WRIGHT MANAGED EQUITY TRUST, 485APOS, 1997-02-28

WRIGHT MANAGED EQUITY TRUST
485APOS, 1997-02-28

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As filed with the Securities and Exchange Commission on February 28, 1997.

1933 Act File No. 2-78047
1940 Act File No. 811-3489

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT
UNDER
SECURITIES ACT OF 1933 [x]
POST-EFFECTIVE AMENDMENT NO. 21 [x]
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 [x]
AMENDMENT NO. 22 [x]

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

24 Federal Street, Boston, Massachusetts 02110
--------------------------------------------------------
(Address of Principal Executive Offices)

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

Alan Dynner
24 Federal Street, Boston, Massachusetts 02110
-----------------------------------------------
(Name and Address of Agent for Service)

[x] It is proposed that this filing will become effective on May 1, 1997
pursuant to paragraph (a) of Rule 485.

Pursuant to Rule 24f-2 under the Investment Company Act of 1940, Registrant
has registered an indefinite number of securities under the Securities Act of
1933. Registrant filed a Rule 24f-2 Notice for the fiscal year ended December
31, 1996 on February 25, 1997. Registrant continues its election to register an
indefinite number of shares of beneficial interest pursuant to Rule 24f-2 under
the Investment Company Act of 1940, as amended.
<PAGE>

This post-effective amendment to the Trust's registration statement on
Form N-1A consists of the following documents and papers:

Cross Reference Sheet required by Rule 481(a) under Securities Act of 1933.

Part A -The Combined Prospectus of:

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

Part B -The Combined Statement of Additional Information of:

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

Part C - Other Information

Signatures

Exhibit Index Required by Rule 483(a) under the Securities Act of 1933

Exhibits

<PAGE>

The Wright Managed Equity Trust

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

Cross Reference Sheet
<TABLE>
<CAPTION>

Item No. Statement of
FORM N-1A--Part A Prospectus Caption Additional Information Caption
- ----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C>
1........................ Front Cover Page
2........................ Shareholder and Fund Expenses
3 (a).................... Financial Highlights
3 (b).................... Not Applicable
3 (c).................... Performance Information
4........................ The Funds and their Investment Objectives and
Policies, Other Investment Policies, Other Information
5........................ The Investment Adviser, The Administra- tor,
Distribution Expenses, Service Plan, Back Cover
5 (a).................... Not Applicable
6........................ Other Information, Distributions by the Funds, Taxes
7........................ Share Purchase Alternatives, How to Buy Shares, How
the Funds Value their Shares, Account Statements and
Confirmations, How to Exchange Shares, Tax-Sheltered
Retirement Plans
8........................ How to Redeem or Sell Shares
9........................ Not Applicable

Form N-1A -- Part B
- ----------------------------------------------------------------------------------------------------------------------------------

10....................... Front Cover Page and Back Cover
11....................... Table of Contents
12....................... Additional Information about theTrust
13....................... Additional Investment Information
14....................... Officers and Trustees
15....................... Control Persons and Principal Holders of Shares
16....................... Investment Advisory and Administrative Services,
Custodian, Independent
Certified Public Accountants, Back Cover
17....................... Brokerage Allocation
18.......................
19....................... How to Buy Shares, How to Redeem Pricing of Shares
or Sell Shares, How the Funds Value
Their Shares
20....................... Taxes
21....................... Principal Underwriter
22....................... Calculation of Performance and Yield
Information
23....................... Financial Statements
</TABLE>
<PAGE>

PROSPECTUS
STANDARD SHARES
INSTITUTIONAL SHARES May 1, 1997

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

The Wright Managed Blue Chip Investment Funds

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

The Wright Managed Blue Chip Investment Funds (the "Funds") consist of nine
series or Funds from The Wright Managed Equity Trust and The Wright Managed
Income Trust (the "Trusts"). Each Fund has distinct investment objectives and
policies which are discussed starting on page 1. The nine Funds are:

Wright Selected Blue Chip Equities Fund Wright U.S. Treasury Fund
Wright Junior Blue Chip Equities Fund Wright U.S. Treasury Near Term Fund
Wright Major Blue Chip Equities Fund Wright Total Return Bond Fund
Wright International Blue Chip Equities Fund Wright Current Income Fund
Wright U.S. Treasury Money Market Fund

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

Each of Wright Selected Blue Chip Equities Fund, Wright Junior Blue Chip
Equities Fund, Wright International Blue Chip Equities Fund, Wright U.S.
Treasury Fund, Wright U.S. Treasury Near Term Fund and Wright Current Income
Fund (the "Feeder Funds") invests its assets in a corresponding series
("Portfolio") of The Wright Blue Chip Master Portfolio Trust, a diversified
open-end investment company (the "Portfolio Trust"), having the same investment
objective as the Fund, rather than directly investing in and managing its own
portfolio of securities. 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, 1997, 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 (Telephone: 800-888-9471).

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 EACH TRUST
HAVE CONSIDERED THIS IN APPROVING THE USE OF A COMBINED PROSPECTUS.

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.

SHARES OF WRIGHT U.S. TREASURY MONEY MARKET FUND ARE NEITHER INSURED NOR
GUARANTEED BY THE U.S. GOVERNMENT AND THERE IS NO ASSURANCE THAT IT WILL BE ABLE
TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER SHARE.

- -------------------------------------------------------------------------------
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>

Table of Contents

PAGE

Shareholder and Fund Expenses............................ ii
Financial Highlights..................................... iv
The Funds and their Investment Objectives and Policies .. 1
The Wright Managed Equity Trust
Wright Selected Blue Chip Equities Fund (WBC).......... 1
Wright Junior Blue Chip Equities Fund (WJBC)........... 2
Wright Major Blue Chip Equities Fund (WMBC)............ 2
Wright International Blue Chip Equities Fund ( WIBC).. 2
The Wright Managed Income Trust
Wright U.S. Treasury Fund (WUSTB)...................... 3
Wright U.S. Treasury Near Term Fund (WNTB)............. 3
Wright Total Return Bond Fund (WTRB)................... 4
Wright Current Income Fund (WCIF)...................... 4
Wright U.S. Treasury Money Market Fund (WTMM).......... 4
Other Investment Policies................................ 5
The Investment Adviser................................... 7
The Administrator........................................ 9
Distribution Expenses.................................... 10
Service Plans............................................ 10
How the Funds Value their Shares......................... 11
How to Buy Shares........................................ 11
How Shareholder Accounts are Maintained.................. 12
Distributions by the Funds............................... 13
Taxes.................................................... 13
How to Exchange Shares................................... 16
How to Redeem or Sell Shares............................. 16
Performance Information.................................. 18
Other Information........................................ 18
Tax-Sheltered Retirement Plans........................... 19

<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 for Standard Shares are based on actual
amounts incurred for the fiscal year ended December 31, 1996 except that Service
Plan fees are estimated for the current fiscal year. Operating expenses for
Institutional Shares are based on estimated expenses that would have been
incurred if Institutional Shares had been outstanding for the entire fiscal year
ended December 31, 1996. Institutional Shares were first offered on May 1, 1997.

<TABLE>
<CAPTION>
Wright Wright Wright Wright
Selected Blue Chip Junior Blue Chip Major Blue Chip International Blue Chip
Equities Fund (WBC) Equities Fund (WJBC) Equities Fund (WMBC) Equities Fund (WIBC)
- -----------------------------------------------------------------------------------------------------------------------------------

Standard Institutional Standard Institutional Standard Institutional Standard Institutional
Shares Shares Shares Shares Shares Shares Shares Shares

<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shareholder Transaction Expenses none none none none none none none none

Annualized Fund Operating Expenses
(as a percentage of average net assets)
Investment Adviser Fee ____% ____% ____% ____% ____% ____% ____% ____%
Rule 12b-1 Distribution Expense
(after expense limitation) (1) ____% ____% ____% ____% ____% ____% ____% ____%
Other Expenses (including administration
and Service Plan fees) (2) ____% ____% ____% ____% ____% ____% ____% ____%
- ----------------------------------------------------------------------------------------------------------------------------------

Total Operating Expenses
(after limitations) (1) ____% ____% ____% ____% ____% ____% ____% ____%

- -----------------------------------------------------------------------------------------------------------------------------------
<FN>

(1) The Adviser and Distributor have temporarily and voluntarily agreed to limit
the total operating expenses of WJBC and WMBC to [ ]% and [ ]%, respectively.
Absent this agreement, the Rule 12b-1 Distribution Expense and Total Operating
Expenses of WJBC and WMBC would be [ ]% and [ ]%, respectively. If credits
resulting from cash balances maintained with Investors Bank & Trust Company were
reflected in the table above, the Total Operating Expenses for WJBC and WMBC
would be [ ]% and [ ]%, respectively.

(2) Administration fees for WBC, WJBC, WMBC and WIBC were [ ]%, [ ]%, [ ]%, and
[ ]%, respectively. Service Plan fees for the current fiscal year for WBC, WJBC,
WMBC and WIBC are estimated to be [ ]%, [ ]%, [ ]% and [ ]%, respectively.
</FN>
</TABLE>

<TABLE>
<CAPTION>
Wright Wright Wright Wright U.S. Treasury
U.S. Treasury U.S. Treasury Total Return Current Money
Fund Near Term Fund Bond Fund Income Fund Market Fund
(WUSTB) (WNTB) (WTRB) (WCIF) (WTMM)
- -----------------------------------------------------------------------------------------------------------------------------------
Standard Institutional Standard Institutional Standard Standard Institutional
Shares Shares Shares Shares Shares Shares Shares

<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shareholder Transaction Expenses none none none none none none none none

Annualized Fund Operating Expenses
after expense allocations and fee limitations
(as a percentage of average net assets)
Investment Adviser Fee
(after fee limitation) ____% ____% ____% ____% ____% ____% ____% ____%

Rule 12b-1 Distribution Expense
(after expense limitation)(1) ____% ____% ____% ____% ____% ____% ____% ____%
Other Expenses (including administration
and Service Plan fees) (2) ____% ____% ____% ____% ____% ____% ____% ____%

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

Total Operating Expenses
(after limitations)(1) ____% ____% ____% ____% ____% ____% ____% ____%

- -----------------------------------------------------------------------------------------------------------------------------------
<FN>

(1) The Adviser and the Distributor have temporarily and voluntarily agreed to
limit the total operating expenses of WUSTB and WTMM to [ ]% and [ ]%,
respectively. Absent this agreement, the Investment Adviser Fee, the Rule 12b-1
Distribution Expense and Total Operating Expenses would be [ ]%, [ ]% and [ ]%
for WUSTB and [ ]%, [ ]% and [ ]% for WTMM, respectively. If credits resulting
from cash balances maintained with Investors Bank & Trust Company were reflected
in the table above, the Total Operating Expenses for WUSTB, WNTB and WTMM would
be [ ]%, [ ]% and [ ]%, respectively.

(2) Administration fees for WUSTB, WNTB, WTRB, WCIF and WTMM were [ ]%, [ ]%, [
]%, [ ]% and [ ]%, respectively. Service Plan fees for the current fiscal year
for WUSTB, WNTB, WTRB and WCIF are estimated to be [ ]%, [ ]%, [ ]% and [ ]%,
respectively.
</FN>
</TABLE>

<PAGE>

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 an investment of $1,000, a 5% annual return on the investment and
redemption at the end of each period:
<TABLE>
<CAPTION>

Wright Wright Wright Wright
Selected Blue Chip Junior Blue Chip Major Blue Chip International Blue Chip
Equities Fund (WBC) Equities Fund (WJBC) Equities Fund (WMBC) Equities Fund (WIBC)
- ---------------------------------------------------------------------------------------------------------------------------------

Standard Institutional Standard Institutional Standard Institutional Standard Institutional
Shares Shares Shares Shares Shares Shares Shares Shares

<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year $ $ $ $ $ $ $ $
3 Years
5 Years
10 Years
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Wright Wright Wright Wright U.S. Treasury
U.S. Treasury U.S. Treasury Total Return Current Money
Fund Near Term Fund Bond Fund Income Fund Market Fund
(WUSTB) (WNTB) (WTRB) (WCIF) (WTMM)
- ---------------------------------------------------------------------------------------------------------------------------------

Standard Institutional Standard Institutional Standard Standard Institutional
Shares Shares Shares Shares Shares Shares Shares

THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. Federal
regulations require the Example to assume a 5% annual return, but actual return
will vary.

A Fund's payment of a distribution fee for Standard Shares may result in a
long-term shareholder indirectly paying more than the economic equivalent of the
maximum initial sales charge permitted under the Conduct Rules of the National
Association of Securities Dealers, Inc. Wright U.S. Treasury Money Market Fund
does not pay a distribution fee.

Each Feeder Fund invests exclusively in its corresponding Portfolio. Other
investment companies with different distribution arrangements and fees may
invest in the Portfolios in the future.

<PAGE>

Financial Highlights

The following information should be read in conjunction with the audited
financial statements included in the Funds' annual reports to shareholders which
are incorporated by reference into the Statement of Additional Information in
reliance upon the report of [ ] independent certified public accountants, as
experts in accounting and auditing. Further information regarding the
performance of a Fund is contained in its 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. Institutional
Shares were not offered prior to December 31, 1996 and no financial highlights
information is available for Institutional Shares.

The Wright Managed Equity Trust
<TABLE>
<CAPTION>

Year Ended December 31, Standard Shares
--------------------------------------------------------------------------------------
WRIGHT SELECTED
BLUE CHIP EQUITIES FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
- ---------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $ 13.850 $ 14.920 $14.790 $17.180 $ 13.840 $ 15.370 $13.760 $12.120 $14.040
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Income (loss) from Investment Operations:
Net investment income(1)......... $ $ 0.226 $ 0.233 $ 0.196 $ 0.222 $ 0.267 $ 0.323 $ 0.368 $ 0.315 $ 0.292
Net realized and unrealized gain
(loss) on investments........... 3.904 (0.763 0.104 0.498 4.553 (0.843 2.922 2.250 (0.557)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total income (loss) from
investment operations........ $ $ 4.130 $ (0.530)$ 0.300 $ 0.720 $ 4.820 $(0.520) $ 3.290 $ 2.565 $(0.265)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Less Distributions:
From net investment income.......$ $ (0.200)$ (0.180)$(0.170) $(0.200) $(0.250)$(0.320) $(0.310)$(0.275) $(0.340)
From net realized gain on
investments.................... (0.840) (0.360) -- (2.910) (1.230) (0.690) (1.370) (0.650) (1.315)
In excess of net realized gain on
investments(3).................. (0.110) -- -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Total distributions..............$ $ (1.150)$ (0.540)(0.170) $(3.110) $(1.480)$(1.010) $(1.680)$(0.925)$ (1.655)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Net asset value, end of year.......$ $ 16.830 $ 13.850 $14.920 $14.790 $ 17.180 $ 13.840 $15.370 $13.760 $12.120
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return(2).................... . % 30.34% (3.52%) 2.06% 4.71% 35.98% (3.30%) 24.57% 21.31% (1.83%)

Ratios/Supplemental Data
Net assets,end of year
(000 omitted)...................$ $217,588 $186,016 $175,481 $152,997 $167,900 $108,571 $120,345 $114,042 $ 99,200
Ratio of expenses to average
net assets..................... . % 1.04% 1.03% 1.03% 1.02% 1.08% 1.12% 1.11% 1.10% 1.03%
Ratio of net investment income to
average net assets.............. . % 1.44% 1.57% 1.28% 1.34% 1.67% 2.28% 2.38% 2.29% 1.92%
Portfolio Turnover Rate % 44% 72% 28% 77% 72% 83% 20% 29% 30%
<FN>

(1) 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:

Net investment income per share.... $ 0.279
=======
Ratios (As a percentage of average net assets):
Expenses......................... 1.09%
=======
Net investment income............ 1.86%
=======

(2) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(3) The Fund has followed the Statement of Position (SOP)93-2: Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distribution by Investment Companies. The SOP requires
that differences in the recognition or classification of income between the
financial statements and tax earnings and profits that result in temporary
over-distributions for financial statement purposes, are classified as
distributions in excess of net investment income or accumulated net realized
gains.

</FN>
</TABLE>

WRIGHT JUNIOR Year Ended December 31, Standard Shares
--------------------------------------------------------------------------------------
BLUE CHIP EQUITIES FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987

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

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $ 11.000 $ 11.950 $11.690 $14.720 $ 11.500 $ 13.020 $12.450 $11.030 $12.730
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Income from Investment Operations:
Net investment income(1)......... $ $ 0.120 $ 0.101 $ 0.101 $ 0.045 $ 0.072 $ 0.111 $ 0.177 $ 0.197 $ 0.131
Net realized and unrealized gain
(loss) on investments........... 1.977 (0.431) 0.809 0.315 4.118 (1.491) 1.723 1.478 (0.671)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Total income (loss) from investment
operations.................... $ $ 2.097 $ (0.330) $ 0.910 $ 0.360 $ 4.190 $(1.380) $ 1.900 $ 1.675 $(0.540)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Less Distributions:
From net investment income....... $ $ (0.100)$ (0.100) $(0.060) $ (0.030)$(0.070) $(0.140) $(0.150)$(0.175 $(0.150)
From net realized gain on investments (1.030) (0.520) (0.590) (3.360) (0.900) -- (1.180) (0.080) (1.010)
In excess of net realized gain
on investments(4)............... (1.117) -- -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Total distributions.............. $ $ (2.247)$(0.620) $(0.650) $(3.390)$(0.970) $(0.140) $(1.330 $(0.255)$ 1.160)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Net asset value, end of year....... $ $ 10.850 $ 11.000 $11.950 $11.690 $ 14.720 $ 11.500 $13.020 $12.450 $11.030
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return(3).................... 20.51% (2.75%) 7.93% 3.28% 36.98% (10.61%) 15.61% 15.21% (3.58%)
Ratios/Supplemental Data
Net assets,end of year
(000 omitted)..................$ $25,993 $ 37,124 $ 68,226$ 64,635 $120,911 $ 63,385 $ 98,593 $121,644 $ 95,808
Ratio of expenses to average net assets 1.17%(2) 1.11% 1.09% 1.07% 1.10% 1.14% 1.10% 1.08% 1.03%
Ratio of net investment income to
average net assets.............. 0.89% 0.91% 0.86% 0.31% 0.52% 0.95% 1.34% 1.61% 0.96%
Portfolio Turnover Rate............ 40% 36% 38% 80% 60% 75% 15% 38% 58%

<FN>

(1) During the year ended December 31, 1995, the Principal Underwriter reduced
its fee and during the year ended December 31, 1987, the Administrator
reduced its fee. Had such actions not been undertaken, net investment income
per share and the ratios would have been as follows:

1995 1987
- ------------------------------------------------------------------------------

Net investment income per share.. $ 0.105 $ 0.118
======== ========
Ratios (As a percentage of average net assets):

Expenses........................ 1.28% 1.08%
======== ========
Net investment income........... 0.78% 0.91%
======== ========

(2) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian. The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits, in accordance with reporting regulations in effect beginning
in 1995. If these credits were considered, the ratio of net expenses to
average daily net assets would have been reduced to 1.14%.
(3) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(4) The Fund has followed the Statement of Position (SOP)93-2:Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distribution by Investment Companies. The SOP requires
that differences in the recognition or classification of income between the
financial statements and tax earnings and profits that result in temporary
over-distributions for financial statement purposes, are classified as
distributions in excess of net investment income or accumulated net realized
gains.
</FN>
</TABLE>

WRIGHT MAJOR BLUE CHIP Year Ended December 31, Standard Shares
--------------------------------------------------------------------------------------
EQUITIES FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
- ---------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $ 11.390 $ 12.720 $13.380 $14.730 $ 10.760 $ 11.290 $10.590 $ 9.710 $12.810
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Income (Loss) from Investment Operations:
Net investment income(1)......... $ $ 0.153 $ 0.180 $ 0.176 $ 0.179 $ 0.175 $ 0.192 $ 0.207 $ 0.211 $ 0.233
Net realized and unrealized gain (loss) on
investments..................... 3.107 (0.295) (0.046) 0.951 3.985 (0.522) 2.163 1.394 (0.303)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Total income (loss) from investment
operations.................... $ $ 3.260 $ (0.115)$ 0.130 $ 1.130 $ 4.160 $(0.330) $ 2.370 $ 1.605 $(0.070)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Less Distributions:
From net investment income....... $ $ (0.160)$ (0.160)$(0.160) $(0.160)$(0.190) $(0.200) $(0.220) $(0.185)$ (0.265)
From net realized gain on investments (1.840) (1.055) (0.625) (2.320) -- -- (1.450) (0.540) (2.765)
In excess of net realized gains(4) -- -- (0.005) -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total distributions.............. $ $ (2.000)$(1.215) $(0.790 $(2.480)$(0.190) $(0.200) $(1.670) $(0.725)$ (3.030)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------

Net asset value, end of year....... $ $ 12.650 $ 11.390 $12.720 $13.380 $ 14.730 $ 10.760 $11.290 $10.590 $ 9.710
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return....................... 28.98% (0.70%) 1.00% 8.02% 38.90% (2.89%) 23.02% 16.66% 1.01%

Ratios/Supplemental Data
Net assets, end of year
(000 omitted)................ $ $ 49,134 $ 51,085 $88,349 $81,674 $ 80,065 $ 44,293 $ 50,193 $60,989 $60,579
Ratio of expenses to average net assets 1.07%(2) 0.99% 0.97% 1.01% 1.03% 1.07% 1.14% 1.06% 0.96%
Ratio of net investment income to
average net assets.............. 1.19% 1.46% 1.37% 1.20% 1.34% 1.80% 1.76% 1.97% 1.61%
Portfolio Turnover Rate............ 83% 55% 53% 70% 9% 18% 12% 14% 34%
<FN>

(1) The Principal Underwriter made a reduction of its fees during the years
ended December 31, 1995 and 1990. During each of the years ended December
31, 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
ratios would have been as follows:

Year Ended December 31,
--------------------------------------------

1995 1990 1989 1988 1987
- -----------------------------------------------------------------------------------------------

Net investment income per share............. $ 0.150 $ 0.183 $ 0.206 $ 0.208 $ 0.222
======= ======= ======= ======= =======
Ratios (As a percentage of average net assets):
Expenses................................. 1.09% 1.15% 1.15% 1.08% 1.00%
======= ======= ======= ======= =======
Net investment income.................... 1.17% 1.72% 1.75% 1.95% 1.57%
======= ======= ======= ======= =======

(2) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian. The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits, in accordance with reporting regulations in effect beginning
in 1995. If these credits were considered, the ratio of net expenses to
average daily net assets would have been reduced to 1.05%.
(3) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(4) The Fund has followed the Statement of Position (SOP)93-2:Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distribution by Investment Companies. The SOP requires
that differences in the recognition or classification of income between the
financial statements and tax earnings and profits that result in temporary
over-distributions for financial statement purposes, are classified as
distributions in excess of net investment income or accumulated net realized
gains.
</FN>
</TABLE>

WRIGHT INTERNATIONAL Year Ended December 31, Standard Shares
------------------------------------------------------------------------------
BLUE CHIP EQUITIES FUND 1996 1995 1994 1993 1992 1991 1990 1989(2)

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

<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $13.090 $13.410 $ 10.520 $ 11.040 $ 9.520 $10.400 $10.000
------- ------- ------- ------- ------- ------- ------- -------

Income (loss) from Investment Operations:
Net investment income(1)......... $ $ 0.142 $ 0.127 $ 0.107 $ 0.094 $ 0.115 $ 0.164 $ 0.092
Net realized and unrealized gain (loss) on
investments..................... 1.638 (0.347) 2.853 (0.524) 1.515 (0.874) 0.353
------- ------- ------- ------- ------- ------- ------- -------
Total income (loss) from investment
operations.................... $ $ 1.780 $(0.220)$ 2.960 $ (0.430) $1.630 $(0.710) $ 0.445
------- ------- ------- ------- ------- ------- ------- -------

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

Net asset value, end of year....... $ $14.770 $13.090 $ 13.410 $ 10.520 $11.040 $ 9.520 $10.400
======= ======= ======= ======= ======= ======= ======= =======
Total Return(3).................... 13.61% (1.64%) 28.22% (3.94%) 17.21% (6.92%) 4.46%(4)

Ratios/Supplemental Data
Net assets, end of year (000 omitted) $ $237,176 $200,232 $100,071 $74,409 $51,802 $18,842 $14,363
Ratio of expenses to average net assets 1.29% 1.31% 1.46% 1.51% 1.67% 1.65% 0.59%(4)
Ratio of net investment income to
average net assets.............. 0.99% 1.00% 0.67% 0.81% 1.12% 1.66% 3.28%(4)
Portfolio Turnover Rate 12% 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 net 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%(4)
======= =======
Net investment income............ 0.93% 2.33%(4)
======= =======

(2) For the period from September 14, 1989 (commencement of operations), to
December 31, 1989.
(3) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(4) Annualized.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

The Wright Managed Income Trust

WRIGHT Year Ended December 31, Standard Shares
----------------------------------------------------------------------------------------
U.S. TREASURY FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
- ----------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $ 12.250 $ 14.360 $13.190 $13.220 $ 12.100 $ 12.300 $11.440 $11.540 $13.070
------- ------- -------- -------- ------- ------- -------- ------- -------- --------

Income (loss) from Investment Operations:
Net investment income(1)......... $ $ 0.880 $ 0.880 $ 0.892 $ 0.911 $ 0.902 $ 0.912 $ 0.937 $ 0.950 $ 0.978
Net realized and unrealized gain (loss)
on investments.................. 2.458 (2.110) 1.170 (0.030) 1.120 (0.202 0.859 (0.100) (1.398)
------- -------- -------- -------- -------- ------- -------- -------- -------- --------

Total income (loss) from investment
operations..................... $ $ 3.338 $ (1.230) $2.062 $ 0.881 $ 2.022 $ 0.710 $ 1.796 $ 0.850 $(0.420)
------ --------- -------- -------- -------- ------- -------- -------- -------- --------

Less Distributions:
From net investment income....... $ $ (0.878)$ (0.880) $(0.892)$ (0.911)$ (0.902)$(0.910) $(0.936) $(0.950)$(1.100)
From net realized gain on investment
transactions.................... -- -- -- -- -- -- -- -- (0.010)
------- -------- -------- -------- -------- ------- -------- -------- -------- --------
Total distributions........... $ $ (0.878 $ (0.880) $(0.892)$(0.911) $(0.902) $(0.910) $(0.936) $(0.950)$(1.110)
--------------- -------- -------- -------- ------- -------- -------- -------- ---------

Net asset value, end of year....... $ $ 14.710 $ 12.250 $14.360 $13.190 $ 13.220 $ 12.100 $12.300 $11.440 $11.540
======= ======== ======== ======= ========= ======= ======== ======= ======== =========

Total Return(2).................... 28.18% (8.66%) 15.90% 7.07% 17.56% 6.33% 16.26% 7.60% (2.96%)
Ratios/Supplemental Data:
Net assets, end of year
(000 omitted).................. $ $ 15,156 $ 16,658 $29,846 $29,703 $33,857 $37,293 $49,445 $36,037 $41,337
Ratio of net expenses to average
net assets...................... 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.7%
Ratio of net investment income to
average net assets.............. 6.6% 6.9% 6.3% 7.1% 7.4% 8.1% 7.9% 8.3% 8.1%
Portfolio Turnover Rate.......... 8% 1% 12% 15% 15% 32% 15% 14% 68%
<FN>

(1) During the year ended December 31, 1987, the operating expenses of the Fund
were reduced either by a reduction of the investment adviser fee,
administrator fee, or distribution fee or through certain expense
allocations to the Adviser or a combination of these. During each of the
four years ended December 31, 1995, the operating expenses of the Fund were
reduced either by an allocation of expenses to the Adviser or a reduction in
distribution fee, 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:

Year Ended December 31,
--------------------------------------------

1995 1994 1993 1992 1987

Net investment income per share.... $ 0.827 $ 0.854 $ 0.878 $ 0.898 $ 0.960
======== ======== ================ ========

Ratios (As a percentage of average net assets):
Expenses........................ 1.2% 1.1% 1.0% 1.0% 0.8%
======== ======== ================ ========

Net investment income........... 6.2% 6.7% 6.2% 7.0% 8.0%
======== ======== ================ ========

(2) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the payable date.

</FN>
</TABLE>

WRIGHT U.S. TREASURY Year Ended December 31, Standard Shares
----------------------------------------------------------------------------------------
NEAR TERM FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
- ----------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $ 9.920 $ 10.840 $10.660 $10.750 $ 10.260 $ 10.330 $10.160 $10.500 $11.400
------- -------- --------- -------- ------- -------- -------- -------- -------- --------

Income (loss) from Investment Operations:
Net investment income(1)......... $ $ 0.631 $ 0.588 $ 0.655 $ 0.739 $ 0.795 $ 0.871 $ 0.928 $ 0.928 $ 0.969
Net realized and unrealized gain (loss)
on investments.................. 0.524 (0.920) 0.180 (0.090) 0.489 (0.068) 0.160 (0.340) (0.739)
------- -------- --------- -------- -------- ------- -------- -------- -------- --------

Total income (loss) from investment
operations..................... $ $ 1.155 $(0.332) $0.835 $ 0.649 $ 1.284 $ 0.803 $ 1.088 $ 0.588 $ 0.230
------- --------- -------- -------- ------ --------- -------- -------- -------- --------
Less Distributions:
From net investment income....... $ $ (0.625)$(0.588) $(0.655 $(0.739 $(0.794) $(0.873) $(0.918) $(0.928) $(1.120)
From net realized gain on investment
transactions.................... -- -- -- -- -- -- -- -- (0.010)
------- --------- -------- -------- ------- -------- -------- -------- -------- --------

Total distributions........... $ $ (0.625)$(0.588) $(0.655)$(0.739)$(0.794) $(0.873) $(0.918) $(0.928) $(1.130)
------- --------- -------- -------- ------- -------- -------- -------- -------- --------

Net asset value, end of year....... $ $ 10.450 $ 9.920 $10.840 $10.660 $ 10.750 $ 10.260 $10.330 $10.160 $10.500
======= ======== ======== ======= ========== ====== ======== ======= ========= ========

Total Return(2).................... 11.93% (3.10%) 7.95% 6.26% 13.08% 8.23% 11.17% 5.75% 2.34%
Ratios/Supplemental Data:
Net assets, end of year
(000 omitted).................. $ $ 143,600 $212,122 $380,917 $371,074 $232,407 $253,537 $237,558 $199,200 $192,947
Ratio of net expenses to average
net assets...................... 0.8% 0.7% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8% 0.6%
Ratio of net investment income to
average net assets.............. 6.1% 5.7% 6.0% 6.9% 7.7% 8.6% 9.0% 8.9% 9.1%
Portfolio Turnover Rate.......... 21% 33% 22% 6% 18% 25% 28% 23% 7%

<FN>

(1) During the year ended December 31, 1987, the Adviser and the Administrator
reduced their fees. Had such actions not been undertaken, the net investment
income per share and the ratios would have been as follows:

Year Ended December 31,
1987

Net investment income per share.... $ 0.949
========

Ratios (As a percentage of average net assets):

Expenses........................ 0.8%
========

Net investment income........... 8.9%
========

WRIGHT TOTAL RETURN Year Ended December 31, Standard Shares
----------------------------------------------------------------------------------------
BOND FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
- ----------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year. $ $ 11.430 $ 13.010 $12.610 $12.580 $ 11.700 $ 12.010 $11.430 $11.560 $13.120
------- --------- -------- -------- ------- -------- -------- -------- -------- --------

Income (loss) from Investment Operations:
Net investment income(1)......... $ $ 0.758 $ 0.740 $ 0.789 $ 0.830 $ 0.854 $ 0.886 $ 0.923 $ 0.947 $ 0.957
Net realized and unrealized gain (loss)
on investments.................. 1.685 (1.580) 0.580 0.030 0.880 (0.312) 0.573 (0.130) (1.367)
------- ---------- -------- -------- ------- -------- -------- -------- -------- --------

Total income (loss) from investment
operations..................... $ $ 2.443 $ (0.840) 1.369 $ 0.860 $ 1.734 $ 0.574 $ 1.496 $ 0.817 $(0.410)
------- --------- -------- -------- ------- -------- -------- -------- -------- --------

Less Distributions:
From net investment income....... $ $ (0.753)$ (0.740)$(0.789) $(0.830) $(0.854)$(0.884) $(0.916) $(0.947) $(1.140)
From net realized gain on investments -- -- (0.177) -- -- -- -- -- (0.010)
In excess of net realized gain on
investments..................... -- -- (0.003) -- -- -- -- -- --
-------- --------- ------ -------- -------- ------- ------ -------- -------- --------
Total distributions........... $ $ (0.753) $(0.740) $(0.969 $(0.830) $(0.854) $(0.884)$(0.916 $(0.947)$(1.150)
------- ---------- ------- -------- --------- ------ -------- -------- -------- --------

Net asset value, end of year....... $ $ 13.120 $ 11.430 $13.010 $12.610 $ 12.580 $ 11.700 $12.010 $11.430 $11.560
======= ========= ======== ======= ======== ======== ======== ======= ========= ==========

Total Return(2).................... 21.97% (6.57% 11.03% 7.13% 15.38% 5.29% 13.58% 7.24% (3.13%)
Ratios/Supplemental Data:
Net assets, end of year
(000 omitted)...................$ $122,762 $143,497 $259,513 $217,564 $134,728 $112,408 $ 82,141 $31,410 $28,051
Ratio of net expenses to average
net assets...................... 0.8% 0.8% 0.8% 0.8% 0.8% 0.8% 0.9% 0.9% 0.8%
Ratio of net investment income to
average net assets.............. 6.2% 6.1% 6.0% 6.7% 7.2% 7.7% 7.7% 8.2% 8.2%
Portfolio Turnover Rate.......... 50% 32% 36% 13% 56% 48% 33% 11% 120%
<FN>

(1) The Principal Underwriter reduced its distribution fees during each of the
four years in the period ended December 31, 1989. The Adviser and the
Administrator also reduced their fees during the year ended December 31,
1987. Had such actions not been undertaken, the net investment income per
share and the ratios would have been as follows:

Year Ended December 31,
-------------------------

1989 1988 1987
-------------------------

Net investment income per share.... $ 0.911 $ 0.934 $ 0.937
================ ========

Ratios (As a percentage of average net assets):

Expenses....................... 1.0% 1.0% 1.0%
================ ========

Net investment income........... 7.6% 8.1% 8.0%
================ ========

WRIGHT CURRENT Year Ended December 31, Standard Shares
--------------------------------------------------------------------------------------
INCOME FUND 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987(2)
- ---------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year..$ $ 9.710 $ 10.750 $10.780 $10.850 $ 10.160 $ 10.090 $ 9.660 $ 9.760 $10.000
------ --------- -------- -------- ---------------- -------- -------- -------- --------

Income (loss) from Investment Operations:
Net investment income(1)..........$ $ 0.696 $ 0.690 $ 0.728 $ 0.767 $ 0.798 $ 0.859 $ 0.870 $ 0.929 $ 0.628
Net realized and unrealized gain (loss)
on investments................... 0.955 (1.040) (0.030) (0.069) 0.690 0.080 0.440 (0.100) (0.240)
------ --------- -------- -------- ------- -------- -------- -------- -------- --------

Total income (loss) from investment
operations......................$ $ 1.651 $ (0.350)$ 0.698 $ 0.698 $ 1.488 $ 0.939 $ 1.310 $ 0.829 $ 0.388
------ --------- -------- -------- ------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income........$ $(0.691)$(0.690)(4)$(0.728)$ 0.767 $ (0.798)$(0.859) $(0.870)$(0.929) $(0.628)
From net realized gain............ -- -- -- (0.001) -- (0.010) (0.010) -- --
------ --------- -------- -------- ------- -------- -------- -------- -------- --------

Total distributions..............$ $ (0.691)$(0.690) $(0.728) $(0.768) $(0.798) $(0.869)$(0.880)$ (0.929) $(0.628)
------ --------- -------- -------- ------- -------- -------- -------- -------- --------

Net asset value, end of year........$ $ 10.670 $ 9.710 $10.750 $10.780 $ 10.850 $ 10.160 $10.090 $ 9.660 $ 9.760
======== ======== ======= ========= ======== ======= ======== ======= ======= ========

Total Return(5)..................... . % 17.46% (3.30%) 6.59% 6.73% 15.31% 9.85% 14.15% 8.71% 4.06%
Ratios/Supplemental Data:
Net assets, end of year
(000 omitted)....................$ $66,345 $84,178 $115,158 $99,676 $ 65,700 $ 17,601 $ 13,925 $ 10,990 $5,435
Ratio of net expenses to average
net assets...................... . % 0.9% 0.8% 0.8% 0.9% 0.9% 0.9% 0.9% 0.0% 0.0%
Ratio of net investment income to
average net assets............... . % 6.8% 6.9% 6.7% 7.2% 7.6% 8.6% 8.8% 9.5% 9.2%
Portfolio Turnover Rate........... % 26% 10% 4% 13% 5% 10% 15% 12% 2%
<FN>

(1) During each of the five years in the period ended December 31, 1991, the
operating expenses of the Fund were reduced either by a reduction of the
investment adviser fee, administrator fee, or 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:

Year Ended December 31,
------------------------------------------

1991 1990 1989 1988 1987(2)
------------------------------------------

Net investment income per share.... $ 0.787 $ 0.809 $ 0.821 $ 0.807 $ 0.524
======== ================ ======== ========

Ratios (As a percentage of average net assets):

Expenses....................... 1.0% 1.4% 1.4% 1.8% 1.8%(3)
======== ================ ======== ========

Net investment income........... 7.5% 8.1% 8.3% 7.7% 7.4%(3)
======== ================ ======== ========

(2) Period from April 15, 1987 (commencement of operations) to December 31, 1987.
(3) Computed on an annualized basis.
(4) Includes distribution in excess of net investment income of $.00013 per share.
(5) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the payable date.
</FN>
</TABLE>

THE WRIGHT U.S. TREASURY Year Ended December 31,
_______________________________________________________________
MONEY MARKET FUND 1995 1994 1993 1992 1991(2)
- --------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Net asset value-- beginning of year........ $1.00 $1.00 $1.00 $1.00 $1.00

Income from Investment Operations:
Net investment income(1)................ 0.05212 0.03494 0.02503 0.03221 0.02526

Less Distributions:
From net investment income.............. (0.05212) (0.03494) (0.02503) (0.03221) (0.02526)
--------- --------- --------- --------- -----------

Net asset value, end of year............... $1.00 $1.00 $1.00 $1.00 $1.00
========= ========= ========= ========= =========

Total Return(4)............................ 5.34% 3.55% 2.53% 3.27% 5.06%(3)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted)... $45,889 $68,877 $11,011 $13,856 $15,233
Ratio of net expenses to average net assets 0.46%(5) 0.45% 0.45% 0.46% 0.25%(3)
Net investment income to average net assets 5.22% 3.77% 2.52% 3.19% 4.95%(3)
<FN>

(1) During each of the years in the five-year period ended December 31, 1995,
the Investment Adviser reduced its fee and in certain years was allocated a
portion of the operating expenses. Had such actions not been undertaken, net
investment income per share and the ratios would have been as follows:

Year Ended December 31,
_______________________________________________________________

1995 1994 1993 1992 1991(2)
---------------------------------------------------------------

Net investment income per share............ $0.05120 $0.03253 $0.01977 $0.02958 $0.02159
========= ========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses................................ 0.65% 0.71% 0.97% 0.72% 0.97%(3)
========= ========= ========= ========= =========
Net investment income .................. 5.03% 3.51% 1.99% 2.93% 4.23%(3)
========= ========= ========= ========= =========

(2) For the period from the start of business, June 28, 1991, to December 31, 1991.
(3) Annualized.
(4) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the payable date.
(5) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian. The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits, in accordance with reporting regulations in effect beginning
in 1995. If there credits were considered, the ratio of net expenses to
average daily net assets would have been reduced to 0.45%.

</FN>
</TABLE>

<PAGE>

The Funds and their
Investment Objectives and Policies

The investment objective of each Fund and its investment policies are set
forth below. There can be no assurance that 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 or
bond market developments and, for WIBC, currency rate fluctuations.

The Wright Managed Equity Trust

The Wright Managed Equity Trust (the "Equity Trust") consists of four
equity funds: Wright Selected Blue Chip Equities Fund (WBC), Wright Major Blue
Chip Equities Fund (WMBC), Wright Junior Blue Chip Equities Fund (WJBC), and
Wright International Blue Chip Equities Fund (WIBC) (the "Equity Funds").

The objective of each Equity Fund is to provide long-term growth of capital
and at the same time earn reasonable current income. Securities selected for
each Fund or Portfolio are drawn from an investment list prepared by Wright
Investors' Service, Inc., the Investment Adviser to the Trusts and the Portfolio
Trust ("Wright" or "Investment Adviser"), and known as The Approved Wright
Investment List (the "AWIL"), The Approved Wright Junior Blue Chip List (the
"AWJBCL"), and the International Approved Wright Investment List (the
"International AWIL").

All companies on the AWIL, AWJBCL, or International AWIL are, in the
opinion of Wright, soundly financed "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. See the
Statement of Additional Information for a more detailed description of Wright
Quality Ratings.

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 the company's assets and shareholders'
equity exceeds certain minimum standards and its operations have been profitable
during the last three years) and thus are suitable for consideration by
fiduciary investors. Companies which meet these requirements (about 1,700
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 meeting or exceeding these standards
are assigned a Wright Quality Rating and are eligible for selection by the
Wright Investment Committee for inclusion in the AWIL. The AWIL will normally be
made up of about 350 companies.

Wright Selected Blue Chip Equities Fund (WBC). This Fund seeks to achieve
its investment objective by investing substantially all of its assets in a
corresponding Portfolio that has the same investment objective as the Fund. The
Selected Blue Chip Equities Portfolio seeks to enhance 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 companies from the quality companies on
the AWIL on the basis of Wright's evaluation of their recent valuation and
price/earnings momentum. These selections are further reviewed to determine
those that have the best value in terms of current price and current, as well as
forecasted, earnings. Capitalization of companies selected is not a
consideration. Companies may be small or large. Investments are equally
weighted. Professional investment personnel would characterize The Wright
Selected Blue Chip Equities Fund as a growth fund with a value bias.

The disciplines which determine sale include preventing individual holdings
from exceeding 2 1/2 times their normal value position in this Portfolio,
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 Portfolio 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

<PAGE>

securities convertible into stock. This is a fundamental policy that can
only be changed with shareholder approval. However, for temporary defensive
purposes the Portfolio may hold cash or invest more than 20% of its net assets
in the short-term debt securities described under "Other Investment Policies -
Defensive Investments."

Wright Major Blue Chip Equities Fund (WMBC). 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
larger 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 into stock. This is a fundamental policy that can only be
changed with shareholder approval. 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 "Other Investment Policies -- 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. Investment, except
for temporary defensive investments, will be made solely in larger companies on
the AWIL. In selecting companies from the AWIL for this portfolio, the
Investment Committee of Wright 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. Companies selected
may be expected to have capitalization characteristics similar to companies
included in the Standard & Poor's 500 Composite Stock Index.

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 proceed 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.

The Approved Wright Junior Blue Chip List (the "AWJBCL"). During its review
of U.S. companies for the AWIL, Wright identifies smaller quality companies for
inclusion on the Approved Wright Junior Blue Chip List (AWJBCL). This selection
process uses a slightly different set of 32 fundamental standards of investment
quality which allows a lower market capitalization than is acceptable for the
AWIL but applies a higher standard to profitability and growth characteristics.
See the Statement of Additional Information for a more detailed explanation of
Wright Quality Ratings.

Wright Junior Blue Chip Equities Fund (WJBC). This Fund seeks to achieve
its investment objective by investing substantially all of its assets in a
corresponding Portfolio that has the same investment objective as the Fund. The
Junior Blue Chip Equities Portfolio 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 of companies which have not only a strong balance sheet but
also strong recent earnings and price momentum are selected from the AWJBCL.
Investments are equally weighted.

The Portfolio 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. This is a fundamental
policy that can only be changed with shareholder approval. 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 "Other
Investment Policies -- Defensive Investments."

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

The International Approved Wright Investment List (International AWIL).
Wright systematically reviews the approximately 8,000 non-U.S. companies from 36
countries contained in the Wrights's Worldscope(R) database in order to identify

<PAGE>

those which, on the basis of at least five years of audited records, pass the
minimum standards of prudence (e.g., the value of the company's assets and
shareholders' equity exceeds certain minimum standards and its operations have
been profitable during the last three years) and thus are suitable for
consideration by fiduciary investors. Companies which meet these requirements
(about 3,000 companies) are considered by Wright to be suitable for prudent
investment. 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 approximately 3,000 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 meeting or exceeding these standards (a subset of the 3,000 companies
considered for prudent investment) are assigned a Wright Quality Rating and are
eligible for selection by the Wright Investment Committee for inclusion in the
International AWIL.

Wright International Blue Chip Equities Fund (WIBC). This Fund seeks to
achieve its investment objective by investing substantially all of its assets in
a corresponding Portfolio that has the same investment objective as the Fund.
The International Blue Chip Equities Portfolio seeks to enhance the total
investment return (consisting of price appreciation plus income) by providing
active management of a broadly diversified portfolio of equity securities of
well-established, non-U.S. companies meeting strict quality standards. The
Portfolio 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 Portfolio 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. This is a
fundamental policy that can only be changed with shareholder approval.
International Blue Chip equity securities are those which are included in the
International AWIL, as described above. However, for temporary defensive
purposes the Portfolio may hold cash or invest more than 20% of its net assets
in the short-term debt securities described under "Other Investment Policies --
Defensive Investments."

The Portfolio 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 Portfolio'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 Portfolio and 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 Portfolio's portfolio securities and proceeds of sales of the
Portfolio's portfolio securities will be used to increase those positions which
at current market value are the furthest below their normal target values.

The Wright Managed Income Trust

The Wright Managed Income Trust (the "Income Trust") consists of four fixed
income funds, Wright U.S. Treasury Fund (WUSTB), Wright U.S. Treasury Near Term
Fund (WNTB), Wright Total Return Bond Fund (WTRB), Wright Current Income Fund
(WCIF) (the "Income Funds"), and a money market fund, Wright U.S. Treasury Money
Market Fund.

Each Income Fund's investment objective is to provide a high level of
return consistent with the quality standards and average maturity for such Fund.
Each Fund seeks to achieve its objective through the investment policies
described below.

Wright U.S. Treasury Fund (WUSTB). This Fund seeks to achieve its
investment objective by investing substantially all of its assets in a
corresponding Portfolio that has the same investment objective as the Fund. The
U.S. Treasury Portfolio invests in U.S. Treasury bills, notes and bonds. Under
normal market conditions, the Portfolio will invest substantially all, but in
any case at least 65%, of its total assets in such U.S. Treasury obligations and
in repurchase agreements with respect to such obligations. The Portfolio will
not invest in mortgage-related securities.

Wright U.S. Treasury Near Term Fund (WNTB). This Fund seeks to achieve its
investment objective by investing substantially all of its assets in a
corresponding Portfolio that has the same investment objective as the Fund. The
U.S. Treasury Near Term Portfolio invests in U.S. Treasury

<PAGE>

obligations with an average weighted maturity of less than five years. This
Fund is designed to appeal to the investor seeking a high level of income that
is normally somewhat less variable and normally somewhat higher than that
available from short-term U.S. Treasury money market securities and who is also
seeking to limit fluctuation of capital (i.e. compared with longer term U.S.
Treasury securities). Portfolio securities will consist entirely of U.S.
Treasury obligations, such as U.S. Treasury bills, notes and bonds.

Wright Total Return Bond Fund (WTRB). The Fund invests in bonds or other
high-grade debt securities selected by the Investment Adviser with a weighted
average maturity that, in the Investment Adviser's judgment, produces the best
total return, i.e., the highest total of ordinary income plus capital
appreciation. There are no limits on the minimum or maximum weighted average
maturity of the Fund's portfolio or on the maturity of any individual security.
Accordingly, investment selections may differ depending on the particular phase
of the interest rate cycle. Assets of this Fund may be invested in U.S.
Government and agency obligations, certificates of deposit of federally insured
banks and corporate obligations rated at the date of investment "A" or better
(high grade) by Standard & Poor's Ratings Group ("S&P") or by Moody's Investors
Service, Inc. ("Moody's") or, if not rated by such rating organizations, of
comparable quality as determined by Wright pursuant to guidelines established by
the Trustees. In any case, they must also meet Wright Quality Rating Standards.
The Fund will dispose of securities downgraded below A.

Wright Current Income Fund (WCIF). This Fund seeks to achieve its
investment objective by investing substantially all of its assets in a
corresponding Portfolio that has the same investment objective as the Fund. The
Current Income Portfolio invests primarily in debt obligations issued or
guaranteed by the U.S. Government or any of its agencies or instrumentalities,
mortgage-related securities of governmental or corporate issuers and corporate
debt securities. The U.S. Government securities in which the Portfolio may
invest include direct obligations of the U.S. Government, such as bills, notes,
and bonds issued by the U.S. Treasury; obligations of U.S. Government agencies
and instrumentalities secured by the full faith and credit of the U.S. Treasury,
such as securities of the Government National Mortgage Association (GNMA) or the
Export-Import Bank; obligations secured by the right to borrow from the U.S.
Treasury, such as securities issued by the Federal Financing Bank or the Student
Loan Marketing Association; and obligations backed only by the credit of the
government agency itself, such as securities of the Federal Home Loan Bank, the
Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage
Corporation (FHLMC).

The Portfolio may invest in mortgage-related securities issued by certain
of the agencies or federally chartered corporations listed above. These include
mortgage-backed securities of GNMA, FNMA and FHLMC, debentures and short-term
notes issued by FNMA and collateralized mortgage obligations issued by FHLMC.
The Portfolio expects to concentrate its investments in Ginnie Mae pass-through
securities guaranteed by the Government National Mortgage Association (GNMA or
Ginnie Mae). These securities are backed by a pool of mortgages which pass
through to investors the principal and interest payments of homeowners. Ginnie
Mae guarantees that investors will receive timely principal payments even if
homeowners do not make their mortgage payments on time. See "Other Investment
Policies -- Mortgage-Related Securities" below.

The corporate debt securities in which the Portfolio may invest include
commercial paper and other short-term instruments rated A-1 by S&P or P-1 by
Moody's. The Portfolio may invest in unrated debt securities if these are
determined by Wright pursuant to guidelines established by the Trustees to be of
a quality comparable to that of the rated securities in which the Portfolio may
invest. All of the corporate debt securities purchased by the Portfolio must
meet Wright Quality Rating Standards.

The Portfolio may enter into repurchase agreements with respect to any
securities in which it may invest.

Wright U.S. Treasury Money Market Fund (WTMM). The Fund's objective is to
provide as high a rate of current income as possible consistent with the
preservation of capital and maintenance of liquidity. The Fund will pursue its
objective by investing exclusively in securities of the U.S. Government and its
agencies that are backed by the full faith and credit of the U.S. Government
("U.S. Treasury securities") and in repurchase agreements relating to such
securities. At least 80% of the Fund's assets will be invested in direct
obligations of the U.S. Treasury, including Treasury bills, notes and bonds,
which differ only in their interest rates, maturities and times of issuance. Up
to 20% of the Fund's net assets may be held in cash or invested in repurchase
agreements. However, at the present time, the Fund intends to invest only in
U.S. Treasury bills, notes and bonds and does not intend to invest in repurchase
agreements.
<PAGE>

The Fund will limit its portfolio to investments maturing in 13 months or
less and maintain a weighted average maturity of not more than 90 days. The Fund
will seek to maintain a net asset value of $1.00 per share, but there is no
assurance that the Fund will be able to do so. The yield of the Fund will
fluctuate in response to changes in market conditions and interest rates.

The Fund will limit its investments to legal investments and investment
practices for federal credit unions as set forth in the Federal Credit Union Act
and the National Credit Union Administration Regulations. The Fund will provide
all federal credit union shareholders of record with sixty (60) days' written
notice prior to changing such investment policy.

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.

Other Investment Policies

The Equity Trust, the Income Trust and the Portfolio Trust have 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 or
Portfolio only by the vote of a majority of the Fund's or the Portfolio's
outstanding voting securities. Except for such enumerated restrictions and as
otherwise indicated in this Prospectus, the investment objective and policies of
each Fund and Portfolio are not fundamental policies and accordingly may be
changed by the Trustees of each Trust and the Portfolio Trust without obtaining
the approval of a Fund's shareholders or the investors in the corresponding
Portfolio, as the case may be. If any changes were made in a Fund's investment
objective, the Fund might have investment objectives different from the
objective which an investor considered appropriate at the time the investor
became a shareholder in the Fund.

The use of the term "Funds" in the discussion under the caption "Other
Investment Policies" is intended to refer to the both Funds and the Portfolios
unless otherwise indicated.

Repurchase Agreements. Each of the Funds may enter into repurchase
agreements to the extent permitted by its investment policies. 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.

Forward Commitments And When-Issued Securities. Each Fund may purchase
when-issued securities and make contracts to purchase or sell securities for a
fixed price at a future date beyond customary settlement time. A Fund is
required to hold and maintain in a segregated account with the Fund's custodian
or subcustodian until the settlement date, cash or liquid securities in an
amount sufficient to meet the purchase price. Alternatively, a Fund may enter
into offsetting contracts for the forward sale of other securities that it owns.
Securities purchased or sold on a when-issued or forward commitment basis
involve a risk of loss if the value of the security to be purchased declines
prior to the settlement date or if the value of the security to be sold
increases prior to the settlement date. Although a Fund would generally purchase
securities on a when-issued or forward commitment basis with the intention of
acquiring securities for its portfolio, each Fund may dispose of a when-issued
security or forward commitment prior to settlement if the Investment Adviser
deems it appropriate to do so.

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 or Portfolio's assets may be held in cash or
invested in short-term obligations. Short-term obligations include but are 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 S&P or P-1 by Moody's, or,
if not rated by such rating organizations, is deemed by Wright pursuant to
procedures established by the Trustees to be of comparable quality; short- term
corporate obligations and other debt instruments which at the

<PAGE>

date of investment are rated AA or better by S&P or Aa or better by Moody's
or, if unrated by such rating organizations, are deemed by Wright pursuant to
procedures established 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 Wright pursuant to
procedures established by the Trustees. The Funds may invest in instruments and
obligations of banks that have other relationships with the Funds, Wright or
Eaton Vance Management, the Trusts' Administrator ("Eaton Vance" or
"Administrator"). No preference will be shown towards investing in banks which
have such relationships.

Mortgage-Related Securities. WTRB and WCIF may invest in mortgage-related
securities, including collateralized mortgage obligations ("CMOs") and other
derivative mortgage-related securities. These securities will either be issued
by the U.S. Government or one of its agencies or instrumentalities or, if
privately issued, supported by mortgage collateral that is insured, guaranteed
or otherwise backed by the U.S. Government or its agencies or instrumentalities.
THE FUNDS DO NOT INVEST IN THE RESIDUAL CLASSES OF CMOS, STRIPPED
MORTGAGE-RELATED SECURITIES, LEVERAGED FLOATING RATE INSTRUMENTS OR INDEXED
SECURITIES.

Mortgage-related securities represent participation interests in pools of
adjustable and fixed mortgage loans. Unlike conventional debt obligations,
mortgage-related securities provide monthly payments derived from the monthly
interest and principal payments (including any prepayments) made by the
individual borrowers on the pooled mortgage loans. The mortgage loans underlying
mortgage- related securities are generally subject to a greater rate of
principal prepayments in a declining interest rate environment and to a lesser
rate of principal prepayments in an increasing interest rate environment. Under
certain interest and prepayment rate scenarios, a Fund may fail to recover the
full amount of its investment in mortgage-related securities purchased at a
premium, notwithstanding any direct or indirect governmental or agency
guarantee. The Fund may realize a gain on mortgage-related securities purchased
at a discount. Since faster than expected prepayments must usually be invested
in lower yielding securities, mortgage-related securities are less effective
than conventional bonds in "locking in" a specified interest rate. Conversely,
in a rising interest rate environment, a declining prepayment rate will extend
the average life of many mortgage-related securities. Extending the average life
of a mortgage-related security increases the risk of depreciation due to future
increases in market interest rates.

A Fund's investments in mortgage-related securities may include
conventional mortgage pass-through securities and certain classes of multiple
class CMOs. Senior CMO classes will typically have priority over residual CMO
classes as to the receipt of principal and/or interest payments on the
underlying mortgages. The CMO classes in which a Fund may invest include
sequential and parallel pay CMOs, including planned amortization class ("PAC")
and target amortization class ("TAC") securities.

Different types of mortgage-related securities are subject to different
combinations of prepayment, extension, interest rate and/or other market risks.
Conventional mortgage pass-through securities and sequential pay CMOs are
subject to all of these risks, but are typically not leveraged. PACs, TACs and
other senior classes of sequential and parallel pay CMOs involve less exposure
to prepayment, extension and interest rate risk than other mortgage-related
securities, provided that prepayment rates remain within expected prepayment
ranges or "collars."

Lending Portfolio Securities. All of the Funds in the Equity Trust may seek
to increase 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, 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 and administrative expenses, such as finders
fees to third parties. 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

<PAGE>

intended that the value of the securities loaned would not exceed 30% of
the Fund's total assets.

Foreign Investment Risk. 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, WIBC Portfolio 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
Portfolio will usually enter into these contracts to fix the U.S. dollar value
of a security it has agreed to buy or sell. The Portfolio 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 Portfolio 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. WIBC Portfolio may hold foreign currency or
short-term U.S. or foreign government securities pending investment in foreign
securities.

The Investment Adviser

The Winthrop Corporation ("Winthrop") has been engaged to act as investment
adviser to the Trusts pursuant to Investment Advisory Contracts on behalf of the
Funds. Pursuant to a service agreement effective February 1, 1996 between
Winthrop and its wholly-owned subsidiary, Wright Investors' Service, Inc.
("Wright), Wright, acting under the general supervision of the Trustees,
furnishes each Fund with investment advice and management services. Winthrop
supervises Wright's performance of this function and retains its contractual
obligations under its Investment Advisory Contracts. Winthrop has agreed that
for so long as a Feeder Fund invests its investable assets in a corresponding
Portfolio it will not impose any advisory fees payable by the Feeder Funds to
which it would be entitled under the respective Investment Advisory Contracts.

Wright has been engaged to act as investment adviser to the Portfolio Trust
pursuant to the Portfolio Investment Advisory Contract and furnishes each
Portfolio with investment advice and management services. The address of both
Winthrop and Wright is 1000 Lafayette Boulevard, Bridgeport, Connecticut. The
Trustees of each Trust are responsible for the general oversight of the conduct
of each Funds' business and the Trustees of the Portfolio Trust are responsible
for the general oversight of each Portfolio's business.

Wright is a leading independent international investment management and
advisory firm which, together with its parent, Winthrop, has more than 30 years'
experience. Its staff of over 150 people includes a highly respected team of 65
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 13,000 domestic and international corporations. The estate of
John Winthrop Wright is the controlling shareholder of Winthrop. At the end of
1995, Wright managed approximately $4 billion of assets.

Under the Investment Advisory Contracts, each Fund that is not a Feeder
Fund (a "non-Feeder Fund") is required to pay Winthrop or Wright a monthly
advisory fee calculated at the annual rates (as a percentage of average daily
net assets) set forth in the table below. The non-Feeder Funds and Portfolios
pay to Wright the entire amount of the advisory fee payable by each non-Feeder
Fund or Portfolio under its Investment Advisory Contract or Portfolio Investment
Advisory Contract, as the case may be, with Winthrop.
<PAGE>

The following table also lists each Fund's aggregate net assets at December
31, 1996 and the advisory fee rate paid to Winthrop for the fiscal year ended
December 31, 1996. The master-feeder fund structure was not in effect on
December 31, 1996.
<TABLE>
<CAPTION>

A N N U A L % A D V I S O R Y F E E R A T E S
------------------------------------------------------------- Aggregate Fee Rate Paid
Under $100 Mil. to $250 Mil. to $500 Mil.to Over Net Assets for the Fiscal Year
$100 Mil. $250 Mil. $500 Mil. $1 Billion $1 Billion at12/31/96 Ended 12/31/96
- -----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C> <C>
Wright Selected Blue Chip Equities Fund(WBC)0.55% 0.69% 0.67% 0.63% 0.58% $ . %
Wright Junior Blue Chip Equities Fund(WJBC) 0.55% 0.69% 0.67% 0.63% 0.58% . %
Wright Major Blue Chip Equities Fund(WMBC) 0.45% 0.59% 0.57% 0.53% 0.48% . %
Wright International Blue Chip Equities
Fund (WIBC) 0.75% 0.79% 0.77% 0.73% 0.68% . %
Wright U.S. Treasury Fund (WUSTB) 0.40% 0.46% 0.42% 0.38% 0.33% . %(1)
Wright U.S. Treasury Near Term Fund (WNTB) 0.40% 0.46% 0.42% 0.38% 0.33% . %
Wright Total Return Bond Fund (WTRB) 0.40% 0.46% 0.42% 0.38% 0.33% . %
Wright Current Income Fund (WCIF) 0.40% 0.46% 0.42% 0.38% 0.33% . %
Wright U.S.Treasury Money Market Fund (WTMM)0.35% 0.32% 0.32% 0.30% 0.30% . %(2)
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>

(1) To enhance the net income of the Fund, Wright made a reduction of its advisory fee in the amount of $_______ or from _____% to
- -----%.
(2) To enhance the net income of the Fund, Wright made a reduction of the advisory fee in the amount of $_______ or from _____% to
- -----%.
</FN>
</TABLE>

Shareholders of the Funds who are also advisory clients of Wright may have
agreed to pay Wright a fee for such advisory services. Wright does not intend to
exclude from the calculation of the investment advisory fees payable to Wright
by such advisory clients the portion of the advisory fee payable by the Funds or
the Portfolios, as the case may be. Accordingly, a client may pay an advisory
fee to Wright in accordance with Wright's customary investment advisory fee
schedule charged to investment advisory clients and at the same time, as a
shareholder in a Fund, bear its share of the advisory fee paid by the Fund or
the Portfolio to Wright as described above.

Pursuant to the Investment Advisory Contracts and the Portfolio Investment
Advisory Contract, Wright also furnishes for the use of each non-Feeder Fund and
Portfolio office space and all necessary office facilities, equipment and
personnel for servicing the investments of each non-Feeder Fund and Portfolio.
Each non-Feeder Fund and Portfolio 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 Contracts and the Portfolio
Investment Advisory Contract.

An Investment Committee of senior officers, all of whom are experienced
analysts, exercises disciplined direction and control over all investment
selections, policies and procedures for each non-Feeder Fund and each Portfolio.
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:

Peter M. Donovan, CFA, President and Chief Executive Officer of Wright. Mr.
Donovan received a BA Economics, Goddard College and joined Wright 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, The Wright EquiFund Equity Trust and Catholic
Values Investment 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.

Judith L Corchard, Chairman of the Investment Committee, Executive Vice
President-Investment Management of Wright. Ms. Corchard attended the University
of Connecticut and joined Wright in 1960. She is a member of the New York
Society of Security Analysts and the Hartford Society of Financial Analysts.
<PAGE>

Jatin J. Mehta, CFA, Executive Counselor and Director of Education of
Wright. 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 World Bank agency in India 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. 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. 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.

James P. Fields, CFA, Vice President and Investment Officer of Wright. Mr.
Fields received a B.S. Accounting, Fairfield University and an MBA Finance from
Pace University. He joined Wright in 1982 and is also a member of the New York
Society of Security Analysts.

Wright is also the investment adviser to the funds in The Wright Managed
Blue Chip Series Trust, The Wright EquiFund Equity Trust (the "Wright Funds")
and Catholic Values Investment Trust.

The Administrator

Each Trust and the Portfolio Trust engages Eaton Vance Management ("Eaton
Vance" or the ("Administrator") 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 and Portfolio, subject to
the supervision of the Trustees of the respective Trust or the Portfolio Trust.
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 custodian and transfer agent, providing assistance in
connection with the Trustees' and shareholders' meetings and other
administrative services necessary to conduct each Fund's or Portfolio's
business. Eaton Vance will not provide any investment management or advisory
services to the Funds or Portfolios. 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) as follows:

ANNUAL % ADMINISTRATION FEE RATES

Under $100 Mil. to $250 Mil. to Over
$100 Mil. $250 Mil. $500 Mil. $500 Mil.
- ----------------------------------------------------------------

The Wright Managed Equity Trust
0.20% 0.06% 0.03% 0.02%
- ----------------------------------------------------------------

The Wright Managed Income Trust
0.10% 0.04% 0.03% 0.02%
- ----------------------------------------------------------------

The Wright U.S. Treasury Money Market Fund
0.07% 0.03% 0.03% 0.02%
- ---------------------------------------------------------------

For the fiscal year ended December 31, 1996, each Fund paid administration
fees (as an annualized percentage of average daily net assets) as follows: WBC
(_____%), WJBC (____%), WMBC (____%), WIBC (____%), WUSTB (____%), WNTB (____%),
WTRB (____%), WCIF (____%) and WTMM (____%).

Eaton Vance, its affiliates and its predecessor companies have been
primarily engaged in managing assets of individuals and institutional clients
since 1924 and managing, administering and marketing mutual funds since 1931.
Total assets under management are over $____ billion. Eaton Vance is a
wholly-owned subsidiary of Eaton Vance Corp., ("EVC"), a publicly held holding
company.

Share Purchase Alternatives

Each Trust continuously offers two classes of shares of the Funds (other
than Wright Total Return Bond Fund and

<PAGE>

Wright U.S. Treasury Money Market Fund) designated as Standard Shares and
Institutional Shares. Standard Shares are offered with no front-end or deferred
sales charge, require a minimum initial investment of $ , and are available for
purchase by . Standard Shares are subject to distribution fees at a rate of up
to 0.25% of the Fund's average daily net assets attributable to Standard Shares
and service fees at a rate of up to 0.25% of such assets. Institutional Shares
are offered with no front-end or deferred sales charge, require a minimum
initial investment of $ , and are available for purchase by .
Institutional Shares are subject to service fees at a rate of up to 0.25% of
the Fund's average daily net assets attributable to Institutional Shares.

Distribution Expenses

In addition to the fees and expenses payable by each Fund or Portfolio in
accordance with the Investment Advisory Contracts and Administration Agreements,
each Fund (except Wright U.S. Treasury Money Market Fund) pays for distribution
expenses of the Standard Shares pursuant to a distribution plan (the "Standard
Shares Plan") as adopted by each Trust and designed to meet the requirements of
Rule 12b-1 under the Investment Company Act of 1940 (the "1940 Act") and Section
2830 of the Conduct Rules of the National Association of Securities Dealers,
Inc. (the "NASD"). The Funds do not pay distribution expenses with respect to
the Institutional Shares.

The Standard Shares Plan provides that monies may be spent by a Fund on any
activities primarily intended to result in the sale of each Fund's Standard
Shares, including, but not limited to, compensation paid to and expenses
incurred by officers, Trustees, employees or sales representatives of the Funds,
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 Standard Shares Plan
may include payments to any separate distributors under agreement with the
Trusts for activities primarily intended to result in the sale of a Fund's
Standard Shares. Under the Standard Shares Plan, it is intended that each Fund
will pay on an annual basis up to 0.25% of its average daily net assets
attributable to Standard Shares to WISDI.

Each Trust has entered into a Distribution Contract with Wright Investors'
Service Distributors, Inc. ("WISDI" or the "Principal Underwriter"), a
wholly-owned subsidiary of Winthrop. WTMM does not pay WISDI any compensation
under the Distribution Contract.

The Principal Underwriter may use the distribution fee for its expenses of
distributing each Fund's Standard Shares, including allocable overhead expenses.
Distribution expenses not specifically attributable to a particular Fund's
Standard Shares are allocated among the Funds based on the amount of sales of
each Fund's Standard 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.

For the fiscal year ended December 31, 1996, each Fund in The Wright
Managed Equity Trust made distribution expense payments (as an annualized
percentage of average daily net assets) as follows: WBC ( %), WJBC ( %), WMBC (
%) and WIBC ( %). To enhance the net income of the WJBC and WMBC Funds, the
Principal Underwriter reduced its fee by $ and $ , respectively.

For the fiscal year ended December 31, 1996, each Fund in The Wright
Managed Income Trust, except Wright U.S. Treasury Money Market Fund, made
distribution expense payments (as an annualized percentage of average daily net
assets as follows: WUSTB ( %); WNTB ( %); WTRB ( %) and WCIF ( %). For WUSTB,
WISDI reduced its fee in the full amount.

Service Plans

Each Trust has adopted a service plan on behalf of each Fund (except Wright
U.S. Treasury Money Market Fund) (the "Service Plans" ) which allows each Fund
to reimburse WISDI for payments to intermediaries for providing account
administration and personal and account maintenance services to their customers
who are beneficial owners of shares. The services provided by these
intermediaries may include acting, directly or through an agent, as the sole
shareholder of record, maintaining account records for customers, processing
orders to purchase, redeem or exchange shares for customers, responding to
inquiries from prospective and existing shareholders and assisting customers
with investment procedures. The amount of the service fee payable under the
Service Plan with respect to each class of shares of each Fund may not exceed
0.25% annually of the average daily net assets attributable to the respective
classes.
<PAGE>

How the Funds Value their Shares

The shares of each Fund, except Wright U.S. Treasury Money Market Fund, are
valued once on each day the New York Stock Exchange (the "NYSE" or "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 per share of each class of each Fund is
determined by Investors Bank & Trust Company ("IBT"), the Funds' custodian (as
agent for the Funds) in the manner authorized by the Trustees. Such
determination is accomplished by dividing the number of outstanding shares of
each class of the Fund into the net assets attributable to that class. The net
asset value of each class can differ. Because each Feeder Fund invests its
assets in an interest in its corresponding Portfolio, the Fund's net asset value
will reflect the value of its interest in the Portfolio (which, in turn,
reflects the underlying value of the Portfolio's assets and liabilities). Each
Portfolio's net asset value is also determined as of the close of regular
trading on the Exchange by IBT (as custodian and agent for the Portfolio) based
on market or fair value in the manner described below. Net asset value is
computed by subtracting the liabilities of a Portfolio from the value of its
total assets.

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. Fixed income securities for which market quotations are
readily available are valued on the basis of valuations supplied by a pricing
service. Securities for which market quotations are unavailable, restricted
securities, and other assets are valued at their fair value as determined in
good faith under procedures established by the Trustees. (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.

The net asset value per share of Wright U.S. Treasury Money Market Fund is
computed three times on each day the Exchange is open, at noon, at 3:00 p.m. and
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 Fund's custodian (as agent for
the Fund) in the manner authorized by the Trustees. The Trustees have determined
that it is in the best interests of the Fund and its shareholders to maintain a
stable price of $1.00 per share by valuing portfolio securities by the amortized
cost method in accordance with a rule of the Securities and Exchange Commission.

Portfolio securities traded on more than one United States national
securities exchange or foreign securities exchange are valued by WIBC 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.

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 WIBC Fund's net asset value is 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
WIBC 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 each Fund are sold without an initial sales charge at the net
asset value next determined after the receipt of a purchase order. Shares of
Wright U.S. Treasury Money Market Fund purchased before 3:00 p.m. will receive
the Fund's dividends for that day. Shares purchased between

<PAGE>

3:00 p.m. and 4:00 p.m. will start to earn dividends the next business day.

Transactions in money market instruments normally require immediate
settlement in Federal Funds. Accordingly, purchase orders for Wright U.S.
Treasury Money Market Fund will be executed at the net asset value next
determined (see "How the Funds Value their Shares") after their receipt by the
Fund only if the Fund has received payment in cash or in Federal Funds. If
remitted in other than the foregoing manner, such as by money order or personal
check, purchase orders will be executed as of the close of business on the
second Boston business day after receipt. Information on how to procure a
Federal Reserve draft or to transmit Federal Funds by wire is available at
banks. A bank may charge for these services.

Minimum Initial Investment

Standard Shares $[ ]
Institutional Shares: $[ ]

Minimum Subsequent Investment

Standard Shares: $[ ]
Institutional Shares: $[ ]

Waiver of Minimum Initial Investment

Waived for investment in applicable retirement plans.

Waived for the Bank Draft Investing Account.

Purchasing By Mail -- Initial Purchase

Obtain an account application form from WISDI, then complete and sign the
form.

Indicate on the account application form the class of shares being
purchased. If no class of shares is named, the application form will be
returned and the money will not be invested.

Mail the form 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
(Name of Fund), to First Data Investor Services Group (the "Transfer
Agent") at the following address:

First Data Investor Services Group
(Name of Fund)
P.O. Box 5123
Westborough, MA 01581-5123

Purchasing By Mail -- Subsequent 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 (Name of Fund), and mailed to the Transfer Agent at the above
address.

If the purchase is to be credited to a sub-account, identify the
sub-account, the sub-account number and, unless otherwise agreed, the name
of the sub-account.

Purchasing By Wire -- Initial Purchase

Telephone the Trusts at (800) 225-6265, Ext. 3, to advise of the action
and to obtain an account number.

Obtain an account application form from WISDI, then complete, sign and mail
the form to the Transfer Agent at the above address.

Instruct your bank to wire immediately available funds to:
Boston Safe Deposit and Trust Co.
One Boston Place
Boston, Massachusetts
ABA: 011001234
Account: 081345
Further Credit: (Name of Fund)
(Include your Fund account number)

Purchasing By Wire -- Subsequent Purchases

Telephone the Trusts immediately at (800) 225-6265, Ext. 3, with each
transmission.

Repeat the wire procedure described above.

Bank Draft Investing Program (Standard Class only)

Investments of $50 or more may be made each month or quarter in automatic
withdrawals from your bank account.

$1,000 minimum initial investment and $500 minimum account requirements
are waived.

Purchase through Exchange of Securities: Investors wishing to purchase
shares of a Fund other than the WTMM through an exchange of portfolio securities
should contact WISDI to determine the acceptability of the securities and make
the proper arrangements. Shares of a 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

<PAGE>

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 Funds
for 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 equity
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 or she
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." However, if
the Exchange or appropriate foreign stock exchange is not open for unrestricted
trading on that date, the securities will be valued on the next day on which the
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.

Account Statements and Confirmations

Account statements indicating total shares of each class of the Fund owned
in the account or each sub-account will be mailed to investors quarterly.
Confirmations will be issued at the time of each purchase or redemption. The
issuance of shares will be recorded on the books of the affected Trust. The
Trusts do not issue share certificates. Each Trust 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 each Fund may be purchased or redeemed through an investment
dealer, bank or other institution ("Authorized Dealer"). 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 each Fund without imposition of any charges other than
those described in this Prospectus.

Distributions by the Funds

Any net capital gains realized from the sale of securities or other
transactions in a Fund's or Portfolio's portfolio (reduced by any available
capital loss carry forwards from prior years) will be paid at least annually,
shortly before or after the close of the Fund's fiscal year. WBC, WJBC and WMBC
intend to pay dividends from net investment income quarterly. WIBC intends to
pay dividends annually. WUSTB, WNTB, WRRB, WCIF and WTMM will declare any net
investment income as dividends daily and will pay them monthly. Net investment
income will include interest accrued and discount earned, if any, less any
accrued estimated expenses on the assets of the Funds. Unless shareholders
instruct otherwise, all distributions and dividends will be automatically
invested in additional shares of the same class of the Fund. Equity Fund
distributions will be reinvested as of the record date. Income Fund and WTMM
distributions will be reinvested on the payment date. Alternatively,
shareholders may reinvest capital gain distributions and direct that dividends
be paid in cash or direct that both dividends and capital gain distributions be
paid in cash.

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. In
satisfying these requirements, each Feeder Fund will treat itself as owning its
proportionate share of each of the assets of the corresponding Portfolio and as
entitled to the income of that Portfolio properly attributable to such share.
Because each Feeder Fund invests in a corresponding Portfolio, each Portfolio
normally must satisfy the applicable source of income and diversification
requirements in order for the Feeder

<PAGE>

Funds to satisfy them. Each Portfolio will allocate among its investors,
including the corresponding Feeder Fund, the Portfolio's net investment income,
net realized capital gains, and any other items of income, gain, loss, deduction
or credit in a manner intended to comply with the Code and applicable
regulations. Each Portfolio will make moneys available for withdrawal at
appropriate times and in sufficient amounts to enable the corresponding Feeder
Fund to satisfy the tax distribution requirements the Feeder Fund must satisfy
in order to avoid liability for federal income and/or excise tax. The Funds do
not pay federal income or excise taxes to the extent that they distribute to
their shareholders all of their net investment income and net realized capital
gains in accordance with the timing requirements of the Code. In addition, none
of the Funds will be subject to income or corporate excise or franchise taxes in
Massachusetts as long as it qualifies as a regulated investment company under
the Code. As a partnership under the Code, each Portfolio does not pay federal
income or excise taxes.

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) 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.

As of December 31, 1996, the following Funds, for federal income tax
purposes, had in the aggregate capital loss carryovers of $_________ (WIBC),
$_________ (WUSTB), $__________ (WNTB), $_________ (WTRB) and $_________ (WCIF),
which in varying amounts expire between the years 1997 and 2003, which will
reduce each of the aforementioned Fund's taxable income arising from future net
realized gain on investments, if any, to the extent used prior to their
expiration dates and otherwise permitted by the Code, and thus will reduce the
amount of the distribution to shareholders which would otherwise be necessary to
relieve each of the aforementioned Funds of liability for federal income tax.

A Fund's 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.

A portion of distributions of net investment income made by WBC, WJBC and
WMBC 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.

Since it is anticipated that virtually all of the ordinary income from each
of the Income Funds will be derived from interest income rather than dividends,
it is unlikely that any portion of the dividends paid by any of the Income Funds
will be eligible for the dividends received deduction for corporations.

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 Equity Fund shares
shortly after their purchase, although they may be attributable to taxable
income and/or capital gains that had been realized but not distributed at the
time of purchase and therefore may be in effect a return of a portion of the
purchase price, are generally subject to federal income tax.

The WIBC Portfolio's transactions in certain foreign currency options or
forward contracts will be subject to special tax rules, the effect of which may
be to accelerate income to the WIBC Fund, defer Fund losses, cause adjustments
in the holding periods of Fund securities and convert capital gains or losses
into ordinary income or losses. These rules may therefore affect the amount,
timing and character of the WIBC 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 the WIBC Portfolio will limit its
activities in currency options, currency forward contracts and other investments
to the extent necessary for the Fund to comply with this requirement.
<PAGE>

The WIBC Portfolio 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 some
cases. In any taxable year in which more than 50% of the value of the WIBC
Fund's assets (taking into account its allocable share of the WIBC Portfolio'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 Portfolio and allocated to 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 Portfolio and allocated to the Fund will be treated as
ordinary income and losses. Certain uses of foreign currency and related forward
contracts and investment by the WIBC Portfolio 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.

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

Distributions made by the Funds will generally be subject to state and
local income taxes. A state income (and possibly local income and/or intangible
property) tax exemption is generally available to the extent a Fund's
distributions are derived from interest on (or, in the case of intangible
property taxes, the value of its assets is attributable to) certain U.S.
Government obligations, provided in some states that certain thresholds for
holdings of such obligations and/or reporting requirements are satisfied. A
report will be sent to shareholders annually with the percentages of
distributions which are derived from such interest income. Shareholders should
consult their tax advisers regarding the applicable requirements in their
particular states, including the effect, if any, of a Feeder Fund's indirect
ownership (through its corresponding Portfolio) of any such obligations, and any
other federal, state, local or foreign tax consequences of ownership of shares
of, and receipt of distributions from, a Fund in their particular circumstances.

Shareholders of each Fund that are not exempt from information reporting
requirements will receive in January information on Form 1099 to assist in
reporting the prior calendar year's distributions and, except in the case of
WTMM, redemptions (including exchanges) on federal and state income tax returns.
Distributions treated as ordinary income or long-term capital gains that are
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.
Shareholders may realize a taxable gain or loss upon a redemption (including an
exchange) of shares of a Fund, except that no gain or loss will generally result
in the case of WTMM, provided that it has maintained a constant net asset value.
Any loss realized upon the redemption or exchange of shares of a Fund with a tax
holding period of six months or less will be treated as a long-term capital loss
to the extent of any distributions of long-term capital gains with respect to
such shares. All or a portion of a loss realized upon the redemption or other
disposition of Fund shares may be disallowed under "wash sale" rules to the
extent shares of the same Fund are purchased (including shares acquired by means
of reinvested dividends) within the period beginning 30 days before and ending
30 days after the date of such redemption or other disposition.

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 certifications required by the IRS will be
subject to backup withholding of 31% on taxable distributions made by the Funds,
except in the case of WTMM, and on proceeds of redemptions (including exchanges)
of shares. In addition, a Fund may be required to impose 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 under-reporting 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.

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 (or withholding tax at a lower treaty rate) on amounts
treated as ordinary income distributions to them, and of foreign taxes to their
investment in the Funds.

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

<PAGE>

organizations, banks or insurance companies. Investors should consult their
tax advisers for more information.

How to Exchange Shares

Shares of each Fund (except Wright U.S. Treasury Money Market Fund) may be
exchanged for shares of the same class of any other Funds offered in this
Prospectus. Standard Shares of the Funds may also be exchanged for shares of The
Wright EquiFund Equity Trust. Shares of Wright U.S. Treasury Money Market Fund
may be exchanged for Standard Shares of any other of the Funds and The Wright
EquiFund Equity Trust. All exchanges are made at the net asset values of the
funds at the time of the exchange without the imposition of additional charges.

The exchange privilege is available only in states where shares of the
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 consider these
objectives and policies carefully before requesting an exchange.

Shareholders purchasing shares from an Authorized Dealer may effect
exchanges between the above funds through their Authorized Dealer who will
transmit information regarding the requested exchanges to the Transfer Agent.

First Data Investor Services Group 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 $50,000 and on deposit with First Data Investor Services
Group and the investor has not disclaimed in writing the use of the privilege.
To effect such exchanges, call First Data Investor Services Group at (800)
262-1122 or within Massachusetts, (617) 573-9403, Monday through Friday, 9:00
a.m. to 4:00 p.m. (Eastern 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 Funds, the Principal Underwriter nor
First Data Investor Services Group 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 Funds, the Principal Underwriter or First
Data Investor Services Group 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 a Fund may refuse requests for telephone exchanges in
excess of four round-trips (a round-trip being the exchange out of the Fund into
another Wright Fund, and then back to the Fund). The Funds believe that use of
the exchange privilege by investors utilizing market-timing strategies adversely
affects the Funds. Therefore, a Fund generally will not honor requests for
exchanges, including telephone exchanges, by shareholders identified by a Fund
as "market- timers."

When calling to make a telephone exchange, shareholders should have their
account number and social security or other taxpayer identification numbers.

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. 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. Contact the
Transfer Agent, First Data Investor Services Group, for additional information
concerning 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, although no gain or loss will generally result from an
exchange out of WTMM if it maintains a constant net asset value.

How to Redeem or Sell Shares

Shares of the Funds will be redeemed at the net asset value next determined
after receipt of a redemption request in good order. However, if the shares to
be redeemed were purchased 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. A redemption of shares is a
taxable transaction which may result in recognition of a gain or loss although
no gain or loss will generally result from a redemption of shares of WTMM if it
maintains a constant net asset value.
<PAGE>

Shareholders who purchased Fund shares through Authorized Dealers may
redeem shares through their Dealers. Shares may also be redeemed as follows:

By Telephone

All shareholders eligible unless otherwise indicated on account
application.

o Telephone the Funds at (800) 225-6265 between 8:30 a.m. and 4:00 p.m.
Eastern time.

o Redemptions requested in good order before 4:00 p.m. Eastern time will be
made at that day's net asset value.

o Redemptions requested after 4:00 p.m. Eastern time will be made at the
net asset value determined for the next business day.

o Redemptions requested before 3:00 p.m. for shares of WUSTMM Fund with
wire transfer instructions will be wired that day without the payment of
that day's dividend. Redemptions requested after 3:00 p.m. will receive
the daily dividend but will be wired the next day.

o Shareholders may also telephone the Transfer Agent if the redemption is
less than $50,000. Telephone: (800)262-1122 between 8:30 a.m. and
4:00 p.m. Eastern time.

o The Fund and the Transfer Agent employ the following procedures to
confirm that instructions received by telephone are genuine. The
shareholder's name, account number, shareholder identifying number
applicable to the account and other relevant information may be
requested. Telephone instructions are recorded.

o If reasonable procedures, such as those described above, are not
followed, the Fund may be liable for any loss due to unauthorized or
fraudulent telephone instructions. In all other cases, neither the Fund
nor the Transfer Agent will be liable for any loss or expense for acting
upon telephone instructions made according to the telephone transaction
procedures described above.

o During times of economic turmoil or market volatility or as a result of
severe weather or a natural disaster, it may be difficult to contact the
Fund by telephone to institute a redemption. You should contact the Fund
in writing if you are unable to reach the Fund by telephone.

o The Fund may terminate or modify the telephone redemption privilege at
any time with or without notice to shareholders.

By Mail

o Mail the request with a stock power to the following address:

First Data Investor Services Group
(Name of Fund)
P.O. Box 5123
Westborough, Massachusetts 01581-5123

o Requests and stock powers must:

(i) be endorsed by the record owner(s) exactly as the shares are
registered; and

(ii) have signatures guaranteed (a) by a member of either the Securities
Transfer Association's STAMP program or the NYSE's Medallion Signature
Program, or (b) by certain banks, savings and loans, credit unions,
securities dealers, securities exchanges, clearing agencies or registered
securities associations that are acceptable to the Transfer Agent.

o Additional documents may be required, such as when shares are registered
in the name of a business entity or fiduciary.

Payment of Proceeds

o Normally, payment will be made within one business day after receipt of
the redemption request in good order.

o Payment will be made by check to the address of record or by wire
transfer if indicated in the account application.

o Trust departments may redeem and deposit proceeds in accounts of their
clients, as specified in instructions given to the applicable Fund at the
time of initial purchase.

Minimum Account Balances

o Each Fund reserves the right to fully redeem any accounts which, due to
redemption or transfer, contain less than the following amounts:

Standard Share accounts: $
Institutional Share accounts: $
<PAGE>

o A Fund will not redeem accounts that fall below the minimum amounts due
solely to a reduction in net asset value of the Fund's shares.

o Before any such redemption, notice will be sent to the shareholder, and
the shareholder will have 60 days from the notice date to make additional
investments to meet the required minimum.

o These minimum account balance requirements will be waived when the
minimum initial investment requirements are waived.

Each Fund reserves the right to suspend the right of redemption or postpone
the payment of redemption proceeds to the extent permitted by the Securities and
Exchange Commission.

Although each Fund normally intends to redeem shares in cash, each 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 described
under "How the Fund Values its Shares." If portfolio securities were distributed
in lieu of cash, the shareholder would normally incur transaction costs upon the
disposition of any such securities.

Performance Information

From time to time a Fund may publish its yield and/or average annual total
return in advertisements and communications to shareholders. The current yield
for all classes of each Fund (other than Wright U.S. Treasury Money Market Fund)
will be calculated by dividing the net investment income per share during a
recent 30 day period by the maximum offering price per share (net asset value)
of the class on the last day of the period. Each class"s average annual 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.

The yield of Wright U.S. Treasury Money Market Fund refers to the net
income generated by an investment in the Fund over a specified seven-day period.
This income is then annualized. That is, the amount of income generated by the
investment during that week is assumed to be generated each week over a 52-week
period and is shown as a percentage of the investment. The effective yield is
expressed similarly but, when annualized, the income earned by an investment in
the Fund is assumed to be reinvested. The effective yield will be slightly
higher than the yield because of the compounding effect of this assumed
reinvestment. Yield and effective yield for the Fund will vary based on changes
in market conditions, the level of interest rates and the level of the Fund's
expenses. From time to time, quotations of the yield and effective yield may be
included in advertisements and communications to shareholders

The investment results of each class in a Fund will fluctuate over time,
and any presentation of current yield, effective 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, effective yield or total return may be in
any future period. If the expenses of a Fund were reduced by Wright, WISDI or
Eaton Vance, a class's performance would be higher.

Other Information

The Trusts are business trusts established under Massachusetts law and are
no-load, open-end management investment companies. The Wright Managed Income
Trust was established pursuant to a Declaration of Trust dated February 17,
1983, as amended and restated on May 1, 1997. The Wright Managed Equity Trust
was established pursuant to a Declaration of Trust dated June 17, 1982, as
amended and restated on May 1, 1997.

The Trusts reserve the right to create and issue multiple series of shares,
or classes of these series, which are separately managed and have different
investment objectives. The trustees have authorized the issuance of two classes
of each Fund (except WUSTMM Fund and WTRB Fund, each of which offers a single
class of shares), designated as the Standard Shares and the Institutional
Shares. The shares of each class represent an interest in the same portfolio of
investments of a Fund. Each class has equal rights as to voting, redemption,
dividends and liquidation. However, each class bears different distribution fees
and other expenses. Also, each class of shareholders has exclusive voting rights
with respect to its distribution plans, if any.

The Trusts are not required and do not intend to hold annual meetings of
shareholders, although special meetings may be held for such purposes as
electing or removing trustees, changing fundamental policies or approving a
management contract. Each Trust, under certain circumstances, will assist in
shareholder communications with other Trust shareholders.
<PAGE>

Each Portfolio is organized as a series of The Wright Blue Chip Master
Portfolio (the "Portfolio Trust") under the laws of the State of New York. Each
Portfolio intends to be treated as a separate partnership for federal tax
purposes. The Portfolio Trust, as well as each Trust, intend to comply with all
applicable federal and state securities laws.

The Trustees of each Trust have considered the advantages and disadvantages
of investing the assets of each Feeder Fund in its corresponding Portfolio, as
well as the advantages and disadvantages of the two-tier format. The Trustees
believe that the structure offers opportunities for substantial growth in the
assets of the Portfolios, affords the potential for economies of scale for each
Feeder Fund (at least when the assets of its corresponding Portfolio exceed $500
million) and may over time result in lower expenses for a Feeder Fund.

In addition to selling an interest to its corresponding Feeder Fund, a
Portfolio may sell interests to other affiliated and non-affiliated mutual funds
or institutional investors. Such investors will invest in a Portfolio on the
same terms and conditions and will pay a proportionate share of the Portfolio's
expenses. However, the other investors investing in a Portfolio are not required
to sell their shares at the same public offering price as the corresponding
Feeder Fund due to variations in sales commissions and other operating expense.
These differences may result in differences in returns experienced by investors
in the various funds that invest in the corresponding Portfolio. Such
differences in returns are also present in other mutual fund structures,
including funds that have multiple classes of shares. Information regarding
other pooled investment entities or funds which invest in a Portfolio may be
obtained by contacting the Administrator, 24 Federal Street, Boston,
Massachusetts 02110, (617) 482-8260.

Whenever a Feeder Fund as an investor in a Portfolio is requested to vote
on matters pertaining to the Portfolio (other than the termination of the
Portfolio's business, which may be determined by the Trustees of the Portfolio
Trust without investor approval), the Feeder Fund will hold a meeting of Feeder
Fund shareholders and will vote its interest in the Portfolio for or against
such matters proportionately to the instructions to vote for or against such
matters received from Feeder Fund shareholders. A Fund will vote shares for
which it receives no voting instructions in the same proportion as the shares
for which it receives voting instructions. Other investors in a Portfolio may
alone or collectively acquire sufficient voting interests in the Portfolio to
control matters relating to the operation of the Portfolio, which may require
the corresponding Feeder Fund to withdraw its investment in the Portfolio or
take other appropriate action. Any such withdrawal could result in a
distribution "in kind" of portfolio securities (as opposed to a cash
distribution from the Portfolio). If securities are distributed, a Feeder Fund
could incur brokerage, tax or other charges in convening the securities to cash.
In addition, the distribution in kind may result in a less diversified portfolio
of investments or adversely affect the liquidity of a Feeder Fund.
Notwithstanding the above, there are other means for meeting shareholder
redemption requests, such as borrowing.

A Feeder Fund may withdraw (completely redeem) all its assets from its
corresponding Portfolio at any time if the Board of Trustees of the affected
Trust determines that it is in the best interest of that Feeder Fund to do so.
In the event a Feeder Fund withdraws all of its assets from its corresponding
Portfolio, or the Board of Trustees of the affected Trust determines that the
investment objective of such Portfolio is no longer consistent with the
investment objective of the Feeder Fund, the Trustees would consider what action
might be taken, including investing the assets of the Fund in another pooled
investment entity or retaining an investment adviser to manage the Feeder Fund's
assets in accordance with its investment objective. A Feeder Fund's investment
performance may be affected by a withdrawal of all its assets from its
corresponding Portfolio.

Tax-Sheltered Retirement Plans

The Funds are available for investment by 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:
(800) 888-9471

<PAGE>

The Wright Managed
Blue Chip Investment Funds

PROSPECTUS
May 1, 1997

Investment Adviser
Wright Investors' Service, Inc.
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
89 South Street
Boston, Massachusetts 02111

Transfer Agent
First Data Investor Services Group
Wright Managed Investment Funds
P.O. Box 5123
Boston, Massachusetts 01581-5123

Auditors

24 Federal Street
Boston, Massachusetts 02110

<PAGE>

STATEMENT OF ADDITIONAL INFORMATION
May 1,1997

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

THE WRIGHT MANAGED EQUITY TRUST
Wright Selected Blue Chip Equities Fund
Wright Junior Blue Chip Equities Fund
Wright Major Blue Chip Equities Fund
Wright International Blue Chip Equities Fund

and

THE WRIGHT MANAGED INCOME TRUST
Wright U.S. Treasury Fund
Wright U.S. Treasury Near Term Fund
Wright Total Return Bond Fund
Wright Current Income Fund
Wright U.S. Treasury Money Market Fund

24 Federal Street
Boston, Massachusetts 02110

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

TABLE OF CONTENTS

PAGE

Additional Information about the Trusts.............. 2
Additional Investment Information.................... 2
Investment Restrictions.............................. 6
Officers and Trustees................................ 11
Control Persons and Principal Holders of Shares...... 13
Investment Advisory and Administrative Services...... 13
Custodian............................................ 15
Independent Certified Public Accountants............. 16
Brokerage Allocation................................. 16
Pricing of Shares.................................... 17
Principal Underwriter................................ 18
Calculation of Performance and Yield Quotations...... 20
Financial Statements................................. 22
Appendix............................................. 23

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

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 Funds in The Wright
Managed Equity Trust and The Wright Managed Income Trust (the "Trusts"), dated
May 1, 1997, as supplemented from time to time, which is incorporated herein by
reference. A copy of the Prospectus may be obtained without charge from Wright
Investors' Service Distributors, Inc., 1000 Lafayette Boulevard, Bridgeport,
Connecticut 06604 (Telephone: (800) 888-9471). Although each Fund offers only
its shares of beneficial interest, it is possible that a Fund might become
liable for a misstatement or omission in this Statement of Additional
Information regarding another Fund because the Funds use this combined Statement
of Additional Information. The Trustees of the Trusts have considered this
factor in approving the use of a combined Statement of Additional Information.

<PAGE>

Additional Information about the Trusts and the Portfolio Trust

Unless otherwise defined herein, capitalized terms have the meaning given
them in the Prospectus.

Each Trust is a no-load, open-end, management investment company organized
as a Massachusetts business trust. The Wright Managed Equity Trust was organized
in 1982 and has the four series described herein. Each series offers two classes
of shares--Standard Shares and Institutional Shares. The Wright Managed Income
Trust was organized in 1983 and has the five series described herein. Each of
Wright U.S. Treasury Fund, Wright Treasury Near Term Fund and Wright Current
Income Fund offers two classes of shares--Standard Shares and Institutional
Shares. Wright Total Return Bond Fund offers a single class of shares--Standard
Shares, and Wright U.S. Treasury Money Market Fund offers a single class of
shares without a specific designation. The Trust changed its name from The
Wright Managed Bond Trust March 28, 1991. Prior to May 1, 1997, The Wright Major
Blue Chip Equities Fund was called the "Wright Quality Core Equities Fund." The
Trusts' series are collectively referred to as the "Funds." Each Fund is a
diversified fund.

Each Trust's Declaration of Trust may be amended with the affirmative vote
of a majority of the outstanding shares of the Trust or, if the interests of a
particular Fund or class are affected, a majority of such Fund's or class's
outstanding shares. The Trustees are authorized to make amendments to each
Declaration of Trust that do not have a material adverse effect on the financial
interests of shareholders. Each Trust or series may be terminated upon the sale
of the Trust's or series' assets to another diversified open-end management
investment company, if approved by vote of a majority of the Trust's Trustees.
Each Trust or series or class may be terminated upon liquidation and
distribution of the assets of the Trust or series or class, if approved by a
majority of the Trustees. If not so terminated, each Trust or series or class
may continue indefinitely.

Each Trust's Declaration of Trust further provides that the Trustees will
not be liable for errors of judgment or mistakes of fact or law; however,
nothing in either 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 Trusts are organizations of the type commonly known as "Massachusetts
business trusts." Under Massachusetts law, shareholders of such a trust may,
under certain circumstances, be held personally liable as partners for the
obligations of the trust. Each 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. Each 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 a Trust itself would be unable to meet its
obligations. The risk of any shareholder incurring any liability for the
obligations of a Trust is extremely remote.

Each Portfolio is a series of The Wright Blue Chip Master Portfolio Trust ,
(the "Portfolio Trust") a newly formed trust which, like the Trusts, is an
open-end management investment company registered under the Investment Company
Act of 1940, as amended (the "1940 Act"). The Portfolio Trust was organized as a
trust under the laws of the State of New York on _______________, 1997.

Interests in the Portfolio Trust have no preemptive or conversion rights,
and are fully paid and non-assessable except as described in the Prospectus. The
Portfolio Trust normally will not hold meetings of holders of such interests
except as required under the 1940 Act. The Portfolio Trust would be required to
hold a meeting of holders in the event that at any time less than a majority of
its Trustees holding office had been elected by holders. The Trustees of the
Portfolio Trust continue to hold office until their successors are elected and
have qualified. Trustees may be removed by a majority vote of the interests held
by holders in the Portfolio Trust qualified to vote in the election. The 1940
Act requires the Portfolio Trust to assist its holders in calling such a
meeting. Upon liquidation of a Portfolio, holders in the Portfolio would be
entitled to share pro rata in the net assets of the Portfolio available for
distribution to holders.

Each holder in the Portfolio Trust is entitled to a vote in proportion to
its percentage interest in the Portfolio Trust.
<PAGE>

Additional Investment Information

Description of Investments

The use of the term "Fund" or "Funds" in the following "Additional
Investment Information" is intended to include the corresponding Portfolios,
except as noted.

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.

Repurchase Agreements --involve purchase of debt securities of the U.S.
Treasury or a federal agency, federal instrumentality or federally created
corporation. At the same time a Fund purchases the security, it resells it to
the vendor (a member bank of the Federal Reserve System or recognized securities
dealer), and is obligated to redeliver the security to the vendor on an
agreed-upon date in the future. The resale price is in excess of the purchase
price and reflects an agreed-upon market rate unrelated to the coupon rate on
the purchased security. Such transactions afford an opportunity for a Fund to
earn a return on cash which is only temporarily available. A Fund's risk is the
ability of the vendor to pay an agreed-upon sum upon the delivery date, and the
Trust believes the risk is limited to the difference between the market value of
the security and the repurchase price provided for in the repurchase agreement.
However, bankruptcy or insolvency proceedings affecting the vendor of the
security which is subject to the repurchase agreement, prior to the repurchase,
may result in a delay in a Fund being able to resell the security.

In all cases when entering into repurchase agreements with other than FDIC
insured depository institutions, the Funds will take physical possession of the
underlying collateral security, or will receive written confirmation of the
purchase of the collateral security and a custodial or safekeeping receipt from
a third party under a written bailment for hire contract, or will be the
recorded owner of the collateral security through the Federal Reserve Book-Entry
System.

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 Securities -- Wright International Blue Chip Equities 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. 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.

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. Consider also that there is generally less publicly
available information about foreign companies, particularly those not subject to

<PAGE>

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 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.

Foreign Currency Exchange Transactions. Wright International Blue Chip
Equities 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 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.
<PAGE>

The Fund's custodian will place cash or liquid 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 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 use of
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.

"When-Issued" Securities -- Securities are frequently offered on a
"when-issued" basis. When so offered, the price, which is generally expressed in
terms of yield to maturity, is fixed at the time the commitment to purchase is
made, but delivery and payment for the when-issued securities may take place at
a later date. Normally, the settlement date occurs 15 to 90 days after the date
of the transaction. The payment obligation and the interest rate that will be
received on the securities are fixed at the time a Fund enters into the purchase
commitment. During the period between purchase and settlement, no payment is
made by the Fund to the issuer and no interest accrues to the Fund. To the
extent that assets of a Fund are held in cash pending the settlement of a
purchase of securities, the Fund would earn no income; however, it is intended
that the Funds will be fully invested to the extent practicable and subject to
the policies stated above. While when-issued securities may be sold prior to the
settlement date, it is intended that such securities will be purchased for a
Fund with the purpose of actually acquiring them unless a sale appears to be
desirable for investment reasons. At the time a commitment to purchase
securities on a when-issued basis is made for a Fund, the transaction will be
recorded and the value of the security reflected in determining the Fund's net
asset value. The Trust will establish a segregated account in which a Fund that
purchases securities on a when-issued basis will maintain cash and liquid
securities equal in value to commitments for when-issued securities. If the
value of the securities placed in the separate account declines, additional cash
or securities will be placed in the account on a daily basis so that the value
of the account will at least equal the amount of a Fund's when-issued
commitments. Such segregated securities either will mature or, if necessary, be
sold on or before the settlement date. Securities purchased on a when-issued
basis and the securities held by a Fund are subject to changes in value based
upon the public's perception of the credit worthiness of the issuer and changes
in the level of interest rates (which will generally result in both changing in
value in the same way, i.e., both

<PAGE>

experiencing appreciation when interest rates decline and depreciation when
interest rates rise). Therefore, to the extent that a Fund remains substantially
fully invested at the same time that it has purchased securities on a
when-issued basis, there will be greater fluctuations in the market value of the
Fund's net assets than if cash were solely set aside to pay for when-issued
securities.

Lending Portfolio Securities. All of the Funds in the Equity Trust may seek
to increase 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 or liquid assets 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 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.

WJBC Investment Process. 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.

Investment Restrictions

The following investment restrictions have been adopted by each Trust and
the Portfolio Trust and may be changed as to a Fund or a Portfolio, as the case
may be, only by the vote of a majority of the Fund's or Portfolio'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 or the interests of the
Portfolio if the holders of more than 50% of the shares or interests, as the
case may be, are present or represented at the meeting or (b) more than 50% of
the shares or interests of the Fund or Portfolio. Accordingly, the Funds
(Portfolios) may not:

(1) Borrow money or issue senior securities except as permitted by the
Investment Company Act of 1940. In addition, a Fund or Portfolio may not issue
bonds, debentures or senior equity securities, other than shares of beneficial
interest;

(2) With respect to 75% of the total assets of a Fund or Portfolio, purchase the
securities of any issuer if such purchase would cause more than 5% of its total
assets (taken at market value) to be invested in the securities of such issuer,
or purchase securities of any issuer if such purchase would cause more than 10%
of the total voting securities of such issuer to be held by the Fund or
Portfolio, except obligations issued or guaranteed by the U.S. Government, its
agencies or instrumentalities;

(3) Purchase securities on margin (but a Fund or Portfolio may obtain such
short-term credits as may be necessary for the clearance of purchase and sales
of securities);

(4) Purchase or sell real estate, although a Fund or Portfolio may purchase and
sell securities which are secured by real estate and securities of companies
which invest or deal in real estate;

(5) Purchase or sell commodities or commodity contracts for the purchase or sale
of physical commodities other than currency, excluding financial futures
contracts and options on these financial futures contracts;

(6) Make an investment in any one industry that would cause investments in such
industry to equal or exceed 25% of the Fund's or Portfolio's total assets taken
at market value at the time of such investment (other than securities issued or
guaranteed by the U.S.
Government or its agencies or instrumentalities);

(7) Underwrite or participate in the marketing of securities of others; and

(8) Make loans to any person except by (a) the acquisition of debt securities
and making portfolio investments, (b) entering into repurchase agreements, or
(c) lending portfolio securities.
<PAGE>

Notwithstanding the investment policies and restrictions of a Fund, a Fund may
invest its assets in an open-end management investment company with
substantially the same investment objective, policies and restrictions as the
Fund.

Non-fundamental Investment Restrictions. In addition to the foregoing
fundamental investment restrictions, each Trust and the Portfolio Trust have
adopted the following non-fundamental policies which may be amended or rescinded
by the vote of the Trust's or the Portfolio Trust's Board of Trustees without
shareholder or interest holder approval. The Funds (Portfolios) may not:

(a) Invest more than 15% (10% for Wright U.S. Treasury Money Market Fund) of the
Fund's or Portfolio's net assets in illiquid investments, including repurchase
agreements maturing in more than seven days, securities which are not readily
marketable and restricted securities not eligible for resale pursuant to Rule
144A under the 1933 Act.

(b) Purchase additional securities if the Fund's or Portfolio's borrowings
exceed 5% of its total assets; and

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

Officers and Trustees

The Trustees and officers of the Trusts are listed below. The Trustees and
officers of the Portfolio Trust are identical to those of the Trusts. 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" (as defined in the 1940 Act) of the Trusts, the Portfolio Trust,
Wright, Winthrop, Eaton Vance, Eaton Vance's wholly owned subsidiary, Boston
Management and Research ("BMR"), Eaton Vance's parent company, Eaton Vance Corp.
("EVC"), or Eaton Vance's and BMR's Trustee, Eaton Vance, Inc. ("EV"), by virtue
of their affiliation with either the Trust, Wright, Winthrop, Eaton Vance, BMR,
EVC or EV, are indicated by an asterisk (*).

PETER M. DONOVAN (54), President and Trustee*
President, Chief Executive Officer and Director of Wright and Winthrop; Vice
President, Treasurer and a Director of Wright Investors' Service Distributors,
Inc.
Address: 1000 Lafayette Boulevard, Bridgeport, CT 06604

H. DAY BRIGHAM, JR. (70), Vice President, Secretary and Trustee*
Retired, Formerly Vice President of Eaton Vance, BMR, EVC and EV and Director,
EV and EVC.
Address: 92 Reservoir Avenue, Chestnut Hill, MA 02167

WINTHROP S. EMMET (86), Trustee
Retired New York City Attorney at Law; Trust Officer, First National City Bank,
New York, NY (1963-1971).
Address: Box 327, West Center Road, West Stockbridge, MA 01266

LELAND MILES (73), 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 (60), Vice President & Trustee*
Senior Vice President, Wright and Winthrop; President, Wright Investors' Service
Distributors, Inc.
Address: 1000 Lafayette Boulevard, Bridgeport, CT 06604

LLOYD F. PIERCE (78), 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

RAYMOND VAN HOUTTE (72), Trustee
President Emeritus and Counselor of The Tompkins County Trust Co., 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
<PAGE>

JUDITH R. CORCHARD (58), Vice President
Executive Vice President, Investment Management: Senior Investment Officer;
Chairman of the Investment Committee and Director of Wright and Winthrop.
Address: 1000 Lafayette Boulevard, Bridgeport, CT 06604

JAMES L. O'CONNOR (52), 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 (61), Assistant Secretary and Assistant 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

WILLIAM J. AUSTIN, JR. (45), 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

A. JOHN MURPHY (34), Assistant Secretary
Assistant Vice President of Eaton Vance, BMR and EV since March 1, 1994;
employee of Eaton Vance since March 1993. State Regulations Supervisor, The
Boston Company (1991-1993) and Registration Specialist, Fidelity Management &
Research Co. (1986-1991). Officer of various investment companies managed by
Eaton Vance or BMR. Mr. Murphy was elected Assistant Secretary of the Trust on
June 21, 1995.
Address: 24 Federal Street, Boston, MA 02110

ERIC G. WOODBURY (39), Assistant Secretary
Vice President of Eaton Vance, BMR and EV since February 1993; formerly,
associate attorney at Dechert, Price & Rhoads and Gaston & Snow. Officer of
various investment companies managed by Eaton Vance or BMR. Mr. Woodbury was
elected Assistant Secretary of the Trust on June 21, 1995.
Address: 24 Federal Street, Boston, MA 02110

Messrs. Emmet, Miles, Pierce, and Van Houtte are members of the Special
Nominating Committee of the Trustees of the Trusts. 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 Trusts, Eaton Vance or Wright. The Trusts do not have a
designated audit committee since the full board performs the functions of such
committee.

All of the Trustees and officers hold identical positions with The Wright
Managed Equity Trust, The Wright Managed Income Trust, The Wright Managed Blue
Chip Series Trust (except Mr. Miles), The Wright EquiFund Equity Trust and
Catholic Values Investment Trust. The fees and expenses of those Trustees of the
Trusts (Messrs. Emmet, Miles, Pierce, and Van Houtte) who are not affiliated
persons of the Trusts and of Mr. Brigham are paid by the Funds. They also
received additional payments from other investment companies for which Wright
provides investment advisory services. The Trustees other than Mr. Brigham, who
are interested persons of the Trusts receive no compensation from the Trusts.
The Trusts do not have a retirement plan for the Trustees. For Trustee
compensation for the fiscal year ended December 31, 1996, see the following
table.

<TABLE>
<CAPTION>
COMPENSATION TABLE
Fiscal Year Ended December 31, 1996

THE WRIGHT MANAGED EQUITY TRUST -- 4 Funds
THE WRIGHT MANAGED INCOME TRUST -- 5 Funds

Aggregate Compensation from Pension Estimated Total
The Wright Managed The Wright Managed Benefits Annual Compensation
Trustees Equity Trust Income Trust Accrued Benefits Paid(1)
- ---------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Winthrop S. Emmet None None
Leland Miles None None
Lloyd F. Pierce None None
George R. Prefer(2) None None
Raymond Van Houtte None None
- ----------------------------------------------------------------------------------------------------------------------------
<FN>

(1) Total compensation paid includes not only service on the boards of The
Wright Managed Equity Trust (4 Funds) and The Wright Managed Income Trust (5
Funds) but also service on other boards in the Wright Fund complex (23 Funds)
for a total of 33 Funds. Total compensation paid also includes payments expected
to be paid during the current fiscal year for the Portfolio Trust.

(2) Resigned as of ________________, 1996.
</FN>
</TABLE>
<PAGE>

Control Persons and
Principal Holders of Shares

As of March 31, 1997, the Trustees and officers of the Trusts and the
Portfolio Trust, as a group, owned in the aggregate less than 1% of the
outstanding shares of each Fund and Portfolio. The Funds' shares are held
primarily by trust departments of depository institutions and trust companies
either for their own account or for the accounts of their clients. From time to
time, several of these 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 Trusts 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, 1997, the number of trust departments which were the record
owners of more than 5% of the outstanding shares of the Funds in The Wright
Managed Equity Trust was as follows: WBC, __; WJBC, __; WOC, __; and WIBC, __.

On March 31, 1997, the number of trust departments which were the record
owners of more than 5% of the outstanding shares of the Funds in the Wright
Managed Income Trust was as follows: WUSTB, __; WNTB, __; WTRB, __; WCIF, __;
and WTMM, __.

Investment Advisory and
Administrative Services

The Trusts have engaged Winthrop to act as investment adviser to the Funds
pursuant to Investment Advisory Contracts (the "Investment Advisory Contracts").
Pursuant to a service agreement effective February 1, 1996 between Winthrop and
Wright, Wright, acting under the general supervision of the Trusts' Trustees,
furnishes each non-Feeder Fund with investment advice and management services,
as described below. Winthrop supervises Wright's performance of this function
and retains its contractual obligations under the Investment Advisory Contracts.
Winthrop has agreed that for so long as a Feeder Fund invests its investable
assets in a corresponding Portfolio it will not impose any advisory fees to
which it would be entitled under the respective Investment Advisory Contract.
The Portfolio Trust has engaged Wright as investment adviser to provide
investment advice and management services to the Portfolios pursuant to the
Portfolio Investment Advisory Contract. The estate of John Winthrop Wright may
be considered a controlling person of Winthrop and Wright by reason of its
ownership of 29% of the outstanding shares of Winthrop.

Pursuant to each Investment Advisory Contract and the Portfolio Investment
Advisory Contract, Wright will carry out the investment and reinvestment of the
assets of the non-Feeder Funds and the Portfolios, will furnish continuously an
investment program with respect to the non-Feeder Funds and the Portfolios, will
determine which securities should be purchased, sold or exchanged, and will
implement such determinations. Wright will furnish to the non-Feeder Funds and
the Portfolios 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. In return for these services, each non-Feeder Fund or Portfolio is
obligated to pay a monthly advisory fee calculated at the rates set forth in the
current Prospectus. The following table sets forth the net assets of each Fund
at December 31, 1996 and the advisory fee earned during the fiscal years ended
December 31, 1996, 1995 and 1994. Prior to the close of business on April 30,
1997, Wright managed directly the assets of the non-Feeder Funds.

Aggregate Advisory Fees Paid for the
Net Assets Fiscal Year Ended December 31
at 12/31/96 1996 1995 1996
- ------------------------------------------------------------------------------

THE WRIGHT MANAGED EQUITY TRUST
WBC $ $ $ $
WJBC
WQC
WIBC

THE WRIGHT MANAGED INCOME TRUST
WUSTB(1) $ $ $ $
WNTB
WTRB
WCIF
WTMM(2)
- ------------------------------------------------------------------------------

(1) To enhance the net income of the Fund during the fiscal year ended December
31, 1996, Wright made a reduction of its advisory fee in the amount of
$___________. (2) To enhance the net income of the Fund, Wright made a reduction
of its advisory fees during each of the fiscal years ended December 31, 1996 and
1995 by $________ and $_________, respectively.
<PAGE>

The Trusts have engaged Eaton Vance to act as the administrator for each
Fund pursuant to an Administration Agreements. For its services under the
Administration Agreements, Eaton Vance receives monthly administration fees at
the annual rates set forth in the current Prospectus. The following table sets
forth the administration fees earned for the fiscal years ended December 31,
1996, 1995 and 1994.

Administration Fees Paid
for the Fiscal Year Ended December 31
1996 1995 1994
- ------------------------------------------------------------------------------

THE WRIGHT MANAGED EQUITY TRUST
WBC $ $ $
WJBC
WQC
WIBC

THE WRIGHT MANAGED INCOME TRUST
WUSTB $ $ $
WNTB
WTRB
WCIF
WTMM
- ------------------------------------------------------------------------------

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, 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, Mr. Gardner is
vice chairman and Mr. Hawkes 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 December 31, 1997, the Voting
Trustees of which are Messrs. Clay, Gardner, Hawkes, and Rowland and Thomas E.
Faust, Jr. 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 February 28, 1997,
Messrs. Clay, Gardner and Hawkes each owned 24% of such voting trust receipts.
Messrs. Rowland and Faust each owned 15% and 13%, respectively, of such voting
trust receipts. Mr. Brigham is an officer and Trustee of the Trusts, and a
former member of the Eaton Vance, EVC, BMR and EV organizations. Messrs. Austin,
Murphy, O'Connor and Woodbury and Ms. Sanders are officers of the Trusts and are
also members of the Eaton Vance, BMR and EV organizations. Eaton Vance will
receive the fees paid under the Administration Agreements.

EVC owns all of the stock of Energex Energy Corporation which is engaged in
oil and gas exploration and development. In addition, Eaton Vance owns all the
stock of Northeast Properties, Inc., which is engaged in real estate investment.
EVC owns all of the stock of Fulcrum Management, Inc. and MinVen, Inc., which
are engaged in precious metal mining venture investment and management. EVC, EV,
Eaton Vance and BMR may also enter into other businesses.

In addition to the fees payable to the service providers described herein,
the Funds and Portfolios are responsible for usual and customary expenses
associated with their respective operations not otherwise payable by Wright or
Eaton Vance. These include, among other things, organization expenses, legal
fees, audit and accounting expenses, insurance costs, the compensation and
expenses of the Trustees, interest, taxes and extraordinary expenses (such as
for litigation). For each Fund, such expenses also include printing and mailing
reports, notices and proxy statements to shareholders and registration fees
under federal securities laws and the cost of providing required notices to
state securities administrators. For the Portfolios, such expenses also include
registration fees under foreign securities laws (for the WIBC Fund) and
brokerage commissions.

The Investment Advisory Contracts and Portfolio Investment Advisory
Contract will remain in effect until February 28, 1998 and 1999, respectively.
The Investment Advisory Contracts and the Portfolio Investment Advisory Contract
may be continued from year to year so long as such continuance is approved at
least annually (i) by the vote of a majority of the Trustees who are not
"interested persons" of the Trust, the Portfolio 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 voting securities of the respective Funds or
Portfolios. The Administration Agreements may be continued from year to year
after February 28, 1998 so long as such continuance is approved annually by the
vote of a majority of the Trustees. Each

<PAGE>

agreement may be terminated 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 the affected Fund or Portfolio, 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 or
Portfolio Trust, as the case may be, under such agreement on the part of Eaton
Vance or Wright, Eaton Vance or Wright will not be liable to the Trust or
Portfolio Trust, as the case may be, for any loss incurred.

Custodian

Investors Bank & Trust Company ("IBT"), 89 South Street, Boston,
Massachusetts, acts as custodian for the Funds and the Portfolios. IBT has the
custody of all cash and securities of the Funds and Portfolios, maintains the
Funds' and Portfolios' 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' and
Portfolios' investments, receives and disburses all funds and performs various
other ministerial duties upon receipt of proper instructions from the Funds and
Portfolios. 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.

Independent Certified
Public Accountants

[ ] are the Trusts' and the Portfolio 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 each non-Feeder Fund
and Portfolio, 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 non-Feeder Funds and the Portfolios 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 staffs.
<PAGE>

Subject to the requirement that Wright shall use its best efforts to seek
to execute each non-Feeder Fund's and Portfolio'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 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 each Investment Advisory Contract and the Portfolio 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 Prospectus or this Statement
of Additional Information has been supplemented or amended to disclose the
conditions under which Wright proposes to do so.

Each Investment Advisory Contract and the Portfolio 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 non-Feeder Fund or Portfolio 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, 1996, 1995 and 1994, the Funds
in The Wright Managed Equity Trust paid the following aggregate brokerage
commissions on portfolio transactions:

1996 1995 1994
--------------------------

Wright Selected Blue Chip
Equities Fund (WBC) $ $ $

Wright Junior Blue Chip
Equities Fund (WJBC)

Wright Quality Core
Equities Fund (WQC)

Wright International Blue Chip
Equities Fund (WIBC)

It is expected that purchases and sales of portfolio investments by the
Funds in the Wright Managed Income Trust (or their corresponding Portfolios)
will be with the issuers or with major dealers in debt instruments acting as
principal, and that the Funds (or Portfolios) will normally pay no brokerage
commissions. The cost of securities purchased from underwriters includes a
disclosed, fixed underwriting commission or concession, and the prices for which
securities are purchased from and sold to dealers usually include an undisclosed
dealer mark-up or mark-down. During the fiscal years ended December 31, 1996,
1995 and 1994, none of the Funds in The Wright Managed Income Trust paid
brokerage commissions.

Pricing of Shares

All Funds Except
Wright U.S. Treasury Money Market Fund

For a description of how the Funds value their Standard Shares and
Institutional Shares, see "How the Funds Value their Shares" in the Funds'
current Prospectus. The Funds value securities 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.

Wright U.S. Treasury Money Market Fund

Wright U.S. Treasury Money Market Fund values its shares three times on
each day the New York Stock Exchange (the "Exchange") is open at noon, at 3:00
p.m. and 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 IBT (as agent for the Fund)
in the manner authorized by the Trustees. Portfolio assets of the Fund are
valued at amortized cost in an effort to attempt to maintain a constant net
asset value of $1.00 per share, which the Trustees have determined to be in the
best interests of the Fund and its shareholders. The Fund's use of the amortized
cost method to value the portfolio securities is conditioned on its compliance
with conditions contained in a rule issued by the Securities and Exchange
Commission (the "Rule").
<PAGE>

Under the Rule, the Trustees are obligated, as a particular responsibility
within the overall duty of care owed to the shareholders, to establish
procedures reasonably designed, taking into account current market conditions
and the investment objectives of the Fund, to stabilize the net asset value per
share as computed for the purposes of distribution, redemption and repurchase at
$1.00 per share. The Trustees' procedures include periodically monitoring, as
they deem appropriate and at such intervals as are reasonable in light of
current market conditions, the extent of deviation between the amortized cost
value per share and a net asset value per share based upon available indications
of market value as well as review of the methods used to calculate the
deviation. The Trustees will consider what steps, if any, should be taken in the
event of a difference of more than 1/2 of 1% between such two values. The
Trustees will take such steps as they consider appropriate (e.g., redemption in
kind, selling prior to maturity to realize gains or losses or to shorten the
average portfolio maturity, withholding dividends or using market quotations) to
minimize any material dilution or other unfair results to investors or existing
shareholders, which might arise from differences between the two values.

The Rule requires that the Fund's investments, including repurchase
agreements, be limited to those U.S. dollar-denominated instruments which the
Trustees determine present minimal credit risks and which are at the time of
acquisition rated by the requisite number of nationally recognized statistical
rating organizations in one of the two highest short-term rating categories or,
in the case of any instrument that is not so rated, of comparable quality as
determined by Wright in accordance with procedures established by the Trustees.
It also calls for the Fund to maintain a dollar-weighted average portfolio
maturity (not more than 90 days) appropriate to its objective of maintaining a
stable net asset value of $1.00 per share and precludes the purchase of any
instrument with a remaining maturity of more than 13 months. Should the
disposition of a portfolio security result in a dollar-weighted average
portfolio maturity of more than 90 days, the Fund's available cash will be
invested in such a manner as to reduce such maturity to 90 days or less as soon
as reasonably practicable.

It is the normal practice of Wright U.S. Treasury Money Market Fund to hold
portfolio securities to maturity and to realize par value therefor unless a sale
or other disposition is mandated by redemption requirements or other
extraordinary circumstances. Under the amortized cost method of valuation,
traditionally employed by institutions for valuation of money market
instruments, neither the amount of daily income nor the Fund's net asset value
is affected by any unrealized appreciation or depreciation on securities held
for the Fund. There can be no assurance that the Fund's objectives will be
achieved.
***
The Funds and the Portfolios will not price securities on the following
national holidays: New Year's Day; Presidents' Day; Good Friday; Memorial Day;
Independence Day; Labor Day; Thanksgiving Day; and Christmas Day.

Principal Underwriter

Each Trust has adopted a Distribution Plan as defined in Rule 12b-1 under
the 1940 Act (the "Plan") on behalf of its Funds (except Wright U.S. Treasury
Money Market Fund) with respect to each Fund's Standard Shares. Each Trust's
Plan specifically authorizes each Fund to pay 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 Standard
Shares. The expenses of such activities will not exceed 0.25% per annum of each
Fund's average daily net assets attributable to the Standard Shares. Payments
under the Plan are reflected as an expense in each Fund's financial statements
relating to the applicable class of shares.

Each Trust has entered into a distribution contract on behalf of its Funds
with respect to the Funds' Standard Shares and Institutional Shares with its
principal underwriter, Wright Investors' Service Distributors, Inc. ("WISDI"), a
wholly-owned subsidiary of Winthrop, providing for WISDI to act as a separate
distributor of each Fund's Standard Shares and Institutional Shares. Wright U.S.
Treasury Money Market Fund is not obligated to make any distribution payments to
WISDI under its Distribution Contract.

Each Fund, except Wright U.S. Treasury Money Market Fund, will pay 0.25% of
its average daily net assets attributable to Standard Shares, to WISDI for
distribution activities on behalf of the Fund in connection with the sale of its
Standard Shares. WISDI will provide on a quarterly basis documentation
concerning the expenses of such activities. Documented expenses of a Fund may
include compensation paid to and out-of-pocket disbursements of officers,
employees or sales representatives of WISDI, including telephone costs, the

<PAGE>

printing of prospectuses and reports for other than existing shareholders,
preparation and distribution of sales literature, advertising of any type
intended to enhance the sale of shares of the Fund and interest or other
financing charges. Subject to the 0.25% per annum limitation imposed on Standard
Shares by each Trust's Plan, a Fund may pay separately for expenses of
activities primarily intended to result in the sale of the Fund's Standard
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, Chief Executive Officer and a Trustee of each Trust and President and
a Director of Wright and Winthrop, is Vice President, Treasurer and a Director
of WISDI. A.M. Moody, Ill, Vice President and a Trustee of the Trust and Senior
Vice President of Wright and Winthrop, is President and a Director of WISDI.

It is the opinion of the Trustees and officers of each Trust that the
following are not expenses primarily intended to result in the sale of Standard
Shares or Institutional 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 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 Standard Shares and Institutional Shares issued by a Fund, they will be
considered to be expenses contemplated by and included in the applicable Plan
but not subject to the 0.25% per annum limitation described above.

Under each Trust's Plan, the President or Vice President of the Trust will
provide to the Trustees for their review, and the Trustees will 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, 1996, it is estimated that WISDI spent approximately the following
amounts on behalf of The Wright Managed Investment Funds, including the Funds in
the Trusts:

The following table shows the distribution expenses allowable to WISDI and
paid by each Fund for the year ended December 31, 1995. No Institutional Shares
were outstanding as of December 31, 1996.

STANDARD SHARES
Distribution Expenses
Distribution Distribution Paid As a % of
Expenses Expenses Fund's Average
Allowable Paid by Fund Net Asset Value
- -----------------------------------------------------------------------------

THE WRIGHT MANAGED EQUITY TRUST
WBC $ $ $
WJBC (1)
WQC (2)
WIBC

THE WRIGHT MANAGED INCOME TRUST
WUSTB $ $ (3) $
WNTB
WTRB
WCIF
- ------------------------------------------------------------------------------

(1) WISDI reduced its fee in the amount of $
(2) WISDI reduced its fee in the amount of $
(3) WISDI reduced its fee in the full amount of $

Wright Investors Service Distributors, Inc.
Financial Summaries for the Year 1996

Printing Travel Commissions Admin-
Promo- & Mailing and and istration
FUNDS tional Prospectuses Entertainment Service Fees and Other TOTAL
- ---------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
THE WRIGHT MANAGED EQUITY TRUST
Wright Selected Blue Chip Equities Fund (WBC) $ $ $ -- $ $
Wright Junior Blue Chip Equities Fund (WJBC) --
Wright Major Blue Chip Equities Fund (WMBC) --
Wright International Blue Chip Equities Fund (WIBC)

THE WRIGHT MANAGED INCOME TRUST
Wright U.S. Treasury Fund (WUSTB) -- -- -- -- -- --
Wright U.S. Treasury Near Term Fund (WNTB) --
Wright Total Return Bond Fund (WTRB) --
Wright Current Income Fund (WCIF) --

</TABLE>

<PAGE>

Under its terms, each 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
Trust's Plan. Each Plan may not be amended to increase materially the amount to
be spent by the applicable class for the services described therein without
approval of a majority of the outstanding Standard Shares and all material
amendments of the Plan must also be approved by the Trustees of the Trust in the
manner described above. Each Trust's Plan may be terminated as to each class at
any time 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 affected class. If a Plan
is terminated, the respective Fund would stop paying the distribution fee with
respect to the affected class and the Trustees would consider other methods of
financing the distribution of the Fund's Standard Shares. So long as a Trust's
Plan is in effect, the selection and nomination of Trustees who are not
interested persons of the Trust will be committed to the discretion of the
Trustees who are not such interested persons. The Trustees of each Trust have
determined that in their judgment there is a reasonable likelihood that the Plan
will benefit the Trust and the holders of Standard Shares.

Service Plans

The Service Plans were adopted by each Trust's Trustees on behalf of the
Funds and will continue in effect from year to year, provided such continuance
is approved annually by a vote of the Trust's 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 Service Plan. Each
Service Plan may be terminated at any time without payment of any penalty by
vote of a majority of the Trustees of the appropriate Trust who are not
interested persons of the Trust and who have no direct or indirect financial
interest in the operation of the Service Plan. The Trustees of each Trust have
determined that in their judgment there is a reasonable likelihood that the
Service Plan will benefit the Funds in each respective Trust and each Fund's
holders of Standard Shares and Institutional Shares.

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 (only a single class
of shares of each Fund was outstanding as of December 31, 1996). 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 yield of each Fund, other than Wright U.S. Treasury Money Market Fund,
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 (only a
single class of shares of each Fund was outstanding as of December 31, 1996).
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.

For the 30-day period ended December 31, 1996, the yield of each Fund,
other than Wright U.S. Treasury Money Market Fund, was as follows:

30-Day Period Ended
December 31, 1996*
- ------------------------------------------------------------------------------

THE WRIGHT MANAGED EQUITY TRUST
Wright Selected Blue Chip Equities Fund %
Wright Junior Blue Chip Equities Fund %
Wright Major Blue Chip Equities Fund %
Wright International Blue Chip Equities Fund %

THE WRIGHT MANAGED INCOME TRUST
Wright U.S. Treasury Fund %
Wright U.S. Treasury Near Term Fund %
Wright Total Return Bond Fund %
Wright Current Income Fund %
- -------------------------------------------------------------------------------

* according to the following formula:
6
Yield = 2 [ ( a-b + 1) - 1 ]
---
cd
<PAGE>

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 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 GNMA's, is the actual income
earned. Neither discount nor premium have been amortized.

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

Because each class of shares of each Fund bears its own fees and certain
expenses, the classes will have different performance results.
***
From time to time, quotations of Wright U.S. Treasury Money Market Fund's
yield and effective yield may be included in advertisements or communications to
shareholders. If a portion of the Fund's expenses had not been subsidized, the
Fund would have had lower returns. These performance figures are calculated in
the following manner:

A.Yield - the net annualized yield based on a specified 7-calendar days
calculated at simple interest rates. Yield is calculated by determining the net
change, exclusive of capital changes, in the value of a hypothetical
pre-existing account having a balance of one share at the beginning of the
period, subtracting a hypothetical charge reflecting deductions from
shareholders accounts, and dividing the difference by the value of the account
at the beginning of the base period to obtain the base period return. The yield
is annualized by multiplying the base period return by 365/7. The yield figure
is stated to the nearest hundredth of one percent. The yield of Wright U.S.
Treasury Money Market Fund for the seven-day period ended December 31, 1996 was
%.

B.Effective Yield - the net annualized yield for a specified 7-calendar days
assuming a reinvestment of the yield or compounding. Effective yield is
calculated by the same method as yield except the annualized yield figure is
compounded by adding 1, raising the sum to a power equal to 365 divided by 7,
and subtracting one from the result, according to the following formula:
Effective Yield = [(Base Period Return + 1 )^365/7] - 1. The effective yield of
Wright U.S. Treasury Money Market Fund for the seven-day period ended December
31, 1996 was %.

As described above, yield and effective yield are based on historical
earnings and are not intended to indicate future performance. Yield and
effective yield will vary based on changes in market conditions and the level of
expenses.

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. 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.

The table on the next page shows the average annual total return of each
Fund for the one, five and ten-year periods ended December 31, 1996 and the
period from inception to December 31, 1996.

Period Ended 12/31/96 Inception To Inception
One Year Five Years Ten Years 12/31/96 Date
- ----------------------------------------------------------------------------------------------------------------------------

THE WRIGHT MANAGED EQUITY TRUST
<S> <C> <C> <C> <C> <C> <C>
Wright Selected Blue Chip Equities Fund (1) . % . % . % . % 1/04/83
Wright Junior Blue Chip Equities Fund (2) . % . % . % . % 1/14/85
Wright Major Blue Chip Equities Fund (3) . % . % . % . % 8/07/85
Wright International Blue Chip Equities Fund(4) . % . % . % . % 9/14/89

THE WRIGHT MANAGED INCOME TRUST
Wright U.S. Treasury Fund (5) . % . % . % . % 7/25/83
Wright U.S. Treasury Near Term Fund (6) . % . % . % . % 7/25/83
Wright Total Return Bond Fund (7) . % . % . % . % 7/25/83
Wright Current Income Fund (8) . % . % -- . % 4/15/87
- ----------------------------------------------------------------------------------------------------------------------------
<FN>

(1) If a portion of the WBC Fund's 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 Fund's expenses had not been subsidized during the
years ended December 31, 1995, 1987 and 1985, the Fund would have had lower returns;

(3) If a portion of the WQC Fund's expenses had not been subsidized during the
years ended December 31, 1995, 1990, 1989, 1988, 1987 and 1985, the Fund would
have had lower returns;

(4) 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.

(5) If a portion of WUSTB's expenses had not been subsidized for the years ended
December 31, 1995, 1993, 1992, 1987,1985 and 1984, the Fund would have had lower
returns;

(6) If a portion of WNTB's expenses had not been subsidized during the year
ended December 31, 1987, the Fund would have had lower returns;

(7) If a portion of WTRB's expenses had not been subsidized during the five
years ended December 31,1989, the Fund would have had lower returns;

(8) If a portion of WCIF's expenses had not been subsidized during the five
years ended December 31,1991, the Fund would have had lower returns.
</FN>

</TABLE>

<PAGE>

FINANCIAL STATEMENTS

The financial statements of the Funds, which are included in the Funds'
Annual Reports to Shareholders, are incorporated by reference into this
Statement of Additional Information and have been so incorporated in reliance on
the report of [ ], independent certified public accountants, as experts in
accounting and auditing. A copy of a Fund's most recent Annual Report
accompanies this Statement of Additional Information.

<PAGE>

APPENDIX

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

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 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 S&P and Moody's

An S&P 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

<PAGE>

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.

Bond Ratings

In addition to Wright quality ratings, bonds or bond insurers may be
expected to have credit risk ratings assigned by the two major rating companies,
Moody's and S&P. Moody's uses a nine-symbol system with Aaa being the highest
rating and C the lowest. S&P uses a 10-symbol system that ranges from AAA to D.
Bonds within the top four categories of Moody's (Aaa, Aa, A, and Baa) and of S&P
(AAA, AA, A, and BBB) are considered to be of investment-grade quality. Only the
top three grades are acceptable for the taxable income Funds. Note that both S&P
and Moody's currently give their highest rating to issuers insured by the
American Municipal Bond Assurance Corporation (AMBAC) or by the Municipal Bond
Investors Assurance Corporation (MBIA).

Bonds rated A by S&P have a strong capacity to pay principal and interest,
although they are somewhat more susceptible to the adverse effects of change in
circumstances and economic conditions than debt in higher- rated categories. The
rating of AA is accorded to issues where the capacity to pay principal and
interest is very strong and they differ from AAA issues only in small degree.
The AAA rating indicates an extremely strong capacity to pay principal and
interest.

Bonds rated A by Moody's are judged by Moody's to possess many favorable
investment attributes and are considered as upper medium grade obligations.
Bonds rated Aa by Moody's are judged by Moody's to be of high quality by all
standards. Together with the Aaa group they comprise what are generally known as
high-grade bonds. They are rated lower than Aaa bonds because margins of
protection may not be as large or fluctuations of protective elements may be of
greater degree or there may be other elements present which make the long-term
risks appear somewhat larger. Bonds rated Aaa by Moody's are judged to be of the
best quality. Interest payments are protected by a large or by an exceptionally
stable margin and principal is secure. While the various protective elements are
likely to change, such changes as can be visualized are most unlikely to impair
the fundamentally strong position of such issuers.

Note Ratings

In addition to Wright quality ratings, municipal notes and other short-term
loans may be assigned ratings by Moody's or Standard & Poor's. Moody's ratings
for municipal notes and other short- term loans are designated Moody's
Investment Grade (MIG). This distinction is in recognition of the differences
between short-term and long-term credit risk. Loans bearing the designation MIG
1 are of the best quality, enjoying strong protection by establishing cash flows
of funds for their servicing or by established and broad- based access to the
market for refinancing, or both. Loans bearing the designation MIG 2 are of high
quality, with margins of protection ample although not so large as in the
preceding group.

Standard & Poor's top ratings for municipal notes issued after July 29,
1984 are SP-1 and SP-2. The designation SP-1 indicates a very strong capacity to
pay principal and interest. A "+" is added for those issues determined to
possess overwhelming safety characteristics. An "SP-2" designation indicates a
satisfactory capacity to pay principal and interest.
<PAGE>

PART C

Other Information

Wright Managed Equity Trust

Item 24. Financial Statements and Exhibits

(a) Financial Statements

Included in Part A:

To be filed by amendment:
Financial Highlights for Wright Selected Blue Chip Equities Fund,
Wright Junior Blue Chip Equities Fund and Wright Major Blue Chip
Equities Fund for each of the ten years ended December 31, 1996.

To be filed by amendment:
Financial Highlights for Wright International Blue Chip Equities
Fund for each of the six years ended December 31, 1996 and for the period from
commencement of operations September 14, 1989 to December 31, 1989.

Included in Part B:

Incorporated by reference to the annual reports for the Funds each
dated December 31, 1996, filed electronically pursuant to Section
30(b)(2) of the Investment Company Act of 1940 (Accession Nos.
_____________________ and ____________________.)

To be filed by amendment:
For Wright Selected Blue Chip Equities Fund, Wright Junior Blue
Chip Equities Fund, Wright Major Blue Chip Equities Fund, and
Wright International Blue Chip Equities Fund.

Portfolio of Investments, December 31, 1996
Statement of Assets and Liabilities, December 31, 1996
Statement of Operations for the year ended December 31, 1996
Statement of Changes In Net Assets for each of the two years ended
December 31, 1996
Notes to Financial Statements
Independent Auditors' Report

(b) Exhibits:

(1) (a) Declaration of Trust dated June 17, 1982 as Amended and
Restated November 1, 1984.*
(b) Amendment to Declaration of Trust dated December 21, 1987.*
(c) Amendment and Restatement of Establishment and Designation
of Series of Shares of
Beneficial Interest without Par Value dated March 18, 1992.*
(d) Amended and Restated Declaration of Trust dated ______, 1997
(to be filed by amendment).

(2) (a) By-Laws as amended August 2, 1984.*
(b) Amended and Restated By-Laws dated ______, 1997 (to be
filed by amendment).

(3) Not Applicable

(4) Not Applicable

(5) (a) Investment Advisory Contract dated December 21, 1987 with
The Winthrop Corporation d/b/a Wright Investors' Service.*
(b) Administration Agreement with Eaton Vance Management
dated November 1, 1990.*
<PAGE>

(6) Distribution Contract between the Fund and MFBT Corporation
dated November 1, 1984.*

(7) Not Applicable

(8) (a) Custodian Agreement with Investors Bank & Trust Company dated
December 19, 1990.* (b) Amendment dated September 20, 1995 to
Master Custodian Agreement.*

(9) (a) Service Agreement dated February 1, 1996 between Wright
Investors' Service, Inc. and The Winthrop Corporation.*

(b) Form of Service Plan for Standard Shares and Institutional
Shares dated May 1, 1997 adopted by the Trust (filed
herewith)

(10) Opinion of Counsel dated April __, 1997 (to be filed by
amendment).

(11) Consent of the Independent Certified Public Accountants (to be
filed by amendment).

(12) Not Applicable

(13) Not Applicable

(14) Not Applicable

(15) (a) Amended Distribution Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940, dated November 1, 1984.*
(b) Agreement Relating to Implementation of the Distribution Plan
dated November 1, 1984.* (c) Amended Distribution Plan
pursuant to Rule 12b-1 under the Investment Company Act of
1940, dated _____, 1997 (to be filed by amendment).

(16) Schedule for Computation of Performance Quotations.*

(17) Power of Attorney dated January 20, 1993.*

(18) Form of Rule 18f-3 Plan dated May 1, 1997 for Standard and
Institutional Shares (filed herewith).

* Filed on April 29, 1996 as an exhibit to post-effective amendment
no. 20 of the Trust's Registration Statement (File Nos.2-78047
and 811-3489).

Item 25. Persons Controlled by or under Common Control with Registrant

Not Applicable

Item 26. Number of Holders of Securities

Title of Class Number of Record Holders as of January 31, 1997
---------------------------------------------------------------------------

Shares of Beneficial Wright Selected Blue Chip Equities Fund (WBC)......
Interest Wright Junior Blue Chip Equities Fund (WJBC).......
Wright Major Blue Chip Equities Fund (WMBC)........
Wright International Blue Chip Equities Fund (WIBC).

<PAGE>

Item 27. Indemnification

The Registrant's By-Laws filed as Exhibit (2) herewith contain provisions
limiting the liability, and providing for indemnification, of the Trustees and
officers under certain circumstances.

Registrant's Trustees and officers are insured under a standard investment
company errors and omissions insurance policy covering loss incurred by reason
of negligent errors and omissions committed in their capacities as such.

Item 28. Business and Other Connections of Investment Adviser

Reference is made to the information set forth under the captions "Officers and
Trustees" and "Investment Advisory and Administrative Services" in the Statement
of Additional Information, which information is incorporated herein by
reference.

Item 29. Principal Underwriter

(a) Wright Investors' Service Distributors, Inc. (a wholly-owned
subsidiary of The Winthrop Corporation) acts as principal underwriter
for each of the investment companies named below.

Wright Managed Blue Chip Series Trust
Wright EquiFund Equity Trust
Wright Managed Equity Trust
Wright Managed Income Trust
<TABLE>
<CAPTION>

(b)
(1) (2) (3)
<S> <C> <C>
Name and Principal Positions and Officer's Positions and Offices
Business Address with Principal Underwriter with Registrant
- ---------------------------------------------------------------------------------------------------------------------
A. M. Moody III* President Vice President and Trustee
Peter M. Donovan* Vice President and Treasurer President and Trustee
Vincent M. Simko* Vice President and Secretary None

*Address is 1000 Lafayette Boulevard, Bridgeport, Connecticut 06604
</TABLE>

Item 30. Location of Accounts and Records

All applicable accounts, books and documents required to be maintained by the
Registrant by Section 31(a) of the Investment Company Act of 1940 and the Rules
promulgated thereunder are in the possession and custody of the registrant's
custodian, Investors Bank & Trust Company, 89 South Street, Boston, MA 02110,
and its transfer agent, First Data Investor Services Group, One Exchange Place,
Boston, MA 02104, with the exception of certain corporate documents and
portfolio trading documents which are either in the possession and custody of
the Registrant's administrator, Eaton Vance Management, 24 Federal Street,
Boston, MA 02110 or of the investment adviser, Wright Investors' Service, Inc.,
1000 Lafayette Boulevard, Bridgeport, CT 06604. Registrant is informed that all
applicable accounts, books and documents required to be maintained by registered
investment advisers are in the custody and possession of Registrant's
administrator, Eaton Vance Management, or of the investment adviser, Wright
Investors' Service, Inc.

Item 31. Management Services

Not Applicable

Item 32. Undertakings

The Registrant undertakes to furnish to each person to whom a prospectus is
delivered a copy of the latest annual report to shareholders, upon request and
without charge.
<PAGE>

Signatures

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it has duly caused
this post-effective amendment to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Boston and
The Commonwealth of Massachusetts on the 27th day of February, 1997.

THE WRIGHT MANAGED EQUITY TRUST

By: Peter M. Donovan*
---------------------------------
Peter M. Donovan, President

Pursuant to the requirements of the Securities Act of 1933, this post-effective
amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.

SIGNATURE TITLE DATE
- -------------------------------------------------------------------------------

Peter M. Donovan* President, Principal February 27, 1997
- ------------------- Executive Officer & Trustee
Peter M. Donovan

James L. O'Connor* Treasurer, Principal February 27, 1997
- ------------------- Financial and Accounting Officer
James L. O'Connor

/s/ H. Day Brigham, Jr. Trustee February 27, 1997
- ------------------------
H. Day Brigham, Jr.

Winthrop S. Emmet* Trustee February 27, 1997
- ---------------------
Winthrop S. Emmet

Leland Miles* Trustee February 27, 1997
- --------------------
Leland Miles

A. M. Moody III* Trustee February 27, 1997
- --------------------
A. M. Moody III

Lloyd F. Pierce Trustee February 27, 1997
- --------------------
Lloyd F. Pierce

Raymond Van Houtte* Trustee February 27, 1997
- --------------------
Raymond Van Houtte

* By /s/ H. Day Brigham, Jr.
- ----------------------------
H. Day Brigham, Jr.
Attorney-in-Fact
<PAGE>

Exhibit Index

The following exhibits are filed as part of this Registration Statement
pursuant to General Instruction F of Form N-1A.

Exhibit No. Description

(9)(a) Form of Service Plan for Standard and Institutional Shares.

(18) Form of Rule 18f-3 Plan for Standard and Institutional Shares.

Exhibit 9(a)

FORM OF

SERVICE PLAN

THE WRIGHT MANAGED EQUITY TRUST

WHEREAS, The Wright Managed Equity Trust (the "Trust") engages in
business as an open-end management investment company and is registered as such
under the Investment Company Act of 1940, as amended (the "Act");

WHEREAS, Wright Investors Service Distributors, Inc.("WISDI") provides,
or arranges for others ("Intermediaries") to provide, account administration and
personal and account maintenance services to shareholders of each series (the
"Funds") of shares of the Trust;

WHEREAS, the Trust, on behalf of each class of the Funds, intends to
reimburse WISDI for its expenses in providing, or arranging for Intermediaries
to provide, these services; and

WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that adoption of this Service Plan will benefit each class
of the Funds and its respective shareholders.

NOW, THEREFORE, the Trust hereby adopts this Service Plan (this "Plan")
on behalf of each class of the Funds containing the following terms and
conditions:

1. The Trust, on behalf of each class of the Funds, is authorized to
reimburse the Principal Underwriter for expenses incurred in providing, or
arranging for Intermediaries to provide, account administration and personal and
account maintenance services to beneficial owners of the shares of that class
and Fund. The amount of such reimbursements paid during any one year with
respect to each class of a Fund shall not exceed .25% of the average daily net
assets of that class. Such compensation shall be calculated and accrued daily
and paid monthly.

2. Account administration and personal and account maintenance services
and expenses for which WISDI may be reimbursed pursuant to this Plan include,
without limitation, (a) acting, or arranging for Intermediaries to act, as the
record holder and nominee of all shares of each class of the Funds beneficially
owned by customers of the Intermediaries ("Customers"); (b) establishing and
maintaining individual accounts and records with respect to shares owned by
Customers; (c) providing facilities to answer questions and respond to
correspondence with Customers and other investors about the status of their
accounts or about other aspects of the Funds; (d) processing and issuing
confirmations concerning Customer orders to purchase, redeem and exchange shares
promptly and in accordance with

<PAGE>

the then effective prospectus for shares of each Fund; (e) receiving and
transmitting funds representing the purchase price or redemption proceeds of
such shares; (f) responding to investor requests for prospectuses and statements
of additional information; (g) displaying and making prospectuses available on
the Intermediary's premises; (h) assisting Customers in completing application
forms, selecting dividend and other account options and opening custody accounts
with the Intermediary; (i) acting as liaison between Customers and the Funds,
including obtaining information about the Funds, assisting the Funds in
correcting errors and resolving problems; and (j) providing such statistical and
other information as may be reasonably requested by the Funds or necessary for
the Funds to comply with applicable federal or state laws.

3. This Plan shall not take effect until after it has been approved by
both a majority of (a) those Trustees of the Trust who are not "interested
persons" of the Trust (as defined in the Act) and have no direct or indirect
financial interest in the operation of this Plan or any agreements related to it
(the "Independent Trustees"), and (b) all of the Trustees then in office, cast
in person at a meeting (or meetings) called for the purpose of voting on this
Plan.

4. Any agreements related to this Plan shall not take effect until
approved in the manner provided for approval of this Plan in paragraph 3.

5. This Plan shall continue in effect until February 28, 1998 and from
year to year thereafter for so long as such continuance after February 28, 1998
is specifically approved at least annually in the manner provided for approval
of this Plan in paragraph 3.

6. The persons authorized to direct the disposition of monies paid or
payable by the Funds pursuant to this Plan or any related agreement shall be the
President or any Vice President of the Trust. Such persons shall provide to the
Trustees and the Trustees shall review, at least quarterly, a written report of
the amounts so expended and the purposes for which such expenditures were made.

7. This Plan may be terminated as to any Fund or with respect to any
class of shares of any Fund at any time by vote of a majority of the Independent
Trustees, or by vote of a majority of the outstanding voting securities of that
Fund or class. If the Plan is terminated with respect to a Fund or any class of
shares thereof or is not continued by the Trustees and no successor plan is
adopted, such Fund or class shall cease to make service payments to WISDI.

The term "vote of a majority of the outstanding voting securities of
that Fund or class" shall mean the vote of the lesser (a) 67 per cent or more of
the shares of the particular Fund or class present or represented by proxy at
the meeting if the holders of more than 50 per cent of the outstanding shares of
the particular Fund or class are

<PAGE>

present or represented by proxy at the meeting, or (b) more than 50 per cent of
the outstanding shares of the particular Fund or class.

8. No material amendment to the Plan shall be made unless approved in
the manner provided for approval and annual continuance in paragraph 3 hereof.

9. While this Plan is in effect, the selection and nomination of the
Independent Trustees shall be committed to the discretion of the Independent
Trustees.

10. The Trust shall preserve copies of this Plan, any related
agreements and all reports made pursuant to paragraph 6 hereof for a period of
not less than six years from the date of this Plan, the agreements or such
reports, as the case may be, the first two years in an easily accessible place.

IN WITNESS WHEREOF, the Trust has executed this Service Plan on , 1997.

THE WRIGHT MANAGED EQUITY TRUST

By:________________________________

President
Attest:

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

Secretary

EXHIBIT 18

Form of

The Wright Managed Equity Trust

Multiple Class Plan Pursuant to Rule 18f-3

Standard Shares and Institutional Shares

May 1, 1997

Each class of shares of the series of The Wright Managed Equity Trust
(the "Trust"), a Massachusetts business trust, set forth on Schedule I hereto
(each, a "Fund" and collectively, the "Funds") will have the same relative
rights and privileges, including the right to receive distributions, if any,
that are calculated in the same manner and at the same time as for each other
class, and be subject to the same fees and expenses, except as set forth below.
Further, expenses allocated with respect to a Fund's shares shall be allocated
to a class that bears such expenses at the same time they are allocated to any
other class that bears such expenses. The Board of Trustees may determine in the
future that other distribution arrangements, allocations of expenses (whether
ordinary or extraordinary) or services to be provided to a class of shares are
appropriate and amend this Plan accordingly without the approval of shareholders
of any class. Shares of one class may not be exchanged for shares of any other
class and shares of either class may be exchanged for shares of the same class
of other mutual funds as set forth in each Fund's prospectus. Neither class of
shares has a conversion feature.

Article I. Standard Shares

Standard Shares are sold at the net asset value without a sales charge
and with the minimum purchase requirements as set forth in each Fund's
prospectus. Standard Shares shall be entitled to the shareholder services set
forth from time to time in each Fund's prospectus with respect to Standard
Shares. Standard Shares are subject to fees calculated as a stated percentage of
the net assets attributable to Standard Shares under the Standard Shares Rule
12b-1 Distribution Plan and the Trust's Service Plan, as set forth in the
respective Plans. The Standard Shareholders have exclusive voting rights, if
any, with respect to the Standard Shares Rule 12b-1 Distribution Plan and the
Trust's Service Plan as it affects the Standard Shares. Transfer agency fees are
allocated to Standard Shares on a per account basis. Standard Shares shall bear
the costs and expenses associated with conducting a shareholder meeting for
matters relating to Standard Shares.

Article II. Institutional Shares

Institutional Shares are sold at net asset value without a sales charge
and with minimum purchase requirements as set forth in each Fund's prospectus.
Institutional Shares shall be entitled to the shareholder services set forth
from time to time in each Fund's prospectus with respect to Institutional
Shares. Institutional Shares are subject to fees calculated as a stated
percentage of the net assets attributable to Institutional Shares under the
Trust's Service Plan as set forth in such Service Plan. The Institutional
Shareholders have exclusive voting rights, if any, with respect to the Fund's
Service Plan as it affects the Institutional Shares. Transfer agency fees are
allocated to Institutional Shares on a per account basis. Institutional Shares
shall bear the costs and expenses associated with conducting a shareholder
meeting for matters relating to Institutional Shares.

Article III. Approval of Board of Trustees

This Plan shall not take effect until it has been approved by the vote
of a majority (or whatever greater percentage may, from time to time, be
required under Rule 18f-3 under the Investment Company Act of 1940, as amended
(the "Act")) of (a) all of the Trustees of the Trust, and (b) those of the
Trustees who are not "interested persons" of the Trust or the respective Fund,
as such term may be from time to time defined under the Act.

Article IV. Amendments

No material amendment to the Plan shall be effective unless it is
approved by the Board of Trustees in the same manner as is provided for approval
of this Plan in Article III.

Schedule I

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