The Wright Managed Equity Trust

                                  Supplement to

                                  Prospectus of
                  Wright International Blue Chip Equities Fund
                                dated May 1, 1997

                             Combined Prospectus of
                     Wright Selected Blue Chip Equities Fund
                      Wright Junior Blue Chip Equities Fund
                      Wright Major Blue Chip Equities Fund
                  Wright International Blue Chip Equities Fund
                                dated May 1, 1997



                         The Wright Managed Income Trust
                                  Supplement to

                             Combined Prospectus of
                            Wright U.S. Treasury Fund
                       Wright U.S. Treasury Near Term Fund
                          Wright Total Return Bond Fund
                           Wright Current Income Fund
                                dated May 1, 1997



Effective as of the date of this  supplement,  for standard  shares of the above
listed Funds, the minimum initial investment described under "How to Buy Shares"
in the  applicable  prospectus  will be reduced  to $500 with  respect to shares
purchased  by or for an  investor  making an  investment  through an  investment
adviser, financial planner, broker, or other intermediary that charges a fee for
its services and has entered  into an agreement  with the Fund or its  Principal
Underwriter.



August 8, 1997