The Wright Managed Income Trust
                                  Supplement to

                             Combined Prospectus of
                            Wright U.S. Treasury Fund
                       Wright U.S. Government Near Term Fund
                          Wright Total Return Bond Fund
                           Wright Current Income Fund
                                dated May 1, 1998



Effective as of the date of this supplement -

1.  The name of Wright U.S. Treasury Near Term Fund (the "Fund") is changed to 
    Wright U.S. Government Near Term Fund.

2.  The disclosure as to the Fund's Investment Objective and Policies on page
    3 and 4 of the Prospectus is revised to read as follows:

Wright U.S.  Government  Near Term Fund  (WNTB).  This Fund seeks to achieve its
investment  objective  by  investing  substantially  all  of  its  assets  in  a
corresponding Portfolio that has the same investment objective as the Fund. U.S.
Government Near Term  Portfolio("USGNTP")invests  in U.S. Government obligations
with an average weighted maturity of less than five years. This Fund is designed
to  appeal to the  investor  seeking a high  level of  income  that is  normally
somewhat less variable and normally  somewhat  higher than that  available  from
short-term U.S.  Government  money market  securities and who is also seeking to
limit  fluctuation of capital (i.e.,  compared with longer term U.S.  Government
securities).  The U.S.  Government  securities in which the Portfolio may invest
include direct  obligations  of the U.S.  Government,  such as bills,  notes and
bonds issued by the U.S. Treasury;  obligations of U.S.  Government agencies and
instrumentalities  secured by the full  faith and  credit of the U.S.  Treasury,
such  as  securities,  including  pass-through  securities,  of  the  Government
National  Mortgage  Association  (GNMA) or the Export-Import  Bank;  obligations
secured by the right to borrow from the U.S. Treasury, such as securities issued
by the Federal  Financing  Bank or the Student Loan Marketing  Association;  and
obligations  backed only by the credit of the government agency itself,  such as
securities  of the  Federal  Home  Loan  Bank,  the  Federal  National  Mortgage
Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC).

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




      July 1, 1998








                    THE WRIGHT MANAGED INCOME TRUST

                           Supplement to

         Combined Statement of Additional Information of
         Wright U.S. Treasury Fund
         Wright U.S. Government Near Term Fund
         Wright Total Return Bond Fund
         Wright Current Income Fund
         dated May 1, 1998



     Effective as of the  date of this supplement, the name of Wright U.S.
Treasury Near Term Fund is changed to Wright U.S. Government Near Term Fund
("WNTB").


July 1, 1998