WRIGHT EQUIFUND EQUITY TRUST, 485BPOS, 2000-04-27

WRIGHT EQUIFUND EQUITY TRUST
485BPOS, 2000-04-27

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As filed with the Securities and Exchange Commission on April 27, 2000

1933 Act File No. 33-30085
1940 Act File No. 811-5866

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

REGISTRATION STATEMENT
UNDER
SECURITIES ACT OF 1933 [x]
POST-EFFECTIVE AMENDMENT NO. 18 [x]
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 [x]
AMENDMENT NO. 21 [x]

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

255 State Street, Boston, Massachusetts 02109
-----------------------------------------------
(Address of Principal Executive Offices)

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

Alan R. Dynner
255 State Street, Boston, Massachusetts 02109
-------------------------------------------------
(Name and Address of Agent for Service)

It is proposed that this filing will become effective pursuant to Rule 485
(check appropriate box):

[ ]Immediately upon filing pursuant to paragraph(b)
[ ]On (date) pursuant to paragraph (a)(1)
[x]On May 1, 2000 pursuant to paragraph (b)
[ ]75 days after filing pursuant to paragraph (a)(2)
[ ]60 days after filing pursuant to paragraph (a)(1)
[ ]On (date) pursuant to paragraph (a)(2)

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

<PAGE>

THE WRIGHT EQUIFUND EQUITY TRUST

PROSPECTUS
May 1, 2000

o Wright EquiFund -- Hong Kong/China
o Wright EquiFund -- Japan
o Wright EquiFund -- Mexico
o Wright EquiFund -- Netherlands

As with all mutual funds, the Securities and Exchange Commission has not
approved or disapproved these securities or determined whether the information
in this prospectus is accurate or complete. Anyone who tells you otherwise is
committing a crime.

An investment in a mutual fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.

<PAGE>
Table of Contents
- ----------------------------------------------------------------------------

Page
The Wright EquiFund Equity Trust --
Overview of Principal Strategies and
Information About the Funds..................................... 1

Wright EquiFund -- Hong Kong/China......................... 2
Wright EquiFund -- Japan................................... 4
Wright EquiFund -- Mexico.................................. 6
Wright EquiFund -- Netherlands............................. 8

Information About Your Account ...................................... 10
How the Funds Value Their Shares............................ 10
Purchasing Shares........................................... 10
Selling Shares.............................................. 11
Exchanging Shares........................................... 11

Dividends and Taxes .............................................. 12

Managing the Funds .................................................. 13

Financial Highlights ............................................. 15
Wright EquiFund -- Hong Kong/China......................... 15
Wright EquiFund -- Japan................................... 16
Wright EquiFund -- Mexico.................................. 17
Wright EquiFund -- Netherlands............................. 18

- --------------------------------------------------------------------------------
HOW TO USE THIS PROSPECTUS:

Reading this prospectus will help you decide if investing in the Wright funds is
right for you. Please keep this prospectus for future reference. Included in
this prospectus are descriptions telling you about each fund's:

(Graphic -- ship's wheel)
OBJECTIVE: what the fund seeks to achieve.

(Graphic -- compass)
PRINCIPAL INVESTMENT STRATEGIES: how the fund intends to achieve its investment
objective and the strategies used by Wright Investors' Service, the fund's
investment adviser.

(Graphic -- life preserver)
PRINCIPAL RISKS: the risks associated with the fund's primary investments.
Who May Want to Invest: decide if the fund is a suitable investment for you.

(Graphic -- assorted nautical flags)
WHO MAY WANT TO INVEST: decide if the fund is a suitable investment for you.

(Graphic -- ship's log)
PAST PERFORMANCE: the total return on your investment, including income from
dividends and interest, and the increase or decrease in price over various
time periods.

(Graphic -- two crossed anchors with a $ in the center)
FEES AND EXPENSES: what overall costs you bear by investing in the fund.

<PAGE>

OVERVIEW OF PRINCIPAL STRATEGIES AND INFORMATION ABOUT THE FUNDS
- -------------------------------------------------------------------------------

Each fund seeks total investment return (consisting of price appreciation plus
income) by investing in a broadly based portfolio of equity securities selected
from publicly traded companies in a Wright Approved Investment List for each
nation in which a fund invests.

THE WRIGHT APPROVED INVESTMENT LISTS
Each list includes all publicly traded companies in the nation that meet the
standards of a prudent investor. These standards require that care, skill and
caution be used in selecting securities for investment. To be included, a
company must generally:

o have an established minimum in both book value and market value o have a
significant portion of the company's shares are publicly owned

o have positive earnings for either the last fiscal, calendar year or past
12 months, or cumulatively for the past three years

o not be a closed-end mutual fund, a real estate investment trust or a
non-bank securities broker/dealer.

In selecting securities for inclusion in the list, Wright uses its Worldscope(R)
international database.

The lists are adjusted quarterly or as necessary to reflect any significant
events. Wright deletes a company when it no longer meets the criteria for a list
and adds other companies when they meet the criteria. A detailed explanation of
the criteria used in selecting companies for inclusion in the list is included
in the statement of additional information.

Using a bottom-up fundamental approach, Wright systematically identifies
those companies in the Worldscope(R) database that meet minimum standards of
prudence and thus are suitable for investment by fiduciary investors. Companies
meeting these requirements are considered by Wright to be "investment grade."
All of these companies have established investment acceptance and active, liquid
markets.

- -----SIDE BAR TEXT-----
Fundamental Analysis and
"Bottom-Up" Approach to Investing

Fundamental analysis is the analysis of company financial statements to
forecast future price movements using past records of assets, earnings, sales,
products, management and markets. It differs from technical analysis which
relies on price and volume movements of stocks and does not concern itself with
financial statistics.

Bottom-up investing is the analysis of company information before
considering the impact of industry and economic trends. It differs from the
"top-down" approach which looks first at the economy, then the industry and last
the company.

- -----END SIDE BAR TEXT-----
<PAGE>

WRIGHT EQUIFUND -- HONG KONG/CHINA
- -------------------------------------------------------------------------------

CUSIP: 982332736 Ticker Symbol: WEHKX

(Graphic -- ship's wheel)
OBJECTIVE
The fund seeks total investment return consisting of price appreciation
plus income.

(Graphic -- compass)
PRINCIPAL INVESTMENT STRATEGIES
The fund invests in a broadly based portfolio of equity securities selected
by Wright from those companies listed on the Wright Approved Investment List for
Hong Kong and China. At least 65% of the fund's total assets are invested in the
equity securites of companies located or doing business in Hong Kong and China.
For temporary defensive purposes, the fund may hold cash or invest without limit
in short-term debt securities. Although the fund would do this to reduce losses,
defensive investments may conflict with and hurt the fund's efforts to achieve
its objective.

Wright considers recent valuations and price/earnings momentum when
deciding which companies on the index present the best value in terms of current
price and forecasted earnings. Selected companies may or may not currently pay
dividends on their shares. Although the fund may acquire only those securities
that are included in the list, the fund's portfolio is not expected to resemble
the index either in the number of securities included or in the amount invested
in each security. A security is sold if it is deleted from the list.

The fund's objective may be changed by the trustees without shareholder
approval.

(Graphic -- life preserver)
PRINCIPAL RISKS
Before you invest in any mutual fund, you should understand the risks
involved. There are two basic risks prevalent in mutual funds investing in
common stocks, such as the fund. They are:

o Market risk: When the price of stock falls, the value of the
fund's investments may fall.
o Management risk: Wright's strategy may not produce the expected
results, causing losses.

The fund's share price may fluctuate more than the share price of funds
primarily invested in large companies. Small companies may pose greater risk due
to narrow product lines, limited financial resources, less depth in management
or a limited trading market for their stocks.

The fund cannot eliminate risk or assure achievement of its objective and you
may lose money.

raphic --assorted nautical flags)
WHO MAY WANT TO INVEST
The fund is not intended to be a complete investment program by itself but
may provide a diversification opportunity for investors seeking participation in
the economies of Hong Kong and China. The fund is intended for long-term
investors. To discourage short-term investors, there is a 1.0% redemption fee
for shares redeemed within six months of purchase. The fund may not be
appropriate if you are uncomfortable with the risks associated with investing in
foreign stocks.

(Graphic --ship's log)
PAST PERFORMANCE
The information on the next page shows the fund's performance for the
indicated periods. These returns include reinvestment of all dividends and
capital gain distributions, and reflect fund expenses. As with all mutual funds,
past performance does not guarantee future results.

<PAGE>

The bar chart illustrates the risks of investing in the fund by showing how
volatile the fund's performance has been for each full year since its inception.
<TABLE>
<CAPTION>

Total Return as of December 31
<S> <C> <C> <C> <C> <C> <C> <C> <C>
90%
- ------------------------------------------------------------------------------------------------------------
80% 84.32%
- -----------------------------------------------------------------------------------------------------------
70%
- -----------------------------------------------------------------------------------------------------------
60%
- -----------------------------------------------------------------------------------------------------------
50% 51.03%
- -----------------------------------------------------------------------------------------------------------
40%
- -----------------------------------------------------------------------------------------------------------
30% 34.34%
- -----------------------------------------------------------------------------------------------------------
20% 27.96%
- -----------------------------------------------------------------------------------------------------------
10% 16.23%
- -----------------------------------------------------------------------------------------------------------
0% 1.63%
- -----------------------------------------------------------------------------------------------------------
(10)% -18.65%
- -----------------------------------------------------------------------------------------------------------
(20)% -27.26%
- -----------------------------------------------------------------------------------------------------------
(30)% -37.03%
- -----------------------------------------------------------------------------------------------------------
(40)%
- -----------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999

Best quarter: 41.38% (4th quarter 1993) Worst quarter: -32.39% (4th quarter 1997)
</TABLE>

The fund's average annual return is compared with the indices listed below.
While the fund does not seek to match the returns of these unmanaged indices,
they are good indicators of the performance of the Hong Kong and Chinese stock
markets. The Hang Seng Index is a better indicator of the Hong Kong Market than
the FT/S&P Actuaries which will not be included in the future. These indices,
unlike the fund, do not incur fees or charges.

Average Annual Returns as of December 31, 1999
Life of Fund
1 Year 5 Year (July 2, 1990)
- -------------------------------------------------------------------------------
EquiFund -- Hong Kong/China 51.03% 3.05% 6.03%
FT/S&P Actuaries - Hong Kong 57.30% 11.73% 18.39%
FT World ex US Index 31.83% 12.67% 8.96%
Hang Send Index 74.33% 20.67% 23.83%

(Graphic -- two crossed anchors with a $ in the center)
FEES AND EXPENSES
The table describes the fees and expenses you may pay if you buy and hold shares
of the fund.

SHAREHOLDER FEES(1)
(paid directly from
your invesment) Maximum redemption fee 1.00%
(% of redemption proceeds)

ANNUAL FUND OPERATING EXPENSES
(deducted directly from
fund assets) Management fee 0.75%
Distribution (12b-1) fee 0.25%
Other expenses 2.12%
-----------------------------------------------
Total Operating Expenses 3.12%
Fee Waiver and Expense
Reimbursement(3) (0.79%)
-----------------------------------------------
NET OPERATING EXPENSES(2) 2.38%

(1)A redemption fee applies if you redeem your shares within six months of
purchase.
(2)Under an expense offset arrangement, custodian fees are reduced by credits
based on the fund's average daily cash balance. Under SEC reporting
requirements, these reductions are not reflected in the net operating ratio
above. If reflected, the ratio would be:

NET OPERATING EXPENSES AFTER CUSTODIAN FEE REDUCTIONS 1.99%

(3)Under a written agreement, Wright waives a portion of its advisory fee and
assumes operating expenses to the extent necessary to limit net operating
expenses after any custodian fee reductions to 2.00%.

The following example will help you compare the cost of investing in the fund to
the cost of investing in other mutual funds by showing what your costs may be
over time. It uses the same assumptions that other funds use in their
prospectuses: $10,000 initial investment, 5% total return for each year, fund
operating expenses remain the same for each period, and redemption after the end
of each period.

Your actual costs may be higher or lower, so use this example for
comparison only. Based on these assumptions your costs at the end of each period
would be:

Example Costs
One Year Three Years Five Years Ten Years
- -------------------------------------------------------------------------------
$236 $727 $1,245 $2,666

- -----SIDE BAR TEXT-----
Understanding Expenses
Annual fund operating expenses are paid by the fund. As a result, you pay for
them indirectly because they reduce the fund's return. Fund expenses include
management fees, 12b-1 fees and administrative costs, such as shareholder
recordkeeping and reports, custodian and pricing services, and registration
fees.

- -----END SIDE BAR TEXT-----

<PAGE>

WRIGHT EQUIFUND -- JAPAN
- -------------------------------------------------------------------------------
CUSIP: 982332728 Ticker Symbol: WEJPX

(Graphic -- ship's wheel)
OBJECTIVE
The fund seeks to enhance total investment return consisting of price
appreciation plus income.

(Graphic -- compass)
PRINCIPAL INVESTMENT STRATEGIES
The fund invests in a broadly based portfolio of equity securities selected
by Wright from those companies listed on the Wright Approved Investment List for
Japan. At least 65% of the fund's total assets are invested in the equity
securities of companies located or doing business in Japan. For temporary
defensive purposes, the fund may hold cash or invest without limit in short-term
debt securities. Although the fund would do this to reduce losses, defensive
investments may conflict with and hurt the fund's efforts to achieve its
objective.

The fund's objective may be changed by the trustees without shareholder
approval.

o market risk: When the price of stock falls, the value of the
fund's investments may fall.
o management risk: Wright's strategy may not produce the expected
results, causing losses.

The fund cannot eliminate risk or assure acheivement of its objective and you
may lose money.

(Graphic -- assorted nautical flags)
WHO MAY WANT TO INVEST
The fund is not intended to be a complete investment program by itself but
may provide a diversification opportunity for investors seeking participation in
the Japanese economy. The fund is intended for long-term investors. To
discourage short-term investors, there is a 1.0% redemption fee for shares
redeemed within six months of purchase. The fund may not be appropriate if you
are uncomfortable with the risks associated with investing in foreign stocks.

(Graphic -- ship's log)
PAST PERFORMANCE
The information on the next page shows the fund's performance for the
indicated periods. These returns include reinvestment of all dividends and
capital gain distributions, and reflect fund expenses. As with all mutual funds,
past performance does not guarantee future results.
<PAGE>

The bar chart illustrates the risks of investing in the fund by showing how
volatile the fund's performance has been for each full year since its inception.
Year-by-Year Total Return as of December 31
102.91%
20%
- -------------------------------------------------------------------------------
10%
- -------------------------------------------------------------------------------
0% 5.41%
- -------------------------------------------------------------------------------
(10)% -9.10% -9.10%
- -------------------------------------------------------------------------------
(20)% -14.20%
- -------------------------------------------------------------------------------
1995 1996 1997 1998 1999

Best quarter:37.89%(4th quarter 1999) Worst quarter:-18.18% (4th quarter 1997)

The fund's average annual return is compared with those listed below. While
the fund does not seek to match the returns of these unmanaged indices, they are
good indicators of the performance of the Japanese stock market. The Tokyo SE
Index is a better indicator of the Japanese market than the FT/S&P Actuaries
which will not be included in the future. These indices, unlike the fund, do not
incur fees or charges.

Average Annual Returns as of December 31, 1999
Since Inception
1 Year 5 Years (February 14, 1994)
- -------------------------------------------------------------------------------
EquiFund-- Japan 102.91% 8.66% 6.92%
FT/S&P Actuaries - Japan 72.21% 2.69% 3.15%
FT World ex US Index 31.83% 12.67% 10.60%
Tokyo SE Index 77.97% 2.67% 2.94%

(Graphic -- two crossed anchors with a $ in the center)
EXPENSES
The table describes the fees and expenses you may pay if you buy and hold shares
of the fund.

SHAREHOLDER FEES(1)
(paid directly from
your invesment) Maximum redemption fee 1.00%
(% of redemption proceeds)

ANNUAL FUND OPERATING EXPENSES
(deducted directly from
fund assets) Management fee 0.75%
Distribution (12b-1) fee 0.25%
Other expenses 2.30%
-----------------------------------------------
Total Operating Expenses 3.30%
Fee Waiver and Expense
Reimbursement(3) (1.14%)
-----------------------------------------------
NET OPERATING EXPENSES(2) 2.16%

NET OPERATING EXPENSES AFTER CUSTODIAN FEE REDUCTIONS 2.02%

The following example will help you compare the cost of investing in the
fund to the cost of investing in other mutual funds by showing what your costs
may be over time. It uses the same assumptions that other funds use in their
prospectuses: $10,000 initial investment, 5% total return for each year, fund
operating expenses remain the same for each period, and redemption after the end
of each period.

Your actual costs may be higher or lower, so use this example for
comparison only. Based on these assumptions your costs at the end of each period
would be:

Example Costs
One Year Three Years Five Years Ten Years
- -------------------------------------------------------------------------------
$ 219 $676 $1,159 $2,493

- -----SIDE BAR TEXT-----
Understanding Expenses

Annual fund operating expenses are paid by the fund. As a result, you pay for
them indirectly because they reduce the fund's return. Fund expenses include
management fees, 12b-1 fees and administrative costs, such as shareholder
recordkeeping and reports, custodian and pricing services, and registration
fees.
- -----END SIDE BAR TEXT-----

<PAGE>

WRIGHT EQUIFUND -- MEXICO
- -------------------------------------------------------------------------------
CUSIP: 982332843 Ticker Symbol: WEMEX

(Graphic -- ship's wheel)
OBJECTIVE
The fund seeks to enhance total investment return consisting of price
appreciation plus income.

(Graphic -- compass)
PRINCIPAL INVESTMENT STRATEGIES
The fund invests in a broadly based portfolio of equity securities selected
by Wright from those companies listed on the Wright Approved Investment List for
Mexico. At least 65% of the fund's total assets are invested in the equity
securites of companies located or doing business in Mexico. For temporary
defensive purposes, the fund may hold cash or invest without limit in short-term
debt securities. Although the fund would do this to reduce losses, defensive
investments may conflict with and hurt the fund's efforts to achieve its
objective.

Wright considers recent valuations and price/earnings momentum when
deciding which companies on the index present the best value in terms of current
price and forecasted earnings. Selected companies may or may not currently pay
dividends on their shares. Although the fund may acquire only those securities
that are included in the index, the fund's portfolio is not expected to resemble
the index either in the number of securities included or in the amount invested
in each security. A security is sold if it is deleted from the index.

The fund's objective may be changed by the trustees without shareholder
approval.

(Graphic --life preserver)
PRINCIPAL RISKS

Before you invest in any mutual fund, you should understand the risks
involved. There are two basic risks prevalent in mutual funds investing in
common stocks, such as the fund. They are:

o market risk: When the price of stock falls, the value of the
fund's investments may fall.
o management risk: Wright's strategy may not produce the expected
results, causing losses.

There are risks associated with investing in foreign countries including
currency risk (changes in foreign currency rates reducing the value of the
fund's assets), the collapse of the Mexican economy, seizure, expropriation or
nationalization of a company's assets, and the impact of political, social or
diplomatic events. Mexico is considered by some to be an emerging market.
Emerging markets tend to be narrower, less liquid and less regulated than the
markets of developed countries. This means there may be fewer opportunities for
investment. Also, political instability and currency fluctuations may be more
extreme. The statement of additional information includes a country summary.
This summary contains other informaton about Mexico,including political and
economic considerations.

The fund cannot eliminate risk or assure achievement of its objective and you
may lose money.

(Graphic -- assorted nautical flags)
WHO MAY WANT TO INVEST
The fund is not intended to be a complete investment program by itself but
may provide a diversification opportunity for investors seeking participation in
the Mexican economy. The fund is intended for long-term investors. To discourage
short-term investors, there is a 1.0% redemption fee for shares redeemed within
six months of purchase. The fund may not be appropriate if you are uncomfortable
with the risks associated with investing in foreign stocks.

(Graphic -- ship's log)
PAST PERFORMANCE
The information on the next page shows the fund's performance for the
indicated periods. These returns include reinvestment of all dividends and
capital gain distributions, and reflect fund expenses. As with all mutual funds,
past performance does not guarantee future results.

<PAGE>

The bar chart illustrates the risks of investing in the fund by showing how
volatile the fund's performance has been for each full year since its inception.

Year-by-Year Total Return as of December 31

70%
- -------------------------------------------------------------------------------
60% 60.91%
- -------------------------------------------------------------------------------
50%
- -------------------------------------------------------------------------------
40% 42.38%
- -------------------------------------------------------------------------------
30%
- -------------------------------------------------------------------------------
20% 27.49%
- -------------------------------------------------------------------------------
10%
- -------------------------------------------------------------------------------
0%
- -------------------------------------------------------------------------------
(10)%
- -------------------------------------------------------------------------------
(20)%
- -------------------------------------------------------------------------------
(30)% -33.37% -37.21%
- -------------------------------------------------------------------------------
(40)%
- -------------------------------------------------------------------------------
1995 1996 1997 1998 1999
Best quarter:26.26%(2nd quarter 1999) Worst quarter: -43.47% (1st quarter 1995)

Average Annual Returns as of December 31, 1999
Life of Fund
1 Year 5 Years (August 2, 1994)
- -------------------------------------------------------------------------------
EquiFund-- Mexico 60.91% 4.09% -3.08%
Mexican Bolsa IPC Index 88.59% 9.40% 0.64%
FT World ex US Index 31.83% 12.67% 11.25%

(Graphic -- two crosses anchors with a $ in the center)
EXPENSES
The table describes the fees and expenses you may pay if you buy and hold
shares of the fund.

SHAREHOLDER FEES(1)
(paid directly from
your invesment) Maximum redemption fee 1.00%
(% of redemption proceeds)

ANNUAL FUND OPERATING EXPENSES
(deducted directly from
fund assets) Management fee 0.75%
Distribution (12b-1) fee 0.25%
Other expenses 1.20%
-----------------------------------------------
TOTAL OPERATING EXPENSES 2.20%
-----------------------------------------------
Fee Waiver and Expense
Reimbursement(3) (0.06%)
-----------------------------------------------
NET OPERATING EXPENSES(2) 2.14%

NET OPERATING EXPENSES AFTER CUSTODIAN FEE REDUCTIONS 2.00%

(3)Under a written agreement, Wright waives a portion of its advisory fee and
assumes operating expenses to the extent necessary to limit the expense
ratio to 2.00%.

Your actual costs may be higher or lower, so use this example for
comparison only. Based on these assumptions your costs at the end of each period
would be:

Example Costs
One Year Three Years Five Years Ten Years
- -------------------------------------------------------------------------------
$217 $670 $1,149 $2,472

- -----SIDE BAR TEXT-----
Understanding Expenses

- -----END SIDE BAR TEXT-----

<PAGE>

WRIGHT EQUIFUND -- NETHERLANDS
- --------------------------------------------------------------------------------
CUSIP: 982332801
Ticker Symbol: WENLX
(Graphic -- ship's wheel)
OBJECTIVE
The fund seeks total investment return consisting of price
appreciation plus income.

(Graphic -- compass)
PRINCIPAL INVESTMENT STRATEGIES
The fund invests in a broadly based portfolio of equity securities selected
by Wright from those companies listed on the Wright Approved Investment List for
the Netherlands. At least 65% of the fund's total assets are invested in the
equity securities of companies located or doing business in the Netherlands. For
temporary defensive purposes, the fund may hold cash or invest without limit in
short-term debt securities. Although the fund would do this to reduce losses,
defensive investments mayconflict with and hurt the fund's efforts to achieve
its objective.

Wright considers recent valuations and price/earnings momentum when
deciding which companies on the list present the best value in terms of current
price and forcasted earnings. Selected companies may or may not currently pay
dividends on their shares. Although the fund may acquire only those securities
that are included in the list, the fund's portfolio is not expected to resemble
the list either in the number of securities included or in the amount invested
in each security. A security is sold if it is deleted from the list.

The fund's objective may be changed by the trustees without shareholder
approval.

(Graphic -- life preserver)
Principal Risks
Before you invest in any mutual fund, you should understand the risks
involved. There are two basic risks prevalent in mutual funds investing in
common stocks, such as the fund. They are:

o market risk: When the price of stock falls, the value of the
fund's investments may fall.
o management risk: Wright's strategy may not produce the expected
results, causing losses.

There are risks associated with investing in foreign countries including
currency risk (changes in foreign currency rates reducing the value of the
fund's assets), the collapse of the Dutch economy, seizure, expropriation or
nationalization of a company's assets, and the impact of political, social or
diplomatic events. Additionally, the secutities markets for the Netherlands are
narrow and there may be fewer opportunities for investment.The statement of
additional information includes a country summary. This summary contains other
informaton about the Netherlands, including political and economic
considerations.

The Netherlands, along with other European countries, has adopted the Euro
as its common currency. Existing national currencies of these countries are
sub-currencies of the Euro until July 1, 2002, when the old currencies will
disappear entirely. The introduction of the Euro presents some possible risks,
which could adversely affect the value of securities held by the fund, as well
as possible adverse tax consequences. There could be unpredictable effects on
trade and commerce, resulting in increased volatility for all financial markets.

The fund cannot eliminate risk or assure achievement of its objective and you
may lose money.

(Graphic -- assorted nautical flags)
WHO MAY WANT TO INVEST
The fund is not intended to be a complete investment program by itself but
may provide a diversification opportunity for investors seeking participation in
the Dutch economy. The fund is intended for long-term investors. To discourage
short-term investors, there is a 1.0% redemption fee for shares redeemed within
six months of purchase. The fund may not be appropriate if you are uncomfortable
with the risks associated with investing in foreign stocks.

(Graphic -- ship's log)
PAST PERFORMANCE
The information on the next page shows the fund's performance for the
indicated periods. These returns include reinvestment of all dividends and
capital gain distributions, and reflect fund expenses. As with all mutual funds,
past performance does not guarantee future results.
<PAGE>

The bar chart illustrates the risks of investing in the fund by showing how
volatile the fund's performance has been for each full year since its inception
<TABLE>
<CAPTION>

Total Return as of December 31
<S> <C> <C> <C> <C> <C> <C> <C> <C>
40%
- --------------------------------------------------------------------------------------------------------
30% 36.25%
- --------------------------------------------------------------------------------------------------------
20% 24.46%
- --------------------------------------------------------------------------------------------------------
10% 19.52% 11.68% 18.84% 15.56%
- --------------------------------------------------------------------------------------------------------
0% 10.00%
- --------------------------------------------------------------------------------------------------------
(10)% -8.20% -4.39%
- --------------------------------------------------------------------------------------------------------
(20)%
- --------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999

Best quarter:17.51% (4th quarter 1998) Worst quarter: -18.70% (3rd quarter 1996)
</TABLE>

The fund's average annual return is compared with those listed below. While
the fund does not seek to match the returns of these unmanaged indices, they are
indicators of the performance of the Dutch and International stock markets. The
CBS Total Return General Index is a better indicator of the Netherlands market
than the FT/S&P Actuaries which will not be included in the future. These
indices, unlike the fund, do not incur fees or charges.

Average Annual Returns as of December 31, 1999
Life of Fund
1 Year 5 Years (July 2, 1990)
- -------------------------------------------------------------------------------
EquiFund-- Netherlands -4.39% 17.36% 10.46%
FT/S&P Actuaries Index
- Netherlands 8.67% 24.28% 19.55%
FT World ex US Index 31.83% 12.67% 8.96%
CBS Total Return General
Index 12.05% 25.24% 19.68%

(Graphic -- two crossed anchors with a $ in the center)
EXPENSES
The table describes the fees and expenses you may pay if you buy and hold
shares of the fund.

SHAREHOLDER FEES(1)
(paid directly from
your invesment) Maximum redemption fee 1.00%
(% of redemption proceeds)

ANNUAL FUND OPERATING EXPENSES
(deducted directly from
fund assets) Management fee 0.75%
Distribution (12b-1) fee 0.25%
Other expenses 0.77%
-----------------------------------------------
TOTAL OPERATING EXPENSES(2) 1.77%

NET OPERATING EXPENSES AFTER CUSTODIAN FEE REDUCTIONS 1.71%

The following example will help you compare the cost of investing in the
fund to the cost of investing in other mutual funds by showing what your costs
may be over time. It uses the same assumptions that other funds use in their
prospectuses: $10,000 initial investment, 5% total return for each year, fund
operating expenses remain the same for each period, and redemption after the end
of each period.

Your actual costs may be higher or lower, so use this example for
comparison only. Based on these assumptions your costs at the end of each period
would be:

Example Costs
One Year Three Years Five Years Ten Years
- -------------------------------------------------------------------------------
$180 $557 $959 $2,084

- -----END SIDE BAR TEXT-----

INFORMATION ABOUT YOUR ACCOUNT
- --------------------------------------------------------------------------------

HOW THE FUNDS VALUE THEIR SHARES
The price at which you buy, sell or exchange fund shares is the net asset value
per share or NAV. This share price is determined by adding the value of a fund's
investments, cash and other assets, deducting liabilities, and then dividing
that amount by the total number of shares outstanding.

The NAV for each fund is calculated at the close of regular trading of the
New York Stock Exchange (normally 4:00 p.m. New York time) each day that the
Exchange is open. It is not calculated on days the Exchange is closed. The price
for a purchase, redemption or exchange of fund shares is the next NAV calculated
after your request is received.

When the funds calculate their share price, they value their portfolio
securities at the last current sales price on the market where the security is
normally traded. Securities that cannot be valued at closing prices will be
valued by Wright at fair value in accordance with procedures adopted by the
trustees.This could happen if an event after the close of the market seemed
likely to have a major impact on prices of securities traded on the market.

The value of all assets and liabilities expressed in foreign currencies is
converted into U.S. dollars at the most recent market rates quoted by one or
more major banks shortly before the close of the Exchange. Foreign securities
may trade during hours and on days that the Exchange is closed and the funds'
NAVs are not calculated. Although the funds' NAVs may be affected, you will not
be able to purchase or redeem shares on these days.

PURCHASING SHARES

Purchasing Shares for Cash

Shares of the funds may be purchased without a sales charge at NAV. The
minimum initial investment is $1,000, but this may be waived for automatic
investment program accounts and investments in 401(k) or similar tax-sheltered
retirement plans. The minimum initial investment will be reduced to $500 for
shares purchased through certain investment advisers, financial planners,
brokers or other intermediaries that charge a fee for their services. There is
no minimum for subsequent purchases. The funds have the right to reject any
purchase order, or limit or suspend the offering of their shares.

Authorized dealers, including investment dealers, banks or other
institutions, may impose investment minimums higher than those imposed by the
funds. They may also charge for their services. There are no transaction charges
if you purchase your shares directly from the funds.

How to Buy Shares

o If you buy shares directly from the funds, please refer to your
Shareholder Manual for instructions on how to buy fund shares.

o If you buy shares through bank trust departments or other fiduciary
institutions, please consult your trust or investment officer.

o If you buy shares through a broker, please consult your broker for
purchase instructions.

o If you buy shares through an account with a registered investment adviser
or financial planner, please contact your investment adviser or planner

o If you buy shares through a retirement plan, please consult your plan
documents or speak with your plan administrator.

- -----SIDE BAR TEXT-----

Paying for Shares
You may buy shares by wire, check, Federal Reserve draft, or other negotiable
bank draft, payable in U.S. dollars and drawn on U.S banks. Third party checks
will not be accepted. A charge is imposed on any returned checks.

- -----END SIDE BAR TEXT-----

<PAGE>

Purchasing Shares Through Exchange of Securities

You may buy shares by delivering to the funds' custodian securities that meet
that fund's investment objective and policies, have easily determined market
prices and are otherwise acceptable. Exchanged securities must have a minimum
aggregate value of $5,000. Securities are valued as of the date they are
received by the funds. If you want to exchange securities for fund shares, you
should furnish a list with a full description of the securities that are
proposed to be delivered. See the Shareholder Manual for detailed instructions.

Distribution Fee
Each fund has adopted a 12b-1 plan permitting it to pay a fee to finance
the distribution of its shares. Wright Investors' Service Distributors, Inc.,
the principal underwriter and distributor of each fund, receives a distribution
fee under the plan of 0.25% of each fund's average daily net assets. Because
this fee is paid on an ongoing basis, it may cost you more than other types of
sales charges over time.

SELLING SHARES

You may redeem or sell shares of the funds on any business day. NO
REDEMPTION REQUEST WILL BE PAID UNTIL YOUR SHARES HAVE BEEN PAID FOR IN FULL. IF
THE SHARES TO BE REDEEMED WERE PURCHASED BY CHECK, THE REDEMPTION PAYMENT WILL
BE DELAYED UNTIL THE CHECK HAS BEEN COLLECTED, WHICH MAY TAKE UP TO 15 DAYS FROM
THE DATE OF PURCHASE. Telephone, mail and internet redemption procedures are
described in the Shareholder Manual.

In times of drastic economic or market conditions, you may have difficulty
selling shares by telephone or over the internet so you should send your request
by mail or overnight delivery. These redemption options may be modified or
terminated without notice to shareholders.

Redemption requests received in "proper form" before 4:00 p.m. New York
time will be processed at that day's NAV. "Proper form" means that the fund has
received your request, all shares are paid for, and all documentation along with
any required signature guarantee, are included. The fund normally pays
redemption proceeds by check within one business day to the address of record.
Payment will be by wire if you specified this option on your account
application.

For more information about selling your shares, please refer to your
Shareholder Manual or contact your trust officer, adviser or plan administrator.

- -----SIDE BAR TEXT-----

Redemption Fee
If you redeem shares within six months of purchase you will pay a redemption fee
of 1.00%. This redemption fee may be waived on shares purchased through an
investment adviser, financial planner, broker or other intermediary that charges
a fee for its services and has made special arrangements with the funds or
Wright Investors' Service Distributors, Inc.

- -----END SIDE BAR TEXT-----

Redemptions In-Kind

Although the funds expect to pay redemptions in cash, they reserve the
right to redeem shares in-kind by giving the shareholder readily marketable
portfolio securities instead of cash. This is done to protect the interests of
remaining shareholders. If this occurs, you will incur transaction costs if you
sell the securities.

Involuntary Redemption

If your account falls below $500 a fund may redeem your shares. You will
receive notice 60 days before this happens. Your account will not be redeemed if
the balance is below the minimum due to investment losses. No redemption fee
will be imposed on involuntary redemptions.
<PAGE>

EXCHANGING SHARES

Shares of the funds may be exchanged for shares of the same class of any
other fund described in this prospectus. You may also exchange shares for the
Standard Shares of The Wright Managed Blue Chip Investment Funds. The exchange
of shares results in the sale of the fund's shares and the purchase of another
fund's shares. An exchange results in a gain or loss and is therefore a taxable
event for you.

You are limited to four "round-trip" exchanges each year. A round trip
exchange is an exchange of one fund into another Wright fund and then back again
into the original fund. You will receive 60 days notice before the fund
materially amends or terminates the exchange privilege.

- -----SIDE BAR TEXT-----

Market-Timers
The funds believe that use of the exchange privilege by investors utilizing
market-timing strategies adversely affects other fund shareholders. Therefore,
the funds generally will not honor requests for exchanges by shareholders who
identify themselves or are identified as "market-timers." Market-timers are
identified as those investors who repeatedly make exchanges within a short
period. The funds do not automatically redeem shares that are subject to a
rejected exchange request, but will honor any later redemption request.

- -----END SIDE BAR TEXT-----

For more information on exchanging shares, please see the Shareholder Manual or
consult your adviser.

<PAGE>

DIVIDENDS AND TAXES
- -------------------------------------------------------------------------------

Dividends and Distributions

Unless you tell us that you want to receive your distributions in cash, they
will be reinvested automatically in fund shares. The funds generally make two
different kinds of distributions:

o Capital gains from the sale of portfolio securities held by a fund.
The funds will distribute any net realized capital gains annually,
normally in December.
o Net investment income from interest or dividends received on securities
held by a fund. The funds will distribute their investment income annually.

Most of the funds' distributions are expected to be from capital gains.

TAX CONSEQUENCES
Buying, selling, holding or exchanging mutual fund shares may result in a gain
or a loss and is a taxable event. Distributions, whether received in cash or
additional fund shares are subject to federal income tax.

Transaction Tax Status
- -------------------------------------------------------------------------------
Income dividends Ordinary income
Short-term capital gains Ordinary income
Long-term capital gains Capital gains

The funds may be subject to foreign withholding taxes or other foreign taxes on
some of their foreign investments. This will reduce the yield or total return on
those investments. Your investment in the funds may have additional tax
consequences. Please consult your tax advisor on state, local or other
applicable tax laws.

- -----SIDE BAR TEXT-----
Tax Considerations

Unless your investment is in a tax-deferred account you may want to avoid:
o Investing in a fund near the end of its fiscal year. If the fund makes a
capital gains distribution you will receive some of your investment back as a
taxable distribution.
o Selling shares at a loss for tax purposes and then making an identical
investment within 30 days. This results in a "wash sale" and you will not be
allowed to claim a tax loss.

- -----END SIDE BAR TEXT-----

<PAGE>

MANAGING THE FUNDS
- ------------------------------------------------------------------------------
Wright Investors' Service,Inc. is a leading independent international
investment management and advisory firm with more than 35 years experience.
Wright manages about $4 billion of assets in portfolios of all sizes and
styles, as well as a family of mutual funds. Wright developed Worldscope(R), one
of the world's largest and most complete databases of financial information,
which currently includes more than 23,000 companies in 54 nations.

Wright manages the funds' investments. Wright is located at 440 Wheelers
Farms Road, Milford, CT 06460. Wright receives a monthly advisory fee for its
services. The table below lists the advisory fee rates paid for the fiscal year
ended December 31, 1999:
Fee Paid
(as a % of average
Fund daily net assets)
- -------------------------------------------------------------------------------
Wright EquiFund-- Hong Kong/China 0.75%(1)
Wright EquiFund-- Japan 0.75%(1)
Wright EquiFund-- Mexico 0.75%(1)
Wright EquiFund-- Netherlands 0.75%

(1) 0.10% after waiver

-----SIDE BAR TEXT-----
Administrator

Eaton Vance Management serves as the funds' administrator and is responsible for
managing their daily business affairs. Eaton Vance's services include operating
the funds' order room, recordkeeping, preparing and filing the documents
required to comply with federal and state securities laws, supervising the
activities of the funds' custodian and transfer agent, providing assistance in
connection with the trustees' and shareholders' meetings and other necessary
administrative services.

- -----END SIDE BAR TEXT-----

Investment Committee

An investment committee of senior officers controls the investment
selections, policies and procedures of the funds. These officers are all
experienced analysts with different areas of expertise and over 195 years of
combined service with Wright. The investment committee consists of the following
members:
<TABLE>
<CAPTION>

Committee Member Title Joined Wright in
- --------------------------------------------------------------------------------------------------
<S> <C> <C>

Peter M. Donovan, CFA President and Chief Executive Officer 1966
Judith R. Corchard Chairman of the investment committee 1960
Executive Vice President - Investment Management
Jatin J. Mehta, CFA Executive Vice President 1969
Michael F. Flament, CFA Senior Vice President - Investment and Economic Analysis 1972
James P. Fields, CFA Senior Vice President - Fixed Income Investments 1982
Amit S. Khandwala Senior Vice President - International Investments 1986
Charles T. Simko, Jr., CFA Senior Vice President - Investment Research 1985
Patricia J. Pierce, CFA Senior Vice President - Equities 1999
George F. Faherty, CFA Vice President - Equities 2000
</TABLE>
<PAGE>

Portfolio Turnover

The funds may sell a portfolio security regardless of how long the security
has been held. The funds do not intend to engage in trading for short-term
profits. However, portfolio turnover rates will vary. In the past turnover rates
have exceeded and in the future may exceed 100%. A turnover rate of 100% means
the securities owned by a fund were replaced once during the year. Higher
turnover rates may result in higher brokerage costs to the funds, and in higher
net taxable gains for you as an investor, and will reduce the funds' returns.

<PAGE>

FINANCIAL HIGHLIGHTS

The financial highlights will help you understand each fund's financial
performance for the past 5 years. Certain information reflects financial
results for a single fund share. Total return shows how much your
investment increased or decreased during the period, assuming you
reinvested all dividends and distributions. Deloitte & Touche LLP,
independent certified public accountants, audited this information. Their
reports, along with the funds' financial statements, are included in the
funds' annual report, which is available upon request.
<TABLE>
<CAPTION>

HONG KONG/CHINA SERIES Year Ended December 31
- ---------------------------------------------------------------------------------------------------------------------------------
1999 1998 1997(5) 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Net asset value - beginning of year $ 9.210 $ 11.980 $ 16.470 $ 13.030 $ 13.020
-------- -------- -------- -------- --------

Income (loss) from investment operations:
Net investment income(1) $ 0.598 $ 0.473 $ 0.110 $ 0.182 $ 0.368
Net realized and unrealized gain (loss)(3) 4.102 (2.693) (4.600) 3.458 (0.158)
-------- -------- -------- -------- --------

Total income (loss)
from investment operations $ 4.700 $ (2.220) $ (4.490) $ 3.640 $ 0.210
-------- -------- -------- -------- --------

Less distributions:
Dividends from investment income $ - $ (0.346) $ - $ (0.200) $ (0.200)

Distributions from capital gains - - - - -

Return of capital - (0.204) - - -
-------- -------- -------- -------- --------

Total distributions $ - $ (0.550) $ - $ (0.200) $ (0.200)
-------- -------- -------- -------- --------

Net asset value - end of year $ 13.910 $ 9.210 $ 11.980 $ 16.470 $ 13.030
========= ========= ========= ========= =========
Total return(2) 51.03% (18.65%) (27.26%) 27.96% 1.63%

Ratios/Supplemental Data(1):
Net assets, end of year (000 omitted) $ 5,558 $ 7,883 $ 6,958 $ 34,366 $ 25,399
Ratio of expenses to average net assets 2.33% 2.38% 1.96% 1.62% 1.59%
Ratio of expenses after custodian
fee reduction to average net assets(4) 1.99% 1.99% 1.72% 1.43% 1.34%
Ratio of net investment income to average
net assets 1.32% 2.32% 0.66% 1.81% 3.26%
Portfolio turnover rate 125% 254% 56% 65% 100%

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

(1)During the years ended December 31, 1999 and 1998, the investment adviser
and the distributor voluntarily reduced their fees, and the investment
adviser was allocated a portion of operating expenses. Had such actions not
been undertaken, net investment income per share and the ratios would have
been as follows:

1999 1998

Net investment income per share $ 0.240 $ 0.332
========= =========
Ratios (as a percentage of average net assets):

Expenses 3.12% 3.07%
========= =========
Expenses after custodian fee reduction(4) 2.78% 2.68%
========= =========
Net investment income 0.53% 1.63%
========= =========

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

(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 reinvestment date.
(3)For the year ended December 31, 1995,the per share amount is not in accord
with the net realized and unrealized gain (loss) for the period because of
the timing of sales of fund shares and the amounts per share realized and
unrealized gains and losses at such times.
(4)Custodian fees were reduced by credits resulting from cash balances the
fund maintained with the custodian (Note 1E). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits.
(5)Certain per share amounts are based on average shares outstanding.
</FN>
</TABLE>

<PAGE>

JAPAN SERIES Year Ended December 31
- ----------------------------------------------------------------------------------------------------------------------------------
1999 1998 1997(4) 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Net asset value - beginning of year $ 7.210 $ 6.840 $ 7.980 $ 8.780 $ 9.660
-------- -------- -------- -------- --------

Income from investment operations:
Net investment loss(1) $ (0.175) $ (0.112) $ (0.100) $ (0.095) $ (0.045)
Net realized and unrealized gain (loss) 7.595 0.482 (1.040) (0.705) (0.835)
-------- -------- -------- -------- --------

Total income (loss)
from investment operations $ 7.420 $ 0.370 $ (1.140) $ (0.800) $ (0.880)
-------- -------- -------- -------- --------

Less distributions:
Distributions from investment income $ - $ - $ - $ - $ -

Distributions from capital gains - - - - -

Return of capital - - - - -

-------- -------- -------- -------- --------
Net asset value - end of year $ 14.630 $ 7.210 $ 6.840 $ 7.980 $ 8.780
========= ========= ========= ========= =========

Total return(2) 102.91% 5.41% (14.29%) (9.11%) (9.11%)

Ratios/Supplemental Data(1)
Net assets, end of year (000 omitted) $ 6,190 $ 4,365 $ 3,807 $ 17,041 $ 21,631
Ratio of expenses to average net assets 2.16% 2.24% 2.15% 1.75% 1.81%
Ratio of expenses after custodian
fee reduction to average net assets(3) 2.02% 2.00% 1.84% 1.65% 1.49%
Ratio of net investment loss to average net assets (1.64%) (1.46%) (1.24%) (1.05%) (0.67%)
Portfolio turnover rate 78% 205% 112% 56% 112%

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

(1)During the years ended December 31, 1999 and 1998, the investment adviser
and the distributor voluntarily reduced their fees, and the investment
adviser was allocated a portion of operating expenses. Had such actions not
been undertaken, net investment loss per share and the ratios would have
been as follows:

1999 1998

Net investment loss per share $ (0.297) $ (0.164)
========= =========
Ratios (as a percentage of average net assets):

Expenses 3.30% 2.92%
========= =========
Expenses after custodian fee reduction(3) 3.16% 2.68%
========= =========
Net investment loss (2.78%) (2.14%)
========= =========

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

<PAGE>

MEXICO SERIES Year Ended December 31
- -----------------------------------------------------------------------------------------------------------------------------------
1999 1998(4) 1997(4) 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Net asset value - beginning of year $ 4.810 $ 7.660 $ 5.380 $ 4.220 $ 6.480
-------- -------- -------- -------- --------

Income from investment operations:
Net investment income (loss)(1) $ (0.060) $ 0.003 $ (0.000)(+) $ (0.012) $ (0.012)
Net realized and unrealized gain (loss) 2.990 (2.853) 2.280 1.172 (2.175)
-------- -------- -------- -------- --------

Total income (loss)
from investment operations $ 2.930 $ (2.850) $ 2.280 $ 1.160 $ (2.187)
-------- -------- -------- -------- --------

Less distributions:
Distributions from investment income $ - $ - $ - $ - $ -

Distributions from capital gains - - - - (0.030)

Return of capital - - - - (0.043)(++)
-------- -------- -------- -------- --------

Total distributions $ - $ - $ - $ - $ (0.073)

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

Net asset value - end of year $ 7.740 $ 4.810 $ 7.660 $ 5.380 $ 4.220
========= ========= ========= ========= =========
Total return(2) 60.91% (37.21%) 42.38% 27.49% (33.37%)

Ratios/Supplemental Data(1)
Net assets, end of year (000 omitted) $ 8,387 $ 8,737 $ 28,468 $ 22,028 $ 32,493
Ratio of expenses to average net assets 2.14% 1.90% 1.61% 1.59% 1.72%
Ratio of expenses after custodian
fee reduction to average net assets(3) 2.00% 1.80% 1.45% 1.41% 1.39%
Ratio of netinvestment income (loss) to
average net assets (0.76%) 0.05% (0.06%) (0.14%) (0.41%)
Portfolio turnover rate 56% 24% 113% 63% 110%

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

(1)During certain periods presented, the investment adviser and the
distributor voluntarily reduced their fees and the investment adviser was
allocated a portion of operating expenses. Had such actions not been
undertaken, net investment loss per share and the ratios would have been as
follows:

1999

Net investment loss per share........... $ (0.065)
=========
Ratios (as a percentage of average net assets):

Expenses.............................. 2.20%
=========
Expenses after custodian fee reduction(3) 2.06%
=========
Net investment loss................... (0.82%)
=========
- -------------------------------------------------------------------------------

(+) Amount represents less than $0.001 per share.
(++) Amount represents distribution in excess of capital gains.
</FN>
</TABLE>

<PAGE>

NETHERLANDS SERIES Year Ended December 31
- ---------------------------------------------------------------------------------------------------------------------------------
1999 1998(2) 1997(2) 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 11.700 $ 9.810 $ 8.970 $ 8.590 $ 8.100
-------- -------- -------- -------- --------

Income from investment operations:
Net investment income (loss)(1) $ 0.233 $ (0.003) $ (0.006) $ 0.047 $ (0.004)
Net realized and unrealized gain (loss) (0.826) 2.370 1.396 2.943 1.490
-------- -------- -------- -------- --------

Total income (loss)
from investment operations $ (0.593) $ 2.367 $ 1.390 $ 2.990 $ 1.486
-------- -------- -------- -------- --------

Less distributions:
Dividends from investment income $ - $ - $ - $ - $ -

Distributions from capital gains (1.287) (0.477) (0.550) (2.610) (0.996)
Return of capital - - - - -
-------- -------- -------- -------- --------

Total distributions $ (1.287) $ (0.477) $ (0.550) $ (2.610) $ (0.996)
-------- -------- -------- -------- --------

Net asset value - end of period $ 9.820 $ 11.700 $ 9.810 $ 8.970 $ 8.590
========= ========= ========= ========= =========
Total return(3) (4.39%) 24.46% 15.44% 36.56% 18.84%

Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted) $ 8,696 $ 19,550 $ 12,975 $ 7,566 $ 7,218
Ratio of expenses to average net assets 1.77% 1.88% 1.86% 2.22% 2.26%
Ratio of expenses after custodian
fee reduction to average net assets(4) 1.71% 1.72% 1.72% 1.99% 2.00%
Ratio of net investment income (loss) to
average net assets 1.69% (0.02%) (0.05%) 0.83% (0.13%)
Portfolio turnover rate 48% 88% 29% 124% 87%

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

(1)During certain periods presented, either the investment adviser, the
administrator and/or the distributor voluntarily reduced their fees, and
the investment adviser was allocated a portion of operating expenses. Had
such actions not been undertaken, net investment income (loss) per share
and the ratios would have been as follows:

1996 1995
- ------------------------------------------------------------------------------------------------------------------------------

Net investment income (loss) per share $ 0.038 $ (0.018)
========= =========
Ratios (as a percentage of average net assets):

Expenses 2.38% 2.45%
========= =========
Expenses after custodian fee reduction(4) 2.15% 2.19%
========= =========
Net investment income (loss) 0.67% (0.58%)
========= =========

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

(2)Certain per share amounts are based on average shares outstanding.
(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 reinvestment date.
(4)Custodian fees were reduced by credits resulting from cash balances the
fund maintained with the custodian (Note 1E). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits.

</FN>
</TABLE>

FOR MORE INFORMATION
Additional information about the funds' investments is available in the
funds' semi-annual and annual reports to shareholders. The funds' annual report
contains a discussion of the market conditions and investment strategies that
affected the funds' performance over the past year.

You may want to read the statement of additional information (SAI) for more
information on the funds and the securities they invest in. The SAI is
incorporated into this prospectus by reference, which means that it is
considered to be part of the prospectus.

You can get free copies of the semi-annual and annual reports and the SAI,
request other information or get answers to your questions about the funds by
writing or calling:

Wright Investors' Service Distributors, Inc.
440 Wheelers Farms Road
Milford, CT 06460
(800) 888-9471
e-mail: [email protected]

Copies of documents and application forms can be viewed and downloaded from
Wright's website: www.wrightinvestors.com.

Text-only versions of fund documents can be viewed online or downloaded
from the SEC's web site at http:// www.sec.gov. You can also obtain copies by
visiting the SEC's Public Reference Room in Washington DC. For information on
the operation of the Public Reference Room, call (800) SEC-0330. Copies of
documents may also be obtained by sending your request and the appropriate
duplicating fee to the SEC's Public Reference Section, Washington, DC 20549-0102
or by electronic mail at [email protected].

Investment Company Act file number...........................811-05866

<PAGE>

STATEMENT OF
ADDITIONAL INFORMATION
May 1, 2000

THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------

Wright EquiFund-Hong Kong/China
Wright EquiFund-Japan
Wright EquiFund-Mexico
Wright EquiFund-Netherlands

255 State Street
Boston, Massachusetts 02109

Table of Contents

Page

The Funds and Their Investment Policies.........................2
Additional Information about the Trust..........................7
Officers and Trustees..........................................10
Control Persons and Principal Holders of Shares................12
Investment Advisory and Administrative Services................13
Custodian and Transfer Agent...................................14
Independent Certified Public Accountants.......................14
Brokerage Allocation...........................................14
Principal Underwriter..........................................16
How the Funds Value their Shares...............................17
Performance Information........................................17
Taxes..........................................................18
Financial Statements...........................................19
Appendix.......................................................20

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 dated May 1, 2000,
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., 440 Wheelers Farms Road, Milford, CT 06460
(Telephone: (800) 888-9471).

<PAGE>

THE FUNDS AND THEIR INVESTMENT POLICIES

Each fund is a diversified series of an open-end management investment
company. Unless otherwise defined in this Statement of Additional Information,
capitalized terms have the meaning given to them in the Prospectus.

The Funds and their Investment Policies -- Each fund invests in a broadly
based portfolio of equity securities selected by the Investment Adviser from the
publicly traded companies in the Wright Approved Investment List for the nation
or nations in which each fund is permitted to invest. Only securities for which
adequate public information is available and which could be considered
acceptable for investment by a prudent person will comprise a Wright Approved
Investment List. Each fund will invest at least 65% of its total assets in the
securities of companies located in the country or countries referred to in its
name. A fund's selection of equity securities is limited to those equity
securities included in the Wright Approved Investment List (described below)
relating to such fund. Each fund will, under normal market conditions, invest at
least 80% of its net assets in equity securities, including common stocks,
preferred stocks, rights, warrants and securities convertible into stock. With
respect to the Hong Kong/China, Japan, and Netherlands funds the policy stated
in the preceding sentence is fundamental and may be changed only by the vote of
a majority of a fund's outstanding voting securities. A company is located or
doing business in a foreign country if it satisfies at least one of the
following criteria: (i) the equity securities of the company are traded
principally on stock exchanges in one or more foreign countries; (ii) it derives
50% or more of its total revenue from goods produced, sales made or services
performed in one or more foreign countries; (iii) it maintains 50% or more of
its assets in one or more foreign countries; (iv) it is organized under the laws
of a foreign country; or (v) its principal executive offices are located in a
foreign country.

Each fund may invest up to 20% of its net assets in an investment reserve
in cash (including foreign currency) or cash equivalent securities (high quality
short-term fixed income debt securities) whenever such reserve is deemed to be
in the best interests of the shareholders for any reason, including Wright's
expectation of a decline in the equity markets in which the fund is permitted to
invest. The reserve may consist of U.S. Government securities, repurchase
agreements, certificates of deposit, bankers' acceptances, fixed time deposits,
commercial paper, finance company paper, and other short-term debt securities.
The fund may hold cash or invest without limit in these securities for
temporary, defensive purposes.

Except as provided above and except for the fundamental investment
restrictions listed below, the investment objective and policies of each fund
are not fundamental and may be changed by the Trustees of the Trust without a
vote of the affected fund's shareholders. If any changes were made, the fund
might have an investment objective different from the objective which an
investor considered appropriate at the time the investor became a shareholder in
the fund. EquiFund will notify the shareholders of any material change in its
investment objective. There is no assurance that the funds will achieve their
respective investment objectives. The market price of securities held by the
funds that are quoted or denominated in foreign currencies, when expressed in
U.S. dollars, will fluctuate in response to changes in exchange rates between
the U.S. dollar and the currencies in which the securities are quoted or
denominated. The net asset value of each fund's shares will also fluctuate as a
result of changes in the value of the securities that it owns.

The Wright Approved Investment List -- Wright has developed a Wright
Approved Investment List for each nation in which a fund invests (the "Approved
List"). Each Approved List is designed to be a list of substantially all the
publicly traded companies in the nation or nations in which each respective fund
is permitted to invest which meet the requirements of a prudent investor. The
prudent investor standard requires that care, skill and caution be used in
selecting securities for investment. This prudent investor standard is the
foundation for the investment criteria employed in creating the Approved List.
The Investment Adviser will select securities for investment from those included
in the corresponding Approved List.

The Approved List is adjusted quarterly and as otherwise necessary to
reflect significant events. Changes in the composition of a List will be made by
determining whether existing companies included in that List continue to meet
the criteria and whether other companies meet these criteria and should replace
or be added to the companies already comprising that Approved List. A detailed
explanation of the objective criteria used in the process of selecting companies
for inclusion in a List is included herein.

The securities included in a List will be (i) admitted to official listing
on a stock exchange in any Member State of the EUROPEAN Union, (ii) admitted to
official listing on a recognized stock exchange in any other country in Western
Europe, Asia, Oceania, the American continents, including Bermuda, and Africa,
(iii) traded on another regulated market in any such Member State of the
European Union or such other country referred to above, provided such market
operates regularly and is recognized and open to the public, or (iv) recently
issued, provided the terms of the issue provide that application be made for
admission to official listing on any of the stock exchanges or other regulated
markets referred to above, and provided such listing is secured within a year
following the date of issuance.

<PAGE>

In selecting securities for the Approved Lists and for inclusion in the
portfolios of the funds, Wright utilizes its international database, which
includes WORLDSCOPE(R). WORLDSCOPE(R) provides information on more than 23,000
companies worldwide. Additional information about the composition of the
Approved Lists may be obtained without charge from Wright Investors' Service
Distributors, Inc., 440 Wheelers Farms Road, Milford, CT 06460 (800-888-9471).
The Approved Lists are adjusted as necessary to reflect recent events. A
detailed explanation of the objective criteria used in the selection process is
as follows.

To be selected for an Approved List, a company must generally have:

1. Five years of earnings data (17 quarters of 12 month earnings). To be
selected, a company's trailing 12 month earnings during the last four
quarters or during the last three reported years cumulatively must be
positive.

2. Five years of dividend information or positive verification that a
company did not declare a dividend (20 quarters of quarterly dividend
information).

3. Three years of price information (12 quarters of quarterly prices). To
be selected, a company generally must have market value (number of
shares times price) equal to or greater than $50 million.

4. Book value information for the past five years (20 quarters). To be
selected, book value must be equal to or greater than $50 million.

5. Industry group information. Companies that are closed-end investment
companies, real estate investment trusts or non-bank securities brokers
or dealers will not be included.

Acquired companies may continue to be included in the relevant Index up to
their acquisition date.

Temporary Defensive Investments -- During periods of unusual market or
economic conditions, when Wright believes that investing for temporary defensive
purposes is appropriate, all or any portion of each fund's assets may be held in
cash (including, subject to the requirements of the Internal Revenue Code of
1986, as amended (the "Code") applicable to regulated investment companies, the
foreign currency of the nation or nations in which such fund invests) or
invested in short-term obligations, including but not limited to obligations
issued or guaranteed by the U.S. or any foreign government or any of their
respective agencies or instrumentalities; obligations of public international
agencies; commercial paper which at the date of investment is rated A-1 by
Standard & Poor's Ratings Group ("S&P") or P-1 by Moody's Investors Service,
Inc. ("Moody's"), or, if not rated by such rating organizations, is deemed by
the Investment Adviser pursuant to procedures established by the Trustees to be
of comparable quality; short-term corporate obligations and other debt
instruments which at the date of investment are rated AA or better by S&P or Aa
or better by Moody's or, if unrated, which are deemed by the Investment Adviser
pursuant to procedures established by the Trustees to be of comparable quality;
and certificates of deposit, bankers' acceptances and time deposits of domestic
or foreign banks which are determined to be of high quality by the Investment
Adviser. Temporary investments may be denominated either in U.S. dollars or in
the currency of the nation in which the fund primarily invests.

U.S. Government, Agency and Instrumentality Securities -- U.S. Government
securities are issued by the U.S. 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 -- Each fund may enter into repurchase agreements in
order to earn income on temporarily uninvested cash. Repurchase agreements
involve the purchase of U.S. Government securities or of other high quality
short-term debt obligations. At the same time a fund purchases the security it
resells such security to the vendor which is a member bank of the Federal
Reserve System, a recognized securities dealer or any foreign bank whose
creditworthiness has been determined by Wright to be at least equal to that of
issuers of commercial paper rated within the two highest grades assigned by
Moody's or S&P, and is obligated to redeliver the security to the vendor on an
agreed-upon date in the future. A repurchase agreement with foreign banks may be
available with respect to government securities of the particular foreign
jurisdiction. 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, which the Trust
believes 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. Repurchase agreements are
considered to be loans under the Investment Company Act of 1940.
<PAGE>

There is no percentage limit on the amount of any fund's investments in
repurchase agreements, except for the requirement that, under normal market
conditions, at least 80% of each fund's net assets will be invested in equity
securities.

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.

Fixed Time Deposits -- are bank obligations payable at a stated maturity
date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn
on demand by the investor, but may be subject to early withdrawal penalties
which vary depending upon market conditions and the remaining maturity of the
obligation. There are no contractual restrictions on the right to transfer a
beneficial interest in a fixed time deposit to a third party, although there is
no market for such deposits.

Commercial Paper and Finance Company Paper -- refers to promissory notes
issued by corporations in order to finance their short-term credit needs.

Restricted Securities -- Securities that are not freely tradeable or which
are subject to restrictions on sale under the Securities Act of 1933 are
considered restricted. Such securities are illiquid and may be difficult to
properly value. Each fund's holdings of illiquid securities may not exceed 15%
of its net assets. Illiquid securities include securities legally restricted as
to resale. Securities eligible for resale pursuant to Rule 144A under the
Securities Act of 1933 may, however, be treated as liquid by the Investment
Adviser pursuant to procedures adopted by the Trustees, which require
consideration of factors such as trading activity, availability of market
quotations and number of dealers willing to purchase the security. Moreover,
investments in Rule 144A securities may increase the level of fund illiquidity
to the extent qualified institutional buyers become uninterested in purchasing
such securities.

Convertible Securities -- Each fund may from time to time invest up to 5%
of its total assets in debt securities and preferred stocks which are
convertible into, or carry the right to purchase, common stock or other equity
securities. The debt security or preferred stock may itself be convertible into
or exchangeable for equity securities, or the purchase right may be evidenced by
warrants attached to the security or acquired as part of a unit with the
security. Convertible securities may be purchased for their appreciation
potential when they yield more than the underlying securities at the time of
purchase or when they are considered to present less risk of principal loss than
the underlying securities. Generally speaking, the interest or dividend yield of
a convertible security is somewhat less than that of a non-convertible security
of similar quality issued by the same company.

Warrants and Rights -- Wright EquiFund - Mexico may purchase warrants and
each fund may purchase rights. No fund intends to invest more than 5% of its net
assets in warrants and rights as the case may be (other than those that have
been acquired in units or attached to other securities). Warrants and rights are
options to purchase equity securities at a specific price valid for a specific
period of time. They do not represent ownership of the securities, but only the
right to buy them. The prices of warrants and rights do not necessarily move
parallel to the prices of the underlying securities. Warrants and rights may
become valueless if not sold or exercised prior to their expiration.

Foreign Securities -- The funds may invest in foreign securities, and in
certificates of deposit, bankers' acceptances, fixed time deposits issued by
major foreign banks and foreign branches of United States banks, to any extent
deemed appropriate by Wright and consistent with a fund's investment objective.
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. For example, there
is generally less publicly available information about foreign companies,
particularly those not subject to the disclosure and reporting requirements of
the U.S. securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing and financial reporting requirements comparable to those
applicable to domestic issuers. Investments in foreign securities also involve
the risks of possible adverse changes in exchange control regulations,
expropriation or confiscatory taxation, limitation on removal of funds or other
assets of a 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. To the extent investments in foreign securities are
denominated or quoted in currencies of foreign countries, a fund may be affected
favorably or unfavorably by changes in currency exchange rates and may incur
costs in connection with conversion between currencies.
<PAGE>

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 may be less liquid and more volatile than securities of comparable U.S.
companies (this is particularly true of issuers located in emerging market
countries; however, the funds, other than Mexico fund, do not anticipate
investments in securities of developing countries). 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 above risks may be intensified for investments in emerging markets or
countries with limited or developing capital markets such as Mexico and
countries located in the Asia-Pacific region. Security prices in these markets
can be significantly more volatile than in more developed countries, reflecting
the greater uncertainties of investing in less established markets and
economies. Political, legal and economic structures in many of these emerging
market countries may be undergoing significant evolution and rapid development,
and they may lack the social, political, legal and economic stability
characteristic of more developed countries. Emerging market countries may have
failed in the past to recognize private property rights. They may have
relatively unstable governments, present the risk of nationalization of
businesses, restrictions on foreign ownership, or prohibitions on repatriation
of assets, and may have less protection of property rights than more developed
countries. Their economies may be predominantly based on only a few industries,
may be highly vulnerable to changes in local or global trade conditions, and may
suffer from extreme and volatile debt burdens or inflation rates. Local
securities markets may trade a small number of securities and may be unable to
respond effectively to increases in trading volume, potentially making prompt
liquidation of substantial holdings difficult or impossible at times. A fund may
be required to establish special custodial or other arrangements before making
certain investments in those countries. Securities of issuers located in these
countries may have limited marketability and may be subject to more abrupt or
erratic price movements.

Each fund may, but does not expect to, invest in foreign securities in the
form of American Depositary Receipts ("ADRs"), European Depositary Receipts
("EDRs"), International Depositary Receipts ("IDRs") or other similar securities
representing securities of foreign issuers. ADRs are receipts typically issued
by a United States bank or trust company evidencing ownership of the underlying
foreign securities. EDRs and IDRs are receipts typically issued by a European
bank or trust company evidencing ownership of the underlying foreign securities.

Foreign Currency Exchange Transactions -- The funds may engage in foreign
currency exchange transactions. Investments in securities of foreign governments
and companies whose principal business activities are located outside the United
States will frequently involve currencies of foreign countries. In addition,
assets of a fund may temporarily be held in bank deposits in foreign currencies
during the completion of investment programs. Therefore, the value of a 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 each 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. A 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 a fund at one rate, while offering a lesser rate of exchange
should the fund desire to resell that currency to the dealer. The funds do not
intend to speculate in foreign currency exchange rates.

As an alternative to spot transactions, a fund may enter into contracts to
purchase or sell foreign currencies at a future date ("forward contracts"). 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. Although a forward contract generally involves no deposit
requirement and no commissions are charged at any stage for trades, a fund will
maintain segregated accounts in connection with such transactions. The funds
intend to enter into such contracts only on net terms.

A fund may enter into forward contracts under two circumstances. First,
when a fund enters into a contract for the purchase or sale of a security quoted
or denominated in a foreign currency, it may desire to "lock in" the price of
the security. This is accomplished by entering into a forward contract for the
purchase or sale, for a fixed amount of the 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 different
currencies during the period between the date the security is purchased or sold
and the date of payment for the security.
<PAGE>

Second, when Wright believes that the currency of a particular foreign
country may suffer a decline, a fund may enter into a forward contract to sell
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.

The fund 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 a fund's total assets committed to the consummation of forward
contracts involving the purchase of foreign 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.

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 a 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 a fund retains the portfolio security and engages in an offsetting
transaction, the fund will incur a gain or 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
contracts 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.

A fund will not speculate in forward contracts and will limit its
transactions in such contracts to those described above. Of course, a fund is
not required to enter into such transactions with respect to its portfolio
securities quoted or denominated in a foreign currency and will not do so unless
deemed appropriate by Wright. This method of protecting the value of a 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.

There is no other percentage limitation on any fund's holdings of foreign
currencies or forward contracts, except for the requirement that, under normal
market conditions, at least 80% of the fund's net assets will be invested in
equity securities. A fund's foreign currency transactions may be limited by the
requirements of Subchapter M of the Code for qualification as a regulated
investment company.

Lending Portfolio Securities -- Each fund may seek to increase its total
return by lending portfolio securities to broker-dealers or other institutional
borrowers. Such loans are required to be continuously secured by collateral in
cash or liquid securities. 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. A fund may invest the proceeds it

<PAGE>

receives from a securities loan in the types of securities in which it may
invest. As with other extensions of credit there are risks of delay in recovery
or even loss of rights in the securities loaned if the borrower of the
securities fails financially. However, the loans will be made only to
organizations deemed by the Investment Adviser to be of good standing and when,
in the judgment of the Investment Adviser, the consideration which can be earned
from securities loans of this type justifies the attendant risk. The financial
condition of the borrower will be monitored by the Investment Adviser on an
ongoing basis and collateral values will be continuously maintained at no less
than 100% by "marking to market" daily. If the Investment Adviser decides to
make securities loans, it is intended that the value of the securities loaned
would not exceed 30% of the fund's total assets.

ADDITIONAL INFORMATION ABOUT THE TRUST

The 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 Wright EquiFund are affected, a majority of such fund's outstanding
shares. The Trust may be terminated (i) upon the sale of the Trust's assets to
another open-end management investment company, if approved by the holders of
two-thirds of the outstanding shares of the Trust, except that if the Trustees
of the Trust recommend such sale of assets, the approval by the vote of a
majority of the Trust's outstanding shares will be sufficient; or (ii) upon
liquidation and distribution of the assets of the Trust, if approved by a
majority of its Trustees or by the vote of a majority of the Trust's outstanding
shares. If not so terminated, the Trust may continue indefinitely.

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

The Trust is an organization of the type commonly known as a "Massachusetts
business trust." Under Massachusetts law, shareholders of such a trust may,
under certain circumstances, be held personally liable as partners for the
obligations of the trust. The Trust's Declaration of Trust contains an express
disclaimer of shareholder liability in connection with the Trust property or the
acts, obligations or affairs of the Trust. The Declaration of Trust also
provides for indemnification out of the Trust property of any shareholder held
personally liable for the claims and liabilities to which a shareholder may
become subject by reason of being or having been a shareholder. Thus, the risk
of a shareholder incurring financial loss on account of shareholder liability is
limited to circumstances in which the Trust itself would be unable to meet its
obligations. The Investment Adviser does not consider this risk to be material.

Investment Restrictions

The following investment restrictions have been adopted by each fund and
may be changed as to a fund only by the vote of a majority of the affected
fund's outstanding voting securities, which means the lesser of (a) 67% of the
shares of the fund if the holders of more than 50% of the shares are present or
represented at the meeting or (b) more than 50% of the shares of the fund. If a
percentage restriction contained herein is adhered to at the time of investment,
a later increase or decrease in the percentage resulting from a change in the
value of portfolio securities or the amount of net assets will not be considered
a violation of any of the following restrictions. As a matter of fundamental
investment policy, each fund may not:

(The following fundamental investment restrictions apply only to Hong
Kong/China, Japan and Netherlands.)

(1) Borrow money other than from banks and then only up to 1/3 of the
current market value of its total assets (including the amount
borrowed) and only if such borrowing is incurred as a temporary measure
for extraordinary or emergency purposes or to facilitate the orderly
sale of portfolio securities to accommodate redemption requests; or
issue any securities other than its shares of beneficial interest
except as appropriate to evidence indebtedness which the fund is
permitted to incur. (Each fund anticipates paying interest on borrowed
money at rates comparable to its yield and no fund has any intention of
attempting to increase its net income by means of borrowing);

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

(3) Purchase the securities of any one issuer (other than obligations
issued or guaranteed by the U.S. Government or any of its agencies, or
securities of other regulated investment companies) if, as a result of
such purchase, more than 5% of that fund's total assets (taken at
current value) would be invested in the securities of such issuer or
securities of any one issuer held by that fund would exceed 10% of the
outstanding voting securities of such issuer at the end of any fiscal
quarter of the fund, provided that, with respect to 50% of the fund's
assets, the fund may invest up to 25% of its assets in the securities
of any one issuer;
<PAGE>

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

(5) Purchase securities on margin or make short sales except sales against
the box or purchase warrants;

(6) Buy or sell commodities, or commodity contracts (except that the fund
may purchase or sell currencies and put and call options on securities,
indices or currencies and enter into forward foreign currency exchange
contracts), unless acquired as a result of ownership of securities;

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

(8) Underwrite securities issued by other persons except to the extent that
the purchase of securities in accordance with a fund's investment
objectives and policies directly from the issuer thereof and the later
disposition thereof may be deemed to be underwriting;

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

(10) Purchase from or sell to any of the Trust's Trustees or officers, its
investment adviser, its administrator, its principal underwriter, if
any, or the officers or directors of said investment adviser,
administrator, or principal underwriter, portfolio securities of the
fund;

(11) Purchase or retain securities of other open-end investment companies,
except when such purchases are part of a merger, consolidation,
reorganization or assets acquisition;

(12) Acquire real estate but it may lease office space for its own use and
invest in (1) readily marketable interests of real estate or real
estate limited partnership interests, investment trusts or readily
marketable securities of issuers (other than real estate limited
partnerships) whose business involves the purchase of real estate; and
(2) securities secured by real estate or interests therein; or

(13) With respect to 75% of its total assets, (i) invest more than 5% of its
total assets in securities of any one issuer, excluding securities
issued or guaranteed by the United States government or by its agencies
and instrumentalities and options or (ii) purchase more than 10% of the
voting securities of any class of any issuer.

For the purpose of investment restrictions (1), (2) and (5), the
arrangements (including escrow, margin and collateral arrangements) made by any
such fund with respect to its transactions in currency options, options on
securities and forward foreign currency exchange contracts shall not be
considered to be (i) a borrowing of money or the issuance of securities
(including senior securities) by that fund, (ii) a pledge of its assets, (iii)
the purchase of a security on margin or (iv) a short sale or position.

(The following fundamental investment restrictions apply only to Mexico.)

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

(3) Buy or sell commodities, or commodity contracts (except that the fund
may purchase or sell currencies and put and call options on securities,
indices or currencies and enter into forward foreign currency exchange
contracts), unless acquired as a result of ownership of securities;

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

(5) Underwrite securities issued by other persons except to the extent that
the purchase of securities in accordance with a fund's investment
objectives and policies directly from the issuer thereof and the later
disposition thereof may be deemed to be underwriting;

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

(7) Purchase or sell real estate, except that a fund may (i) acquire or
lease office space for its own use, (ii) invest in securities of
issuers that invest in real estate or interests therein, (iii) invest
in securities that are secured by real estate or interests therein,
(iv) purchase and sell mortgage-related securities and (v) hold and
sell real estate acquired by a fund as a result of the ownership of
securities; or

(8) With respect to 75% of its total assets, (i) invest more than 5% of its
total assets in securities of any one issuer, excluding securities
issued or guaranteed by the U.S. Government or by its agencies and
instrumentalities and options thereon or (ii) purchase more than 10% of
the voting securities of any class of any issuer.

For the purpose of fundamental investment restrictions (1) and (2) above
and nonfundamental investment restriction (h) below, the arrangements (including
escrow, margin and collateral arrangements) made by a fund with respect to its
transactions in currency options, options on securities and forward foreign
currency exchange contracts shall not be considered to be (i) a borrowing of
money or the issuance of securities (including senior securities) by that fund,
(ii) a pledge of its assets, (iii) the purchase of a security on margin or (iv)
a short sale or position.

The following are nonfundamental policies of each fund which may be changed
by the Trustees without shareholder approval. The funds have no current
intention of borrowing for leverage purposes, making securities loans or
engaging in short sales. The funds have no current intention of investing more
than 5% of net assets in Rule 144A securities. No fund will:

(a) Purchase oil, gas or other mineral leases or purchase partnership
interests in oil, gas or other mineral exploration or development
programs;

(b) Invest more than 5% of its total assets in the securities of issuers
which, together with their predecessors, have a record of less than
three years' continuous operation;

(c) Purchase securities issued by any other investment company, except by
purchase in the open market where no commission or profit to sponsor or
dealer results from such purchase, other than the customary broker's
commission, or except where such purchase, although not made on the
open market, is part of a plan of merger or consolidation. Subject to
the preceding sentence, a fund may invest in other investment companies
to the full extent allowed by the 1940 Act. Under the 1940 Act, a fund
may not acquire more than 3% of the outstanding voting securities of
another investment company, invest more than 5% of its assets in any
single investment company or invest more than 10% of its assets in
other investment companies as a group;

(d) Enter into an agreement to purchase securities while its borrowings
exceed 5% of its total assets;

(e) Invest (1) more than 15% of its net assets in illiquid investments,
including repurchase agreements maturing in more than seven days,
securities that are not readily marketable and restricted securities
not eligible for resale pursuant to Rule 144A under the Securities Act
of 1933 (the "1933 Act"); (2) more than 10% of its net assets in
restricted securities, excluding securities eligible for resale
pursuant to Rule 144A or foreign securities which are offered or sold
outside the United States in accordance with Regulation S under the
1933 Act; or (3) more than 15% of its net assets in restricted
securities (including those eligible for resale under Rule 144A);
<PAGE>

(f) Invest more than 10% of its total assets in shares of real estate
investment trusts that are not readily marketable or invest in real
estate limited partnerships;

(In addition, the following nonfundamental investment restrictions apply only to
Mexico.)

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

(h) Purchase securities on margin or make short sales except short sales
against the box or purchase warrants; or

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

OFFICERS AND TRUSTEES

The officers and Trustees of the Trust are listed below. Except as
indicated, each individual has held the office shown or other offices in the
same company for the last five years. Those Trustees who are "interested
persons" (as defined in the 1940 Act) of the Trust, Wright, The Winthrop
Corporation ("Winthrop"), Eaton Vance, Eaton Vance's wholly owned subsidiary,
Boston Management and Research ("BMR"), Eaton Vance's parent, Eaton Vance Corp.
("EVC") or of Eaton Vance's trustee, Eaton Vance, Inc. ("EV") by virtue of their
affiliation with either the funds, Wright, Winthrop, Eaton Vance, BMR, EVC, or
EV, are indicated by an asterisk (*).

PETER M. DONOVAN (57), 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: 440 Wheelers Farms Road, Milford, CT 06460

H. DAY BRIGHAM, Jr. (73), Vice President, Secretary and Trustee*
Retired Vice President, Chairman of the Management Committee and Chief Legal
Officer of Eaton Vance, EVC, BMR and EV and a Director of EVC and EV; Director
of Wright and Winthrop since February, 1997.
Address: 92 Reservoir Avenue, Chestnut Hill, MA 02467

JUDITH R. CORCHARD (61), Vice President and Trustee*
Executive Vice President, Senior Investment Officer, Chairman of the Investmen
Committee and Director of Wright and Winthrop. Ms. Corchard was appointed a
Trustee of the Trust on December 10, 1997.
Address: 440 Wheelers Farms Road, Milford, CT 06460

A.M. MOODY III (63), Vice President & Trustee*
Senior Vice President, Wright and Winthrop; President, Wright Investors' Service
Distributors, Inc.
Address: 440 Wheelers Farms Road, Milford, CT 06460

DORCAS R. HARDY (53), Trustee
President, Dorcas R. Hardy & Associates (a public policy and government
relations firm), Spotsylvania, VA; Director, The Options Clearing Corporation
and First Coast Service Options, Jacksonville, FL (FL Blue Cross Blue Shield
subsidiary); 1996-1998 - Chairman and CEO of Work Recovery, Inc. (an advanced
rehabilitation technology firm), Tucson, AZ; 1986-1989 - U.S. Commissioner of
Social Security. Ms. Hardy was elected a Trustee on December 9, 1998.
Address: 11407 Stonewall Jackson Drive Spotsylvania, VA 22553

LELAND MILES (76), Trustee
President Emeritus, University of Bridgeport (1987-present); President,
University of Bridgeport (1974-1987); Director, United Illuminating Company.
Address: 332 North Cedar Road, Fairfield, CT 06430
<PAGE>

LLOYD F. PIERCE (81), 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: 140 Snow Goose Court, Daytona Beach, FL 32119

RICHARD E. TABER (51), Trustee
Chairman and Chief Executive Officer of First County Bank, Stamford, CT
(1989-present). Mr.Taber was appointed as a Trustee of the Trust on
March 18, 1997.
Address: 117 Prospect Street, Stamford, CT 06901

RAYMOND VAN HOUTTE (75), 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

JAMES L. O'CONNOR (55), Treasurer
Vice President, Eaton Vance, BMR and EV. Officer of various investment companies
managed by Eaton Vance or BMR.
Address: 255 State Street, Boston, MA 02109

JANET E. SANDERS (64), Assistant Treasurer and Assistant Secretary
Vice President of Eaton Vance, BMR and EV. Officer of various investment
companies managed by Eaton Vance or BMR.
Address: 255 State Street, Boston, MA 02109

WILLIAM J. AUSTIN, JR. (48), 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: 255 State Street, Boston, MA 02109

A. JOHN MURPHY (37), Assistant Secretary
Vice President of Eaton Vance, BMR and EV since March 1, 1994; employee of Eaton
Vance since March 1993. 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: 255 State Street, Boston, MA 02109

ERIC G. WOODBURY (42), Assistant Secretary
Vice President of Eaton Vance, BMR and EV since February 1993. 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: 255 State Street, Boston, MA 02109

All of the Trustees and officers hold identical positions with The Wright
Managed Income Trust, The Wright Managed Equity Trust, The Wright Managed Blue
Chip Series Trust, Catholic Values Investment Trust, The Wright Asset Allocation
Trust, and The Wright Blue Chip Master Portfolio Trust. The fees and expenses of
those Trustees (Messrs. Miles, Pierce, Taber, Van Houtte and Ms. Hardy) who are
not "interested persons" of the Trust and of Mr. Brigham are paid by the funds
and the other series of the Trust. They also receive additional payments from
other investment companies for which Wright provides investment advisory
services. The Trustees who are employees of Wright receive no compensation from
the Trust. The Trust does not have a retirement plan for its Trustees. For
Trustee compensation from the Trust for the fiscal year ended December 31, 1999
and for the total compensation paid to the Trustees from the Wright Fund complex
for the fiscal year ended December 31, 1999, see the following table.
<PAGE>

COMPENSATION TABLE
Registrant - The Wright EquiFund Equity Trust

<TABLE>
<CAPTION>
Aggregate Compensation Pension Benefits Total Compensation
From The Wright Benefits Annual from Funds and
Trustees EquiFund Equity Trust Accrued Benefit Paid Fund Complex(1)
- ---------------------------------------------------------------------------------------------------------------------------------

H. Day Brigham, Jr. $1,750 None None $11,250
Dorcas Hardy 1,750 None None 11,250
Leland Miles 1,750 None None 11,250
Lloyd F. Pierce 1,750 None None 11,250
Richard E. Taber 1,750 None None 11,250
Raymond Van Houtte 1,250 None None 8,250

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

(1) Total compensation paid is from The Wright EquiFund Equity Trust (4 funds)
and the other funds in the Wright Fund complex for a total of 22 funds as
of December 31, 1999.
</TABLE>

The Trust's Board of Trustees has established an Independent Trustees'
Committee and an Audit Committee, each consisting of all of the Independent
Trustees who are Messrs. Miles, Pierce (Chairman), Taber, Van Houtte and Ms.
Hardy. The responsibilities of the Independent Trustees' Committee include those
of a nominating committee for additional or replacement trustees of the Trust
and a contract review committee for consideration of renewals or changes in the
investment advisory agreements, distribution agreements and distribution plans
and other agreements as appropriate. The responsibilities of the Audit Committee
are: (a) to oversee the Trusts' accounting and financial reporting practices,
their internal controls and, as appropriate, the internal controls of certain
service providers; (b) to oversee the quality and objectivity of the Trusts'
financial statements and the independent audit thereof; and (c) to act as a
liaison between the Trusts' independent auditors and the full Board of Trustees.

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SHARES

As of April 1, 2000, the Trustees and officers of the Trust, as a group,
owned in the aggregate less than 1% of the outstanding shares of any fund that
was then offering its shares to the public.

As of the same date, the following shareholders were record holders of the
following percentages of the outstanding shares of the funds that were then
offering shares to the public:

PERCENT OF OUTSTANDING SHARES OWNED

NAME AND ADDRESS Hong Kong/China Japan Mexico Netherlands
- ----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C>
Charles Schwab & Co. Inc.* 38.8% 41.1% 52.8% 52.9%
Attn: Suzanne Williamson
Mutual Funds Dept.
101 Montgomery St.
San Francisco, CA 94104
- ----------------------------------------------------------------------------------------------------------------------------------

National Investor Services Corp. 27.8% 25.8% 6.4% _
For the Exclusive Benefit of Our Customers
55 Water Street 32nd Floor
New York, NY 10041
- ----------------------------------------------------------------------------------------------------------------------------------

*Held on behalf of their clients.
</TABLE>

<PAGE>

INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES

The funds have engaged Wright to act as their investment adviser pursuant
to an Investment Advisory Contract. Wright furnishes the funds with investment
advice and management services. The School for Ethical Education, 440 Wheelers
Farms Road, Milford, CT 06460, may be considered a controlling person of
Wright's parent, Winthrop, and Wright by reason of its ownership of more than
25% of the outstanding shares of Winthrop.

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

The investment adviser and each fund have adopted Codes of Ethics governing
personal securities transactions. Under the Codes, Wright employees may purchase
and sell securities subject to certain pre-clearance and reporting requirements
and other procedures. These Codes of Ethics are on public file with, and
available from, the Securities and Exchange Commission.

It should be noted that, in addition to compensating Wright for its
advisory services to the funds, the advisory fee is intended to partially
compensate Wright for the maintenance of the Indices which form the basis for
the selection of securities for the funds. Other mutual funds and accounts
advised by Wright may use the Indices as may other entities not affiliated with
Wright.

The following table sets forth the net assets of each fund at December 31,
1999 and the advisory fee earned from each such fund during the fiscal years
ended December 31, 1999, 1998 and 1997.
<TABLE>
<CAPTION>

Aggregate Fee Earned for Fee Earned for Fee Earned for
Net Assets at Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended
FUNDS 12/31/98 12/31/99 12/31/98 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C>
Hong Kong/China $ 5,558,491 $ 37,774(1) $ 46,869(2) $ 97,167
Japan 6,190,006 31,243(1) 36,190(3) 79,721
Mexico 8,386,928 72,227(1) 103,799 229,596
Netherlands 8,696,201 106,449 123,437 92,173
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>

(1) To enhance the net income of the Hong Kong/China, Japan and Mexico series,
Wright made a reduction in its advisory fee by $22,774, $31,243 and $950,
respectively. In addition, $4,530, $5,665 and $700 of expenses of the Hong
Kong/China, Japan and Mexico series, respective, were allocated to the
investment adviser.

(2) To enhance the net income of the Fund, Wright made a reduction of its
investment advisory fee by $27,221. In addition, $3,200 of expenses were
allocated to the investment adviser.

(3) To enhance the net income of the Fund, Wright made a reduction of its
investment advisory fee by $22,412. In addition, $750 of expenses were
allocated to the investment adviser.
</FN>
</TABLE>

The Trust has engaged Eaton Vance to act as the administrator for each fund
pursuant to an Administration Agreement. For its services under the
Administration Agreement, Eaton Vance is entitled to receive a monthly
administration fee from each fund. The following table sets forth the
administration fees as a percentage of average daily net assets for the fiscal
year ended December 31, 1999 and the fees earned from each fund for the fiscal
years ended December 31, 1999, 1998 and 1997.

Fee Paid as a % of
Average Daily Net Assets Fee Earned for Fee Earned for Fee Earned for
Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended
FUNDS 12/31/99 12/31/99 12/31/98 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C>
Hong Kong/China 0.10% $ 5,063 $ 6,256 $12,954
Japan 0.10% 4,194 4,833 10,629
Mexico 0.10% 9,643 13,837 30,613
Netherlands 0.10% 14,193 16,458 12,289
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

Eaton Vance is a business trust organized under Massachusetts law. Eaton
Vance, Inc. ("EV") serves as trustee of Eaton Vance. Eaton Vance and EV are
wholly owned subsidiaries of Eaton Vance Corporation ("EVC"), a Maryland
corporation and publicly held holding company. EVC through its subsidiaries and
affiliates engages primarily in investment management, administration and
marketing activities.

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

The Investment Advisory Contract of all the funds and the Administration
Agreement of all the funds will remain in effect until February 28, 2001. The
funds' Investment Advisory Contract may be continued with respect to each fund
from year to year thereafter so long as such continuance after February 28,
2001, as the case may be, is approved at least annually (i) by the vote of a
majority of the Trustees who are not "interested persons" of the Trust, Eaton
Vance or Wright cast in person at a meeting specifically called for the purpose
of voting on such approval and (ii) by the Board of Trustees of the Trust or by
vote of a majority of the shareholders of that fund. The Investment Advisory
Contract and Administration Agreement may be terminated as to a fund at any time
without penalty on sixty (60) days' written notice by the Board of Trustees or
Directors of either party, or by vote of the majority of the outstanding shares
of that fund, and each agreement will terminate automatically in the event of
its assignment. Each agreement provides that, in the absence of willful
misfeasance, bad faith, gross negligence or reckless disregard of its
obligations or duties to the Trust under such agreement on the part of Eaton
Vance or Wright. Eaton Vance or Wright will not be liable to the Trust for any
loss incurred.

CUSTODIAN AND TRANSFER AGENT

Investors Bank & Trust Company ("IBT"), 200 Clarendon Street, Boston, MA
02116, acts as custodian for the funds. IBT has the custody of all cash and
securities of the funds, maintains the funds' general ledgers and computes the
daily net asset value per share. In such capacity it attends to details in
connection with the sale, exchange, substitution, transfer or other dealings
with the funds' investments, receives and disburses all funds and performs
various other ministerial duties upon receipt of proper instructions from the
funds. The funds will employ foreign sub-custodians in accordance with Rule
17f-5 under the 1940 Act.

PFPC,Inc.,P.O. Box 9697, Providence, RI 02940 is the funds' transfer agent.

INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

Deloitte & Touche LLP, 200 Berkeley Street, Boston, MA 02116-5022 are the
Trust's independent certified public accountants, providing audit services, tax
return preparation, and assistance and consultation with respect to the
preparation of filings with the Securities and Exchange Commission and
preparation of the funds' federal and state tax returns.

BROKERAGE ALLOCATION

Purchases and sales of securities on a securities exchange are effected by
brokers, and the funds pay a brokerage commission for this service. In
transactions on stock exchanges in the United States, these commissions are
negotiated, whereas on many foreign stock exchanges the commissions are fixed.
In the over-the-counter market, securities are normally traded on a "net" basis
with dealers acting as principal for their own accounts without a stated
commission, although the price of the securities usually includes a profit to
the dealer. In underwritten offerings, securities are purchased at a fixed price
which includes an amount of compensation to the underwriter, generally referred
to as the underwriter's concession or discount. On occasion, certain money
market instruments may be purchased directly from an issuer, in which case no
commissions or discounts are paid.
<PAGE>

Wright places the portfolio security transactions for each fund, which in
some cases may be effected in block transactions which include other accounts
managed by Wright. Wright provides similar services directly for bank trust
departments and other clients. 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. Such
brokers 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 advisory clients other than the fund
which paid the brokerage commissions and the other funds. The services and
information furnished by a particular firm may not necessarily be used in
connection with the funds or the fund which paid brokerage commissions to such
firm. The advisory fee paid by the funds to Wright is not reduced as a
consequence of Wright's receipt of such services and information. While such
services and information are not expected to reduce Wright's normal research
activities and expenses, Wright would, through use of such services and
information, avoid the additional expenses which would be incurred if Wright
should attempt to develop comparable services and information through its own
staff.

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

Under the funds' 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.

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

If purchases or sales of securities of the funds and one or more other
investment companies or clients supervised by Wright are considered at or about
the same time, transactions in such securities will be allocated among the
several investment companies and clients in a manner deemed equitable to all by
Wright, taking into account the respective sizes of the funds, and the amount of
securities to be purchased or sold. It is recognized that it is possible that in
some cases this procedure could have a detrimental effect on the price or volume
of the security so far as the funds are concerned. However, in other cases it is
possible that the ability to participate in volume transactions and to negotiate
lower brokerage commissions will be beneficial to the funds.

During the fiscal years ended December 31, 1999, 1998 and 1997, the funds
paid the following amounts on brokerage commissions:

1999 1998 1997
- -------------------------------------------------------------------------------

Hong Kong/China $ 44,921 $102,746 $ 94,968
Japan 24,406 69,966 164,620
Mexico 51,129 49,978 204,815
Netherlands 56,231 82,246 32,190

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

<PAGE>

PRINCIPAL UNDERWRITER

The Trust has adopted a Distribution Plan (the "Plan") as described in the
Prospectus on behalf of the funds in accordance with Rule 12b-1 under the 1940
Act and the Rules of the NASD.

The Trust has entered into a distribution contract on behalf of the funds
with WISDI, providing for WISDI to act as a separate distributor of each fund's
shares.

Under the Plan, the President or Vice President of the Trust shall provide
to the Trustees for their review, and the Trustees shall review at least
quarterly, a written report of the amounts expended under the Plan and the
purposes for which such expenditures were made.

The Plan was approved by the Trustees on June 16, 1993. Under its terms,
the Plan remains in effect from year to year, provided such continuance is
approved annually by a vote of its Trustees, including a majority of the
Trustees who are not interested persons of the Trust and who have no direct or
indirect financial interest in the operation of the Plan. The Plan may not be
amended to increase materially the amount to be spent for the services described
therein as to a fund without approval of a majority of the outstanding voting
securities of that fund and all material amendments of the Plan must also be
approved by the Trustees of the Trust in the manner described above. The Plan
may be terminated at any time as to a fund without payment of any penalty by a
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 vote of a majority of the outstanding voting
securities of that fund. So long as the Plan is in effect, the selection and
nomination of Trustees who are not interested persons of the Trust shall be
committed to the discretion of the Trustees who are not such interested persons.
The Trustees of the Trust have determined that in their judgment there is a
reasonable likelihood that the Plan will benefit the funds and their
shareholders.

The following table shows the fee payable to WISDI under the Plans and the
amount of such fee actually paid by each fund for the fiscal year ended December
31, 1999.

<TABLE>
<CAPTION>
Distribution Distribution Expenses Distribution Distribution Expenses
Expenses Reduced by the Expenses Paid as a % of Average
Allowable Principal Underwriter Paid By Fund Net Asset Value
- ----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C>
Hong Kong/China $12,591 $12,591 $ 0 0%
Japan 10,414 10,414 0 0%
Mexico 23,934 4,855 19,079 0.20%
Netherlands 35,483 - 35,483 0.25%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

For the fiscal year ended December 31, 1999, it is estimated that WISDI
spent approximately the following amounts on behalf of the funds. WISDI spent
more than it received on behalf of Hong Kong/China and Japan.

Wright Investors' Service Distributors, Inc.
Financial Summaries for the Year 1999

Printing & Commissions Adminis-
Mailing Travel & & Service tration
FUNDS Promotional Prospectuses Entertainment Fees and Other Total
- -----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Hong Kong/China $ 1,637 $ 110 $ 100 $ 468 $ 201 $ 2,518
Japan 1,353 92 83 387 166 2,082
Mexico 12,401 839 763 3,548 1,526 19,079
Netherlands 23,064 1,561 1,419 6,600 2,838 35,483
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

HOW THE FUNDS VALUE THEIR SHARES

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

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

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

PERFORMANCE INFORMATION

The average annual total return of each fund is determined for a specified
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 (net asset
value) at the beginning of the period, and then calculating the annual
compounded rate of return which would produce that amount. Total return for a
period of one year is equal to the actual return of the fund during that period.
This calculation assumes that all dividends and distributions are reinvested at
net asset value on the reinvestment dates during the period.

The average annual total return will be calculated using the following
formula:
n
P (1 + T) = ERV

where: P = A hypothetical initial payment of $1,000
T = Average annual total return
n = Number of years
ERV = Ending redeemable value of a hypothetical $1,000 payment
at the end of the period.

Each fund's yield is computed by dividing its net investment income per
share earned during a recent thirty-day period by the product of the average
daily number of shares outstanding and entitled to receive dividends during the
period and the maximum offering price (net asset value) per share on the last
day of the period. The results are compounded on a bond equivalent (semi-annual)
basis and then they are annualized. Net investment income per share is equal to
the fund's dividends and interest earned during the period, reduced by accrued
expenses for the period.
<PAGE>

The yield earned by each fund will be calculated using the following
formula:
6
YIELD = 2 [ ( a-b + 1) - 1 ]
---
cd

where: a = Dividends and interest earned during the period
b = Expenses accrued for the period (after reductions)
c = The average daily number of shares outstanding during the
period that were entitled to receive dividends
d = The maximum offering price(net asset value) per share on the
last day of the period.

A fund's yield or total return may be compared to the Consumer Price Index
and various domestic or foreign 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. These may include rankings prepared by Lipper
Analytical Services, Inc., an independent service which monitors the performance
of mutual funds. The Lipper performance analysis reflects 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 following table shows the average annual total return for the one year,
three year, five year and life of fund (as applicable) for the periods ended
December 31, 1999:
<TABLE>
<CAPTION>

FUNDS One Year Three Years Five Years Inception of Fund Date of Fund
- ----------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C>
Hong Kong/China 51.03% -3.68% 3.05% 6.03% 6/28/90
Japan 102.91% 22.39% 8.66% 6.92% 2/14/94
Mexico 60.91% 12.89% 4.09% -3.08% 8/02/94
Netherlands -4.39% 11.20% 17.36% 10.46% 6/28/90

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

TAXES

Among the requirements for qualification of each fund as a regulated
investment company are the following: (1) at least 90% of the fund's gross
income for the taxable year must be derived from interest, dividends, gains from
the sale or other disposition of stock or securities and certain other types of
income and (2) at the close of each quarter of its taxable year, (a) at least
50% of the value of the fund's assets must be comprised of cash and cash items
(including receivables), U.S. Government securities, securities of other
regulated investment companies and other securities limited in respect of any
one issuer to not more than 5% of the value of the fund's total (gross) assets
and not more than 10% of the voting securities of such issuer and (b) not more
than 25% of the value of its total (gross) assets may be invested in the
securities of any one issuer (other than U.S. Government securities and
securities of other regulated investment companies) or certain other issuers
controlled by the fund. These requirements may limit a fund's activities in
foreign currencies and foreign currency forward contracts to the extent gains
relating to such activities are considered not directly related to the fund's
principal business of investing in securities or to the extent the sizes of such
positions are limited by these tax diversification requirements.

Each fund's use of the accounting practice known as equalization may affect
the amount, timing and character of distributions to shareholders. Investment by
a fund in a stock of a "passive foreign investment company" may cause the fund
to recognize income prior to the receipt of distributions from such a company or
to become subject to tax upon the receipt of certain excess distributions from,
or upon disposition of its stock of, such a company, although an election may
generally be available for taxable years beginning after 1997 that would
ameliorate some of these adverse tax consequences.
<PAGE>

A fund's transactions in foreign currencies, foreign currency-denominated
debt securities, foreign currency forward contracts and receivables or payables
denominated in a foreign currency are subject to special tax rules under Section
988 of the Code which will generally cause gains and losses from these
transactions to be treated as ordinary income and losses. Certain positions held
by a fund may be required to be "marked to market" (treated as if they were
closed out) on the last business day of each taxable year, and any constructive
sales of certain appreciated financial positions may also require the current
recognition of the gain in such positions. In addition, if certain of these
positions held by the fund substantially diminish the fund's risk of loss with
respect to securities or other positions in the fund's portfolio, this
combination of positions may be treated as a straddle for tax purposes with the
possibility of deferral of losses and adjustments in the holding period of
securities or other positions held by the fund.

In order to avoid federal excise tax, each fund must distribute (or be
deemed to have distributed) by December 31 of each 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 for 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.

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

Redemptions (including exchanges) and other dispositions of fund shares in
transactions that are treated as sales for tax purposes will generally result in
the recognition of taxable gain or loss by shareholders that are subject to tax.
Shareholders should consult their own tax advisers with reference to their
individual circumstances to determine whether any particular redemption,
exchange or other disposition of fund shares is properly treated as a sale for
tax purposes, as this discussion assumes. Any loss realized upon the redemption,
exchange or other sale 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 designated as capital gain dividends
with respect to such shares. All or a portion of a loss realized upon the
redemption, exchange or other sale of fund shares maybe disallowed under "wash
sale" rules to the extent shares of the same fund are purchased within the
period beginning 30 days before and ending 30 days after the date of such
redemption, exchange or other sale.

Capital loss carryforwards will reduce the applicable fund's taxable income
arising from future net realized capital gains, if any, to the extent they are
permitted to be used under the Code and applicable Treasury regulations prior to
their expiration dates, and thus will reduce the amounts of the future
distributions to shareholders that would otherwise be necessary in order to
relieve that fund of liability for federal income tax.

As of December 31, 1999, the funds, for federal income tax purposes, had
capital loss carryovers expiring as follows:
<TABLE>
<CAPTION>

Dec. Hong Kong/China Japan Mexico Netherlands
- -----------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C>
2003 $ - $ 693,828 $1,285,657 $ -
2005 - 1,302,416 - -
2006 1,982,849 997,042 - 20,220

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

FINANCIAL STATEMENTS

The audited financial statements of, and the independent auditors' report
for the funds, appear in the funds' most recent annual report to shareholders,
and are incorporated by reference into this Statement of Additional Information.
A copy of the annual report is attached to this Statement of Additional
Information.

Registrant incorporated by reference the audited financial information for
the funds for the fiscal year ended December 31, 1999 as previously filed
electronically with the Securities and Exchange Commission on February 22, 2000
(Accession Number 0000715165-00-000008).

<PAGE>
APPENDIX

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

INFORMATION CONCERNING
THE NATIONS IN WHICH THE FUNDS
WILL INVEST

The Funds will invest in securities quoted or denominated in the currencies
of countries other than the United States. The following summaries are designed
to provide a general discussion of economic and other conditions in each of
these countries. The information in these summaries has been derived from
sources that Wright believes to be reliable, but the data has not been
independently verified.

International investments, like many things, have both benefits and risks.
The benefits can be quite substantial. One of the key benefits is
diversification, as the correlation among international securities tend to be
much lower than the correlation among securities within any single country.
There are also risks to be considered. Investors in any single country should
understand the economic potential of investments in such a country as well as
the relationship of the currency of that country to the investor's own currency.
Several other items must be considered by the investor including the reliability
of information about the various companies within the country, legal
restrictions, and the economic and social characteristics that are unique to
each country. See Appendix A in the Statement of Additional Information for
additional economic and financial information about countries in which the Funds
may invest. The Wright EquiFunds limit their investment consideration to the
world's major industrialized nations and to those nations for which
WORLDSCOPE(R), the information database of Wright Investors' Service, Inc.,
provides comprehensive and reliable investment information.

Political and Economic Considerations

Potential international investors must be aware of political and economic
actions that might change the investment environment. For example, the union of
11 nations under one currency, the euro, as of January 1, 1999 created
uncertainty as to currency valuations, economic policies and inflation. At the
same time, the euro holds out the promise of stronger growth for an integrated
Europe. Likewise, Hong Kong's reunification with China in July 1997 raised
significant questions as to the sustainability of Hong Kong's strong economic
performance within a greater China. However, Wright believes that European
economic integration offering substantial long-term economic benefits to the
member nations will ultimately come to pass.

Restrictions on Foreign Investment

Another issue that must be addressed by global investors is the possibility
of investment restrictions. Some countries impose restrictions on foreigners
investing in their country. These restrictions may limit the amount of foreign
investment or in some cases create a separate class of securities which may be
purchased by foreigner investors at a different price from similar securities
purchased by domestic investment. The countries in which the Funds will invest
do not impose restrictions on portfolio investments although Sweden and
Switzerland do have two classes of shares (see below) while Sweden and Japan do
have some special regulations which the Fund must comply with. Other potential
pitfalls to foreign investment include high transaction costs, including
brokerage fees, stock turnover taxes, exchange rates, and miscellaneous costs.
These vary widely by type of investment and by country. Consideration must also
be given to withholding taxes. Most countries levy non-refundable withholding
taxes on interest and dividend income earned by non-residents on domestic
investments. The withholding tax rates disclosed below are subject to changes.
While the existence of reciprocal tax treaties between many countries may to
some extent mitigate that impact, such treaties are frequently not available to
institutions such as open-ended mutual funds. Note that unlike in the U.S. and
Canada, where dividends are generally paid quarterly, dividends in most nations
are paid only once (annually) or twice (semi-annually) a year. Liquidity or the
ability of an investor to dispose of his or her holdings quickly at a reasonable
cost may be a special concern with foreign investments. Sometimes there may be
difficulties involved in selling instruments in those countries where secondary
markets are not broad or actively traded. Political or sovereign risk is still
another concern. This addresses the issue of whether the government may take
action that would reduce the value of an investor's assets. The industrial
nations involved with the Funds are basically stable and, except as noted under
Political and Economic Considerations above, it is not believed that there would
be a significant change due to an election or revolution.
<PAGE>

The size of the markets is another concern. In December of 1999, the world
equity market was valued at nearly 25 trillion U.S. dollars. The world market is
dominated by the U.S. ($12 trillion), Europe ($7 trillion), Japan ($3 trillion),
other Pacific ($0.8 trillion) and other Americas ($0.7 trillion). Following is a
table summarizing the market capital, total return performance, price/earnings
ratios and normal settlement time of markets of interest currently.

1997 1998 1999
FTSE FTSE FTSE 1999
Market National National National Dividend
MARKET Capital Return Return Return Yield SETTLEMENT
(1) (2) (2) (2) (2)
- --------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Hong Kong/China $327 -27.2% -9.1% 57.3% 2.4% Next business day
Japan $3,418 -25.5% 6.5% 72.2% 0.6% Three business days
Mexico $105 49.8% -35.4% 92.3% 1.2% Two business days, see note (3)
Netherlands $560 24.8% 32.0% 8.7% 1.7% Within 10 days

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

(1) Billions of U.S. $. Estimated by FTSE International on the basis of
approximately 2,200 securities in 29 national indices.

(2) Total return measured in U.S. $. Dividend yield at year-end 1999.

(3) For Exchange Traded Securities.

</FN>
</TABLE>
<PAGE>

COUNTRY SUMMARIES

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

HONG KONG is situated at the southeastern tip of China. A total area of just
1,100 square kilometers covers Hong Kong Island, Kowloon and the New Territories
and Islands. The population is about 6.7 million. English and Cantonese are the
languages of commerce. Textiles, apparel, telecommunications, real estate,
financing, construction are the chief industries. Hong Kong dollar is the legal
tender and has been linked to the US dollar at the rate of HK$7.75 to US$1.00
since 1983.

On July 1997, Hong Kong became a Special Administrative Region of the
People's Republic of China. Under the agreement between the United Kingdom and
China that led to the change in sovereignty, China committed itself to
preserving "Hong Kong's way of life" for the next 50 years. This is seen as a
guarantee that protects Hong Kong's capitalist system. While Hong Kong used to
be a low-cost manufacturing center, it has abdicated this role to the southern
provinces of China and beyond in favor of turning itself into the primary
financial center of China and South East Asia. Indeed, most of the trade between
China and the rest of the world now flows through Hong Kong. Hong Kong's economy
is increasingly a service economy that has achieved a high standard of living.
Recent statistics indicate a per capita GDP at constant (1995) market prices of
US$23,950 in 1997.

JAPAN is located in the Archipelago off the east coat of Asia. The population is
estimated to be 125.6 million. Major cities are Tokyo, Yokohama, Osaka, Nagoya,
Kyoto, Sapporo and Kobe. Electrical and electronic equipment, autos, machinery
and chemical are the chief industries. The currency is the Japanese Yen
(December 1999: JPY 102.1 = $1U.S.). The Gross Domestic Product (1995 constant
price) was $5,391 billion in 1997, or about $42,700 per capita. The 1997 trade
balance was positive $89 billion.

MEXICO forms the southernmost part of the North American continent together with
Canada and the United States of America. Due to its geographical location,
Mexico experiences a variety of climate extremes. The terrain ranges from arid
deserts to year round snow-covered areas. Its capital is Mexico City; other
large cities include Guadalajara and Monterrey. These three metropolitan cities
make up 2% of the national territory, and house 25% of the country's nearly 100
million people. The official language is Spanish; however, English is commonly
used for international business. 1997 Gross Domestic Product (GDP) totaled US
$323 billion (1995 constant U.S. dollars), the 16th largest worldwide. Principal
natural resources are silver, petroleum and oil. Mexico is the world's foremost
producer of silver. Steel, chemicals, electric goods, textiles and tourism are
important industries. The national currency of Mexico is the Peso, which was
valued at MP 9.475 = USD 1 on December 31, 1999.

Under its Political Constitution, Mexico is a democratic republic governed
by three branches of power: executive, legislative and judicial. The country
consists of 31 free, sovereign states. There is one federal district, the seat
of the executive, located in the nation's capital. The President is the head of
government and chief of state. The president of Mexico, for the six-year term
from 1994 to 2000, is Dr. Ernesto Zedillo Ponce de Leon. (Elections are
scheduled for July 2000.)

La Bolsa Mexicana de Valores, or The Mexico Stock Exchange, is located in
Mexico City. The first organized securities market in the country (Bolsa
Nacional de Mexico) was founded in 1894. Trading has been halted twice briefly
in the meantime, once during the Revolution and again as a result of global
financial difficulties following World War One. The majority of transactions on
the Exchange are accomplished through "open outcry." Securities have gradually
been converted to a computerized trading system which began in October of 1997.
Capital gains earned on shares are tax exempt, while dividends are subject to a
10% withholding tax.

NETHERLANDS is located in northwestern Europe on the North Sea. The population
is estimated to be 15.6 million. Major cities are Amsterdam, Rotterdam & Hague.
Metals, machinery, chemicals, oil refinery, diamond cutting, electronics and
tourism are the chief industries. The language spoken is Dutch. Most people in
business also speak English. The currency is the Dutch Guilder (December 1999:
NLG2.189 = $1 U.S.), but as of January. 1, 1999, the guilder was fixed in the
euro at NLG2.203751 = EUR1.00. The Gross Domestic Product (1995 constant price)
was $424 billion in 1997, or about $27,175 per capita. The trade balance for the
latest 12 months was positive $12 billion. Netherlands is a member of the
European Union.

<PAGE>

PART C
------------------
Other Information

Item 23. Exhibits

(a) (1) Declaration of Trust dated July 14, 1989 as Amended and
Restated December 20, 1989 filed as Exhibit (1)(a) to
Post-Effective Amendment No. 9 filed October 13, 1995 and
incorporated herein by reference.
(2) Amendment to the Declaration of Trust dated April 13, 1995
filed as Exhibit (1)(b) to Post-Effective Amendment No. 9
filed October 13, 1995 and incorporated herein by reference.
(3) Amended and Restated Establishment and Designation of Series
dated December 9, 1998 filed as Exhibit (a)(3) to
Post-Effective Amendment No. 16 on February 24, 1999 and
incorporated herein by reference.

(b) By-laws dated July 14, 1989 filed as Exhibit (2) to
Post-Effective Amendment No. 9 filed October 13, 1995 and
incorporated herein by reference.

(d) (1) Investment Advisory Contract between the Registrant and
Wright Investors' Service, Inc. dated September 23, 1998
filed as Exhibit (d)(1) to Post-Effective Amendment No. 16
on February 24, 1999 and incorporated herein by reference.
(2) Amended and Restated Administration Agreement between the
Registrant and Eaton Vance Management dated February 1, 1998
filed as Exhibit (5)(b) to Post-Effective Amendment No. 15
filed April 30, 1998 and incorporated herein by reference.

(e) Distribution Contract dated March 23, 1990 filed as Exhibit (6) to
Post-Effective Amendment No. 9 filed October 13, 1995 and
incorporated herein by reference.

(f) Not Applicable

(g) (1) Custodian Agreement with Investors Bank & Trust Company
dated December 19, 1990 filed as Exhibit (8) to Post-Effective
Amendment No. 9 filed October 13, 1995 and incorporated herein
by reference.
(2) Amendment dated September 20, 1995 to Master Custodian
Agreement filed as Exhibit (8)(b) to Post-Effective Amendment
No. 10 filed February 29, 1996 and incorporated herein by
reference.
(3) Amendment dated September 24, 1997 to Master Custodian
Agreement filed as Exhibit (g)(3) to Post-Effective Amendment
No. 16 on February 24, 1999 and incorporated herein by
reference.

(h) Not Applicable

(i) (1) Opinion of Counsel dated April 7, 1998 filed as Exhibit
10 to Post-Effective Amendment No. 15 and incorporated
herein by reference.
(2) Consent of Counsel filed herewith.

(j) Consent of Independent Auditors filed herewith.

(k) Not Applicable

(l) Agreement with Wright Investors' Service in consideration of
providing initial capital dated December 20, 1989 filed as Exhibit
(13) to Post-Effective Amendment No. 9 filed October 13, 1995 and
incorporated herein by reference.
<PAGE>

(m) (1) Amended Distribution Plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940 dated July 7, 1993 filed as
Exhibit (15)(a) to Post-Effective Amendment No. 9 filed
October 13, 1995 and incorporated herein by reference.
(2) Agreement Relating to Implementation of the Amended
Distribution Plan dated July 7, 1993 filed as Exhibit (15)(b)
to Post-Effective Amendment No. 9 filed October 13, 1995 and
incorporated herein by reference.

(n) Not Applicable

(o) Not Applicable

(p) (1) Power of Attorney dated March 26, 1998 filed as Exhibit
17(a) to Post-Effective Amendment No. 15 filed April 29, 1998
and incorporated herein by reference.
(2) Power of Attorney dated December 9, 1998 filed as Exhibit
(p)(2) to Post-Effective Amendment No. 16 on February 24, 1999
and incorporated herein by reference.

(q) Codes of Ethics filed herewith.

Item 24. Persons Controlled by or under Common Control with Registrant

Not Applicable

Item 25. Indemnification

The Registrant's By-Laws filed as Exhibit No. 2 to Post-Effective
Amendment No. 9 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 26. 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
Statements of Additional Information, which information is incorporated herein
by reference.

Item 27. 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.

The Wright Managed Equity Trust
The Wright Managed Income Trust
The Wright EquiFund Equity Trust
Catholic Values Investment Trust
The Wright Asset Allocation Trust
<PAGE>
<TABLE>
<CAPTION>

<S> <C> <C>
(b)
(1) (2) (3)
Name and Principal Positions and Offices 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 440 Wheelers Farms Road, Milford, CT 06460
</TABLE>

Item 28. 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, 200 Clarendon Street, Boston, MA
02116, and its transfer agent, PFPC, Inc., 4400 Computer Drive, Westborough, MA
01581-5120, 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, 255 State Street, Boston, MA
02109 or of the investment adviser, Wright Investors' Service, Inc., 440
Wheelers Farms Road, Milford, CT 06460. 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 29. Management Services

Not Applicable

Item 30. Undertakings

(a) Registrant undertakes to comply with Section 16(c) of the Investment
Company Act of 1940, as amended, which relates to the assistance to be
rendered to shareholders by the Trustees of the Registrant in calling a
meeting of shareholders for the purpose of voting upon the question of
the removal of a Trustee.

(b) The annual report also contains performance information and is
available to any recipient of the Prospectus upon request and without
charge by writing to the Wright Investors' Service Distributors, Inc.,
440 Wheelers Farms Road, Milford, CT 06460.

<PAGE>

Signatures

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Amendment to the Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this Amendment to the Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Bridgeport, and
the State of Connecticut on the 26th day of April, 2000.

The Wright EquiFund 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 26th day of April, 2000.

SIGNATURE TITLE
- -------------------------------------------------------------------------------

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

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

H. Day Brigham, Jr.* Trustee
- --------------------
H. Day Brigham, Jr.

Judith R. Corchard* Trustee
- ---------------------
Judith R. Corchard

Dorcas R. Hardy* Trustee
- ------------------
Dorcas R. Hardy

Leland Miles* Trustee
- ------------------
Leland Miles

/s/A. M. Moody III Trustee
- ------------------
A. M. Moody III

Lloyd F. Pierce* Trustee
- ------------------
Lloyd F. Pierce

Richard E. Taber* Trustee
- ------------------
Richard E. Taber

Raymond Van Houtte* Trustee
- --------------------
Raymond Van Houtte

By /s/ A. M. Moody III
- ----------------------
A. M. Moody III
Attorney-in-Fact

<PAGE>

Exhibit Index

The following exhibits are filed as part of this amendment to the
Registration Statement pursuant to Rule 483 of Regulation C.

Exhibit No. Description
- ------------ -------------

(i) (2) Consent of Counsel

(j) Consent of Independent Auditors

(q) Codes of Ethics

Hale and Dorr LLP
Counsellors At Law
60 State Street
Boston, Massachusetts 02109
617-526-6000 FAX 617-526-5000

April 25, 2000

Securities and Exchange Commission
450 Fifth Street
Washington, D.C. 20549

Re: Post-Effective Amendment No. 18 to the Registration
Statement of The Wright EquiFund Equity Trust (Trust)
File Nos. 33-30085; 811-5866 (PEA no. 18)
-------------------------------------------------------

Gentlemen:

Hale and Dorr LLP hereby consents to the incorporation by reference into
PEA no. 18 of its opinion, dated April 7, 1998, filed with the Securities and
Exchange Commission on April 30, 1998, as exhibit no. 10 to post-effective
amendment no. 15.

The consent may not be used for any purpose other than as set forth above
without our further consent.

Very truly yours,

/s/Hale and Dorr LLP

Hale and Dorr LLP

EXHIBIT j

Independent Auditors' Consent

We consent to the incorporation by reference in this Post-Effective
Amendment No. 18 to the Registration Statement of The Wright EquiFund Equity
Trust (1933 Act File No. 33-30085) on behalf of the Wright EquiFund Hong
Kong/China Series, Wright EquiFund Japan Series, Wright EquiFund Mexico Series,
and Wright EquiFund Netherlands Series of our report dated February 4, 2000,
relating to the Series referenced above, which report is included in the Annual
Report to Shareholders for the year ended December 31, 1999, in the Statement of
Additional Information which is part of such Registration Statement.

We also consent to the reference to our Firm under the heading "Financial
Highlights" in the Prospectus and under the caption "Independent Certified
Public Accountants" in the Statement of Additional Information.

/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP

Boston, Massachusetts
April 26, 2000

CODE OF ETHICS
ADOPTED BY
THE WRIGHT MANAGED INCOME TRUST
THE WRIGHT MANAGED EQUITY TRUST
THE WRIGHT EQUIFUND EQUITY TRUST
THE WRIGHT ASSET ALLOCATION TRUST
THE WRIGHT MANAGED BLUE CHIP SERIES TRUST
THE WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
THE CATHOLIC VALUES INVESTMENT TRUST

As Adopted March 23, 2000

Each of The Wright Managed Income Trust, The Wright Managed Equity
Trust, The Wright EquiFund Equity Trust, The Wright Asset Allocation Trust, The
Wright Managed Blue Chip Series Trust, The Wright Blue Chip Master Portfolio
Trust and The Catholic Values Investment Trust (the "Funds") has adopted this
Code of Ethics, pursuant to Rule 17j-1 under the Investment Company Act of 1940,
as amended (the "1940 Act"), with respect to certain types of personal
securities transactions by the officers and Trustees of the Funds which might be
deemed to create possible conflicts of interest and to establish reporting
requirements and enforcement procedures with respect to such transactions.

I. Code Provisions Applicable Only to Affiliated Officers and Trustees of
the Funds.

A. INCORPORATION OF ADVISER'S CODE OF ETHICs. The provisions of the
Adviser's Code of Ethics of Wright Investors' Service (the "Adviser"), which is
attached as APPENDIX A hereto, are hereby incorporated herein as each Fund's
Code of Ethics applicable to Officers and Trustees of such Fund who are
employees or affiliates of the Adviser. A violation of the Adviser's Code of
Ethics by any such Officer or Trustee of a Fund shall constitute a violation of
the Fund's Code of Ethics. Reports of the Adviser's personnel required by the
Adviser's Code of Ethics shall be deemed to be reports with the Funds under this
Code of Ethics, and shall at all times be available to the Funds.
B. REPORTS UNDER THE ADMINISTRATOR'S CODE OF ETHICS. Officers and
Trustees of the Funds who are employees of the Administrator shall file copies
of the reports required by the Administrator's Code of Ethics with the Review
Officer (as defined in Section I.C. of this Code). Such filings shall be deemed
to be filings with the Funds under this Code of Ethics, and shall at all
times be available to the Funds.
C. REVIEW. The person designated as the review officer by the Trustees
of each Fund (the "Review Officer") shall compare the reported personal
securities transactions with completed and contemplated portfolio transactions
of the Funds to determine whether a violation of this Code may have occurred.
Before making any determination that a violation has been committed by any
person, the Review Officer shall give such person an opportunity to supply
additional explanatory material. If the Review Officer determines that a
material violation of this Code has or may have occurred, he or she shall submit
his or her written determination, together with the transaction report and any
additional explanatory material provided by the individual, to the President of
the Adviser, who shall make an independent determination of whether a material
violation has occurred.

D. SANCTIONS. If the Review Officer or the President of the Adviser
finds that a material violation has occurred, he shall report the violation and
any sanctions imposed by the Adviser to the Trustees of the affected Funds. If a
securities transaction of the Review Officer or the President of the Adviser is
under consideration, an alternate review officer appointed by the Trustees of
each Fund, who may be a Vice President or other senior officer of the Adviser or
an unaffiliated third party, shall act in all respects in the manner prescribed
herein for the Review Officer or the President of the Adviser.

II. CODE PROVISIONS APPLICABLE ONLY TO INDEPENDENT TRUSTEES OF THE FUNDS.

A. DEFINITIONS.

(1) "Beneficial ownership" shall be interpreted in the same manner as it
would be in determining whether a person is subject to the provisions of Section
16 of the Securities Exchange Act of 1934 and the rules and regulations
thereunder. Application of this definition is explained in more detail in the
form of report attached as Appendix B hereto.

(2) "Control" shall have the same meaning as that set forth in Section
2(a)(9) of the 1940 Act. Generally, it means the power to exercise a controlling
influence over the management or policies of a company, unless such power is
solely the result of an official position with such company.

(3) "Independent Trustee" means a Trustee of any Fund who is not an
employee or affiliate of the Adviser or the Administrator.

(4) "Purchase or sale of a security" includes, among other things, the
writing of an option to purchase or sell a security.

(5) "Security" shall have the same meaning as that set forth in Section
2(a)(36) of the 1940 Act (generally, all securities) except that it shall not
include direct obligations of the Government of the United States, bankers'
acceptances, bank certificates of deposit, commercial paper, high quality
short-term debt instruments (including repurchase agreements) and shares of
registered open-end investment companies.

(6) A Security is "being considered for purchase or sale" by a Fund when a
recommendation that the Fund purchase or sell the Security has been communicated
by a member of the Adviser's Investment Department to an officer of such Fund.

B. PROHIBITED PURCHASES AND SALES. No Independent Trustee of any Fund
shall purchase or sell, directly or indirectly, any Security in which he has,
or by reasons of such transaction acquires, any direct or indirect beneficial
ownership and which to his actual knowledge at the time of such purchase or
sale:

(1) is being considered for purchase or sale by such Fund; or
(2) is being purchased or sold by such Fund.

C. EXEMPTED TRANSACTIONS. The prohibitions of Section IIB of this Code
shall not apply to:

(1) purchases or sales effected in any account over which the Independent
Trustee has no direct or indirect influence or control;

(2) purchases or sales
which are non-volitional on the part of the Independent Trustee or a Fund;

(3)purchases which are part of an automatic dividend reinvestment plan;

(4)purchases effected upon the exercise of rights issued by an issuer pro
rata to all holders of a class of its securities, to the extent such rights were
acquired from such issuer, and sales of such rights so acquired;

(5) purchases or sales other than those exempted in Paragraphs (1) through
(4) above, (a) which will not cause the Independent Trustee to gain improperly a
personal profit as a result of his relationship with any Fund, or (b) which will
only remotely affect a Fund because the proposed transaction would be unlikely
to affect a highly institutional market, or (c) which, because of the
circumstances of the proposed transaction, are not related economically to the
Securities purchased or sold or to be purchased or sold by a Fund, and in each
case which are previously approved by the Review Officer, which approval shall
be confirmed in writing.

D. REPORTING. Whether or not one of the exemptions listed in Section IIC
hereof applies, each Independent Trustee of each Fund shall file with the Review
Officer a written report containing the information described below in this
Section IID with respect to each transaction in any Security in which such
Independent Trustee has, or by reasons of such transaction acquires, any direct
or indirect beneficial ownership, if such Independent Trustee, at the time he
entered into that transaction, actually knew or, in the ordinary course of
fulfilling his official duties as a Trustee of such Fund should have know,1 that
during the 15-day period immediately preceding or after the date of that
transaction:

(a) such Security was or is to be purchased or sold by the Fund, or
(b) such Security was or is being considered for purchase or sale by the Fund;

PROVIDED, HOWEVER, that such Independent Trustee shall not be required to make a
report with respect to any transaction effected for any account over which he
does not have any direct or indirect influence or control. Each such report
shall be deemed to be filed with the Funds for purposes of this Code, and may
contain a statement that the report shall not be construed as an admission by
the Independent Trustee that he has any direct or indirect beneficial ownership
in the Security to which the report relates.

Such report shall be made not later than 10 days after the end of the
calendar quarter in which the transaction to which the report relates was
effected, and shall contain the following information:

(i) The date of the transaction, the title, interest rate and maturity date
(if applicable), the number of shares, and the principal amount of each
security involved;

(ii) The nature of the transaction (i.e., purchase, sale or any other type of
acquisition or disposition);

(iii) The price at which the transaction was effected;

(iv) The name of the broker, dealer or bank with or through whom the
transaction was effected; and

(v) The date that the report is submitted.
Any report concerning a purchase or sale prohibited under Section IIB hereof
with respect to which the Independent Trustee relies upon one of the exemptions
provided in Section IIC shall contain a brief statement of the exemption relied
upon and the circumstances of the transaction.

E. REVIEW. The Review Officer shall compare the reported personal
securities transactions with completed and contemplated portfolio transactions
of each Fund to determine whether any transaction ("Reviewable Transaction") of
the type listed in Section IIB (without regard to exemptions provided by Section
IIC(1) through (5)) may have occurred. If the Review Officer determines that a
Reviewable Transaction may have occurred, he shall submit the pertinent
information regarding the transaction to counsel for the Funds. Such counsel
shall determine whether a material violation of this Code has occurred, taking
into account all the exemptions provided under Section IIC. Before making any
determination that a violation has occurred, such counsel shall give the person
involved an opportunity to supply additional information regarding the
transaction in question.

F. SANCTIONS. If such counsel determines that a material violation of this
Code has occurred, such counsel shall so advise the President of the affected
Fund and an ad hoc committee consisting of the Independent Trustees of such
Fund, other than the person whose transaction is under consideration, and such
counsel shall provide the committee with a report of the matter, including any
additional information supplied by such person. The committee may impose such
sanctions as it deems appropriate.

III. MISCELLANEOUS CODE PROVISIONS.

A. AMENDMENT OR REVISION OF THE ADVISER'S CODE OF ETHICS. Any material
change or amendment to the Adviser's Code of Ethics must be approved by the
Board of Trustees of the Funds (including a majority of Independent Trustees) no
later than six months of its adoption by the Adviser. Such amendment or revision
shall be deemed to be an amendment or revisions of Section IA of this Code, and
a copy of such amendment or revision shall be appended hereto.

B. ANNUAL REPORT AND CERTIFICATION OF THE ADVISER. No later than once
annually, the Adviser shall prepare and submit a written report and
certification to the Trustees of the Funds, as required by Paragraph C.8. of the
Adviser's Code of Ethics (Appendix A hereto).

C. RECORDS. Each Fund shall maintain records in the manner and to the
extent set forth below, which records may be maintained in electronic format
under the conditions described in Rule 31a-2(f)(a) under the 1940 Act and shall
be available for examination by representatives of the Securities and Exchange
Commission:

(1) A copy of this Code and any other code which is, or at any time within
the past five years has been, in effect shall be preserved in an easily
accessible place;
(2) A record of any violation of this Code and of any action taken as a
result of such violation shall be preserved in an easily accessible place for a
period of not less than five years following the end of the fiscal year in which
the violation occurs;
(3) A copy of each report made by an Officer or Trustee pursuant to this
Code shall be preserved for a period of not less than five years after the end
of the fiscal year in which it is made, the first two years in an easily
accessible place;
(4) A list of all persons who are, or within the past five years have been,
required to make reports pursuant to this Code shall be maintained in a easily
accessible place;
(5) A copy of each annual written report and certification made by the
Adviser to the Board of Trustees of the Funds must be maintained for a period of
five years after the end of the fiscal year in which it is made, the first two
years in an easily accessible place; and
(6) A record of any decision, and the reasons supporting the decision, to
approve the acquisition by Access Persons of any initial public offering or
private placement securities shall be maintained for at least five years after
the end of the fiscal year in which the approval was granted.
C. CONFIDENTIALITY. All reports of securities transactions and any other
information filed with the Funds or furnished to any person pursuant to this
Code shall be treated as confidential, but are subject to review as provided
herein and by representatives of the Securities and Exchange Commission.
D. INTERPRETATION OF PROVISIONS. The Trustees of each Fund may from time to
time adopt such interpretations of this Code as they deem appropriate.
E. EFFECT OF VIOLATION OF THE CODE. In adopting Rule 17j-1 under the
1940 Act, the Securities and Exchange Commission specifically noted in
Investment Company Act Release No. IC-11421 that a violation of any provision of
a particular code of ethics, such as this Code, would not be considered a per se
unlawful act prohibited by the general anti-fraud provisions of the Rule. As
stated in the Release:

"....the Commission believes that such a violation should and would be
considered, with all the surrounding facts and circumstances, merely as one
piece of evidence in determining whether, in addition to a violation of the code
of ethics, a violation of the anti-fraud provisions of the Rule also has
occurred."

In adopting this Code of Ethics, it is not intended that a violation of this
Code is or should be considered to be a violation of Rule 17j-1.

<PAGE>

WRIGHT INVESTORS' SERVICE, INC.
CODE OF ETHICS - PERSONAL INVESTMENTS

A. STATEMENT OF GENERAL PRINCIPLES

All directors, officers and employees of Wright Investors' Service,
Inc. ("Wright") shall conduct themselves with integrity and dignity and act in a
thoroughly ethical manner in dealings with clients, the public and fellow
employees. All such persons shall have the duty at all times to place the
interests of the shareholders of Wright-managed mutual funds (the "Funds") and
Wright's other clients first, and may not in any respect take advantage of
client transactions. It is essential that we avoid not only actual conflicts,
but also any appearance of conflicts of interest and any abuse of an
individual's position of trust and responsibility. No Code of Ethics can cover
every possible circumstance, and an individual's conduct must depend ultimately
upon his sense of fiduciary obligation to the Funds and Wright's direct advisory
clients.

This Code of Ethics ("Code") supersedes Wright's prior code and Statement
of Policy. The management of Wright believes this Code meets current SEC
requirements and is appropriate and desirable for the Company.

All requests and reports provided to anyone pursuant to this Code shall
be treated as confidential, but are subject to review as provided herein and by
representatives of the Securities and Exchange Commission.

B. APPLICABILITY OF RESTRICTIONS AND PROCEDURES

PERSONS AFFECTED.

ALL EMPLOYEES* located in any office of Wright must comply with the
requirements of Paragraphs C-1 through C-3, below and all provisions of
Section E. Employees must also familiarize themselves with all other
parts of this Code.

ACCESS PERSONS (as defined in Exhibit A) must comply with the
requirements of Paragraphs C-1 through C-6, inclusive, and all
provisions of Section E. Access Persons must also familiarize
themselves with all other parts of this Code.

ACCOUNTS INCLUDED.

Wright's policies and procedures concerning personal investments apply
to all securities accounts in which the affected employee has "a direct
or indirect beneficial ownership," unless the employee has no "direct
or indirect influence or control" over the account. The concept of
BENEFICIAL OWNERSHIP is an important part of this Code and is more
extensively defined in Exhibit A.

* For purposes of clarity, all employees of The Winthrop Corporation
performing services for Wright are referred to as employees of Wright.

TYPES OF SECURITIES COVERED.

In general this Code employs the terms Security to mean shares of any
publicly-traded company, including puts, calls, options and warrants
for such securities, and open-end and closed-end mutual funds, except
direct obligations of the US Government, bank certificates of deposit
and money market funds.

C. COMPLIANCE PROCEDURES

1. Disclosure of Personal Holdings. As a condition to employment, each
newly-hired person must (i) make full disclosure of any brokerage account and
all publicly-traded securities beneficially owned by the employee or members of
the employee's immediate family; (ii) agree to comply with the Company's written
policies restricting personal trading and prohibiting insider trading; and (iii)
provide a written acknowledgment of receipt of such policies. This disclosure
must include all of the information requested on Exhibit B-1.

2. Preclearance. No employee of Wright may buy or sell shares of any
Security without the prior approval of the Chief Executive Officer (CEO) or the
Chief Investment Officer (CIO) of Wright. Any such approval will only be given
in accordance with the provisions of Paragraph D, "Guidelines for Approval of
Securities Transactions." The approval will remain valid for three days.
Employees who receive approvals for trades must have the broker send a copy of
the confirmation to the Legal Department.

3. Annual Certification of Compliance. All employees shall certify
annually that they (i) have read and understand this Code; (ii) recognize that
they are subject thereto; (iii) have complied with its requirements, including
any necessary preclearance; and (iv) have disclosed or reported all personal
securities transactions required to be disclosed or reported pursuant to this
Code. The form of such certification is set forth in Exhibit B-2.

4. Broker/Dealer Reports. All employees shall cause each broker/dealer
at which they have an account to send a copy of all quarterly and annual account
statements to the Legal Department.

5. Quarterly Report of Transactions. Each Access Person must file every
quarter with the Legal Department a report of all transactions in Securities.
(See Exhibit B-3) Transactions encompass sales, purchases and other acquisitions
or dispositions, including gifts and exercise of conversion rights or
subscription rights. In addition, if the Access Person established a securities
account during the quarter, the report must disclose the name of the broker,
dealer or bank with whom the account is established and the date the account was
established. The report must be filed with the Legal Department even if there
were no reportable transactions during the prior calendar quarter, in which case
the employee should state on the form that there were no such transactions. The
report is due ten days after the end of each calendar quarter. Failure to submit
the report in a timely manner is a violation of SEC regulations and this Code,
and may be a cause for sanctions. Copies of all brokerage statements should be
attached to an Access Person's signed report.

6. Annual Disclosure. No less than once annually, all Access Persons shall
submit to the Legal Department a list of all of his/her securities holdings. The
specific information of this report is identical to that of the Initial
Disclosure of Investments. Brokerage statements may be substituted for a
separate report.

7. Monitoring of Compliance. Within thirty days after the end of each
quarter, the Legal Department* shall review the Quarterly and Annual Reports for
reconciliation with the Initial Disclosure, Annual Disclosure, and the
Preclearance Approvals given in the same quarter or year, as applicable. The
Legal Department will investigate all apparent violations of this Code and will
prepare a report for the President of Wright.

8. Review by the Board of Trustees. No less than once each year, Wright
shall prepare and submit a written report to the Trustees of the Funds that

o describes any issues arising under this Code of Ethics since the last
report to the Board of Trustees, including, but not limited to,
information about material violations of the Code or procedures, and
sanctions imposed in response to the material violations; and
o certifies that Wright has adopted procedures reasonably necessary to
prevent violations of this Code.

If there have been any material changes to the Code of Ethics, Wright
will submit such changes to the Trustee at the next meeting of the Board.

The Trustees shall review any violations of the Code specified in the
annual report and any recommended changes in existing restrictions and
procedures. They should then take such action, if any, as they may deem
appropriate.

9. Additional Disclosure. Wright's Code of Ethics shall be filed with
the SEC as an exhibit to the registration statement of each Wright-managed
mutual fund. There will be disclosure in the Funds' prospectuses or their
statements of additional information that (i) Wright has a code of ethics, (ii)
whether personnel of Wright are permitted to invest in securities for their own
accounts, and (iii) that the code is on public file, and available from the SEC.

* As of March, 2000, Helen George, Senior Vice President of Legal Affairs, is
the person responsible for reviewing the reports.

D. GUIDELINES FOR APPROVAL OF SECURITIES TRANSACTIONS

1. Initial Public Offerings. Generally no approval will be given for
any employee to purchase securities of a publicly owned corporation that is
making an initial public offering of its securities, except in connection with
the exercise of rights issued in respect of securities such employee owns. The
reason for this rule is that it precludes the appearance that an employee has
used our clients' market stature as a means of obtaining for himself or herself
"hot" issues which would otherwise not be offered to him or her. Any realization
of short-term profits may create at least the appearance that an investment
opportunity that should have been available to a direct advisory account or a
Fund account was diverted to the personal benefit of an employee.

2. Limited Offerings. Any prior approval of any acquisition of
securities in a limited offering (such as a private placement) should take into
account, among other factors, whether the investment opportunity should be
reserved for a Fund and its shareholders or other client, and whether the
opportunity is being offered to an individual by virtue of his or her position
with the investment adviser.

3. Blackout Periods. No employee shall be authorized to exercise a
securities transaction within seven calendar days before or after a direct
advisory account or a Fund in the Wright complex has a pending "buy" or "sell"
order in that same security until that order is executed or withdrawn.

4. Short Sales and Options. Usually no approval will be given for short
sales. Also prohibited are buying, selling or exercising put or call options or
combinations thereof of securities held by a Fund or other advisory client or
which are being considered for purchase for them. It should be noted, for
example, that an exercise of an option or the covering of a short sale could
conflict with current trading for clients. However, where any such option is
held by a member of an employee's family, approval may be given provided there
is no conflict with the interests of the Funds or other Wright clients.

5. Short-Term Trading Profits. Short-term trading, i.e., profiting in
the purchase and sale or sale and purchase of the same (or equivalent)
securities within 60 calendar days, is prohibited and approval will generally
not be given. The management of Wright believes that short-term trading by
Access Persons may increase the risk of conflicts of interest, affect an
individual's investment judgment, and in some instances divert an individual's
attention from the best interests of our Funds and other clients. Where one or
both sides of a short-term trade have not been pre-cleared, there is presumably
already a violation and the whole matter should be handled under the Sanctions
section of this Code, with disgorgement of profits being only one alternative
available to the President of Wright.

6. Margin Accounts. Margin Accounts are absolutely prohibited and no
approval will be given.

7. By-Law Violation. No approval will be given which would result in an
employee's holdings exceeding 1/2 of 1% of the shares or securities of any
publicly-owned issuer.

8. General Standards. In the rare case where approval is given for a
transaction involving an initial public offering or a limited offering,
additional written disclosure will be required and will be maintained in the
Legal Department. In authorizing any other types of transactions, the CEO or CIO
may consider the extent to which the employee has access to pending investment
decisions, the number of transactions already approved for such employee within
the past six months, whether the employee has made unreasonable use of the
company's resources during business hours in arriving at a personal investment
decision, and any other factors that are, in the opinion of the CEO or CIO,
pertinent to the matter.

E. RESPONSIBILITIES OF ALL EMPLOYEES RELATING TO PERSONAL INVESTMENTS.

1. Securities Recommended by a Member of the Investment Committee. Each
member of the Investment Committee who makes a recommendation as to whether a
security shall be purchased, sold or held in the account of a Fund or client
shall fully apprise the CEO or CIO of Wright of any direct or indirect
beneficial ownership the employee has in such security.

2. By-Law Provision. The by-laws of the Wright Funds generally provide
that a Wright Fund shall not purchase or retain in its portfolio any securities
issued by an issuer any of whose officers, directors or security holders is an
officer or director of the Fund, or is an officer or director of the investment
adviser of the Fund, if after the purchase of the securities of such issuer by
the Fund one or more of such persons owns beneficially more than 1/2 of 1% of
the shares or securities, or both, of such issuer, and such persons owning more
than 1/2 of 1% of such shares or securities together own beneficially more than
5% of such shares or securities, or both. In view of the foregoing, and to avoid
any possibility of an inadvertent violation of this by-law provision, no
approval will be given that would result in an employee's holdings exceeding 1/2
of 1% of the shares or securities of any publicly-owned issuer. Any request for
prior approval of a trade in this type of security must state whether this
provision applies.

3. Gifts. No employee shall accept gifts of a value in excess of $35
from any person or entity that does business with or on behalf of a Wright Fund
or direct advisory account. Any gift in excess of $35 shall be disclosed to the
President of Wright before acceptance by the employee.

4. Service As a Director. No employee shall serve on the board of
directors of a publicly traded company, absent prior authorization based upon a
determination by the President of Wright that the board service would be
consistent with the interests of the Fund and its shareholders which may have an
investment in such public company. In the relatively small number of instances
in which board service may be authorized, Access Persons serving as directors
should be isolated from those making investment decisions through written
procedures applicable to the person's position in Wright.

5. Sanctions. Careful adherence to this Code of Ethics is one of the
basic conditions of employment of every employee. Any employee violating any
provision of this Code of Ethics, including the Compliance Procedures, may be
subject to sanction, including but not limited to suspension or termination of
employment, censure or disgorgement of profits, at the determination of the
President of Wright.

Exhibit A

ACCESS PERSONS*

Using the Investment Company Act definition, an Access Person includes:

(i) any officer or director of Wright;
(ii) any employee of Wright who, in connection with his regular
functions or duties, makes, participates in or obtains information
regarding the purchase or sale of a security by a registered investment
company, or whose functions relate to the making of any recommendations
with respect to such purchases or sales; and
(iii) any natural person in a control relationship to Wright who
obtains information concerning recommendations regarding the
purchase or sale of a security for a Wright-managed mutual fund.

The current list of positions at Wright deemed to be "Access Persons"
are: directors, officers, trading department personnel, analysts and others
involved in making recommendations to portfolio managers, and any employee who
has direct contact with clients and/or receives advance notice from the
Investment Committee of contemplated portfolio transactions.

BENEFICIAL OWNERSHIP

Under current SEC interpretations, Beneficial Ownership includes
securities accounts of a spouse, minor children and relatives resident in the
employee's home, as well as accounts of another person if by reason of any
contract, understanding, relationship, agreement or other arrangement the
employee obtains therefrom benefits substantially equivalent to those of
ownership.

When an employee has a substantial measure of influence or control over
an account, but not direct or indirect beneficial ownership (as for example when
the employee serves as executor or trustee for someone outside his immediate
family, or manages or helps to manage a charitable a account), the rules set
forth in this Code of Ethics will not be considered to be directly applicable,
but in all transactions involving any such account the employee will be expected
to conform to the spirit of these rules and specifically avoid any activity that
conflicts or might appear to conflict with the interests of our clients.

* Since all provisions of this Code restrict all Access Persons, no special
mention of Investment Personnel, as defined by the SEC, has been made. Further,
any director of Wright who is not an "interested person" of Wright (as defined
in applicable SEC regulations) need not make any initial, annual or quarterly
report, unless the director knows, or should have known, of a possible conflict
of interest between his/her securities transaction and the investment decisions
of Wright or the Funds. Within thirty days after the adoption of this Code, the
Legal Department of Wright shall send each such director a notice that includes
a full explanation of the types of transactions that are, in any case,
prohibited and the circumstances under which it may be necessary to report a
transaction.

<PAGE>

WRIGHT INVESTORS' SERVICE DISTRIBUTORS, INC.
CODE OF ETHICS - PERSONAL INVESTMENTS

A. STATEMENT OF GENERAL PRINCIPLES

Wright Investors' Service Distributors, Inc. ("Distributors") is the
principal underwriter of a family of mutual funds (the "Funds") managed by
Distributors' affiliate, Wright Investors' Service, Inc. ("Wright"). All
directors, officers and employees of Distributors shall conduct themselves with
integrity and dignity and act in a thoroughly ethical manner in dealings with
clients, the public and fellow employees. All such persons shall have the duty
at all times to place the interests of the shareholders of the Funds, and may
not in any respect take advantage of transactions made by or on behalf of the
Funds. It is essential that we avoid not only actual conflicts, but also any
appearance of conflicts of interest and any abuse of an individual's position of
trust and responsibility. No Code of Ethics can cover every possible
circumstance, and an individual's conduct must depend ultimately upon his sense
of fiduciary obligation to the Funds.

This Code of Ethics ("Code") supersedes Distributors's prior code and
Statement of Policy. The management of Distributors believes this Code meets
current SEC requirements and is appropriate and desirable for the Company.

B. APPLICABILITY OF RESTRICTIONS AND PROCEDURES

Persons Affected.

ALL EMPLOYEES* located in any office of Distributors must comply with
the requirements of Paragraphs C-1 through C-3, below and all
provisions of Section E. Employees must also familiarize themselves
with all other parts of this Code.

ACCOUNTS INCLUDED.

Distributors's policies and procedures concerning personal investments
apply to all securities accounts in which the affected employee has "a
direct or indirect beneficial ownership," unless the employee has no
"direct or indirect influence or control" over the account. The concept
of Beneficial Ownership is an important part of this Code and is more
extensively defined in Exhibit A.

* For purposes of clarity, all employees of The Winthrop Corporation
performing services for Distributors are referred to as employees of
Distributors.

TYPES OF SECURITIES COVERED.

C. COMPLIANCE PROCEDURES*

2. Preclearance. No employee of Distributors may buy or sell shares of
any Security without the prior approval of the President of Distributors. Any
such approval will only be given in accordance with the provisions of Paragraph
D, "Guidelines for Approval of Securities Transactions." The approval will
remain valid for three days. Employees who receive approvals for trades must
have the broker send a copy of the confirmation to the President of
Distributors.

4. Broker/Dealer Reports. All employees shall cause each broker/dealer
at which they have an account to send a copy of all quarterly and annual account
statements to the president of Distributors.

5. Quarterly Report of Transactions. Each Access Person must file every
quarter with the President of Distributors a report of all transactions in
Securities. (See Exhibit B-3) Transactions encompass sales, purchases and other
acquisitions or dispositions, including gifts and exercise of conversion rights
or subscription rights. In addition, if the Access Person established a
securities account during the quarter, the report must disclose the name of the
broker, dealer or bank with whom the account is established and the date the
account was established. The report must be filed with the President of
Distributors even if there were no reportable transactions during the
prior calendar quarter, in which case the employee should state on the form that
there were no such transactions. The report is due ten days after the end of
each calendar quarter. Failure to submit the report in a timely manner is a
violation of SEC regulations and this Code, and may be a cause for sanctions.
Copies of all brokerage statements should be attached to an Access Person's
signed report.

*At the present time, all employees of Distributors also perform services for
Wright. Therefore, a copy of any disclosure, preclearance (whether approved or
disapproved), report or certification required under Wright's Code of Ethics may
be submitted to the President of Distributors in order to comply with this Code.

6. Annual Disclosure. No less than once annually, all Access Persons shall
submit to the President of Distributors a list of all of his/her securities
holdings. The specific information of this report is identical to that of the
Initial Disclosure of Investments. Brokerage statements may be substituted for a
separate report.

7. Monitoring of Compliance. Within thirty days after the end of each
quarter, Internal Counsel for Distributors shall review the Quarterly and Annual
Reports for reconciliation with the Initial Disclosure, Annual Disclosure, and
the Preclearance Approvals given in the same quarter or year, as applicable. The
Internal Counsel will investigate all apparent violations of this Code and will
prepare a report for the President of Distributors.

8. Review by the Board of Trustees. No less than once each year,
Distributors shall prepare and submit a written report to the Trustees of the
Funds that

o describes any issues arising under this Code of Ethics since the last
report to the Board of Trustees, including, but not limited to,
information about material violations of the Code or procedures, and
sanctions imposed in response to the material violations; and
o certifies that Distributors has adopted procedures reasonably necessar
to prevent violations of this Code.

If there have been any material changes to the Code of Ethics,
Distributors will submit such changes to the Trustee at the next meeting of the
Board.

9. Additional Disclosure. Distributors's Code of Ethics shall be filed
with the SEC as an exhibit to the registration statement of each Fund. There
will be disclosure in the Funds' prospectuses or their statements of additional
information that (i) Distributors has a code of ethics, (ii) whether personnel
of Distributors are permitted to invest in securities for their own accounts,
and (iii) that the code is on public file, and available from the SEC.

* As of March, 2000, Helen W. George is Internal Counsel for Distributors and
the person responsible for reviewing the reports.

D. GUIDELINES FOR APPROVAL OF SECURITIES TRANSACTIONS

1. Initial Public Offerings. Generally no approval will be given for
any employee to purchase securities of a publicly owned corporation that is
making an initial public offering of its securities, except in connection with
the exercise of rights issued in respect of securities such employee owns. The
reason for this rule is that it precludes the appearance that an employee has
used the Funds' market stature as a means of obtaining for himself or herself
"hot" issues which would otherwise not be offered to him or her. Any realization
of short-term profits may create at least the appearance that an investment
opportunity that should have been available to a Fund account was diverted to
the personal benefit of an employee.

2. Limited Offerings. Any prior approval of any acquisition of
securities in a limited offering (such as a private placement) should take into
account, among other factors, whether the investment opportunity should be
reserved for a Fund and its shareholders, and whether the opportunity is being
offered to an individual by virtue of his or her position with the principal
underwriter of the Funds.

4. Short Sales and Options. Usually no approval will be given for short
sales. Also prohibited are buying, selling or exercising put or call options or
combinations thereof of securities held by a Fund, or which are being considered
for purchase for a Fund. It should be noted, for example, that an exercise of an
option or the covering of a short sale could conflict with current trading for a
Fund. However, where any such option is held by a member of an employee's
family, approval may be given provided there is no conflict with the interests
of the Fund(s).

5. Short-Term Trading Profits. Short-term trading, i.e., profiting in
the purchase and sale or sale and purchase of the same (or equivalent)
securities within 60 calendar days, is prohibited and approval will generally
not be given. The management of Distributors believes that short-term trading by
Access Persons may increase the risk of conflicts of interest, affect an
individual's investment judgment, and in some instances divert an individual's
attention from the best interests of the Funds. Where one or both sides of a
short-term trade have not been pre-cleared, there is presumably already a
violation and the whole matter should be handled under the Sanctions section of
this Code, with disgorgement of profits being only one alternative available to
the President of Distributors.

6. Margin Accounts. Margin Accounts are absolutely prohibited and no
approval will be given.

7. By-Law Violation. No approval will be given which would result in an
employee's holdings exceeding 1/2 of 1% of the shares or securities of any
publicly-owned issuer.

8. General Standards. In the rare case where approval is given for a
transaction involving an initial public offering or a limited offering,
additional written disclosure will be required and will be maintained by the
President of Distributors. In authorizing any other types of transactions, the
President may consider the extent to which the employee has access to pending
investment decisions, the number of transactions already approved for such
employee within the past six months, whether the employee has made unreasonable
use of the company's resources during business hours in arriving at a personal
investment decision, and any other factors that are, in the opinion of the
President, pertinent to the matter.

E. RESPONSIBILITIES OF ALL EMPLOYEES RELATING TO PERSONAL INVESTMENTS.

1. Securities Recommended by a Member of the Investment Committee. Each
member of the Investment Committee of Wright who is an employee of Distributors
and who makes a recommendation as to whether a security shall be purchased, sold
or held in the account of a Fund or client shall fully apprise the President of
Distributors of any direct or indirect beneficial ownership the employee has in
such security.

2. By-Law Provision. The by-laws of the Wright Funds generally provide
that a Wright Fund shall not purchase or retain in its portfolio any securities
issued by an issuer any of whose officers, directors or security holders is an
officer or director of the Fund, or is an officer or director of the principal
underwriter of the Fund, if after the purchase of the securities of such issuer
by the Fund one or more of such persons owns beneficially more than 1/2 of 1% of
the shares or securities, or both, of such issuer, and such persons owning more
than 1/2 of 1% of such shares or securities together own beneficially more than
5% of such shares or securities, or both. In view of the foregoing, and to avoid
any possibility of an inadvertent violation of this by-law provision, no
approval will be given that would result in an employee's holdings exceeding 1/2
of 1% of the shares or securities of any publicly-owned issuer. Any request for
prior approval of a trade in this type of security must state whether this
provision applies.

3. Gifts. No employee shall accept gifts of a value in excess of $35
from any person or entity that does business with or on behalf of a Wright Fund
or Distributors. Any gift in excess of $35 shall be disclosed to the President
of Distributors before acceptance by the employee.

4. Service As a Director. No employee shall serve on the board of
directors of a publicly traded company, absent prior authorization based upon a
determination by the President of Distributors that the board service would be
consistent with the interests of the Fund and its shareholders which may have an
investment in such public company. In the relatively small number of instances
in which board service may be authorized, Access Persons serving as directors of
Distributors should be isolated from personnel of Wright making investment
decisions through written procedures applicable to the person's position in
Distributors.

Exhibit A

ACCESS PERSONS*

Using the Investment Company Act definition, an Access Person includes
any director or officer of Distributors who, in the ordinary course of business,
makes, participates in or obtains information regarding, the purchase or sale of
Securities by any Fund for which Distributor acts, or whose functions or duties
in the ordinary course of business relate to the making of any recommendation to
any of the Funds regarding the purchase or sale of Securities.

The current list of positions at Distributors deemed to be "Access
Persons" are: directors, officers, and any employee who receives advance notice
from the Investment Committee of Wright of contemplated portfolio transactions.

BENEFICIAL OWNERSHIP

* Since all provisions of this Code restrict all Access Persons, no special
mention of Investment Personnel, as defined by the SEC, has been made. Further,
any director of Distributors who is not an "interested person" of Distributors
(as defined in applicable SEC regulations) need not make any initial, annual or
quarterly report, unless the director knows, or should have known, of a possible
conflict of interest between his/her securities transaction and the investment
decision of the Funds. Within thirty days after the adoption of this Code, the
Internal Counsel for Distributors shall send each such director a notice that
includes a full explanation of the types of transactions that are, in any case,
prohibited and the circumstances under which it may be necessary to report a
transaction.