,715        1,765,545
                                                         -------------
                                                         $  3,469,589
                                                         -------------

CANADA - 3.1%
Bombardier Inc. Class B . . . . . . . .       93,000     $  1,649,243
British Columbia Telephone. . . . . . .       74,300        1,271,273
Cara Operations Ltd. Class A. . . . . .      621,900        1,440,880
Corel Corporation*. . . . . . . . . . .      139,500        1,926,844
                                                         -------------
                                                         $  6,288,240
                                                         -------------

DENMARK - 4.1%
Berendsen Sophus A/S Class A. . . . . .        1,228     $    100,002
Berendsen Sophus A/S Class B. . . . . .       16,630        1,348,785
Carlsburg A/S Pfd Class B . . . . . . .       44,727        1,913,139
Icopal Group. . . . . . . . . . . . . .        7,100        1,868,882
ISS International Service Sys. A/S. . .       54,200        1,471,254
Radiometer A/S. . . . . . . . . . . . .       32,250        1,490,869
                                                         -------------
                                                         $  8,192,931
                                                         -------------

FRANCE - 9.7%
Bongrain SA . . . . . . . . . . . . . .        3,500     $  1,849,180
BSN - Gervais Danone. . . . . . . . . .       10,340        1,450,990
Carrefour Supermarche . . . . . . . . .        4,200        1,740,590
Castorama Dubois Inv. . . . . . . . . .       13,000        1,624,544
Compagnie Generale Des Eaux SA. . . . .       19,920        1,936,951
Comptoirs Modernes SA . . . . . . . . .        6,504        1,632,855
Docks De France SA. . . . . . . . . . .       11,200        1,370,229
L'Air Liquide SA* . . . . . . . . . . .       12,321        1,648,186
LeGrand SA. . . . . . . . . . . . . . .        1,210        1,469,002
L'Oreal SA. . . . . . . . . . . . . . .        7,350        1,499,607
LVMH Moet Hennessy SA . . . . . . . . .          550           86,867
LVMH Moet Hennessy SA  ADR. . . . . . .       55,220        1,739,430
Pernod Ricard SA. . . . . . . . . . . .       23,280        1,362,997
                                                         -------------
                                                         $ 19,411,428
                                                         -------------

GERMANY - 4.0%
Bayerische Motoren Werke AG . . . . . .        3,109     $  1,546,167
Beiersdorf AG . . . . . . . . . . . . .        2,700        1,770,006
Douglas Holdings AG . . . . . . . . . .        6,400        1,802,235
Dyckerhoff AG . . . . . . . . . . . . .        3,950        1,352,128
Dyckerhof AG - Pfd New* . . . . . . . .          265           89,857
Heidelberger Zement AG  . . . . . . . .        1,800        1,453,207
                                                         -------------
                                                         $  8,013,600
                                                         -------------

HONG KONG - 6.8%
China Light & Power Co. Ltd. ADR. . . .      311,276     $  1,327,592
Hang Lung Dev. Co. Ltd. ADR . . . . . .      206,400        1,467,194
Hang Seng Bank Ltd. ADR . . . . . . . .      267,195        1,916,617
Hong Kong & China Gas Co. ADR . . . . .      782,610        1,264,307
Hong Kong Aircraft Engineering Co . . .      361,000        1,203,646
Hong Kong Electric Holdings Ltd. ADR. .      530,520        1,450,176
Johnson Electric Holdings Ltd . . . . .      660,500        1,515,121
Kowloon Motor Bus Co. (1933) Ltd. . . .      996,000        1,776,266
Swire Pacific Ltd. ADR. . . . . . . . .      261,400        1,628,444
                                                         -------------
                                                         $ 13,549,363
                                                         -------------


IRELAND - 1.5%
Fyffes PLC. . . . . . . . . . . . . . .      922,000     $  1,461,647
Greencore Group PLC . . . . . . . . . .      255,000         1,617797
                                                         -------------
                                                         $  3,079,444
                                                         -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC) - continued
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
=====================================================================

                                            Shares         Value
- ---------------------------------------------------------------------
<S>                                         <C>          <C>


ITALY - 0.8%
Sirti SPA . . . . . . . . . . . . . . .      241,000     $  1,558,378
                                                         -------------

JAPAN - 13.9%
Chudenko Corp . . . . . . . . . . . . .       46,000     $  1,683,209
Daiichi Pharmaceutical Co., Ltd . . . .       98,000        1,542,451
Ito-Yokado Co., Ltd. ADR. . . . . . . .        8,750        1,872,500
Kandenko Co., Ltd . . . . . . . . . . .       94,000        1,583,157
Komatsu Seiren Co., Ltd . . . . . . . .      109,000        1,507,971
Kurita Water Industries Ltd . . . . . .       56,000        1,459,651
Kyodo Printing Co. Ltd. . . . . . . . .      138,000        1,618,643
National House Industrial Co., Ltd. . .      117,000        1,771,123
Nintendo Corporation Ltd. . . . . . . .       26,700        1,442,737
Ono Pharmaceutical Co. Ltd. . . . . . .       29,000        1,395,489
Santen Pharmaceutical Co., Ltd. . . . .       75,000        2,082,705
Seven Eleven Japan Co., Ltd . . . . . .       18,000        1,445,414
Taisho Pharmaceutical Co., Ltd. . . . .       75,000        1,436,093
Takasago Thermal Engineering Co.. . . .       93,000        1,398,497
Yamanouchi Pharmaceutical Co., Ltd. . .       92,000        1,890,729
York-Benimaru Co., Ltd. . . . . . . . .       42,000        1,839,999
Yurtec Corp . . . . . . . . . . . . . .       79,800        1,816,001
                                                         -------------
                                                         $ 27,786,369
                                                         -------------

MALAYSIA - 6.4%
Amalgamated Steel Mills Berhad. . . . .    1,149,000     $  1,745,906
Genting Berhad. . . . . . . . . . . . .      261,000        2,238,467
Guinness Anchor Berhad. . . . . . . . .      988,000        1,655,987
Hong Leong Indus Berhad . . . . . . . .      363,000        1,876,492
Perlis Plantations Berhard. . . . . . .      532,000        1,750,067
Shell Refining Co. Berhad . . . . . . .      349,000        1,107,063
Shell Refining Co. Malaysia . . . . . .      187,500          565,838
Sime Darby Berhad . . . . . . . . . . .      829,200        1,899,697
                                                         -------------
                                                         $ 12,839,517
                                                         -------------


MEXICO - 1.7%
Cifra S.A.  ADR . . . . . . . . . . . .      608,900     $  1,248,671
Kimberly Clark De Mexico* . . . . . . .       42,400        1,002,094
Telefonos de Mexico  ADR. . . . . . . .       27,400        1,123,400
                                                         -------------
                                                         $  3,374,165
                                                         -------------

NETHERLANDS - 10.2%
CSM N.V.. . . . . . . . . . . . . . . .       46,000     $  1,808,393
Elsevier Dutch Certificates . . . . . .      203,000        2,118,001
Gamma Holding N.V.. . . . . . . . . . .       27,590        1,374,092
Getronics N.V.* . . . . . . . . . . . .       47,308        1,726,193
Hagemeyer N.V.. . . . . . . . . . . . .       23,400        1,908,635
Heineken N.V. . . . . . . . . . . . . .       13,400        2,022,205
Koninklijke Ahold N.V.. . . . . . . . .       61,325        1,898,291
Nutricia  . . . . . . . . . . . . . . .       40,200        1,962,729
Unilever N.V. . . . . . . . . . . . . .       16,500        1,939,331
Verenigde Nederlandse 
  Uitgeversbedrijven. . . . . . . . . .       16,600        1,724,302
Wolters Kluwer N.V.*. . . . . . . . . .       26,600        1,968,780
                                                         -------------
                                                         $ 20,450,952
                                                         -------------

SINGAPORE - 1.7%
Asia Pacific Breweries Ltd. . . . . . .      136,000     $  1,632,367
Singapore Press Holdings Ltd. . . . . .       96,000        1,744,858
                                                         -------------
                                                         $  3,377,225
                                                         -------------

SPAIN - 2.3%
Banco Popular Espanol . . . . . . . . .       11,600     $  1,379,221
Empresa Nac de Electicidad SA . . . . .       40,600        1,653,301
Repsol S.A. . . . . . . . . . . . . . .       55,740        1,511,808
                                                         -------------
                                                         $  4,544,330
                                                         -------------

SWEDEN - 2.8%
Astra AB Class B. . . . . . . . . . . .       79,300     $  2,023,070
Gambro AB Series B. . . . . . . . . . .      162,000        1,951,938
Hennes & Mauritz AB  Class B. . . . . .       31,600        1,620,840
                                                         -------------
                                                         $  5,595,848
                                                         -------------


SWITZERLAND - 3.0%
Nestle SA ADR . . . . . . . . . . . . .       34,600     $  1,648,486
Nestle SA . . . . . . . . . . . . . . .          100           95,300
Sandoz AG . . . . . . . . . . . . . . .        2,800        1,459,381
SMH Sch. Ges. Fuer AG*. . . . . . . . .        8,350          918,915
SMH Sch. Ges. Fuer   New AG . . . . . .          470          233,833
Societe Generale de Surv. Hold. SA. . .        1,175        1,625,334
                                                         -------------
                                                         $  5,981,249
                                                         -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC) - continued
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
=====================================================================

                                            Shares         Value
- ---------------------------------------------------------------------
<S>                                         <C>          <C>


UNITED KINGDOM - 20.0%
AAH Holdings PLC. . . . . . . . . . . .      305,787     $  1,614,280
BTR Ltd. PLC. . . . . . . . . . . . . .      348,516        1,550,478
Cable & Wireless PLC  . . . . . . . . .        6,900           40,749
Cable & Wireless PLC  ADR . . . . . . .       99,700        1,744,750
Christian Salvesen PLC. . . . . . . . .      347,200        1,473,933
Farnell Electronics PLC . . . . . . . .      182,700        1,473,914
Glaxo Holdings PLC ADR. . . . . . . . .      107,400        2,188,275
Grand Metropolitan PLC  ADR . . . . . .       55,900        1,397,500
Grand Metropolitan PLC. . . . . . . . .        6,266           40,048
Halma PLC . . . . . . . . . . . . . . .      532,000        1,775,071
Kwik Save Group PLC . . . . . . . . . .      173,000        1,485,101
LaPorte PLC . . . . . . . . . . . . . .      167,070        1,876,480
Marks & Spencer PLC . . . . . . . . . .       60,700          378,920
Marks & Spencer PLC ADR . . . . . . . .       30,700        1,146,955
Morrison (Wm.) Supermarket. . . . . . .      850,000        1,877,480
Nurdin & Peacock PLC. . . . . . . . . .      624,000        1,563,994
Pearson PLC . . . . . . . . . . . . . .      207,076        1,800,319
Powerscreen Int'l . . . . . . . . . . .      433,100        1,594,371
Reckitt & Colman PLC. . . . . . . . . .      155,327        1,423,417
Sainsbury (J.) PLC. . . . . . . . . . .      262,186        1,688,032
Scapa Group PLC . . . . . . . . . . . .      561,873        1,672,303
Seibe PLC . . . . . . . . . . . . . . .      219,000        1,907,424
Smith & Nephew PLC. . . . . . . . . . .      679,100        1,627,599
Smiths Industries PLC . . . . . . . . .      210,100        1,441,538
Tesco PLC . . . . . . . . . . . . . . .      408,266        1,592,482
Weir Group PLC. . . . . . . . . . . . .      407,700        1,801,015
Wolseley PLC. . . . . . . . . . . . . .      158,800        1,947,775
                                                         -------------
                                                         $ 40,124,203
                                                         -------------


TOTAL EQUITY INTEREST - 99.0%
 (identified cost, $182,333,517)                         $ 198,137,485
                                                         -------------


                                       RESERVE FUND   1.1%


                                         Face Amount
                                         -----------

American Express Corp., 
 5.75%, 1/3/95. . . . . . . . . . . . .   $2,300,000     $   2,300,000
                                                         -------------

TOTAL INVESTMENTS - 100.1%
 (identified cost, $184,633,517)                         $ 200,437,485

OTHER ASSETS, 
 LESS LIABILITIES   - (0.1%)                                 (205,849)
                                                         -------------

NET ASSETS   - 100%                                      $ 200,231,636
                                                         =============
</TABLE>

* Non-income-producing security.

ADR: American Depository Receipts


See notes to financial statements

<PAGE>
<TABLE>
<CAPTION>

                     WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
===============================================================================


STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- -------------------------------------------------------------------------------
<S>                                                             <C>
ASSETS:
    Investments -
     Identified cost . . . . . . . . . . . . . . . . . . .      $   184,633,517
     Unrealized appreciation . . . . . . . . . . . . . . .           15,803,968
                                                                 ---------------
      Total Value (Note 1A). . . . . . . . . . . . . . . .      $   200,437,485

    Cash . . . . . . . . . . . . . . . . . . . . . . . . .               73,932
    Dividends receivable . . . . . . . . . . . . . . . . .              382,560
    Receivable for refundable foreign taxes withheld . . .              283,867
    Receivable for fund shares sold. . . . . . . . . . . .               98,926
                                                                 ---------------
         Total Assets. . . . . . . . . . . . . . . . . . .      $   201,276,770
                                                                 ---------------

LIABILITIES:
    Payable for fund shares reacquired . . . . . . . . . .      $       949,241
    Trustee fees payable . . . . . . . . . . . . . . . . .                  312
    Custodian fee payable. . . . . . . . . . . . . . . . .               72,465
    Accrued expenses and other liabilities . . . . . . . .               23,116
                                                                 ---------------
         Total Liabilities . . . . . . . . . . . . . . . .      $     1,045,134
                                                                 ---------------


NET ASSETS     . . . . . . . . . . . . . . . . . . . . . .      $   200,231,636
                                                                 ===============

NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market 
    value of securities received in exchange for Fund
    shares and shares issued to shareholders in 
    payment of distributions declared), less cost of 
    shares reacquired. . . . . . . . . . . . . . . . . . .      $  185,426,446 
Accumulated undistributed net realized loss
    on investments and foreign currency 
    (computed on the basis of identified cost) . . . . . .          (2,585,141)
Unrealized appreciation of investments and trans- 
    lation of assets and liabilities in foreign currency
    (computed on the basis of identified cost) . . . . . .          15,811,198 
Undistributed net investment income. . . . . . . . . . . .           1,579,133 
                                                                 ---------------
    Net assets applicable to outstanding shares. . . . . .      $  200,231,636 
                                                                 ==============

SHARES OF BENEFICIAL INTEREST
    OUTSTANDING. . . . . . . . . . . . . . . . . . . . . .          15,292,340 
                                                                 ==============

NET ASSET VALUE, OFFERING PRICE,
    AND REDEMPTION PRICE PER SHARE
    OF BENEFICIAL INTEREST . . . . . . . . . . . . . . . .         $13.09 
                                                                 ==============

</TABLE>

<TABLE>
<CAPTION>


                                               STATEMENT OF OPERATIONS
                                         For the Year Ended December 31, 1994
=================================================================================================
<S>                                                             <C>
INVESTMENT INCOME:

    Income -
         Dividends . . . . . . . . . . . . . . . . . . . .      $    4,384,498 
         Interest. . . . . . . . . . . . . . . . . . . . .             283,955 
         Less:  Foreign taxes. . . . . . . . . . . . . . .            (471,753)
                                                                 ---------------
          Total Income . . . . . . . . . . . . . . . . . .      $    4,196,700
                                                                 ---------------

    Expenses -
         Investment Adviser fee (Note 2) . . . . . . . . .      $    1,394,066
         Administrator fee (Note 2). . . . . . . . . . . .             248,916 
         Compensation of trustees not affiliated with
          the investment adviser or administrator. . . . .               2,117 
         Custodian fee (Note 2). . . . . . . . . . . . . .             268,696 
         Transfer and dividend disbursing agent  fees. . .              23,134 
         Distribution expenses (Note 3). . . . . . . . . .             363,055 
         Audit services. . . . . . . . . . . . . . . . . .              29,733 
         Legal services. . . . . . . . . . . . . . . . . .               2,592 
         Registration costs. . . . . . . . . . . . . . . .              34,262 
         Printing. . . . . . . . . . . . . . . . . . . . .               4,837 
         Interest on loans . . . . . . . . . . . . . . . .               2,040 
         Miscellaneous . . . . . . . . . . . . . . . . . .               1,914
                                                                 ---------------
          Total Expenses . . . . . . . . . . . . . . . . .      $    2,375,362
                                                                 ---------------
               Net Investment Income . . . . . . . . . . .      $    1,821,338
                                                                 ---------------


REALIZED AND UNREALIZED LOSS ON
INVESTMENTS:

    Net realized gain on investment and foreign
         currency transactions (identified cost basis) . .      $       238,478 
    Change in unrealized appreciation
         of investments and translation of assets
         and liabilities in foreign currencies . . . . . .           (7,495,702)
                                                                 ---------------
              Net realized and unrealized gain (loss) on
               investments and foreign currency. . . . . .      $    (7,257,224)
                                                                 ---------------
              Net decrease in net assets 
               from operations . . . . . . . . . . . . . .      $    (5,435,886)
                                                                 ===============
</TABLE>
See notes to financial statements.

<PAGE>
<TABLE>
<CAPTION>

                               WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND

                                                                                              Year Ended
                                                                                             December 31,
                                                                           -----------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS                                                        1994                1993
- --------------------------------------------------------------------------------------------------------------------------
<S>                                                                                    <C>                 <C>
INCREASE (DECREASE) IN NET ASSETS:

    From operations  
         Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . .   $   1,821,338       $     546,636
         Net realized gain (loss) on investment and foreign currency transactions. .         238,478            (250,865)
         Change in unrealized appreciation of investments and translation
          of assets and liabilities in foreign currencies. . . . . . . . . . . . . .      (7,495,702)         20,315,753
                                                                                       ---------------     ---------------
         Increase (decrease)  in net assets from operations. . . . . . . . . . . . .   $  (5,435,886)      $  20,611,524
                                                                                       ---------------     ---------------
    Undistributed net investment income included in
         price of shares sold and redeemed (Note 1D) . . . . . . . . . . . . . . . .   $     655,170       $      86,913
                                                                                       ---------------     ---------------
    Distributions to shareholders from net investment income . . . . . . . . . . . .   $  (1,467,856)      $    (496,372)
                                                                                       ---------------     ---------------
    Net increase from fund share transactions (exclusive of
         amounts allocated to net investment income) (Note 4). . . . . . . . . . . .   $ 106,409,645       $   5,459,962
                                                                                       ---------------     ---------------
          Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . .   $ 100,161,073       $  25,662,027

NET ASSETS:

    At beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     100,070,563          74,408,536
                                                                                        -------------       -------------
    At end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 200,231,636       $ 100,070,563
                                                                                        =============       =============

UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS . . . . . . . . . . . . .   $   1,579,133       $     570,481
                                                                                        =============       =============
</TABLE>

See notes to financial statements
   

<PAGE>
                                                                
                                                                
                      WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
                             NOTES TO FINANCIAL STATEMENTS
================================================================================
                                            
                                            
(1) SIGNIFICANT ACCOUNTING POLICIES


    Wright International Blue Chip Equities Fund (WIBC) is a diversified series
of The Wright Managed Equity Trust (the  Trust ).  The Trust is registered under
the Investment Company Act of 1940, as amended, as an open-end, management
investment company. 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 generally accepted accounting 
principles.

A.  Investment Valuations - Securities listed on securities exchanges or in the
    NASDAQ National Market are valued at closing sale prices. Unlisted or listed
    securities for which closing sale prices are not available are valued at the
    mean between the latest bid and asked prices. Short-term obligations 
    maturing in 60 days or less are valued at amortized cost, which approximates
    value.  Securities for which market quotations are unavailable are 
    appraised at their fair value as determined in good faith by or at the
    direction of the Trustees.

B.  Foreign Currency Translation - Investment security 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
    are translated into U.S. dollars based upon currency exchange rates 
    prevailing on the respective dates of such transactions.

C.  Federal Taxes - WIBC'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 all of its taxable
    income, including any net realized gain on investments. Accordingly,
    no provision for federal income or excise tax is necessary.  Withholding
    taxes on foreign dividends have been provided for in accordance with the
    Trust's understanding of the applicable country's tax rules and rates.  At
    December 31, 1994, WIBC, for federal income tax purposes, had a capital loss
    carryover of $2,585,141, which will reduce taxable income arising from
    future net realized gain on investments, if any, to the extent permitted by 
    the Code, and thus will reduce the amount of the distribution to 
    shareholders which would otherwise be necessary to relieve WIBC of any 
    liability for federal income or excise tax.  Pursuant to the Code, such 
    capital loss carryover will expire as follows:

<TABLE>
          1999           2000          2001
- --------------------------------------------------------------------------
          <S>           <C>            <C>
          $929,371       $1,404,904     $250,866
- --------------------------------------------------------------------------
</TABLE>

D.  Equalization - WIBC follows the accounting practice known as equalization by
    which a portion of the proceeds from sales and costs of reacquisitions of
    Fund shares, equivalent on a per-share basis to the amount of undistributed
    net investment income on the date of the transaction, is credited or charged
    to undistributed net investment income. As a result, undistributed net
    investment income per share

<PAGE>
                      WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
                        NOTES TO FINANCIAL STATEMENTS - continued
================================================================================
 
    is unaffected by sales or reacquisitions of Fund shares.

E.  Distributions - The Trust requires that differences in the recognition or
    classification of income between the financial statements and tax earnings
    and profits which result in temporary overdistributions for financial
    statement purposes, are classified as distributions in excess of net
    investment income or accumulated net realized gains.  


F.  Other - Investment transactions are accounted for on the date the 
    investments are purchased or sold.  Dividend income and distributions to 
    shareholders are recorded on the ex-dividend date.  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.  Interest income
    is recorded on the accrual basis.




(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

    The Trust has engaged Wright Investors' Service (Wright) to perform 
investment management, investment advisory, and other services. For its 
services, Wright is compensated based upon a percentage of average daily net
assets which rate is adjusted as average daily net assets exceed certain levels.
For the year ended December 31, 1994, the effective annual rate was 0.77% for
WIBC.  The Trust also has engaged Eaton Vance Management (Eaton Vance) to act as
administrator of the Trust. Under the Administration Agreement, Eaton Vance
is responsible for managing the business affairs of the Trust and is
compensated based upon a percentage of - average daily net assets which rate 
is reduced as average daily net assets exceed certain levels.  For the year 
ended December 31, 1994, the effective annual rate was 0.14% for WIBC.
Except as to Trustees of the Trust who are not affiliated with Eaton Vance or 
Wright, Trustees and officers receive remuneration for their services to the
Trust out of the fees paid to Eaton Vance and Wright. The custodian fee was 
paid to Investors Bank & Trust Company (IBT), an affiliate of Eaton Vance,
for its services as custodian of the Trust.  Pursuant to the custodian 
agreement, IBT receives a fee reduced by credits which are determined based on 
the average daily cash balances the Trust maintains with IBT. Certain of the 
Trustees and officers of the Trust are Trustees or officers of the above 
organizations.  See Note 3.



(3) DISTRIBUTION EXPENSES


    The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940.  The Plan provides that WIBC will 
pay the Principal Underwriter, Wright Investors' Service Distributors, Inc., a
subsidiary of Wright Investors' Service, an annual rate of 2/10 of 1% of WIBC's
average daily net assets for activities primarily intended to result in the sale
of WIBC's shares.   



(4) 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 WIBC shares were as follows:

<PAGE>
<TABLE>
<CAPTION>
                      WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
                        NOTES TO FINANCIAL STATEMENTS - continued
================================================================================

                                                            Year Ended December 31,
                                            ---------------------------------------------------------
                                                       1994                          1993
                                            ---------------------------------------------------------
                                              Shares         Amount         Shares          Amount
- ------------------------------------------------------------------------------------------------------
<S>                                         <C>           <C>              <C>           <C>
Sold. . . . . . . . . . . . . . . . . .     12,245,362    $165,447,724     2,400,553     $28,144,997 
Issued to shareholders in payment
  of distributions declared . . . . . .         88,270       1,142,033        32,767         388,193 
Reacquired. . . . . . . . . . . . . . .     (4,503,339)    (60,180,112)   (2,045,695)    (23,073,228)
                                             -----------   ------------    ----------     -----------
    Net increase. . . . . . . . . . . .      7,830,293    $106,409,645       387,625     $ 5,459,962 
                                             ==========    ============    ==========     ===========
- ------------------------------------------------------------------------------------------------------
</TABLE>

(5) INVESTMENT TRANSACTIONS

    Purchases and sales of investments, other than U.S. Government securities 
and short-term obligations, for the year ended December 31, 1994, were as 
follows:
<TABLE>
- --------------------------------------------------------------------------------
    <S>                                               <C>
    Purchases . . . . . . . . . . . . . . . . . .     $126,645,853
                                                       ============
    Sales . . . . . . . . . . . . . . . . . . . .     $ 20,827,978
                                                       ============
- --------------------------------------------------------------------------------
</TABLE>
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES

    The cost and unrealized appreciation (depreciation) of the investment
securities owned at December 31, 1994, as computed on a federal income tax 
basis, are as follows:
<TABLE>
- --------------------------------------------------------------------------------
    <S>                                               <C>
    Aggregate cost. . . . . . . . . . . . . . . .     $184,633,517
                                                      =============
    Gross unrealized appreciation . . . . . . . .     $ 23,583,592 
    Gross unrealized depreciation . . . . . . . .       (7,779,624)
                                                      -------------
    Net unrealized appreciation . . . . . . . . .     $ 15,803,968 
                                                      =============
- --------------------------------------------------------------------------------
</TABLE>
(7) FINANCIAL INSTRUMENTS

    WIBC may trade in financial instruments with off-balance sheet risk in the
normal course of its investing activities to assist in managing exposure to 
various market risks. These financial instruments include written options, 
forward foreign currency exchange contracts, and futures contracts and may 
involve, to a varying degree, elements of risk in excess of the amounts 
recognized for financial statement purposes.  WIBC holds no such instruments at
December 31, 1994.



(8) LINE OF CREDIT

    The Fund participates with other funds managed by Wright in a line of credit
with a bank which allows the funds to borrow up to $20,000,000 collectively.  
The line of credit consists of a $5,000,000 committed facility and a $15,000,000
uncommitted facility.  Interest is charged to each fund based on its borrowings,
at a rate equal to the bank's base rate.  In addition, the funds pay a facility
fee computed at a rate of 1/4 of 1% on the unused portion of the $5,000,000 
facility. The Fund did not have any significant borrowings under the line of
credit during the year ended December 31, 1994.

<PAGE>
                                            
                             INDEPENDENT  AUDITORS'  REPORT
                                            
                                            
                                            
                                            
                                            
                                            
To the Trustees and Shareholders of
The Wright Managed Equity Trust:


We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Wright International Blue
Chip Equities Fund of The Wright Managed Equity Trust as of December 31,
1994 and the related statement of operations for the year then ended,
the statement of changes in net assets for the years ended December 31,
1994 and 1993, the financial highlights for each of the years in the
five-year period ended December 31, 1994. These financial statements and
financial highlights are the responsibility of the Trust's 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 generally accepted auditing 
standards.  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.  An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the 
financial statements.  Our procedures included confirmation of the securities 
owned as of December 31, 1994, by correspondence with the custodian.  An
audit also includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial 
statement presentation.  We believe that our audits provide a reasonable basis 
for our opinion.

In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Wright International
Blue Chip Equities Fund of The Wright Managed Equity Trust as of December 31, 
1994, the results of its operations, the changes in its net assets, and its 
financial highlights for the respective stated periods in conformity with 
generally accepted accounting principles.


DELOITTE & TOUCHE LLP



Boston, Massachusetts
February 2, 1995
<PAGE>


APPENDIX
- --------------------------


DESCRIPTION OF INVESTMENTS


     U.S. GOVERNMENT,  AGENCY AND INSTRUMENTALITY OBLIGATIONS -- U.S. Government
obligations  are issued by the  Treasury  and  include  bills,  certificates  of
indebtedness,  notes,  and bonds.  Agencies  and  instrumentalities  of the U.S.
Government  are  established  under  the  authority  of an act of  Congress  and
include,  but are not limited to, the Government National Mortgage  Association,
the Tennessee  Valley  Authority,  the Bank for  Cooperatives,  the Farmers Home
Administration,  Federal Home Loan Banks,  Federal  Intermediate  Credit  Banks,
Federal Land Banks, and the Federal National Mortgage Association.


     CERTIFICATES OF DEPOSIT -- are certificates  issued against funds deposited
in a bank, are for a definite  period of time,  earn a specified rate of return,
and are normally negotiable.

     BANKERS'  ACCEPTANCES -- are short-term credit  instruments used to finance
the import,  export,  transfer or storage of goods.  They are termed  "accepted"
when a bank guarantees their payment at maturity.

     COMMERCIAL  PAPER -- refers to promissory  notes issued by  corporations in
order to finance their short-term credit needs.

     FINANCE  COMPANY  PAPER -- refers to  promissory  notes  issued by  finance
companies in order to finance their short-term credit needs.


     CORPORATE  OBLIGATIONS -- include bonds and notes issued by corporations in
order to finance longer-term credit needs.



FOREIGN INVESTMENTS


     FOREIGN SECURITIES. The Fund may invest in foreign securities. Investing in
securities  of foreign  governments  or  securities  issued by  companies  whose
principal  business  activities  are  outside  the  United  States  may  involve
significant  risks not  associated  with domestic  investments.  The  securities
markets of many foreign  countries  are less liquid and subject to greater price
volatility and have smaller market  capitalizations  than the U.S. markets.  The
limited  liquidity of certain  foreign  markets in which the Fund may invest may
affect  the Fund's  ability to  accurately  value its  assets  invested  in such
market.  In addition,  the settlement  systems of certain foreign  countries are
less  developed  than the U.S.,  which may impede  the Fund's  ability to effect
portfolio transactions.  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.  Foreign
issuers are  generally not bound by uniform  accounting,  auditing and financial
reporting  requirements  comparable  to those  applicable  to domestic  issuers.
Investments  in foreign  securities  also 
<PAGE>
involve  the  risk  of  possible   adverse  changes  in  exchange   control
regulations,  expropriation or confiscatory  taxation,  limitation on removal of
funds or other  assets  of the  Fund,  political  or  financial  instability  or
diplomatic and other developments which could affect such investments.  Further,
economies of particular  countries or areas of the world may differ favorably or
unfavorably from the economy of the U.S.

     It is anticipated that in most cases, the best available market for foreign
securities will be on exchanges or in  over-the-counter  markets located outside
the U.S. Foreign stock markets, while growing in volume and sophistication,  are
generally  not as  developed  as those in the U.S.  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 addition,
foreign   brokerage   commissions  are  generally  higher  than  commissions  on
securities traded in the U.S. and may be  non-negotiable.  In general,  there is
less overall  governmental  supervision and regulation of securities  exchanges,
brokers and listed companies than in the U.S.


     FOREIGN  CURRENCY  EXCHANGE  TRANSACTIONS.  The Fund may  engage in foreign
currency exchange transactions. Investments in securities of foreign governments
and companies  whose  principal  business  activities are located outside of the
United  States will  frequently  involve  currencies  of foreign  countries.  In
addition, assets of the Fund may temporarily be held in bank deposits in foreign
currencies during the completion of investment programs. Therefore, the value of
the Fund's assets,  as measured in U.S.  dollars,  may be affected  favorably or
unfavorably by changes in foreign  currency  exchange rates and exchange control
regulations. Although the Fund values its assets daily in U.S. dollars, the Fund
does not intend to convert its holdings of foreign  currencies into U.S. dollars
on  a  daily  basis.  The  Fund  may  conduct  its  foreign  currency   exchange
transactions  on a spot (i.e.,  cash) basis at the spot rate  prevailing  in the
foreign currency exchange market. The Fund will convert currency on a spot basis
from  time to time and  will  incur  costs  in  connection  with  such  currency
conversion.   Although  foreign  exchange  dealers  do  not  charge  a  fee  for
conversion,  they do realize a profit  based on the  difference  (the  "spread")
between  the prices at which they are buying  and  selling  various  currencies.
Thus,  a dealer  may offer to sell a foreign  currency  to the Fund at one rate,
while  offering a lesser rate of exchange  should the Fund desire to resell that
currency  to the  dealer.  The Fund does not  intend  to  speculate  in  foreign
currency exchange rates.

     As an alternative to spot  transactions,  the Fund may enter into contracts
to purchase or sell foreign currencies at a future date ("forward" contracts) or
purchase currency call or put options. A forward contract involves an obligation
to  purchase  or sell a specific  currency  at a future  date and price fixed by
agreement  between the parties at the time of entering into the contract.  These
contracts are traded in the interbank market conducted directly between currency
traders (usually large commercial banks) and their customers. A forward contract
generally involves no deposit  requirement and no commissions
<PAGE>
are  charged at any stage for trades.  The Fund  intends to enter into such
contracts  only  on net  terms.  The  purchase  of a put or  call  option  is an
alternative to the purchase or sale of forward contracts and will be used if the
option premiums are less then those in the forward contract market.

   
     The Fund may enter into  forward  contracts  only under two  circumstances.
First,  when the Fund  enters  into a  contract  for the  purchase  or sale of a
security quoted or dominated in a foreign  currency,  it may desire to "lock in"
the U.S.  dollar price of the security.  This is accomplished by entering into a
forward  contract for the purchase or sale, for a fixed amount of U.S.  dollars,
of  the  amount  of  foreign  currency  involved  in  the  underlying   security
transaction  ("transaction  hedging").  Such forward contract  transactions will
enable the Fund to protect  itself  against a possible  loss  resulting  from an
adverse  change in the  relationship  between  the U.S.  dollar and the  subject
foreign currency during the period between the date the security is purchased or
sold and the date of payment for the security.
    

     Second,  when the Fund's investment adviser believes that the currency of a
particular  foreign  country may suffer a substantial  decline  against the U.S.
dollar,  the Fund may enter into a forward  contract to sell, for a fixed amount
of U.S. dollars, the amount of foreign currency  approximating the value of some
or all of the securities  quoted or denominated  in such foreign  currency.  The
precise matching of the forward contract amounts and the value of the securities
involved will not generally be possible.  The future value of such securities in
foreign  currencies  will change as a consequence of  fluctuations in the market
value of those securities  between the date the forward contract is entered into
and the date it  matures.  The  projection  of currency  exchange  rates and the
implementation  of a short-term  hedging  strategy are highly  uncertain.  As an
operating  policy,  the Fund does not intend to enter into forward contracts for
such hedging  purposes on a regular or continuous  basis, and will not do so if,
as a result,  more than 50% of the value of the  Fund's  total  assets  would be
committed to the  consummation of such  contracts.  The Fund will also not enter
into such forward  contracts or maintain a net exposure to such contracts if the
contracts  would  obligate the Fund to deliver an amount of foreign  currency in
excess of the value of the Fund's securities or other assets denominated in that
currency.

   
    The Fund's custodian will place cash or liquid,  high-grade debt securities
in a segregated  account.  The amount of such segregated assets will be at least
equal to the value of the Fund's total assets  committed to the  consummation of
forward contracts  involving the purchase of forward  currency.  If the value of
the securities  placed in the segregated  account  declines,  additional cash or
securities  will be placed in the  account on a daily basis so that the value of
the amount will equal the amount of the Fund's  commitments with respect to such
contracts.
    

     The Fund  generally  will not enter into a forward  contract with a term of
greater than one year. At the maturity of a forward contract, the Fund may elect
to sell the  portfolio  security  and make  delivery  of the  foreign  currency.
Alternatively,  the Fund may retain the security and terminate  its  contractual
obligation to 
<PAGE>
deliver the foreign currency by purchasing an identical offsetting contract
from the same currency trader.

     It is impossible  to forecast with  precision the market value of portfolio
securities  at the  expiration  of a forward  contract.  Accordingly,  it may be
necessary  for the Fund to  purchase  additional  foreign  currency  on the spot
market (and bear the expense of such  purchase)  if the Fund intends to sell the
security and the market value of the security is less than the amount of foreign
currency that the Fund is obligated to deliver.  Conversely, it may be necessary
to sell on the spot market some of the foreign  currency  received upon the sale
of the  portfolio  security  if its market  value  exceeds the amount of foreign
currency that the Fund is obligated to deliver.


     If the Fund retains the  portfolio  security  and engages in an  offsetting
transaction,  the Fund will incur a gain or a loss (as  described  below) to the
extent  that there has been a change in  forward  contract  prices.  If the Fund
engages  in an  offsetting  transaction,  it may  subsequently  enter into a new
forward  contract to sell the foreign  currency.  Should forward contract prices
decline  during  the  period  between  the date the Fund  enters  into a forward
contract  for the sale of the  foreign  currency  and the date it enters into an
offsetting  contract  for the  purchase of the foreign  currency,  the Fund will
realize a gain to the  extent  that the price of the  currency  it has agreed to
sell exceeds the price of the currency it has agreed to purchase. Should forward
contract  prices  increase,  the Fund will  suffer a loss to the extent that the
price of the  currency  it has  agreed  to  purchase  exceeds  the  price of the
currency it has agreed to sell.

     The Fund  will not  speculate  in  forward  contracts  and will  limit  its
dealings in such contracts to the transactions  described above. Of course,  the
Fund is not  required  to enter  into  such  transactions  with  respect  to its
portfolio  securities  and  will  not do so  unless  deemed  appropriate  by its
investment adviser. This method of protecting the value of the Fund's securities
against a decline in the value of a currency does not eliminate  fluctuations in
the  underlying  prices  of the  securities.  It  simply  establishes  a rate of
exchange which the Fund can achieve at some future time. Additionally,  although
such  contracts  tend to minimize the risk of loss due to a decline in the value
of the hedged  currency,  they also tend to limit any potential gain which might
be realized if the value of such currency increases.


   
LENDING PORTFOLIO SECURITIES
    


     The Fund may seek to increase its income by lending portfolio securities to
broker-dealers  or  other  institutional  borrowers.  Under  present  regulatory
policies of the Securities and Exchange  Commission,  such loans are required to
be  secured  continuously  by  collateral  in  cash,  cash  equivalents  or U.S.
Government  securities held by the Fund's  custodian and maintained on a current
basis at an amount at least equal to the market value of the securities  loaned,
which will be marked to market daily. Cash equivalents  include  certificates of
deposit,  commercial paper and other short-term  money market  instruments.  The
Fund would have the right to call a loan and obtain the securities loaned at any
time on up to five business  days' notice.  The Fund would not
<PAGE>
have the right to vote any  securities  having  voting  rights  during  the
existence  of a loan,  but would call the loan in  anticipation  of an important
vote to be taken among holders of the securities or the giving or withholding of
their consent on a material matter affecting the investment.

WRIGHT QUALITY RATINGS

     Wright Quality Ratings provide the means by which the fundamental  criteria
for the  measurement  of quality of an issuer's  securities  can be  objectively
evaluated.

     Each rating is based on 32 individual measures of quality grouped into four
components: (1) Investment Acceptance, (2) Financial Strength, (3) Profitability
and Stability,  and (4) Growth. The total rating is three letters and a numeral.
The three letters measure (1) Investment Acceptance, (2) Financial Strength, and
(3) Profitability and Stability. Each letter reflects a composite measurement of
eight individual standards which are summarized as A: Outstanding, B: Excellent,
C: Good, D: Fair,  L: Limited,  and N: Not Rated.  The numeral  rating  reflects
Growth and is a composite of eight individual standards ranging from 0 to 20.


EQUITY SECURITIES

     INVESTMENT  ACCEPTANCE  reflects the acceptability of a security by and its
marketability  among  investors,  and the adequacy of the floating supply of its
common shares for the investment of substantial funds.

     FINANCIAL  STRENGTH  represents  the amount,  adequacy and liquidity of the
corporation's resources in relation to current and potential  requirements.  Its
principal  components  are  aggregate  equity  and total  capital,  the ratio of
invested equity capital to debt, the adequacy of net working capital,  its fixed
charges coverage ratio and other appropriate criteria.

     PROFITABILITY  AND  STABILITY   measures  the  record  of  a  corporation's
management  in  terms  of (1) the  rate and  consistency  of the net  return  on
shareholders'  equity capital  investment at corporate  book value,  and (2) the
profits or losses of the corporation  during generally adverse economic periods,
including its ability to withstand adverse financial developments.

     GROWTH per common share of the corporation's equity capital,  earnings, and
dividends -- rather than the  corporation's  overall  growth of dollar sales and
income.

     These  ratings  are  determined  by  specific   quantitative   formulae.  A
distinguishing  characteristic  of these  ratings is that The Wright  Investment
Committee  must  review and  accept  each  rating.  The  Committee  may reduce a
computed rating of any company, but may not increase it.


DEBT SECURITIES

     Wright ratings for commercial paper,  corporate bonds and bank certificates
of  deposit  consist  of  the  two  central   positions  of  the  four  position
alphanumeric  corporate equity rating. The two central positions represent those
factors which are most applicable to
<PAGE>
fixed  income  and  reserve  investments.  The first,  Financial  Strength,
represents  the amount,  the  adequacy and the  liquidity  of the  corporation's
resources  in relation  to current and  potential  requirements.  Its  principal
components are aggregate  equity and total  capital,  the ratios of (a) invested
equity capital, and (b) long-term debt, total of corporate capital, the adequacy
of net  working  capital,  fixed-charges  coverage  ratio and other  appropriate
criteria. The second letter represents  Profitability and Stability and measures
the  record  of a  corporation's  management  in  terms  of:  (a) the  rate  and
consistency  of the net return on  shareholders'  equity  capital  investment at
corporate book value,  and (b) the profits and losses of the corporation  during
generally  adverse  economic  periods,  and its  ability  to  withstand  adverse
financial developments.

     The first  letter  rating of the Wright  four-part  alphanumeric  corporate
rating is not  included  in the  ratings  of fixed  income  securities  since it
primarily  reflects the adequacy of the floating supply of the company's  common
shares for the investment of substantial funds. The numeric growth rating is not
included because this element is identified only with equity investments.




A-1 AND P-1 COMMERCIAL PAPER RATINGS
BY STANDARD & POOR'S AND MOODY'S


     A Standard & Poor's Commercial Paper Rating is a current  assessment of the
likelihood of timely payment of debt having an original maturity of no more than
365 days.

     `A':  Issues  assigned  this  highest  rating  are  regarded  as having the
greatest  capacity for timely  payment.  Issues in this category are  delineated
with the  numbers 1, 2, and 3 to indicate  the  relative  degree of safety.  The
`A-1'  designation  indicates that the degree of safety regarding timely payment
is either  overwhelming  or very  strong.  Those  issues  determined  to possess
overwhelming  safety  characteristics  will  be  denoted  with a plus  (+)  sign
designation.

     The commercial paper rating is not a  recommendation  to purchase or sell a
security.  The ratings are based on current information  furnished to Standard &
Poor's by the issuer or obtained from other sources it considers  reliable.  The
ratings  may be changed,  suspended  or  withdrawn  as a result of changes in or
unavailability of such information.

     Issuers (or related  supporting  institutions)  rated P-1 by Moody's have a
superior  capacity  for  repayment of  short-term  promissory  obligations.  P-1
repayment capacity will normally be evidenced by the following characteristics:

     --  Leading market positions in well-established industries.

     --  High rates of return on funds employed.

     --  Conservative capitalization structures with moderate  reliance on debt
         and ample asset protection.

     --  Broad margins in earnings coverage of fixed financial charges and high
         internal cash generation.

     --  Well-established  access to a range of  financial markets  and assured
         sources of alternate liquidity.
<PAGE>


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