WRIGHT EQUIFUND EQUITY TRUST, 485BPOS, 1995-10-13

WRIGHT EQUIFUND EQUITY TRUST
485BPOS, 1995-10-13

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AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 13, 1995
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. 9 |X|
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 |X|
AMENDMENT NO. 12 |X|

THE WRIGHT EQUIFUND EQUITY TRUST
(FORMERLY EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS)
-------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

24 FEDERAL STREET, BOSTON, MASSACHUSETTS 02110
-------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

617-482-8260
-------------
(REGISTRANT'S TELEPHONE NUMBER)

H. DAY BRIGHAM, JR.
24 FEDERAL STREET, BOSTON, MASSACHUSETTS 02110
-----------------------------------------------
(NAME AND ADDRESS OF AGENT FOR SERVICE)

IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE ON OCTOBER 13, 1995
PURSUANT TO PARAGRAPH (B) OF RULE 485.

THE EXHIBIT INDEX REQUIRED BY RULE 483(A) UNDER THE SECURITIES ACT OF 1933 IS
LOCATED ON PAGE __ IN THE SEQUENTIAL NUMBERING SYSTEM OF THIS REGISTRATION
STATEMENT.

THE REGISTRANT HAS FILED A DECLARATION PURSUANT TO RULE 24F-2 AND ON FEBRUARY
24, 1995 FILED ITS "NOTICE" AS REQUIRED BY THAT RULE FOR THE FISCAL YEAR ENDED
DECEMBER 31, 1994.

<PAGE>

<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
CROSS REFERENCE SHEET

ITEM NO. STATEMENT OF
FORM N-1A--PART A PROSPECTUS CAPTION ADDITIONAL INFORMATION CAPTION
- ----------------- ------------------ --------------------------------
<S> <C> <C>
1..................... Front Cover Page
2..................... An Introduction to the Funds,
Shareholder and Fund Expenses
3(a).................. Financial Highlights
3(b).................. Not Applicable
3(c).................. Performance and Yield Information
4..................... An Introduction to the Funds, The
Funds and Their Investment Objectives and Policies,
Policies That Apply To All Funds except the United
States, International and Global Funds, Policies
That Apply to the United States, International and
Global Funds, Other Investment Policies, Other
Information, Appendix
5..................... The Investment Adviser, The Administrator,
Distribution Expenses, Back Cover
5(a).................. Not Applicable
6..................... Other Information, Distributions by the
Funds, Taxes
7..................... How to Buy Shares, How the Funds
Value Their Shares, How Shareholder
Accounts Are Maintained, How to
Exchange Shares, Tax-Sheltered
Retirement Plans
8..................... How to Redeem or Sell Shares
9..................... Not Applicable

FORM N-1A -- PART B
- -----------------------
10.................... Front Cover Page and Back Cover
11.................... Table of Contents
12.................... General Information and History
13.................... Investment Objectives and Policies,
Investment Restrictions
14.................... Officers and Trustees
15.................... Control Persons and Principal Holders
of Shares
16.................... Investment Advisory and Administra-
tive Services, Custodian, Independent
Certified Public Accountants, Back Cover
17.................... Brokerage Allocation
18.................... Fund Shares and Other Securities
19.................... How to Buy Shares, How to Redeem Purchase, Exchange, Redemption,
or Sell Shares, How the Funds Value and Pricing of Shares
Their Shares
20.................... Taxes Taxes
21.................... Principal Underwriter
22.................... Performance Information
23.................... Financial Statements

</TABLE>

<PAGE>

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

EQUIFUND logo in center of page with globe underneath it, all of which is set
on a blue background.
- -------------------------------------------------------------------------------

THE WRIGHT
EQUIFUND
EQUITY TRUST

EquiFund Logo

WRIGHT EQUIFUND - AUSTRALASIA
WRIGHT EQUIFUND - AUSTRIA
WRIGHT EQUIFUND - BELGIUM/LUXEMBOURG
WRIGHT EQUIFUND - BRITAIN
WRIGHT EQUIFUND - CANADA
WRIGHT EQUIFUND - FRANCE
WRIGHT EQUIFUND - GERMANY
WRIGHT EQUIFUND - HONG KONG
WRIGHT EQUIFUND - IRELAND
WRIGHT EQUIFUND - ITALY
WRIGHT EQUIFUND - JAPAN
WRIGHT EQUIFUND - MEXICO
WRIGHT EQUIFUND - NETHERLANDS
WRIGHT EQUIFUND - NORDIC
WRIGHT EQUIFUND - SPAIN
WRIGHT EQUIFUND - SWITZERLAND
WRIGHT EQUIFUND - UNITED STATES
WRIGHT EQUIFUND - GLOBAL
WRIGHT EQUIFUND - INTERNATIONAL

PROSPECTUS
OCTOBER 13, 1995

PART A - Information Required In A Prospectus
-------------------------------------------------

PROSPECTUS

<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
- -------------------------------------------------------------------------------

<S> <C> <C>
Wright EquiFund--Australasia* Wright EquiFund--Hong Kong Wright EquiFund--Spain
Wright EquiFund--Austria* Wright EquiFund--Ireland* Wright EquiFund--Switzerland
Wright EquiFund--Belgium/Luxembourg Wright EquiFund--Italy Wright EquiFund--United States*
Wright EquiFund--Britain Wright EquiFund--Japan Wright EquiFund--Global*
Wright EquiFund--Canada* Wright EquiFund--Mexico Wright EquiFund--International*
Wright EquiFund--France* Wright EquiFund--Netherlands
Wright EquiFund--Germany Wright EquiFund--Nordic
- -------------------------------------------------------------------------------
</TABLE>

* As of the date of this Prospectus, these Funds are not available for purchase
in any state of the United States. Contact the principal underwriter or your
broker for the latest information.

Each Fund seeks to enhance total investment return (consisting of price
appreciation plus income) by investing in a broadly based portfolio of equity
securities selected from the publicly traded companies in the National Equity
Index 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 the
National Equity Indices.

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

A combined Statement of Additional Information dated October 13, 1995
containing more detailed information about the Funds has been filed with the
Securities and Exchange Commission and is incorporated herein by reference. This
Statement is available without charge from Wright Investors' Service
Distributors, Inc.

Write To: The Wright EquiFund Equity Trust
Wright Investors' Service Distributors, Inc.
1000 Lafayette Blvd., Bridgeport, CT 06604

or Call: (800) 888-9471

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

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

PROSPECTUS DATED OCTOBER 13, 1995

<PAGE>

TABLE OF CONTENTS

PAGE

An Introduction To The Funds.............. 2
Shareholder And Fund Expenses............. 6
Financial Highlights...................... 9
The Funds And Their Investment
Objectives And Policies................ 20
The National Equity Indices............... 21
Policies That Apply To All Funds Except The
United States, International and Global
Funds ................................ 22
Policies That Apply To The United States,
International and Global Funds......... 23
Other Investment Policies ................ 23
Special Investment Considerations - Risks. 24
The Investment Adviser.................... 26
The Administrator......................... 30
Distribution Expenses..................... 32
How The Funds Value Their Shares.......... 34
How To Buy Shares......................... 35
How Shareholder Accounts Are Maintained... 37
Distributions And Dividends By The Funds.. 37
Taxes..................................... 38
How To Exchange Shares.................... 39
How To Redeem Or Sell Shares.............. 40
Performance And Yield Information......... 42
Other Information......................... 42
Tax-Sheltered Retirement Plans............ 44
Appendix.................................. 45

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

AN INTRODUCTION TO THE FUNDS

The information summarized below is qualified in its entirety by the more
detailed information set forth below in this Prospectus.

The Trust........................ The Wright EquiFund Equity Trust
(the "Trust") is an open end, management
investment company, known as a mutual fund,
registered as an investment company under
the Investment Company Act of 1940, as
amended (the"1940 Act"). The Trust consists
of 19 series, which are described in this
Prospectus (each a "Wright EquiFund" and
collectively the "Wright EquiFunds").
The Wright EquiFunds offered through this
Prospectus are referred to herein as
the Funds. Each Wright EquiFund is a
diversified fund and represents separate
and distinct series of the Trust's shares
of beneficial interest.

Investment Objective............. Each Fund seeks to achieve its investment
objective of enhanced total investment
return (price appreciation plus income) by
investing in a broadly based portfolio of
equity securities selected by the Investment
Adviser from the publicly traded companies
in the corresponding National Equity Index.
Only securities for which adequate public
information is available and which could be
considered acceptable by a prudent person
will comprise the National Equity Indices.
Although there can be no guarantee that each
Fund's investment objective will be
achieved, each Fund is expected to have a
broadly based investment portfolio composed
of the equity securities of companies in
the designated nation or nations.

The Funds........................ The following Funds are offered through
this Prospectus:

Wright EquiFund -- Australasia*
Wright EquiFund -- Austria*
Wright EquiFund -- Belgium/Luxembourg
Wright EquiFund -- Britain
Wright EquiFund -- Canada*
Wright EquiFund -- France*
Wright EquiFund -- Germany
Wright EquiFund -- Hong Kong
Wright EquiFund -- Ireland*
Wright EquiFund -- Italy
Wright EquiFund -- Japan
Wright EquiFund -- Mexico
Wright EquiFund -- Netherlands
Wright EquiFund -- Nordic
Wright EquiFund -- Spain
Wright EquiFund -- Switzerland
Wright EquiFund -- United States*
Wright EquiFund -- Global*
Wright EquiFund -- International*
-------------------------------------------
* As of the date of this Prospectus, these
Funds are not available for purchase in
any state of the United States. Contact
the principal underwriter or your broker
for the latest information.

The Investment Adviser........... Each Fund has engaged Wright Investors'
and Administrator Service of Bridgeport, Connecticut
("Wright" or the "Investment Adviser") as
investment adviser to carry out the
investment and reinvestment of the Fund's
assets. Each Fund also has retained Eaton
Vance Management ("Eaton Vance" or the
"Administrator"), 24 Federal Street, Boston,
MA 02110 as administrator to manage the
Fund's business affairs.

The Distributor.................. Wright Investors' Service Distributors,
Inc. ("WISDI" or the "Principal
Underwriter") is the Distributor of
the Funds' shares and receives a
distribution fee equal on an annual
basis to 0.25% of each Fund's average
daily net assets.

Who May Purchase Fund Shares..... The Funds were established to provide
broadly based investment opportunities
in the main security markets of the world
for investment portfolios managed by
professional trustees and other persons
and institutions acting in a fiduciary
capacity. The Funds are designed to enable
fiduciaries to comply with the rule that
investments made by fiduciaries should be
selected with the care, skill and caution
that would be exercised by a prudent person
where the primary consideration is
preservation of capital. Shares of the Funds
are available to the public as well as
through these fiduciaries.

How to Purchase Fund Shares...... There is no sales charge on the purchase of
Fund shares. Shares of any Fund may be
purchased at the net asset value per share
next determined after receipt and acceptance
of the purchase order. The minimum initial
investment in each Fund is $1,000 which will
be waived for investments in 401(k)
tax-sheltered retirement plans. The $1,000
minimum initial investment is also waived
for Bank Draft Investing accounts which may
be established with an investment of $50
or more with a minimum of $50 applicable
to each subsequent investment.

Distribution Options............. Unless the shareholder has elected to
receive dividends and distributions in cash,
dividends and distributions will be
reinvested in additional shares of the Fund
making such dividend or distribution at the
net asset value per share as of the
reinvestment date. Dividend and capital
gains distributions, if any, are usually
made annually in December.

Redemptions...................... Shares may be redeemed directly from a Fund
at the net asset value per share next
determined after receipt of the redemption
request in good order. A telephone
redemption privilege is available as
described on page 40.

Exchange Privilege............... Shares of the Funds may be exchanged for
shares of certain other funds managed
by the Investment Adviser at the net asset
value next determined after receipt
of the exchange request. There are limits
on the number and frequency of exchanges.
A telephone exchange privilege is available
as described on page 39.

Net Asset Value.................. The net asset value per share of each Fund
is calculated on each day the New York
Stock Exchange is open for trading. Call
(800) 888-9471 for the current
day's net asset value.

Taxation......................... Each Fund has qualified and elected or
intends to qualify and elect to be
treated as a regulated investment
company for Federal income tax purposes
under Subchapter M of the Internal Revenue
Code.

Shareholder Communications....... Each shareholder will receive annual and
semi-annual reports containing financial
statements, and a statement confirming
each share transaction. Financial statements
included in annual reports are audited by
the Trust's independent certified public
accountants. Where possible, shareholder
confirmations and account statements will
consolidate all Wright investment
fund holdings of the shareholder.

Special Risk Considerations...... International investments pose additional
risks including currency exchange rate
fluctuation, currency revaluation and
political risks. See page 24 for additional
foreign investment considerations.

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

<PAGE>

SHAREHOLDER AND FUND EXPENSES
EQUIFUND -- WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

<TABLE>
<CAPTION>
Belgium/
Aus- Luxem-
tralasia Austria bourg Britain Canada France Germany
- -----------------------------------------------------------------------------------------------------
Shareholder Transaction Expenses
- ---------------------------------
(as a percentage of the maximum offering price)
<S> <C> <C> <C> <C> <C> <C> <C>
Maximum Sales Charge Imposed on Purchases none none none none none none none
Maximum Sales Charge Imposed
on Reinvestment of Dividends none none none none none none none
Deferred Sales Charge none none none none none none none
Redemption Fees none none none none none none none
Exchange Fees none none none none none none none

Annualized Fund Operating Expenses
- ----------------------------------
(as a percentage of average daily net assets)
Investment Advisory Fees
(after any fee reduction)[1] 0.00% 0.00% 0.75% 0.75% 0.00% 0.00% 0.75%
Rule 12b-1 Distribution Expenses (after expense
reduction)[2] 0.00% 0.00% 0.25% 0.25% 0.00% 0.00% 0.25%
Other Expenses (including administration
fee of 0.10%)[3] 2.00% 2.00% 0.62% 0.55% 2.00% 2.00% 0.55%
------ ------ ------ ------ ------ ------ ------

Total Operating Expenses[4] 2.00% 2.00% 1.62% 1.55% 2.00% 2.00% 1.55%
====== ====== ====== ====== ====== ====== ======

Hong Nether-
Kong Ireland Italy Japan Mexico lands Nordic
- -----------------------------------------------------------------------------------------------------
Shareholder Transaction Expenses
- ---------------------------------
(as a percentage of the maximum offering price)
Maximum Sales Charge Imposed on Purchases none none none none none none none
Maximum Sales Charge Imposed
on Reinvestment of Dividends none none none none none none none
Deferred Sales Charge none none none none none none none
Redemption Fees none none none none none none none
Exchange Fees none none none none none none none

Annualized Fund Operating Expenses
- -------------------------------------
(as a percentage of average daily net assets)
Investment Advisory Fees
(after any fee reduction)[1] 0.75% 0.00% 0.00% 0.75% 0.75% 0.75% 0.75%
Rule 12b-1 Distribution Expenses (after expense
reduction)[2] 0.25% 0.00% 0.00% 0.25% 0.25% 0.25% 0.25%
Other Expenses (including administration
fee of 0.10%)[3] 0.41% 2.00% 2.00% 0.83% 0.38% 0.93% 0.78%
------ ------ ------ ------ ------ ------ ------

Total Operating Expenses[4] 1.41% 2.00% 2.00% 1.83% 1.38% 1.93% 1.78%
====== ====== ====== ====== ====== ====== ======

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

Switzer- United Inter-
Spain land States Global national
- -----------------------------------------------------------------------------------------------------
Shareholder Transaction Expenses
- ---------------------------------
(as a percentage of the maximum offering price)
<S> <C> <C> <C> <C> <C>
Maximum Sales Charge Imposed on Purchases none none none none none
Maximum Sales Charge Imposed
on Reinvestment of Dividends none none none none none
Deferred Sales Charge none none none none none
Redemption Fees none none none none none
Exchange Fees none none none none none

Annualized Fund Operating Expenses
- -----------------------------------
(as a percentage of average daily net assets)
Investment Advisory Fees
(after any fee reduction)[1] 0.75% 0.75% 0.00% 0.00% 0.00%
Rule 12b-1 Distribution Expenses (after expense
reduction)[2] 0.22% 0.17% 0.00% 0.00% 0.00%
Other Expenses (including administration
fee of 0.10%)[3] 1.03% 1.08% 2.00% 2.00% 2.00%
------ ------ ------ ------ ------

Total Operating Expenses[4] 2.00% 2.00% 2.00% 2.00% 2.00%
====== ====== ====== ====== ======
- --------------------------------------------------------------------------------------------
<FN>
[1] After reduction by the Investment Adviser. If no reduction were made, the
Investment Advisory Fees would be a maximum of 0.75% of each Fund's average
daily net assets.

[2] After reduction by the Principal Underwriter. If no reduction were made, the
Rule 12b-1 Distribution Expenses would be 0.25% of each Fund's average daily
net assets.

[3] After allocation of expenses in excess of 2.00% of each Fund's average daily
net assets to the Investment Adviser. If such allocation were not made,
Other Expenses would have amounted to: 3.39% for Italy; and are estimated to
be 2.01% for Australasia; 2.05% for Austria; 2.15% for Canada; 2.15% for
France; 2.15% for Global; 2.08% for International; 2.04% for Ireland; and
2.00% for United States.

[4] The Investment Adviser reduced its fee and was allocated certain expenses
during the 1994 fiscal year to the extent that they exceeded 2.00% of the
daily net assets of each Fund that was offering its shares and voluntarily
intends to do the same for each Fund for the current fiscal year. If no fee
reductions or expense allocations were made, the Annualized Fund Operating
Expenses as a percentage of average net assets, including investment
advisory fees at a maximum of 0.75% of average daily net assets would have
been: Italy 4.36%; Spain 2.06%; Switzerland 2.08%; and, for the Funds with
no operating experience prior to 1995, expenses are estimated to be:
Australasia 3.11%; Austria 3.15%; Canada 3.25%; France 3.25%; Global 3.25%;
International 3.18%; Ireland 3.14%; and United States 3.00%.
</FN>
</TABLE>

<PAGE>

EXAMPLE OF FUND EXPENSES

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

1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------

<S> <C> <C> <C> <C>
Australasia $ 20 $ 63
Austria 20 63
Belgium/Luxembourg 16 51 $ 88 $ 92
Britain 16 49
Canada 20 63
France 20 63
Germany 16 49
Hong Kong 14 45 77 169
Ireland 20 63
Italy 20 63 108 233
Japan 19 58 100 217
Mexico 14 44
Netherlands 21 61 104 235
Nordic 18 56 96 209
Spain 20 63 108 233
Switzerland 20 63 108 233
United States 20 63
Global 20 63
International 20 63
- -----------------------------------------------------------------------------------------------
</TABLE>

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

NOTES

(1) The purpose of the above tables and Examples is to assist investors in
understanding the various costs and expenses that investors in the Funds may
bear directly or indirectly. See "Financial Highlights," "The Investment
Adviser," "The Administrator," "Distribution Expenses" and "How To Redeem Or
Sell Shares." The table reflects estimated fees and expenses based on actual
operating expenses for the Belgium/Luxembourg, Hong Kong, Italy, Japan,
Netherlands, Nordic, Spain and Switzerland Funds for the fiscal year ended
December 31, 1994, adjusted to reflect changes resulting from the approval of
new Investment Advisory Contracts with Wright. The Mexico Fund commenced
offering its shares to the public on August 2, 1994 and its fees and expenses
are estimates for a full fiscal year. The Britain and Germany Funds fees and
expenses are estimates for their current fiscal year, since the Funds were only
recently organized. The fees and expenses shown in the table assume the
continuation of the reduction of the investment advisory fee and partial
allocation of expenses to the Investment Adviser, the reduction of the
Administrator's fee and the reduction of the fee payable under the Distribution
Plan. Actual expenses may be greater or less than those shown in the table and
example. A Fund's payment of a distribution fee may result in a long-term
shareholder paying more than the economic equivalent of the maximum initial
sales charge permitted under the Rules of Fair Practice of the National
Association of Securities Dealers, Inc.

<PAGE>

FINANCIAL HIGHLIGHTS

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

<PAGE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
BELGIUM/LUXEMBOURG FUND
-------------------------
1995[1] 1994[2]
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period $ 10.240 $ 10.000
-------- --------

Income from Investment Operations:
Net investment income............. $ 0.197 $ 0.106
Net realized and unrealized gain.. 1.453 0.174
-------- --------

Total income from investment
operations.................... $ 1.650 $ 0.280
-------- --------

Less Distributions:
From net investment income........ $ -- $ (0.040)
-------- --------

Net asset value, end of period...... $ 11.890 $ 10.240
========= =========

Total Return[4]..................... 16.11% 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 14,292 $ 11,437
Ratio of net expenses to average net
assets.......................... 1.59%[3] 1.62%[3]
Ratio of net investment income
to average net assets........... 4.35%[3] 0.95%[3]
Portfolio Turnover Rate........... 5% 26%

<FN>

[1]For the six months ended June 30, 1995 (Unaudited).
[2]For the period from start of business, February 15, 1994 to December 31, 1994.
[3]Annualized.
[4]Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the record date.
</FN>
</TABLE>
<PAGE>

<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
BRITAIN FUND
--------------
1995[1]

<S> <C>
Net asset value -- beginning of period $ 10.000
--------

Income from Investment Operations:
Net investment income............. $ 0.065
Net realized and unrealized gain.. 0.255
--------

Total income from investment
operations.................... $ 0.320
--------

Net asset value, end of period...... $ 10.320
=========

Total Return[2]..................... 3.20%
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 15,661
Ratio of net expenses to average net
assets.......................... 1.15%[3]
Ratio of net investment income
to average net assets........... 3.11%[3]
Portfolio Turnover Rate........... 3.7%

<FN>

[1] For the period from start of business, April 20, 1995, to June 30,1995 (Unaudited).
[2] Total investment return is calculated assuming a purchase at the net asset value on the first day and a
sale at the net asset value on the last day of each period reported.
Dividends and distributions, if any, are assumed to be invested at the net
asset value on the record date.
(3) Annualized.

</FN>
</TABLE>
<PAGE>
<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
GERMANY FUND
-------------
1995[1]

<S> <C>
Net asset value -- beginning of period $ 10.000
--------

Income from Investment Operations:
Net investment income............. $ 0.076
Net realized and unrealized gain.. 0.314
--------

Total income from investment
operations.................... $ 0.390
--------

Net asset value, end of period...... $ 10.390
=========

Total Return[2]..................... 3.90%
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 15,229
Ratio of net expenses to average net
assets.......................... 1.46%[3]
Ratio of net investment income
to average net assets........... 4.83%[3]
Portfolio Turnover Rate........... 15%

<FN>

[1] For the period from start of business, April 19, 1995, to June 30,1995 (Unaudited).
[2] Total investment return is calculated assuming a purchase at the net asset value on the first day and a
sale at the net asset value on the last day of each period reported.
Dividends and distributions, if any, are assumed to be invested at the net
asset value on the record date.
[3] Annualized.

</FN>
</TABLE>
<PAGE>

<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
HONG KONG FUND
--------------
1995[3] 1994 1993 1992 1991 1990[2]
- ----------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360 $10.000
-------- -------- -------- -------- -------- --------

Income from Investment Operations:
Net investment income[1]......... $ 0.208 $ 0.678 $ 0.426 $ 0.330 $ 0.266 $ 0.093
Net realized and unrealized gain
(loss) on investments........... 0.172 (8.448) 9.394 1.355 2.474 (1.733)
-------- -------- -------- -------- -------- --------

Total income (loss)
from investment operations..... $ 0.380 $ (7.770) $ 9.820 $ 1.685 $ 2.740 $ (1.640)
-------- -------- -------- -------- -------- --------

Less Distributions:
From net investment income....... $ -- $ (0.200) $ (0.254) $ (0.170) $ (0.200) $ --
From net realized gains on
investments.................... -- -- (0.346) (0.015) (0.630) --
-------- -------- -------- -------- -------- --------

Total Distributions.............. $ -- $ (0.200) $ (0.600) $ (0.185) $ (0.830) --
-------- -------- -------- -------- -------- --------

Net asset value, end of period..... $ 13.400 $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360
========= ========= ========= ========= ========= =========

Total Return[4] .................... 2.92% (37.03%) 84.32% 16.33% 34.34% (17.20%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 38,983 $ 19,679 $ 16,210 $ 3,545 $ 23 $ 301
Ratio of net expenses to average net
assets.......................... 1.30%[5] 1.41% 2.00% 2.00% 2.00% 2.00%[5]
Ratio of net investment income
to average net assets........... 3.93%[5] 3.93% 3.01% 3.13% 2.88% 2.17%[5]
Portfolio Turnover Rate........... 82% 131% 76% 39% 77% 58%

<FN>
[1]During each of the periods presented (except for the six months ended June
30, 1995 and December 31, 1994, the Investment Adviser, the Administrator
and the Principal Underwriter reduced their fees, and the Investment
Adviser was allocated a portion of the Fund's operating expenses. Had such
actions not been undertaken, net investment income (loss) per share and the
ratios would have been as follows:

1993 1992 1991 1990[2]
---- ---- ---- ----

Net investment income (loss) per share $ 0.419 $ 0.093 $ (0.871) $ (0.819)
========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):

Expenses.......................... 2.05% 4.25% 14.31% 23.28%
========= ========= ========= =========
Net investment income (loss)...... 2.96% 0.88% (9.43%) (19.11%)
========= ========= ========= =========

[2] For the period from the start of business, June 28, 1990, to December 31, 1990.
[3] For the six months ended June 30, 1995 (Unaudited).
[4]Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the record date.
[5] Annualized.

</FN>
</TABLE>
<PAGE>

<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
ITALY FUND
-----------
1995[5] 1994 1993 1992[3] 1991 1990[2]
- -------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period $ 4.940 $ 5.030 $ 4.520 $ 6.910 $ 7.630 $ 10.000
-------- -------- -------- -------- -------- --------

Income from Investment Operations:
Net investment income[1]......... $ 0.029 $ 0.370 $ 0.006 $ 0.056 $ 0.080 $ 0.039
Net realized and unrealized gain
(loss) on investments........... (0.359) (0.130) 0.514 (2.416) (0.740) (2.409)
-------- -------- -------- -------- -------- --------

Total income (loss)
from investment operations..... $ (0.330) $ 0.240 $ 0.520 $ (2.360) $ (0.660) $ (2.370)
-------- -------- -------- -------- -------- --------

Less Distributions:
From net investment income....... $ -- $ (0.330) $ (0.010) $ (0.030) $ (0.060) --
-------- -------- -------- -------- -------- --------

Net asset value, end of period..... $ 4.610 $ 4.940 $ 5.030 $ 4.520 $ 6.910 $ 7.630
========= ========= ========= ========= ========= =========

Total Return[4] ................... (6.68%) 4.98% 11.51% (34.27%) (8.51%) (24.60%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted).................. $ 1,093 $ 1,299 $ 624 $ 495 $ 99 $ 254
Ratio of net expenses to average net
assets......................... 2.00%[6] 2.00% 2.00% 2.00% 2.00% 2.00%[6]
Ratio of net investment income
to average net assets.......... 1.57%[6] 5.26% 0.19% 0.99% 0.97% 0.90%[6]
Portfolio Turnover Rate........... 194% 281% 114% 32% 68% 3%

<FN>
[1]During each of the periods presented, the Investment Adviser, the
Administrator and the Principal Underwriter reduced their fees, and the
Investment Adviser was allocated a portion of the Fund's operating
expenses. Had such actions not been undertaken, net investment income
(loss) per share and the ratios would have been as follows:

1995[5] 1994 1993 1992[3] 1991 1990[2]
---- ---- ---- ---- ---- ----

Net investment income (loss) per share $ (0.075) $ 0.203 $ (0.291) $ (0.685) $ (1.406) $ (0.866)
========= ========= ========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):

Expenses.......................... 7.53% [6] 4.36% 11.42% 15.10% 20.02% 22.89% [6]
========= ========= ========= ========= ========= =========
Net investment income (loss)...... (3.97%)[6] 2.90% (9.23%) (12.11%) (17.05%) (19.99%)[6]
========= ========= ========= ========= ========= =========

[2] For the period from the start of business, June 28, 1990, to December 31, 1990.
[3] Certain of the per share figures are based on average shares outstanding.
[4] Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
[5] For the six months ended June 30, 1995 (Unaudited).
[6] Annualized.

</FN>
</TABLE>
<PAGE>

<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
JAPAN FUND
------------
1995[1] 1994[2]
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period $ 9.660 $ 10.000
-------- --------

Income from Investment Operations:
Net investment loss............... $ (0.020) $ (0.050)
Net realized and unrealized loss.. (0.860) (0.170)
-------- --------

Total loss from investment
operations.................... $ (0.880) $ (0.220)
-------- --------

Less Distributions:
From net realized gains on
investments..................... $ -- $ (0.120)
-------- --------

Net asset value, end of period...... $ 8.780 $ 9.660
========= =========

Total Return[4]..................... (9.11%) (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 20,176 $ 8,653
Ratio of net expenses to average net
assets.......................... 1.81% [3] 1.83% [3]
Ratio of net investment loss
to average net assets........... (0.81%)[3] (0.66%)[3]
Portfolio Turnover Rate........... 29% 48%

<FN>

[1] For the six months ended June 30, 1995 (Unaudited).
[2] For the period from the start of business, February 14, 1994 to December 31, 1994.
[3] Annualized.
[4] Total investment return is calculated assuming a purchase at the net asset value on the first day and a
sale at the net asset value on the last day of each period reported.
Dividends and distributions, if any, are assumed to be invested at the net
asset value on the record date.
</FN>
</TABLE>
<PAGE>
<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
MEXICO FUND
-----------
1995[1] 1994[2]
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period $ 6.480 $ 10.000
-------- --------

Income from Investment Operations:
Net investment income (loss)...... $ 0.002 $ (0.040)
Net realized and unrealized loss.. (1.949) (2.970)
-------- --------

Total loss from investment
operations.................... $ (1.947) $ (3.010)
-------- --------

Less Distributions:
From net realized gain on
investments..................... $ (0.073) $ (0.510)
-------- --------

Net asset value, end of period...... $ 4.460 $ 6.480
========= =========

Total Return[4]..................... (29.58%) (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 23,618 $ 13,422
Ratio of net expenses to average net
assets.......................... 1.56%[3] 1.38% [3]
Ratio of net investment loss
to average net assets........... 0.16%[3] (0.98%)[3]
Portfolio Turnover Rate........... 131% 85%

<FN>

[1] For the six months ended June 30, 1995 (Unaudited).
[2] For the period from the start of business, August 2, 1994, to December 31, 1994.
[3] Annualized.
[4] Total investment return is calculated assuming a purchase at the net asset value on the first day and a
sale at the net asset value on the last day of each period reported.
Dividends and distributions, if any, are assumed to be invested at the net
asset value on the record date.

</FN>
</TABLE>
<PAGE>
<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
NETHERLANDS FUND
------------------
1995[3] 1994 1993[4] 1992 1991 1990[2]
- ---------------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650 $ 10.000
-------- -------- -------- -------- -------- --------

Income from Investment Operations:
Net investment income (loss)[1]... $ 0.072 $ (0.060) $ (0.015) $ 0.108 $ 0.114 $ (0.014)
Net realized and unrealized gain
(loss) on investments............ 1.309 1.150 1.655 (0.958) 0.756 (1.336)
-------- -------- -------- -------- -------- --------

Total income (loss)
from investment operations...... $ 1.381 $ 1.090 $ 1.640 $ (0.850) $ 0.870 $ (1.350)
-------- -------- -------- -------- -------- --------

Less Distributions:
From net investment income........ $ -- $ (0.020) $ (0.080) $ (0.110) $ (0.100) $ --
From net realized gains on
investments..................... (0.041) (2.990) -- -- -- --
-------- -------- -------- -------- -------- --------

Total Distributions............... $ (0.041) $ (3.010) $ (0.080) $ (0.110) $ (0.100) $ --
-------- -------- -------- -------- -------- --------

Net asset value, end of period...... $ 9.440 $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650
========= ========= ========= ========= ========= =========

Total Return[5] .................... 17.70% 11.68% 19.52% (9.18%) 10.00% (14.30%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 7,552 $ 3,951 $ 8,753 $ 165 $ 134 $ 288
Ratio of net expenses to average net
assets.......................... 2.00%[6] 1.93% 2.00% 2.00% 1.69% 2.00% [6]
Ratio of net investment income (loss)
to average net assets........... 1.94%[6] 0.13% (0.16%) 1.26% 1.39% (0.31%)[6]
Portfolio Turnover Rate........... 185% 101% 47% 69% 59% 7%

<FN>
[1]During each of the periods presented (except 1994), the Investment Adviser,
the Administrator and the Principal Underwriter reduced their fees, and the
Investment Adviser was allocated a portion of the Fund's operating
expenses. Had such actions not been undertaken, net investment income
(loss) per share and the ratios would have been as follows:

1995[3] 1993[4] 1992 1991 1990[2]
---- ---- ---- ---- ----

Net Investment income (loss) per share $ 0.050 $ (0.085) $ (2.481) $ (1.078) $(0.893)
========= ========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):

Expenses.......................... 2.60%[6] 2.75% 32.21% 16.23% 21.47% [6]
========= ========= ========= ========= =========
Net investment income (loss)...... 1.33%[6] (0.91%) (28.95%) (13.15%) (19.78%)[6]
========= ========= ========= ========= =========

[2] For the period from the start of business, June 28, 1990, to December 31, 1990.
[3] For the six months ended June 30, 1995 (Unaudited).
[4] Certain of the per share data for the year ended December 31, 1993 were
based on average shares outstanding throughout the period.
[5] Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
[6] Annualized.

</FN>
</TABLE>
<PAGE>
<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
NORDIC FUND
-------------
1995[2] 1994[3]
- -------------------------------------------------------------------------------------------------------

<S> <C> <C>
Net asset value -- beginning of period $ 9.500 $ 10.000
-------- --------

Income from Investment Operations:
Net investment income (loss) [1].. $ 0.229 $ (0.012)
Net realized and unrealized gain
(loss).......................... 0.661 (0.118)
-------- --------

Total income (loss) from investment
operations.................... $ 0.890 $ (0.130)
-------- --------

Less Distributions:
In excess of net realized gain on
investments..................... $ -- $ (0.366)
From paid-in capital.............. -- (0.004)
-------- --------

Total distributions............... $ -- $ (0.370)
-------- --------

Net asset value, end of period...... $ 10.390 $ 9.500
========= =========

Total Return[5]..................... 9.37% (1.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 3,023 $ 8,712
Ratio of net expenses to average net
assets.......................... 2.00%[4] 1.78% [4]
Ratio of net investment income (loss)
to average net assets........... 4.25%[4] (0.35%)[4]
Portfolio Turnover Rate........... 100% 33%

<FN>
[1]During the period ended June 30, 1995, the Investment Adviser and the
Principal Underwriter reduced their fees, and the Investment Adviser was
allocated a portion of the Fund's operating expenses. Had such actions not
been undertaken, net investment income per share and the ratios would have
been as follows:

1995[2]
-----------

Net investment income per share..... $ 0.163
=========
Annualized Ratios (As a percentage of average net assets):

Expenses.......................... 3.25%[4]
=========
Net investment income............. 3.01%[4]
=========

[2] For the six months ended June 30, 1995 (Unaudited).
[3] For the period from the start of business, February 14, 1994, to December 31, 1994.
[4] Annualized.
[5] Total investment return is calculated assuming a purchase at the net asset value on the first day and a
sale at the net asset value on the last day of each period reported.
Dividends and distributions, if any, are assumed to be invested at the net
asset value on the record date.

</FN>
</TABLE>
<PAGE>
<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
SPAIN FUND
----------
1995[3] 1994 1993 1992 1991 1990[2]
- ----------------------------------------------------------------------------------------------------------

<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period $ 5.890 $ 6.530 $ 5.380 $ 8.140 $ 7.750 $10.000
-------- -------- -------- -------- -------- --------

Income from Investment Operations:
Net investment income[1]......... $ 0.270 $ 0.186 $ 0.053 $ 0.038 $ 0.140 $ 0.079
Net realized and unrealized gain
(loss) on investments........... 0.040 (0.806) 1.107 (2.728) 0.350 (2.289)
-------- -------- -------- -------- -------- --------

Total income (loss)
from investment operations..... $ 0.310 $ (0.620) $ 1.160 $ (2.690) $ 0.490 $ (2.210)
-------- -------- -------- -------- -------- --------

Less Distributions:
From net investment income....... $ -- $ (0.020) $ (0.010) $ (0.070) $ (0.100) $ --
From net realized gains on
investments.................... -- -- -- -- -- (0.040)
-------- -------- -------- -------- -------- --------

Total Distributions............... $ -- $ (0.020) $ (0.010) $ (0.070) $ (0.100) $ (0.040)
-------- -------- -------- -------- -------- --------

Net asset value, end of period...... $ 6.200 $ 5.890 $ 6.530 $ 5.380 $ 8.140 $ 7.750
========= ========= ========= ========= ========= =========

Total Return[4] .................... 5.26% (9.50%) 21.59% (33.12%) 7.19% (22.92%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 2,799 $ 6,375 $ 760 $ 520 $ 127 $ 260
Ratio of net expenses to average net
assets.......................... 2.00%[5] 2.00% 2.00% 2.00% 2.00% 2.00%[5]
Ratio of net investment income
to average net assets........... 2.65%[5] 0.83% 0.88% 1.38% 1.40% 1.83%[5]
Portfolio Turnover Rate........... 122% 152% 88% 44% 70% 1%

1995[3] 1994 1993 1992 1991 1990[2]
---- ---- ---- ---- ---- ----

Net investment income (loss) per share $ 0.091 $ 0.178 $ (0.475) $ (0.287) $ (1.320) $(0.776)
========= ========= ========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):

Expenses.......................... 3.78%[5] 2.06% 10.76% 13.81% 16.60% 21.80%
========= ========= ========= ========= ========= =========
Net investment income (loss)...... 0.89%[5] 0.77% (7.88%) (10.43%) (13.21%) (17.97%)
========= ========= ========= ========= ========= =========

<PAGE>

<TABLE>

THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
SWITZERLAND FUND
----------------
1995(2) 1994(3)
- ------------------------------------------------------------------------------------------------------

<S> <C> <C>
Net asset value -- beginning of period $ 9.430 $ 10.000
-------- --------

Income from Investment Operations:
Net investment income[1].......... $ 0.174 $ 0.075
Net realized and unrealized gain
(loss).......................... 1.596 (0.595)
-------- --------

Total gain (loss) from investment
operations.................... $ 1.770 $ (0.520)
-------- --------

Less Distributions:
From net investment income........ -- (0.050)
-------- --------

Net asset value, end of period...... $ 11.200 $ 9.430
========= =========

Total Return[5]..................... 18.77% (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of period
(000 omitted)................... $ 8,898 $ 3,813
Ratio of net expenses to average net
assets.......................... 2.00%[4] 2.00%[4]
Ratio of net investment income
to average net assets........... 4.87%[4] 0.49%[4]
Portfolio Turnover Rate........... 59% 94%

<FN>
[1]During each of the periods presented, the Investment Adviser and the
Principal Underwriter reduced their fees, and the Investment Adviser was
allocated a portion of the Fund's operating expenses. Had such actions not
been undertaken, net investment income per share and the ratios would have
been as follows:

1995[2] 1994[3]
---- ----

Net investment income per share..... $ 0.158 $ 0.063
========= =========
Annualized Ratios (As a percentage of average net assets):

Expenses.......................... 2.43%[4] 2.08%[4]
========= =========
Net investment income............. 4.43%[4] 0.41%[4]
========= =========

</FN>
</TABLE>
<PAGE>

THE FUNDS AND THEIR INVESTMENT OBJECTIVES AND POLICIES

Each Fund seeks to enhance total investment return (consisting of price
appreciation plus income) by investing in a broadly based portfolio of equity
securities selected by the Investment Adviser from the publicly traded companies
in the National Equity Index 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 National Equity Index. 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. The multiple country Funds will invest in
securities of issuers in the following countries: Wright EquiFund--Australasia
- -- Australia and New Zealand; Wright EquiFund--Belgium/Luxembourg -- Belgium and
Luxembourg and Wright EquiFund--Nordic -- Denmark, Finland, Norway and Sweden.
International Fund will invest at least 65% of its total assets among the
countries (excluding the United States) for which National Equity Indices exist.
Global Fund will invest at least 65% of its total assets among the countries
(including the United States) for which National Equity Indices exist. The
multiple country Funds will not necessarily allocate investments equally among
the different countries located in the applicable geographical regions since
there may be a limited number of qualified issuers and securities in a given
country. Thus, investments may at times be weighted more heavily in some
countries within a multiple country Fund. In some instances, all of the assets
of a multiple-country Fund may be invested in one country. A Fund's selection of
equity securities is limited to those equity securities included in the National
Equity Index (which is 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 and securities convertible
into stock. With respect to Austria, Belgium/Luxembourg, Canada, France,
Germany, Hong Kong, Italy, Japan, Netherlands, Nordic, Spain and Switzerland
Funds, the policy stated in the preceding sentence is fundamental and may not be
changed without shareholder approval. As a matter of nonfundamental policy, it
is expected that the Funds will normally be fully invested in equity securities.
However, for temporary defensive purposes, a Fund may hold cash or invest all or
a portion of its net assets in the short-term debt securities described under
"Special Considerations -- Defensive Investments."

Except as provided above, the investment objective and policies of each
Fund have not been identified as fundamental and may be changed by the Trustees
of the Trust without a vote of the affected Fund's shareholders. Any such change
of the investment objective of a Fund will be preceded by thirty days' advance
written notice to each shareholder of such Fund. If any changes were made, the
Fund might have an investment objective different from the objective which an
investor considered appropriate at the time the investor became a shareholder in
the Fund. There is no assurance that the Funds will achieve their respective
investment objective. 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.
<PAGE>

THE NATIONAL EQUITY INDICES

Wright, with the assistance of local financial institutions as described
below, has developed the National Equity Indices (the "Indices"). Each Index is
designed to be an index 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 Indices. Each Fund will select securities for
investment from those included in the corresponding Index, or in the case of
International Fund, from those included in all the Indices except the United
States National Equity Index or in the case of Global Fund, from those included
in all the Indices including the United States National Equity Index.

Wright has developed disciplined objective criteria to insure that the
required care, skill and caution are used in selecting securities for each of
the Indices.

Wright generally considers for inclusion in an Index only those companies
which have at least:

1. Five years of audited operating information;
2. An established minimum in both book value and market value; and
3. A three-year record of pricing in a public market.

In addition, only companies that meet the following criteria will be
included in an Index:

1. A significant portion of the shares of the company is believed
to be publicly owned;

2. The company has had positive earnings for the last fiscal or
calendar year, or for the last twelve months, or cumulatively
for the last three years; and

3. The company is not a closed-end investment company, a real estate
investment trust or a non-bank securities broker/dealer.

In selecting securities for the Indices and for inclusion in the portfolios
of the Funds, Wright utilizes its WORLDSCOPE(R) international database. The
database provides more than 1,500 items of information on more than 12,000
companies worldwide. Except with respect to the United States, Wright utilizes
the services of major financial institutions that are located in the nations in
which the respective Funds are permitted to invest and are qualified to supply
Wright with research products and services. These services include reports on
particular industries and companies, economic surveys and analyses of the
investment environment and trends in a particular nation, recommendations as to
whether specific securities should be included in an Index and other appropriate
assistance in the performance of Wright's decision-making responsibilities.
<PAGE>
The Indices are adjusted quarterly and as otherwise necessary to reflect
significant events. Changes in the composition of an Index will be made by
determining whether existing companies included in the Index continue to meet
the criteria of the Index and whether other companies meet these criteria and
should replace or be added to the companies already comprising that Index. The
Indices give equal weight to each security included therein, and are intended to
include substantially all the publicly traded companies which meet the
requirements of the prudent investor in the respective nations. Use of the equal
weighting method of constructing an Index will often result in a greater
representation of smaller capitalization companies than would occur if the Index
were weighted on the basis of relative market capitalization in the nation or
nations in which their securities are primarily traded. Such smaller
capitalization companies may have shorter operating histories, less
diversification of assets and smaller dividend payments than larger
capitalization companies. On the other hand, such smaller capitalization
companies may be younger or less mature companies still experiencing significant
growth. A detailed explanation of the objective criteria used in the process of
selecting companies for inclusion in an Index is included in the Statement of
Additional Information.

The securities included in an Index will be (i) admitted to official
listing on a stock exchange in any Member State of the European Economic
Community, (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 Economic Community 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.

The Investment Adviser believes that such a broad equal weighted index is
more representative of the corresponding national markets and displays a bias
towards smaller, less mature companies still experiencing some growth. The
performance of each National Equity Index is included in various publications of
Wright Investors' Service, including the monthly INTERNATIONAL INVESTMENT ADVICE
AND ANALYSIS.

POLICIES THAT APPLY TO ALL FUNDS
EXCEPT THE UNITED STATES, INTERNATIONAL AND GLOBAL FUNDS

Each Fund seeks to achieve its investment objective of enhanced total
investment return (price appreciation plus income) by investing in a broadly
based portfolio of equity securities selected by the Investment Adviser from the
publicly traded companies in the corresponding Index. Subject to the
availability of assets for investment, the Investment Adviser will select equity
securities for a Fund's portfolio from companies in the relevant Index, or
determine to sell securities in the Fund's
<PAGE>
portfolio, on the basis of characteristics which have been identified by
the Investment Adviser as being likely to provide comparatively superior
investment return over the intermediate term. Each Fund may acquire for its
portfolio only those securities which are included in the relevant Index at the
time of purchase. Although there can be no guarantee that each Fund's investment
objective will be achieved, each Fund is expected to have a broadly based
investment portfolio composed of the equity securities of companies in the
designated nation or nations.

POLICIES THAT APPLY TO THE UNITED STATES, INTERNATIONAL AND GLOBAL FUNDS

United States Fund seeks to achieve its investment objective of enhanced
total investment return (price appreciation plus income) by investing in a
broadly based portfolio of equity securities selected by the Investment Adviser
from the publicly traded companies in the United States National Equity Index.
International and Global Funds seek to achieve their investment objectives of
enhanced total investment return (price appreciation plus income) by investing
in broadly based portfolios of equity securities selected by the Investment
Adviser from the publicly traded companies in all the Indices except the United
States National Equity Index and all the Indices including the United States
National Equity Index, respectively. Subject to the availability of assets for
investment, the Investment Adviser will select equity securities for a Fund's
portfolio from companies included in the appropriate Index or Indices, as the
case may be, or determine to sell securities in the Fund's portfolio, in an
attempt to equal the performance of the appropriate Index or Indices. Although
there can be no guarantee that a Fund's investment objective will be achieved,
each Fund is expected to have a broadly based investment portfolio composed of
the equity securities of companies in the designated nation or nations.

OTHER INVESTMENT POLICIES

The Trust, on behalf of each Fund, has adopted certain fundamental
investment restrictions which are enumerated in detail in the Statement of
Additional Information and which may be changed as to each Fund only by the vote
of a majority of the affected Fund's outstanding voting securities. Among these
restrictions, a Fund may not borrow money except from a bank, and then only up
to 1/3 of the current market value of its total assets (excluding the amount
borrowed) or 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 with respect to investments in
obligations issued or guaranteed by the U.S. Government or its agencies or
instrumentalities. Further, with respect to 75% of its assets, no more than 5%
of a Fund's total assets may be invested in the securities of a single issuer
and no Fund will purchase more than 10% of the outstanding voting securities of
a single issuer. None of the Funds has any current intention of borrowing for
leverage or speculative purposes. As a matter of nonfundamental policy, no Fund
will purchase or enter into an agreement to purchase securities while borrowings
exceed 5% of its total assets.
<PAGE>
None of the Funds is intended to be a complete investment program by itself
and the prospective investor should take into account his or her objectives and
other investments when considering the purchase of any Fund's shares. The Funds
cannot eliminate risk or assure achievement of their objectives.

SPECIAL INVESTMENT CONSIDERATIONS -- RISKS

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

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 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 ("Standard & Poor's") or P-1 by
Moody's Investors Service, Inc. ("Moody's"), or, if not rated by such rating
organizations, is deemed by the Investment Adviser to be of comparable quality;
short-term corporate obligations and other debt instruments which at the date of
investment are rated AA or better by Standard & Poor's or Aa or better by
Moody's or, if unrated, which are deemed by the Investment Adviser 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.

Foreign Investments. Investment in securities of foreign companies and
governments may involve certain risk considerations in addition to those arising
when investing in domestic
<PAGE>
securities. These considerations include the
possibility of currency exchange rate fluctuations and revaluation of
currencies, the existence of less publicly available information about foreign
issuers, different accounting, auditing and financial reporting standards, less
stringent securities regulation, non-negotiable brokerage commissions, different
tax provisions, political or social instability, war or expropriation. Moreover,
foreign stock and bond markets generally are not as developed and efficient as
those in the United States and, therefore, the volume and liquidity in those
markets may be less, and the volatility of prices may be greater, than in U.S.
markets. Settlement of transactions in foreign markets may be delayed beyond
what is customary in U.S. markets. These considerations generally are of greater
concern in developing countries. Further information regarding the nations in
which the Funds will invest may be found in the Appendix, beginning on page 45.

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
convertible into 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 Transactions. Each Fund, other than the United States Fund, may
buy and sell foreign currencies. The value in U.S. dollars of investments quoted
or denominated in foreign currencies will be affected by changes in currency
exchange rates. As one way of managing currency exchange rate risk, a Fund may
enter into forward foreign currency exchange contracts, which are agreements to
purchase or sell foreign currencies at a specified price and date. A Fund will
usually enter into these contracts to fix the value of a security it has agreed
to buy or sell. A Fund may also use these contracts to hedge the value of a
security it already owns, particularly if it expects a decline in the value of
the currency in which the foreign security is quoted or denominated. The
underlying currency value of each Fund's forward contracts will be limited to
the value of securities to be bought and sold in that currency plus the value of
the Fund's portfolio securities quoted or denominated in such currency. 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. Contracts to sell foreign currency could limit any potential gain
which might be realized by a Fund if the value of the hedged currency increases.
Although a Fund will attempt to benefit from using forward contracts, the
success of its hedging strategy will depend on Wright's ability to predict
accurately the future exchange rate between foreign currencies. The ability to
predict the direction of currency exchange rates involves skills different from
those used in selecting securities.

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,
cash-equivalents and U.S. Government securities. During the
<PAGE>
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. A Fund may invest the proceeds it 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.

THE INVESTMENT ADVISER

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

Wright is a leading independent international investment management and
advisory firm with more than 30 years' experience. Its staff of over 175 people
includes a highly respected team of 70 economists, investment experts and
research analysts. In addition to the Funds, Wright manages assets for bank
trust departments, corporations, unions, municipalities, eleemosynary
institutions, professional associations, institutional investors, fiduciary
organizations, family trusts and individuals. Wright is also the investment
adviser to The Wright Managed Equity Trust, The Wright Managed Income Trust, and
The Wright Managed Blue Chip Series Trust (the "Wright Funds"). Wright operates
one of the world's largest and most complete databases of financial information
on over 12,000 domestic and international corporations. At the end of 1994,
Wright managed approximately $4 billion of assets.

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

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

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

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

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

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

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

Under Wright's Investment Advisory Contracts with the Trust on behalf of
the Funds, each Fund is required to pay Wright a monthly advisory fee calculated
at the annual rates (as a percentage of average daily net assets) set forth in
the following table. However, for the 1995 fiscal year, Wright has agreed to
reduce its advisory fee and reallocate certain expenses, if such action is
necessary to keep each Fund's expense ratio at or below 2.00%.

ANNUAL % ADVISORY FEE RATES

Under $500 Million $500 Million to $1 Billion Over $1 Billion
------------------ ---------------------------- ---------------

0.75% 0.73% 0.68%

In addition to compensating Wright for its advisory services to the Funds,
the advisory fee schedule is intended to partially compensate Wright for the
maintenance of the National Equity Indices which form the basis for the
selection of securities for the Funds. Wright incurs significant expenses in
maintaining the Indices, including: the cost of employing persons to research
companies that are candidates for inclusion in or removal from an Index and to
enter data into Wright's computerized international database; compensation to
institutions in each country for research provided to Wright; expenses
associated with travel to the countries for which Wright maintains Indices; and
the costs of subscribing to numerous publications and making extensive use of
long-distance telecommunications facilities.

The need to compensate Wright for incurring these expenses in maintaining
the Indices distinguishes the Funds from traditional index funds with portfolios
that track independent published indices available at little or no cost to the
funds' managers.

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

Prior to January 20, 1994 for the Belgium/Luxembourg, Japan, Nordic and
Switzerland Funds and prior to August 25, 1994 for the Hong Kong, Italy,
Netherlands and Spain Funds under the Funds' prior investment advisory
contracts, each Fund was required to pay Wright a monthly advisory fee
calculated at the following annual rates: 0.50% of average daily net assets
under $500 million; 0.48% of average daily net assets of $500 million and under
$1 billion; and 0.43% of average daily net assets of $1 billion and over.

The following table sets forth the net assets of each Fund that was
offering its shares as at December 31, 1994 and the advisory fee rate paid from
each such Fund during the fiscal year ended December 31, 1994. At December 31,
1994, the Australasia, Austria, Britain, Canada, France, Germany, Ireland,
United States, Global, and International Funds had not commenced operations.
<TABLE>

Aggregate Net Assets Fee Rate for the Fiscal Year
at 12/31/94 Ended 12/31/94
------------------ ----------------------

<S> <C> <C>
Belgium/Luxembourg[1] $11,436,835 0.75%
Hong Kong 19,678,713 0.61%
Italy[*] 1,299,204 0.56%
Japan[2] 8,652,808 0.75%
Mexico[3] 13,422,346 0.75%
Netherlands 3,950,618 0.54%
Nordic[2] 8,711,898 0.75%
Spain 6,375,077 0.58%
Switzerland[2] 3,812,535 0.75%
<FN>
[1] Start of business, February 15, 1994. [2] Start of business, February 14, 1994.
[3] Start of business, August 2, 1994.
[*] To enhance the net income of the Italy Fund, Wright made a reduction of its
advisory fee in the amount of $12,039 and Wright was allocated $33,433 of
expenses related to the operation of the Italy Fund.

</FN>
</TABLE>

The following table sets forth the net assets of the Britain and Germany
Funds at June 30, 1995 and the advisory fee rate paid from each such Fund during
the period from the start of business to June 30, 1995. At June 30, 1995, the
Australasia, Austria, Canada, France, Ireland, United States, Global, and
International Funds had not commenced operations.
<TABLE>

Aggregate Net Assets Fee Rate for the Period
at 6/30/95 Ended 6/30/95
------------------ ----------------------

<S> <C> <C>
Britain[1] $15,661,153 0.75%
Germany[2] 15,229,198 0.75%
<FN>

[1] Start of business, April 20,1995. [2] Start of business, April 19, 1995.
</FN>
</TABLE>
<PAGE>

Pursuant to the Investment Advisory Contracts, Wright also furnishes for
the use of each Fund office space and all necessary office facilities, equipment
and personnel for servicing the investments of each Fund. Other than those
expenses expressly stated to be payable by Wright under its Investment Advisory
Contract, each Fund is responsible for all expenses relating to its operations
including, but not limited to, Wright's advisory fee; Eaton Vance's
administration fee; fees pursuant to the Trust's Rule 12b-1 distribution plan;
taxes, if any; custodian, legal and auditing fees; fees and expenses of Trustees
who are not members of, affiliated with or interested persons of Wright or Eaton
Vance; insurance premiums; trade association dues; expenses of obtaining
quotations for calculating the value of each Fund's net assets; printing and
other expenses which are not expressly designated as expenses of Wright or Eaton
Vance.

Wright places the portfolio security transactions for each Fund, which in
some cases may be effected in block transactions which include other accounts
managed by Wright. Wright provides similar services directly for bank trust
departments. Wright seeks to execute the Funds' portfolio security transactions
on the most favorable terms and in the most effective manner possible. Subject
to the foregoing, Wright may consider sales of shares of the Wright Funds as a
factor in the selection of broker-dealer firms to execute such transactions.
Portfolio changes may be made by Wright without regard to the length of time a
security has been held. However, it is not the intention of the Funds to engage
in trading for short-term profits. The frequency of each Fund's portfolio
transactions or turnover rate may vary from year to year depending on market
conditions. A high rate of portfolio turnover (100% or more) involves a
correspondingly greater amount of brokerage commissions and other costs which
must be borne directly by a Fund and thus indirectly by its shareholders. It may
also result in the realization of larger amounts of net short-term capital
gains, distributions from which are taxable to shareholders as ordinary income
and may, under certain circumstances, make it more difficult for a Fund to
qualify as a regulated investment company under the Internal Revenue Code. It is
anticipated that the portfolio turnover rates of the Funds will not exceed 75%
during the current fiscal year. The high portfolio turnover rate experienced by
the Italy Fund is caused by a higher volume of redemptions, not portfolio
trading.

The investment advisory fees payable by the Funds may be higher than the
advisory fees payable by many mutual funds; however, the Investment Adviser
believes that such fees are consistent with the average fees payable by mutual
funds which invest in foreign equity securities.

THE ADMINISTRATOR

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

<TABLE>

ANNUAL % ADMINISTRATION FEE RATES

Under $100 Million $250 Million Over
$100 Million to $250 Million to $500 Million $500 Million
------------ --------------- --------------- ------------

<S> <C> <C> <C>
0.10% 0.06% 0.03% 0.02%

</TABLE>

The following table sets forth the administration fee rate paid by each
Fund that was offering its shares at December 31, 1994.
<TABLE>

Administration Fee Rate
for the Fiscal Year Ended 12/31/94
----------------------------------
<S> <C>
Belgium/Luxembourg[1] 0.10%
Hong Kong 0.10%
Italy 0.10%
Japan[2] 0.10%
Mexico[3] 0.10%
Netherlands 0.10%
Nordic[2] 0.10%
Spain 0.10%
Switzerland[2] 0.10%

<FN>

[1] Start of business, February 15,1994.[2] Start of business, February 14, 1994.
[3] Start of business, August 2, 1994.
</FN>
</TABLE>

The following table sets forth the administration fee rate paid by the
Britain and Germany Funds during the period from the start of business to June
30, 1995.

<TABLE>
Administration Fee Rate
for the Fiscal Year Ended 6/30/95
----------------------------------
<S> <C>
Britain[1] 0.10%
Germany[2] 0.10%
<FN>

[1] Start of business, April 20, 1995. [2] Start of business, April 19, 1995.

</FN>
</TABLE>
<PAGE>

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

DISTRIBUTION EXPENSES

In addition to the fees and expenses payable by each Fund in accordance
with its Investment Advisory Contract and Administration Agreement, each Fund
pays for certain expenses pursuant to a Distribution Plan (the "Plan") designed
to meet the requirements of Rule 12b-1 under the 1940 Act and Article III,
Section 26 of the Rules of Fair Practice of the National Association of
Securities Dealers, Inc. (the "NASD").

The Trust has entered into a distribution contract with Wright Investors'
Service Distributors, Inc. ("WISDI" or the "Principal Underwriter"), a
wholly-owned subsidiary of Wright. Under this contract and the Plan, it is
currently intended that each Fund will pay to WISDI for distribution services
and personal and account maintenance services in connection with the Fund's
shares, an annual fee equal to .25% of each Fund's average daily net assets.
Appropriate adjustments to payments made pursuant to the Plan shall be made
whenever necessary to assure that no payment is made by a Fund which exceeds the
applicable maximum cap imposed on asset-based, front-end and deferred sales
charges by Section 26(d) of Article III of the Rules of Fair Practice of the
NASD.

Pursuant to the Plan, the Trust, on behalf of each Fund, is authorized to
compensate WISDI for (1) distribution services and (2) personal and account
maintenance services performed and expenses incurred by WISDI in connection with
the Fund's shares. The amount of such compensation, including compensation for
personal and account maintenance services, paid during any one year shall not
exceed .25% of the average daily net assets of the Fund. Such compensation shall
be calculated and accrued daily and paid quarterly.

Distribution services and expenses for which WISDI may be compensated
pursuant to this Plan include, without limitation: compensation to and expenses
incurred by Authorized Dealers and the officers, employees and sales
representatives of Authorized Dealers and of WISDI; allocable overhead, travel
and telephone expenses; the printing of prospectuses and reports for other than
existing shareholders; the preparation and distribution of sales literature and
advertising; and all other expenses (other than personal and account maintenance
services as defined below) incurred in connection with activities primarily
intended to result in the sale of the Funds' shares.
<PAGE>

Personal and account maintenance services include, but are not limited to,
payments made to or on account of WISDI, Authorized Dealers and their respective
officers, employees and sales representatives who respond to inquiries of, and
furnish assistance to, shareholders concerning their ownership of Fund shares
and their accounts or who provide similar services not otherwise provided by or
on behalf of the Fund.

The Plan is a compensation plan which provides for the payment of a
specified distribution fee without regard to the distribution expenses actually
incurred by WISDI. Accordingly, an amount equal to 1/365 of the annual
distribution fee will be accrued on each day as an expense of each Fund, which
will reduce its net investment income. If the Plan were terminated or not
continued by the Trustees and no successor plan were adopted, the Funds would
cease to make distribution payments to WISDI. WISDI would be unable to recover
the amount of any unreimbursed distribution expenditures made by WISDI. However,
WISDI does not intend to make distribution expenditures at a rate that
materially exceeds the rate of compensation received under the Plan.

The following table shows the distribution expenses allowable to WISDI and
paid by each Fund that was offering its shares at December 31, 1994 for the
fiscal year then ended.

<TABLE>
Distribution Expenses Distribution Expenses
Distribution Reduced by Distribution Paid as a % of
Expenses the Principal Expenses Fund's Average
Allowable Underwriter Paid by Fund Net Asset Value
-------------- --------------------- ------------ ----------------------
<S> <C> <C> <C> <C>
Belgium/Luxembourg[1] $18,567 -- $18,567 0.25%
Hong Kong 58,828 -- 58,828 0.25%
Italy 5,350 $5,350 0 0.00%
Japan[2] 16,751 -- 16,751 0.25%
Mexico[3] 21,206 -- 21,206 0.25%
Netherlands 18,036 -- 18,036 0.25%
Nordic[2] 16,774 -- 16,774 0.25%
Spain 18,071 2,300 15,771 0.22%
Switzerland[2] 12,586 4,025 8,561 0.17%
<FN>

[1] Start of business, February 15, 1994. [2] Start of business, February 14, 1994. [3] Start of business,
August 2, 1994.
</FN>
</TABLE>

The following table shows the distribution expenses allowable to WISDI and
paid by the Britain and Germany Funds for the period from the start of business
to June 30,1995.
<TABLE>

Distribution Expenses Distribution Expenses
Distribution Reduced by Distribution Paid as a % of
Expenses the Principal Expenses Fund's Average
Allowable Underwriter Paid by Fund Net Asset Value
------------- --------------------- ------------- ----------------------
<S> <C> <C> <C> <C>
Britain[1] $7,040 -- $7,040 0.25%
Germany[2] 6,993 -- 6,993 0.25%
<FN>

[1 Start of business, April 20, 1995. [2] Start of business, April 19, 1995.
</FN>
</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, unless those prices are deemed by Wright to be not
representative of market values. Securities which cannot be valued at such
prices, will be valued by Wright at fair value in accordance with procedures
adopted by the Trustees. Foreign currencies, options on foreign currencies and
forward foreign currency contracts will be valued at their last sales price as
determined by published quotations or as supplied by banks that deal in such
instruments. The value of all assets and liabilities expressed in foreign
currencies will be converted into U.S. dollar value at the mean between the
buying and selling rates of such currencies against U.S. dollars last quoted by
any major bank. If such quotations are not available, the rate of exchange will
be determined in good faith by or under procedures established by the Trustees.
Securities traded over-the-counter, unlisted securities and listed securities
for which closing sale prices are not available are valued at the mean between
latest bid and asked prices or, if such bid and asked prices are not available,
at prices supplied by a pricing agent selected by Wright, unless such prices are
deemed by Wright not to be representative of market values at the close of
business of the NYSE. Securities for which market quotations are unavailable,
restricted securities, securities for which prices are deemed by Wright not to
be representative of market values and other assets will be appraised at their
fair value as determined in good faith according to guidelines established by
the Trustees of the Trust. Short-term obligations with remaining maturities of
sixty days or less are valued at amortized cost, which 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 or if such
quotations are not available or deemed by Wright not to be representative of
market values, at fair value.

Trading in securities on European and Far Eastern securities exchanges and
over-the-counter markets is normally completed well before the close of business
on each business day in New York (i.e., a day on which the NYSE is open for
trading). In addition, European or Far Eastern securities trading generally or
in a particular country or countries may not take place on all business days in
New York. Furthermore, trading takes place in Japanese markets on certain
Saturdays and in various foreign markets on days which are not business days in
New York and on which the Funds' net asset values are not calculated. Such
calculation does not take place
<PAGE>
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 New York Stock Exchange 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 an adjustment will be
made.

HOW TO BUY SHARES

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

Shares of each Fund may be purchased or redeemed through an investment
dealer, bank or other institution. Charges may be imposed by the institution for
its services. Any such charges could constitute a material portion of a smaller
account. Shares may be purchased or redeemed directly from or with each Fund
without imposition of any charges other than those described in this Prospectus.

Purchases By Wire: Investors may purchase shares by transmitting
immediately available funds (Federal Funds) by wire to:

Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA

ABA: 011001234
Account 081345
Further Credit: (Name of Fund)
(Include your Fund account number)

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

THE WRIGHT EQUIFUND EQUITY TRUST
BOS 725
P.O. Box 1559
Boston, Massachusetts 02104

Subsequent Purchases -- Additional investments may be made at any time
through the wire procedure described above. The Funds' Order Department must be
immediately advised by telephone at (800) 225-6265, Ext. 3 of each transmission
of funds by wire.

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

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

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

Purchase Through Exchange of Securities: Investors wishing to purchase
shares of a Fund through an exchange of portfolio securities should contact
WISDI to determine the acceptability of the securities and make the proper
arrangements. The shares of a Fund may be purchased, in whole or in part, by
delivering to the Funds' custodian securities that meet the investment objective
and policies of the relevant Fund, have readily ascertainable market prices and
quotations and which are otherwise acceptable to the Investment Adviser and the
Fund. The Trust will only accept securities in exchange for shares of the Funds
for investment purposes and not as agent for the shareholders with a view to a
resale of such securities. The Investment Adviser, WISDI and the Funds reserve
the right to reject all or any part of the securities offered in exchange for
shares of a Fund. An investor who wishes to make an exchange should furnish to
WISDI a list with a full and exact description of all of the securities which he
proposes to deliver. WISDI or the Investment Adviser will specify those
securities which the Fund is prepared to accept and will provide the investor
with the necessary forms to be completed and signed by the investor. The
investor should then send the securities, in proper form for transfer, with the
necessary forms to the Funds'
<PAGE>
Custodian and certify that there are no legal or contractual restrictions
on the free transfer and sale of the securities. Exchanged securities will be
valued at their fair market value as of the date that the securities in proper
form for transfer and the accompanying purchase order are both received by the
Trust, using the procedures for valuing portfolio securities as described under
"How the Funds Value Their Shares" on page 34. However, if the NYSE or
appropriate foreign stock exchange is not open for unrestricted trading on such
date, such valuation shall be on the next day on which the NYSE or foreign stock
exchange is so open. In any event, all valuations are determined in good faith
by or at the direction of the Trust's Trustees. The net asset value used for
purposes of pricing shares sold under the exchange program will be the net asset
value next determined following the receipt of both the securities offered in
exchange and the accompanying purchase order. Securities to be exchanged must
have a minimum aggregate value of $5,000. An exchange of securities is a taxable
transaction which may result in realization of a gain or loss for Federal and
state income tax purposes.

HOW SHAREHOLDER ACCOUNTS ARE MAINTAINED

Upon the initial purchase of a Fund's shares, an account will be opened for
the account or sub-account of an investor. Subsequent investments may be made at
any time by mail to the Transfer Agent or by wire, as noted above. There is
currently a $500 minimum account balance which is required to be maintained by
Fund shareholders. The Trust has the right, upon 60 days' notice to
shareholders, to involuntarily redeem shares, at the net asset value in accounts
which do not meet this minimum account requirement. However, no such redemption
would be required by a Fund if the cause of the low account balance was a
reduction in the net asset value of Fund shares. Confirmation statements
indicating total shares of each Fund owned in the account or each sub-account
will be mailed to investors quarterly and at the time of each purchase (other
than reinvestment of dividends or distributions) or redemption. The issuance of
shares will be recorded on the books of the relevant Fund. The Trust does not
issue share certificates.

DISTRIBUTIONS AND DIVIDENDS BY THE FUNDS

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

TAXES

Under the Internal Revenue Code of 1986, as amended (the "Code"), each Fund
is treated as a separate entity for Federal income tax purposes. Each Fund has
qualified and elected or intends to qualify and elect to be treated as a
regulated investment company for Federal income tax purposes. In order to so
qualify, each Fund must meet certain requirements with respect to sources of
income, diversification of assets, and distributions to shareholders. Each Fund
does not pay Federal income or excise taxes to the extent that it distributes to
its shareholders all of its net investment income and net realized capital gains
in accordance with the timing requirements of the Code. None of the Funds will
be subject to income, corporate excise or franchise taxation in Massachusetts in
any year in which it qualifies as a regulated investment company under the Code.

For Federal income tax purposes, a shareholder's proportionate share of
distributions from each Fund's net investment income and net short-term capital
gains as well as distributions of certain foreign currency gains is taxable as
ordinary income, whether received in cash or reinvested in additional shares. It
is not expected that any portion of a Fund's distributions (with the possible
exception of certain distributions from Global Fund and/or United States Fund)
will qualify for the corporate dividends-received deduction. A shareholder's
proportionate share of distributions of each Fund's net long-term capital gains
is taxable as long-term capital gains whether received in cash or reinvested in
additional shares, regardless of how long the shareholder has held the Fund
shares. Distributions on Fund shares shortly after their purchase, although in
effect a return of a portion of the purchase price, are generally subject to
Federal income tax. Distributions declared by a Fund in October, November or
December of any calendar year to shareholders of record as of a date in such
month and paid the following January will be treated for Federal income tax
purposes as having been received by the shareholder on December 31 of the year
in which they are declared.

In order to avoid Federal excise tax, the Code requires that each Fund
distribute (or be deemed to have distributed) by December 31 of each calendar
year at least 98% of its ordinary income for such year, at least 98% of the
excess of its realized capital gains over its realized capital losses for the
one-year period ending on October 31 of such year or, at the election of a Fund
with a taxable year ending on December 31, for such taxable year 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.

A Fund may be subject to foreign withholding or other foreign taxes with
respect to income (possibly including, in some cases, capital gains) that it
derives from investments in foreign securities and may make an election under
Section 853 of the Code that would allow shareholders to claim a credit or
deduction on their Federal income tax returns for (and treat as additional
amounts distributed to them) their pro rata portion of qualified taxes paid by
such Fund to foreign countries. This election may be made only if more than 50%
of the assets of the Fund at the close of a taxable year consists of securities
in foreign corporations. Availability of foreign tax credits or deductions for
shareholders is subject to certain additional restrictions and limitations at
the Fund and shareholder levels.
<PAGE>

Annually, shareholders of each Fund that are not exempt from information
reporting requirements will receive information on Form 1099 to assist in
reporting the prior calendar year's distributions and redemptions (including
exchanges) on Federal and state income tax returns. Shareholders should consult
their own tax advisers with respect to the tax status of distributions from the
Funds or the redemption (including an exchange) of Fund shares in their own
states and localities. Under Section 3406 of the Code, individuals and other
non-exempt shareholders will be subject to backup withholding of 31% on taxable
distributions made by a Fund and on the proceeds of redemptions (including
exchanges) of shares of the Fund if they fail to provide to a Fund their correct
taxpayer identification numbers and certain required certifications or if the
Internal Revenue Service or a broker notifies a Fund that the number furnished
by the shareholder is incorrect or that the shareholder is otherwise subject to
such withholding. If such withholding is applicable, such distributions and
proceeds will be reduced by the amount of tax required to be withheld.

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

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

HOW TO EXCHANGE SHARES

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

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

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

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

Telephone exchanges are also accepted if the exchange involves shares
valued at less than $50,000 and on deposit with The Shareholder Services Group,
Inc. All shareholders are automatically eligible for the telephone exchange
privilege. To effect such exchanges, call The Shareholder Services Group, Inc.
at 800-262-1122 or, within Massachusetts, 617-573-9403, Monday through Friday,
9:00 a.m. to 4:00 p.m. (Eastern time). All such telephone exchanges must be
registered in
<PAGE>
the same name(s) and with the same address and social security or
other taxpayer identification number as are registered with the Fund from which
the exchange is being made. See "How to Redeem Or Sell Shares -- By Telephone"
for a description of the procedures the Funds employ to ensure that instructions
communicated by telephone are genuine. None of the Trust, the Funds, the
Principal Underwriter or The Shareholder Services Group, Inc. will be
responsible for the authenticity of exchange instructions received by telephone,
provided that reasonable procedures have been followed to confirm that
instructions communicated are genuine, and if such procedures are not followed,
the Trust, the Funds, the Principal Underwriter or The Shareholder Services
Group, Inc. may be liable for any losses due to unauthorized or fraudulent
telephone instructions. Telephone instructions will be tape recorded. In times
of drastic economic or market changes, a telephone exchange may be difficult to
implement. Generally, shareholders will be limited to four Telephone Exchange
round-trips per year and a Fund may refuse requests for Telephone Exchanges in
excess of four round-trips (a round-trip being the exchange out of the Fund into
another Wright Fund, and then back to the Fund). The Trust believes that use of
the Exchange Privilege by investors utilizing market-timing strategies adversely
affects the Funds. Therefore, the Trust generally will not honor requests for
exchanges, including Telephone Exchanges, by shareholders identified by the
Trust as "market-timers." When calling to make a telephone exchange,
shareholders should have available their account number and social security or
other taxpayer identification numbers.

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

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

HOW TO REDEEM OR SELL SHARES

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

Through Authorized Dealers: Shareholders using Authorized Dealers may
redeem shares through such Dealers.

By Telephone: All shareholders are automatically eligible for the telephone
redemption privilege, unless the account application indicates otherwise.
Shareholders may effect a redemption by calling the Funds' Order Department at
800-225-6265, (8:30 a.m. to 4:00 p.m. Eastern time). In times when the volume of
telephone redemptions is heavy, additional phone lines will automatically be
added by the Funds. However, in times of drastic economic or market changes, a
telephone redemption may be difficult to implement. When calling to make a
telephone redemption, shareholders should have available their account number. A
telephone redemption will be made at that day's net asset value, provided that
the telephone redemption request is received prior to 4:00 p.m. on that day.
Telephone redemption requests received after 4:00 p.m. will be effected at the
net asset value determined for the next trading day. Payment will be made by
check to the address of record or, if an appropriate election was made on the
application form, by wire transfer to the bank account or address designated.
Payment is normally made within one business day after receipt of the redemption
request in good order. Trust Departments may make redemptions and deposit the
proceeds in checking or other accounts of clients, as specified in instructions
furnished to the Funds at the time of initially purchasing Fund shares. None of
the Trust, the Funds, the Principal Underwriter or The Shareholder Services
Group, Inc. will be responsible for the authenticity of redemption instructions
received by telephone, provided that reasonable procedures have been followed to
confirm that instructions communicated are genuine, and if such procedures are
not followed, the Trust, the Funds, the Principal Underwriter or The Shareholder
Services Group, Inc. may be liable for any losses due to unauthorized or
fraudulent telephone instructions.

Also, shareholders may effect a redemption by calling the Funds' Transfer
Agent, The Shareholder Services Group, Inc., at 800-262-1122 (8:30 a.m. to 4:00
p.m. Eastern time) if the redemption involves shares valued at less than $50,000
and on deposit with The Shareholder Services Group, Inc. Payment will be made by
check to the address of record. Telephone instructions will be tape recorded.

By Mail: A shareholder may also redeem all or any number of shares at any
time by mail by delivering the request with a stock power to the Transfer Agent,
The Shareholder Services Group, Inc., BOS725, P.O. Box 1559, Boston,
Massachusetts 02104. As in the case of telephone requests, payments will
normally be made within one business day after receipt of the redemption request
in good order. Good order means that written redemption requests or stock powers
must be endorsed by the record owner(s) exactly as the shares are registered and
the signature(s) must be guaranteed by a member of either the Securities
Transfer Association's STAMP program or the NYSE's Medallion Signature Program,
or certain banks, savings and loan institutions, credit unions, securities
dealers, securities exchanges, clearing agencies and registered securities
associations as required by a regulation of the Securities and Exchange
Commission and acceptable to The Shareholder Services Group, Inc. In addition,
in some cases, good order may require furnishing of additional documents such as
where shares are registered in the name of a corporation, partnership or
fiduciary.
<PAGE>

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

Due to the relatively high costs of maintaining small accounts, each Fund
reserves the right to redeem fully at net asset value any Fund account
(including accounts of clients of fiduciaries) which at any time, due to
redemptions or exchanges, amounts to less than $500 for that Fund; any
shareholder who makes a partial redemption which reduces his account in a Fund
to less than $500 would be subject to the Fund's right to redeem such account.
Prior to the execution of any such redemption, notice will be sent and the
shareholder will be allowed 60 days from the date of notice to make an
additional investment to meet the required minimum of $500 per Fund. However, no
such redemption would be required by a Fund if the cause of the low account
balance was a reduction in the net asset value of Fund shares.

PERFORMANCE AND YIELD INFORMATION

From time to time a Fund may publish its yield and/or average annual total
return in advertisements and communications to shareholders. The current yield
for a Fund will be calculated by dividing the net investment income per share
during a recent 30-day period by the maximum offering price per share of the
Fund on the last day of the period. The results are compounded on a bond
equivalent (semi-annual) basis and then annualized. A Fund's average annual
total return is determined by computing the annual percentage change in value of
$1,000 invested at the public offering price (i.e., net asset value per share)
for specified periods ending with the most recent calendar quarter, assuming
reinvestment of all dividends and distributions at net asset value.

Investors should note that the investment results of a Fund will fluctuate
over time, and any presentation of a Fund's current yield or total return for
any prior period should not be considered as a representation of what an
investment may earn or what an investor's yield or total return may be in any
future period. The reduction of fees or assumption of expenses by Wright, WISDI
or Eaton Vance will result in a Fund's higher performance.

OTHER INFORMATION

The Trust is a business trust established under Massachusetts law and is an
open-end management investment company. The Trust was established pursuant to a
Declaration of Trust dated July 14, 1989, as amended and restated December 20,
1989 and further amended April 13,
<PAGE>
1995 to change the name of the Trust from EquiFund - Wright National
Fiduciary Equity Funds to The Wright EquiFund Equity Trust. The Trust consists
of nineteen SERIES. Each Fund's activities are supervised by the Trustees of the
Trust.

Although each Fund is offering only its own shares, since the Funds use
this combined Prospectus, it is possible that a Fund might become liable for a
misstatement or omission in this Prospectus regarding another Fund. The Trustees
have considered this factor in approving the use of a combined Prospectus.

The Trust's shares of beneficial interest have no par value and may be
issued in two or more series or "funds." The Trustees are empowered by the
Declaration of Trust and By-laws to change the name of any existing series and
to create additional series without obtaining shareholder approval. The Trust's
shares may be issued in an unlimited number by its Trustees. Each share of a
series represents an equal proportionate beneficial interest in that series and,
when issued and outstanding, the shares are fully paid and non-assessable by the
relevant series. Shareholders are entitled to one vote for each full share held.
Fractional shares may be voted in proportion to the amount of the net asset
value of a series which they represent. Voting rights are not cumulative, which
means that the holders of more than 50% of the shares voting for the election of
Trustees of the Trust can elect 100% of the Trustees and, in such event, the
holders of the remaining less than 50% of the shares voting on the matter will
not be able to elect any Trustees. As of September 15, 1995, Resources Trust
Co., P.O. Box 3865, Englewood, CO was the record holder of 94.4%, 97.3%, 97.3%,
59.4%, 56.3%, 70.4%, 71.0% and 78.6%, respectively, of the outstanding shares of
the Belgium/Luxembourg, Britain, Germany, Hong Kong, Japan, Netherlands, Nordic,
and Switzerland Funds held on behalf of its clients; Charles Schwab & Co., Inc.,
101 Montgomery Street, San Francisco, CA was the record holder of 60.5%, 25.1%
and 39.8%, respectively, of the outstanding shares of the Italy, Japan and
Mexico Funds held on behalf of its clients; and First Trust Corp., P.O. Box
17376, Denver, CO, was the record holder of 42.7% of the outstanding shares of
the Spain Fund held on behalf of its clients. Shares will be voted by individual
series except to the extent required by the 1940 Act. Shares have no preemptive
or conversion rights and are freely transferable. Upon liquidation of a series,
shareholders are entitled to share pro rata in the net assets of that series
available for distribution to shareholders, and in any general assets of the
Trust not allocated to a particular series by the Trustees.

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

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

TAX-SHELTERED RETIREMENT PLANS

The Funds may be suitable investments for Individual Retirement Account
Plans for individuals and their non-employed spouses, Pension and Profit Sharing
Plans for self-employed individuals, corporations and non-profit organizations,
or 401(k) tax-sheltered retirement plans. The minimum initial purchase of $1,000
per Fund may be waived for investments by 401(k) plans.

For more information, contact your Authorized Dealer or write to:

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

or call: (800) 888-9471

<PAGE>

APPENDIX
-----------------------------------
INFORMATION CONCERNING THE NATIONS
IN WHICH THE FUNDS WILL INVEST

The Funds (other than the United States Fund) 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 are real and 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 B 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, provides
comprehensive and reliable investment information. Wright Investors' Service
believes that WORLDSCOPE(R) has counteracted the lack of quality information
which has been a major problem for the international investor.

POLITICAL AND ECONOMIC CONSIDERATIONS

Potential international investors must be aware of political and economic
actions which might change the investment environment. For example, the members
of the European Union (EU) (successor to the European Communities EC, the Common
Market), which is the designation of three organizations (the European Economic
Community or EEC, the European Coal and Steel Community, and the European Atomic
Energy Community) with common membership and, since July of 1967, a common
executive, have agreed that a single European market will remove all barriers to
free trade and free movement of capital and people. The effect of European
unification
<PAGE>
will be to create a major economic trading unit composed of the entire fifteen
members of the EU (Austria, Belgium, Denmark, Finland, France, Germany, Great
Britain, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, and
Sweden). The macroeconomic effects of such unification could be substantially
higher economic growth. Economies of scale and lower costs could lead to reduced
inflation while fiscal reform and budget restraint might reduce budget deficits
despite an initial higher rate of unemployment. It is not possible to predict
the precise impact of European unity or if all the program goals incorporated in
the Maastricht Treaty of 1991 will be achieved. However, Wright believes that
European economic integration offering substantial long-term economic benefits
to the member nations will ultimately come to pass.

The European Currency Unit (ECU) is the official accounting unit of the EEC
and, as such, is used by member nations for budgetary purposes in setting common
agricultural prices and in the accounts of the EU institutions since the
implementation of the European Monetary System (EMS) in March of 1979. The major
aim of the EMS is to achieve close monetary and economic cooperation among the
member countries of the EU and, in particular, to create a zone of monetary
stability. The ECU is an open-basket currency whose value is based on the
weighted value of the member currencies with weights based on each member's
share of intra-Europe trade and the relative size of its GDP. Each member nation
values its currency in terms of the ECU. Nine of the member currencies (Dutch
guilder, German mark, Austrian schilling, Belgian franc, Portuguese escudo,
Danish prone, French franc, Irish punt and Spanish peseta) form the EMS grid. If
an EMS grid member's currency deviates more than 15% (2.25% for the mark and
guilder) of the agreed central rates against the other members of the mechanism,
the member nation must take steps to correct the problem or to either devalue or
revalue its currency. Following the currency turmoil of 1992, Great Britain and
Italy withdrew from the EMS's exchange Rate mechanism effectively devaluing the
pound and the lira. They have remained outside the EMS but continue to measure
the value of their currency against the EMS grid. Spain and Italy devalued their
currency against the EMS grid in March of 1995.

The "official ECU" is used between European monetary authorities to settle
debts they incur with one another as a result of their interventions in the
currency markets. There is also a private or commercial ECU, the use of which
has increased substantially over the last few years. Its stature increased with
the issue of the first Euro-ECU bonds in 1981, and it is now one of the most
widely used currencies for international bond issuance. The ECU enjoys greater
popularity than was envisioned at its inception in 1979. It is known far beyond
Europe as a currency unit freely convertible into all major currencies. It is
widely used to price, invoice, and settle transactions involving goods and
services. Thousands of Europeans now use ECU's to buy cars, pay hotel bills or
transact other business on ECU credit cards and on ECU-denominated checking
accounts or travelers checks.

There are other examples of political and economic events, some quite
dramatic, which impact the investment environment. In the past decade, there has
been world-wide movement towards "privatization" of government owned and
operated companies. Examples include the water companies
<PAGE>
in the Great Britain, the banks in France, etc. The economies of Austria and
Portugal are especially expected to benefit from privatization in the
coming years.

Recent dramatic developments in the former Soviet Union, the Eastern Bloc
nations, China, Central America, and South Africa can be expected to have a
major, but as yet not fully predictable, impact on the world in general and the
nations in which the Fund will invest in particular. It remains to be seen if
the fledgling democracies can successfully cope with the many economic
dislocations which have accompanied the fall of the old order. It also remains
to be seen what reactions other nations will have towards a reduced Soviet
military threat and potential for increased trade.

The dismantling of the Berlin Wall in November of 1989 led to the economic
unification of the economically weak East Germany with the economically strong
West Germany in July 1990. This was followed by the political unification on
October 3, 1990.

The European Free Trade Association (EFTA) consisting of Austria, Iceland,
Norway, Portugal, Sweden, and Switzerland with associated member Finland, was
created in January of 1960 with the objective to gradually reduce customs duties
and quantitative restrictions between members on industrial products. All
tariffs and quotas were eliminated by year-end 1966. EFTA entered into
free-trade agreements with the EU in January of 1973. Trade barriers were
removed by July 1976. EFTA is expected to expand to include Central European
countries. The world-wide trade movement towards increasingly Free Market
economies has been helped by the establishment of the World Trade Organization
(WTO) successor to GATT.

Members of the North Atlantic Treaty Organization (NATO) (Belgium, Canada,
Denmark, France, Great Britain, Iceland, Italy, Luxembourg, Netherlands, Norway,
Portugal, the United States, Greece, Turkey, Germany, and Spain) agreed to
settle disputes by peaceful means, to develop individual and collective capacity
to resist armed attack, and to regard an attack on one as an attack on all. With
the demise of the former Warsaw Pact nations of the communist world, political
tensions in Europe appear to have materially eased.

The Organization for Economic Cooperation and Development (OECD) was
established in September of 1961 to promote economic and social welfare in
member countries and to stimulate and harmonize efforts on behalf of developing
nations. The OECD collects and disseminates from its Paris headquarters economic
and environmental information to members which represent nearly all the
industrialized "free market" countries: Australia, Austria, Belgium, Great
Britain, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United States and with
Yugoslavia as an associate member.
<PAGE>

RESTRICTIONS ON FOREIGN INVESTMENT

Another issue which 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 Italy, 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 geneally 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 which 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. However, one nation, Hong Kong, will be taken over by the Chinese
government in 1997 and there is considerable uncertainty as to the impact of
such a takeover.

The size of the markets is another concern. In December of 1994, FT
Actuaries/Goldman Sachs calculated the world equity market at some U.S. $9,186
billion. This market is dominated by the U.S. ($3,296 billion) and Japan ($2,747
billion). Other nations of significant size include Switzerland ($225 billion),
Italy ($133 billion), France ($330 billion), Canada ($148 billion), Germany
($339 billion), and Great Britain ($905 billion). In 1991, world equity markets
posted sharp advances despite concerns about the U.S. deficit, world debt and
recession in a good part of the world. In 1994, the Financial Times Actuaries
World Index, which is composed of around 2,200 securities from 24 nations,
posted a total return of 5.8% in 1994 in terms of U.S. dollars. The FT-Actuaries
World Index showed a total return of 19.8% for 1993 following a 5.1% decline in
1992. Following is a table summarizing the market capital, total return
performance, price/earnings ratios and normal settlement time.
<PAGE>
<TABLE>
<CAPTION>

Market 1992 1993 1994 1994
NATION Capital FT Index FT Index FT Index P/E Ratio SETTLEMENT
(1) (2) (2) (2) (2)
- -------------------------------------------------------------------------------------------------------------

Australia 143.4 -13.4% 38.3% 6.5% 16.4 Five business days
Austria 13.1 -13.9% 34.0% -0.2% 34.5 Second Monday after trading week
Belgium 64.8 -2.5% 27.8% 7.8% 14.5 Cash market -- same day
Canada 148.2 -12.3% 20.8% -2.2% 26.6 Five business days
Denmark 34.2 -29.1% 34.5% 3.1% 25.7 Three business days
Finland 28.4 -8.7% 78.9% 52.1% 13.3 Five business days
France 330.5 1.4% 23.5% -4.2% 24.9 Usually last business day of month
Germany 339.4 -9.1% 37.7% 4.0% 32.0 Two business days
Great Britain 905.1 -2.3% 23.8% -1.2% 16.8 Two-week rolling average
Hong Kong 164.9 30.4% 128.3% -31.3% 11.9 Next business day
Ireland 14.8 -15.6% 41.3% 15.1% 10.9 Bi-weekly
Italy 133.2 -24.5% 28.0% 11.6% 35.8 Usually last business day of month
Japan 2,747.3 -21.9% 25.0% 21.5% 91.9 Three business days
Luxembourg -- -- -- -- -- --
Malaysia 100.7 25.4% 130.7% -17.7% 31.3 See note (3)
Mexico 51.6 19.8% 46.4% -40.0% 14.9 Two business days, see note (4)
Netherlands 181.5 3.7% 36.6% 12.6% 14.9 Within 10 days
New Zealand 18.9 -3.3% 65.3% 7.9% 16.5 Five business days
Norway 10.8 -21.5% 32.7% 20.7% 18.2 Seven business days
Singapore 56.8 -0.8% 75.3% 3.2% 26.4 Tuesday of the following week
Spain 91.9 -21.2% 25.3% -1.4% 12.4 Wednesday of the following week
Sweden 85.6 -6.0% 20.7% 19.5% 14.1 Five business days
Switzerland 225.1 15.2% 44.3% 5.0% 17.4 Three business days
United States 3,296.0 8.0% 9.6% 1.7% 16.5 Five business days
- -------------------------------------------------------------------------------------------------------------
<FN>

(1) Billions of U.S. $. Estimated by FT-Actuaries World IndicesTM/SM
include approximately 2,200 securities in 24 national indices. Excludes
investment companies and foreign domiciled companies. (e): Estimated -- Malaysia
and Singapore are not reported separately.

(2) Total return measured in U.S. $. P/E ratio at year-end 1993.
FT-Actuaries World IndicesTM/SM include approximately 2,200 securities in 24
national indices.

(3) Kuala Lumpur Exchange. "Ready Bargains" settle not later than 3:00 pm
on: 1) Wednesday of the week following the trading period when the clients are
selling; 2) Thursday of the week following the trading period when brokers are
dealing with SCANS (Securities Network Services); 3) Friday of the week
following the trading period when SCANS is dealing with buying brokers.

(4) For Exchange Traded Securities.
</FN>
</TABLE>
<PAGE>

COUNTRY SUMMARIES
------------------------
AUSTRALIA is located southeast of Asia. The Indian Ocean is west and south, the
Pacific Ocean is east. The population, which is growing at 1.5% a year, is
estimated to be 18 million with a density of 6 people per square mile. Major
cities are Sydney, Melbourne, Brisbane, Adelaide, and Perth. Iron, steel,
textiles, electrical equipment, chemicals, autos, aircraft, ships, machinery,
cattle, and wool are the chief industries. The currency is the Australian dollar
(December 1994: AUD 1.29 = $1 U.S). The Gross Domestic Product was U.S. $281
billion in 1993, or about $15,911 per capita. The 1994 current account trade
balance is estimated to have been negative $13 billion. According to the OECD,
real GDP growth was around 4.3% in 1994 and should average around 4.0% per year
in 1995-96.
Australia is a major power in the Southeast Pacific with close ties to
Japan and Southeast Asia. It is an important agricultural nation and is the
world's primary wool producer. There are seven stock exchanges in Australia with
the major ones being the Australian Stock Exchange and the Sydney Stock Exchange
both based in Sydney; Adelaide, Brisbane, Hobart, Melbourne and Perth. Dividends
on Australian shares are usually paid semi-annually. Companies occasionally
issue bonus shares which, since they are issued without any corresponding
capital inflow, automatically dilute shareholders' value. However, shareholders
wealth is unaffected and, as the dividend rate is usually maintained on the
increased number of shares, a bonus issue effectively results in the increase of
the dividend return. Australia has always relied on foreign capital to assist in
financing economic development. Foreigners are free to invest in most sectors of
the economy. Exchange controls were, for the most part, abolished at the end of
1983. Those that remain are essentially designed to combat international tax
avoidance.
Dividends are exempt from withholding tax to the extent they qualify as
franked dividends. In general, dividends are franked if they are paid out of
profits that have borne corporate income tax at the full rate of 39%. If the
dividends are unfranked, a final withholding tax of 30% is levied.

AUSTRIA is located in southcentral Europe. Its neighbors are Switzerland,
Liechtenstein, Germany, Czechoslovakia, Hungary, Yugoslavia and Italy. The
population is estimated to be 8 million. Major cities are Vienna, Graz and Linz.
Steel, machinery, autos, electrical and optical equipment, glassware, sport
goods, paper, textiles, chemicals and cement are the chief industries. The
currency is the Schilling (December 1994: ATS 11.10 = $1 U.S.). The Gross
Domestic Product was $190 billion in 1993, or $23,750 per capita. Agriculture
makes up 3% of the GDP, the industrial section 38% and the service sector 59%.
Defense spending is 1.2% of the GDP while education spending equals 6.0%. The
1993 current account trade balance was negative $926 million. Austria joined the
European Union in 1994.
The relatively small size of Austria's securities markets may make it
difficult for the Austrian National Fiduciary Equity Fund to effect purchases or
sales of portfolio securities without causing an increase or decrease in the
market price of such securities. The trading activities of competing investment
companies may also have an adverse effect on securities prices or reduce the
availability of securities appropriate for inclusion in the Fund's portfolio.
Frequently, trading in Austria is
<PAGE>
accomplished "off-exchange" through banks which may also serve as
broker/dealers and investment advisers. Since these banks may simultaneously be
dealing for their own account or the account of clients in such instances, such
"off-exchange" trading could involve conflicts of interest.
Austria produces most of its food as well as an array of industrial
products. Historically, a large part of the economy is controlled by state
enterprises but this is changing through the increasing privatization of such
enterprises. The rate of non-refundable dividend withholding tax is currently
20%.

BELGIUM is located in northwest Europe on the North Sea. The population is
estimated to be 10 million. There are two main ethnic groups. The Dutch-speaking
Flemish make up about 60% of the population located in the north and west of the
country; and the French-speaking Walloons account for the remaining 40% and are
located to the south and east. The divisions between these two groups are not
only linguistic but also economic, social and cultural. Brussels is officially
bi-lingual, and English and German are widely used for business purposes and by
visitors. Major cities are Brussels, Antwerp, Ghent, Charleroi and Liege. Steel,
glassware, diamond cutting, textiles and chemicals are the chief industries. The
currency is the Belgian Franc (December 1994: BEF 31.83 = $1 U.S.). The Gross
Domestic Product was $218 billion in 1992, or $21,750 per capita. The 1993
current account trade balance was positive $7.4 billion. Belgium is a member of
the European Union.
Exchange control is mainly concerned that settlements with foreign
countries are made through the appropriate exchange market. There are, in
general, no restrictions on portfolio investments. The rate of non-refundable
dividend withholding tax is currently 25%.

CANADA, the world's second largest country, is located in North America,
southward from the North Pole to the U.S. border. The population is estimated to
be 27 million. Canada is divided into ten provinces and two territories. It is
an urban society with most of the principal cities located close to the U.S.
border. Both English and French are official languages, but French predominates
in the Province of Quebec where it is the official working language while
English is used throughout the rest of the country. Major cities are Montreal,
Toronto, Vancouver, Ottawa-Hull, Edmonton, Calgary, and Quebec. Mining, oil and
gas, paper and forest products, consumer products, industrial products,
chemicals, real estate, construction, transportation, finance, and
communications are the chief industries. The currency is the Canadian dollar
(December 1994: CAD 1.40 = $1 U.S.). The Gross Domestic Product was $539 billion
in 1993, or about $20,000 per capita. The 1993 current account trade balance was
negative $21.9 billion. Canada is a participant in the North American Free Trade
Agreement (NAFTA) along with the U.S.A. and Mexico.
The market value of equity shares of domestic companies on the Toronto
Exchange, the largest of the five exchanges, on December 31, 1992 was around
$200 billion. There is also a large over the counter market run by approximately
200 broker/dealers and a few banks. Dividends on common shares are usually paid
quarterly. Calgary, Winnipeg, Montreal, and Vancouver also have stock exchanges.
Canada has no restrictions on foreign exchange. The non-refundable dividend
withholding tax rate is currently 25%.
<PAGE>

DENMARK is located in northern Europe, separating the North and Baltic Seas. The
population is estimated to be around 5 million. Major cities are Copenhagen and
Arhus. Machinery, textiles, furniture, electronics and dairy are the chief
industries. The currency is the Danish Krone (December 1994: DKK 6.09 = $1
U.S.). The Gross Domestic Product was $128 billion in 1993, or around $25,800
per capita. The 1993 current account trade balance was positive $4.5 billion.
Denmark is a member of the European Union.
There are no restrictions on portfolio investments. The non-refundable
dividend withholding tax rate is currently 30%.

FINLAND is located in northern Europe. Its neighbors are Norway, Sweden and
Russia. The population is estimated to be 5 million. Major cities are Helsinki,
Tampere and Turku. Machinery, metal, ship building, textiles and clothing are
the chief industries. The currency is the Finnish Markka (December 1994: FIM
4.74 = $1 U.S.). The Gross Domestic Product was $101 billion in 1993, or about
$21,000 per capita. The 1993 current account trade balance was negative $820
million. Finland is a member of the European Union.
Purchases of shares on the Helsinki Stock Exchange (the only Stock Exchange
in Finland) or OTC (second tier) market are not subject to restriction. The
non-refundable dividend withholding tax rate is currently 25% to non-residents.

FRANCE, the largest country in western Europe, is located between the Atlantic
Ocean and the Mediterranean Sea. The population is estimated to be 57 million.
Major cities are Paris, Marseille, Toulousek Nice, Nantes, Strasbourg, and
Bourdeaux. Steel, chemicals, autos, textiles, wine, perfume, aircraft and
electronic equipment are the chief industries. The currency is the French Franc
(December 1994: FRF 5.35 = $1 U.S.). The Gross Domestic Product was $1,204
billion in 1993, or around $22,000 per capita. The 1993 current account trade
balance was negative $10 billion. France is a member of the European Union.
Portfolio investment is generally not restricted. The non-refundable dividend
withholding tax rate is currently 25%.

GERMANY is located in central Europe with Denmark on the north, Netherlands,
Belgium, Luxembourg and France on the west, Switzerland and Austria on the south
and Poland and Czechoslovakia to the east. The dismantling of the Berlin Wall in
November 1989 led to the economic unification of East and West Germany in July
of 1990. Political unification followed on October 3, 1990. The population is
estimated to be 81 million. Major cities are Berlin, Munich, Hamburg, Cologne,
Frankfurt, Dortmund, Dusseldorf, Leipzig, Dresden and Stuttgart. Steel, ships,
autos, machinery, coal and chemicals are the chief industries. The currency is
the Deutschemark (December 1994: DEM 1.55 = $1 U.S.). The Gross Domestic Product
for Western Germany was $1,646 billion in 1993, or about $20,500 per capita.
Germany is a member of the European Union.
Frankfurt is the largest of the eight stock exchanges in Germany, and is
considered the center of trading activity. Hamburg and Munich are also
important, while Berlin, Dusseldorf, Hanover, Bremen, and Stuttgart are regional
exchanges only. The equity market is not considered to be an especially
important component of Germany's capital markets since equity issues are not a
major
<PAGE>
source of financing for German corporations. The shares of approximately 600
companies are listed for trading on stock exchanges, but perhaps only 100 or so
of these would be considered suitable for investor trading as many issues listed
are tightly controlled private groups and banks. Equity markets in Germany are
dominated by the German Banks and most brokerage is conducted through the major
banks, all of which have seats on the major exchanges. There are two basic types
of German companies: Aktiengesellschaft (AG) represents an independent legal
entity formed by Articles of Incorporation. AG shares are fully transferable and
eligible to be traded on German stock exchanges. They are normally registered
unless the company by-laws allow for bearer shares. The second type of company
is Beschrankter (GmbH) which is similar to the AG, but the shares are not freely
transferrable and cannot be traded on a stock exchange. There are no portfolio
investment restrictions. The non-refundable dividend withholding tax rate is
currently 25%.

GREAT BRITAIN is the principal port of the United Kingdom of Great Britain and
Northern Ireland, located on an island off the northwest coast of Europe and
comprising of England, Scotland and Wales. The population is estimated to be 58
million. Major cities are London, Birmingham, Glasgow, Leeds, Sheffield,
Manchester and Edinburgh. Steel, metals, vehicles, shipbuilding, shipping,
banking, insurance, textiles, chemicals, electronics, aircraft machinery and
distilling are the chief industries. The currency is the English Pound (December
1994: GBP 1 = $1.56 U.S.) The Gross Domestic Product was $983 billion in 1993,
or about $17,000 per capita. The 1993 current account trade balance was negative
$16 billion. The United Kingdom is a member of the European Union.
The London Stock Exchange is the oldest and the largest security exchange
in Great Britain. There are 13 provincial exchanges which, with London, make up
the International Stock Exchange of the United Kingdom and the Republic of
Ireland. Most of the securities trading in Great Britain takes place on the
London Stock Exchange although trading facilities are still maintained on the
floor of the Provincial exchanges. The equity markets in Great Britain are
considered to be among the most highly developed in the World. All exchange
controls and restrictions were removed in 1979. The non-refundable dividend
withholding tax rate is currently 25%.

HONG KONG, a Crown Colony, is located at the mouth of the Canton River in China,
90 miles south of Canton. The population is estimated to be 5.7 million. English
and Cantonese are the languages of commerce. Textiles, apparel, tourism,
shipbuilding, iron and steel, fishing, cement and small manufacturers are the
chief industries. The currency is the Hong Kong Dollar (December 1994: HKD 7.74
= $1 U.S.). The Gross Domestic Product was estimated at $108.7 billion in 1993,
or about $19,094 per capita. The 1991 current account trade balance was positive
$2 billion.
The governments of the United Kingdom and the Peoples Republic of China
(PRC) have entered into an agreement whereby sovereignty over Hong Kong will be
restored to the PRC July 1, 1997. Hong Kong will then be a special
administrative region with its own law for another fifty years (up to 2047).
There is considerable uncertainty as to the impact of the Chinese takeover. It
<PAGE>
is possible that the Chinese takeover will accelerate the departure of capital
and productive individuals. Hong Kong developed from a trading zone into a major
manufacturing and financial center of world importance after the outbreak of the
Korean War. It has an excellent economic infra-structure with highly developed
international communications, and transportation, as well as local roads,
subways and water transportation. However, the influx of refugees from other
Asian countries may strain Hong Kong's economic and social resources and
structure. The Colony's financial institutions have been reconstituted following
the 1987 world markets crash and they have successfully withstood subsequent
pressures. The stock market crash of 1987 and subsequent arrest on corruption
charges of the chairman and several other top officials of the Hong Kong Stock
Exchange precipitated major reform including the establishment of the powerful
new Securities and Futures Commission which began operations in May of 1989. The
government has taken the position that the territory must steer a delicate
course between overregulation and underregulation.
Hong Kong's investment and trade ties with the Peoples Republic of China
are significantly increasing. The PRC presently makes up about 38% of imports
into Hong Kong, and re-exports from the PRC constitute a large percentage of
Hong Kong's total exports. It is to be expected that the Hong Kong stock market
will remain dependent upon prevailing perceptions of political developments in
China. Foreign enterprises are treated virtually the same as domestic
enterprises and there are no restrictions in exchange of foreign currencies or
on the repatriation of profits. Import and export licenses are easy to obtain.
There are no exchange controls, investment restrictions or dividend withholding
taxes.

THE REPUBLIC OF IRELAND is the western-most nation of Europe, located in the
Atlantic Ocean just west of Britain. Population is estimated at 3.6 million,
one-eighth of which live in the capital city of Dublin. Important industries in
the national economy are food, textiles, chemicals, brewing, machinery, tourism
and services. The national currency of Ireland is the Pound (Punt), which at
December 31, 1994, was valued at IP 0.65 = $1 U.S. Gross Domestic Product was
U.S. $45 billion in 1993, or $12,600 per capita. The current account balance has
been running at a $2.5 billion (annual rate) surplus in recent years. The OECD
estimates that real GDP expanded 5.0% during 1994 and forecasts growth of around
4.5% in 1995 and 1996. No withholding tax is deducted from dividend payments
made by Irish companies. Ireland is a member of the European Union.

ITALY is located in southern Europe, jutting into the Mediterranean Sea. The
population is estimated to be 57 million. Major cities are Rome, Milan, Naples
and Turin. Steel, machinery, autos, textiles, shoes, machine tools and chemicals
are the chief industries. The currency is the Italian Lira (December 1994: ITL
1629 = $1 U.S.). The Gross Domestic Product was $884 billion in 1993, or about
$16,000 per capita. The 1993 current account trade balance was negative $11
billion. Italy is a member of the European Union.
The Italian equity market is thin by North America and European standards.
It used to be common for settlements of Italian securities trades to be delayed
for as much as six months or to
<PAGE>
fail completely as a result of obsolete technology and cumbersome
settlement procedures. Settlements are much quicker now although the central
securities depository which has been in the planning phase for approximately ten
years is not yet operational and share certificates must physically change hands
every three days (cash deals) or at the end of the monthly account which is
usually the last day of the month. Investments in Italy by non-residents may be
made through capital accounts operated by authorized banks and income and
capital may be repatriated without restriction other than the non-refundable
dividend withholding tax, which is currently at 32.4%.

JAPAN is located in the Archipelago off the east coast of Asia. The population
is estimated to be 124 million. Major cities are Tokyo, Yokohama, Osaka, Nagoya,
Kyoto, Sapporo and Kobe. Electrical and electronic equipment, autos, machinery
and chemicals are the chief industries. The currency is the Japanese Yen
(December 1994: JPY 99.74 = $1 U.S.). The Gross Domestic Product was $4,191
billion in 1993, or about $33,000 per capita. The 1993 current account trade
balance was positive $132 billion.
The Tokyo Stock Exchange is the largest of eight exchanges in Japan which
has very well developed primary and secondary equity markets. The price/earnings
ratios for Japanese securities have recently been much higher than typical
price/earnings ratios for U.S. securities. In 1989-92, however, the Japanese
stock market was in a steady downtrend; the Tokyo Stock Exchange lost more than
50% of its value in the four years following its December 1989 peak. All equity
securities business in Japan is conducted by security dealers. They trade on a
typical broker basis on commission. Japanese securities companies may trade on
their own accounts, but only to the extent necessary for the maintenance of a
fair and orderly market. Broker basis trading accounts for 70-75% of the value
of all stock trading. Portfolio investments of less than 10% are not restricted.
Dividends are currently subject to a non-refundable 20% dividend withholding
tax.

LUXEMBOURG is located in western Europe. The population is estimated to be 0.4
million. The major city is Luxembourg. Steel, chemicals, beer, tires, tobacco,
metal products, cement and financial services are the chief industries. The
currency is the Luxembourg Franc which is identical in value to the Belgian
Franc (December 1994: LUF 31.84 = $1 U.S.). French and German and Luxembourgish
(a mainly German dialect) are the official languages and most Luxembourgers are
fluent in all three. English is spoken by many Luxembourgers and is widely used
in business. The Gross Domestic Product was $11 billion in 1992, or about
$27,000 per capita. Luxembourg is a member of the European Union.
There are no investment restrictions. A dividend withholding tax of 15%
does not apply to holding companies.

MEXICO is a nation of 91 million people located in the southernmost part of
North America. Its capital city is Mexico City; other large cities include
Guadalajara and Monterrey. The official language is Spanish; however, English is
commonly used for international business. Steel, chemicals, electric goods,
textiles, petroleum and tourism are important industries. The national currency
of Mexico is the Peso, which was valued, at December 31, 1993, at MP 3.11 = $1
U.S. but
<PAGE>
was devalued in 1994 so that at December 31, 1994, the value was
5.33 to the U.S. dollar. It further depreciated in the first quarter of 1995 to
7.11/$. Gross Domestic Product was U.S. $327 billion in 1993, or $3,650 per
capita. The current account balance was U.S. $23 billion in deficit for 1993.
The OECD estimates that real GDP grew 2.9% during 1994 and forecasts growth
rates of a little more than 4% in 1995 and in 1996.
Mexico is a democratic republic with a constitution. It has a federal and
representative form of government. There are 31 states and one federal district.
The President is the head of government and chief of state. It is still
considered to be an emerging nation. Although the ruling Institutional
Revolutionary Party (PRI) has been in power for more than 65 years, the recent
relative stability of the country is being called into question as the nation
struggles with the transition from a controlled to a more open democracy. The
January 1995 uprising of a rebel Indian group in the southern state of Chiapas
has still to be fully resolved. A new political scandal - the arrest of the
brother of former president Salinas for orchestrating a political assassination
- - has added to the uncertainty.
As a consequence of the peso's collapse, the Mexican economy is likely to
experience high interest rates, soaring inflation and no economic growth if not
an outright decline in GDP. Over the long run, it is hoped that the devaluation
will increase the attractiveness of Mexican exports, stimulate economic growth
and reduce Mexico's dependence on short-term foreign investment.
For all of 1994, the 40-stock Mexican IPC index declined 8.7% in pesos, but
the decline of the peso against the dollar resulted in a 42% decline in dollar
terms. For the first two months of 1995, the index declined an additional 35% in
pesos and 45% in dollars.
When dividends are distributed out of the balance on the net tax profit
account, no tax is charged. Dividends not distributed out of the balance on the
net tax profit account are subject to a 35% charge. The tax is charged by
grossing up the dividend declared. The balance on the net tax profit account is
computed by adding the sum of net tax profits for each year to the dividends
received from other resident companies and then subtracting the dividends paid
from the account.

NETHERLANDS is located in northwestern Europe on the North Sea. The population
is estimated to be 19 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 1994:
NLG 1.74 = $1 U.S.). The Gross Domestic Product was $295 billion in 1993, or
about $16,000 per capita. The 1993 current account trade balance was positive $9
billion. Netherlands is a member of the European Union.
The Amsterdam Stock Exchange is the largest and all Dutch securities are
listed on it. It is also the oldest stock exchange in the world and perhaps the
only one that charges itself with the primary obligation of protecting
shareholders. However, the Dutch equity market although growing in trading
volume has not been particularly active. Domestic participation is primarily
institutional with perhaps only about 10 to 15 percent of Dutch households
owning equity shares. Dutch pension funds are also limited to having 3 to 5
percent of their assets in equities and Dutch banks are prohibited from holding
shares for more than five years. There are no portfolio investment restrictions.
There is a non-refundable dividend withholding tax which is currently set at
25%.
<PAGE>

NEW ZEALAND is mainly comprised of two islands in the southwest Pacific Ocean.
The population is estimated to be 3.5 million. Major cities include Wellington,
Auckland, Christchurch and Manakau. Food processing, fishing, textiles
(especially wool-related), forest products and machinery are the chief
industries. The currency is the New Zealand Dollar (December 1994: NZD 1.56 = $1
U.S.). The Gross Domestic Product was U.S.$45 billion in 1993, or $13,000 per
capita. The current account trade balance was $932 million in 1993.
There are no investment restrictions unless 25% of the shares of a company
are purchased. The rate of the non-refundable dividend withholding tax is
currently 30%.

NORWAY occupies the western part of the Scandinavian Peninsula in northwest
Europe. The population is estimated to be 4.3 million. Major cities are Oslo and
Bergen. Engineering, metals, chemicals, food processing, fishing, paper,
shipbuilding and oil and gas are the chief industries. The currency is the
Norwegian Kronor (December 1994: NOK 6.76 = $1 U.S.). The Gross Domestic Product
was $97 billion in 1993, or about $23,000 per capita. The 1993 current account
trade balance was positive $2 billion.
No exchange control restrictions apply to portfolio investments by
foreigners in quoted companies although consent of the Bank of Norway may be
required to purchase more than a specified percentage of a company that owns
Norwegian real estate. The non-refundable dividend withholding tax rate is
currently 25%.

SPAIN is located in southwestern Europe. The population is estimated to be 39
million. Major cities are Madrid, Barcelona, Valencia and Seville. Machinery,
steel, textiles, shoes, autos and processed foods are the chief industries. The
currency is the Peseta (December 1994: ESP 131.74 = $1 U.S.). The Gross Domestic
Product was $428 billion in 1993, or about $11,000 per capita. The 1993 current
account trade balance was negative $4 billion.
Spain does have some exchange controls although they have recently been
liberalized and further liberalization is expected as a result of Spain joining
the EU in January of 1986. Permission may be required for some transactions but
the ability to approve such transaction has been delegated to a number of
commercial banks who can both approve and handle the transactions. A few sectors
of the economy are subject to specific restrictions, including national defense,
mass media, and air transportation. Foreigners may freely invest in shares
listed on Spanish Stock Exchanges. The non-refundable dividend withholding tax
rate is currently 20%.

SWEDEN is located on the Scandinavian Peninsula in Northern Europe. The
population is estimated to be 8.8 million. Major cities are Stockholm, Goteborg
and Malmo. Steel, machinery, instruments, autos, shipbuilding, shipping and
paper are the chief industries. The currency is the Swedish Krona (December
1994: SEK 7.46 = $1 U.S.), The Gross Domestic Product was $174 billion in 1993,
or about $20,000 per capita. The 1993 current account trade balance was negative
$4 billion. Sweden is a member of the European Union.
Swedish companies by-laws frequently contain a stipulation restricting
foreign ownership to less than 40% of the share capital and less than 20% of the
voting power in the company, a rule which cannot normally be changed without the
government's consent. Shares which may be
<PAGE>
acquired by foreigners are called free shares and are so designated on
shares certificates. A Swedish company without such a stipulation in its by-laws
is regarded as "foreign" and is subject to restrictions on foreign acquisition
of real estate and natural resources, or even from acquiring more than 20% of
the voting rights of any other company. Foreigners may deal without restriction
in the free shares on the Stockholm Stock Exchange, provided they do not exceed
10% of the share capital or voting power. The "free share market" may behave
quite differently from other markets. This may be due to cultural
characteristics of the Swedish shareholders or the fact that foreigners in the
"free market" can sell their shares and move into other markets whereas the
Swedes are seldom able to get permission to invest abroad. The non-refundable
dividend withholding tax rate is currently 30%.

SWITZERLAND is located in the Alps Mountains in Europe. The population is
estimated to be 6.9 million. Switzerland has four national languages: German,
French, Italian, and Romansh. Romansh is found on all Swiss bank notes. About
two thirds of the population speak a German dialect known as Schweizerdeutsch.
English is the most widely used foreign language in Swiss business. Major cities
are Zurich, Basel and Geneva. Machinery, machine tools, steel, instruments,
watches, textiles, foodstuffs (cheese, chocolate), chemicals, drugs, banking and
tourism are the chief industries. The currency is the Swiss Franc (December
1994: CHF 1.31 - $1 U.S.). The Gross Domestic Product was $231 billion in 1993,
or about $34,000 per capita. The 1991 current account trade balance was positive
$17 billion.
Zurich Exchange is one of the largest in the world in terms of volume.
Switzerland's equity markets also include organized stock exchanges of Basel,
Geneva, Bern and Lausanne as well as the over the counter market. Trading is
active although the exchanges are relatively small by international standards.
Ordinary shares, participation certificates, warrants and mutual funds are
traded on Swiss secondary markets. Swiss common shares must be carefully
distinguished by type since most Swiss companies do not allow non-residents to
own Swiss registered shares. The types of shares are: Bearer - ordinary shares
which are fully voting common shares with full right to dividends and which
typically sell for 25 percent premium over registered shares; Registered -
ordinary shares which are a fully voting common shares with full rights and
dividends (in November of 1988, Nestle broke the tradition of prohibiting
non-residents from owning registered shares and became the first Swiss company
to allow foreign ownership of registered shares) and Participation and Dividend
Right Certifications which are equity securities with full right to dividends
but no voting rights. Participation Certifications are otherwise fully
participating with common shares and can be purchased by non-residents. The
non-refundable dividend withholding tax rate is currently 35%.

UNITED STATES is a nation of 259 million people located in North America. The
U.S. economy is the world's largest, with 1994 Gross Domestic Product estimated
at $6.7 trillion or $25,900 per capita. The nation's current account deficit is
estimated at about $170 billion for 1994. Real GDP advanced by just under 4%
during 1994 and according to the OECD, the growth rate is likely to be around 3%
in 1995 before tapering off to around a 2.0% annual rate by the end of 1996.
There is no withholding on dividends paid to the Fund.

<PAGE>

THE WRIGHT
EQUIFUND
EQUITY TRUST

PROSPECTUS
October 13, 1995

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

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

ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110

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

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

AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston Massachusetts 02110

24 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110

<PAGE>

PART B -- Information Required In A Statement of Additional Information
-----------------------------------------------------------------------
STATEMENT OF
ADDITIONAL INFORMATION
OCTOBER 13, 1995

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

Wright EquiFund--Australasia
Wright EquiFund--Austria
Wright EquiFund--Belgium/Luxembourg
Wright EquiFund--Britain
Wright EquiFund--Canada
Wright EquiFund--France
Wright EquiFund--Germany
Wright EquiFund--Hong Kong
Wright EquiFund--Ireland
Wright EquiFund--Italy
Wright EquiFund--Japan
Wright EquiFund--Mexico
Wright EquiFund--Netherlands
Wright EquiFund--Nordic
Wright EquiFund--Spain
Wright EquiFund--Switzerland
Wright EquiFund--United States
Wright EquiFund--Global
Wright EquiFund--International

Each a "Fund" and collectively, the "Funds"

24 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110

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 OCTOBER 13,
1995, A COPY OF WHICH MAY BE OBTAINED WITHOUT CHARGE FROM WRIGHT INVESTORS'
SERVICE DISTRIBUTORS, INC., 1000 LAFAYETTE BOULEVARD, BRIDGEPORT, CONNECTICUT
06604 (TELEPHONE: 800-888-9471).

<PAGE>

TABLE OF CONTENTS
------------------------------------------

PAGE
----
General Information And History....................... 3
Investment Objectives And Policies.................... 4
The National Equity Indices........................... 4
Other Investment Policies Of The Funds................ 5
Officers And Trustees................................. 9
Control Persons And Principal Holders Of Shares....... 11
Investment Advisory And Administrative Services....... 12
Custodian............................................. 16
Independent Certified Public Accountants.............. 17
Brokerage Allocation.................................. 17
Fund Shares And Other Securities...................... 19
Purchase, Exchange And Redemption Of Shares........... 19
Principal Underwriter................................. 19
Performance Information............................... 21
Taxes................................................. 23
Financial Statements.................................. 24

APPENDICES:
Appendix A.................................. A1-A4
Appendix B.................................. B1-B8
Appendix C.................................. C1-C2
Appendix D.................................. D1-D61

<PAGE>

GENERAL INFORMATION AND HISTORY

The Wright EquiFund Equity Trust (the "Trust") is an open-end management
investment company, or mutual fund, organized as a Massachusetts business trust
in 1989. The Trust currently consists of nineteen series. The Funds (each a
"Wright EquiFund" and collectively the "Wright EquiFunds") each represent a
separate and distinct series of the Trust's shares of beneficial interest. Each
Fund is a diversified fund.
- -------------------------------------------------------------------------------

Wright EquiFund - Australasia* Wright EquiFund - Japan
Wright EquiFund - Austria* Wright EquiFund - Mexico
Wright EquiFund - Belgium/Luxembourg Wright EquiFund - Netherlands
Wright EquiFund - Britain Wright EquiFund - Nordic
Wright EquiFund - Canada* Wright EquiFund - Spain
Wright EquiFund - France* Wright EquiFund - Switzerland
Wright EquiFund - Germany Wright EquiFund - United States*
Wright EquiFund - Hong Kong Wright EquiFund - Global*
Wright EquiFund - Ireland* Wright EquiFund - International*
Wright EquiFund - Italy
- -------------------------------------------------------------------------------

* As of the date of this Statement of Additional Information, these Funds
are not available for purchase in any state of the United States. Contact
the principal underwriter or your broker for the latest information.

Unless otherwise required by the Investment Company Act of 1940, as amended
(the "1940 Act"), ordinarily it will not be necessary for the Trust to hold
annual meetings of shareholders. As a result, shareholders may not consider each
year the election of Trustees or the appointment of independent accountants.
Shareholders may remove a Trustee by the affirmative vote of at least two-thirds
of the Trust's outstanding shares and the Trustees must promptly call a meeting
for such purpose when requested to do so in writing by the record holders of not
less than 10% of the outstanding shares of the Trust. Shareholders may, under
certain circumstances, communicate with other shareholders in connection with
requesting a special meeting of shareholders. The Board of Trustees, however,
will call a special meeting for the purpose of electing Trustees if, at any
time, less than a majority of Trustees holding office at the time were elected
by shareholders.

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.
<PAGE>

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.

Each Fund has retained The Winthrop Corporation, doing business under the
name Wright Investors' Service, Bridgeport, Connecticut ("Wright" or the
"Investment Adviser"), as investment adviser to carry out the management,
investment and reinvestment of its assets. Each Fund has also retained Eaton
Vance Management ("Eaton Vance"), 24 Federal Street, Boston, Massachusetts,
02110, as administrator of its business affairs.

INVESTMENT OBJECTIVES AND POLICIES

THE NATIONAL EQUITY INDICES

The National Equity Indices (the "Indices") are each designed to be an
index of substantially all the publicly traded equity securities 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. The
Investment Adviser will select securities for investment for each Fund only from
those included in the corresponding Index, or in the case of International Fund,
from those included in all the Indices except the United States National Equity
Index or in the case of Global Fund, from those included in all the Indices
including the United States National Equity Index.

Wright has developed disciplined objective criteria to ensure that the
required care, skill, and caution are used in selecting securities for each of
the Indices.

Wright generally considers for inclusion in an Index only those companies
which have at least:

1. Five years of audited operating information;
2. An established minimum amount in both book value and market value; and
3. A three-year record of pricing in a public market.

In addition, only companies that meet the following criteria will be
included in an Index:

1. A significant portion of the shares of the company is believed to be
publicly owned;
2. The company has had positive earnings for the last fiscal or calendar
year, or for the last twelve months, or cumulatively for the last
three years; and
3. The company is not a closed-end investment company or a non-bank
securities broker or dealer.
<PAGE>

In selecting securities for the Indices and for inclusion in the portfolios
of the Funds, other than the United States Fund, Wright utilizes its
international database, which includes WORLDSCOPE(R). WORLDSCOPE(R) provides
more than 1,500 items of information on more than 12,000 companies worldwide.
Except for the United States, Wright utilizes the services of major financial
institutions that are located in the nations in which the respective Funds are
permitted to invest to supply Wright with research products and services
including reports on particular industries and companies, economic surveys and
analysis of the investment environment and trends in a particular nation,
recommendations as to whether specific securities should be included in an Index
and other assistance in the performance of its decision-making responsibilities.
Currently, Wright expects to utilize several major international banks in the
above-mentioned capacity. The Indices 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 Index, a company must 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 $20
million. Once a company is selected, its market value must be less
than $15 million for the company's securities to be removed from
the relevant Index.

4. Book value information for the past five years (20 quarters). To
be selected, book value must be equal to or greater than $20
million. Once a company is selected, its book value must be less
than $15 million for the company's securities to be removed from
the relevant Index.

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.

OTHER INVESTMENT POLICIES OF THE FUNDS

Each Fund may establish 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. Under normal market
conditions, such reserves will be no more than approximately 20% of a Fund's net
assets. Accordingly, each Fund will have at least 80% of its net assets invested
in equity securities during normal market conditions. With respect to Austria,
Belgium/Luxembourg, Canada, France, Germany, Hong Kong, Italy, Japan,
Netherlands, Nordic, Spain and Switzerland 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 greater reserve position
may, however, be established temporarily if Wright believes that this would be
advisable in view of what it considers to be extraordinary economic and stock
market conditions. See "Special Investment Considerations - Temporary Defensive
Investments" in the Prospectus for a discussion of when the Funds may take a
temporary defensive position.

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
<PAGE>
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. Accordingly, each Fund may not:

(The following fundamental investment restrictions apply only to Austria,
Belgium/Luxembourg, Canada, France, Germany, Hong Kong, Italy, Japan,
Netherlands, Nordic, Spain and Switzerland.)

(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;

(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;
<PAGE>

(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 Australasia,
Britain, Ireland, Mexico, United States, Global and International.)

(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) 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
<PAGE>
(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. Prior to engaging in such activities, the Funds'
Prospectus will be amended to disclose the intention to do so. 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);

(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
Australasia, Britain, Ireland, Mexico, United States, Global and International.)

(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
sales against the box or purchase warrants; or
<PAGE>

(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, 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,
Eaton Vance, BMR, EVC, or EV, are indicated by an asterisk (*).

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

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

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

WINTHROP S. EMMET (85), TRUSTEE
Attorney at Law, Stockbridge, MA; Trust Officer, First National City Bank,
New York, NY (1963-1971)
Address: Box 327, West Center Road, West Stockbridge, MA 01266

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

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

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

RAYMOND VAN HOUTTE (71), TRUSTEE
President Emeritus and Counselor of The Tompkins County Trust Co., Ithaca,
NY (since January 1989); President and Chief Executive Officer, The Tompkins
County Trust Company (1973-1988); President, New York State Bankers Association
(1987-1988); Director, McGraw Housing Company, Inc., Deanco, Inc., Evaporated
Metal Products and Ithaco, Inc.
Address: One Strawberry Lane, Ithaca, NY 14850
<PAGE>

JUDITH R. CORCHARD (56), VICE PRESIDENT
Executive Vice President, Senior Investment Officer, Vice Chairman of the
Investment Committee and Director Wright Investors' Service. Ms. Corchard was
elected Vice President of the Trust on July 21, 1989.
Address: 1000 Lafayette Boulevard, Bridgeport, CT 06604

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

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

A. JOHN MURPHY (32), ASSISTANT SECRETARY
Assistant Vice President of Eaton Vance, BMR and EV since March 1, 1994;
employee of Eaton Vance since March 1993. State Regulations Supervisor, The
Boston Company (1991-1993) and Registration Specialist, Fidelity Management &
Research Co. (1986-1991). Officer of various investment companies managed by
Eaton Vance or BMR. Mr. Murphy was elected Assistant Secretary of the Trust on
June 21, 1995.
Address: 24 Federal Street, Boston, MA 02110

ERIC G. WOODBURY (38), ASSISTANT SECRETARY
Vice President of Eaton Vance since February 1993; formerly, associate at
Dechert, Price & Rhoades and Gaston & Snow. Officer of various investment
companies managed by Eaton Vance or BMR. Mr. Woodbury was elected Assistant
Secretary of the Trust on June 21, 1995.
Address: 24 Federal Street, Boston, MA 02110

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

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

<TABLE>
<CAPTION>
COMPENSATION TABLE -- FISCAL YEAR ENDED DECEMBER 31, 1994
Registrant -- The Wright EquiFund Equity Trust
Registered Investment Companies -- 9

Aggregate Compensation Pension Estimated Total
From The Wright Benefits Annual Compensation
Trustees EquiFund Equity Trust Accrued Benefits Paid(1)
- -------- ------------------------ --------- ----------- ------------
<S> <C> <C> <C> <C>
Winthrop S. Emmet $1,100 None None $5,000
Leland Miles $1,100 None None $5,000
Lloyd F. Pierce $1,100 None None $5,000
George R. Prefer $1,100 None None $5,000
Raymond Van Houtte $1,100 None None $5,000
<FN>

(1) Total compensation paid is from the The Wright EquiFund Equity Trust (9
Funds) and the other boards in the Wright Fund complex (14 Funds) for a total of
23 Funds.
</FN>
</TABLE>
<PAGE>

Messrs. Miles, Emmet, Pierce, Prefer and Van Houtte are members of the
Special Nominating Committee of the Trustees of the Trust. The Special
Nominating Committee's function is selecting and nominating individuals to fill
vacancies, as and when they occur, in the ranks of those Trustees who are not
"interested persons" of the Trust, Eaton Vance or Wright. The Trust does not
have a designated audit committee, since the full board performs the functions
of such committee.

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SHARES

As of September 15, 1995, the Trustees and officers of the Trust, as a
group, owned in the aggregate less than 1% of the outstanding shares of any Fund
that was then offering its shares to the public. The Funds' shares are held
primarily by trust departments of depository institutions and trust companies
either for their own account or for the account of their clients. From time to
time, several of these trust departments may be the record owners of 5% or more
of the outstanding shares of a particular Fund.

As of September 15, 1995, 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:
<TABLE>
<CAPTION>

PERCENT OF OUTSTANDING SHARES OWNED
--------------------------------------------------------------------------------------
Belgium/ Ger- Hong Nether- Switzer-
NAME AND ADDRESS Luxembourg Britain many Kong Italy Japan Mexico lands Nordic Spain land
- --------------------------------------------------------------------------------------------------------------------

Eternity Limited III 15.0%
c/o Unity NV
P.O. Box 594004
Miami, FL 33159
- --------------------------------------------------------------------------------------------------------------------

National Financial Service Corp. 5.5% 14.9% 8.3% 11.8% 7.4%
Attn: Mutual Funds 5th Fl.,
200 Liberty St.
1 World Financial Center
New York, NY 10281
- --------------------------------------------------------------------------------------------------------------------

Resources Trust Co. 94.4% 97.3% 97.3% 59.4% 56.3% 8.8% 70.4% 71.0% 78.6%
P.O. Box 3865
Englewood, CO 80155
- --------------------------------------------------------------------------------------------------------------------

Charles Schwab & Co. Inc. 14.2% 60.5% 25.1% 39.8% 13.4% 12.2% 19.5% 12.6%
Attn: Mutual Funds
101 Montgomery St.
San Francisco, CA 94104
- --------------------------------------------------------------------------------------------------------------------

First Trust Corp. 8.9% 5.9% 42.7%
P.O. Box 173736
Denver, CO 80217
- --------------------------------------------------------------------------------------------------------------------

Spectrum Financial 6.6%
P.O. Box 9178
Virginia Beach, VA 23450
- --------------------------------------------------------------------------------------------------------------------

Donaldson Lufkin, Jenrette Pershing 9.1% 12.3
P.O. Box 2052
Jersey City, NJ 07303
- --------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES

The Funds have engaged Wright to act as their investment adviser pursuant
to Investment Advisory Contracts (the "Investment Advisory Contracts"). Wright,
located at 1000 Lafayette Boulevard, Bridgeport, Connecticut, was founded in
1960 and currently provides investment services to clients throughout the United
States and abroad. John Winthrop Wright may be considered a controlling person
of Wright by virtue of his positions as Chairman of the Board of Directors of
Wright, and by reason of his ownership of more than a majority of the
outstanding shares of Wright.

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

The Investment Advisory Contracts provide that Wright will carry out the
investment and reinvestment of the assets of the Funds, will furnish
continuously an investment program with respect to the Funds, will determine
which securities should be purchased, sold or exchanged, and will implement such
determinations. Wright will furnish to the Funds investment advice and
management services, office space, 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 table below (as a percentage of average daily net
assets).

ANNUAL % ADVISORY FEE RATES

Under $500 Million $500 Million to $1 Billion Over $1 Billion
------------------ -------------------------- ---------------

It should be noted that, in addition to compensating Wright for its
advisory services to the Funds, the above schedule 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 Investors' Service may use the Indices as may other entities
not affiliated with Wright.

The following table sets forth the net assets of each Fund that was
offering its shares as at December 31, 1994 and the advisory fee earned from
each such Fund during the fiscal years ended December 31, 1994, 1993 and 1992.
As noted above, the previous investment advisory contract for such Funds
provided for a fee calculated at a lower rate than is currently applicable to
such Funds. At December 31, 1994, the Australasia, Austria, Britain, Canada,
France, Germany, Ireland, United States, Global and International Funds had not
commenced operations.

Aggregate Fee Earned for Fee Earned for Fee Earned for
Net Assets the Fiscal Year the Fiscal Year the Fiscal Year
FUNDS at 12/31/94 Ended 12/31/94* Ended 12/31/93* Ended 12/31/92*
- ----- ------------ ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
Hong Kong $19,678,713 $142,606 $33,901 $11,944
Italy 1,299,204 12,039 3,296 2,498
Netherlands 3,950,618 39,105 17,885 1,039
Spain 6,375,077 42,165 3,328 2,650

</TABLE>

<PAGE>
* To enhance the net income of the Funds, Wright reduced its fees and additional
expenses were allocated to Wright as follows:
<TABLE>
<CAPTION>

Fee Add'l. Expenses Fee Add'l Expenses Fee Add'l. Expenses
Reduction Alloc. to Wright Reduction Alloc. to Wright Reduction Alloc. to Wright
for the Fiscal Yr .for the Fiscal Yr. for the Fiscal Yr. for the Fiscal Yr. for the Fiscal Yr. for the Fiscal Yr.
FUNDS Ended 12/31/94 Ended 12/31/94 Ended 12/31/93 Ended 12/31/93 Ended 12/31/92 Ended 12/31/92
- ----- ------------------ ----------------- ------------------ ------------------ ------------------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Hong Kong -- -- -- -- $11,944 $27,472
Italy $12,039 $33,433 $ 3,296 $55,687 2,498 60,238
Netherlands -- -- 16,439 -- 1,039 60,714
Spain -- -- 3,328 51,850 2,650 56,942

</TABLE>

The following table sets forth the net assets of the Belgium/Luxembourg,
Japan, Mexico, Nordic and Switzerland Funds at December 31, 1994 and the
advisory fee earned from each such Fund during the period from the start of
business to December 31, 1994.
<TABLE>
<CAPTION>

Aggregate Fee Earned for
Net Assets the Fiscal Year
FUNDS at 12/31/94 Ended 12/31/94
- ----- -------------- ---------------
<S> <C> <C>
Belgium/Luxembourg(1) $11,436,835 $55,703
Japan(2) 8,652,808 50,253
Mexico(3) 13,422,346 63,619
Nordic(2) 8,711,898 50,321
Switzerland(2) 3,812,535 37,757
<FN>

(1) Start of business, February 15, 1994. (2) Start of business, February 14, 1994. (3) Start of business,
August 2, 1994.
</FN>
</TABLE>

Aggregate Fee Rate for the
FUNDS Net Assets at 6/30/95 Period Ended 6/30/95
- ----- --------------------- --------------------
<S> <C> <C>
Britain(1) $15,661,153 0.75%
Germany(2) 15,229,198 0.75%

<FN>

(1) Start of business, April 20, 1995. (2) Start of business, April 19, 1995.
</FN>
</TABLE>

The Trust has engaged Eaton Vance to act as the administrator for each Fund
pursuant to an Administration Agreement. Eaton Vance and its affiliates act as
investment adviser to investment companies and various individual and
institutional clients with assets under management of approximately $15 billion.
Eaton Vance is a wholly owned subsidiary of EVC, a publicly held holding
company.
<PAGE>

Under the Administration Agreement, Eaton Vance is responsible for managing
the business affairs of each Fund, subject to the supervision of the Trust's
Trustees. Eaton Vance's services include recordkeeping, preparation and filing
of 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
administrative services necessary to conduct each Fund's business. Eaton Vance
will not provide any investment management or advisory services to the Funds.
For its services under the Administration Agreement, Eaton Vance is entitled to
receive a monthly administration fee from each Fund at the annual rates set
forth in the following table.
<TABLE>
<CAPTION>

ANNUAL % ADMINISTRATION FEE RATES

Under $100 Million $250 Million Over
$100 Million to $250 Million to $500 Million $500 Million
------------ --------------- --------------- ------------

The following table sets forth the administration fees earned from each
Fund that was offering its shares at December 31, 1994 and the amount the fee
was reduced by Eaton Vance for the fiscal years ended December 31, 1993 and
1992.
<TABLE>
<CAPTION>

Fee Earned Fee Earned Fee Reduction by Fee Earned Fee Reduction by
for the for the the Administrator for the the Administrator
Fiscal Year Fiscal Year for the Fiscal Yr. Fiscal Year for the Fiscal Yr.
FUNDS Ended 12/31/94 Ended 12/31/93 Ended 12/31/93 Ended 12/31/92 Ended 12/31/92
- ----- -------------- -------------- -------------- -------------- --------------

<S> <C> <C> <C> <C> <C>
Hong Kong $23,531 $6,780 $-- $2,389 $2,389
Italy 2,122 659 659 500 500
Netherlands 7,215 3,577 -- 208 208
Spain 7,229 666 666 530 530

</TABLE>

The following table sets forth the administration fee earned by each of the
Belgium/Luxembourg, Japan, Mexico, Nordic and Switzerland Funds during the
period from the start of business to December 31, 1994.

<TABLE>
<CAPTION>
Administration Fee Earned
FUNDS for the Fiscal Year Ended 12/31/94
----- ----------------------------------
<S> <C>
Belgium/Luxembourg(1) $7,427
Japan(2) 6,700
Mexico(3) 8,483
Nordic(2) 6,709
Switzerland(2) 5,034

<FN>
(1) Start of business, February 15, 1994. (2) Start of business, February 14, 1994. (3) Start of business,
August 2, 1994.
</FN>
</TABLE>

The following table sets forth the administration fee earned by the Britain
and Germany Funds during the period from the period from the start of business
to June 30, 1995.
<TABLE>
<CAPTION>

Administration Fee Rate Earned
FUNDS for the Period Ended 6/30/95
----- -------------------------------
<S> <C>
Britain(1) 0.10%
Germany(2) 0.10%

<FN>
(1) Start of business, April 20, 1995. (2) Start of business, April 19,1995.

</FN>
</TABLE>
<PAGE>

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

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

Each Fund will be responsible for all expenses relating to its operations
and not designated as expenses of Wright under the Investment Advisory Contracts
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 Contracts of all the Funds and the Administration
Agreement of all the Funds will remain in effect until February 28, 1996. The
Funds' Investment Advisory Contracts may be continued with respect to each Fund
from year to year thereafter so long as such continuance after February 28,
1996, 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
Contracts 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
<PAGE>
of willful misfeasance, bad faith, gross negligence or reckless disregard
of its obligations or duties to the Trust under such agreement on the part of
Eaton Vance or Wright. Eaton Vance or Wright will not be liable to the Trust for
any loss incurred. The Funds' Investment Advisory Contracts and Administration
Agreement were most recently approved by the Trustees, including the
"non-interested" Trustees, at a meeting held on January 25, 1995.
CUSTODIAN

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

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

The Funds will employ foreign sub-custodians, the selection of which are
subject to annual review and approval by the Trustees in accordance with Rule
17f-5 under the 1940 Act.

During the fiscal year ended December 31, 1994, each Fund that was offering
its shares at December 31, 1994 paid the following amounts to IBT for custodial
services under these arrangements.
- ------------------------------------------------------------------------------
<TABLE>

<S> <C>
Belgium/Luxembourg Fund(1)............ $16,536
Hong Kong Fund........................ 31,332
Italy Fund............................ 26,080
Japan Fund(2)......................... 26,972
Mexico Fund(3)........................ 1,000
Netherlands Fund...................... 24,850
Nordic Fund(2)........................ 23,610
Spain Fund............................ 25,698
Switzerland Fund(2)................... 27,642
- ------------------------------------------------------------------------------
<FN>

(1) Start of business, February 15, 1994. (2) Start of business, February 14, 1994. (3) Start of business,
August 2, 1994.
</FN>
</TABLE>

During the period from the start of business, April 20, 1995 to June 30,
1995, the Britain Fund paid no fee to IBT. During the period from the start of
business, April 19, 1995 to June 30, 1995, the Germany Fund paid no fee to IBT.

<PAGE>

INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

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

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.
<PAGE>

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

Under the Funds' Investment Advisory Contracts, 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 Contracts 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, 1994, 1993 and 1992, the Funds
that were offering their shares during such periods paid the following amounts
on brokerage commissions:
<TABLE>

1994 1993 1992
---- ---- ----

<S> <C> <C> <C>
Hong Kong ........... $403,603 $104,578 $40,202
Italy................ 53,969 10,234 5,193
Netherlands.......... 54,183 39,612 1,012
Spain ............... 146,065 7,720 8,042
</TABLE>

During the period from the start of business to the fiscal year ended
December 31, 1994, Belgium/Luxembourg, Japan, Mexico, Nordic and Switzerland
Funds paid the following amounts on brokerage commissions:
<TABLE>

<S> <C>
Belgium/Luxembourg Fund(1).... $ 50,547
Japan Fund(2)................. 89,821
Mexico(3)..................... 82,118
Nordic Fund(2)................ 49,398
Switzerland Fund(2)........... 42,474

<FN>
(1) Start of business, February 15, 1994. (2) Start of business, February 14, 1994. (3) Start of business,
August 2, 1994.
</FN>
</TABLE>

During the period from the start of business to June 30, 1995, Britain and
Germany Funds paid the following amounts on brokerage commissions:
<TABLE>
<S> <C>
Britain(1)................ $ 99,239
Germany(2)................ 37,377
<FN>

(1) Start of business, April 20, 1995. (2) Start of business, April 19, 1995.
</FN>
</TABLE>

<PAGE>

FUND SHARES AND OTHER SECURITIES

The shares of beneficial interest of the Trust have no par value and may be
issued in two or more series, or Funds. The Trust currently has nineteen series
designated as listed on page 3 of this Statement of Additional Information. The
Trustees are empowered by the Declaration of Trust and By-Laws to create
additional series. Shares of each series may be issued in an unlimited number by
the Trust's Trustees. Each share of a series represents an equal proportionate
beneficial interest in that series and, when issued and outstanding, the shares
are fully paid and non-assessable by the relevant series.

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

PURCHASE, EXCHANGE AND REDEMPTION AND PRICING OF SHARES

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

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

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

For a description of how the Funds value their shares, see "How The Funds
Value Their Shares" in the Funds' current Prospectus.

PRINCIPAL UNDERWRITER

The Trust has adopted a Distribution Plan (the "Plan") on behalf of the
Funds in accordance with Rule 12b-1 under the 1940 Act and Article III, Section
26 of the Rules of Fair Practice of the National Association of Securities
Dealers, Inc. (the "NASD").

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

Under this contract and the Plan, it is currently intended that each Fund
will pay to WISDI for distribution services and personal and account maintenance
services in connection with the Fund's shares an annual fee equal to .25% of
such Fund's average daily net assets. Appropriate adjustments to payments made
pursuant to the Plan shall be made whenever necessary to assure that no payment
is made by a Fund which exceeds the applicable maximum cap imposed on
asset-based, front-end and deferred sales charges by Section 26(d) of Article
III of the Rules of Fair Practice of the NASD.

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.

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 that was then offering its shares
to the public for the year ended December 31, 1994.

<TABLE>
<CAPTION>
Distribution Expenses Distribution Expenses
Distribution Reduced by Distribution Paid as a % of
Expenses the Principal Expenses Fund's Average
FUNDS Allowable Underwriter Paid by Fund Net Asset Value
- ----- ------------ --------------------- ------------- ---------------------
<S> <C> <C> <C> <C>
Belgium/Luxembourg(1) $18,567 -- $18,567 0.25%
Hong Kong 58,828 -- 58,828 0.25%
Italy 5,350 $5,350 0 0%
Japan(2) 16,751 -- 16,751 0.25%
Mexico(3) 21,206 -- 21,206 0.25%
Netherlands 18,036 -- 18,036 0.25%
Nordic(2) 16,774 -- 16,774 0.25%
Spain 18,071 2,300 15,771 0.22%
Switzerland(2) 12,586 4,025 8,561 0.17%

<FN>

(1) Start of business, February 15, 1994. (2) Start of business, February 14, 1994. (3) Start of business,
August 2, 1994.
</FN>
</TABLE>
<PAGE>

The following table shows the distribution expenses allowable to WISDI and
paid by the Britain and Germany Funds for the period from the start of business,
to June 30, 1995.
<TABLE>
<CAPTION>

Distribution Expenses Distribution Expenses
Distribution Reduced by Distribution Paid as a % of
Expenses the Principal Expenses Fund's Average
FUNDS Allowable Underwriter Paid by Fund Net Asset Value
- ----- ----------- ---------------------- ------------- ----------------------
<S> <C> <C> <C> <C>
Britain(1) $7,040 -- $7,040 0.25%
Germany(2) 6,993 -- 6,993 0.25%

<FN>

(1) Start of business, April 20, 1995. (2) Start of business, April 19, 1995.

</FN>
</TABLE>
For the fiscal year ended December 31, 1994, it is estimated that WISDI
spent approximately the following amounts on behalf of the Wright Funds that
were offering their shares during such fiscal year.

Wright Investors' Service Distributors, Inc.
Financial Summaries for the Year 1994
<TABLE>
<CAPTION>

Printing Travel Commisions Admin-
& Mailing and and istration
FUNDS Promotional Prospectuses Entertainment Service Fees and Other TOTAL
- ----- ----------- ------------ ------------- ------------ ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Belgium/Luxembourg $ 3,899 $ 3,064 $ 2,525 $ 6,368 $ 2,711 $18,567
Hong Kong 12,354 9,707 8,001 20,178 8,589 58,828
Italy -- -- -- -- -- --
Japan 3,518 2,764 2,278 5,746 2,446 16,751
Mexico 4,453 3,499 2,884 7,274 3,096 21,206
Netherlands 3,788 2,976 2,453 6,186 2,633 18,036
Nordic 3,523 2,768 2,281 5,753 2,449 16,774
Spain 3,312 2,602 2,145 5,409 2,303 15,771
Switzerland 1,798 1,413 1,164 2,936 1,250 8,561

</TABLE>
For the six months ended June 30, 1995, it is estimated that WISDI spent
approximately the following amounts on behalf of the Britain and Germany Funds
that commenced operations in April.

<TABLE>
<CAPTION>
Printing Travel Commisions Admin-
& Mailing and and istration
FUNDS Promotional Prospectuses Entertainment Service Fees and Other TOTAL
- ----- ----------- ------------ -------------- ------------ ---------- -------
<S> <C> <C> <C> <C> <C> <C>
Britain $3,520 $1,408 $845 $634 $633 $7,040
Germany $3,497 $1,400 $839 $629 $628 $6,993

</TABLE>

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.
<PAGE>

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.

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 and life of the Fund for the periods ended December 31, 1994 and June
30, 1995:
<TABLE>

Year Ended December 31, 1994 Six Months Ended June 30, 1995
---------------------------- ------------------------------
One Three Since One Three Since Inception
FUNDS Year Years Inception Year Years Inception Date
- ----- ---- ----- --------- ---- ----- --------- ----

<S> <C> <C> <C> <C> <C> <C> <C>
Hong Kong(1) (37.03%) 10.49% 9.60% (16.14%) 1.00% 9.09% 6-28-90
Italy(2) 4.98% (8.06%) (13.13%) (11.53%) (7.21%) (12.95%) 6-28-90
Netherlands(3) 11.68% 7.01% 3.31% 23.26% 10.02% 6.23% 6-28-90
Spain(4) (9.50%) (9.64%) (10.58%) (3.85%) (6.68%) (8.50%) 6-28-90
<FN>

(1) If a portion of the Hong Kong Fund's expenses had not been subsidized for
the four years ended December 31, 1993, the Fund would have had lower returns;
(2) If a portion of the Italy Fund's expenses had not been subsidized for the
five years ended December 31, 1994, and the six months ended June 30, 1995, the
Fund would have had lower returns; (3) If a portion of the Netherlands Fund's
expenses had not been subsidized for the four years ended December 31, 1993, and
the six months ended June 30, 1995, the Fund would have had lower returns; (4)
If a portion of the Spain Fund's expenses had not been subsidized for the five
years ended December 31, 1994, and the six months ended June 30, 1995, the Fund
would have had lower returns.
</FN>
</TABLE>

The following table shows the average annual total return for the periods
from the start of business to December 31, 1994 and June 30, 1995:

<TABLE>
Start of Business to Six Months Since
December 31, 1994 Ended June 30, 1995 Inception
----------------- ------------------- ---------

<S> <C> <C> <C>
Belgium/Luxembourg Fund(1) 2.81% 17.15% 13.81%
Japan Fund(2) (2.17%) (18.35%) (8.21%)
Mexico Fund(3) (30.91%) (51.35%)
Nordic Fund(2) (5) (1.19%) 13.75% 5.73%
Switzerland Fund(2) (4) (5.19%) 14.67% 9.04%
<FN>

(1) Start of business, February 15, 1994. (2) Start of business, February 14,
1994. (3) Start of business, August 2, 1994. (4) If a portion of the Switzerland
Fund's expenses had not been subsidized for the year ended December 31, 1994,
and the six months ended June 30, 1995, the Fund would have had lower returns.
(5) If a portion of the Nordic Fund's expenses had not been subsidized for the
six months ended June 30, 1995, the Fund would have had lower returns.
</FN>
</TABLE>
<PAGE>
<TABLE>

The following table shows the average annual total return for the period
from the start of business to June 30, 1995:
<S> <C> <C> <C>
Britain Fund(1)......3.20% Germany Fund(2)......3.90%
<FN>

(1) For the period from the start of business, April 20,1995 to June 30,1995. (2) For the period from the start
of business April 19, 1995 to June 30, 1995.
</FN>
</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 annual
gross income must be derived from interest, dividends, gains from the sale or
other disposition of stock or securities and certain other types of income; (2)
less than 30% of the Fund's annual gross income may be derived from gross gains
from the sale or disposition of stock or securities or certain other investments
held for less than three months; and (3) 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 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 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 options on securities and securities indices, as well as in
foreign currencies and forward foreign currency exchange contracts to the extent
gains relating to such latter activities are considered not directly related to
the Fund's principal business of investing in securities.

Each Fund's use of 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 in some cases be available
that would ameliorate some of these adverse tax consequences.

A Fund's transactions in foreign currencies, foreign currency-denominated
debt securities, forward foreign currency exchange 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 forward
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. 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 held by the Fund.

The portion of the distributions of United States Fund or Global Fund, if
any, attributable to dividends it receives from U.S. domestic corporations may
qualify for the dividends-received deduction for corporate shareholders, subject
to compliance with certain minimum holding-period requirements and
debt-financing restrictions. Such portion, if any, may increase liability for
alternative minimum tax and result in basis adjustments under certain
circumstances.

Shareholders may realize a taxable gain or loss upon a redemption or
exchange of shares of a Fund. Any loss realized upon the redemption or exchange
of shares 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 net
long-term capital gains with respect to such shares. All or a portion of any
loss realized upon the redemption or exchange of shares may be disallowed to the
extent shares are purchased (including shares acquired by means of reinvested
dividends) within the period beginning 30 days before and ending 30 days after
the date of such redemption or exchange.
<PAGE>

STATEMENT OF ASSETS AND LIABILITIES
JANUARY 13, 1995

WRIGHT EQUIFUND - BRITAIN
-------------------------

ASSETS:
<S> <C>
Cash................................................... $ 10
Deferred organization expenses (Note 2)................ 18,000
---------
Total Assets....................................... $ 18,010

LIABILITIES:
Accrued organization expenses.......................... 18,000
---------
Net assets (applicable to one share of beneficial interest
issued and outstanding)................................ $ 10
=========
Net asset value, offering price, and repurchase price
per share.............................................. $ 10.00
=========
<FN>

NOTES:

(1) Wright EquiFund - Britain was designated a series of EquiFund - Wright
National Fiduciary Equity Funds on January 13, 1995. A sale of interest
therein at the purchase price of $10 was made by Wright Investors' Service
(the "initial interests").

(2) Organization expenses are being deferred and will be amortized on a
straight-line basis over a period not to exceed five years, commencing on
the effective date of the Fund's initial offering of its shares. The amount
paid by the Fund on any withdrawal by the holders of the initial interests
of any of the respective initial interests will be reduced by a portion of
any unamortized organization expenses, determined by the proportion of the
amount of the initial interests withdrawn to the initial interests then
outstanding.
</FN>
</TABLE>
<PAGE>

INDEPENDENT AUDITORS' REPORT

To The Trustees and Shareholders of EquiFund - Wright National Fiduciary Equity
Funds:

We have audited the accompanying statement of assets and liabilities of Wright
EquiFund - Britain, a series of EquiFund - Wright National Fiduciary Equity
Funds (the Trust) as of January 13, 1995. This financial statement is the
responsibility of the management. Our responsibility is to express an opinion on
this financial based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the statement of assets and liabilities is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statement of assets and
liabilities. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit of the statement of
assets and liabilities provides a reasonable basis for our opinion.

In our opinion, such statement of assets and liabilities presents fairly, in all
material respects, the financial position of Wright EquiFund - Britain, a series
of EquiFund - Wright National Fiduciary Equity Funds (the Trust) as of January
13, 1995 in conformity with generally accepted accounting principles.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 16, 1995
<PAGE>

FINANCIAL STATEMENTS

Registrant incorporates by reference the audited
financial information for the Funds (Belgian/Luxembourg,
Dutch, Hong Kong, Italian, Japanese, Mexican, Nordic, Spanish
and Swiss) contained in the Funds' shareholder report for the
fiscal year ended December 31, 1994 as previously filed
electronically with the Securities and Exchange Commission
(Accession Number 0000715165-95-000020).

Registrant incorporates by reference the financial
information for the Funds (Belgium/Luxembourg, Britain,
Germany, Hong Kong, Italy, Japan, Mexico, Netherlands, Nordic,
Spain and Switzerland) contained in the Funds' semi-annual
shareholder report dated June 30,1995 as previously filed
electronically with the Securities and Exchange Commission
(Accession Number 0000853255-95-000008).

<PAGE>

THE WRIGHT EQUIFUND EQUITYTRUST

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

APPENDICES A-D
TO THE STATEMENT OF
ADDITIONAL INFORMATION

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

APRIL 17,1995

<PAGE>
APPENDIX A
---------------------------

DESCRIPTION OF INVESTMENTS

U.S. GOVERNMENT, AGENCY AND INSTRUMENTALITY OBLIGATIONS -- U.S. Government
obligations 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 -- involve the purchase of debt securities of the
U.S. Treasury, a Federal agency, a Federal instrumentality or a
Federally-created corporation 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 Investors Service, Inc.
or Standard and Poor's Ratings Group, 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. The 1940 Act
prohibits registered investment companies from acquiring certain securities
issued by broker-dealers. A transaction whereby a Fund enters into a repurchase
agreement with a broker-dealer might be construed as a contravention of this
prohibition. In the event the law is so interpreted, the Funds will cease such
transactions.

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

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

FOREIGN SECURITIES -- The Funds, other than the United States Fund, 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.

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 developing countries;
however, the Funds 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.

FOREIGN CURRENCY EXCHANGE TRANSACTIONS -- The Funds, other than the United
States Fund, 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.
<PAGE>

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.

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. As an
operating policy, the Funds do not intend to enter into forward contracts for
such hedging purposes on a regular or continuous basis, and will not do so if,
as a result, more than 50% of the value of a Fund's total assets would be
committed to the consummation of such contracts. A Fund will also not enter into
such forward contracts or maintain a net exposure to such contracts if the
contracts would obligate the Fund to deliver an amount of foreign currency in
excess of the value of the Fund's securities or other assets quoted or
denominated in that currency.

The Fund's custodian will place cash or liquid, high grade debt securities
in a segregated account. The amount of such segregated assets will be at least
equal to the value of 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.

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

It is impossible to forecast with precision the market value of portfolio
securities at the expiration of a forward contract. Accordingly, it may be
necessary for 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.
<PAGE>

A Fund will not speculate in forward contracts and will limit its dealings
in such contracts to the transactions 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.

A Fund's foreign currency transactions may be limited by the requirements
of Subchapter M of the Internal Revenue Code of 1986, as amended, for
qualification as a regulated investment company.
<PAGE>

APPENDIX B
--------------------------

MAJOR ECONOMIC AND FINANCIAL INDICATORS
OF THE NATIONS IN WHICH THE FUNDS MAY INVEST

The following information supplements and should be
used in connection with the section of the Funds'
Prospectus entitled "Appendix -- Information
Concerning The Nations In Which The Funds May
Invest."

MAJOR ECONOMIC AND FINANCIAL INDICATORS
- --------------------------------------------------------------------------------------------------------------------------
Avg. Annual Rates ending 1992
-------------------------------
1992 1991 1990 1989 1988 2 Years 3 Years 5 Years
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AUSTRALIA
Gross Domestic Product:
Nominal 4.9% 3.8% 0.9% 5.7% 12.0% 4.3% 3.2% 5.4%
Real 3.7% 2.5% -1.4% 1.2% 4.3% 3.1% 1.6% 2.0%
Inflation (CPI) 6.7% 1.0% 3.2% 7.3% 7.5% 3.8% 3.6% 5.1%
Trade Balance (A$ mil) -123 1555 3514 368 -3418 716 1649 379
Current Account Balance (A$ mil) -10369 -10546 -9811 -14849 -17314 -10458 -10242 -12578
Interest Rates:
Short Term (T-Bills) 5.0% 6.3% 10.0% 14.2% 16.8% 5.6% 7.08% 10.4%
Long Term (Govt 20 yrs) 7.3% 9.2% 10.7% 13.2% 13.4% 8.3% 9.06% 10.8%
Exchange Rates US$/A$ 0.6771 0.6886 0.7598 0.7733 0.7927 0.6829 0.7085 0.7383
- -------------------------------------------------------------------------------------------------------------------------------

AUSTRIA
Gross Domestic Product:
Nominal 3.5% 6.1% 7.1% 7.7% 6.8% 4.8% 5.5% 6.2%
Real -0.1% 1.8% 2.9% 4.2% 3.8% 0.9% 1.6% 2.6%
Inflation (CPI) 3.6% 4.1% 3.3% 3.3% 2.5% 3.8% 3.7% 3.4%
Trade Balance (Schilling mil) -7825 -8841 -8597 -7012 -5581 -8333 -8421 -7571
Current Account Balance (Schilling mil) -875 -703 116 1174 236 -789 -487 -10
Interest Rates:
Short Term (Deposit rate) 3.0% 3.7% 3.8% 3.4% 3.0% 3.3% 3.47% 3.4%
Long Term (Govt Bonds) 6.6% 8.3% 8.6% 8.7% 7.1% 7.5% 7.84% 7.9%
Exchange Rates US$/Schilling 0.08235 0.0881 0.0936 0.0937 0.0846 0.0852 0.0880 0.0885

- --------------------------------------------------------------------------------------------------------------------------------
BELGIUM
Gross National Product:
Nominal NA 4.9% 4.5% 6.4% 8.3% 4.7% 5.3% 6.2%
Real NA 1.4% 2.4% 2.8% 3.9% 1.9% 2.2% 3.1%
Inflation (CPI) 2.7% 2.4% 3.2% 3.4% 3.1% 2.6% 2.8% 3.0%
Trade Balance (B.Franc mil) 3933 1331 -66 590 967 2632 1733 1351
Current Account Balance (B.Franc mil) 12588 6468 4731 4950 3197 9528 7929 6387
Interest Rates:
Short Term (T-Bills) NA 9.4% 9.6% 8.5% 9.5% 9.2% 6.5%
Long Term (Govt Bonds) 7.2% 8.6% 9.3% 10.1% 8.6% 7.9% 8.37% 8.8%
Exchange Rates US$/Franc 0.00028 0.0301 0.0320 0.0323 0.0280 0.0152 0.0208 0.0245

- ---------------------------------------------------------------------------------------------------------------------------------
CANADA
Gross Domestic Product:
Nominal 3.4% 2.0% 0.8% 2.9% 7.4% 2.7% 2.1% 3.3%
Real 2.2% 1.0% -2.2% -0.2% 2.4% 1.6% 0.3% 0.6%
Inflation (CPI) 1.9% 1.5% 5.6% 4.7% 5.1% 1.7% 3.0% 3.7%
Trade Balance (C$ mil) 7612 5981 3695 8330 5986 6797 5763 6321
Current Account Balance (C$ mil) -23869 -22060 -24052 -21548 -22728 -22965 -23327 -22851
Interest Rates:
Short Term (T-Bills) 4.8% 6.6% 8.7% 12.8% 12.1% 5.7% 6.72% 9.0%
Long Term (Govt Bonds) 7.9% 8.8% 9.8% 10.9% 9.9% 8.3% 8.79% 9.4%
Exchange Rates US$/C$ 0.75529 0.7867 0.8654 0.8618 0.8637 0.7710 0.8025 0.8266

- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
DENMARK
Gross Domestic Product:
Nominal 2.6% 2.8% 3.6% 4.2% 4.8% 2.7% 3.0% 3.6%
Real 1.5% 0.8% 1.3% 1.4% 0.6% 1.2% 1.2% 1.1%
Inflation (CPI) 1.3% 2.1% 2.4% 2.7% 4.7% 1.7% 1.9% 2.6%
Trade Balance (Kroner mil) 7812 7204 4748 4875 2425 7508 6588 5413
Current Account Balance (Kroner mil) 4711 4268 1983 1372 -1118 4490 3654 2243
Interest Rates:
Short Term (Money Market rate) 10.7% 11.4% 9.8% 11.0% 9.7% 11.0% 10.62% 10.5%
Long Term (Govt Bonds) 7.1% 9.5% 9.6% 10.7% 9.8% 8.3% 8.71% 9.3%
Exchange Rates US$/Kroner 0.14765 0.1598 0.1691 0.1731 0.1513 0.1537 0.1589 0.1602

- ----------------------------------------------------------------------------------------------------------------------------------
FINLAND
Gross Domestic Product:
Nominal 0.8% -2.9% -4.8% 5.8% 12.1% -1.1% -2.3% 2.0%
Real -1.6% -3.6% -7.1% 0.0% 5.7% -2.6% -4.1% -1.4%
Inflation (CPI) 2.2% 2.6% 4.1% 6.2% 6.6% 2.4% 2.9% 4.3%
Trade Balance (Markka mil) 6392 3952 2321 725 -219 5172 4222 2634
Current Account Balance (Markka mil) -980 -4946 -6766 -6961 -5796 -2963 -4231 -5090
Interest Rates:
Short Term (Deposit rate) 4.8% 7.5% 7.5% 7.5% 5.8% 6.1% 6.58% 6.6%
Exchange Rates US$/Markka 0.17288 0.1907 0.2420 0.2752 0.2464 0.1818 0.2018 0.2254
- ----------------------------------------------------------------------------------------------------------------------------------

FRANCE
Gross Domestic Product:
Nominal 1.4% 3.5% 3.9% 5.7% 7.4% 2.4% 2.9% 4.3%
Real -1.0% 1.2% 0.8% 2.5% 4.3% 0.1% 0.3% 1.5%
Inflation (CPI) 2.1% 2.4% 3.2% 3.4% 3.4% 2.3% 2.6% 2.9%
Trade Balance (F.Franc mil) 6997 1755 -10175 -13671 -10651 4376 -474 -5149
Current Account Balance (F.Franc mil) 10201 4337 -7030 -15236 -5661 7269 2503 -2678
Interest Rates:
Short Term (Deposit rate) NA NA NA 6.7% 5.9% NA NA NA
Long Term (Govt Bonds) 6.9% 8.6% 9.1% 10.0% 8.8% 7.8% 8.19% 8.7%
Exchange Rates US$/Franc 0.1696 0.1816 0.1931 0.1950 0.1728 0.1756 0.1814 0.1824
- ----------------------------------------------------------------------------------------------------------------------------------

GERMANY
Gross National Product:
Nominal 0.8% 5.5% 8.4% 8.9% 6.7% 3.1% 4.8% 6.0%
Real -1.7% 1.4% 5.1% 5.9% 3.7% -0.2% 1.6% 2.8%
Inflation (CPI) 4.1% 4.0% 3.5% 2.7% 2.7% 4.0% 3.8% 3.4%
Trade Balance (DM bil) 45 33 23 71 78 39 34 50
Current Account Balance (DM bil) -20 -22 -19 46 58 -21 -20 9
Interest Rates:
Short Term (T-Bills) 6.2% 8.3% 8.3% 8.1% 6.3% 7.3% 7.60% 7.4%
Long Term (Govt Bonds) 6.3% 8.0% 8.6% 8.9% 7.1% 7.1% 7.62% 7.8%
Exchange Rates US$/DM 0.5793 0.6196 0.6596 0.6693 0.5890 0.5994 0.6195 0.6234
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>

HONG KONG
Gross Domestic Product:
Nominal NA 11.4% 11.4% 11.4% 15.1% 13.3% 13.9% 16.5%
Real NA NA 4.2% 3.2% 2.8% 3.7% 3.4% 6.5%
Inflation (CPI) AN NA 12.0% 9.7% 10.1% 10.8% 10.6% 8.9%
Trade Balance ($HK mil) NA NA -16156 -5326 5290 -10741 -5397 -5397
Current Account Balance ($HK mil) NA 27619 27619 27619 39966 27619 31735 31735
Interest Rates:

Short Term (3 mo. Interbank) NA NA 3.7% 8.5% 8.6% 6.1% 7.0% 7.0%
Exchange Rates US$/HK$ NA NA 0.1282 0.1284 0.1282 0.1283 0.1283 0.1283
- ---------------------------------------------------------------------------------------------------------------------------------

IRELAND
Gross Domestic Product:
Nominal 7.7% 6.4% 4.0% 6.7% 12.1% 7.0% 6.0% 7.3%
Real 4.0% 5.0% 2.9% 8.6% 7.4% 4.5% 3.9% 5.5%
Inflation (CPI) 1.4% 3.1% 3.2% 3.3% 4.1% 2.3% 2.6% 3.0%
Trade Balance ((pound)mil) 8161 6813 4167 3969 4003 7487 6380 5423
Current Account Balance ((pound)mil) 3848 2452 1444 45 -508 3150 2581 1456
Interest Rates:
Short Term (T-Bills) NA NA 10.1% 10.9% 9.7% 5.5% 10.24% 9.8%
Long Term (Govt Bonds) 7.7% 9.1% 9.2% 10.1% 9.0% 8.4% 8.67% 9.0%
Exchange Rates US$/(pound) 0.7088 0.6137 0.5715 0.5632 0.6425 0.6613 0.6313 0.6200

- ---------------------------------------------------------------------------------------------------------------------------------
ITALY
Gross Domestic Product:
Nominal NA 5.6% 8.7% 9.9% 9.3% 7.2% 8.1% 8.9%
Real NA 0.9% 1.3% 2.1% 2.9% 1.1% 1.4% 2.3%
Inflation (CPI) 4.5% 5.2% 6.3% 6.5% 6.2% 5.7% 6.0% 5.9%
Trade Balance (Lire bil) 32278 3085 -445 1373 -1664 17682 11639 6925
Current Account Balance (Lire bil) 11176 -27908 -24060 -16827 -11900 -8366 -13597 -13904
Interest Rates:
Short Term (T-Bills) 10.6% 14.3% 12.5% 12.4% 12.6% 12.5% 12.48% 12.5%
Long Term (Govt Bonds) 11.3% 13.3% 13.2% 11.5% 10.7% 12.3% 12.59% 12.0%
Exchange Rates US$/Lire 0.0006 0.0007 0.0009 0.0009 0.0008 0.0006 0.0007 0.0008

- ----------------------------------------------------------------------------------------------------------------------------------
JAPAN
Gross National Product:
Nominal 1.1% 2.8% 6.3% 7.2% 6.7% 1.9% 3.4% 4.8%
Real 0.1% 1.4% 4.3% 4.8% 4.8% 0.7% 1.9% 3.1%
Inflation (CPI) 1.2% 1.7% 3.3% 3.1% 2.2% 1.5% 2.1% 2.3%
Trade Balance (Yen bil) 142 132 103 64 77 137 126 104
Current Account Balance (Yen bil) 132 118 73 36 57 125 107 83
Interest Rates:
Short Term (Deposit rate) 2.1% 3.4% 4.1% 3.6% 2.0% 2.7% 3.21% 3.0%
Long Term (Govt Bonds) 3.7% 4.9% 6.5% 7.4% 5.1% 4.3% 5.05% 5.5%
Exchange Rates US$/Japanese(Y) 0.0844 0.0080 0.0080 0.0074 0.0070 0.0462 0.0335 0.0230
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>

MALAYSIA
Gross Domestic Product:
Nominal 12.2% 14.1% 11.9% 12.9% 12.9% 13.1% 12.7% 12.8%
Real 8.5% 7.8% 8.7% 9.7% 9.2% 8.1% 8.3% 8.8%
Inflation (CPI) 3.6% 4.7% 4.4% 2.7% 2.7% 4.1% 4.2% 3.6%
Trade Balance (Ringgit mil) 3409 3375 527 2622 4382 3392 2437 2863
Current Account Balance (Ringgit mil) -2103 -1649 -4184 -918 258 -1876 -2645 -1719
Interest Rates:
Short Term (Deposit rate) NA NA 7.2% 5.9% 4.6% 6.5% 5.89% 4.1%
Exchange Rates US$/Ringgit 0.3702 0.3828 0.3671 0.3702 0.3699 0.3765 0.3734 0.3720
- ----------------------------------------------------------------------------------------------------------------------------------

MEXICO
Gross Domestic Product:
Nominal NA 17.8% 26.0% 35.2% 30.0% 21.9% 26.2% 39.4%
Real NA 2.8% 3.6% 4.4% 3.3% 3.2% 3.6% 3.1%
Inflation (CPI) 9.7% 15.5% 22.7% 26.6% 20.1% 19.0% 21.5% 35.8%
Trade Balance (Pesos bil) -18891 -20677 -11329 -4433 -2596 -19784 -16966 -11585
Current Account Balance (Pesos bil) -23391 -24806 -14888 -7451 -5825 -24099 -21028 -15272
Interest Rates:
Short Term (T-Bills) 15.0% 15.6% 19.3% 34.8% 45.0% 27.0% 33.01% 54.3%
Exchange Rates US$/Peso 0.3220 0.3210 0.3256 0.3395 0.3786 0.3215 0.3229 0.3373

- ----------------------------------------------------------------------------------------------------------------------------------
NETHERLANDS
Gross National Product:
Nominal 1.9% 3.9% 5.0% 6.5% 6.0% 2.9% 3.6% 4.6%
Real 0.3% 1.8% 2.3% 3.9% 4.7% 1.0% 1.5% 2.6%
Inflation (CPI) 2.6% 3.2% 3.1% 2.5% 1.0% 2.9% 3.0% 2.5%
Trade Balance (Guilders mil) 12908 11340 10740 10330 8155 12124 11663 10695
Current Account Balance (Guilders mil) 9775 6504 7529 8930 9784 8140 7936 8504
Interest Rates:
Short Term (Deposit Rate) 3.1% 3.2% 3.2% 3.3% 3.5% 3.2% 3.16% 3.3%
Long Term (Govt Bonds) 6.5% 8.1% 8.7% 8.9% 7.2% 7.3% 7.78% 7.9%
Exchange Rates US$/Guilders 0.5152 0.5512 0.5847 0.5917 0.5221 0.5332 0.5504 0.5530
- ----------------------------------------------------------------------------------------------------------------------------------

NEW ZEALAND
Gross Domestic Product:
Nominal 6.2% 4.4% -0.3% 2.4% 6.2% 5.3% 3.4% 3.8%
Real 4.8% 2.1% -2.6% -0.8% -1.1% 3.4% 1.4% 0.5%
Inflation (CPI) 1.4% 1.0% 2.6% 6.0% 5.7% 1.2% 1.6% 3.3%
Trade Balance (NZ$ mil) 1714 1674 2072 897 973 1694 1820 1466
Current Account Balance (NZ$ mil) -932 -869 -658 -669 -1276 -901 -820 -881
Interest Rates:
Short Term (T-Bills) 6.2% 6.7% 9.7% 13.8% 13.5% 6.5% 7.56% 10.0%
Long Term (Govt Bonds) 6.7% 7.9% 10.0% 12.5% 12.8% 7.3% 8.19% 10.0%
Exchange Rates US$/NZ$ 0.5588 0.5143 0.5411 0.5878 0.5972 0.5366 0.5381 0.5598
- -------------------------------------------------------------------------------------------------------------------------------
<PAGE>

NORWAY
Gross Domestic Product:
Nominal 4.4% 2.4% 4.0% 6.3% 6.5% 3.4% 3.6% 4.7%
Real 2.3% 3.4% 1.6% 1.7% 0.6% 2.8% 2.4% 1.9%
Inflation (CPI) 2.3% 2.3% 3.4% 4.2% 4.5% 2.3% 2.7% 3.3%
Trade Balance (Kroner mil) 8016 9303 8696 7761 3770 8660 8672 7509
Current Account Balance (Kroner mil) 2453 2961 5049 4023 214 2707 3488 2940
Interest Rates:
Short Term (Deposit rate) 5.5% 10.7% 9.6% 9.7% 9.6% 8.1% 8.60% 9.0%
Long Term (Govt Bond) 6.5% 9.8% 9.9% 10.7% 10.8% 8.2% 8.72% 9.5%
Exchange Rates US$/Kroner 0.1330 0.1444 0.1674 0.1693 0.1512 0.1387 0.1483 0.1531
- ---------------------------------------------------------------------------------------------------------------------------------

SINGAPORE
Gross Domestic Product:
Nominal 12.5% 8.3% 10.4% 15.2% 14.9% 10.4% 10.4% 12.2%
Real 9.9% 6.0% 6.7% 8.8% 9.2% 8.0% 7.5% 8.1%
Inflation (CPI) 2.4% 2.3% 3.4% 3.4% 2.4% 2.3% 2.7% 2.8%
Trade Balance (S$ mil) -8065 -5782 -3791 -4718 -2115 -6924 -5879 -4894
Current Account Balance (S$ mil) 2039 3748 3992 2094 2785 2894 3260 2932
Interest Rates:
Short Term (Deposit rate) 2.3% 2.9% 4.6% 4.7% 3.2% 2.6% 3.26% 3.5%
Exchange Rates US$/S$ 0.6219 0.6079 0.6133 0.5732 0.5279 0.6149 0.6144 0.5888
- ---------------------------------------------------------------------------------------------------------------------------------

SOUTH AFRICA
Gross Domestic Product:
Nominal 12.3% 10.0% 12.3% 14.7% 20.1% 11.1% 11.5% 13.8%
Real 1.1% -2.2% -1.0% -0.3% 2.4% -0.6% -0.7% -0.0%
Inflation (CPI) 9.7% 13.9% 15.3% 14.4% 14.7% 11.8% 12.9% 13.6%
Trade Balance (Rand mil) 5781 5429 6134 6783 5589 5605 5781 5943
Current Account Balance (Rand mil) 1805 1388 2258 2077 1579 1597 1817 1821
Interest Rates:
Short Term (T-Bills) 11.3% 13.8% 16.7% 17.8% 16.8% 12.5% 13.92% 15.3%
Long Term (Govt Bonds) 14.0% 15.4% 16.3% 16.2% 16.9% 14.7% 15.25% 15.8%
Exchange Rates US$/Rand 0.2943 0.3276 0.3646 0.3902 0.3943 0.3109 0.3288 0.3542
- ---------------------------------------------------------------------------------------------------------------------------------

SOUTH KOREA
Gross Domestic Product:
Nominal 10.5% 11.4% 20.2% 20.4% 12.0% 10.9% 13.9% 14.8%
Real 5.5% 5.1% 9.1% 9.5% 6.4% 5.3% 6.6% 7.1%
Inflation (CPI) 4.8% 6.2% 9.3% 8.6% 5.7% 5.5% 6.8% 6.9%
Trade Balance (Won bil) 1860 -2146 -6980 -2004 4597 -143 -2422 -935
Current Account Balance (Won bil) 384 -4529 -8726 -2172 5056 -2073 -4290 -1997
Interest Rates:
Short Term (Deposit rate) 8.6% 10.0% 10.0% 10.0% 10.0% 9.3% 9.53% 9.7%
Long Term (Govt Bonds) 12.1% 15.1% 16.5% 15.0% 14.7% 13.6% 14.57% 14.7%
Exchange Rates US$/Won 0.0012 0.0013 0.0013 0.0014 0.0015 0.0013 0.0013 0.0013
- ---------------------------------------------------------------------------------------------------------------------------------

<PAGE>

SPAIN
Gross Domestic Product:
Nominal 3.2% 7.5% 9.5% 11.3% 12.2% 5.3% 6.7% 8.7%
Real -0.4% -0.0% 2.2% 3.7% 4.7% -0.2% 0.6% 2.0%
Inflation (CPI) 4.5% 5.9% 5.9% 6.7% 6.8% 5.2% 5.5% 6.0%
Trade Balance (Pesetas bil) -16065 -31034 -30753 -29566 -24495 -23550 -25951 -26383
Current Account Balance (Pesetas bil) -6258 -18481 -16718 -16819 -10933 -12370 -13819 -13842
Interest Rates:
Short Term (T-Bills) 10.5% 12.4% 12.5% 14.2% 13.6% 11.5% 11.81% 12.6%
Long Term (Govt Bonds) 10.2% 12.2% 12.4% 14.7% 13.7% 11.2% 11.59% 12.6%
Exchange Rates US$/Peseta 0.0070 0.0087 0.0103 0.0103 0.0091 0.0079 0.0087 0.0091
- ---------------------------------------------------------------------------------------------------------------------------------

SWEDEN
Gross Domestic Product:
Nominal 0.7% -0.5% 6.4% 10.3% 10.6% 0.1% 2.1% 5.4%
Real -1.8% -1.7% -1.7% 1.4% 2.4% -1.7% -1.7% -0.3%
Inflation (CPI) 4.5% 2.8% 9.0% 9.9% 7.1% 3.6% 5.4% 6.6%
Trade Balance (Kronor mil) 7707 6722 6359 3402 4015 7215 6929 5641
Current Account Balance (Kronor mil) -1835 -7671 -4646 -6820 -3400 -4753 -4717 -4874
Interest Rates:
Short Term (T-Bills) 8.4% 12.9% 11.6% 13.7% 11.5% 10.6% 10.93% 11.6%
Long Term (Govt Bonds) 8.5% 10.0% 10.7% 13.1% 11.2% 9.3% 9.75% 10.7%
Exchange Rates US$/Kronor 0.1204 0.1420 0.1808 0.1755 0.1606 0.1312 0.1478 0.1559
- ---------------------------------------------------------------------------------------------------------------------------------

SWITZERLAND
Gross Domestic Product:
Nominal 1.2% 2.3% 5.4% 8.1% 8.2% 1.8% 3.0% 5.0%
Real -0.8% -0.3% -0.0% 2.3% 3.9% -0.6% -0.4% 1.0%
Inflation (CPI) 3.4% 4.1% 5.8% 5.4% 3.2% 3.7% 4.4% 4.3%
Trade Balance (S.Francs mil) 2237 490 -3806 -6391 -4323 1364 -360 -2359
Current Account Balance (S.Francs mil) 16696 14190 10325 6942 8042 15443 13737 11239
Interest Rates:
Short Term (T-Bills) 4.8% 7.8% 7.7% 8.3% 6.6% 6.3% 6.75% 7.0%
Long Term (Govt Bonds) 4.1% 5.5% 6.4% 6.7% 5.2% 4.8% 5.29% 5.6%
Exchange Rates US$/Franc 0.6759 0.6868 0.7377 0.7719 0.6466 0.6814 0.7002 0.7038
- ---------------------------------------------------------------------------------------------------------------------------------

UNITED KINGDOM
Gross Domestic Product:
Nominal 5.5% 3.8% 4.4% 6.8% 9.4% 4.7% 4.6% 6.0%
Real 2.1% -0.5% -2.0% 0.4% 2.2% 0.8% -0.1% 0.4%
Inflation (CPI) 1.5% 3.7% 5.9% 9.5% 7.8% 2.6% 3.7% 5.7%
Trade Balance (UK(pound)mil) -20570 -23963 -18273 -32742 -40542 -22267 -20935 -27218
Current Account Balance (UK(pound)mil) -16391 -19098 -13712 -31647 -36866 -17745 -16400 -23543
Interest Rates:
Short Term (T-Bills) 5.2% 8.9% 11.0% 14.1% 13.1% 7.1% 8.36% 10.4%
Long Term (Govt Bonds) 7.9% 9.2% 9.9% 11.1% 9.6% 8.5% 8.98% 9.5%
Exchange Rates US$/UK(pound) 1.4812 1.5120 1.8707 1.9280 1.6055 1.4966 1.6213 1.6795
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>

UNITED STATES
Gross National Product:
Nominal 5.4% 5.2% 3.6% 5.2% 7.2% 5.3% 4.7% 5.3%
Real 3.1% 3.3% -1.2% 0.8% 2.5% 3.2% 1.7% 1.7%
Inflation (CPI) 3.0% 3.1% 4.2% 5.4% 4.9% 3.0% 3.4% 4.1%
Trade Balance (US$ bil) -133 -96 -74 -109 -115 -85 -93 -104
Current Account Balance (US$ bil) -104 -68 -7 -92 -103 -37 -56 -80
Interest Rates:
Short Term (T-Bills) 3.0% 3.5% 5.4% 7.5% 8.1% 4.4% 5.5% 6.2%
Long Term (Govt Bonds) 5.8% 7.0% 7.9% 8.6% 8.5% 7.4% 7.8% 8.2%

- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
APPENDIX C
-----------------------
GLOBAL CUSTODY NETWORK

ARGENTINA
Citibank, N.A.
Buenos Aires

AUSTRALIA
National Australia Bank
Melbourne

AUSTRIA
Euroclear

BANGLADESH
Standard Chartered

BELGIUM
Euroclear

BRAZIL
Banco de Boston
Sao Paulo

CANADA
Euroclear

CHILE
Bank of Boston

CHINA
Standard Chartered, Shenzhen
Standard Chartered, Shanghai

COLOMBIA
Citibank, S.A.
Bogota

CZECH REPUBLIC
Chase Manhattan Bank

DENMARK
Euroclear

FINLAND
Euroclear

FRANCE
Euroclear

GERMANY
Euroclear

GREECE
Citibank, N.A.
Athens

HONG KONG
Standard Chartered Bank
Hong Kong

HUNGARY
Citibank, N.A.

INDIA
State Bank of India

INDONESIA
Standard Chartered Bank
Jakarta

IRELAND
Bank of Ireland
Securities Services

ISRAEL
Chase Manhattan Bank

ITALY
Citibank, N.A.

JAPAN
Standard Chartered Bank
Tokyo

KOREA
Standard Chartered Bank
Seoul

LUXEMBOURG
Euroclear

MALAYSIA
Standard Chartered Bank

MEXICO
Bancomer, S.A.

MOROCCO
Chase Manhattan Bank

NETHERLANDS
Euroclear

NEW ZEALAND
National Australia Bank
Aukland

NORWAY
Euroclear

PAKISTAN
Standard Chartered Bank
Karachi

PERU
Citibank, N.A.
Lima

PHILLIPINES
Standard Chartered Bank
Manila

POLAND
Citibank, N.A.

PORTUGAL
Euroclear

PUERTO RICO
Citibank, N.A.

SINGAPORE
Standard Chartered Bank

SOUTH AFRICA
Chase Manhattan Bank

SPAIN
Euroclear

SRI LANKA
Standard Chartered Bank

SWEDEN
Euroclear

SWITZERLAND
Euroclear

TAIWAN
Standard Chartered Bank
Taipei

THAILAND
Standard Chartered Bank
Bangkok

TURKEY
Chase Manhattan, N.A.
Istanbul

UNITED KINGDOM
Barclays Bank PLC
London

URUGUAY
Citibank, N.A.
Montevideo

VENEZUELA
Citibank, N.A.
Caracas

ZIMBABWE
Barclays Bank PLC

<PAGE>

DEPOSITORIES

ARGENTINA
Caja De Valores
("CDV")

AUSTRALIA
Austra clear

AUSTRIA
Oesterreichische Kontrollbank A.G./
Wertpapiersammelbank A.G.
("OEKB/WSB")

BELGIUM
Caisse Interprofessionnelle de Depots et de Virement de Titres S.A.
("CIK")

BRAZIL
Bovespa

CANADA
Canadian Depository
for Securities Limited
("CDS")

CHINA
Shenzen Central Registrars Co.

COLUMBIA
Banco de la Republica

CZECH REPUBLIC
SCP

DENMARK
Vaerdipapircentralen
("VP")

FINLAND
Central Share Depository

FRANCE
Societe Interprofessionnelle
pour la Compensation des Valeurs
Mobilieres ("SICOVAM")

GERMANY
Deutscher Kassenverein A.G.
("DKV")

GREECE
Central Securities Depository, S.A.
("CSD")

HONG KONG
CCASS

HUNGARY
Keler

IRELAND
Gilt Settlement Office
("GSO")

ISRAEL
The Stock Exchange
Clearing House Ltd.

ITALY
Monte Titoli SpA Instituto per la
Custodia e l'Amministrazione
Accentrata di Valori Mobiliari
("Monte Titoli")

JAPAN
Japan Securities Depository Center
("JASDEC")

KOREA
KSD

LUXEMBOURG
Centrale de Livraison de Valeurs
Mobieres ("CEDEL")

MALAYSIA
Malaysian Central Depository

MEXICO
Instituto para el Deposito de Valores
("Indeval")

NETHERLANDS
Nederlands Centraal Instituut voor
Giraal Effectenverkeer B.V. ("Necigef")

NEW ZEALAND
Austraclear

NORWAY
Verdipapirsentralen
("VPS")

PERU
Caval

POLAND
National Depository of Securities

PORTUGAL
Central de Valores Mobiliarios

SINGAPORE
Central Depository
(PTE) Ltd.

SPAIN
Servico Compen savion
Y Liquidation

SRI LANKA
Central Depository System
(PVT)

SWEDEN
Vardepappers Centralen

SWITZERLAND
Schweizerische. Effecten-Giro A.G.
("SEGA")

TAIWAN
Taiwan Securities
Central Depository Co.

THAILAND
Share Depository Center

UNITED KINGDOM
<PAGE>
APPENDIX D
---------------------------

NATIONAL EQUITY INDICES
DECEMBER 31, 1994

AUSTRALASIA NATIONAL EQUITY INDEX
AUSTRALIA
ABERFOYLE LIMITED
ADELAIDE BRIGHTON LTD
ADVANCE BANK AUSTRALIA LIMITED
AMCOR LIMITED
AMPOLEX LIMITED
ARNOTTS LIMITED
ASHTON MINING LIMITED
AUSTRALIA AND NEW ZEALAND BANKING GROUP
AUSTRALIAN CHEMICAL HOLDINGS LIMITED
AUSTRALIAN GAS LIGHT COMPANY (THE)
AUSTRALIAN NATIONAL INDUSTRIES LIMITED
AWA LIMITED
BANK OF MELBOURNE LIMITED
BANK OF QUEENSLAND LIMITED
BORAL LIMITED
BRAMBLES INDUSTRIES LIMITED
BRICKWORKS LIMITED
BROKEN HILL PROPRIETARY COMPANY LIMITED
BTR NYLEX LIMITED
BURNS, PHILP AND COMPANY LIMITED
CALTEX AUSTRALIA LIMITED
CHALLENGE BANK LIMITED
CLYDE INDUSTRIES LIMITED
COAL & ALLIED INDUSTRIES LIMITED
COCA-COLA AMATIL LIMITED
COLES MYER LIMITED
COMALCO LIMITED
COMMONWEALTH BANK OF AUSTRALIA
CONSOLIDATED RUTILE LIMITED
COVENTRY GROUP LIMITED
CRA LIMITED
CSR LIMITED
DELTA GOLD N.L.
EMAIL LIMITED
ENERGY RESOURCES OF AUSTRALIA LIMITED
FAI INSURANCES LIMITED
FOSTER'S BREWING GROUP LIMITED
FUTURIS CORPORATION LIMITED
F.H. FAULDING & CO LIMITED
GEORGE WESTON FOODS LIMITED
GOLD MINES OF KALGOORLIE LIMITED
GOODMAN FIELDER LIMITED
GWALIA CONSOLIDATED LIMITED
G.E. CRANE HOLDINGS LIMITED
HARVEY NORMAN HOLDINGS LIMITED
HILLS INDUSTRIES LIMITED
HOMESTAKE GOLD OF AUSTRALIA LIMITED
ICI AUSTRALIA LIMITED
INCITEC LIMITED
JAMES HARDIE INDUSTRIES LIMITED
JUPITERS LIMITED
KIDSTON GOLD MINES LIMITED
LEIGHTON HOLDINGS LIMITED
LEND LEASE CORPORATION LIMITED
MAYNE NICKLESS LIMITED
METAL MANUFACTURES LIMITED
METWAY BANK LIMITED
MILDARA BLASS LIMITED
MIRVAC LIMITED
MOUNT LEYSHON GOLD MINES LIMITED
M.I.M. HOLDINGS LIMITED
NATIONAL AUSTRALIA BANK LIMITED
NATIONAL CONSOLIDATED LIMITED
NATIONAL FOODS LIMITED
NEWCREST MINING LIMITED
NIUGINI MINING LIMITED
NORMANDY POSEIDON LIMITED
NORTH FLINDERS MINES LIMITED
NORTH LIMITED
OIL SEARCH LIMITED
OPSM PROTECTOR LIMITED
ORBITAL ENGINE CORPORATION LIMITED
PACIFIC BBA LIMITED
PACIFIC DUNLOP LIMITED
PANCONTINENTAL MINING LIMITED
PASMINCO LIMITED
PERPETUAL TRUSTEES AUSTRALIA LIMITED
PETER KURTS PROPERTIES LIMITED
PIONEER INTERNATIONAL LIMITED
PLACER PACIFIC LIMITED
PLUTONIC RESOURCES LIMITED
POSEIDON GOLD LIMITED
PUBLISHING AND BROADCASTING LIMITED
QBE INSURANCE GROUP LIMITED
QCT RESOURCES LIMITED
Q.U.F. INDUSTRIES LIMITED
ROTHMANS HOLDINGS LIMITED
SANTOS LIMITED
SCHRODERS PROPERTY FUND
SIDDONS RAMSET LIMITED
SONS OF GWALIA LIMITED
SOUTHCORP HOLDINGS LIMITED
SPICERS PAPER LIMITED
SPOTLESS GROUP LIMITED
SPOTLESS SERVICES LIMITED
TUBEMAKERS OF AUSTRALIA LIMITED
VILLAGE ROADSHOW LIMITED
WASHINGTON H SOUL PATTINSON & CO LIMITED
WATTYL LIMITED
WESFARMERS LIMITED
WESTERN MINING CORPORATION HOLDINGS LTD
WESTFIELD HOLDINGS LIMITED
WESTPAC BANKING CORPORATION
WESTRALIAN SANDS LIMITED
WOODSIDE PETROLEUM LIMITED
W.D. & H.O. WILLS HOLDINGS LIMITED
<PAGE>
NEW ZEALAND
BRIERLEY INVESTMENTS LIMITED
CARTER HOLT HARVEY LTD.
DB GROUP LIMITED
FERNZ CORPORATION LIMITED
FISHER & PAYKEL INDUSTRIES LIMITED
FLETCHER CHALLENGE ORDINARY DIVISION
INDEPENDENT NEWSPAPERS LIMITED
LION NATHAN LIMITED
SANFORD LIMITED
STEEL & TUBE HOLDINGS LTD.
TELECOM CORPORATION OF NEW ZEALAND
WILSON & HORTON LIMITED

AUSTRIAN NATIONAL EQUITY INDEX
AGRANA BETEILIGUNGS AG
BANK FUER KAERNTEN UND STEIERMARK AG
BANK FUER OBEROESTERREICH UND SALZBURG
CONSTANTIA INDUSTRIEHOLDING AG
CREDITANSTALT-BANKVEREIN AG
DIE ERSTE OESTERREICH.SPAR-CASSE-BANK
EA-GENERALI AG
ENERGIE-VERSORGUNG NIEDEROESTERREICH AG
INTERUNFALL VERSICHERUNG AG
LEIPNIK-LUNDENBURGER INDUSTRIE AG
LENZING AG
MACULAN HOLDING
MAUTNER MARKHOF NAHRUNGS- & GENUSSMITTEL
OESTERREICHISCHE BRAU-BETEILIGUNGS-AG
OESTERREICHISCHE ELEKTRIZITAETSWIRTSCH.
OESTERREICHISCHE VOLKSBANKEN AG
PERLMOOSER ZEMENTWERKE AG
STRABAG OESTERREICH AG
VERSICHERUNGSANSTALT DER BUNDESLANDER AG
VORARLBERGER KRAFTWERKE AG
WIENERBERGER BAUSTOFFINDUSTRIE AG
Z-LAENDERBANK BANK AUSTRIA AG

BELGIUM/LUXEMBOURG
NATIONAL EQUITY INDEX
ACKERMANS & VAN HAAREN SA
ALMANIJ-KREDIETBANK GROUP
AUDIOFINA-CIE LUX POUR AUDIO-VIS & FINA
BANQUE BELGO-ZAIROISE SA
BANQUE BRUXELLES LAMBERT
BANQUE GENERALE DU LUXEMBOURG SA
BANQUE INTERNATIONALE A LUXEMBOURG SA
BANQUE NATIONALE DE BELGIQUE
BARCO (BELGIAN AMERICAN RADIO CORP.)
BEKAERT NV
BELCOFI SA
BREDERODE SA
CIE FINANCIERE EUROPEENNE ET D'OUTRE-MER
CIE GRAND DUCALE D'ELEC DU LUXEMBOURG
CIMENTERIES CBR CEMENTBEDRIJVEN SA
COLRUYT ETN FR NV
COMPAGNIE BELGE DE PARTICIPATIONS PARIBA
COMPAGNIE D'ENTREPRISES CFE SA
COMPAGNIE IMMOBILIERE DE BELGIQUE SA
COMPAGNIE NATIONALE A PORTEFEUILLE SA
CREDIT A L'INDUSTRIE SA, STE NATIONAL DE
DECEUNINCK PLASTICS INDUSTRIES SA
ELECTRABEL SA
ELECTRAFINA
ENTREPRISES QUILMES SA
ETABLIS. DELHAIZE FRERES & CIE LE LION
FORTIS AG
GENERALE DE BANQUE SA
GEVAERT-PHOTO PRODUITS SA
GIB SA
GROUPE BRUXELLES LAMBERT SA
HENNUYERE D'EXPANSION SA
INVESTERINGS-EN BELEGGINGS-MAATSCHAPPIJ
KREDIETBANK NV
KREDIETBANK SA LUXEMBOURGEOISE
MINORCO SA
MOSANE SA
PAN-HOLDING SICAF
PETROFINA SA
POWERFIN SA
ROYALE BELGE SA
SOCFINASIA SA
SOCIETE GENERALE DE BELGIQUE SA
SOFINA SA
SOLVAY SA
TESSENDERLO CHEMIE SA
TRACTEBEL SA
UCB SA

CANADIAN NATIONAL EQUITY INDEX
ACKLANDS LIMITED
AGNICO-EAGLE MINES LIMITED
ALBERTA ENERGY COMPANY LTD.
ALBERTA NATURAL GAS CO. LTD.
ALGOMA CENTRAL CORPORATION
ANDERSON EXPLORATION LTD
ASTRAL COMMUNICATIONS INC.
ATCO LTD.
BANISTER FOUNDATION INC.
BANK OF MONTREAL
BANK OF NOVA SCOTIA (THE)
BARRICK GOLD CORPORATION
BC GAS INC
BC SUGAR REFINERY, LIMITED
BC TELECOM INC
BCE INC.
BCE MOBILE COMMUNICATIONS INC.
BGR PRECIOUS METALS
BOMBARDIER INC.
BRASCAN LIMITED
BRUNCOR INC.
CABRE EXPLORATION LTD
CAMBIOR INC.
CAMECO CORPORATION
CANADA MALTING CO. LIMITED
CANADIAN IMPERIAL BANK OF COMMERCE
CANADIAN MARCONI COMPANY
CANADIAN NATURAL RESOURCES LIMITED
CANADIAN OCCIDENTAL PETROLEUM LTD.
CANADIAN TIRE CORPORATION LIMITED
CANADIAN UTILITIES LTD.
CANAM MANAC GROUP
CANFOR CORPORATION
CANSTAR SPORTS INC.
CANWEST GLOBAL COMMUNICATIONS CORP.
CARA OPERATIONS LIMITED
<PAGE>
CCL INDUSTRIES LTD.
CELANESE CANADA INC.
CFCF INC.
CHAUVCO RESOURCES LTD.
CHUM LIMITED
CINEPLEX ODEON CORPORATION
CINRAM LTD
COGECO INC.
COGNOS INCORPORATED
COMINCO LTD.
CONWEST EXPLORATION COMPANY LTD
CORBY DISTILLERS LTD.
COREL CORPORATION
CO-STEEL INC.
DOFASCO INC.
DOMAN INDUSTRIES LIMITED
DOMINION TEXTILE INC.
DONOHUE INC.
DUNDEE BANCORP INC
DUPONT CANADA INC.
ECHO BAY MINES LTD.
EDPER ENTERPRISES LTD.
E-L FINANCIAL CORPORATION LIMITED
ELAN ENERGY INC
EMPIRE COMPANY LIMITED
EURO-NEVADA MINING CORP.
FAIRFAX FINANCIAL HOLDINGS LIMITED
FINNING LTD
FIRST MARATHON INC.
FORTIS INC.
FRANCO NEVADA MINING CORP. LTD.
GEAC COMPUTER CORP. LTD.
GENDIS INC.
GLAMIS GOLD LTD.
GRANGES INC.
GREYHOUND LINES OF CANADA LTD.
GROUPE VIDEOTRON LTEE LE
G.T.C. TRANSCONTINENTAL GROUP LTD.
HARRIS STEEL GROUP INC.
HAYES - DANA INC.
HEES INTERNATIONAL BANCORP INC.
HEMLO GOLD MINES INC
HOLLINGER INC.
HOME OIL CO
HORSHAM CORPORATION (THE)
HUDSON'S BAY COMPANY
IMASCO LIMITED
IMPERIAL OIL LIMITED
INCO LIMITED
INTERNATIONAL COLIN ENERGY CORPORATION
INTERNATIONAL FOREST PRODUCTS LTD
INTERPROVINCIAL STEEL & PIPE (IPSCO)
INVERNESS PETROLEUM LTD
INVESTORS GROUP, INC.
JANNOCK LIMITED
JEAN COUTU GROUP (PJC) INC. (THE)
KAUFEL GROUP LTD.
KERR ADDISON MINES LIMITED
LABATT (JOHN) LIMITED
LAIDLAW INC.
LEON'S FURNITURE LIMITED
LINAMAR CORPORATION
LOBLAW COMPANIES LIMITED
LOEWEN GROUP INC. (THE)
LONDON INSURANCE GROUP INC.
MACKENZIE FINANCIAL CORPORATION
MACMILLAN BLOEDEL LIMITED
MAGNA INTERNATIONAL INC.
MAPLE LEAF FOODS INC.
MARITIME TELEGRAPH & TELEPHONE CO., LTD.
MARKBOROUGH PROPERTIES INC.
MDS HEALTH GROUP LIMITED
METALL MINING CORPORATION
METHANEX CORPORATION
METRO-RICHELIEU INC.
MIDLAND WALWYN INC.
MITEL CORPORATION
MOFFAT COMMUNICATIONS LIMITED
MOLSON COMPANIES LIMITED (THE)
MOORE CORPORATION LIMITED
MORGAN HYDROCARBONS INC
MORRISON PETROLEUM
NATIONAL BANK OF CANADA
NATIONAL TRUSTCO INC
NEWBRIDGE NETWORKS CORPORATION
NEWTEL ENTERPRISES LTD.
NOMA INDUSTRIES LIMITED
NORANDA INC.
NORCEN ENERGY RESOURCES LIMITED
NORTH WEST COMPANY INC. (THE)
NORTHERN TELECOM LIMITED
NORTHSTAR ENERGY CORPORATION
NOWSCO WELL SERVICE LTD.
NUMAC ENERGY INC.
ONEX CORPORATION
OSHAWA GROUP LIMITED (THE)
PAGURIAN CORPORATION LIMITED
PANCANADIAN PETROLEUM LIMITED
PARAMOUNT RESOURCES LTD
PETRO-CANADA ENTERPRISES INC.
PHILIP ENVIRONMENTAL INC
PINNACLE RESOURCES LTD.
PLACER DOME, INC.
POTASH CORP OF SASKATCHEWAN INC.
POWER FINANCIAL CORP.
PREMDOR INC.
PROVIGO INC.
QUEBECOR INC.
QUEBEC-TELEPHONE
RANGER OIL LIMITED
RAYROCK YELLOWKNIFE RESOURCES INC.
REITMANS (CANADA) LIMITED
RENAISSANCE ENERGY LTD.
RIO ALGOM LIMITED
ROTHMANS INC.
ROYAL BANK OF CANADA
ROYAL OAK MINES INC.
SAMUEL MANU-TECH INC.
SCEPTRE RESOURCES LIMITED
SCHNEIDER CORPORATION
SCOTT PAPER LIMITED
SCOTT'S HOSPITALITY INC.
SEAGRAM COMPANY LTD. (THE)
SEARS CANADA INC.
SEMI-TECH CORPORATION
SHAW INDUSTRIES LTD.
<PAGE>
SHELL CANADA LTD.
SHL SYSTEMHOUSE INC.
SLOCAN FOREST PRODUCTS LTD.
SNC LAVALIN GROUP INC.
SOUTHAM INC.
SPAR AEROSPACE LIMITED
STELCO INC.
ST. LAWRENCE CEMENT INC.
TALISMAN ENERGY INC.
TARRAGON OIL & GAS LIMITED
TCG INTERNATIONAL INC.
TECK CORPORATION
TELEGLOBE INC.
TELUS CORPORATION
THOMSON CORPORATION
TORONTO DOMINION BANK (THE)
TORONTO SUN PUBLISHING CORPORATION
TORSTAR CORPORATION
TRANS MOUNTAIN PIPE LINE CO. LTD.
TRANSCANADA PIPELINES LIMITED
TRI LINK RESOURCES LTD.
TRIMAC LIMITED
TVX GOLD INC.
UAP INC.
ULSTER PETROLEUM LTD.
UNITED CORPORATIONS LTD.
UNITED DOMINION INDUSTRIES LTD.
VICEROY RESOURCE CORPORATION
WASCANA ENERGY INC
WELDWOOD OF CANADA LIMITED
WEST FRASER TIMBER CO. LTD.
WESTCOAST ENERGY INC
WESTON (GEORGE) LIMITED
WHARF RESOURCES LIMITED
WIC WESTERN INTERNATIONAL COMMUNICATIONS
XEROX CANADA INC.

DUTCH NATIONAL EQUITY INDEX
ABN AMRO HOLDING N.V.
ACF HOLDING N.V.
AEGON N.V.
AHREND GROEP NV
AKZO NOBEL N.V.
ASSURANTIECONCERN STAD ROTTERDAM N.V.
ATAG HOLDING N.V.
BAM GROEP N.V.
BEERS N.V.
CAP VOLMAC GROUP NV
CROWN VAN GELDER PAPIERFABRIEKEN N.V.
CSM N.V.
DE BOER WINKELBEDRIJVEN N.V.
DE NATIONALE INVESTERINGSBANK N.V.
DSM N.V.
ELSEVIER N.V.
ERIKS HOLDING N.V.
FORTIS AMEV NV
GAMMA HOLDING NV
GETRONICS N.V.
GROLSCH NV
HAGEMEYER N.V.
HEINEKEN N.V.
HOLLANDSCHE BETON GROEP NV
HUNTER DOUGLAS N.V.
INTERNATIO-MUELLER N.V.
INTERNATIONALE NEDERLANDEN GROEP N.V.
KAS-ASSOCIATIE N.V.
KON NEDERLANDSCHE PETROLEUM MAATSCHAPPIJ
KONINKLIJKE AHOLD NV
KONINKLIJKE BORSUMIJ WEHRY N.V.
KONINKLIJKE BOSKALIS WESTMINSTER N.V.
KONINKLIJKE GIST-BROCADES N.V.
KONINKLIJKE NEDLLOYD GROEP N.V.
KONINKLIJKE NIJVERDAL-TEN CATE N.V.
KONINKLIJKE PAKHOED N.V.
KONINKLIJKE VAN OMMEREN N.V.
KONINKLIJKE VOLKER STEVIN N.V.
MACINTOSH N.V.
NKF HOLDING N.V.
NORIT N.V.
NV HOLDINGMAATSCHAPPIJ DE TELEGRAAF
NV KONINKLIJKE BIJENKORF BEHEER KBB
NV KONINKLIJKE KNP BT
NV TWENTSCHE KABEL HOLDING
NV VERENIGD BEZIT VNU
N.V. GTI HOLDING
N.V. KONINKLIJKE SPHINX GUSTAVSBERG
N.V. VERENIGDE BEDRIJVEN NUTRICIA
OCE-VAN DER GRINTEN N.V.
ORCO BANK N.V.
OTRA N.V.
PHILIPS ELECTRONICS N.V.
POLYGRAM N.V.
POLYNORM N.V.
RANDSTAD HOLDING N.V.
RODAMCO N.V.
SAMAS-GROEP N.V.
SMIT INTERNATIONALE N.V.
STORK N.V.
UNILEVER N.V.
VEREENIGDE GLASFABRIEKEN N.V.
WOLTERS KLUWER N.V.

FRENCH NATIONAL EQUITY INDEX
ACCOR SA
ALCATEL ALSTHOM CIE GENERALE D'ELEC. SA
ALCATEL CABLE SA
ALSACIENNE DE PARTICIP, IND. (ALSPI)
ASSURANCES GENERALES DE FRANCE SA
AXA SA
BAIL INVESTISSEMENT SA
BANQUE NATIONALE DE PARIS
BAZAR DE L'HOTEL DE VILLE SA
BOIRON SA
BONGRAIN SA
BOUYGUES SA
BURELLE SA
BUT SA
CANAL +
CARDIF SA
CARNAUDMETALBOX SA
CARREFOUR SA
CASINO GUICHARD PERRACHON
CASTORAMA DUBOIS INVESTISSEMENTS SCA
CEDEST-CIM & ENGRAIS DE DANNE & DE L'EST
CEP COMMUNICATION SA
CFF-COMPAGNIE FRANCAISE DES FERRAILLES
<PAGE>
CGI INFORMATIQUE-CIE GEN D'INFORMATIQUE
CGIP-CIE GENERALE D'INDUSTRIE ET DE PART
CHARGEURS SA
CHRISTIAN DIOR SA
CIE FINANCIERE JEAN PAUL ELKANN SA
CIE. DES SALINS DU MIDI ET DES SALINES
CLARINS SA
COLAS SA
COMPAGNIE BANCAIRE SA
COMPAGNIE DE FIVES-LILLE SA
COMPAGNIE DE NAVIGATION MIXTE SA
COMPAGNIE DE SAINT-GOBAIN SA
COMPAGNIE DE SUEZ SA
COMPAGNIE FINANCIERE DE PARIBAS
COMPAGNIE GENERALE DES EAUX SA
COMPAGNIE PLASTIC OMNIUM SA
COMPAGNIE SAUPIQUET SA
COMPAGNIE UAP SA
COMPTOIRS MODERNES SA
CO. FIN. DE CIC ET DE L'UNION EUROPEENNE
CREDIT AGRICOLE DE LA BRIE
CREDIT AGRICOLE DE LA GIRONDE
CREDIT AGRICOLE DE L'ISERE
CREDIT AGRICOLE DE LOIRE-ATLANTIQUE
CREDIT AGRICOLE DU MORBIHAN
CREDIT AGRICOLE DU NORD
CREDIT AGRICOLE DU PAS DE CALAIS
CREDIT COMMERCIAL DE FRANCE SA
CREDIT FONCIER DE FRANCE SA
CREDIT LOCAL DE FRANCE SA
CREDIT NATIONAL SA
C.P.R. CIE PARISIENNE DE REESCOMPTE
DE DIETRICH ET CIE SA
DEGREMONT SA
DMC-DOLLFUS-MIEG & CIE SA
DOCKS DE FRANCE SA
EAU ET FORCE SA
EBF SA
ECCO SA
ECCO TRAVAIL TEMPORAIRE SA
ECIA-EQUIP. & COMPOSANTS POUR L'IND AUTO
EIFFAGE SA
ELF AQUITAINE SA
ELYSEE INVESTISSEMENTS SA
EMIN-LEYDIER SA
ERIDANIA BEGHIN-SAY SA
ESSILOR INTERNATIONAL SA
ESSO SAF
ETABLISSEMENTS CATTEAU SA
ETEX SA EURAFRANCE SA
EURO RSCG WORLDWIDE SA
EUROPE 1 COMMUNICATION SA
FILIPACCHI MEDIAS SA
FINANCIERE INDUSTRIELLE GAZ ET EAUX SA
FINANCIERE SOGEPARC SA
FINEXTEL SA
FONCIERE SA, COMPAGNIE
FROMAGERIES BEL SA
FRUCTIVIE SA
GASCOGNE SA
GAUMONT SA
GENEFIM SA
GROUPE DANONE SA
GROUPE DE LA CITE SA
GROUPE SEB SA
GROUPEMENT POUR FINANCEMENT CONSTRUCTION
GTM-ENTREPOSE SA
GUILBERT SA
GUYENNE ET GASCOGNE SA
HAVAS SA
IDIA-IST DE DEVEL DES IND. AGRIC. ET ALI
IMETAL SA
IMMEUBLES DE LA PLAINE MONCEAU, CIE DES
IMMOBILIER COMPLEXES COMMERCIAUX SA
IMMOBILIERE MARSEILLAISE, SOCIETE
JEAN LEFEBVRE SA
KLEPIERRE SA
LA CARBONIQUE SCA
LA CONCORDE COMPAGNIE D'ASSURANCES SA
LA FOURMI IMMOBILIERE SA
LA RADIOTECHNIQUE SA
LABINAL SA
LAFARGE COPPEE SA
LAGARDERE GROUPE SCA
L'AIR LIQUIDE SA
LEGRAND SA
LOCAFINANCIERE SA
LOCINDUS SA
L'OREAL SA
LVMH MOET-HENNESSY LOUIS VUITTON SA
LYONNAISE DES EAUX SA
MANEUROP SA
MANUTAN SA
MARIE BRIZARD ET ROGER INTERNATIONAL SA
MARINE - WENDEL SA
MICHEL THIERRY SA
MOULINEX SA
NESTLE SOURCES INTERNATIONAL SA
NORD EST SA
OLIPAR SA
PARFINANCE SA
PECHINEY INTERNATIONAL SA
PERNOD RICARD SA
PINAULT-PRINTEMPS REDOUTE SA
POLIET SA
PRIMAGAZ-CIE DES GAZ DE PETROLE PRIMAGAZ
PROMODES SA
PUBLICIS SA
RALLYE SA
REXEL SA
ROCHEFORTAISE COMMUNICATION SA, SOCIETE
ROUSSEL UCLAF SA
RUE IMPERIALE DE LYON SA
SADE-STE ALSACIENNE DE DEVELOP & D'EXPAN
SAGEM - STE D'APPLIC GEN D'ELEC & DE MEC
SAINT LOUIS SA
SAINT-GOBAIN EMBALLAGE SA
SALOMON SA
SALVEPAR-STE ALS & LOR VALEURS, ENT PAR
SANOFI SA
SEFIMEG-STE FRAN INVEST IMMOB ET DE GEST
SELECTIBANQUE SA
SILEC-STE INDUSTRIELLE DE LIAISONS ELECT
SILIC-STE IMMOB LOC POUR L'INDUS & COMM
SIMCO SA
<PAGE>
SITA-STE INDUST TRANSPORTS AUTOMOBILES
SKIS ROSSIGNOL SA
SLIGOS SA
SMOBY SA
SOCIETE BIC SA
SOCIETE DES IMMEUBLES DE FRANCE SA
SOCIETE DU LOUVRE-GROUPE DU LOUVRE SA
SOCIETE FINANCIERE IMMOBAIL SA
SOCIETE FINANCIERE IMMOBANQUE SA
SOCIETE FINANCIERE INTERBAIL SA
SOCIETE FONCIERE LYONNAISE SA
SOCIETE GENERALE DE FRANCE SA
SOCIETE GENERALE D'ENTERPRISES SA
SODEXHO SA
SOMMER-ALLIBERT SA
SOUDURE AUTOGENE FRANCAISE SA
SOVAC SA
SPIR COMMUNICATION SA
STE DES BAINS DE MER & DU CERC DES ETRAN
STE D'OXYGENE ET D'ACTYLENE D'EX. ORIENT
SYNTHELABO SA
TAITTINGER SA
TELEVISION FRANCAISE 1 SA-TF1
TOTAL SA
UIF-UNION IMMOBILIERE DE FRANCE SA
UNIBAIL SA
VALEO SA
VALLOUREC SA
VIA BANQUE SA
VIA-GENERALE DE TRANSPORT ET D'INDUSTRIE
VIRBAC SA
WORMS ET COMPAGNIE
ZODIAC SA

GERMAN NATIONAL EQUITY INDEX
AACHENER UND MUENCHENER BETEILIGUNGS-AG
AGIV AG FUER INDUSTRIE UND VERKEHRSWESEN
ALLIANZ AG HOLDING
ALLIANZ LEBENSVERSICHERUNGS AG
ALTANA AG
AVA ALLG. HANDELSGES. D. VERBRAUCHER AG
AXEL SPRINGER VERLAG AG
BADENWERK AG
BANKGESELLSCHAFT BERLIN AG
BARMAG AG
BASF AG
BAYER AG
BAYERISCHE HYPOTHEKEN- UND WECHSEL-BANK
BAYERISCHE MOTOREN WERKE AG
BAYERISCHE VEREINSBANK AG
BAYWA AG
BEIERSDORF AG
BERLINER ELEKTRO HOLDING AG
BERLINER HANDELS- UND FRANKFURTER BANK
BERLINER KRAFT- UND LICHT (BEWAG)-AG
BILFINGER + BERGER BAU AG
BINDING BRAUEREI AG
BIOTEST AG
BRAU UND BRUNNEN AG
BUDERUS AG
COLONIA KONZERN AG
COLONIA LEBENSVERSICHERUNG AG
COMMERZBANK AG
COMPUTER 2000 AG
CONTIGAS DEUTSCHE ENERGIE AG
CONTINENTAL AG
DAIMLER-BENZ AG
DEGUSSA AG
DEUTSCHE BABCOCK AG
DEUTSCHE BANK AG
DEUTSCHE CENTRALBODENKREDIT AG
DEUTSCHE HYPOTHEKENBANK FRANKFURT AG
DEUTSCHE PFANDBRIEF- & HYPOTHEKENBANK AG
DEUTSCHE SB-KAUF AG
DLW AG
DOUGLAS HOLDING AG
DRAEGERWERK AG
DRESDNER BANK AG
DUERR BETEILIGUNGS-AG
DYCKERHOFF AG
DYCKERHOFF & WIDMANN AG
ENERGIEVERSORGUNG OSTBAYERN AG
ESCADA AG
FAG KUGELFISCHER GEORG SCHAEFER KGAA
FELTEN & GUILLEAUME ENERGIETECHNIK AG
FLACHGLAS AG
FRANKFURTER HYPOTHEKENBANK AG
FRESENIUS AG
FUCHS PETROLUB AG OEL + CHEMIE
GEA AG
GEHE AG
GELSENWASSER AG
HACH AG
HAMBURGISCHE ELECTRICITAETS-WERKE AG
HARPENER AG
HEIDELBERGER ZEMENT AG
HENKEL KGAA
HERLITZ AG
HOCHTIEF AG VORM. GEBR. HELFMANN
HOECHST AG
HOLSTEN-BRAUEREI AG
HORNBACH HOLDING AG
HORTEN AG
HYPOTHEKENBANK IN HAMBURG AG
IKB DEUTSCHE INDUSTRIEBANK AG
IVG AG
IWKA AG
JUNGHEINRICH AG
KAMPA HAUS AG
KARSTADT AG
KAUFHOF HOLDING AG
KAUFRING AG
KOELNISCHE RUECKVERSICHERUNGS-GESELLSCH.
KOENIG & BAUER AG
KRAFTUEBERTRAGUNGSWERKE RHEINFELDEN AG
KRONES AG H. KRONSEDER MASCHINENFABRIK
KSB AG
KUNERT AG
KWS KLEINWANZLEBENER SAATZUCHT AG
LAHMEYER AG FUER ENERGIEWIRTSCHAFT
LEIFHEIT AG
LINDE AG
MAGDEBURGER VERSICHERUNG AG
MAN AG
MANNESMANN AG
MANNHEIMER VERSICHERUNG AG
<PAGE>
MINERALBRUNNEN UEBERKINGEN-TEINACH AG
MUENCHENER RUECKVERSICHERUNGS-GES. AG
NORDCEMENT AG
NUERNBERGER BETEILIGUNGS-AG
OLDENBURGISCHE LANDESBANK AG
PAULANER SALVATOR BETEILIGUNGS AG
PHILIPP HOLZMANN AG
PREUSSAG AG
RHEINBODEN HYPOTHEKENBANK AG
RHEINELEKTRA AG
RHEINMETALL BERLIN AG
RHOEN-KLINIKUM AG
ROSENTHAL AG
RWE AKTIENGESELLSCHAFT
SALAMANDER AG
SAP AG
SCHERING AG
SCHMALBACH-LUBECA AG
SIEMENS AG
STOEHR & CO AG
STRABAG BAU-AG
STUTTGARTER BANK AG
SUED-CHEMIE AG
SUEDZUCKER AG
THUEGA AG
THYSSEN INDUSTRIE AG
TH. GOLDSCHMIDT AG
TRIUMPH INTERNATIONAL AG
VARTA AG
VEBA AG
VEREINIGTE ELEKTRIZITAETSWERKE WESTFALEN
VEREINS- UND WESTBANK AG
VIAG AG
VICTORIA HOLDING AG
VICTORIA VERSICHERUNG AG
VILLEROY & BOCH AG
VK MUEHLEN AG
VOSSLOH AG
WALTER BAU-AG
WELLA AG
WERU AG
WMF WUERTTEMBERGISCHE METALLWARENFAB. AG
WUERTTEMBERGISCHE AG VERSICHERUNGS-BET.

GLOBAL INDEX
1ST SOURCE CORPORATION 1
3COM CORPORATION 1
AACHENER UND MUENCHENER BETEILIGUNGS-AG 2
AAH PLC 2
AAMULEHTI-YHTYMA OY 2
AAR CORPORATION 1
AARHUS OLIEFABRIK A/S 2
AARON RENTS, INC. 1
ABBEY NATIONAL PLC 2
ABBOTT LABORATORIES 1
ABERFOYLE LIMITED 2
ABM INDUSTRIES, INC. 1
ABN AMRO HOLDING N.V. 2
ACATOS & HUTCHESON PLC 2
ACCEPTANCE INSURANCE CO'S, INC. 1
ACCLAIM ENTERTAINMENT, INC. 1
ACCOR SA 2
ACERINOX S.A. 2
ACETO CORPORATION 1
ACF HOLDING N.V. 2
ACHILLES CORPORATION 2
ACKERMANS & VAN HAAREN SA 2
ACKLANDS LIMITED 2
ACME-CLEVELAND CORPORATION 1
ACUSON CORP. 1
ACXIOM CORP. 1
ADAC LABORATORIES 1
ADAPTEC INC 1
ADC TELECOMMUNICATIONS, INCORPORATED 1
ADELAIDE BRIGHTON LTD 2
ADERANS COMPANY LIMITED 2
ADIA SERVICES, INC. 1
ADOBE SYSTEMS INCORPORATED 1
ADVANCE BANK AUSTRALIA LIMITED 2
ADVANCE CIRCUITS, INC. 1
ADVANCED MICRO DEVICES, INC. 1
ADVANTA CORP. 1
ADVANTEST CORPORATION 2
ADVO, INC. 1
ADWEST GROUP PLC 2
AEDES SPA - LIGURE LOMB. IMPRESE E CONST 2
AEGON N.V. 2
AEP INDUSTRIES INC. 1
AFLAC INCORPORATED 1
AGA AB 2
AGIV AG FUER INDUSTRIE UND VERKEHRSWESEN 2
AGNICO-EAGLE MINES LIMITED 2
AGRANA BETEILIGUNGS AG 2
AHREND GROEP NV 2
AHRESTY CORPORATION 2
AICA KOGYO COMPANY, LTD. 2
AICHI BANK, LTD. 2
AICHI CORPORATION 2
AICHI ELECTRIC CO., LTD. 2
AICHI MACHINE INDUSTRY CO., LTD 2
AICHI STEEL WORKS, LIMITED 2
AICHI TOKEI DENKI CO., LTD. 2
AICHI TOYOTA MOTOR CO., LTD. 2
AIDA ENGINEERING, LTD. 2
AIGAN CO., LTD. 2
AIPHONE CO., LTD. 2
AIR EXPRESS INTERNATIONAL CORPORATION 1
AIR PRODUCTS AND CHEMICALS, INC. 1
AIRBORNE FREIGHT CORPORATION 1
AIRGAS, INC. 1
AIRLEASE LTD., A CALIFORNIA LTD PTNRSHP 1
AIRTOURS PLC 2
AISAN INDUSTRY CO., LTD. 2
AISIN SEIKI CO., LTD. 2
AIWA CO., LTD. 2
AJINOMOTO CO., INC. 2
AKEBONO BRAKE INDUSTRY CO., LTD. 2
AKER A.S 2
AKITA BANK LTD. 2
AKZO NOBEL N.V. 2
ALBANI BRYGGERIERNE A/S 2
ALBANY INTERNATIONAL CORP. 1
ALBERT FISHER GROUP PLC 2
ALBERTA ENERGY COMPANY LTD. 2
ALBERTA NATURAL GAS CO. LTD. 2
ALBERTO-CULVER COMPANY 1
<PAGE>
ALBERTO-CULVER COMPANY 1
ALBERTSON'S, INCORPORATED 1
ALCATEL ALSTHOM CIE GENERALE D'ELEC. SA 2
ALCATEL CABLE SA 2
ALCATEL STK A/S 2
ALCO STANDARD CORPORATION 1
ALEXANDER & ALEXANDER SERVICES INC. 1
ALEXANDER & BALDWIN INC. 1
ALFA CORPORATION 1
ALFRED MCALPINE PLC 2
ALGOMA CENTRAL CORPORATION 2
ALICO, INC. 1
ALLEANZA ASSICURAZIONI SPA 2
ALLEGHANY CORPORATION 1
ALLEGHENY LUDLUM CORPORATION 1
ALLEGHENY POWER SYSTEM, INC. 1
ALLEGHENY & WESTERN ENERGY CORPORATION 1
ALLEN GROUP INC. (THE) 1
ALLERGAN, INC. 1
ALLGON AB 2
ALLIANT TECHSYSTEMS INC. 1
ALLIANZ AG HOLDING 2
ALLIANZ LEBENSVERSICHERUNGS AG 2
ALLIED COLLOIDS GROUP P.L.C. 2
ALLIED DOMECQ PLC 2
ALLIED GROUP, INC. 1
ALLIED IRISH BANKS PLC 2
ALLIED LONDON PROPERTIES PLC 2
ALLIED PRODUCTS CORPORATION 1
ALLIED TEXTILE COMPANIES PLC 2
ALLIEDSIGNAL, INC. 1
ALLMERICA PROPERTY & CASUALTY CO'S. 1
ALLTEL CORPORATION 1
ALLWASTE, INC. 1
ALMANIJ-KREDIETBANK GROUP 2
ALM. BRAND A/S 2
ALPINE ELECTRONICS, INC. 2
ALSACIENNE DE PARTICIP, IND. (ALSPI) 2
ALTANA AG 2
ALTERA CORPORATION 1
ALTRON, INCORPORATED 1
ALUMINUM COMPANY OF AMERICA 1
ALUSUISSE-LONZA HOLDING AG 2
ALZA CORPORATION 1
AMADA CO., LTD. 2
AMADA SONOIKE CO., LTD. 2
AMANO CORPORATION 2
AMATSUJI STEEL BALL MFG. CO., LTD. 2
AMBAC INC. 1
AMCAST INDUSTRIAL CORPORATION 1
AMCOR LIMITED 2
AMCORE FINANCIAL, INC. 1
AMERIBANC INVESTORS GROUP 1
AMERICAN BANKERS INSURANCE GROUP 1
AMERICAN BILTRITE INC. 1
AMERICAN BRANDS, INC. 1
AMERICAN BUSINESS PRODUCTS, INC. 1
AMERICAN COLLOID COMPANY 1
AMERICAN ELECTRIC POWER COMPANY, INC. 1
AMERICAN EXPRESS COMPANY 1
AMERICAN FILTRONA CORPORATION 1
AMERICAN GENERAL CORPORATION 1
AMERICAN GREETINGS CORPORATION 1
AMERICAN HERITAGE LIFE INVESTMENT CORP 1
AMERICAN HOME PRODUCTS CORPORATION 1
AMERICAN INTERNATIONAL GROUP, INC. 1
AMERICAN MAIZE-PRODUCTS COMPANY 1
AMERICAN MANAGEMENT SYSTEMS, INC 1
AMERICAN MEDIA, INC. 1
AMERICAN MEDICAL HOLDINGS, INC. 1
AMERICAN NATIONAL INSURANCE CO. 1
AMERICAN POWER CONVERSION CORPORATION 1
AMERICAN PREMIER UNDERWRITERS, INC. 1
AMERICAN PRESIDENT COMPANIES, LTD. 1
AMERICAN STORES COMPANY 1
AMERICAN WATER WORKS COMPANY, INC. 1
AMERITECH CORPORATION 1
AMERSHAM INTERNATIONAL PLC 2
AMER-YHTYMA OY 2
AMETEK, INCORPORATED 1
AMGEN, INC. 1
AMOCO CORPORATION 1
AMOY PROPERTIES LIMITED 2
AMP INCORPORATED 1
AMPCO-PITTSBURGH CORPORATION 1
AMPLICON, INC. 1
AMPOLEX LIMITED 2
AMRESCO, INC. 1
AMSCO INTERNATIONAL, INC. 1
AMSOUTH BANCORPORATION 1
AMTSSPAR FYN HOLDING A/S 2
AMVESTORS FINANCIAL CORP. 1
ANADARKO PETROLEUM CORPORATION 1
ANALOG DEVICES, INC. 1
ANALOGIC CORPORATION 1
ANDERSON EXPLORATION LTD 2
ANDO CORPORATION 2
ANDREW CORPORATION 1
ANDROS INCORPORATED 1
ANGELICA CORPORATION 1
ANGLIAN WATER PLC 2
ANGLO IRISH BANK CORPORATION PLC 2
ANHEUSER-BUSCH COMPANIES, INC. 1
ANNTAYLOR STORES CORPORATION 1
ANRITSU CORPORATION 2
ANTHONY INDUSTRIES, INC. 1
ANTOFAGASTA HOLDINGS PLC 2
AOKI CORPORATION 2
AOKI INTERNATIONAL CO., LTD. 2
AOMORI BANK, LTD. 2
AON CORPORATION 1
AOYAMA TRADING CO., LTD. 2
APACHE CORPORATION 1
APASCO S.A. DE C.V. 2
APOGEE ENTERPRISES, INC. 1
APPLE COMPUTER, INC. 1
APPLEYARD GROUP PLC 2
APPLIED MATERIALS, INC. 1
APPLIED POWER INC. 1
APV PLC 2
AQUARION COMPANY 1
ARABIAN OIL CO., LTD. 2
ARAI-GUMI, LTD. 2
ARAN ENERGY PLC 2
ARAYA INDUSTRIAL CO., LTD. 2
ARBOR DRUGS, INC. 1
<PAGE>
ARCHER-DANIELS-MIDLAND COMPANY 1
ARCO CHEMICAL COMPANY 1
ARCTCO, INC. 1
ARES-SERONO AG 2
ARGONAUT GROUP, INC. 1
ARGOS PLC 2
ARGYLL GROUP PLC 2
ARISAWA MFG. CO., LTD. 2
ARJO WIGGINS APPLETON PLC 2
ARMOR ALL PRODUCTS CORPORATION 1
ARMSTRONG WORLD INDUSTRIES, INC. 1
ARNOLD INDUSTRIES 1
ARNOLDO MONDADORI EDITORE SPA 2
ARNOTTS LIMITED 2
ARROW ELECTRONICS, INC. 1
ARVIN INDUSTRIES, INC. 1
ASAHI BANK, LTD. 2
ASAHI BREWERIES, LTD. 2
ASAHI CHEMICAL INDUSTRY CO., LTD. 2
ASAHI CONCRETE WORKS CO., LTD. 2
ASAHI DENKA KOGYO K.K. 2
ASAHI DIAMOND INDUSTRIAL CO., LTD. 2
ASAHI GLASS CO., LTD. 2
ASAHI KOGYOSHA CO., LTD. 2
ASAHI ORGANIC CHEMICALS INDUSTRY CO.LTD. 2
ASAHI TEC CORPORATION 2
ASAHIPEN CORPORATION 2
ASAHI-SEIKI MANUFACTURING CO., LTD. 2
ASAKAWAGUMI CO., LTD. 2
ASANUMA CORPORATION 2
ASATSU INC. 2
ASDA PROPERTIES HOLDINGS PLC 2
ASEA AB 2
ASHIKAGA BANK, LTD. (THE) 2
ASHIMORI INDUSTRY CO., LTD. 2
ASHLAND COAL, INC. 1
ASHLAND, INC. 1
ASHTEAD GROUP PLC 2
ASHTON MINING LIMITED 2
ASIA AIR SURVEY CO., LTD. 2
ASIA FINANCIAL HOLDINGS LIMITED 2
ASK GROUP INC., (THE) 1
ASLAND, S.A. 2
ASPREY PLC 2
ASSICURAZIONI GENERALI SPA 2
ASSOCIATED BANC-CORP 1
ASSOCIATED BRITISH FOODS PLC 2
ASSOCIATED BRITISH PORTS HOLDINGS PLC 2
ASSURANCES GENERALES DE FRANCE SA 2
ASSURANTIECONCERN STAD ROTTERDAM N.V. 2
AST RESEARCH, INC. 1
ASTEC (BSR) PLC 2
ASTRA AB 2
ASTRAL COMMUNICATIONS INC. 2
ATAG HOLDING N.V. 2
ATCO LTD. 2
ATLANTA GAS LIGHT CO. 1
ATLANTIC ENERGY, INC. 1
ATLANTIC RICHFIELD COMPANY 1
ATLANTIC SOUTHEAST AIRLINES, INC. 1
ATLAS COPCO AB 2
ATMOS ENERGY CORPORATION 1
ATSUGI NYLON INDUSTRIAL CO., LTD. 2
ATTWOODS PLC 2
ATWOOD OCEANICS, INC. 1
AT&T CORP. 1
AT&T GLOBAL INFOR. SOLUTIONS JAPAN LTD. 2
AUDIOFINA-CIE LUX POUR AUDIO-VIS & FINA 2
AUGAT INC. 1
AUSTIN REED GROUP PLC 2
AUSTRALIA AND NEW ZEALAND BANKING GROUP 2
AUSTRALIAN CHEMICAL HOLDINGS LIMITED 2
AUSTRALIAN GAS LIGHT COMPANY (THE) 2
AUSTRALIAN NATIONAL INDUSTRIES LIMITED 2
AUTOBACS SEVEN CO., LTD. 2
AUTODESK, INC. 1
AUTOMATIC DATA PROCESSING, INC. 1
AUTOPISTAS CONCESIONARIA ESPANOLA S.A. 2
AUTOPISTAS DEL MARE NOSTRUM S.A. 2
AUTOSTRADE - CON. E COST. AUTOSTRADE SPA 2
AUTOZONE, INC. 1
AVA ALLG. HANDELSGES. D. VERBRAUCHER AG 2
AVEMCO CORPORATION 1
AVERY DENNISON CORPORATION 1
AVESTA SHEFFIELD AB 2
AVIR FINANZIARIA SPA 2
AVNET, INC. 1
AVON PRODUCTS, INC. 1
AVON RUBBER PLC 2
AVONMORE FOODS PLC 2
AWA BANK, LTD. 2
AWA LIMITED 2
AWAJI FERRY BOAT CO., LTD. 2
AWILCO AS 2
AXA SA 2
AXEL SPRINGER VERLAG AG 2
AYDIN CORPORATION 1
AZTAR CORPORATION 1
A.L. PHARMA, INC. 1
A/S BERGENS SKILLINGSBANK 2
A/S BONHEUR 2
A/S DAMPSKIBSSELSKABET TORM 2
A/S DET OSTASIATISKE KOMPAGNI 2
A/S JENS VILLADSENS FABRIKER (ICOPAL) 2
A/S NORDISK SOLAR COMPAGNI 2
A/S NORDLANDSBANKEN 2
A/S NORRESUNDBY BANK 2
A/S PHONIX CONTRACTORS 2
A/S POTAGUA 2
A/S TH. WESSEL & VETT, MAGASIN DU NORD 2
A/S VEIDEKKE 2
BAA PLC 2
BADENWERK AG 2
BAER HOLDING AG 2
BAIL INVESTISSEMENT SA 2
BAIRNCO CORPORATION 1
BAKER HUGHES, INC. 1
BAKER (J.) INC. 1
BALDOR ELECTRIC COMPANY 1
BALDWIN PIANO & ORGAN COMPANY 1
BALDWIN TECHNOLOGY COMPANY, INC. 1
BALL CORPORATION 1
BALLARD MEDICAL PRODUCTS 1
BALTIMORE GAS AND ELECTRIC COMPANY 1
BAM GROEP N.V. 2
BANC ONE CORPORATION 1
<PAGE>
BANCA AGRICOLA MANTOVANA SCRL 2
BANCA AGRICOLA MILANESE SPA 2
BANCA DELLA PROVINCIA DI NAPOLI SPA 2
BANCA DI ROMA 2
BANCA FIDEURAM SPA 2
BANCA NAZIONALE DEL LAVORO SPA 2
BANCA POPOLARE DELL'EMILIA ROMAGNA SCARL 2
BANCA POPOLARE DI BERGAMO-CRED VARESINO 2
BANCA POPOLARE DI CREMA SCARL 2
BANCA POPOLARE DI CREMONA SCARL 2
BANCA POPOLARE DI INTRA SCARL 2
BANCA POPOLARE DI NOVARA SCRL 2
BANCA SAN PAOLO DI BRESCIA SPA 2
BANCA TOSCANA SPA 2
BANCO AMBROSIANO VENETO SPA 2
BANCO ATLANTICO S.A. 2
BANCO BILBAO VIZCAYA, S.A. 2
BANCO CENTRAL HISPANOAMERICANO S.A. 2
BANCO DE FOMENTO S.A. 2
BANCO DE VALENCIA S.A. 2
BANCO DI CHIAVARI E DELLA RIVIERA LIGURE 2
BANCO DI NAPOLI SPA 2
BANCO DI SARDEGNA SPA 2
BANCO EXTERIOR DE ESPANA S.A. 2
BANCO HERRERO S.A. 2
BANCO PASTOR S.A. 2
BANCO POPULAR ESPANOL 2
BANCO SANTANDER, S.A. 2
BANCO ZARAGOZANO S.A. 2
BANCORP HAWAII, INC. 1
BANCORP SOUTH, INC. 1
BANCTEC, INC. 1
BANDAG, INCORPORATED 1
BANDAI CO., LTD. 2
BANDO CHEMICAL INDUSTRIES, LTD. 2
BANG & OLUFSEN HOLDING A/S 2
BANGOR HYDRO-ELECTRIC COMPANY 1
BANISTER FOUNDATION INC. 2
BANK FUER KAERNTEN UND STEIERMARK AG 2
BANK FUER OBEROESTERREICH UND SALZBURG 2
BANK LANGENTHAL 2
BANK OF BOSTON CORPORATION 1
BANK OF EAST ASIA, LIMITED 2
BANK OF FUKUOKA, LTD. 2
BANK OF GRANITE CORP 1
BANK OF IKEDA, LTD. 2
BANK OF IRELAND 2
BANK OF KANSAI, LTD. 2
BANK OF KINKI, LTD. 2
BANK OF KYOTO, LTD. 2
BANK OF MELBOURNE LIMITED 2
BANK OF MONTREAL 2
BANK OF NAGOYA, LTD. 2
BANK OF NEW HAMPSHIRE CORPORATION 1
BANK OF NEW YORK COMPANY, INC. (THE) 1
BANK OF NOVA SCOTIA (THE) 2
BANK OF OKINAWA, LTD. 2
BANK OF OSAKA, LTD. 2
BANK OF QUEENSLAND LIMITED 2
BANK OF SAGA LTD. 2
BANK OF SCOTLAND (GOVERNOR & COMPANY) 2
BANK OF THE RYUKYUS, LIMITED 2
BANK OF TOKYO, LTD. 2
BANK OF YOKOHAMA, LTD. 2
BANK SOUTH CORPORATION 1
BANKAMERICA CORPORATION 1
BANKERS FIRST CORP. 1
BANKERS TRUST NEW YORK CORPORATION 1
BANKGESELLSCHAFT BERLIN AG 2
BANKNORTH GROUP, INC. 1
BANNER AEROSPACE, INC. 1
BANPONCE CORPORATION 1
BANQUE BELGO-ZAIROISE SA 2
BANQUE BRUXELLES LAMBERT 2
BANQUE CANTONALE VAUDOISE 2
BANQUE GENERALE DU LUXEMBOURG SA 2
BANQUE INTERNATIONALE A LUXEMBOURG SA 2
BANQUE NATIONALE DE BELGIQUE 2
BANQUE NATIONALE DE PARIS 2
BANTA CORPORATION 1
BANYU PHARMACEUTICAL CO., LTD. 2
BARCLAYS PLC 2
BARCO (BELGIAN AMERICAN RADIO CORP.) 2
BARD, (C.R.) INC. 1
BARMAG AG 2
BARNES GROUP, INC. 1
BARNETT BANKS, INC. 1
BARR LABORATORIES, INC. 1
BARR & WALLACE ARNOLD TRUST PLC 2
BARRATT DEVELOPMENTS PLC 2
BARRICK GOLD CORPORATION 2
BARRY WEHMILLER INTERNATIONAL PLC 2
BASF AG 2
BASS PLC 2
BASSETT FURNITURE INDUSTRIES,INC. 1
BASTOGI SPA 2
BAUSCH & LOMB INCORPORATED 1
BAXTER INTERNATIONAL, INC. 1
BAY STATE GAS COMPANY 1
BAYBANKS, INCORPORATED 1
BAYER AG 2
BAYERISCHE HYPOTHEKEN- UND WECHSEL-BANK 2
BAYERISCHE MOTOREN WERKE AG 2
BAYERISCHE VEREINSBANK AG 2
BAYWA AG 2
BAZAR DE L'HOTEL DE VILLE SA 2
BB & T FINANCIAL CORP. 1
BBA GROUP PLC 2
BBC BROWN BOVERI AG 2
BC GAS INC 2
BC SUGAR REFINERY, LIMITED 2
BC TELECOM INC 2
BCE INC. 2
BCE MOBILE COMMUNICATIONS INC. 2
BEAR STEARNS CO.'S INC. (THE) 1
BEARINGS, INC. 1
BEATTIE, JAMES PLC 2
BECKMAN INSTRUMENTS, INC. 1
BECTON, DICKINSON AND COMPANY 1
BEERS N.V. 2
BEIERSDORF AG 2
BEKAERT NV 2
BELCOFI SA 2
BELL ATLANTIC CORPORATION 1
BELL INDUSTRIES, INC. 1
BELLSOUTH CORPORATION 1
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BELLWAY PLC 2
BELO (A.H.) CORPORATION 1
BEMIS COMPANY, INC. 1
BEMROSE CORPORATION PLC 2
BEN & JERRY'S HOMEMADE 1
BENEFICIAL CORPORATION 1
BENETTON SPA 2
BENTALLS PLC 2
BERGEN BRUNSWIG CORPORATION 1
BERGESEN D.Y. A/S 2
BERISFORD INTERNATIONAL PLC 2
BERKLEY, W.R. CORPORATION 1
BERKSHIRE HATHAWAY INC. 1
BERKSHIRE REALTY COMPANY, INC. 1
BERLINER ELEKTRO HOLDING AG 2
BERLINER HANDELS- UND FRANKFURTER BANK 2
BERLINER KRAFT- UND LICHT (BEWAG)-AG 2
BERNARD MATTHEWS PLC 2
BERRY PETROLEUM COMPANY 1
BESPAK PLC 2
BEST BUY CO., INC. 1
BEST DENKI CO., LTD. 2
BET HOLDINGS, INC. 1
BET PLC 2
BETZ LABORATORIES 1
BEVERLY ENTERPRISES, INC. 1
BGR PRECIOUS METALS 2
BHC COMMUNICATIONS, INC. 1
BIC CORPORATION 1
BICC PLC 2
BIG B, INC. 1
BIL GT GRUPPE AG 2
BILFINGER + BERGER BAU AG 2
BILTON PLC 2
BINDING BRAUEREI AG 2
BINDLEY WESTERN INDUSTRIES INC. 1
BINKS MANUFACTURING COMPANY 1
BIOCRAFT LABORATORIES, INC. 1
BIOFERMIN PHARMACEUTICAL CO., LTD. 2
BIOGEN, INC. 1
BIOMET, INCORPORATED 1
BIO-RAD LABORATORIES, INC 1
BIOTEST AG 2
BIRMINGHAM STEEL CORPORATION 1
BIWAKO BANK, LIMITED 2
BJ SERVICES CO. 1
BLACK HILLS CORPORATION 1
BLACK & DECKER CORPORATION (THE) 1
BLAIR CORP. 1
BLESSINGS CORPORATION 1
BLOCK DRUG CO., INC. 1
BLOCK (H&R), INC. 1
BLOUNT, INC. 1
BLUE CIRCLE INDUSTRIES PLC 2
BMC INDUSTRIES, INC. 1
BMC SOFTWARE, INC. 1
BOATMEN'S BANCSHARES, INC 1
BOB EVANS FARMS, INC. 1
BOBST AG 2
BODY SHOP INTERNATIONAL PLC 2
BODYCOTE INTERNATIONAL PLC 2
BOEING COMPANY (THE) 1
BOIRON SA 2
BOK FINANCIAL CORPORATION 1
BOLIG- OG NARINGSBANKEN AS 2
BOMBARDIER INC. 2
BOMBAY COMPANY, INC. (THE) 1
BONGRAIN SA 2
BOOKER PLC 2
BOOLE & BABBAGE, INC. 1
BOOTS COMPANY PLC 2
BORAL LIMITED 2
BORDEN CHEMICALS & PLASTICS L.P. 1
BORLAND INTERNATIONAL, INC. 1
BOSTON BANCORP 1
BOSTON EDISON COMPANY 1
BOUYGUES SA 2
BOWATER PLC 2
BOWNE & CO., INC. 1
BOWTHORPE PLC 2
BPB INDUSTRIES PLC 2
BRADFORD PROPERTY TRUST PLC 2
BRADY (W.H.) COMPANY 1
BRAKE BROS PLC 2
BRAMBLES INDUSTRIES LIMITED 2
BRAMMER PLC 2
BRASCAN LIMITED 2
BRAU UND BRUNNEN AG 2
BRAUEREI EICHHOF AG 2
BREDERODE SA 2
BRENCO INCORPORATED 1
BRENTON BANKS, INC. 1
BRICKWORKS LIMITED 2
BRIDGESTONE CORPORATION 2
BRIERLEY INVESTMENTS LIMITED 2
BRIGGS & STRATTON CORPORATION 1
BRINKER INTERNATIONAL, INC. 1
BRISTOL EVENING POST PLC 2
BRISTOL-MYERS SQUIBB CO. 1
BRITANNIC ASSURANCE PLC 2
BRITISH AIRWAYS PLC 2
BRITISH GAS PLC 2
BRITISH LAND COMPANY PLC 2
BRITISH PETROLEUM COMPANY PLC (THE) 2
BRITISH POLYTHENE INDUSTRIES PLC 2
BRITISH TELECOMMUNICATIONS PLC 2
BRITISH VITA PLC 2
BRITISH-BORNEO PETROLEUM SYNDICATE PLC 2
BRIXTON ESTATE PLC 2
BRODERBUND SOFTWARE, INC. 1
BRODRENE HARTMANN A/S 2
BROKEN HILL PROPRIETARY COMPANY LIMITED 2
BROMSGROVE INDUSTRIES PLC 2
BROOKLYN UNION GAS COMPANY (THE) 1
BROTHER INDUSTRIES, LTD. 2
BROWN GROUP, INCORPORATED 1
BROWN-FORMAN CORPORATION 1
BROWNING-FERRIS INDUSTRIES, INC. 1
BROWN, N GROUP PLC 2
BRUNCOR INC. 2
BRUNO'S INCORPORATED 1
BRUNSWICK CORPORATION 1
BRUSH WELLMAN INC. 1
BRYANT GROUP PLC 2
BSB BANCORP, INC. 1
BSG INTERNATIONAL PLC 2
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BSS GROUP PLC (THE) 2
BT FINANCIAL CORPORATION 1
BTP PLC 2
BTR NYLEX LIMITED 2
BTR PLC 2
BUCHER HOLDING AG 2
BUCKEYE PARTNERS, L.P. 1
BUDERUS AG 2
BUDGENS PLC 2
BUFFETS, INC. 1
BUILDERS TRANSPORT, INC. 1
BULL-DOG SAUCE CO., LTD. 2
BULLOUGH PLC 2
BUNKA SHUTTER CO., LTD 2
BUNZL PLC 2
BURELLE SA 2
BURFORD HOLDINGS PLC 2
BURLINGTON COAT FACTORY WAREHOUSE CORP. 1
BURLINGTON NORTHERN INC. 1
BURLINGTON RESOURCES INC. 1
BURMAH CASTROL PLC 2
BURNS, PHILP AND COMPANY LIMITED 2
BURR-BROWN CORPORATION 1
BURTON GROUP PLC (THE) 2
BUT SA 2
BUTLER MANUFACTURING COMPANY 1
BWIP HOLDING, INC. 1
B.A.T. INDUSTRIES PLC 2
B.M.J. FINANCIAL CORP. 1
C U C INTERNATIONAL, INC. 1
CABIN CO., LTD. 2
CABLE AND WIRELESS PLC 2
CABLETRON SYSTEMS, INC. 1
CABOT CORPORATION 1
CABOT OIL & GAS CORPORATION 1
CABRE EXPLORATION LTD 2
CADBURY SCHWEPPES PLC 2
CADENCE DESIGN SYSTEMS, INC. 1
CADMUS COMMUNICATIONS CORPORATION 1
CAESARS WORLD, INC. 1
CAFE DE CORAL HOLDINGS LIMITED 2
CAGLE'S, INC. 1
CAIRN ENERGY PLC 2
CALDOR CORP., (THE) 1
CALEDONIA INVESTMENTS PLC 2
CALGON CARBON CORPORATION 1
CALIFORNIA ENERGY COMPANY, INC. 1
CALIFORNIA FINANCIAL HOLDING CO. 1
CALIFORNIA MICROWAVE, INC. 1
CALIFORNIA WATER SERVICE COMPANY 1
CALLAWAY GOLF COMPANY 1
CALMAT CO. 1
CALOR GROUP PLC 2
CALPIS FOOD INDUSTRY CO., LTD. 2
CALSONIC CORPORATION 2
CALTEX AUSTRALIA LIMITED 2
CAMBIOR INC. 2
CAMBREX CORPORATION 1
CAMECO CORPORATION 2
CAMFIN SPA (GRUPPO CAM) 2
CAMPBELL SOUP COMPANY 1
CANADA MALTING CO. LIMITED 2
CANADIAN IMPERIAL BANK OF COMMERCE 2
CANADIAN MARCONI COMPANY 2
CANADIAN NATURAL RESOURCES LIMITED 2
CANADIAN OCCIDENTAL PETROLEUM LTD. 2
CANADIAN TIRE CORPORATION LIMITED 2
CANADIAN UTILITIES LTD. 2
CANAL + 2
CANAM MANAC GROUP 2
CANANDAIGUA WINE COMPANY, INC. 1
CANFOR CORPORATION 2
CANON ELECTRONICS INC. 2
CANON INC. 2
CANON INC. 1
CANSTAR SPORTS INC. 2
CANWEST GLOBAL COMMUNICATIONS CORP. 2
CAP VOLMAC GROUP NV 2
CAPE PLC 2
CAPITAL AND REGIONAL PROPERTIES PLC 2
CAPITAL CITIES/ABC, INC. 1
CARA OPERATIONS LIMITED 2
CARADON PLC 2
CARCLO ENGINEERING GROUP PLC 2
CARDIF SA 2
CARDINAL HEALTH, INC. 1
CARLISLE COMPANIES INCORPORATED 1
CARLSBERG A/S 2
CARLTON COMMUNICATIONS PLC 2
CARMIKE CINEMAS, INC. 1
CARNAUDMETALBOX SA 2
CARNIVAL CORPORATION 1
CAROLINA POWER & LIGHT COMPANY 1
CARPENTER TECHNOLOGY CORPORATION 1
CARREFOUR SA 2
CARTER HOLT HARVEY LTD. 2
CARTER-WALLACE, INC. 1
CASCADE CORPORATION 1
CASCADE NATURAL GAS CORPORATION 1
CASEY'S GENERAL STORES, INC. 1
CASINO GUICHARD PERRACHON 2
CASIO COMPUTER CO., LTD. 2
CASTORAMA DUBOIS INVESTISSEMENTS SCA 2
CATENA CORPORATION 2
CATER ALLEN HOLDINGS PLC 2
CATERPILLAR, INC. 1
CATHAY PACIFIC AIRWAYS LIMITED 2
CATTLE'S (HOLDINGS) PLC 2
CBI INDUSTRIES, INC. 1
CBS INC. 1
CCB FINANCIAL CORP. 1
CCH, INC. 1
CCL INDUSTRIES LTD. 2
C-CUBE CORPORATION 2
CDI CORPORATION 1
CEDAR FAIR L.P. 1
CEDEST-CIM & ENGRAIS DE DANNE & DE L'EST 2
CELANESE CANADA INC. 2
CELLULOSE ATTISHOLZ AG 2
CEMENTIR - CEMENTERIE DEL TIRRENO SPA 2
CEMENTOS PORTLAND S.A. 2
CEMEX S.A. 2
CENTEX CORPORATION 1
CENTRAL AND SOUTH WEST CORPORATION 1
CENTRAL FIDELITY BANKS, INC. 1
CENTRAL FINANCE CO., LTD. 2
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CENTRAL HUDSON GAS & ELECTRIC CORP. 1
CENTRAL JERSEY BANCORP 1
CENTRAL LOUISIANA ELECTRIC COMPANY, INC. 1
CENTRAL MAINE POWER COMPANY 1
CENTRAL NEWSPAPERS, INC. 1
CENTRAL SECURITY PATROLS CO., LTD. 2
CENTRAL SPRINKLER CORPORATION 1
CENTRAL VERMONT PUBLIC SERVICE CORP 1
CENTURA BANKS, INC. 1
CENTURY TELEPHONE ENTERPRISES, INC. 1
CEP COMMUNICATION SA 2
CERNER CORPORATION 1
CESAR CO. 2
CFCF INC. 2
CFF-COMPAGNIE FRANCAISE DES FERRAILLES 2
CGI INFORMATIQUE-CIE GEN D'INFORMATIQUE 2
CGIP-CIE GENERALE D'INDUSTRIE ET DE PART 2
CHAIN STORE OKUWA CO., LTD. 2
CHALLENGE BANK LIMITED 2
CHAMBERS DEVELOPMENT COMPANY, INC. 1
CHAPARRAL STEEL COMPANY 1
CHARGEURS SA 2
CHARLES BAYNES PLC 2
CHARMING SHOPPES, INC. 1
CHART HOUSE ENTERPRISES, INC. 1
CHARTER PLC 2
CHASE MANHATTAN CORPORATION 1
CHAUVCO RESOURCES LTD. 2
CHECKERS DRIVE-IN RESTAURANTS, INC. 1
CHECKPOINT SYSTEMS, INC. 1
CHEMED CORPORATION 1
CHEMFAB CORPORATION 1
CHEMICAL BANKING CORPORATION 1
CHEMICAL WASTE MANAGEMENT, INCORPORATED 1
CHEMINOVA HOLDING A/S 2
CHERRY CORPORATION 1
CHESAPEAKE CORPORATION 1
CHESTERFIELD PROPERTIES PLC 2
CHEUNG KONG (HOLDINGS) LIMITED 2
CHEVRON CORPORATION 1
CHIBA BANK, LTD. 2
CHIBA KOGYO BANK, LTD. 2
CHICHIBU ONODA CEMENT CORPORATION 2
CHINA AEROSPACE INTERNATIONAL HDGS LTD 2
CHINA LIGHT & POWER COMPANY, LIMITED 2
CHINA MOTOR BUS CO., LTD. 2
CHIRON CORPORATION 1
CHITTENDEN CORPORATION 1
CHIYODA CORPORATION 2
CHIYODA FIRE & MARINE INSURANCE CO., LTD 2
CHOCK FULL O'NUTS CORPORATION 1
CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG 2
CHRIS-CRAFT INDUSTRIES, INC. 1
CHRISTIAN DIOR SA 2
CHRISTIAN HANSEN'S LABORATORIUM A/S 2
CHRISTIAN SALVESEN PLC 2
CHRISTIANA COMPANIES, INC. 1
CHRISTIES INTERNATIONAL PLC 2
CHRYSLER CORPORATION 1
CHUBB CORPORATION 1
CHUBU ELECTRIC POWER COMPANY, INC. 2
CHUBU GAS CO., LTD. 2
CHUBU SHIRYO CO., LTD. 2
CHUBU STEEL PLATE CO., LTD. 2
CHUBU SUISAN CO., LTD. 2
CHUBU-NIPPON BROADCASTING CO., LTD. 2
CHUDENKO CORPORATION 2
CHUGAI PHARMECEUTICAL CO., LTD. 2
CHUGAI RO CO., LTD. 2
CHUGOKU BANK, LTD. 2
CHUGOKU ELECTRIC POWER COMPANY, INC. 2
CHUGOKU MARINE PAINTS, LTD. 2
CHUKYO BANK, LIMITED 2
CHUKYO COCA-COLA BOTTLING CO., LTD. 2
CHUM LIMITED 2
CHUO GYORUI CO., LTD. 2
CHUO MALLEABLE IRON CO., LTD. 2
CHUO PAPERBOARD CO., LTD 2
CHUO SPRING CO., LTD. 2
CHUO TRUST & BANKING COMPANY, LIMITED 2
CHUO WAREHOUSE CO., LTD. 2
CHURCH & CO PLC 2
CHURCH & DWIGHT CO., INC. 1
CIA ASSICURATRICE UNIPOL SPA 2
CIBA-GEIGY AG 2
CIE FINANCIERE EUROPEENNE ET D'OUTRE-MER 2
CIE FINANCIERE JEAN PAUL ELKANN SA 2
CIE GRAND DUCALE D'ELEC DU LUXEMBOURG 2
CIE. DES SALINS DU MIDI ET DES SALINES 2
CIFRA, S.A. DE C.V. 2
CIGNA CORPORATION 1
CILCORP, INC. 1
CIMENTERIES CBR CEMENTBEDRIJVEN SA 2
CINCINNATI BELL INC. 1
CINCINNATI FINANCIAL CORPORATION 1
CINCINNATI MILACRON INC. 1
CINEPLEX ODEON CORPORATION 2
CINERGY CORP. 1
CINRAM LTD 2
CINTAS CORPORATION 1
CIPSCO INCORPORATED 1
CIRCA PHARMACEUTICALS, INC. 1
CIRCON CORPORATION 1
CIRCUIT CITY STORES, INC. 1
CIRCUS CIRCUS ENTERPRISES, INC. 1
CIRRUS LOGIC, INC. 1
CISCO SYSTEMS, INC. 1
CITIC PACIFIC LTD. 2
CITICORP 1
CITIZEN WATCH CO., LTD. 2
CITIZENS BANKING CORPORATION 1
CITIZENS FIRST BANCORP INC 1
CITIZENS UTILITIES COMPANY 1
CITY CENTRE RESTAURANTS PLC 2
CITY NATIONAL CORPORATION 1
CKE RETAURANTS, INC. 1
CLAIRE'S STORES, INC. 1
CLARCOR 1
CLARINS SA 2
CLARK EQUIPMENT COMPANY 1
CLAYTON HOMES, INC. 1
CLEANUP CORPORATION 2
CLEAR CHANNEL COMMUNICATIONS, INC. 1
CLEVELAND-CLIFFS INC. 1
CLONDALKIN GROUP PLC 2
CLOROX COMPANY 1
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CLOSE BROTHERS GROUP PLC 2
CLOTHESTIME,(THE) INC. 1
CLUB MED, INC. 1
CLYDE INDUSTRIES LIMITED 2
CMI CORPORATION 1
CMK CORP. 2
CML GROUP, INC. 1
CMS ENERGY CORPORATION 1
CNA FINANCIAL CORPORATION 1
CNB BANCSHARES, INC. 1
COACHMEN INDUSTRIES, INC. 1
COAL & ALLIED INDUSTRIES LIMITED 2
COAST SAVINGS FINANCIAL, INC. 1
COASTAL CORPORATION (THE) 1
COATS VIYELLA PLC 2
COBHAM PLC 2
COCA-COLA AMATIL LIMITED 2
COCA-COLA COMPANY (THE) 1
COFIDE SPA-CIA FINANZIARIA DE BENEDETTI 2
COGECO INC. 2
COGNEX CORPORATION 1
COGNOS INCORPORATED 2
COHERENT, INC. 1
COLAS SA 2
COLES MYER LIMITED 2
COLGATE-PALMOLIVE COMPANY 1
COLLAGEN CORPORATION 1
COLLECTIVE BANCORP, INC. 1
COLONIA KONZERN AG 2
COLONIA LEBENSVERSICHERUNG AG 2
COLONIAL BANCGROUP, INC. (THE) 1
COLONIAL GAS COMPANY 1
COLOPLAST A/S 2
COLOR LINE AS 2
COLRUYT ETN FR NV 2
COLUMBIA GAS SYSTEM, INC. (THE) 1
COMAIR HOLDINGS, INC. 1
COMALCO LIMITED 2
COMANY INC. 2
COMAU FINANZIARIA SPA 2
COMDISCO, INC. 1
COMERICA INCORPORATED 1
COMINCO LTD. 2
COMMERCE BANCSHARES, INC. 1
COMMERCIAL FEDERAL CORPORATION 1
COMMERCIAL INTERTECH CORP. 1
COMMERCIAL METALS COMPANY 1
COMMERCIAL UNION PLC 2
COMMERZBANK AG 2
COMMONWEALTH BANK OF AUSTRALIA 2
COMMONWEALTH ENERGY SYSTEM 1
COMMUNICATION SYSTEMS, INC. 1
COMMUNITY BANK SYSTEM 1
COMMUNITY HOSPITALS GROUP PLC 2
COMMUNITY PSYCHIATRIC CENTERS 1
COMPAGNIE BANCAIRE SA 2
COMPAGNIE BELGE DE PARTICIPATIONS PARIBA 2
COMPAGNIE DE FIVES-LILLE SA 2
COMPAGNIE DE NAVIGATION MIXTE SA 2
COMPAGNIE DE SAINT-GOBAIN SA 2
COMPAGNIE DE SUEZ SA 2
COMPAGNIE D'ENTREPRISES CFE SA 2
COMPAGNIE FINANCIERE DE PARIBAS 2
COMPAGNIE FINANCIERE RICHEMONT AG 2
COMPAGNIE GENERALE DES EAUX SA 2
COMPAGNIE IMMOBILIERE DE BELGIQUE SA 2
COMPAGNIE NATIONALE A PORTEFEUILLE SA 2
COMPAGNIE PLASTIC OMNIUM SA 2
COMPAGNIE SAUPIQUET SA 2
COMPAGNIE UAP SA 2
COMPANIA ESPANOLA DE PETROLEOS, S.A. 2
COMPANIA SEVILLANA DE ELECTRICIDAD, S.A. 2
COMPANIA VALENCIANA DE CEMENTOS PORTLAND 2
COMPAQ COMPUTER CORPORATION 1
COMPASS BANCSHARES, INC. 1
COMPASS GROUP PLC 2
COMPTOIRS MODERNES SA 2
COMPUTER 2000 AG 2
COMPUTER ASSOCIATES INTERNATIONAL, INC. 1
COMPUTER LANGUAGE RESEARCH, INC. 1
COMPUTER SCIENCES CORPORATION 1
COMSAT CORPORATION 1
CONAGRA INC. 1
CONCENTRIC PLC 2
CONNECTICUT ENERGY CORPORATION 1
CONNECTICUT NATURAL GAS CORPORATION 1
CONNECTICUT WATER SERVICE, INCORPORATED 1
CONNER PERIPHERALS, INC. 1
CONRAIL, INC. 1
CONSECO, INC. 1
CONSERVERA CAMPOFRIO 2
CONSOLIDATED EDISON COMPANY OF NEW YORK 1
CONSOLIDATED FREIGHTWAYS, INC. 1
CONSOLIDATED NATURAL GAS COMPANY 1
CONSOLIDATED PAPERS, INC. 1
CONSOLIDATED RUTILE LIMITED 2
CONSOLIDATED STORES CORPORATION 1
CONSTANTIA INDUSTRIEHOLDING AG 2
CONSTRUCCIONES LAIN S.A. 2
CONSTRUC. Y AUXILIAR DE FERROCARRILES SA 2
CONSUMERS WATER COMPANY 1
CONTIGAS DEUTSCHE ENERGIE AG 2
CONTINENTAL AG 2
CONTINENTAL MEDICAL SYSTEMS, INC. 1
CONTINUUM COMPANY, INC. (THE) 1
CONTROLADORA COMERCIAL MEXICANA SA 2
CONWEST EXPLORATION COMPANY LTD 2
COOKSON GROUP PLC 2
COOPER INDUSTRIES, INC. 1
COOPER TIRE & RUBBER COMPANY 1
COORS (ADOLPH) COMPANY 1
COPYER CO., LTD. 2
CORAM HEALTHCARE CORPORATION 1
CORBY DISTILLERS LTD. 2
CORDIS CORPORATION 1
CORE INDUSTRIES INC. 1
COREL CORPORATION 2
CORESTATES FINANCIAL CORP 1
CORNING, INCORPORATED 1
CORNWELL PARKER PLC 2
CORP BANCARIA DE ESPANA, (ARGENTARIA) 2
CORPORACION FINANCIERA ALBA S.A. 2
CORPORACION INDUSTRIAL SANLUIS SA 2
CORPORACION MAPFRE, CIA INTL/REASEGUROS 2
COSMO OIL COMPANY, LIMITED 2
COSTA CROCIERE SPA 2
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COSTAIN GROUP PLC 2
CO-STEEL INC. 2
COUNTRYSIDE PROPERTIES PLC 2
COUNTRYWIDE CREDIT INDUSTRIES, INC. 1
COURTAULDS PLC 2
COURTAULDS TEXTILES PLC 2
COURTS PLC 2
COVENTRY GROUP LIMITED 2
COWIE GROUP PLC 2
CO. FIN. DE CIC ET DE L'UNION EUROPEENNE 2
CPB INC. 1
CPC INTERNATIONAL INC. 1
CPI CORPORATION 1
CRA LIMITED 2
CRACKER BARREL OLD COUNTRY STORE, INC. 1
CRANE CO. 1
CRAWFORD & CO 1
CRAY ELECTRONICS HOLDINGS PLC 2
CRAY RESEARCH, INC. 1
CREDIT A L'INDUSTRIE SA, STE NATIONAL DE 2
CREDIT AGRICOLE DE LA BRIE 2
CREDIT AGRICOLE DE LA GIRONDE 2
CREDIT AGRICOLE DE L'ISERE 2
CREDIT AGRICOLE DE LOIRE-ATLANTIQUE 2
CREDIT AGRICOLE DU MORBIHAN 2
CREDIT AGRICOLE DU NORD 2
CREDIT AGRICOLE DU PAS DE CALAIS 2
CREDIT COMMERCIAL DE FRANCE SA 2
CREDIT FONCIER DE FRANCE SA 2
CREDIT FONCIER VAUDOIS (CFV) 2
CREDIT LOCAL DE FRANCE SA 2
CREDIT NATIONAL SA 2
CREDIT SAISON CO., LTD. 2
CREDITANSTALT-BANKVEREIN AG 2
CREDITO AGRARIO BRESCIANO SPA 2
CREDITO BERGAMASCO SPA 2
CREDITO FONDIARIO E INDUSTRIALE SPA 2
CREDITO ITALIANO SPA 2
CREST NICHOLSON PLC 2
CRESTAR FINANCIAL CORPORATION 1
CRH PLC 2
CRODA INTERNATIONAL PLC 2
CROMPTON & KNOWLES CORPORATION 1
CROSS (A.T.) COMPANY 1
CROSSAIR AG F EURO REGIONALLUFTVERKEHR 2
CROWN CORK & SEAL COMPANY, INC. 1
CROWN CRAFTS, INC. 1
CROWN VAN GELDER PAPIERFABRIEKEN N.V. 2
CRSS, INC. 1
CS HOLDING 2
CSK CORPORATION 2
CSM N.V. 2
CSR LIMITED 2
CSS INDUSTRIES, INC. 1
CSX CORPORATION 1
C-TEC CORP. 1
CTS CORPORATION 1
CUBIC CORPORATION 1
CULLEN/FROST BANKERS, INC. 1
CULP, INC. 1
CULTOR OY 2
CUMMINS ENGINE COMPANY, INC. 1
CURTICE-BURNS FOODS, INC. 1
CURTISS-WRIGHT CORPORATION 1
CUSTOS AB 2
CYPRESS SEMICONDUCTOR CORPORATION 1
CYPRUS AMAX MINERALS CO. 1
C.A.L.P. CRISTALLERIA ARTISTICA LA PIANA 2
C.P. POKPHAND CO. LTD 2
C.P.R. CIE PARISIENNE DE REESCOMPTE 2
C.V.B. FINANCIAL CORP. 1
C.W. OBEL A/S 2
DAEJAN HOLDINGS PLC 2
DAI NIPPON CONSTRUCTION 2
DAI NIPPON PRINTING CO., LTD. 2
DAI NIPPON TORYO CO., LTD. 2
DAIBIRU CORPORATION 2
DAICEL CHEMICAL INDUSTRIES, LTD. 2
DAI-DAN CO., LTD. 2
DAIDO HOXAN INC. 2
DAIDO KOGYO CO., LTD. 2
DAIDO METAL CO., LTD. 2
DAIDO STEEL CO., LTD. 2
DAIDO STEEL SHEET CORPORATION 2
DAIDOH LIMITED 2
DAIEI OMC INC. 2
DAIEI, INC. (THE) 2
DAIFUKU CO., LTD. 2
DAIHEN CORPORATION 2
DAIHO CORPORATION 2
DAIICHI CEMENT CO., LTD. 2
DAIICHI CORPORATION 2
DAI-ICHI HOTEL, LTD. 2
DAIICHI JITSUGYO CO., LTD. 2
DAI-ICHI KANGYO BANK, LTD. 2
DAI-ICHI KOGYO SEIYAKU CO., LTD. 2
DAIICHI PHARMACEUTICAL CO., LTD. 2
DAIKEN CORPORATION 2
DAIKIN INDUSTRIES, LTD. 2
DAIKIN MANUFACTURING CO., LTD. 2
DAIKO DENSHI TSUSHIN, LTD. 2
DAILY MAIL & GENERAL TRUST PLC 2
DAIMARU, INC. 2
DAIMEI TELECOM ENGINEERING CORP. 2
DAIMLER-BENZ AG 2
DAINICHISEIKA COLOUR & CHEMICALS MFG, CO 2
DAINIPPON INK & CHEMICALS, INCORPORATED 2
DAINIPPON PHARMACEUTICAL CO., LTD. 2
DAINIPPON SHIGYO CO. LTD 2
DAIO PAPER CORPORATION 2
DAIRY FARM INTERNATIONAL HOLDINGS LTD. 2
DAISAN BANK, LTD. 2
DAISHI BANK, LTD. 2
DAISHINKU CORP. 2
DAISO CO., LTD. 2
DAISUE CONSTRUCTION CO., LTD. 2
DAITO GYORUI CO., LTD. 2
DAITO KOGYO CO., LTD. 2
DAITO SEIKI CO., LTD. 2
DAITO TRUST CONSTRUCTION CO., LTD. 2
DAI-TOKYO FIRE & MARINE INSURANCE CO. 2
DAIWA BANK, LTD. 2
DAIWA CO., LTD. 2
DAIWA HOUSE INDUSTRY CO., LTD. 2
DAIWA INDUSTRIES LTD. 2
DAIWA KOSHO LEASE CO., LTD. 2
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DAIWA SEIKO, INC. 2
DALGETY PLC 2
DALLAS SEMICONDUCTOR CORPORATION 1
DAMPSKIBSSELSKABET AF 1912 A/S 2
DAMPSKIBSSELSKABET SVENDBORG A/S 2
DANA CORPORATION 1
DANAHER CORPORATION 1
DANIEL INDUSTRIES, INC. 1
DANIELI & C. - OFFICINE MECCANICHE SPA 2
DANISCO A/S 2
DANKA BUSINESS SYSTEMS PLC 2
DANTANI CORPORATION 2
DANTO CORPORATION 2
DANZAS HOLDING AG 2
DATASCOPE CORP. 1
DAUPHIN DEPOSIT CORPORATION 1
DAVID S. SMITH (HOLDINGS) PLC 2
DAVIS SERVICE GROUP PLC 2
DAWSONGROUP PLC 2
DAYTON HUDSON CORPORATION 1
DB GROUP LIMITED 2
DE BOER WINKELBEDRIJVEN N.V. 2
DE DIETRICH ET CIE SA 2
DE LA RUE PLC 2
DE NATIONALE INVESTERINGSBANK N.V. 2
DEAN FOODS COMPANY 1
DECEUNINCK PLASTICS INDUSTRIES SA 2
DEERE & COMPANY 1
DEGREMONT SA 2
DEGUSSA AG 2
DEKALB ENERGY COMPANY 1
DEKALB GENETICS CORPORATION 1
DEL WEBB CORPORATION 1
DELCHAMPS, INC. 1
DELL COMPUTER CORPORATION 1
DELMARVA POWER & LIGHT COMPANY 1
DELTA GOLD N.L. 2
DELTA PLC 2
DELTA WOODSIDE INDUSTRIES, INC. 1
DELUXE CORPORATION 1
DEN DANSKE BANK A/S 2
DEN NORSKE AMERIKALINJE A/S 2
DENKI KOGYO CO., LTD. 2
DENKYOSHA CO., LTD. 2
DENNY'S JAPAN CO., LTD. 2
DENTSPLY INTERNATIONAL, INC. 1
DENYO CO., LTD. 2
DEPOSIT GUARANTY CORP. 1
DERWENT VALLEY HOLDINGS PLC 2
DESC S.A. DE C.V. 2
DESCENTE, LTD. 2
DESIGNS INC. 1
DESTEC ENERGY, INC. 1
DET DANSKE LUFTFARTSELSKAB A/S 2
DET DANSKE TRAELASTKOMPAGNI A/S 2
DET NORSKE LUFTFARTSELSKAP A/S 2
DETROIT EDISON COMPANY (THE) 1
DEUTSCHE BABCOCK AG 2
DEUTSCHE BANK AG 2
DEUTSCHE CENTRALBODENKREDIT AG 2
DEUTSCHE HYPOTHEKENBANK FRANKFURT AG 2
DEUTSCHE PFANDBRIEF- & HYPOTHEKENBANK AG 2
DEUTSCHE SB-KAUF AG 2
DEVON GROUP, INC. 1
DEWHIRST GROUP PLC 2
DEXTER CORPORATION (THE) 1
DH TECHNOLOGY, INC. 1
DIAGNOSTEK, INC. 1
DIAGNOSTIC PRODUCTS CORP. 1
DIAL CORP. 1
DIAMOND CITY CO., LTD. 2
DIAMOND SHAMROCK, INC. 1
DIBRELL BROTHERS, INCORPORATED 1
DICKSON CONCEPTS (INTERNATIONAL) LIMITED 2
DIE ERSTE OESTERREICH. SPAR-CASSE-BANK 2
DIEBOLD, INCORPORATED 1
DIGI INTERNATIONAL INC. 1
DILLARD DEPARTMENT STORES INC. 1
DIME BANCORP, INC. 1
DIONEX CORPORATION 1
DIPLOMA PLC 2
DIPL. ING. FUST AG 2
DISNEY (WALT) COMPANY, (THE) 1
DLF-TRIFOLIUM A/S 2
DLW AG 2
DMC-DOLLFUS-MIEG & CIE SA 2
DMW CORPORATION 2
DOBSON PARK INDUSTRIES PLC 2
DOCKS DE FRANCE SA 2
DOFASCO INC. 2
DOLE FOOD COMPANY, INC. 1
DOLLAR GENERAL CORPORATION 1
DOMAN INDUSTRIES LIMITED 2
DOMINION RESOURCES, INC. (VA) 1
DOMINION TEXTILE INC. 2
DOMINO PRINTING SCIENCES PLC 2
DONALDSON COMPANY, INC. 1
DONNELLEY (R.R.) AND SONS COMPANY 1
DONOHUE INC. 2
DOUGLAS HOLDING AG 2
DOUGLAS & LOMASON CO. 1
DOVER CORPORATION 1
DOW CHEMICAL COMPANY (THE) 1
DOW JONES & COMPANY, INC. 1
DOWA FIRE & MARINE INSURANCE CO., LTD. 2
DOWDING & MILLS PLC 2
DOWNEY SAVINGS & LOAN ASSOCIATION 1
DPL INC. 1
DQE, INC. 1
DRAEGERWERK AG 2
DRAGADOS Y CONSTRUCCIONES, S.A. 2
DRAVO CORPORATION 1
DRESDNER BANK AG 2
DRESS BARN, INC. (THE) 1
DRESSER INDUSTRIES, INC. 1
DREYERS GRAND ICE CREAM, INCORPORATED 1
DSC COMMUNICATIONS CORPORATION 1
DSM N.V. 2
DU PONT (E.I.) DE NEMOURS AND COMPANY 1
DUERR BETEILIGUNGS-AG 2
DUKE POWER COMPANY 1
DUN & BRADSTREET CORPORATION (THE) 1
DUNDEE BANCORP INC 2
DUPLEX PRODUCTS INC. 1
DUPONT CANADA INC. 2
DURACELL INTERNATIONAL, INC. 1
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DURAKON INDUSTRIES, INC. 1
DURIRON COMPANY, INC. (THE) 1
DUTY FREE INTERNATIONAL 1
DYCKERHOFF AG 2
DYCKERHOFF & WIDMANN AG 2
DYNAMICS CORPORATION OF AMERICA 1
DYNATECH CORPORATION 1
DYNIC CORPORATION 2
DYNO INDUSTRIER A.S 2
EA-GENERALI AG 2
EAGLE INDUSTRY CO., LTD. 2
EAST MIDLANDS ELECTRICITY PLC 2
EASTERN ENTERPRISES 1
EASTERN GROUP PLC 2
EASTERN UTILITIES ASSOCIATES 1
EASTMAN KODAK COMPANY 1
EATON CORPORATION 1
EATON VANCE CORP. 1
EAU ET FORCE SA 2
EBARA CORPORATION 2
EBF SA 2
EBRO AGRICOLAS, CIA DE ALIMENTACION SA 2
ECCO SA 2
ECCO TRAVAIL TEMPORAIRE SA 2
ECHLIN INC. 1
ECHO BAY MINES LTD. 2
ECIA-EQUIP. & COMPOSANTS POUR L'IND AUTO 2
ECOLAB INC. 1
EDIPRESSE SA 2
EDISON BROTHERS STORES, INC. 1
EDISON SPA 2
EDITORIALE LA REPUBBLICA SPA 2
EDITORIALE L'ESPRESSO SPA 2
EDPER ENTERPRISES LTD. 2
EDWARDS (A.G.), INC. 1
EG & G, INC. 1
EGETAEPPER A/S 2
EGGHEAD INC. 1
EHIME BANK, LTD. 2
EIDENSHA CO., LTD. 2
EIFFAGE SA 2
EIGHTEENTH BANK, LIMITED 2
EIKEN CHEMICAL CO., LTD. 2
EISAI CO., LTD. 2
EJENDOMSSELSKABET NORDEN A/S 2
EKCO GROUP, INC. 1
E-L FINANCIAL CORPORATION LIMITED 2
EL PUERTO DE LIVERPOOL, S.A. DE C.V. 2
ELAN CORPORATION PLC 2
ELAN ENERGY INC 2
ELCO INDUSTRIES, INC. 1
ELCOR CORPORATION 1
ELDON AB 2
ELDRIDGE, POPE & CO. PLC 2
ELECTRABEL SA 2
ELECTRAFINA 2
ELECTRICAS REUNIDAS DE ZARAGOZA SA 2
ELECTRO RENT CORPORATION 1
ELECTRO SCIENTIFIC INDUSTRIES, INC. 1
ELECTROCOMPONENTS PLC 2
ELECTROLUX AB 2
ELECTROMAGNETIC SCIENCES, INC. 1
ELECTRONIC ARTS, INC. 1
ELEKTRIZITAETS-GESELL. LAUFENBURG AG 2
ELEKTROWATT AG 2
ELF AQUITAINE SA 2
ELKEM A/S 2
ELLIS & EVERARD PLC 2
ELSEVIER N.V. 2
ELVIA SCHWEIZERISCHE VERSICHERUNGS-GES. 2
ELYSEE INVESTISSEMENTS SA 2
EMAIL LIMITED 2
EMAP PLC 2
EMC CORPORATION 1
EMC INSURANCE GROUP INC. 1
EMERSON ELECTRIC CO. 1
EMIN-LEYDIER SA 2
EMPAQUES PONDEROSA S.A. 2
EMPIRE COMPANY LIMITED 2
EMPIRE DISTRICT ELECTRIC COMPANY 1
EMPI, INC. 1
EMPRESA NACIONAL DE ELECTRICIDAD S.A. 2
EMPRESA NACIONAL DE ELECTRICIDAD S.A. 1
EMPRESA NAC. HIDROELEC. RIBAGORZANA 2
EMPRESAS LA MODERNA SA DE CV 2
EMS-CHEMIE HOLDING AG 2
ENERGEN CORPORATION 1
ENERGIE-VERSORGUNG NIEDEROESTERREICH AG 2
ENERGIEVERSORGUNG OSTBAYERN AG 2
ENERGY RESOURCES OF AUSTRALIA LIMITED 2
ENERGY SUPPORT CORPORATION 2
ENERGY VENTURES, INC. 1
ENERGYNORTH, INC. 1
ENGELHARD CORPORATION 1
ENGLISH CHINA CLAYS PLC 2
ENHANCE FINANCIAL SERVICES GROUP, INC. 1
ENNIS BUSINESS FORMS, INC. 1
ENPLAS CORPORATION 2
ENRON CORP. 1
ENRON OIL & GAS COMPANY 1
ENSO-GUTZEIT OY 2
ENTERGY CORPORATION 1
ENTERPRISE OIL PLC 2
ENTERRA CORPORATION 1
ENTREPRISES QUILMES SA 2
EQUIFAX INC. 1
EQUITABLE RESOURCES, INC. 1
ERICSSON SPA 2
ERIDANIA BEGHIN-SAY SA 2
ERIKS HOLDING N.V. 2
ESCADA AG 2
ESCO ELECTRONICS CORP. 1
ESSELTE AB 2
ESSILOR INTERNATIONAL SA 2
ESSO SAF 2
ESTERLINE TECHNOLOGIES CORPORATION 1
E-SYSTEMS, INC. 1
ETABLISSEMENTS CATTEAU SA 2
ETABLIS. DELHAIZE FRERES & CIE LE LION 2
ETAM PUBLIC LIMITED COMPANY 2
ETEX SA 2
ETHYL CORPORATION 1
E'TOWN CORPORATION 1
EURAFRANCE SA 2
EURO RSCG WORLDWIDE SA 2
EURO-NEVADA MINING CORP. 2
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EUROPE 1 COMMUNICATION SA 2
EUROTHERM PLC 2
EVANS HALSHAW HOLDINGS PLC 2
EVANS OF LEEDS PLC 2
EVANS & SUTHERLAND COMPUTER CORPORATION 1
EVERGREEN BANCORP, INC. 1
EXABYTE CORPORATION 1
EXCEL INDUSTRIES, INC. 1
EXECUTONE INFORMATION SYSTEMS, INC. 1
EXPEDITORS INTERNAT'L OF WASHINGTON, INC 1
EXXON CORPORATION 1
EZAKI GLICO CO., LTD. 2
F & M NATIONAL CORPORATION 1
FAB INDUSTRIES, INC. 1
FABRI-CENTERS OF AMERICA, INC. 1
FAG KUGELFISCHER GEORG SCHAEFER KGAA 2
FAI INSURANCES LIMITED 2
FAIREY GROUP PLC 2
FAIRFAX FINANCIAL HOLDINGS LIMITED 2
FAMILY DOLLAR STORES, INC. 1
FAMILYMART CO., LTD. 2
FANUC LTD. 2
FARAH INCORPORATED 1
FARMERS CAPITAL BANK CORPORATION 1
FARNELL ELECTRONICS PLC 2
FAY'S INCORPORATED 1
FEDDERS CORPORATION 1
FEDERAL EXPRESS CORPORATION 1
FEDERAL HOME LOAN MORTGAGE CORP. 1
FEDERAL PAPER BOARD COMPANY, INC. 1
FEDERAL SIGNAL CORPORATION 1
FEDERAL-MOGUL CORPORATION 1
FELDSCHLOESSCHEN HOLDING 2
FELTEN & GUILLEAUME ENERGIETECHNIK AG 2
FERGUSON INTERNATIONAL HOLDINGS PLC 2
FERNZ CORPORATION LIMITED 2
FERRO CORPORATION 1
FHP INTERNATIONAL CORPORATION 1
FIDIS - FINANZIARIA DI SVILUPPO SPA 2
FIELDCREST CANNON, INC. 1
FIFTH THIRD BANCORP 1
FILIPACCHI MEDIAS SA 2
FILO S.A. 2
FINANCIERE INDUSTRIELLE GAZ ET EAUX SA 2
FINANCIERE SOGEPARC SA 2
FINANZIARIA AGROINDUSTRIALE SPA 2
FINARTE SPA 2
FINA, INC. 1
FINE ART DEVELOPMENTS PLC 2
FINEXTEL SA 2
FINGERHUT COMPANIES, INC. 1
FINLAY, (JAMES) & CO. PLC 2
FINNAIR OY 2
FINNING LTD 2
FINNLINES OY 2
FINVEST OY 2
FIN.INST. FOR INDUSTRI OG HANDVAERK A/S 2
FIRST AMERICAN CORPORATION 1
FIRST AMERICAN FINANCIAL CORP (THE) 1
FIRST ASIA INTERNATIONAL HDG LTD 2
FIRST BANCORPORATION OF OHIO 1
FIRST BANK SYSTEM, INC. 1
FIRST BRANDS CORPORATION 1
FIRST CHICAGO CORPORATION 1
FIRST CHOICE HOLIDAYS PLC 2
FIRST COLONIAL BANKSHARES, CORPORATION 1
FIRST COLONY CORPORATION 1
FIRST COMMERCE BANCSHARES, INC. 1
FIRST COMMERCE CORPORATION 1
FIRST COMMERCIAL CORPORATION 1
FIRST EMPIRE STATE CORPORATION 1
FIRST FIDELITY BANCORPORATION 1
FIRST FINANCIAL BANCORP 1
FIRST FINANCIAL MANAGEMENT CORPORATION 1
FIRST HAWAIIAN, INC. 1
FIRST INTERSTATE BANCORP 1
FIRST LEISURE CORPORATION PLC 2
FIRST MARATHON INC. 2
FIRST MICHIGAN BANK CORPORATION 1
FIRST MIDWEST BANCORP, INC. 1
FIRST MISSISSIPPI CORPORATION 1
FIRST NATIONAL BANCORP 1
FIRST NORTHERN SAVINGS BANK S.A. 1
FIRST OAK BROOK BANCSHARES, INC. 1
FIRST OF AMERICA BANK CORPORATION 1
FIRST PACIFIC COMPANY LIMITED 2
FIRST SECURITY CORPORATION 1
FIRST TENNESSEE NATIONAL CORPORATION 1
FIRST UNION CORPORATION 1
FIRST VIRGINIA BANKS, INC 1
FIRSTAR CORPORATION 1
FIRSTBANK OF ILLINOIS CO. 1
FIRSTFED FINANCIAL CORP 1
FIRSTFED MICHIGAN CORPORATION 1
FIRSTIER FINANCIAL, INC. 1
FISERV, INC. 1
FISHER & PAYKEL INDUSTRIES LIMITED 2
FISKARS OY AB 2
FISONS PLC 2
FITZWILTON PLC 2
FKI PLC 2
FLACHGLAS AG 2
FLEET FINANCIAL GROUP, INC. 1
FLEETWOOD ENTERPRISES, INC. 1
FLEMING COMPANIES, INC. 1
FLETCHER CHALLENGE ORDINARY DIVISION 2
FLEXSTEEL INDUSTRIES INC. 1
FLIGHTSAFETY INTERNATIONAL, INC. 1
FLOGAS PLC 2
FLORIDA EAST COAST INDUSTRIES, INC. 1
FLORIDA PROGRESS CORPORATION 1
FLORIDA ROCK INDUSTRIES, INC. 1
FLOWERS INDUSTRIES, INC. 1
FLS INDUSTRIES A/S 2
FLUKE CORPORATION 1
FLUOR CORPORATION 1
FMC CORPORATION 1
FOMENTO DE CONSTRUCCIONES Y CONTRATAS 2
FOMENTO ECONOMICO MEXICANO, S.A. DE C.V. 2
FONCIERE SA, COMPAGNIE 2
FOOD LION INC. 1
FOOD LION INC. 1
FOOTHILL GROUP, INC. (THE) 1
FORBO HOLDING AG 2
FORD MOTOR COMPANY 1
FOREMOST CORPORATION OF AMERICA 1
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FOREST LABORATORIES, INC. 1
FORSAKRINGS AB SKANDIA 2
FORSCHNER GROUP,(THE) INC 1
FORSHEDA AB 2
FORT WAYNE NATIONAL CORPORATION 1
FORTE PLC 2
FORTIS AG 2
FORTIS AMEV NV 2
FORTIS INC. 2
FOSTER WHEELER CORPORATION 1
FOSTER'S BREWING GROUP LIMITED 2
FOURTH FINANCIAL CORPORATION 1
FOXMEYER HEALTH CORP. 1
FP CORPORATION 2
FPL GROUP, INC. 1
FRANCE BED CO., LTD. 2
FRANCO NEVADA MINING CORP. LTD. 2
FRANCO TOSI SPA 2
FRANKFURTER HYPOTHEKENBANK AG 2
FRANKLIN ELECTRIC CO., INC. 1
FRANKLIN RESOURCES, INC. 1
FREEPORT-MC MORAN COPPER & GOLD CO INC. 1
FREMONT GENERAL CORPORATION 1
FRESENIUS AG 2
FRISCH'S RESTAURANTS, INC. 1
FROGMORE ESTATES PLC 2
FROMAGERIES BEL SA 2
FRONTIER CORPORATION 1
FRONTIER INSURANCE GROUP, INC. 1
FROZEN FOOD EXPRESS INDUSTRIES, INC. 1
FRUCTIVIE SA 2
FRUIT OF THE LOOM, INC. 1
FUCHS PETROLUB AG OEL + CHEMIE 2
FUDO CONSTRUCTION CO., LTD. 2
FUERZAS ELECTRICAS DE CATALUNA, S.A. 2
FUJI BANK, LIMITED 2
FUJI CO., LTD. 2
FUJI ELECTRIC CO., LTD. 2
FUJI FIRE & MARINE INSURANCE CO., LTD. 2
FUJI KIKO CO., LTD. 2
FUJI KOSAN COMPANY, LTD. 2
FUJI KYUKO CO., LTD. 2
FUJI MACHINE MFG. CO., LTD. 2
FUJI OIL CO., LTD. 2
FUJI PHOTO FILM CO., LTD. 2
FUJI SEIKO LIMITED 2
FUJI SPINNING CO., LTD. 2
FUJI TITANIUM INDUSTRY CO., LTD. 2
FUJI UNIVANCE CORPORATION 2
FUJICCO CO., LTD. 2
FUJICOPIAN CO., LTD. 2
FUJIKURA LTD. 2
FUJIKURA RUBBER LTD. 2
FUJIREBIO INC. 2
FUJISAWA PHARMACEUTICAL COMPANY LIMITED 2
FUJITA CORPORATION 2
FUJITA KANKO INC. 2
FUJITEC CO., LTD. 2
FUJITSU BUSINESS SYSTEMS LTD. 2
FUJITSU DENSO LTD. 2
FUJITSU KIDEN LTD. 2
FUJIYA CO., LTD. 2
FUKUDA CORPORATION 2
FUKUI BANK, LTD. 2
FUKUOKA CITY BANK, LTD. 2
FUKUSUKE CORPORATION 2
FUKUTOKU BANK, LTD. 2
FUKUYAMA TRANSPORTING CO., LTD. 2
FULLER (H.B.) COMPANY 1
FULLER, SMITH & TURNER PLC 2
FUMAKILLA LIMITED 2
FUND AMERICAN ENTERPRISES HOLDINGS, INC. 1
FURON COMPANY 1
FURUKAWA CO., LTD. 2
FURUKAWA ELECTRIC CO., LTD. 2
FURUSATO INDUSTRIES LTD. 2
FUSHIKI KAIRIKU UNSO CO., LTD. 2
FUSO PHARMACEUTICAL INDUSTRIES, LTD. 2
FUTABA CORPORATION 2
FUTURIS CORPORATION LIMITED 2
FYFFES PLC 2
F.H. FAULDING & CO LIMITED 2
GALENICA HOLDING AG 2
GALLAGHER (ARTHUR J.) & CO. 1
GAMBRO AB 2
GAMMA HOLDING NV 2
GANNETT CO., INC. 1
GAP, INC. (THE) 1
GARAN, INCORPORATED 1
GARPHYTTAN INDUSTRIER AB 2
GAS NATURAL SDG S.A. 2
GAS Y ELECTRICIDAD SA 2
GASCOGNE SA 2
GASTEC SERVICE, INC. 2
GATX CORPORATION 1
GAUMONT SA 2
GEA AG 2
GEAC COMPUTER CORP. LTD. 2
GEEST PLC 2
GEHE AG 2
GEICO CORPORATION 1
GELSENWASSER AG 2
GEMINA - GEN MOBIL INTER AZIONARIE SPA 2
GENDIS INC. 2
GENEFIM SA 2
GENENTECH, INC. 1
GENERAL ACCIDENT PLC 2
GENERAL BINDING CORP. 1
GENERAL CO., LTD. 2
GENERAL DATACOMM INDUSTRIES, INC. 1
GENERAL DYNAMICS CORPORATION 1
GENERAL ELECTRIC COMPANY 1
GENERAL ELECTRIC COMPANY PLC 2
GENERAL MILLS, INC. 1
GENERAL PUBLIC UTILITIES CORPORATION 1
GENERAL RE CORPORPATION 1
GENERAL SEKIYU K.K. 2
GENERAL SIGNAL CORPORATION 1
GENERALE DE BANQUE SA 2
GENESEE CORPORATION 1
GENOVESE DRUG STORES, INC. 1
GENUINE PARTS COMPANY 1
GENZYME CORPORATION 1
GEORG FISCHER AG 2
GEORGE WESTON FOODS LIMITED 2
GEORGE WIMPEY PLC 2
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GEORGIA-PACIFIC CORPORATION 1
GERBER SCIENTIFIC, INC. 1
GERRARD & NATIONAL HOLDINGS PLC 2
GESTETNER HOLDINGS PLC 2
GETRONICS N.V. 2
GETTY PETROLEUM CORP. 1
GEVAERT-PHOTO PRODUITS SA 2
GEWERBEBANK BADEN 2
GEWISS SPA 2
GIANT FOOD, INC. 1
GIANT INDUSTRIES, INC. 1
GIB SA 2
GIBSON GREETINGS, INC. 1
GIDDINGS & LEWIS, INC. 1
GILBERT ASSOCIATES, INC. 1
GILLETTE COMPANY (THE) 1
GKN PLC 2
GLAMIS GOLD LTD. 2
GLATFELTER (P.H.) COMPANY 1
GLAXO PLC 2
GLOBAL NATURAL RESOURCES, INC. 1
GLORY LTD. 2
GLYNWED INTERNATIONAL PLC 2
GN STORE NORD A/S (GN GREAT NORDIC LTD.) 2
GN STORE NORD HOLDING A/S 2
GOAL PETROLEUM GROUP PLC 2
GODO SHUSEI CO., LTD. 2
GODO STEEL, LTD. 2
GOLD MINES OF KALGOORLIE LIMITED 2
GOLDEN WEST FINANCIAL CORPORATION 1
GOLDWIN INC. 2
GOOD GUYS (THE), INC. 1
GOODE DURRANT PLC 2
GOODMAN FIELDER LIMITED 2
GOODMARK FOODS, INC. 1
GOODRICH B.F. COMPANY (THE) 1
GOODYEAR TIRE & RUBBER COMPANY (THE) 1
GORMAN-RUPP COMPANY (THE) 1
GOTTHARD BANK 2
GOULDS PUMPS, INCORPORATED 1
GOURMET KINEYA CO., LTD. 2
GRACE (W.R.) & CO. 1
GRACO INC. 1
GRAINGER TRUST PLC 2
GRAINGER, (W.W.) INC. 1
GRAMPIAN HOLDINGS PLC 2
GRANADA GROUP PLC 2
GRAND HOTEL HOLDINGS LTD 2
GRAND MAGASINS JELMOLI SA 2
GRAND METROPOLITAN PLC 2
GRANGES INC. 2
GRANINGE AB 2
GRAPHIC INDUSTRIES, INC. 1
GRC INTERNATIONAL, INC. 1
GREAT ATLANTIC & PACIFIC TEA CO., INC. 1
GREAT EAGLE HOLDINGS LIMITED 2
GREAT LAKES BANCORP, A FEDERAL SVGS BANK 1
GREAT LAKES CHEMICAL CORPORATION 1
GREAT PORTLAND ESTATES PLC 2
GREAT UNIVERSAL STORES PLC 2
GREAT WESTERN FINANCIAL CORPORATION 1
GREEN CROSS CORPORATION 2
GREEN MOUNTAIN POWER CORPORATION 1
GREEN TREE FINANCIAL CORP. 1
GREENALLS GROUP PLC 2
GREENCORE GROUP PLC 2
GREENE KING PLC 2
GRENADA SUNBURST SYSTEM CORPORATION 1
GREY ADVERTISING, INC. 1
GREYCOAT PLC 2
GREYHOUND LINES OF CANADA LTD. 2
GROLSCH NV 2
GROUNDWATER TECHNOLOGY, INC. 1
GROUPE BRUXELLES LAMBERT SA 2
GROUPE DANONE SA 2
GROUPE DE LA CITE SA 2
GROUPE SEB SA 2
GROUPE VIDEOTRON LTEE LE 2
GROUPEMENT POUR FINANCEMENT CONSTRUCTION 2
GROW GROUP, INC. 1
GRUPO CARSO S.A. DE C.V. 2
GRUPO CEMENTOS DE CHIHUAHUA 2
GRUPO CONTINENTAL SA 2
GRUPO FINANC. BANAMEX ACCIVAL SA BANACCI 2
GRUPO FOSFORERA S.A. 2
GRUPO INDUSTRIAL ALFA, S.A. 2
GRUPO INDUSTRIAL BIMBO S.A. DE C.V. 2
GRUPO INDUSTRIAL MASECA S.A. DE C.V. 2
GRUPO POSADAS S.A. DE C.V. 2
GRUPO SIDEK 2
GRUPO SITUR SA DE CV 2
GRUPO SYNKRO SA DE CV 2
GRUPO TELEVISA SA DE CV 2
GTE CORPORATION 1
GTM-ENTREPOSE SA 2
GUARDIAN ROYAL EXCHANGE PLC 2
GUARDSMAN PRODUCTS, INC. 1
GUILBERT SA 2
GUILFORD MILLS, INC. 1
GUINNESS PLC 2
GULLSPANGS KRAFT AB 2
GUN EI CHEMICAL INDUSTRY CO., LTD. 2
GUNMA BANK, LTD. 2
GUNZE LIMITED 2
GUNZE SANGYO, INC. 2
GUOCO GROUP LTD 2
GURIT-HEBERLEIN AG 2
GUYENNE ET GASCOGNE SA 2
GWALIA CONSOLIDATED LIMITED 2
G&K SERVICES, INC. 1
G.E. CRANE HOLDINGS LIMITED 2
G.T.C. TRANSCONTINENTAL GROUP LTD. 2
H & M HENNES & MAURITZ AB 2
HACH AG 2
HACH COMPANY 1
HACHIJUNI BANK, LTD. 2
HADCO CORPORATION 1
HADEN MACLELLAN HOLDINGS PLC 2
HAEMONETICS CORP. 1
HAFSLUND NYCOMED AS 2
HAGEMEYER N.V. 2
HAKUYOSHA COMPANY, LTD. 2
HALL ENGINEERING (HOLDINGS) PLC 2
HALMA PLC 2
HAMBROS PLC 2
HAMBURGISCHE ELECTRICITAETS-WERKE AG 2
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HAMMERSON PLC 2
HANATEN CO., LTD. 2
HANCOCK FABRICS, INC. 1
HANDLEMAN COMPANY 1
HANDY & HARMAN 1
HANEDA HUME PIPE CO., LTD. 2
HANG LUNG DEVELOPMENT COMPANY LIMITED 2
HANG SENG BANK LIMITED 2
HANKYU CORPORATION 2
HANKYU DEPARTMENT STORES, INC. 2
HANKYU REALTY CO., LTD. 2
HANNA (M.A.) COMPANY 1
HANNAFORD BROS. CO. 1
HANSHIN DEPARTMENT STORE, LTD. 2
HANSHIN ELECTRIC RAILWAY CO., LTD 2
HANSON PLC 2
HANWA BANK, LTD. 2
HARCOURT GENERAL, INC. 1
HARDY OIL & GAS PLC 2
HARDYS & HANSONS PLC 2
HARLAND JOHN H. COMPANY (THE) 1
HARLEY-DAVIDSON, INC. 1
HARLEYSVILLE GROUP, INC. 1
HARMAN INTERNATIONAL INDUSTRIES. INC. 1
HARNISCHFEGER INDUSTRIES, INC. 1
HARPENER AG 2
HARPER GROUP, INC. (THE) 1
HARRIS CORPORATION 1
HARRIS STEEL GROUP INC. 2
HARRISONS & CROSFIELD PLC 2
HARSCO CORPORATION 1
HARTMARX CORPORATION 1
HARUMOTO IRON WORKS CO., LTD. 2
HARVEY NORMAN HOLDINGS LIMITED 2
HASBRO INC 1
HASEKO CORPORATION 2
HAVAS SA 2
HAVERTY FURNITURE COMPANIES, INC. 1
HAWAIIAN ELECTRIC INDUSTRIES, INC. 1
HAWKEYE BANCORPORATION 1
HAYES - DANA INC. 2
HAYS PLC 2
HAZAMA CORPORATION 2
HAZLEWOOD FOODS PLC 2
HBO & COMPANY 1
HEALTHCARE COMPARE CORP. 1
HEALTHCARE SERVICES GROUP, INC. 1
HEALTHDYNE INC. 1
HEALTHSOURCE, INC. 1
HEALTHSOUTH CORPORATION 1
HEARTLAND EXPRESS, INC. 1
HECHINGER COMPANY 1
HEES INTERNATIONAL BANCORP INC. 2
HEIDELBERGER ZEMENT AG 2
HEILIG-MEYERS COMPANY 1
HEINEKEN N.V. 2
HEIWA CORPORATION 2
HEIWA REAL ESTATE CO., LTD. 2
HEIWADO CO., LTD. 2
HELEN OF TROY LIMITED 1
HELENE CURTIS INDUSTRIES, INC. 1
HELICAL BAR PLC 2
HELIKOPTER SERVICE A/S 2
HELMERICH & PAYNE, INC. 1
HELVETIA SCHWEIZERISCHE VERSICHERUNG 2
HEMLO GOLD MINES INC 2
HENDERSON ADMINISTRATION GROUP PLC 2
HENDERSON INVESTMENT LIMITED 2
HENDERSON LAND DEVELOPMENT CO LTD 2
HENKEL KGAA 2
HENLYS GROUP PLC 2
HENNUYERE D'EXPANSION SA 2
HENRIKSEN OG HENRIKSEN HOLDING A/S 2
HEPWORTH PLC 2
HERCULES INCORPORATED 1
HERITAGE FINANCIAL SERVICES, INC. 1
HERLITZ AG 2
HERSHEY FOODS CORPORATION 1
HEWDEN STUART PLC 2
HEWLETT-PACKARD COMPANY 1
HEYWOOD WILLIAMS GROUP PLC 2
HIBERNIA CORPORATION 1
HIBERNIAN GROUP PLC 2
HIBIYA ENGINEERING, LTD. 2
HICKSON INTERNATIONAL PLC 2
HIDROELECTRICA DEL CANTABRICO, S.A. 2
HIGHLAND DISTILLERIES COMPANY PLC 2
HIGO BANK, LTD. 2
HILLENBRAND INDUSTRIES, INC. 1
HILLS INDUSTRIES LIMITED 2
HILLSDOWN HOLDINGS PLC 2
HI-LO AUTOMOTIVE, INC. 1
HILTI AG 2
HILTON HOTELS CORPORATION 1
HINO AUTO BODY, LTD. 2
HINO MOTORS, LTD. 2
HIROSE ELECTRIC CO., LTD. 2
HIROSHIMA BANK, LTD. (THE) 2
HISAKA WORKS, LTD. 2
HISAMITSU PHARMACEUTICAL CO., INC. 2
HITACHI AIC INC. 2
HITACHI CABLE, LTD. 2
HITACHI CHEMICAL CO., LTD. 2
HITACHI CREDIT CORPORATION 2
HITACHI ELECTRONICS, LTD. 2
HITACHI INFORMATION SYSTEMS, LTD. 2
HITACHI KIDEN KOGYO, LTD. 2
HITACHI KOKI CO., LTD. 2
HITACHI MAXELL, LTD. 2
HITACHI METALS, LTD. 2
HITACHI PLANT ENGINEERING & CONSTRUCTION 2
HITACHI POWDERED METALS CO., LTD. 2
HITACHI SOFTWARE ENGINEERING CO., LTD. 2
HITACHI TRANSPORT SYSTEM, LTD. 2
HITACHI ZOSEN CORPORATION 2
HITACHI, LTD. 2
HOAN KOGYO CO., LTD. 2
HOCHIKI CORPORATION 2
HOCHTIEF AG VORM. GEBR. HELFMANN 2
HOECHST AG 2
HOGAN SYSTEMS, INC. 1
HOGY MEDICAL CO., LTD 2
HOKKAI CAN CO., LTD. 2
HOKKAIDO BANK, LTD. 2
HOKKAIDO COCA-COLA BOTTLING CO., LTD. 2
HOKKAIDO ELECTRIC POWER COMPANY, INC. 2
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HOKKAIDO GAS CO., LTD. 2
HOKKAIDO TAKUSHOKU BANK, LIMITED 2
HOKKO CHEMICAL INDUSTRY CO., LTD. 2
HOKKOKU BANK, LTD. 2
HOKUETSU BANK, LTD. 2
HOKUETSU PAPER MILLS, LTD. 2
HOKURIKU BANK, LTD. (THE) 2
HOKURIKU ELECTRIC POWER COMPANY, INC. 2
HOKURIKU ELECTRICAL CONSTRUCTION CO.LTD. 2
HOKURIKU SEIYAKU CO., LTD. 2
HOKUSHIN CO., LTD. 2
HOLDERBANK FINANCIERE GLARUS AG 2
HOLLANDSCHE BETON GROEP NV 2
HOLLINGER INC. 2
HOLLY CORPORATION 1
HOLSTEN-BRAUEREI AG 2
HOLT JOSEPH PLC 2
HOLVIS AG 2
HOME BENEFICIAL CORPORATION 1
HOME DEPOT, INC. (THE) 1
HOME OIL CO 2
HOME SHOPPING NETWORK, INC. 1
HOMESTAKE GOLD OF AUSTRALIA LIMITED 2
HOMESTAKE MINING COMPANY 1
HON INDUSTRIES INC. 1
HONDA MOTOR CO., LTD. 2
HONEYWELL INC. 1
HONG KONG AIRCRAFT ENGINEERING COMPANY 2
HONG KONG AND CHINA GAS COMPANY LIMITED 2
HONG KONG ELECTRIC HOLDINGS LIMITED 2
HONG KONG FERRY (HOLDINGS) CO. LTD. 2
HONG KONG REALTY & TRUST CO. LTD 2
HONG KONG TELECOMMUNICATIONS LTD. 2
HONGKONG AND SHANGHAI HOTELS, LIMITED 2
HONGKONG LAND HOLDINGS LTD 2
HONSHU PAPER CO., LTD. 2
HOPEWELL HOLDINGS LIMITED 2
HORIBA, LTD. 2
HORIZON HEALTHCARE CORP. 1
HORMEL (GEORGE A.) & CO 1
HORNBACH HOLDING AG 2
HORSHAM CORPORATION (THE) 2
HORTEN AG 2
HOSIDEN CORPORATION 2
HOST MARRIOTT CORPORATION 1
HOTEL NEW HANKYU CO., LTD. 2
HOUGHTON MIFFLIN COMPANY 1
HOUSE FOODS CORPORATION 2
HOUSEHOLD INTERNATIONAL, INC. 1
HOUSTON INDUSTRIES INCORPORATED 1
HOWA MACHINERY, LTD. 2
HOWELL CORPORATION 1
HOYA CORPORATION 2
HSBC HOLDINGS PLC 2
HSBC HOLDINGS PLC (HK $) 2
HUARTE S.A. 2
HUBBELL INCORPORATED 1
HUBCO, INC. 1
HUDSON FOODS, INC. 1
HUDSON'S BAY COMPANY 2
HUERLIMANN HOLDING AG 2
HUFFY CORPORATION 1
HUGHES SUPPLY, INC. 1
HUHTAMAKI OY 2
HUMANA, INC. 1
HUNT MANUFACTURING CO. 1
HUNTER DOUGLAS N.V. 2
HUNTING PLC 2
HUNTINGTON BANCSHARES, INC. 1
HUTCHINSON TECHNOLOGY INCORPORATED 1
HUTCHISON WHAMPOA LIMITED 2
HYAKUGO BANK, LTD. 2
HYAKUJUSHI BANK LTD. 2
HYPOTHEKARBANK LENZBURG 2
HYPOTHEKENBANK IN HAMBURG AG 2
HYSAN DEVELOPMENT COMPANY LIMITED 2
H.F. AHMANSON & COMPANY 1
H.J. HEINZ COMPANY 1
H.P. BULMER HOLDINGS PLC 2
IBERDROLA SA 2
IBIDEN CO., LTD. 2
IBP, INC. 1
ICELAND GROUP PLC 2
ICHIKAWA CO., LTD. 2
ICHIKEN CO., LTD. 2
ICHIKOH INDUSTRIES, LTD. 2
ICI AUSTRALIA LIMITED 2
ICN PHARMACEUTICALS, INC. 1
IDAHO POWER COMPANY 1
IDEC IZUMI CORPORATION 2
IDEX CORPORATION 1
IDIA-IST DE DEVEL DES IND. AGRIC. ET ALI 2
IES INDUSTRIES, INC. 1
IFIL-FINANZARIA DI PARTECIPAZIONI 2
IHARA CHEMICAL INDUSTRY CO., LTD. 2
IKB DEUTSCHE INDUSTRIEBANK AG 2
ILLINOIS TOOL WORKS INC. 1
ILLINOVA CORPORATION 1
IMASCO LIMITED 2
IMC FERTILIZER GROUP, INC. 1
IMC HOLDINGS LTD 2
IMCO RECYCLING, INC. 1
IMETAL SA 2
IMI PLC 2
IMMEUBLES DE LA PLAINE MONCEAU, CIE DES 2
IMMOBILIER COMPLEXES COMMERCIAUX SA 2
IMMOBILIERE MARSEILLAISE, SOCIETE 2
IMMUNO INTERNATIONAL AG 2
IMPERIAL BANCORP 1
IMPERIAL CHEMICAL INDUSTRIES PLC 2
IMPERIAL HOTEL, LTD. 2
IMPERIAL OIL LIMITED 2
IMURAYA CONFECTIONERY CO., LTD. 2
INABATA & CO., LTD. 2
INAGEYA CO., LTD. 2
INAX CORPORATION 2
INCENTIVE AB 2
INCENTIVE A/S 2
INCHCAPE PLC 2
INCITEC LIMITED 2
INCO LIMITED 2
INDEPENDENT BANK CORPORATION 1
INDEPENDENT INSURANCE GROUP, INC. 1
INDEPENDENT NEWSPAPERS LIMITED 2
INDEPENDENT NEWSPAPERS PLC 2
INDIANA ENERGY, INC 1
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INDUSTRIAL BANK OF JAPAN, LTD. 2
INDUSTRIAS PENOLES S.A. DE C.V. 2
INDUSTRIE ZIGNAGO S. MARGHERITA SPA 2
INDUSTRIEHOLDING CHAM AG 2
INDUSTRIFORVALTNINGS AB KINNEVIK 2
INFORMATION RESOURCES, INC. 1
INFORMIX CORP. 1
INGERSOLL-RAND COMPANY 1
INGLES MARKETS, INCORPORATED 1
INMOBILIARIA METROPOLITANA VASCO CENTRAL 2
INMOBILIARIA URBIS, S.A. 2
INOUE KOGYO CO., LTD. 2
INSITUFORM TECHNOLOGIES, INC. 1
INSTEEL INDUSTRIES, INC. 1
INSTRON CORPORATION 1
INSTRUMENT SYSTEMS CORPORATION 1
INSTRUMENTARIUM OY 2
INTEC INC. 2
INTEGRA FINANCIAL CORPORATION 1
INTEGRATED DEVICE TECHNOLOGY, INC. 1
INTEL CORPORATION 1
INTELLIGENT ELECTRONICS 1
INTERCONTINENTAL BANK 1
INTERDISCOUNT HOLDING AG 2
INTERFACE, INC. 1
INTERMAGNETICS GENERAL CORPORATION 1
INTERNATIO-MUELLER N.V. 2
INTERNATIONAL ALUMINUM CORPORATION 1
INTERNATIONAL BUSINESS MACHINES CORP. 1
INTERNATIONAL COLIN ENERGY CORPORATION 2
INTERNATIONAL DAIRY QUEEN, INC. 1
INTERNATIONAL FLAVORS & FRAGRANCES INC. 1
INTERNATIONAL FOREST PRODUCTS LTD 2
INTERNATIONAL GAME TECHNOLOGY 1
INTERNATIONAL MULTIFOODS CORPORATION 1
INTERNATIONAL PAPER COMPANY 1
INTERNATIONAL REAGENTS CORPORATION 2
INTERNATIONAL RECOVERY CORP. 1
INTERNATIONAL RECTIFIER CORPORATION 1
INTERNATIONAL SHIPHOLDING CORPORATION 1
INTERNATIONALE NEDERLANDEN GROEP N.V. 2
INTERPROVINCIAL STEEL & PIPE (IPSCO) 2
INTERPUBLIC GROUP OF COMPANIES, INC. 1
INTER-REGIONAL FINANCIAL GROUP, INC. 1
INTERSHOP HOLDING AG 2
INTERSTATE POWER COMPANY 1
INTERSTATE/JOHNSON LANE, INC. 1
INTERTAN, INC. 1
INTER-TEL, INCORPORATED 1
INTERTRANS CORP. 1
INTERUNFALL VERSICHERUNG AG 2
INTERVOICE, INC 1
INUI TATEMONO CO., LTD. 2
INVACARE CORPORATION 1
INVERNESS PETROLEUM LTD 2
INVESCO PLC 2
INVESTERINGS-EN BELEGGINGS-MAATSCHAPPIJ 2
INVESTMENT AB LATOUR 2
INVESTOR AB 2
INVESTORS GROUP, INC. 2
IONICS, INCORPORATED 1
IOWA-ILLINOIS GAS AND ELECTRIC COMPANY 1
IP TIMBERLANDS, LTD. 1
IPALCO ENTERPRISES, INC. 1
IRISH LIFE PLC 2
ISETAN COMPANY LIMITED 2
ISEWAN TERMINAL SERVICE CO., LTD. 2
ISHIHARA CONSTRUCTION CO., LTD. 2
ISHII FOOD CO., LTD. 2
ISHIKAWA SEISAKUSHO, LTD. 2
ISHIKAWAJIMA CONSTRUCTION MATERIALS CO. 2
ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO. 2
ISHIZUKA GLASS CO., LTD. 2
ISOLITE INSULATING PRODUCTS CO., LTD. 2
ISOMEDIX, INC. 1
ISS-INTERNATIONAL SERVICE SYSTEM A/S 2
ISTITUTO FINANZIARIO INDUSTRIALE SPA 2
ITALCEMENTI SPA 2
ITALGAS - SOCIETA ITALIANA PER IL GAS PA 2
ITALMOBILIARE SPA 2
ITOCHU CORPORATION 2
ITOCHU FUEL CORPORATION 2
ITOHAM FOODS INC. 2
ITOKI CREBIO CORPORATION 2
ITO-YOKADO CO., LTD. 2
ITT CORPORATION 1
IVAX CORPORATION 1
IVG AG 2
IWAKI & CO., LTD. 2
IWASAKI ELECTRIC CO., LTD. 2
IWATA AIR COMPRESSOR MFG. CO., LTD. 2
IWATANI INTERNATIONAL CORPORATION 2
IWC RESOURCES CORPORATION 1
IWKA AG 2
IYO BANK, LTD. 2
IZUMI CO., LTD. 2
IZUMIYA CO., LTD. 2
J SAINSBURY PLC 2
JACCS CO., LTD. 2
JACKPOT ENTERPRISES, INC. 1
JACOB HOLM & SONNER A/S 2
JACOBS ENGINEERING GROUP, INC. 1
JACOBSON STORES INC. 1
JAMES HALSTEAD GROUP PLC 2
JAMES HARDIE INDUSTRIES LIMITED 2
JANNOCK LIMITED 2
JAPAN AIRCRAFT MANUFACTURING CO., LTD. 2
JAPAN AIRPORT TERMINAL CO., LTD. 2
JAPAN BRIDGE CORPORATION 2
JAPAN DIGITAL LABORATORY CO., LTD. 2
JAPAN FOUNDATION ENGINEERING CO., LTD. 2
JAPAN LIVING SERVICE CO., LTD. (THE) 2
JAPAN OIL TRANSPORTATION CO., LTD. 2
JAPAN PULP AND PAPER COMPANY LIMITED 2
JAPAN RADIO CO., LTD. 2
JAPAN SECURITIES FINANCE CO., LTD. 2
JAPAN STEEL WORKS, LTD. (THE) 2
JAPAN STORAGE BATTERY CO., LTD. 2
JAPAN TRANSCITY CORPORATION 2
JAPAN VILENE COMPANY, LTD. 2
JAPAN WOOL TEXTILE CO., LTD. 2
JARDINE INTERNATIONAL MOTOR HOLDINGS LTD 2
JARDINE MATHESON HOLDINGS LIMITED 2
JARDINE STRATEGIC HOLDINGS LIMITED 2
JDC CORPORATION 2
JEAN COUTU GROUP (PJC) INC. (THE) 2
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JEAN LEFEBVRE SA 2
JEFFERIES GROUP, INC. 1
JEFFERSON BANKSHARES, INC. 1
JEFFERSON SMURFIT GROUP PLC 2
JEFFERSON-PILOT CORPORATION 1
JGC CORPORATION 2
JIDOSHA DENKI KOGYO CO., LTD. 2
JIDOSHA KIKI CO., LTD. 2
JLG INDUSTRIES, INC. 1
JMS CO., LTD. 2
JOBAN KOSAN CO., LTD. 2
JOHN MENZIES PLC 2
JOHN WADDINGTON PLC 2
JOHNSON CONTROLS, INC. 1
JOHNSON ELECTRIC HOLDINGS LIMITED 2
JOHNSON GROUP CLEANERS PLC 2
JOHNSON MATTHEY PUBLIC LIMITED COMPANY 2
JOHNSON WORLDWIDE ASSOCIATES, INC. 1
JOHNSON & FIRTH BROWN PLC 2
JOHNSON & JOHNSON 1
JOHNSTON INDUSTRIES, INC. 1
JONES APPAREL GROUP, INC 1
JOSHIN DENKI CO., LTD. 2
JOSLYN CORPORATION 1
JOSTENS, INC. 1
JOYO BANK, LTD. 2
JUKEN SANGYO CO., LTD. 2
JUNGHEINRICH AG 2
JUNO LIGHTING, INC. 1
JUPITERS LIMITED 2
JUROKU BANK, LTD. 2
JUSCO CO., LTD. 2
JUSTIN INDUSTRIES, INC. 1
JYSKE BANK A/S 2
J&J SNACK FOODS CORP. 1
J.B. HUNT TRANSPORT SERVICES, INC. 1
J.C. PENNEY COMPANY, INC. 1
K MART CORPORATION 1
K N ENERGY, INC. 1
KAGAWA BANK, LTD. 2
KAGOME CO., LTD. 2
KAGOSHIMA BANK, LTD. 2
KAJIMA CORPORATION 2
KAKEN PHARMACEUTICAL CO., LTD. 2
KALON GROUP PLC 2
KAMAN CORPORATION 1
KAMEI CORPORATION 2
KAMIGUMI CO., LTD. 2
KAMPA HAUS AG 2
KANADEN CORPORATION 2
KANAGAWA CHUO KOTSU CO., LTD. 2
KANDENKO CO., LTD. 2
KANEKA CORPORATION 2
KANEMATSU-NNK CORPORATION 2
KANESHITA CONSTRUCTION CO., LTD. (THE) 2
KANRO CO., LTD. 2
KANSAI ELECTRIC POWER CO., INC. (THE) 2
KANSAI PAINT CO., LTD. 2
KANSAS CITY LIFE INSURANCE COMPANY 1
KANSAS CITY POWER & LIGHT COMPANY 1
KANSAS CITY SOUTHERN INDUSTRIES, INC. 1
KANSEI CORPORATION 2
KANTO AUTO WORKS, LTD. 2
KANTO NATURAL GAS DEVELOPMENT CO., LTD. 2
KAO CORPORATION 2
KARDEX REMSTAR INTERNATIONAL AG 2
KARSTADT AG 2
KAS-ASSOCIATIE N.V. 2
KASHO COMPANY LIMITED 2
KASUMI CO., LTD. 2
KATAKURA INDUSTRIES CO., LTD. 2
KATO WORKS CO., LTD. 2
KATOKICHI CO., LTD. 2
KAUFEL GROUP LTD. 2
KAUFHOF HOLDING AG 2
KAUFMAN AND BROAD HOME CORPORATION 1
KAUFRING AG 2
KAWADA INDUSTRIES, INC. 2
KAWASAKI HEAVY INDUSTRIES, LTD. 2
KAWASAKI KISEN KAISHA, LTD. 2
KAWASHO CORPORATION 2
KAYABA INDUSTRY CO., LTD. 2
KAYDON CORPORATION 1
KDK CORPORATION 2
KEIHAN ELECTRIC RAILWAY CO., LTD. 2
KEIHANSHIN REAL ESTATE CO., LTD. 2
KEIHIN CO., LTD. 2
KEIHIN ELECTRIC EXPRESS RAILWAY CO., LTD 2
KEIO TEITO ELECTRIC RAILWAY CO., LTD. 2
KEIYO BANK, LTD. 2
KEIYO CO., LTD. 2
KEIYO GAS CO., LTD. 2
KELLOGG COMPANY 1
KELLWOOD COMPANY 1
KELLY SERVICES, INC. 1
KEMPER CORPORATION 1
KENNAMETAL INC. 1
KENT ELECTRONICS CORPORATION 1
KENTUCKY FRIED CHICKEN JAPAN LTD. 2
KERAMIK HOLDING AG LAUFEN 2
KERR ADDISON MINES LIMITED 2
KERR-MCGEE CORPORATION 1
KERRY GROUP PLC 2
KESKO OY 2
KEYCORP 1
KEYENCE CORPORATION 2
KEYSTONE FINANCIAL, INC. 1
KEYSTONE HERITAGE GROUP, INC. 1
KEYSTONE INTERNATIONAL, INC. 1
KIDSTON GOLD MINES LIMITED 2
KIKKOMAN CORPORATION 2
KIMBALL INTERNATIONAL INC. 1
KIMBERLY CLARK DE MEXICO, S.A. DE C.V. 2
KIMBERLY-CLARK CORPORATION 1
KINDEN CORPORATION 2
KINETIC CONCEPTS, INC. 1
KING WORLD PRODUCTIONS, INC. 1
KINGFISHER PLC 2
KINKI NIPPON RAILWAY CO., LTD. 2
KINKI NIPPON TOURIST CO., LTD. 2
KINKI SHARYO CO., LTD. 2
KINSHO-MATAICHI CORPORATION 2
KIRBY CORPORATION 1
KIRIN BREWERY CO., LTD. 2
KISHU PAPER CO., LTD. 2
KISSEI PHARMACEUTICAL CO., LTD. 2
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KITAGAWA IRON WORKS CO., LTD. 2
KITA-NIPPON BANK, LTD. 2
KITANO CONSTRUCTION CORP. 2
KIYO BANK, LTD. 2
KLA INSTRUMENTS CORPORATION 1
KLEINWORT BENSON GROUP PLC 2
KLEPIERRE SA 2
KLLM TRANSPORT SERVICES, INC. 1
KNAPE & VOGT MANUFACTURING CO. 1
KNIGHT-RIDDER, INC. 1
KNOGO CORPORATION 1
KOA CORPORATION 2
KOA FIRE AND MARINE INSURANCE CO., LTD. 2
KOA OIL COMPANY, LIMITED 2
KOATSU GAS KOGYO CO., LTD. 2
KOBE ELECTRIC RAILWAY CO., LTD. 2
KOBE STEEL, LTD. 2
KODAMA CHEMICAL INDUSTRY CO., LTD. 2
KOELNISCHE RUECKVERSICHERUNGS-GESELLSCH. 2
KOENIG & BAUER AG 2
KOITO INDUSTRIES, LIMITED 2
KOITO MANUFACTURING CO., LTD. 2
KOKUNE CORPORATION 2
KOKUSAI DENSHIN DENWA CO., LTD. 2
KOKUSAI ELECTRIC CO., LTD. 2
KOKUSAN DENKI CO., LTD. 2
KOKUYO CO., LTD. 2
KOMAI TEKKO INC. 2
KOMATSU FORKLIFT CO., LTD. 2
KOMATSU LTD. 2
KOMATSU SEIREN CO., LTD. 2
KOMATSU ZENOAH CO. 2
KOMORI CORPORATION 2
KON NEDERLANDSCHE PETROLEUM MAATSCHAPPIJ 2
KONAMI CO., LTD. 2
KONE OY 2
KONICA CORPORATION 2
KONINKLIJKE AHOLD NV 2
KONINKLIJKE BORSUMIJ WEHRY N.V. 2
KONINKLIJKE BOSKALIS WESTMINSTER N.V. 2
KONINKLIJKE GIST-BROCADES N.V. 2
KONINKLIJKE NEDLLOYD GROEP N.V. 2
KONINKLIJKE NIJVERDAL-TEN CATE N.V. 2
KONINKLIJKE PAKHOED N.V. 2
KONINKLIJKE VAN OMMEREN N.V. 2
KONINKLIJKE VOLKER STEVIN N.V. 2
KONSUM VEREIN ZUERICH 2
KOSEI SECURITIES CO., LTD. 2
KOTOBUKIYA CO., LTD. 2
KOWLOON MOTOR BUS COMPANY (1933) LTD 2
KOYO SEIKO CO., LTD. 2
KRAFTUEBERTRAGUNGSWERKE RHEINFELDEN AG 2
KRAFTWERK LAUFENBURG 2
KREDIETBANK NV 2
KREDIETBANK SA LUXEMBOURGEOISE 2
KRONES AG H. KRONSEDER MASCHINENFABRIK 2
KSB AG 2
K-SWISS INC. 1
KU ENERGY CORPORATION 1
KUBOTA CORPORATION 2
KUHLMAN CORPORATION 1
KULICKE AND SOFFA INDUSTRIES, INC. 1
KUMIAI CHEMICAL INDUSTRY CO., LTD. 2
KUNERT AG 2
KUNICK PLC 2
KURABO INDUSTRIES, LTD. 2
KURARAY CO., LTD. 2
KURIMOTO, LTD. 2
KURITA WATER INDUSTRIES LTD. 2
KVAERNER A.S 2
KVERNELAND AS 2
KWIK SAVE GROUP PLC 2
KWIK-FIT HOLDINGS PLC 2
KWONG SANG HONG INTERNATIONAL LTD. 2
KWS KLEINWANZLEBENER SAATZUCHT AG 2
KYMMENE OY 2
KYOCERA CORPORATION 2
KYODO PRINTING CO., LTD. 2
KYODO SHIRYO CO., LTD. 2
KYOEI SANGYO CO., LTD. 2
KYOKUTO BOEKI KAISHA, LTD. 2
KYOKUTO KAIHATSU KOGYO CO., LTD. 2
KYOKUYO CO., LTD. 2
KYORITSU CERAMIC MATERIALS CO., LTD. 2
KYOSAN ELECTRIC MANUFACTURING CO., LTD. 2
KYOTARU CO., LTD. 2
KYOWA EXEO CORPORATION 2
KYOWA HAKKO KOGYO CO., LTD. 2
KYOWA LEATHER CLOTH CO., LTD. 2
KYSOR INDUSTRIAL CORPORATION 1
KYUDENKO CORPORATION 2
KYUSHU BANK, LTD. 2
KYUSHU ELECTRIC POWER COMPANY INC. 2
KYUSHU MATSUSHITA ELECTRIC CO., LTD. 2
L E LUNDBERGFORETAGEN AB 2
L KAKUEI CORPORATION 2
LA CARBONIQUE SCA 2
LA CONCORDE COMPAGNIE D'ASSURANCES SA 2
LA FOURMI IMMOBILIERE SA 2
LA PREVIDENTE ASSICURAZIONI SPA 2
LA QUINTA INNS, INC. 1
LA RADIOTECHNIQUE SA 2
LABATT (JOHN) LIMITED 2
LABINAL SA 2
LABONE, INC. 1
LACLEDE GAS COMPANY 1
LADBROKE GROUP PLC 2
LAFARGE COPPEE SA 2
LAFARGE CORPORATION 1
LAGARDERE GROUPE SCA 2
LAHMEYER AG FUER ENERGIEWIRTSCHAFT 2
LAI SUN GARMENT INTERNATIONAL LTD 2
LAIDLAW INC. 2
LAING (JOHN) PLC 2
L'AIR LIQUIDE SA 2
LAIRD GROUP PLC 2
LAM RESEARCH CORPORATION 1
LAM SOON (HONG KONG) LIMITED 2
LAMONT HOLDINGS PLC 2
LANCASTER COLONY CORPORATION 1
LANCE, INC. 1
LAND SECURITIES PLC 2
LANDIS & GYR AG 2
LANDS' END, INC. 1
LAPINE CO., LTD. 2
LAPORTE PLC 2
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LASSILA & TIKANOJA OY 2
LATTICE SEMICONDUCTOR CORPORATION 1
LAWSON PRODUCTS, INC. 1
LAWTER INTERNATIONAL, INC. 1
LA-Z-BOY CHAIR COMPANY 1
LEARONAL, INC. 1
LEE ENTERPRISES, INCORPORATED 1
LEGAL & GENERAL GROUP PLC 2
LEGENT CORPORATION 1
LEGG MASON, INC. 1
LEGGETT & PLATT, INC. 1
LEGRAND SA 2
LEIF HOEGH & CO A/S 2
LEIFHEIT AG 2
LEIGH INTERESTS PLC 2
LEIGHTON HOLDINGS LIMITED 2
LEIPNIK-LUNDENBURGER INDUSTRIE AG 2
LEM HOLDING SA 2
LEND LEASE CORPORATION LIMITED 2
LENNAR CORPORATION 1
LENZING AG 2
LEON'S FURNITURE LIMITED 2
LESCO, INC. 1
LEUCADIA NATIONAL CORPORATION 1
LEX SERVICE PLC 2
LG & E ENERGY CORP. 1
LIBERTY BANCORP, INC. 1
LIBERTY CORPORATION (THE) 1
LIBERTY PLC 2
LIECHTENSTEINISCHE LANDESBANK (LLB) AG 2
LIFE CORPORATION 2
LIFE CO., LTD. 2
LIFE SCIENCES INTERNATIONAL PLC 2
LIFE TECHNOLOGIES, INC. 1
LIHIT LAB., INC. 2
LILLIAN VERNON CORPORATION 1
LILLY INDUSTRIES, INC. 1
LILLY (ELI) AND COMPANY 1
LIMITED, INC. (THE) 1
LINAMAR CORPORATION 2
LINCOLN NATIONAL CORPORATION 1
LINCOLN TELECOMMUNICATIONS CO. 1
LINDAB AB 2
LINDE AG 2
LINDSAY MANUFACTURING CO. 1
LINEAR TECHNOLOGY CORP. 1
LINTEC CORPORATION 2
LION NATHAN LIMITED 2
LIQUI-BOX CORPORATION 1
LITTON INDUSTRIES, INC. 1
LIU CHONG HING INVESTMENT LTD 2
LIZ CLAIBORNE, INCORPORATED 1
LLOYD THOMPSON GROUP PLC 2
LLOYDS ABBEY LIFE PLC 2
LLOYDS BANK PLC 2
LLOYDS CHEMISTS PLC 2
LOBLAW COMPANIES LIMITED 2
LOCAFINANCIERE SA 2
LOCINDUS SA 2
LOCKHEED CORPORATION 1
LOCTITE CORPORATION 1
LOEWEN GROUP INC. (THE) 2
LOEWS CORPORATION 1
LOGICA PLC 2
LOGICON, INC. 1
LOGITECH INTERNATIONAL SA 2
LONDON FORFAITING COMPANY PLC 2
LONDON INSURANCE GROUP INC. 2
LONDON MERCHANT SECURITIES PLC 2
LONG ISLAND LIGHTING COMPANY 1
LONGS DRUG STORES CORP. 1
LONG-TERM CREDIT BANK OF JAPAN, LTD. 2
LONGVIEW FIBRE COMPANY 1
LONRHO PLC 2
LORAL CORPORATION 1
L'OREAL SA 2
LOTUS DEVELOPMENT CORPORATION 1
LOUIS POULSEN & CO. A/S 2
LOUISIANA LAND & EXPLORATION COMPANY 1
LOUISIANA-PACIFIC CORPORATION 1
LOW & BONAR PLC 2
LOWE'S COMPANIES, INC. 1
LSB BANCSHARES, INC. 1
LSI LOGIC CORPORATION 1
LUBRIZOL CORPORATION (THE) 1
LUBY'S CAFETERIAS, INC. 1
LUCAS INDUSTRIES PLC 2
LUKENS INC. 1
LUMEX, INC. 1
LVMH MOET-HENNESSY LOUIS VUITTON SA 2
LYDALL, INCORPORATED 1
LYONNAISE DES EAUX SA 2
M & G GROUP PLC 2
MAAG HOLDING AG 2
MABUCHI MOTOR CO., LTD. 2
MAC DERMID, INCORPORATED 1
MAC FRUGAL'S BARGAINS CLOSE-OUTS, INC. 1
MAC NEAL-SCHWENDLER CORPORATION (THE) 1
MACALLAN-GLENLIVET PLC 2
MACDONALD MARTIN DISTILLERIES PLC 2
MACFARLANE GROUP CLANSMAN PLC 2
MACINTOSH N.V. 2
MACKENZIE FINANCIAL CORPORATION 2
MACMILLAN BLOEDEL LIMITED 2
MACULAN HOLDING 2
MADISON GAS & ELECTRIC COMPANY 1
MAEDA CORPORATION 2
MAEDA ROAD CONSTRUCTION CO., LTD. 2
MAGARA CONSTRUCTION CO., LTD. 2
MAGAZINE ZUM GLOBUS AG 2
MAGDEBURGER VERSICHERUNG AG 2
MAGMA COPPER COMPANY 1
MAGMA POWER COMPANY 1
MAGNA GROUP, INC. 1
MAGNA INTERNATIONAL INC. 2
MAGNETEK, INC. 1
MAGNETI MARELLI SPA 2
MAI PLC 2
MAILBOXES ETC. 1
MAINE PUBLIC SERVICE COMPANY 1
MAKITA CORPORATION 2
MALLINCKRODT GROUP INC. 1
MAN AG 2
MANDARIN ORIENTAL INTERNATIONAL LIMITED 2
MANDERS PLC 2
MANEUROP SA 2
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MANIFATTURA LANE G. MARZOTTO & FIGLI SPA 2
MANITOWOC COMPANY, INC. (THE) 1
MANNESMANN AG 2
MANNHEIMER VERSICHERUNG AG 2
MANOR CARE, INC. 1
MANSFIELD BREWERY PLC 2
MANUTAN SA 2
MANWEB PLC 2
MAPCO INC. 1
MAPLE LEAF FOODS INC. 2
MARANGONI SPA 2
MARANTZ JAPAN, INC. 2
MARCUS CORPORATION (THE) 1
MARIE BRIZARD ET ROGER INTERNATIONAL SA 2
MARINE - WENDEL SA 2
MARION MERRELL DOW INC. 1
MARITIME TELEGRAPH & TELEPHONE CO., LTD. 2
MARITRANS INC. 1
MARK IV INDUSTRIES, INC 1
MARK TWAIN BANCSHARES, INC. 1
MARKBOROUGH PROPERTIES INC. 2
MARKS AND SPENCER PLC 2
MARLEY PLC 2
MARSH SUPERMARKETS, INC. 1
MARSH & MCLENNAN COMPANIES, INC. 1
MARSHALL INDUSTRIES 1
MARSHALL & ILSLEY CORP. 1
MARSHALLS PLC 2
MARSTON, THOMSON & EVERSHED PLC 2
MARTIN MARIETTA CORPORATION 1
MARUBENI CONSTRUCTION MATERIAL LEASE CO. 2
MARUBENI CORPORATION 2
MARUDAI FOOD CO., LTD. 2
MARUEI DEPARTMENT STORE COMPANY, LIMITED 2
MARUETSU, INC. (THE) 2
MARUI CO., LTD. 2
MARUICHI STEEL TUBE LTD. 2
MARUKYU CO., LTD. 2
MARUTOMI GROUP CO., LTD. 2
MARUWN CORPORATION 2
MARUZEN COMPANY, LIMITED 2
MARUZEN SHOWA UNYU CO., LTD. 2
MARVEL ENTERTAINMENT GROUP, INC. 1
MASCO CORPORATION 1
MASCOTECH, INC. 1
MASSBANK CORP. 1
MATERIAL SCIENCES CORPORATION 1
MATLACK SYSTEMS, INC. 1
MATSUI CONSTRUCTION CO., LTD. 2
MATSUMURA-GUMI CORPORATION 2
MATSUO BRIDGE CO., LTD. 2
MATSUSHITA COMMUNICATION INDUSTRIAL CO. 2
MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD. 2
MATSUSHITA ELECTRIC WORKS, LTD. 2
MATSUSHITA SEIKO CO., LTD. 2
MATSUSHITA-KOTOBUKI ELECTRONICS INDS. 2
MATSUYA CO., LTD. 2
MATSUZAKAYA CO., LTD. 2
MATTEL, INC. 1
MATTHEW CLARK PLC 2
MAUTNER MARKHOF NAHRUNGS- & GENUSSMITTEL 2
MAX CO., LTD. 2
MAXIM INTEGRATED PRODUCTS 1
MAY DEPARTMENT STORES COMPANY (THE) 1
MAYNE NICKLESS LIMITED 2
MAYTAG CORPORATION 1
MAZDA MOTOR CORPORATION 2
MBIA, INC. 1
MBNA CORPORATION 1
MC CLATCHY NEWSPAPERS, INC. 1
MC DONALD & CO. INVESTMENTS, INC. 1
MC GRATH RENTCORP 1
MCCORMICK & COMPANY, INCORPORATED 1
MCDERMOTT INTERNATIONAL, INC. 1
MCDONALD'S CORPORATION 1
MCDONNELL DOUGLAS CORPORATION 1
MCGRAW-HILL, INC. 1
MCI COMMUNICATIONS CORPORATION 1
MCKECHNIE PLC 2
MCKESSON CORPORATION 1
MCN CORPORATION 1
MDS HEALTH GROUP LIMITED 2
MDT CORPORATION 1
MDU RESOURCES GROUP, INC. 1
MEAD CORPORATION (THE) 1
MEASUREX CORPORATION 1
MEDCHEM PRODUCTS, INC. 1
MEDEVA PLC 2
MEDEX, INCORPORATED 1
MEDIA GENERAL, INC. 1
MEDICINE SHOPPE INTERNATIONAL, INC. 1
MEDIOBANCA-BANCA DI CREDITO FINANZIARIO 2
MEDSTAT GROUP, INC. (THE) 1
MEDTRONIC, INC. 1
MEDUSA CORP. 1
MEGGITT PLC 2
MEIDENSHA CORPORATION 2
MEIJI MILK PRODUCTS CO., LTD. 2
MEIJI SEIKA KAISHA, LTD. 2
MEISEI INDUSTRIAL CO., LTD. 2
MEITETSU DEPARTMENT STORE CO., LTD. 2
MEITO SANGYO CO., LTD. 2
MEIWA INDUSTRY CO., LTD. 2
MEIWA TRADING CO., LTD. 2
MELBOURNE ENTERPRISES LIMITED 2
MELLON BANK CORPORATION 1
MELVILLE CORPORATION 1
MELX CO., LTD. 2
MENTOR CORPORATION 1
MEPC PLC 2
MERCANTILE BANCORPORATION, INC. 1
MERCANTILE BANKSHARES CORPORATION 1
MERCANTILE STORES COMPANY, INC. 1
MERCHANTS GROUP, INC. 1
MERCHANTS NEW YORK BANCORP. INC. 1
MERCIAN CORPORATION 2
MERCK AG 2
MERCK & CO., INC. 1
MERCURY FINANCE COMPANY 1
MERCURY GENERAL CORPORATION 1
MEREDITH CORPORATION 1
MERIDIAN BANCORP, INC. 1
MERKUR HOLDING AG 2
MERLONI ELETTRODOMESTICI SPA 2
MERRILL CORPORATION 1
MERRILL LYNCH & CO., INC. 1
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METAL MANUFACTURES LIMITED 2
METALL MINING CORPORATION 2
METALLWAREN HOLDING AG ZUG 2
METALRAX GROUP PLC 2
METHANEX CORPORATION 2
METHODE ELECTRONICS, INC. 1
METRA OY 2
METROBANK A NATIONAL ASSOCIATION 1
METROPOLITAN FINANCIAL CORPORATION 1
METRO-RICHELIEU INC. 2
METSA-SERLA OY 2
METWAY BANK LIMITED 2
MEYER INTERNATIONAL PLC 2
MEYER (FRED), INC. 1
MHI GROUP, INC. 1
MICHAEL FOODS, INC. 1
MICHAELS STORES, INC. 1
MICHEL THIERRY SA 2
MICHIGAN NATIONAL CORPORATION 1
MICHINOKU BANK, LTD. 2
MICRO FOCUS GROUP PLC 2
MICRO MATIC A/S 2
MICRON TECHNOLOGY, INC. 1
MICROSOFT CORPORATION 1
MID AM, INC. 1
MID ATLANTIC MEDICAL SERVICES, INC. 1
MID KENT HOLDINGS PLC 2
MID SOUTH INSURANCE COMPANY 1
MID-AMERICA BANCORP 1
MIDDLESEX WATER COMPANY 1
MIDLAND COMPANY 1
MIDLAND WALWYN INC. 2
MIDLANDS ELECTRICITY PLC 2
MIDLANTIC CORPORATION 1
MIDWEST GRAIN PRODUCTS, INC. 1
MIDWEST RESOURCES, INC. 1
MIE BANK, LTD. 2
MIE KOTSU CO., LTD. 2
MIKASA COCA-COLA BOTTLING CO., LTD. 2
MIKUNI COCA-COLA BOTTLING CO., LTD. 2
MIKUNI CORPORATION 2
MILDARA BLASS LIMITED 2
MILLER, (HERMAN) INC. 1
MILLIPORE CORPORATION 1
MINE SAFETY APPLIANCES COMPANY 1
MINERALBRUNNEN UEBERKINGEN-TEINACH AG 2
MINNESOTA MINING & MANUFACTURING COMPANY 1
MINNESOTA POWER & LIGHT COMPANY 1
MINORCO SA 2
MIRAGE RESORTS, INC. 1
MIRAMAR HOTEL & INVESTMENT CO., LTD. 2
MIRROR GROUP PLC 2
MIRVAC LIMITED 2
MISAWA HOMES CO., LTD. 2
MISAWA VAN CORPORATION 2
MISHIMA PAPER CO., LTD. 2
MITANI CORPORATION 2
MITCHELL ENERGY & DEVELOPMENT CORP. 1
MITEL CORPORATION 2
MITSUBA ELECTRIC MFG. CO., LTD. 2
MITSUBISHI BANK, LTD. 2
MITSUBISHI CABLE INDUSTRIES, LTD. 2
MITSUBISHI CHEMICAL CORPORATION 2
MITSUBISHI CORPORATION 2
MITSUBISHI ELECTRIC CORPORATION 2
MITSUBISHI ESTATE COMPANY, LIMITED 2
MITSUBISHI GAS CHEMICAL COMPANY, INC. 2
MITSUBISHI HEAVY INDUSTRIES, LTD. 2
MITSUBISHI KAKOKI KAISHA, LTD. 2
MITSUBISHI MATERIALS CORPORATION 2
MITSUBISHI MOTORS CORPORATION 2
MITSUBISHI OIL COMPANY, LIMITED 2
MITSUBISHI PAPER MILLS LIMITED 2
MITSUBISHI PENCIL CO., LTD. 2
MITSUBISHI PETROCHEMICAL COMPANY LIMITED 2
MITSUBISHI PLASTICS INC. 2
MITSUBISHI RAYON COMPANY, LIMITED 2
MITSUBISHI TRUST & BANKING CORPORATION 2
MITSUBISHI WAREHOUSE & TRANSPORTATION CO 2
MITSUBOSHI BELTING LTD. 2
MITSUI CONSTRUCTION CO., LTD. 2
MITSUI FUDOSAN CO., LTD. 2
MITSUI HIGH-TEC, INC. 2
MITSUI MARINE & FIRE INSURANCE CO., LTD. 2
MITSUI MATSUSHIMA CO., LTD. 2
MITSUI MINING COMPANY, LIMITED 2
MITSUI PETROCHEMICAL INDUSTRIES, LTD. 2
MITSUI REAL ESTATE SALES CO., LTD. 2
MITSUI SUGAR CO., LTD. 2
MITSUI TOATSU CHEMICALS, INC. 2
MITSUI TRUST & BANKING COMPANY, LIMITED 2
MITSUI & CO., LTD. 2
MITSUI-SOKO CO., LTD. 2
MITSUMI ELECTRIC CO., LTD. 2
MITSUUROKO CO., LTD. 2
MITTEL SPA 2
MIURA PRINTING CORPORATION 2
MIYAJI IRON WORKS CO., LTD. 2
MIYAKOSHI CORPORATION 2
MIYATA INDUSTRY CO., LTD 2
MIYAZAKI BANK, LTD. 2
MIYOSHI OIL & FAT CO., LTD. 2
MIYUKI KEORI CO., LTD. 2
MIZUNO CORPORATION 2
MO OCH DOMSJO AB 2
MOBIL CORPORATION 1
MOCHIDA PHARMACEUTICAL CO., LTD. 2
MODINE MANUFACTURING COMPANY 1
MOEVENPICK HOLDING 2
MOFFAT COMMUNICATIONS LIMITED 2
MOLEX INCORPORATED 1
MOLINS PLC 2
MOLSON COMPANIES LIMITED (THE) 2
MONBERG & THORSEN HOLDING A/S 2
MONSANTO COMPANY 1
MONTANA POWER COMPANY (THE) 1
MONTEFIBRE SPA 2
MONUMENT OIL & GAS PLC 2
MOOG INC. 1
MOONBAT CO., LTD 2
MOORE CORPORATION LIMITED 2
MORE O'FERRALL PLC 2
MORGAN HYDROCARBONS INC 2
MORGAN KEEGAN, INC. 1
MORGAN STANLEY GROUP, INCORPORATED 1
MORGAN (J.P.) & CO. INCORPORATED 1
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MORIMOTO CORPORATION 2
MORINAGA MILK INDUSTRY CO., LTD. 2
MORINAGA & CO., LTD. 2
MORITA FIRE PUMP MFG. CO., LTD. 2
MORLAND & CO PLC 2
MOROZOFF LIMITED 2
MORRISON KNUDSEN CORPORATION 1
MORRISON PETROLEUM 2
MORRISON RESTAURANTS 1
MORTON INTERNATIONAL, INC. 1
MOS FOOD SERVICES, INC. 2
MOSANE SA 2
MOSINEE PAPER CORPORATION 1
MOTOROLA, INC. 1
MOULINEX SA 2
MOUNT LEYSHON GOLD MINES LIMITED 2
MR MAX CORPORATION 2
MTS SYSTEMS CORPORATION 1
MUCKLOW (A & J) GROUP PLC 2
MUENCHENER RUECKVERSICHERUNGS-GES. AG 2
MURATA MANUFACTURING COMPANY, LTD. 2
MURPHY OIL CORPORATION 1
MUSASHINO BANK, LTD. 2
MUTOW CO., LTD. 2
MYERS INDUSTRIES, INC. 1
MYLAN LABORATORIES INC. 1
M.D.C. HOLDINGS, INC. 1
M.I.M. HOLDINGS LIMITED 2
M.J. GLEESON GROUP PLC 2
M.S. CARRIERS, INC. 1
NABCO LTD. 2
NAC RE CORP. 1
NACCO INDUSTRIES, INCORPORATED 1
NAGAHORI CORPORATION 2
NAGASE & COMPANY, LTD. 2
NAGATANIEN CO., LTD. 2
NAGOYA RAILROAD CO., LTD. 2
NAIGAI CO., LTD. 2
NAKABAYASHI CO., LTD. 2
NAKAMURAYA CO., LTD. 2
NAKANO CORPORATION 2
NAKAYAMA STEEL WORKS, LTD. 2
NALCO CHEMICAL COMPANY 1
NAMCO LIMITED 2
NAMURA SHIPBUILDING CO., LTD. 2
NANKAI ELECTRIC RAILWAY CO., LTD. 2
NANTO BANK, LTD. 2
NARASAKI SANGYO CO., LTD. 2
NASH-FINCH COMPANY 1
NASU DENKI-TEKKO CO., LTD. 2
NATIONAL AUSTRALIA BANK LIMITED 2
NATIONAL AUTO CREDIT, INC. 1
NATIONAL BANK OF CANADA 2
NATIONAL CITY BANCORPORATION 1
NATIONAL CITY CORPORATION 1
NATIONAL COMMERCE BANCORPORATION 1
NATIONAL COMPUTER SYSTEMS, INC. 1
NATIONAL CONSOLIDATED LIMITED 2
NATIONAL DATA CORPORATION 1
NATIONAL FOODS LIMITED 2
NATIONAL FUEL GAS COMPANY 1
NATIONAL GAS & OIL COMPANY 1
NATIONAL HOUSE INDUSTRIAL CO., LTD. 2
NATIONAL PENN BANCSHARES, INC. 1
NATIONAL POWER PLC 2
NATIONAL PRESTO INDUSTRIES, INC. 1
NATIONAL SEMICONDUCTOR CORPORATION 1
NATIONAL SERVICE INDUSTRIES, INC. 1
NATIONAL TRUSTCO INC 2
NATIONAL WESTERN LIFE INSURANCE COMPANY 1
NATIONAL WESTMINSTER BANK PLC 2
NATIONSBANK CORPORATION 1
NATURE'S BOUNTY, INC. 1
NAUTICA ENTERPRISES, INC 1
NAVIGATORS GROUP, INC. (THE) 1
NAVISTAR INTERNATIONAL CORPORATION 1
NBB BANCORP, INC. 1
NBD BANCORP, INC. 1
NBSC CORPORATION 1
NCC AB 2
NCH CORPORATION 1
NEC SYSTEM INTEGRATION & CONSTRUCTION 2
NELLCOR INCORPORATED 1
NELSON (THOMAS), INC. 1
NESTLE SA 2
NESTLE SOURCES INTERNATIONAL SA 2
NETUREN CO., LTD. 2
NEVADA POWER COMPANY 1
NEW ENGLAND BUSINESS SERVICE, INC. 1
NEW ENGLAND ELECTRIC SYSTEM 1
NEW JAPAN CHEMICAL CO., LTD. 2
NEW JERSEY RESOURCES CORPORATION 1
NEW OJI PAPER CO., LTD. 2
NEW WORLD DEVELOPMENT CO LIMITED 2
NEW YORK STATE ELECTRIC & GAS CORP. 1
NEW YORK TIMES COMPANY (THE) 1
NEWBRIDGE NETWORKS CORPORATION 2
NEWCREST MINING LIMITED 2
NEWELL CO. 1
NEWHALL LAND & FARMING COMPANY (THE) 1
NEWMAN-TONKS GROUP PLC 2
NEWMONT GOLD COMPANY 1
NEWMONT MINING CORPORATION 1
NEWS INTERNATIONAL PLC 2
NEWTEL ENTERPRISES LTD. 2
NEXT PLC 2
NFC PLC 2
NGK INSULATORS, LTD. 2
NGK SPARK PLUG CO., LTD. 2
NHK SPRING CO., LTD. 2
NIAGARA MOHAWK POWER CORPORATION 1
NICHIA STEEL WORKS, LTD. 2
NICHIAS CORPORATION 2
NICHIBAN CO., LTD. 2
NICHICON CORPORATION 2
NICHIDO FIRE & MARINE INSURANCE CO.,LTD. 2
NICHII CO., LTD. 2
NICHIMEN CORPORATION 2
NICHIMO CO., LTD. 2
NICHIREI CORPORATION 2
NICHIREKI CO., LTD. 2
NICOR INC. 1
NIFCO INC. 2
NIHON CEMENT CO., LTD. 2
NIHON KAGAKU SANGYO CO., LTD. 2
NIHON KOHDEN CORPORATION 2
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NIHON MATAI CO., LTD. 2
NIHON NOHYAKU CO., LTD. 2
NIHON NOSAN KOGYO K.K. 2
NIHON PARKERIZING CO., LTD. 2
NIHON SHOKUHIN KAKO CO., LTD. 2
NIHON SPINDLE MFG. CO., LTD. 2
NIHON SUGAR REFINING CO., LTD. 2
NIHON TOKUSHU TORYO CO., LTD. 2
NIHON UNISYS, LTD. 2
NIIGATA CHUO BANK, LIMITED 2
NIKE INC. 1
NIKKA WHISKY DISTILLING CO., LTD. (THE) 2
NIKKEN CHEMICALS CO., LTD. 2
NIKKO CO., LTD. 2
NIKKO SECURITIES CO., LTD. (THE) 2
NIKON CORPORATION 2
NINTENDO CO., LTD. 2
NIPPON BEET SUGAR MANUFACTURING CO.,LTD. 2
NIPPON CERAMIC CO., LTD. 2
NIPPON CHEMICAL INDUSTRIAL CO., LTD. 2
NIPPON CHEMIPHAR CO., LTD. 2
NIPPON CHUTETSUKAN K.K. 2
NIPPON COMSYS CORPORATION 2
NIPPON CONCRETE INDUSTRIES CO., LTD. 2
NIPPON DENSETSU KOGYO CO., LTD. 2
NIPPON DENTSU KENSETSU CO., LTD. 2
NIPPON DENWA SHISETSU CO., LTD. 2
NIPPON ELECTRIC GLASS CO., LTD. 2
NIPPON EXPRESS CO., LTD. 2
NIPPON FELT COMPANY LIMITED 2
NIPPON FINE CHEMICAL CO., LTD. 2
NIPPON FIRE & MARINE INSURANCE CO., LTD. 2
NIPPON FLOUR MILLS CO., LTD. 2
NIPPON FORMULA FEED MANUFACTURING CO LTD 2
NIPPON GAS CO., LTD. 2
NIPPON HODO CO., LTD. 2
NIPPON HUME PIPE CO., LTD. 2
NIPPON KASEI CHEMICAL COMPANY., LTD 2
NIPPON KAYAKU CO., LTD. 2
NIPPON KOEI CO., LTD. 2
NIPPON KONPO UNYU SOKO CO., LTD. 2
NIPPON MEAT PACKERS, INC. 2
NIPPON METAL INDUSTRY CO., LTD. 2
NIPPON MUKI CO., LTD. 2
NIPPON OIL CO., LTD. 2
NIPPON PAINT CO., LTD. 2
NIPPON PAPER INDUSTRIES CO., LTD. 2
NIPPON PIGMENT CO., LTD. 2
NIPPON PIPE MANUFACTURING CO., LTD. 2
NIPPON PISTON RING CO., LTD. 2
NIPPON ROAD CO., LTD., THE 2
NIPPON SANSO CORPORATION 2
NIPPON SEIKI CO., LTD. 2
NIPPON SEISEN CO., LTD 2
NIPPON SHARYO, LTD. 2
NIPPON SHEET GLASS COMPANY, LIMITED 2
NIPPON SHINPAN CO., LTD. 2
NIPPON SHINYAKU CO., LTD. 2
NIPPON SHOKUBAI CO.,LTD 2
NIPPON SIGNAL CO., LTD. 2
NIPPON SODA CO., LTD. 2
NIPPON SUISAN KAISHA, LTD. 2
NIPPON SYNTHETIC CHEM. IND. CO. LTD. 2
NIPPON TELEGRAPH & TELEPHONE CORPORATION 2
NIPPON TELEVISION NETWORK CORP. 2
NIPPON TETRAPOD CO., LTD 2
NIPPON TRUST BANK LIMITED 2
NIPPON TUNGSTEN CO., LTD. 2
NIPPON TYPEWRITER CO., LTD. 2
NIPPON YAKIN KOGYO CO., LTD. 2
NIPPON YUSEN KABUSHIKI KAISHA 2
NIPPONDENSO CO., LTD. 2
NIPSCO INDUSTRIES, INC. 1
NISHIMATSU CONSTRUCTION CO., LTD. 2
NISHI-NIPPON BANK, LTD. 2
NISHI-NIPPON RAILROAD CO., LTD. 2
NISHISHIBA ELECTRIC CO., LTD 2
NISSAN CHEMICAL INDUSTRIES, LTD. 2
NISSAN CONSTRUCTION CO., LTD. 2
NISSAN FIRE & MARINE INSURANCE CO., LTD. 2
NISSAN SHATAI CO., LTD. 2
NISSEI BUILD KOGYO CO., LTD. 2
NISSEI SANGYO CO., LTD. 2
NISSEKI HOUSE INDUSTRY CO., LTD 2
NISSEN CO., LTD. 2
NISSHA PRINTING CO., LTD. 2
NISSHIN FIRE & MARINE INSURANCE CO.,LTD. 2
NISSHIN FLOUR MILLING CO., LTD. 2
NISSHIN OIL MILLS, LTD., THE 2
NISSHIN STEEL CO., LTD. 2
NISSHINBO INDUSTRIES, INC. 2
NISSHO CORPORATION 2
NISSHO ELECTRONICS CORPORATION 2
NISSIN CORPORATION 2
NISSIN ELECTRIC CO., LTD. 2
NISSIN FOOD PRODUCTS CO., LTD. 2
NISSIN SUGAR MANUFACTURING CO., LTD. 2
NISSUI PHARMACEUTICAL CO., LTD. 2
NITSUKO CORPORATION 2
NITTAN VALVE CO., LTD. 2
NITTETSU MINING CO., LTD. 2
NITTO CHEMICAL INDUSTRY CO., LTD. 2
NITTO DENKO CORPORATION 2
NITTO ELECTRIC WORKS, LTD. 2
NITTO FLOUR MILLING CO., LTD. 2
NITTOC CONSTRUCTION CO., LTD. 2
NIUGINI MINING LIMITED 2
NKF HOLDING N.V. 2
NKT HOLDING A/S 2
NOBLE AFFILIATES, INC. 1
NOF CORPORATION 2
NOHI SEINO TRANSPORTATION CO., LTD. 2
NOHMI BOSAI LTD. 2
NOK CORPORATION 2
NOKIA MAILLEFER HOLDING SA 2
NOMA INDUSTRIES LIMITED 2
NOMURA CO., LTD. 2
NOMURA SECURITIES CO., LTD. (THE) 2
NORA EIENDOM A.S 2
NORAM ENERGY CORPORATION 1
NORANDA INC. 2
NORCEN ENERGY RESOURCES LIMITED 2
NORCROS PLC 2
NORD EST SA 2
NORDCEMENT AG 2
NORDSON CORPORATION 1
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NORDSTROM & THULIN AB 2
NORDSTROM, INCORPORATED 1
NORFOLK SOUTHERN CORPORATION 1
NORIT N.V. 2
NORITAKE CO., LIMITED 2
NORITZ CORPORATION 2
NORMANDY POSEIDON LIMITED 2
NORSK HYDRO A.S 2
NORSTAN, INC. 1
NORTEK, INC. 1
NORTH CAROLINA NATURAL GAS CORPORATION 1
NORTH FLINDERS MINES LIMITED 2
NORTH FORK BANCORPORATION, INCORPORATED 1
NORTH LIMITED 2
NORTH PACIFIC BANK, LTD. 2
NORTH WEST COMPANY INC. (THE) 2
NORTH WEST WATER PLC 2
NORTHEAST UTILITIES 1
NORTHERN ELECTRIC PLC 2
NORTHERN FOODS PLC 2
NORTHERN STATES POWER COMPANY (MINN) 1
NORTHERN TELECOM LIMITED 2
NORTHERN TRUST CORPORATION 1
NORTHROP GRUMMAN CORPORATION 1
NORTHSTAR ENERGY CORPORATION 2
NORTHUMBRIAN WATER GROUP PLC 2
NORTHWEST NATURAL GAS COMPANY 1
NORTHWESTERN PUBLIC SERVICE COMPANY 1
NORWEB PLC 2
NORWEST CORPORATION 1
NOVACARE INC. 1
NOVELL, INC. 1
NOVO NORDISK A/S 2
NOWSCO WELL SERVICE LTD. 2
NOZAKI INSATSU SHIGYO CO., LTD. 2
NPC INTERNATIONAL, INC. 1
NSK LTD. 2
NTN CORPORATION 2
NUCOR CORPORATION 1
NUERNBERGER BETEILIGUNGS-AG 2
NUI CORPORATION 1
NUMAC ENERGY INC. 2
NUOVO PIGNONE SPA (INDUST E FOND MECCAN) 2
NURDIN & PEACOCK PLC 2
NV HOLDINGMAATSCHAPPIJ DE TELEGRAAF 2
NV KONINKLIJKE BIJENKORF BEHEER KBB 2
NV KONINKLIJKE KNP BT 2
NV TWENTSCHE KABEL HOLDING 2
NV VERENIGD BEZIT VNU 2
NWNL COMPANIES, INC. (THE) 1
NYMAGIC, INC. 1
NYNEX CORPORATION 1
N.V. GTI HOLDING 2
N.V. KONINKLIJKE SPHINX GUSTAVSBERG 2
N.V. VERENIGDE BEDRIJVEN NUTRICIA 2
OAK CO., LTD. 2
OAK INDUSTRIES INC. 1
OAKWOOD HOMES CORPORATION 1
OBAYASHI CORPORATION 2
OBAYASHI ROAD CORPORATION 2
OCCIDENTAL PETROLEUM CORPORATION 1
OCEAN GROUP PLC 2
OCE-VAN DER GRINTEN N.V. 2
OCTEL COMMUNICATIONS CORPORATION 1
ODAKYU CONSTRUCTION CO., LTD. 2
ODAKYU ELECTRIC RAILWAY CO., LTD. 2
ODAKYU REAL ESTATE CO., LTD. 2
OEA, INCORPORATED 1
OEC MEDICAL SYSTEMS, INC. 1
OERLIKON-BUEHRLE HOLDING LTD. 2
OESTERREICHISCHE BRAU-BETEILIGUNGS-AG 2
OESTERREICHISCHE ELEKTRIZITAETSWIRTSCH. 2
OESTERREICHISCHE VOLKSBANKEN AG 2
OFFICE DEPOT, INC. 1
OFFSHORE LOGISTICS, INC. 1
OGAKI KYORITSU BANK, LTD. 2
OGDEN CORPORATION 1
OHBA CO., LTD 2
OHIO CASUALTY CORPORATION 1
OHIO EDISON COMPANY 1
OHKI CORPORATION 2
OHM CORPORATION. 1
OIL SEARCH LIMITED 2
OIL-DRI CORPORATION OF AMERICA 1
OITA BANK LTD. 2
OKABE CO., LTD. 2
OKAMOTO INDUSTRIES, INC. 2
OKI ELECTRIC CABLE CO., LTD. 2
OKLAHOMA GAS AND ELECTRIC COMPANY 1
OKUMURA CORPORATION 2
OKURA INDUSTRIAL CO., LTD. 2
OLD KENT FINANCIAL CORPORATION 1
OLD NATIONAL BANCORP 1
OLD REPUBLIC INTERNATIONAL CORP. 1
OLDENBURGISCHE LANDESBANK AG 2
OLIN CORPORATION 1
OLIPAR SA 2
OLSTEN CORPORATION (THE) 1
OLYMPUS OPTICAL CO., LTD. 2
OM GRUPPEN AB 2
OMNICARE, INC. 1
OMNICOM GROUP, INCORPORATED 1
OMRON CORPORATION 2
ONE PRICE CLOTHING STORES, INC. 1
ONE VALLEY BANCORP OF WEST VIRGINIA, INC 1
ONEIDA LTD. 1
ONEOK, INC. 1
ONEX CORPORATION 2
ONO PHARMACEUTICAL CO., LTD. 2
ONWARD KASHIYAMA CO., LTD. 2
OPPENHEIMER CAPITAL, L.P 1
OPSM PROTECTOR LIMITED 2
OPTEC DAI-ICHI DENKO CO., LTD. 2
OPTICAL COATING LABORATORY, INC. 1
OPTICAL RADIATION CORPORATION 1
ORACLE SYSTEMS CORPORATION 1
ORANGE AND ROCKLAND UTILITIES, INC. 1
ORBITAL ENGINE CORPORATION LIMITED 2
ORCO BANK N.V. 2
OREGON STEEL MILLS, INC. 1
ORGANO CORPORATION 2
ORIENT CORPORATION 2
ORIENT OVERSEAS INTERNATIONAL LTD 2
ORIENT TELECOM & TECHNOLOGY HOLDINGS 2
ORIENTAL YEAST CO., LTD. 2
ORION CAPITAL CORPORATION 1
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ORION-YHTYMA OY 2
ORKLA A/S 2
OSAKA GAS CO., LTD. 2
OSAKA SANSO KOGYO LTD. 2
OSAKA SECURITIES FINANCE CO., LTD. 2
OSAKA UOICHIBA CO., LTD. 2
OSAKI ELECTRIC CO., LTD. 2
OSG CORPORATION 2
OSHAWA GROUP LIMITED (THE) 2
OSHKOSH B'GOSH, INC. 1
OSHKOSH TRUCK CORPORATION 1
OSMONICS, INC. 1
O'SULLIVAN CORPORATION 1
OTRA N.V. 2
OTTER TAIL POWER COMPANY 1
OUTBOARD MARINE CORPORATION 1
OUTOKUMPU OY 2
OVERSEAS SHIPHOLDING GROUP, INC. 1
OWENS & MINOR, INC. 1
OXFORD INDUSTRIES, INC. 1
OXFORD INSTRUMENTS PLC 2
OY HACKMAN AB 2
OY HARTWALL AB 2
OY NOKIA AB 2
OY STOCKMANN AB 2
OY TAMRO AB 2
OYO CORPORATION 2
PACCAR INC. 1
PACIFIC BBA LIMITED 2
PACIFIC DUNLOP LIMITED 2
PACIFIC ENTERPRISES 1
PACIFIC GAS AND ELECTRIC COMPANY 1
PACIFIC INDUSTRIAL CO., LTD. 2
PACIFIC SCIENTIFIC COMPANY 1
PACIFIC TELECOM, INC. 1
PACIFIC TELESIS GROUP 1
PACIFICARE HEALTH SYSTEMS, INC. 1
PACIFICARE HEALTH SYSTEMS, INC. 1
PACIFICORP 1
PAGURIAN CORPORATION LIMITED 2
PAINE WEBBER GROUP INC. 1
PALIBURG INTERNATIONAL HOLDING LIMITED 2
PALL CORPORATION 1
PANCANADIAN PETROLEUM LIMITED 2
PANCONTINENTAL MINING LIMITED 2
PANHANDLE EASTERN CORPORATION 1
PAN-HOLDING SICAF 2
PARAMETRIC TECHNOLOGY CORPORATION 1
PARAMOUNT RESOURCES LTD 2
PARCO CO., LTD. 2
PARFINANCE SA 2
PARK COMMUNICATIONS, INC. 1
PARK ELECTROCHEMICAL CORPORATION 1
PARKER HANNIFIN CORPORATION 1
PARMALAT FINANZIARIA SPA 2
PASMINCO LIMITED 2
PATERSON ZOCHONIS PLC 2
PATRICK INDUSTRIES, INC. 1
PAULANER SALVATOR BETEILIGUNGS AG 2
PAYCHEX, INC. 1
PAYCO AMERICAN CORP. 1
PEARSON PLC 2
PECHINEY INTERNATIONAL SA 2
PECO ENERGY COMPANY 1
PEEL HOLDINGS PLC 2
PENDRAGON PLC 2
PENINSULAR & ORIENTAL STEAM NAVIGATION 2
PENN ENGINEERING & MANUFACTURING CORP. 1
PENN VIRGINIA CORPORATION 1
PENNSYLVANIA ENTERPRISES, INC. 1
PENNSYLVANIA POWER & LIGHT COMPANY 1
PENNZOIL COMPANY 1
PENTAIR, INC. 1
PENTA-OCEAN CONSTRUCTION CO., LTD. 2
PENWEST, LTD. 1
PEOPLES ENERGY CORPORATION 1
PEP BOYS--MANNY, MOE & JACK (THE) 1
PEPSICO, INC. 1
PEREGRINE INVESTMENTS HOLDINGS LIMITED 2
PERKIN-ELMER CORPORATION (THE) 1
PERKINS FAMILY RESTAURANTS, L.P. 1
PERKINS FOODS PLC 2
PERLMOOSER ZEMENTWERKE AG 2
PERNOD RICARD SA 2
PERPETUAL TRUSTEES AUSTRALIA LIMITED 2
PERRY DRUG STORES, INC. 1
PERRY GROUP PLC 2
PERSIMMON PLC 2
PERSTORP AB 2
PET INCORPORATED 1
PETER BLACK HOLDINGS PLC 2
PETER KURTS PROPERTIES LIMITED 2
PETRO-CANADA ENTERPRISES INC. 2
PETROFINA SA 2
PETROLITE CORPORATION 1
PFIZER INCORPORATED 1
PHARMA VISION 2000 AG 2
PHARMACEUTICAL MARKETING SERVICES INC. 1
PHARMACIA AB 2
PHELPS DODGE CORPORATION 1
PHH CORPORATION 1
PHILADELPHIA SUBURBAN CORPORATION 1
PHILIP ENVIRONMENTAL INC 2
PHILIP MORRIS COMPANIES, INC. 1
PHILIPP HOLZMANN AG 2
PHILIPS ELECTRONICS N.V. 2
PHILLIPS PETROLEUM COMPANY 1
PHILLIPS-VAN HEUSEN CORPORATION 1
PHOENIX MECANO AG 2
PHOTO-ME INTERNATIONAL PLC 2
PICCADILLY CAFETERIAS, INC. 1
PICT PETROLEUM PLC 2
PIEDMONT BANKGROUP INCORPORATED 1
PIEDMONT NATURAL GAS COMPANY, INC. 1
PIER 1 IMPORTS, INC. 1
PILGRIM'S PRIDE CORPORATION 1
PILKINGTON PLC 2
PILOT CORPORATION 2
PINAULT-PRINTEMPS REDOUTE SA 2
PININFARINA SPA 2
PINNACLE RESOURCES LTD. 2
PINNACLE WEST CAPITAL CORPORATION 1
PIONEER ELECTRONIC CORP. 2
PIONEER ELECTRONIC CORP. 1
PIONEER FINANCIAL SERVICES, INC. 1
PIONEER GROUP, INC. 1
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PIONEER HI-BRED INTERNATIONAL, INC. 1
PIONEER INTERNATIONAL LIMITED 2
PIONEER-STANDARD ELECTRONICS, INC. 1
PIRELLI & C. SPA 2
PITNEY BOWES, INC. 1
PITTSTON SERVICE GROUP 1
PITTWAY CORPORATION 1
PLACER DOME, INC. 2
PLACER PACIFIC LIMITED 2
PLAINS PETROLEUM COMPANY 1
PLAYMATES PROPERTIES HOLDINGS LIMITED 2
PLENUM PUBLISHING CORPORATION 1
PLUM CREEK TIMBER COMPANY L.P. 1
PLUTONIC RESOURCES LIMITED 2
PLY GEM INDUSTRIES, INC. 1
PLYSU PLC 2
PNC BANK CORP. 1
POGO PRODUCING COMPANY 1
POHJOLA OY 2
POKKA CORPORATION 2
POLARIS INDUSTRIES, INC. 1
POLAROID CORPORATION 1
POLICY MANAGEMENT SYSTEMS CORPORATION 1
POLIET SA 2
POLYGRAM N.V. 2
POLYNORM N.V. 2
POLYPIPE PLC 2
POPE & TALBOT, INC. 1
PORTALS GROUP PLC 2
PORTLAND GENERAL CORPORATION 1
PORTLAND VALDERRIVAS, S.A. 2
PORTSMOUTH AND SUNDERLAND NEWSPAPERS PLC 2
POSEIDON GOLD LIMITED 2
POTASH CORP OF SASKATCHEWAN INC. 2
POTLATCH CORPORATION 1
POTOMAC ELECTRIC POWER COMPANY 1
POWELL DUFFRYN PLC 2
POWER FINANCIAL CORP. 2
POWERFIN SA 2
POWERGEN PLC 2
POWERSCREEN INTERNATIONAL PLC 2
POWERSCREEN INTERNATIONAL PLC 2
PPG INDUSTRIES, INCORPORATED 1
PRATT AND LAMBERT, INC. 1
PRECISION CASTPARTS CORP. 1
PREMARK INTERNATIONAL, INC. 1
PREMDOR INC. 2
PREMIER BANCORP, INC. 1
PREMIER CONSOLIDATED OILFIELDS PLC 2
PREMIER INDUSTRIAL CORPORATION 1
PRESIDENTIAL LIFE CORPORATION 1
PREUSSAG AG 2
PRICE/COSTCO, INC. 1
PRIMA MEAT PACKERS, LTD. 2
PRIMAGAZ-CIE DES GAZ DE PETROLE PRIMAGAZ 2
PRIMARK CORPORATION 1
PROCTER & GAMBLE COMPANY (THE) 1
PRODEGA AG 2
PRODUCTION OPERATORS CORP. 1
PROGRESSIVE CORPORATION 1
PROMODES SA 2
PROMUS COMPANIES INCORPORATED (THE) 1
PROSEGUR COMPANIA DE SEGURIDAD S.A. 2
PROTECTIVE LIFE CORPORATION 1
PROVENTUS AB 2
PROVIDENCE ENERGY CORPORATION 1
PROVIDENT BANCORP, INC. 1
PROVIDENT FINANCIAL PLC 2
PROVIDENT LIFE AND ACCIDENT INSURANCE CO 1
PROVIDIAN CORPORATION 1
PROVIGO INC. 2
PROWTING PLC 2
PRUDENTIAL CORPORATION PLC 2
PSIT PLC 2
PUBLIC SERVICE COMPANY OF COLORADO 1
PUBLIC SERVICE CO. OF NORTH CAROLINA 1
PUBLIC SERVICE ENTERPRISE GROUP, INC. 1
PUBLICIS SA 2
PUBLISHING AND BROADCASTING LIMITED 2
PUERTO RICAN CEMENT COMPANY, INC. 1
PUGET SOUND POWER & LIGHT COMPANY 1
PULASKI FURNITURE CORPORATION 1
PULITZER PUBLISHING COMPANY 1
PULTE CORPORATION 1
PYRAMID TECHNOLOGY CORPORATION 1
P.S. CORPORATION 2
QBE INSURANCE GROUP LIMITED 2
QCT RESOURCES LIMITED 2
QUAKER CHEMICAL CORPORATION 1
QUAKER OATS COMPANY (THE) 1
QUAKER STATE CORPORATION 1
QUALITY FOOD CENTERS, INC. 1
QUANEX CORPORATION 1
QUANTUM CORPORATION 1
QUEBECOR INC. 2
QUEBEC-TELEPHONE 2
QUESTAR CORPORATION 1
QUICK & REILLY GROUP, INC. 1
QUIKSILVER, INC. 1
QUINCY SAVINGS BANK 1
QUIXOTE CORPORATION 1
Q.P. CORPORATION 2
Q.U.F. INDUSTRIES LIMITED 2
RACAL ELECTRONICS PLC 2
RADIOMETER A/S 2
RAINE PLC 2
RAISION TEHTAAT OY AB 2
RAITO KOGYO CO., LTD. 2
RALLYE SA 2
RALSTON-RALSTON PURINA GROUP 1
RANDSTAD HOLDING N.V. 2
RANGER OIL LIMITED 2
RANK ORGANISATION PLC 2
RASA INDUSTRIES, LTD. 2
RASMUSSEN & SCHIOTZ HOLDING A/S 2
RAUFOSS A/S 2
RAUTARUUKKI OY 2
RAVEN INDUSTRIES, INC. 1
RAYMOND CORPORATION (THE) 1
RAYMOND JAMES FINANCIAL, INC. 1
RAYONIER TIMBERLANDS, L.P. 1
RAYROCK YELLOWKNIFE RESOURCES INC. 2
RAYTHEON COMPANY 1
RE CAPITAL CORPORATION 1
READER'S DIGEST ASSOCIATION, INC. 1
READICUT INTERNATIONAL PLC 2
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REALTY DEVELOPMENT CORP. 2
RECKITT & COLMAN PLC 2
RECOGNITION INTERNATIONAL INC. 1
REDERIET KNUD I. LARSEN AS 2
REDLAND PLC 2
REEBOK INTERNATIONAL LTD. 1
REED INTERNATIONAL PLC 2
REFUGE GROUP PLC 2
REG VARDY PLC 2
REGAL HOTELS INTERNATIONAL HOLDINGS LTD. 2
REGAL-BELOIT CORPORATION 1
REGIONS FINANCIAL CORPORATION 1
REISEBUERO KUONI AG 2
REITMANS (CANADA) LIMITED 2
RELIANCE GROUP HOLDINGS, INC. 1
RENAISSANCE ENERGY LTD. 2
RENAULT ESPANA COMERCIAL SA RECSA 2
RENGO CO., LTD. 2
RENISHAW PLC 2
RENOLD PLC 2
RENOWN LOOK INCORPORATED 2
RENTOKIL GROUP PLC 2
REPOLA OY 2
REPSOL S.A. 2
REPUBLIC GYPSUM COMPANY 1
REPUBLIC NEW YORK CORPORATION 1
REUTERS HOLDINGS PLC 2
REX STORES CORPORATION 1
REXEL SA 2
REYNOLDS AND REYNOLDS COMPANY (THE) 1
RHEINBODEN HYPOTHEKENBANK AG 2
RHEINELEKTRA AG 2
RHEINMETALL BERLIN AG 2
RHEON AUTOMATIC MACHINERY CO., LTD. 2
RHOEN-KLINIKUM AG 2
RHONE-POULENC RORER INC. 1
RHYTHM WATCH CO., LTD. 2
RICOH COMPANY, LTD. 2
RICOH ELEMEX CORPORATION 2
RIEBER & SON A/S 2
RIETER HOLDING AG 2
RIG RENTSCH INDUSTRIE-HOLDING AG 2
RIKEI CORPORATION 2
RIKEN CORPORATION 2
RIKEN KEIKI CO., LTD 2
RIKEN VINYL INDUSTRY CO., LTD. 2
RIKEN VITAMIN CO., LTD 2
RINASCENTE (LA) SPA 2
RINNAI CORPORATION 2
RIO ALGOM LIMITED 2
RISER FOODS, INC. 1
RITE AID CORPORATION 1
RIUNIONE ADRIATICA DI SICURTA SPA 2
RJR NABISCO HOLDINGS CORP. 1
RLI CORP. 1
RMC GROUP PLC 2
ROADWAY SERVICES, INC. 1
ROANOKE ELECTRIC STEEL CORPORATION 1
ROBBINS & MYERS, INC. 1
ROBERT HALF INTERNATIONAL, INC. 1
ROCHE HOLDING AG 2
ROCHEFORTAISE COMMUNICATION SA, SOCIETE 2
ROCHESTER GAS AND ELECTRIC CORPORATION 1
ROCK PAINT CO., LTD. 2
ROCKWELL INTERNATIONAL CORPORATION 1
RODAMCO N.V. 2
ROHM COMPANY LIMITED 2
ROHM & HAAS COMPANY 1
ROHTO PHARMACEUTICAL CO., LTD. 2
ROLLINS TRUCK LEASING CORP. 1
ROLLINS, INC. 1
ROLLS-ROYCE PLC 2
ROSENTHAL AG 2
ROSS STORES, INC. 1
ROTHMANS HOLDINGS LIMITED 2
ROTHMANS INC. 2
ROTHMANS INTERNATIONAL P.L.C. 2
ROTORK PLC 2
ROTO-ROOTER, INC. 1
ROUSSEL UCLAF SA 2
ROWE EVANS INVESTMENTS PLC 2
ROYAL BANK OF CANADA 2
ROYAL CO., LTD. 2
ROYAL OAK MINES INC. 2
ROYALE BELGE SA 2
RPC ENERGY SERVICES, INC. 1
RPM, INC. 1
RTZ CORPORATION PLC 2
RUBBERMAID INCORPORATED 1
RUDDICK CORPORATION 1
RUE IMPERIALE DE LYON SA 2
RUGBY GROUP PLC 2
RUSS BERRIE AND COMPANY, INC. 1
RUSSELL CORPORATION 1
RWE AKTIENGESELLSCHAFT 2
RYAN'S FAMILY STEAK HOUSE, INC. 1
RYDER SYSTEM, INC. 1
RYKOFF-SEXTON, INC. 1
RYLAND GROUP, INC. (THE) 1
RYOBI LIMITED 2
RYODEN TRADING COMPANY, LIMITED 2
RYOSAN COMPANY, LIMITED 2
RYOYO ELECTRO CORPORATION 2
R.C.S. LIBRI & GRANDI OPERE SPA 2
S K I LIMITED 1
S X L CORPORATION 2
S & B FOODS INC. 2
SADE-STE ALSACIENNE DE DEVELOP & D'EXPAN 2
SAEKI KENSETSU KOGYO CO., LTD. 2
SAES GETTERS SPA 2
SAFECARD SERVICES, INCORPORATED 1
SAFECO CORPORATION 1
SAFEGUARD SCIENTIFICS, INC. 1
SAGA PETROLEUM A.S 2
SAGAMI CO., LTD. 2
SAGAMI RAILWAY CO., LTD. 2
SAGAMI RUBBER INDUSTRIES CO., LTD. 2
SAGEM - STE D'APPLIC GEN D'ELEC & DE MEC 2
SAIBO CO., LTD. 2
SAIBU GAS CO., LTD. 2
SAIKAYA CO., LTD. 2
SAINT LOUIS SA 2
SAINT-GOBAIN EMBALLAGE SA 2
SAIPEM SPA 2
SAKAI CHEMICAL INDUSTRY CO., LTD. 2
SAKAI HEAVY INDUSTRIES, LTD. 2
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SAKAI OVEX CO., LTD. 2
SAKATA INX CORPORATION 2
SAKATA SEED CORPORATION 2
SAKURA BANK LIMITED 2
SAKURADA CO., LTD. 2
SALAMANDER AG 2
SALICK HEALTH CARE, INC. 1
SALOMON INC 1
SALOMON SA 2
SALVEPAR-STE ALS & LOR VALEURS, ENT PAR 2
SAMAS-GROEP N.V. 2
SAMUEL MANU-TECH INC. 2
SAN DIEGO GAS & ELECTRIC COMPANY 1
SAN JUAN BASIN ROYALTY TRUST 1
SAN MIGUEL FABRICA DE CERVEZA Y MALTA SA 2
SAN-AI OIL CO., LTD. 2
SANDERSON BRAMALL MOTOR GROUP PLC 2
SANDERSON FARMS, INC. 1
SANDOZ AG 2
SANDVIK AB 2
SANFORD LIMITED 2
SANGETSU CO., LTD. 2
SAN-IN GODO BANK, LTD. 2
SANJO MACHINE WORKS, LTD. 2
SANKEI BUILDING CO., LTD. 2
SANKEN ELECTRIC CO., LTD. 2
SANKI ENGINEERING CO., LTD. 2
SANKO ENGINEERING CORPORATION 2
SANKO METAL INDUSTRIAL CO., LTD. 2
SANKYO ALUMINIUM INDUSTRY CO., LTD. 2
SANKYO COMPANY, LIMITED 2
SANKYO SEIKO CO., LTD. 2
SANKYU INC. 2
SANOFI SA 2
SANOH INDUSTRIAL CO., LTD 2
SANOYAS HISHINO MEISHO CORPORATION 2
SANSEI YUSOKI CO., LTD. 2
SANSHIN ELECTRONICS CO., LTD. 2
SANTA FE PACIFIC CORPORATION 1
SANTEN PHARMACEUTICAL CO., LTD. 2
SANTOS LIMITED 2
SANWA BANK, LIMITED 2
SANWA SHUTTER CORPORATION 2
SANYO CHEMICAL INDUSTRIES, LTD. 2
SANYO DENKI CO., LTD. 2
SANYO ELECTRIC CO., LTD. 2
SANYO ELECTRIC RAILWAY CO., LTD. 2
SANYO ENGINEERING & CONSTRUCTION INC. 2
SANYO INDUSTRIES, LTD. 2
SANYO SHOKAI LTD. 2
SANYO SPECIAL STEEL CO., LTD. 2
SAP AG 2
SAPPORO BREWERIES LIMITED 2
SAPPORO LION LIMITED 2
SARA LEE CORPORATION 1
SARNA KUNSTSTOFF HOLDING AG 2
SASEBO HEAVY INDUSTRIES CO., LTD. 2
SASIB SPA 2
SATA CONSTRUCTION CO., LTD. 2
SATO KOGYO CO., LTD. 2
SATO SHOJI CORPORATION 2
SAVANNAH FOODS & INDUSTRIES, INC. 1
SAVOY HOTEL PLC 2
SAWAFUJI ELECTRIC CO., LTD. 2
SBARRO, INC. 1
SCANA CORPORATION 1
SCAPA GROUP PLC 2
SCECORP 1
SCEPTRE RESOURCES LIMITED 2
SCHERING AG 2
SCHERING-PLOUGH CORPORATION 1
SCHINDLER HOLDING AG 2
SCHMALBACH-LUBECA AG 2
SCHNEIDER CORPORATION 2
SCHOLL PLC 2
SCHRODERS PLC 2
SCHRODERS PROPERTY FUND 2
SCHULMAN, (A.) INC. 1
SCHWAB (CHARLES) CORP. (THE) 1
SCHWEIZERHALL HOLDING AG 2
SCHWEIZERISCHE BANKGESELLSCHAFT 2
SCHWEIZERISCHE RUECKVERSICHERUNG-GES. 2
SCHWEIZERISCHER BANKVEREIN 2
SCHWEIZ. IND. GESELLSCHAFT HOLDING (SIG) 2
SCIENTIFIC-ATLANTA, INC. 1
SCINTILLA AG 2
SCOTSMAN INDUSTRIES, INC. 1
SCOTT PAPER LIMITED 2
SCOTTISH HYDRO-ELECTRIC PLC 2
SCOTTISH METROPOLITAN PROPERTY PLC 2
SCOTTISH POWER PLC 2
SCOTTISH TELEVISION PLC 2
SCOTTISH & NEWCASTLE PLC 2
SCOTT'S HOSPITALITY INC. 2
SCRIPPS E.W. COMPANY (THE) 1
SCRIPPS HOWARD BROADCASTING COMPANY 1
SEABOARD CORPORATION 1
SEACOAST BANKING CORPORATION OF FLORIDA 1
SEAGATE TECHNOLOGY 1
SEAGRAM COMPANY LTD. (THE) 2
SEAGULL ENERGY CORPORATION 1
SEALRIGHT CO., INC. 1
SEARS CANADA INC. 2
SEARS PLC 2
SEARS ROEBUCK DE MEXICO 2
SEARS, ROEBUCK AND CO. 1
SECO TOOLS AB 2
SECOM CO., LTD. 2
SECURICOR GROUP PLC 2
SECURITY CAPITAL BANCORP 1
SECURITY SERVICES PLC 2
SEDGWICK GROUP PLC 2
SEEBOARD PLC 2
SEFIMEG-STE FRAN INVEST IMMOB ET DE GEST 2
SEGA ENTERPRISES, LTD. 2
SEI CORPORATION 1
SEIKA CORPORATION 2
SEIKITOKYU KOGYO CO., LTD. 2
SEINO TRANSPORTATION CO., LTD. 2
SEIREN CO., LTD. 2
SEIWA ELECTRIC MFG. CO., LTD. 2
SEIYO FOOD SYSTEMS INC. 2
SEIYU, LTD. 2
SEKISUI CHEMICAL CO., LTD. 2
SEKISUI HOUSE, LTD. 2
SEKISUI JUSHI CORPORATION 2
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SEKISUI PLASTICS CO., LTD. 2
SELECTIBANQUE SA 2
SELECTIVE INSURANCE GROUP, INC. 1
SEMA GROUP PLC 2
SEMI-TECH CORPORATION 2
SEMI-TECH (GLOBAL) CO., LTD. 2
SENIOR ENGINEERING GROUP PLC (SEGL) 2
SENKO CO., LTD. 2
SENSHU BANK, LTD. 2
SENSHUKAI CO., LTD. 2
SENSORMATIC ELECTRONICS COMPANY 1
SEQUENT COMPUTER SYSTEMS, INC. 1
SERVICE CORPORATION INTERNATIONAL 1
SERVICE MERCHANDISE COMPANY INC. 1
SERVICEMASTER, LIMITED PARTNERSHIP 1
SEVEN-ELEVEN JAPAN CO., LTD. 2
SEVENTY-SEVEN BANK LTD. 2
SEVERN TRENT PLC 2
SHANKS & MCEWAN PLC 2
SHARED MEDICAL SYSTEMS CORPORATION 1
SHARP CORPORATION 2
SHAW BROTHERS (HONG KONG) LIMITED 2
SHAW INDUSTRIES LTD. 2
SHAW INDUSTRIES, INC. 1
SHAWMUT NATIONAL CORPORATION 1
SHELBY WILLIAMS INDUSTRIES, INC. 1
SHELL CANADA LTD. 2
SHELL TRANSPORT & TRADING COMPANY (THE) 2
SHERWIN-WILLIAMS COMPANY (THE) 1
SHERWOOD GROUP PLC 2
SHIBUSAWA WAREHOUSE CO., LTD. 2
SHIBUYA KOGYO CO., LTD. 2
SHIGA BANK, LTD. 2
SHIKOKU BANK LTD. 2
SHIKOKU CHEMICALS CORPORATION 2
SHIKOKU ELECTRIC POWER COMPANY, INC. 2
SHIMA SEIKI MFG., LTD. 2
SHIMACHU CO., LTD. 2
SHIMADZU CORPORATION 2
SHIMAMURA CO., LTD. 2
SHIMANO INC. 2
SHIMIZU BANK, LTD. 2
SHIMIZU CORPORATION 2
SHIN NIKKEI COMPANY, LTD. 2
SHIN NIPPON AIR TECHNOLOGIES CO., LTD. 2
SHIN NIPPON MACHINERY CO., LTD 2
SHINAGAWA FUEL CO., LTD. 2
SHINAGAWA REFRACTORIES CO., LTD. 2
SHIN-ETSU CHEMICAL CO., LTD. 2
SHIN-ETSU POLYMER CO., LTD. 2
SHIN-KEISEI ELECTRIC RAILWAY CO., LTD. 2
SHINKO ELECTRIC INDUSTRIES CO., LTD 2
SHINKO SANGYO CO., LTD. 2
SHINKO SHOJI CO., LTD. 2
SHIN-KOBE ELECTRIC MACHINERY CO., LTD. 2
SHINMAYWA INDUSTRIES LTD. 2
SHINSHO CORPORATION 2
SHINWA BANK, LTD. 2
SHIONOGI & CO., LTD. 2
SHIROKI CORPORATION 2
SHISEIDO COMPANY, LIMITED 2
SHIZUOKA BANK, LTD. (THE) 2
SHL SYSTEMHOUSE INC. 2
SHO-BOND CORPORATION 2
SHOCHIKU CO., LTD. 2
SHOEI FOODS CORPORATION 2
SHOKO CO., LTD. 2
SHOPKO STORES, INC. 1
SHOWA AIRCRAFT INDUSTRY CO., LTD 2
SHOWA ALUMINUM CORPORATION 2
SHOWA CORPORATION 2
SHOWA ELECTRIC WIRE & CABLE CO., LTD. 2
SHOWA HIGHPOLYMER CO., LTD. 2
SHOWA SANGYO CO., LTD. 2
SHOWA SHELL SEKIYU K.K. 2
SHOWA TANSAN CO., LTD. 2
SHOWBOAT, INC. 1
SHUN TAK HOLDINGS LIMITED 2
SIAB AB 2
SIDDONS RAMSET LIMITED 2
SIDLAW GROUP PLC 2
SIEBE PLC 2
SIEGFRIED AG 2
SIEMENS AG 2
SIERRA PACIFIC RESOURCES 1
SIG PLC 2
SIGMA-ALDRICH CORPORATION 1
SIGNET BANKING CORPORATION 1
SIHL-ZUERCHER PAPIERFABRIK AN DER SIHL 2
SIKA FINANZ AG, BAAR 2
SILEC-STE INDUSTRIELLE DE LIAISONS ELECT 2
SILENTNIGHT HOLDINGS PLC 2
SILICON GRAPHICS, INC. 1
SILICON VALLEY GROUP, INC. 1
SILIC-STE IMMOB LOC POUR L'INDUS & COMM 2
SIMCO SA 2
SIME DARBY HONG KONG LIMITED 2
SIMINT-SOCIETA ITALIANA MANUFATTI SPA 2
SIMMONS FIRST NATIONAL CORPORATION 1
SIMPSON INDUSTRIES, INC. 1
SIMRAD A/S 2
SINCERE CO. LTD. 2
SINGER & FRIEDLANDER GROUP PLC 2
SINTOKOGIO, LTD. 2
SIRDAR PLC 2
SIRTI SPA 2
SITA-STE INDUST TRANSPORTS AUTOMOBILES 2
SIZZLER INTERNATIONAL, INC. 1
SJW CORP. 1
SKANDINAVISKA ENSKILDA BANKEN 2
SKANE-GRIPEN AB 2
SKETCHLEY PLC 2
SKF AB 2
SKIBSAKSJESELSKAPET STORLI 2
SKIS ROSSIGNOL SA 2
SKYLARK CO., LTD. 2
SKYLINE CORPORATION 1
SKYWEST, INC. 1
SLIGOS SA 2
SLOCAN FOREST PRODUCTS LTD. 2
SLOUGH ESTATES PLC 2
SMC CORPORATION 2
SME-SOCIETA MERIDIONALE FINANZIARIA SPA 2
SMH-SCHW. GES. FUER MIKROELEKTRONIK AG 2
SMIT INTERNATIONALE N.V. 2
SMITH CORONA CORPORATION 1
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SMITH NEW COURT PLC 2
SMITH & NEPHEW PLC 2
SMITH (A.O.) CORPORATION 1
SMITH (W.H.) GROUP PLC 2
SMITHFIELD FOODS, INC. 1
SMITHKLINE BEECHAM P.L.C. 2
SMITH'S FOOD & DRUG CENTERS, INC. 1
SMITHS INDUSTRIES PLC 2
SMK CORPORATION 2
SMOBY SA 2
SMUCKER J.M. COMPANY (THE) 1
SNAP-ON, INC. 1
SNC LAVALIN GROUP INC. 2
SNIA BPD SPA 2
SNOW BRAND MILK PRODUCTS CO., LTD. 2
SNT CORPORATION 2
SOCFINASIA SA 2
SOCIEDAD GENERAL AZUCARERA DE ESPANA SA 2
SOCIEDAD GENERAL DE AGUAS DE BARCELONA 2
SOCIETA ASSICURATRICE INDUSTRIALE SPA 2
SOCIETA PARTECIPAZIONI FINANZ. SPA SOPAF 2
SOCIETA PEL RISANAMENTO DI NAPOLI SPA 2
SOCIETE BIC SA 2
SOCIETE DES IMMEUBLES DE FRANCE SA 2
SOCIETE DU LOUVRE-GROUPE DU LOUVRE SA 2
SOCIETE FINANCIERE IMMOBAIL SA 2
SOCIETE FINANCIERE IMMOBANQUE SA 2
SOCIETE FINANCIERE INTERBAIL SA 2
SOCIETE FONCIERE LYONNAISE SA 2
SOCIETE GENERALE DE BELGIQUE SA 2
SOCIETE GENERALE DE FRANCE SA 2
SOCIETE GENERALE D'ENTERPRISES SA 2
SOC. GENERALE DE SURVEILLANCE HOLDING SA 2
SOC. GENERALE DE SURVEILLANCE HOLDING SA 2
SODA NIKKA CO., LTD. 2
SODEXHO SA 2
SOFINA SA 2
SOGEFI SPA 2
SOGO CO., LTD. 2
SOKKIA CO., LTD. 2
SOLVAY SA 2
SOMAR CORPORATION 2
SOMMER-ALLIBERT SA 2
SONAT INC. 1
SONDEL-SOCIETA NORDELETTRICA SPA 2
SONOCO PRODUCTS COMPANY 1
SONS OF GWALIA LIMITED 2
SONTON FOOD INDUSTRY CO., LTD. 2
SONY CHEMICALS CORPORATION 2
SONY CORPORATION 2
SONY CORPORATION 1
SONY MUSIC ENTERTAINMENT (JAPAN) INC. 2
SOPHUS BERENDSEN A/S 2
SOTETSU ROSEN CO., LTD. 2
SOTETSU TRANSPORTATION CO., LTD. 2
SOTHEBYS HOLDINGS, INC. 1
SOUDURE AUTOGENE FRANCAISE SA 2
SOUTH CHINA MORNING POST (HOLDINGS) LTD 2
SOUTH JERSEY INDUSTRIES, INC. 1
SOUTH STAFFORDSHIRE WATER HOLDINGS PLC 2
SOUTH WALES ELECTRICITY PLC 2
SOUTH WEST WATER PLC 2
SOUTH WESTERN ELECTRICITY PLC 2
SOUTHAM INC. 2
SOUTHCORP HOLDINGS LIMITED 2
SOUTHEASTERN MICHIGAN GAS ENTERPRISES 1
SOUTHEND PROPERTY HOLDINGS PLC 2
SOUTHERN BUSINESS GROUP PLC 2
SOUTHERN CALIFORNIA WATER COMPANY 1
SOUTHERN COMPANY (THE) 1
SOUTHERN ELECTRIC PLC 2
SOUTHERN INDIANA GAS & ELECTRIC 1
SOUTHERN NATIONAL CORPORATION 1
SOUTHERN NEW ENGLAND TELECOMMUNICATIONS 1
SOUTHERN UNION COMPANY 1
SOUTHERN WATER PLC 2
SOUTHTRUST CORP. 1
SOUTHWEST AIRLINES CO. 1
SOUTHWEST GAS CORP 1
SOUTHWESTERN BELL CORPORATION 1
SOUTHWESTERN ENERGY COMPANY 1
SOUTHWESTERN PUBLIC SERVICE COMPANY 1
SOVAC SA 2
SPAR AEROSPACE LIMITED 2
SPAR NORD HOLDING A/S 2
SPARTAN MOTORS, INC. 1
SPICERS PAPER LIMITED 2
SPIR COMMUNICATION SA 2
SPIRAX-SARCO ENGINEERING PLC 2
SPOTLESS GROUP LIMITED 2
SPOTLESS SERVICES LIMITED 2
SPRINGS INDUSTRIES, INC. 1
SPRINT CORPORATION 1
SPX CORPORATION 1
SRL INC. 2
SS PHARMACEUTICAL CO., LTD. 2
SSAB SVENSKT STAL AB 2
ST JAMES'S PLACE CAPITAL PLC 2
STANDARD CHARTERED PLC 2
STANDARD MICROSYSTEMS CORPORATION 1
STANDARD MOTOR PRODUCTS, INC. 1
STANDARD PACIFIC CORP. 1
STANDARD PRODUCTS COMPANY (THE) 1
STANDARD REGISTER COMPANY (THE) 1
STANDEX INTERNATIONAL CORPORATION 1
STANFORD TELECOMMUNICATIONS, INC. 1
STANHOME, INCORPORATED 1
STANLEY ELECTRIC CO., LTD. 2
STANLEY LEISURE ORGANIZATION PLC 2
STANLEY WORKS (THE) 1
STAR BANC CORP. 1
STAR MICRONICS CO., LTD. 2
STARRETT L.S. COMPANY (THE) 1
STATE STREET BOSTON CORPORATION 1
STAVELEY INDUSTRIES PLC 2
STE DES BAINS DE MER & DU CERC DES ETRAN 2
STE D'OXYGENE ET D'ACTYLENE D'EX. ORIENT 2
STEEL TECHNOLOGIES, INC. 1
STEEL & TUBE HOLDINGS LTD. 2
STEFANEL SPA 2
STELCO INC. 2
STELUX HOLDINGS LIMITED 2
STEPAN COMPANY 1
STERLING BANCORP 1
STERLING CHEMICALS, INC. 1
STERLING SOFTWARE, INC. 1
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STET - SOC. FINANZIARIA TELEFONICA PA 2
STEWART INFORMATION SERVICES CORPORATION 1
STEWART & STEVENSON SERVICES, INC. 1
STOEHR & CO AG 2
STONE & WEBSTER, INCORPORATED 1
STORA KOPPARBERGS BERGSLAGS AB 2
STOREHOUSE PLC 2
STORK N.V. 2
STRABAG BAU-AG 2
STRABAG OESTERREICH AG 2
STRATUS COMPUTER, INC. 1
STRAWBRIDGE & CLOTHIER 1
STRIDE RITE CORPORATION (THE) 1
STRUCTURAL DYNAMICS RESEARCH CORPORATION 1
STRYKER CORPORATION 1
STURM RUGER & COMPANY, INC. 1
STUTTGARTER BANK AG 2
ST. IVES PLC 2
ST. JOE PAPER COMPANY 1
ST. JUDE MEDICAL, INCORPORATED 1
ST. LAWRENCE CEMENT INC. 2
ST. MOWDEN PROPERTIES PLC 2
ST. PAUL COMPANIES, INC. (THE) 1
ST.JOSEPH LIGHT & POWER COMPANY 1
SUBARU ENTERPRISE CO., LTD. 2
SUED-CHEMIE AG 2
SUEDELEKTRA HOLDING AG ZUG 2
SUEDZUCKER AG 2
SUFFOLK BANCORP 1
SULZER AG 2
SUMISHO COMPUTER SYSTEMS CORPORATION 2
SUMITOMO BAKELITE COMPANY, LIMITED 2
SUMITOMO BANK, LIMITED 2
SUMITOMO CONSTRUCTION CO., LTD. 2
SUMITOMO CORPORATION 2
SUMITOMO DENSETSU CO., LTD. 2
SUMITOMO ELECTRIC INDUSTRIES, LTD. 2
SUMITOMO FORESTRY CO., LTD. 2
SUMITOMO HEAVY INDUSTRIES, LTD. 2
SUMITOMO LIGHT METAL INDUSTRIES, LTD. 2
SUMITOMO MARINE & FIRE INSURANCE CO, LTD 2
SUMITOMO METAL MINING CO., LTD. 2
SUMITOMO OSAKA CEMENT CO. 2
SUMITOMO PRECISION PRODUCTS CO., LTD. 2
SUMITOMO REALTY & DEVELOPMENT CO., LTD. 2
SUMITOMO RUBBER INDUSTRIES, LTD. 2
SUMITOMO SEIKA CHEMICALS CO., LTD. 2
SUMITOMO SITIX CORPORATION 2
SUMITOMO TRUST & BANKING CO., LTD. 2
SUMITOMO WAREHOUSE CO., LTD. (THE) 2
SUMITOMO WIRING SYSTEMS, LTD. 2
SUMMIT BANCORPORATION (THE) 1
SUN ALLIANCE GROUP PLC 2
SUN COMPANY, INC. 1
SUN ENERGY PARTNERS L.P. 1
SUN HUNG KAI PROPERTIES LIMITED 2
SUN HUNG KAI & CO. LIMITED 2
SUN MICROSYSTEMS, INC. 1
SUN WAVE CORPORATION 2
SUNAMERICA INC. 1
SUNDSTRAND CORPORATION 1
SUNGARD DATA SYSTEMS INC. 1
SUNRISE MEDICAL INC. 1
SUNSTAR INC. 2
SUNTELEPHONE CO., LTD. 2
SUNTRUST BANKS, INC. 1
SUPER FOOD SERVICES, INC. 1
SUPERFOS A/S 2
SUPERIOR INDUSTRIES INTERNATIONAL, INC. 1
SUPERIOR SURGICAL MFG. CO. INC. 1
SUPERVALU, INC. 1
SURGICAL CARE AFFILIATES INC 1
SURUGA BANK, LTD. 2
SUSQUEHANNA BANCSHARES, INC. 1
SUTER PLC 2
SUZUKI MOTOR CORPORATION 2
SUZUTAN CO., LTD. 2
SVEDALA INDUSTRI AB 2
SVENSKA CELLULOSA AKTIEBOLAGET SCA 2
SVENSKA HANDELSBANKEN 2
SWIFT ENERGY COMPANY 1
SWIRE PACIFIC LIMITED 2
SWISSLOG HOLDING AG 2
SYDKRAFT AB 2
SYMBOL TECHNOLOGIES, INC. 1
SYNCOR INTERNATIONAL CORPORATION 1
SYNOVUS FINANCIAL CORP. 1
SYNTHELABO SA 2
SYP-INVEST OY 2
SYSCO CORPORATION 1
SYSTEM SOFTWARE ASSOCIATES, INC. 1
S. DYRUP & CO. A/S 2
S.G. WARBURG GROUP PLC 2
S.T. CHEMICAL CO., LTD. 2
T & N PLC 2
TACHIHI ENTERPRISE CO., LTD. 2
TACHI-S CO., LTD. 2
TADANO, LTD. 2
TAI CHEUNG HOLDINGS LTD 2
TAI SANG LAND DEVELOPMENT LIMITED 2
TAIHEI DENGYO KAISHA, LTD. 2
TAIHEI KOGYO CO., LTD. 2
TAIHEIYO KOUHATSU INCORPORATED 2
TAIKISHA LTD. 2
TAISEI CORPORATION 2
TAISEI FIRE & MARINE INSURANCE CO., LTD. 2
TAISEI PREFAB CONSTRUCTION CO., LTD. 2
TAISEI ROTEC CORPORATION 2
TAISHO PHARMACEUTICAL CO., LTD. 2
TAITO CO., LTD. 2
TAITTINGER SA 2
TAIYO SANSO CO., LTD. 2
TAIYO YUDEN CO., LTD. 2
TAKAOKA ELECTRIC MFG. CO., LTD. 2
TAKARA SHUZO CO., LTD. 2
TAKARA STANDARD CO., LTD. 2
TAKARE PLC 2
TAKASAGO INTERNATIONAL CORPORATION 2
TAKASAGO THERMAL ENGINEERING CO.,LTD 2
TAKASHIMA & CO., LTD. 2
TAKEDA CHEMICAL INDUSTRIES, LTD. 2
TAKIRON CO., LTD. 2
TAKUMA CO., LTD. 2
TALISMAN ENERGY INC. 2
TAMBRANDS INC. 1
TAMFELT OY AB 2
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TAMPELLA OY AB 2
TAMURA CORPORATION 2
TANABE SEIYAKU CO., LTD. 2
TANDEM COMPUTERS INCORPORATED 1
TANDY CORPORATION 1
TANDYCRAFTS, INC. 1
TANSEISHA CO., LTD. 2
TARRAGON OIL & GAS LIMITED 2
TASAKI SHINJU CO., LTD. 2
TATE & LYLE PLC 2
TATSUTA ELECTRIC WIRE & CABLE CO., LTD. 2
TBC CORPORATION 1
TCA CABLE TV, INC. 1
TCBY ENTERPRISES, INC. 1
TCG INTERNATIONAL INC. 2
TDK CORP. 2
TDK CORP. 1
TECH DATA CORPORATION 1
TECHNITROL, INC. 1
TECH-SYM CORPORATION 1
TECK CORPORATION 2
TECNOST SPA 2
TECO ENERGY, INCORPORATED 1
TECUMSEH PRODUCTS COMPANY 1
TEIJIN LIMITED 2
TEIJIN SEIKI CO., LTD. 2
TEIKOKU HORMONE MFG. CO., LTD. 2
TEIKOKU OIL CO., LTD. 2
TEIKOKU PISTON RING CO., LTD. 2
TEIKOKU TSUSHIN KOGYO CO., LTD. 2
TEISAN KABUSHIKI KAISHA 2
TEJON RANCH COMPANY 1
TEKKEN CORPORATION 2
TEKTRONIX, INC. 1
TELE DANMARK A/S 2
TELECO CAVI SPA 2
TELECOM CORPORATION OF NEW ZEALAND 2
TELECOM ITALIA SPA 2
TELEFLEX, INCORPORATED 1
TELEFONAKTIEBOLAGET LM ERICSSON 2
TELEFONICA DE ESPANA, S.A. 2
TELEFONOS DE MEXICO S.A. DE C.V. 2
TELEGLOBE INC. 2
TELEPHONE AND DATA SYSTEMS, INC. 1
TELEVISION BROADCASTS LIMITED 2
TELEVISION FRANCAISE 1 SA-TF1 2
TELLABS, INC. 1
TELUS CORPORATION 2
TELXON CORPORATION 1
TEMPLE-INLAND INC. 1
TENMA CORPORATION 2
TENNANT COMPANY 1
TENNECO INC. 1
TERADYNE, INC. 1
TERAOKA SEISAKUSHO CO., LTD. 2
TERRA INDUSTRIES, INC. 1
TESAC CORPORATION 2
TESCO PLC 2
TESSENDERLO CHEMIE SA 2
TEXACO INCORPORATED 1
TEXAS INDUSTRIES INC. 1
TEXAS INSTRUMENTS INCORPORATED 1
TEXAS UTILITIES COMPANY 1
TEXTRON INC. 1
THAMES WATER PLC 2
THE BERKELEY GROUP PLC 2
THE BOC GROUP PLC 2
THE BODDINGTON GROUP PLC 2
THE MAYFLOWER CORPORATION PLC 2
THE MERSEY DOCKS AND HARBOUR COMPANY 2
THE MORGAN CRUCIBLE COMPANY PLC 2
THE ROYAL BANK OF SCOTLAND GROUP PLC 2
THERMEDICS INC. 1
THERMO ELECTRON CORPORATION 1
THERMO INSTRUMENT SYSTEMS INC. 1
THIOKOL CORPORATION 1
THOMAS INDUSTRIES INC. 1
THOMAS & BETTS CORPORATION 1
THOMSON CORPORATION 2
THOR INDUSTRIES, INCORPORATED 1
THORN EMI PLC 2
THORNTONS PLC 2
THUEGA AG 2
THYSSEN INDUSTRIE AG 2
TH. GOLDSCHMIDT AG 2
TIAN TECK LAND LIMITED 2
TIBBETT & BRITTEN GROUP 2
TIDEWATER INC. 1
TIDNINGS AB MARIEBERG 2
TIETOTEHDAS OY 2
TIFFANY & CO. 1
TILBURY DOUGLAS PLC 2
TIME PRODUCTS PLC 2
TIMES MIRROR COMPANY (THE) 1
TIMKEN COMPANY (THE) 1
TJ INTERNATIONAL, INC. 1
TJX COMPANIES, INC.(THE) 1
TKC CORPORATION 2
TNP ENTERPRISES, INC. 1
TOA CORPORATION 2
TOA DORO KOGYO CO., LTD. 2
TOA OIL CO., LTD. 2
TOA STEEL CO., LTD. 2
TOAGOSEI COMPANY LTD. 2
TOBU RAILWAY CO., LTD. 2
TOBU STORE CO., LTD. 2
TOC CO., LTD. 2
TOCHIGI BANK, LTD. 2
TOCHIGI FUJI INDUSTRIAL CO., LTD. 2
TODA CORPORATION 2
TODA KOGYO CORPORATION 2
TODENTU CORPORATION 2
TOEI COMPANY, LTD. 2
TOENEC CORPORATION 2
TOHO BANK LTD. 2
TOHO CO., LTD. 2
TOHO GAS CO., LTD. 2
TOHO RAYON CO., LTD. 2
TOHO REAL ESTATE CO., LTD. 2
TOHO ZINC CO., LTD. 2
TOHOKU ELECTRIC POWER COMPANY, INC. 2
TOHOKU TELECOMMUNICATIONS CONSTRUCTION 2
TOHTO SUISAN CO., LTD. 2
TOKAI BANK, LIMITED 2
TOKAI RIKA CO. LTD. 2
TOKICO, LTD. 2
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TOKIN CORPORATION 2
TOKIO MARINE & FIRE INSURANCE CO 2
TOKO ELECTRIC CORPORATION 2
TOKO, INC. 2
TOKUSHU PAPER MFG. CO., LTD. 2
TOKUYAMA CORPORATION 2
TOKYO BROADCASTING SYSTEM, INC. 2
TOKYO DENKI KOMUSHO CO., LTD. 2
TOKYO DOME CORPORATION 2
TOKYO ELECTRIC POWER CO., INC., THE 2
TOKYO ELECTRON LIMITED 2
TOKYO GAS CO., LTD. 2
TOKYO KAIKAN CO., LTD. 2
TOKYO OHKA KOGYO CO., LTD 2
TOKYO PRINTING INK MFG. CO., LTD. 2
TOKYO RAKUTENCHI CO., LTD. 2
TOKYO ROPE MFG. CO., LTD. 2
TOKYO SOIR CO., LTD. 2
TOKYO STEEL MANUFACTURING CO., LTD. 2
TOKYO STYLE CO., LTD. 2
TOKYO TANABE CO., LTD. 2
TOKYO TATEMONO CO., LTD. 2
TOKYO TEKKO CO., LTD. 2
TOKYO THEATRES COMPANY INCORPORATED 2
TOKYO TOMIN BANK, LIMITED 2
TOKYOTOKEIBA CO., LTD. 2
TOKYU CAR CORPORATION 2
TOKYU CONSTRUCTION CO., LTD. 2
TOKYU CORPORATION 2
TOKYU DEPARTMENT STORE CO. LTD. 2
TOKYU HOTEL CHAIN CO., LTD. 2
TOKYU LAND CORPORATION 2
TOKYU STORE CHAIN CO., LTD. 2
TOLI CORPORATION 2
TOLL BROTHERS, INC. 1
TOLMEX SA DE CV 2
TOMKINS PLC 2
TOMOE CORPORATION 2
TOMOEGAWA PAPER CO. LTD. 2
TOMOKU CO., LTD. 2
TOMPKINS COUNTY TRUST CO 1
TONAMI TRANSPORTATION CO., LTD. 2
TONEN CORPORATION 2
TOOTSIE ROLL INDUSTRIES, INC. 1
TOPPAN PRINTING CO., LTD. 2
TOPPS COMPANY INC. (THE) 1
TOPRE CORPORATION 2
TOPS ESTATES PLC 2
TOPY INDUSTRIES, LIMITED 2
TORAY INDUSTRIES, INC. 2
TORCHMARK CORPORATION 1
TORISHIMA PUMP MFG. CO., LTD. 2
TORO ASSICURAZIONI CIA ANOMIA D'ASSICU. 2
TORO COMPANY (THE) 1
TORONTO DOMINION BANK (THE) 2
TORONTO SUN PUBLISHING CORPORATION 2
TORSTAR CORPORATION 2
TOSCO CORPORATION 1
TOSHIBA CORPORATION 2
TOSHIBA ENGINEERING & CONSTRUCTION CO. 2
TOSHIBA MACHINE CO., LTD. 2
TOSHO PRINTING COMPANY, LIMITED 2
TOSHOKU LTD. 2
TOSTEM CORPORATION 2
TOTAL SA 2
TOTAL SYSTEM SERVICES, INC. 1
TOTENKO CO., LTD. 2
TOTETSU KOGYO CO., LTD. 2
TOTO LTD. 2
TOTOKU ELECTRIC CO., LTD. 2
TOWN CENTRE SECURITIES PLC 2
TOYAMA CHEMICAL CO., LTD. 2
TOYO ALUMINIUM K.K. 2
TOYO CHEMICAL CO., LTD. 2
TOYO COMMUNICATION EQUIPMENT CO. LTD 2
TOYO CONSTRUCTION CO., LTD. 2
TOYO CORPORATION 2
TOYO EXTERIOR CO., LTD 2
TOYO INK MFG. CO., LTD. 2
TOYO KANETSU K.K. 2
TOYO KOHAN CO., LTD. 2
TOYO RADIATOR CO., LTD. 2
TOYO SANSO CO., LTD. 2
TOYO SEIKAN KAISHA, LTD. 2
TOYO SHUTTER CO., LTD. 2
TOYO SUISAN KAISHA, LTD. 2
TOYO TRUST & BANKING COMPANY, LIMITED 2
TOYO WAREHOUSE CO., LTD. 2
TOYO WHARF & WAREHOUSE CO., LTD. 2
TOYOBO CO., LTD. 2
TOYODA AUTOMATIC LOOM WORKS, LTD. 2
TOYODA BOSHOKU CORPORATION 2
TOYOTA AUTO BODY CO., LTD. 2
TOYOTA MOTOR CORPORATION 2
TOYOTA TSUSHO CORPORATION 2
TOYS R US, INC. 1
TRACTEBEL SA 2
TRAFFORD PARK ESTATES PLC 2
TRAK AUTO CORPORATION 1
TRANS MOUNTAIN PIPE LINE CO. LTD. 2
TRANS WORLD ENTERTAINMENT CORPORATION 1
TRANSAMERICA CORPORATION 1
TRANSATLANTIC HOLDINGS, INC 1
TRANSCANADA PIPELINES LIMITED 2
TRANSPORT DEVELOPMENT GROUP PLC 2
TRANSPORTACION MARITIMA MEXICANA 2
TRANSTECHNOLOGY CORPORATION 1
TRANZONIC COMPANIES 1
TRAVELERS, INC., (THE) 1
TRAVIS PERKINS PLC 2
TRC COMPANIES, INC. 1
TREDEGAR INDUSTRIES, INC. 1
TRENWICK GROUP, INC. 1
TRI LINK RESOURCES LTD. 2
TRIBUNE COMPANY 1
TRICO PRODUCTS CORPORATION 1
TRIMAC LIMITED 2
TRIMAS CORPORATION 1
TRINITY INDUSTRIES, INC. 1
TRINITY INTERNATIONAL HOLDINGS PLC. 2
TRINOVA CORPORATION 1
TRIPLEX LLOYD PLC 2
TRIUMPH INTERNATIONAL AG 2
TRUE NORTH COMMUNICATIONS, INC. 1
TRUST COMPANY OF NEW JERSEY, (THE) 1
TRUSTCO BANK CORP. N.Y. 1
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TRUSTMARK CORPORATION 1
TRW INC. 1
TRYGG-HANSA SPP HOLDING AB 2
TSB GROUP PLC 2
TSENG LABS, INC. 1
TSUBAKIMOTO CHAIN CO. 2
TSUBAKIMOTO MACHINERY & ENGINEERING CO. 2
TSUBAKIMOTO PRECISION PRODUCTS CO., LTD. 2
TSUDAKOMA CORP. 2
TSUKAMOTO CO., LTD. 2
TSUKIJI UOICHIBA COMPANY, LIMITED 2
TSUKISHIMA KIKAI CO., LTD. 2
TSUTSUNAKA PLASTIC INDUSTRY CO., LTD. 2
TT GROUP PLC 2
TUBEMAKERS OF AUSTRALIA LIMITED 2
TUSCARORA INCORPORATED 1
TVE (HOLDINGS) LTD 2
TVX GOLD INC. 2
TWIN DISC, INCORPORATED 1
TYCO INTERNATIONAL, LTD. 1
TYLER CORPORATION 1
TYSON FOODS, INC. 1
T.I. GROUP PLC 2
U S WEST, INCORPORATED 1
UAP INC. 2
UBE INDUSTRIES, LTD. 2
UCB SA 2
UCHIDA YOKO CO., LTD. 2
UDO HOLDINGS PLC 2
UEKI CORPORATION 2
UGI CORPORATION 1
UIF-UNION IMMOBILIERE DE FRANCE SA 2
UJB FINANCIAL CORP. 1
ULSTER PETROLEUM LTD. 2
UMB FINANCIAL CORPORATION 1
UNC INCORPORATED 1
UNIBAIL SA 2
UNICEM SPA 2
UNI-CHARM CORPORATION 2
UNICHEM PLC 2
UNICOM CORP. 1
UNIDANMARK A/S 2
UNIDARE PLC 2
UNIDEN CORPORATION 2
UNIFIRST CORPORATION 1
UNIFI, INC. 1
UNIGATE PLC 2
UNILEVER N.V. 2
UNILEVER PLC 2
UNIMAR COMPANY 1
UNION CAMP CORPORATION 1
UNION CARBIDE CORPORATION 1
UNION CORPORATION (THE) 1
UNION ELECTRIC COMPANY 1
UNION ELECTRICA-FENOSA, S.A. 2
UNION PACIFIC CORPORATION 1
UNION PLANTERS CORPORATION 1
UNION TEXAS PETROLEUM HOLDINGS, INC. 1
UNIPAPEL S.A. 2
UNISIA JECS CORPORATION 2
UNISYS CORPORATION 1
UNIT CORPORATION 1
UNITECH PLC 2
UNITED ASSET MANAGEMENT CORPORATION 1
UNITED BISCUITS (HOLDINGS) PLC 2
UNITED CAROLINA BANCSHARES CORPORATION 1
UNITED CITIES GAS COMPANY 1
UNITED COMPANIES FINANCIAL CORPORATION 1
UNITED CORPORATIONS LTD. 2
UNITED DOMINION INDUSTRIES LTD. 2
UNITED FIRE & CASUALTY COMPANY 1
UNITED HEALTHCARE CORPORATION 1
UNITED ILLUMINATING COMPANY (THE) 1
UNITED INDUSTRIAL CORPORATION 1
UNITED INSURANCE COMPANIES, INC. 1
UNITED NATIONAL BANCORP 1
UNITED NEWSPAPERS PLC 2
UNITED STATES BANCORPORATION 1
UNITED STATES BANKNOTE CORPORATION 1
UNITED STATES SHOE CORPORATION (THE) 1
UNITED STATES SURGICAL CORPORATION 1
UNITED STATIONERS INC. 1
UNITED TECHNOLOGIES CORPORATION 1
UNITED TELEVISION, INC. 1
UNITED WATER RESOURCES, INC. 1
UNITOR AS 2
UNITRODE CORPORATION 1
UNIVAR CORPORATION 1
UNIVERSAL CORPORATION 1
UNIVERSAL FOODS CORPORATION 1
UNIVERSAL HEALTH SERVICES, INC. 1
UNO RESTAURANT CORPORATION 1
UNOCAL CORPORATION 1
UNR INDUSTRIES, INC. 1
UNUM CORPORATION 1
UNY CO., LTD. 2
UPJOHN COMPANY (THE) 1
UPPER PENINSULA ENERGY CORPORATION 1
USF & G CORPORATION 1
USHIO INC. 2
USLICO CORPORATION 1
USLIFE CORPORATION 1
UST, INC. 1
USX-MARATHON GROUP, INC. 1
UTILICORP UNITED INC. 1
U.S. FACILITIES CORPORATION 1
U.S. HEALTHCARE, INC 1
U.S. HOME CORPORATION 1
U.S. RESTAURANT PROPERTIES MASTER LP 1
U.S. TRUST CORPORATION 1
VAISALA OY 2
VAKUUTUSOSAKEYHTIO SAMPO 2
VALEO SA 2
VALERO ENERGY CORPORATION 1
VALLEHERMOSO S.A. 2
VALLEN CORPORATION 1
VALLEY NATIONAL BANCORP 1
VALLOUREC SA 2
VALMET OY 2
VALMONT INDUSTRIES, INC. 1
VALSPAR CORPORATION (THE) 1
VALUE LINE, INC. 1
VARCO INTERNATIONAL, INC. 1
VARIAN ASSOCIATES, INC. 1
VARITY CORPORATION 1
VARLEN CORPORATION 1
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VARTA AG 2
VAUX GROUP PLC 2
VEBA AG 2
VENTURE STORES, INC. 1
VEREENIGDE GLASFABRIEKEN N.V. 2
VEREINIGTE ELEKTRIZITAETSWERKE WESTFALEN 2
VEREINS- UND WESTBANK AG 2
VERIFONE INC. 1
VERMONT FINANCIAL SERVICES CORP. 1
VERSA TECHNOLOGIES, INC. 1
VERSICHERUNGSANSTALT DER BUNDESLANDER AG 2
VERWALTUNGS-UND PRIVAT-BANK AG VADUZ 2
VETROPACK HOLDING AG 2
VIA BANQUE SA 2
VIACOM, INC. 1
VIAG AG 2
VIA-GENERALE DE TRANSPORT ET D'INDUSTRIE 2
VICEROY RESOURCE CORPORATION 2
VICKERS PLC 2
VICOR CORPORATION 1
VICORP RESTAURANTS, INC. 1
VICTAULIC PLC 2
VICTORIA HOLDING AG 2
VICTORIA VERSICHERUNG AG 2
VIDRALA S.A. 2
VIGORO CORPORATION, (THE) 1
VILLAGE ROADSHOW LIMITED 2
VILLEROY & BOCH AG 2
VINTEN GROUP PLC 2
VIRBAC SA 2
VISCOFAN, S.A. 2
VISHAY INTERTECHNOLOGY, INC. 1
VITAL FORSIKRING A.S 2
VITRO SOCIEDAD ANOMINA 2
VITTORIA ASSICURAZIONI SPA 2
VIVRA INCORPORATED 1
VK MUEHLEN AG 2
VLSI TECHNOLOGY, INC. 1
VODAFONE GROUP PLC 2
VOLEX GROUP PLC 2
VOLT INFORMATION SCIENCES, INC. 1
VOLVO AB 2
VONS COMPANIES, INC., (THE) 1
VONTOBEL HOLDING AG 2
VORARLBERGER KRAFTWERKE AG 2
VOSPER THORNYCROFT HOLDINGS PLC 2
VOSSLOH AG 2
VSEL PLC 2
VULCAN MATERIALS COMPANY 1
VWR CORPORATION 1
V.F. CORPORATION 1
WABAN INC. 1
WACHOVIA CORPORATION 1
WACKENHUT CORPORATION (THE) 1
WACOAL CORP. 2
WAGON INDUSTRIAL HOLDINGS PLC 2
WAINOCO OIL CORPORATION 1
WAKACHIKU CONSTRUCTION CO., LTD. 2
WAKAMOTO PHARMACEUTICAL CO., LTD. 2
WAKITA & CO., LTD. 2
WALBRO CORP. 1
WALGREEN CO. 1
WALKER GREENBANK PLC 2
WALLACE COMPUTER SERVICES, INC. 1
WAL-MART STORES, INC. 1
WALTER BAU-AG 2
WALTER RENTSCH HOLDING AG 2
WARDLE STOREYS PLC 2
WARNACO GROUP, INC., (THE) 1
WARNER ESTATE HOLDINGS PLC 2
WARNER-LAMBERT COMPANY 1
WARNFORD INVESTMENTS PLC 2
WASCANA ENERGY INC 2
WASHINGTON ENERGY COMPANY 1
WASHINGTON GAS LIGHT COMPANY 1
WASHINGTON H SOUL PATTINSON & CO LIMITED 2
WASHINGTON NATIONAL CORPORATION 1
WASHINGTON POST COMPANY (THE) 1
WASHINGTON WATER POWER COMPANY 1
WASSALL PLC 2
WATERFORD FOODS PLC 2
WATKINS-JOHNSON COMPANY 1
WATMOUGHS (HOLDINGS) PLC 2
WATSON & PHILIP PLC 2
WATTS BLAKE BEARNE & CO PLC 2
WATTS INDUSTRIES INC. 1
WATTYL LIMITED 2
WAUSAU PAPER MILLS COMPANY 1
WAVERLY, INC. 1
WD-40 COMPANY 1
WEINGARTEN REALTY INVESTORS 1
WEIR GROUP PLC 2
WEIS MARKETS, INC. 1
WELDWOOD OF CANADA LIMITED 2
WELLA AG 2
WELLCOME PLC 2
WELLMAN, INC. 1
WELLS FARGO & COMPANY 1
WELSH WATER PLC 2
WENDY'S INTERNATIONAL, INC. 1
WERNER ENTERPRISES, INC. 1
WERNER SODERSTROM OY 2
WERU AG 2
WESFARMERS LIMITED 2
WESSEX WATER PLC 2
WEST COMPANY, INCORPORATED (THE) 1
WEST FRASER TIMBER CO. LTD. 2
WEST ONE BANCORP 1
WESTAMERICA BANCORPORATION 1
WESTBURY PLC 2
WESTCOAST ENERGY INC 2
WESTERN COMPANY OF NORTH AMERICA (THE) 1
WESTERN DIGITAL CORPORATION 1
WESTERN GAS RESOURCES, INC. 1
WESTERN MINING CORPORATION HOLDINGS LTD 2
WESTERN RESOURCES, INC. 1
WESTERN WASTE INDUSTRIES 1
WESTFIELD HOLDINGS LIMITED 2
WESTON (GEORGE) LIMITED 2
WESTPAC BANKING CORPORATION 2
WESTPAC BANKING CORPORATION 1
WESTRALIAN SANDS LIMITED 2
WESTVACO CORPORATION 1
WEYCO GROUP, INC. 1
WEYERHAEUSER COMPANY 1
WHARF RESOURCES LIMITED 2
<PAGE>
WHARF (HOLDINGS) LIMITED 2
WHATMAN PLC 2
WHEELABRATOR TECHNOLOGIES INC. 1
WHEELOCK AND COMPANY LTD. 2
WHIRLPOOL CORPORATION 1
WHITBREAD PLC 2
WHITMAN CORPORATION 1
WHITTAKER CORPORATION 1
WIC WESTERN INTERNATIONAL COMMUNICATIONS 2
WICOR INC. 1
WIENERBERGER BAUSTOFFINDUSTRIE AG 2
WILH. WILHELMSEN LIMITED AS 2
WILLAMETTE INDUSTRIES, INC 1
WILLCOX & GIBBS 1
WILLIAM BAIRD PLC 2
WILLIAM COOK PLC 2
WILLIAMS COMPANIES, INC. (THE) 1
WILLIAMS HOLDINGS PLC 2
WILLIAMS-SONOMA, INC. 1
WILLIS CORROON GROUP PLC 2
WILMINGTON TRUST CORPORATION 1
WILSON BOWDEN PLC 2
WILSON & HORTON LIMITED 2
WILSON (CONNOLLY) HOLDINGS PLC 2
WINDMERE CORPORATION 1
WING LUNG BANK LTD. 2
WING ON COMPANY INTERNATIONAL LIMITED 2
WING ON INTERNATIONAL (HOLDINGS) LIMITED 2
WINN-DIXIE STORES, INCORPORATED 1
WINNEBAGO INDUSTRIES, INC. 1
WINSOR INDUSTRIAL CORPORATION LTD. 2
WINTERTHUR SCHWEIZER. VERSICHERUNGS GES. 2
WISCONSIN ENERGY CORP 1
WISER OIL COMPANY (THE) 1
WITCO CORPORATION 1
WMF WUERTTEMBERGISCHE METALLWARENFAB. AG 2
WMH WALTER MEIER HOLDING AG 2
WMS INDUSTRIES, INC. 1
WMX TECHNOLOGIES, INC. 1
WM. MORRISON SUPERMARKETS PLC 2
WOLOHAN LUMBER CO. 1
WOLSELEY PLC 2
WOLTERS KLUWER N.V. 2
WOLVERHAMPTON & DUDLEY BREWERIES PLC 2
WOLVERINE WORLD WIDE, INC. 1
WOODCHESTER INVESTMENTS PLC 2
WOODHEAD INDUSTRIES, INC. 1
WOODSIDE PETROLEUM LIMITED 2
WORMS ET COMPAGNIE 2
WORTHEN BANKING CORPORATION 1
WORTHINGTON INDUSTRIES, INC. 1
WPL HOLDINGS, INC. 1
WPS RESOURCES CORPORATION 1
WRIGLEY (WM) JR. COMPANY 1
WUERTTEMBERGISCHE AG VERSICHERUNGS-BET. 2
WYLE ELECTRONICS 1
WYNN'S INTERNATIONAL, INC. 1
W.D. & H.O. WILLS HOLDINGS LIMITED 2
XEROX CANADA INC. 2
XILINX INC. 1
X-RITE, INCORPORATED 1
XTRA CORPORATION 1
XYPLEX, INC. 1
Y J LOVELL (HOLDINGS) PLC 2
YAHAGI CONSTRUCTION CO., LTD. 2
YAKULT HONSHA CO., LTD. 2
YAMAGATA BANK, LTD. 2
YAMAGUCHI BANK LTD. 2
YAMAHA CORPORATION 2
YAMAHA MOTOR CO., LTD. 2
YAMAMURA GLASS CO., LTD. 2
YAMANASHI CHUO BANK, LTD. 2
YAMANOUCHI PHARMACEUTICAL CO., LTD. 2
YAMATAKE-HONEYWELL CO., LTD. 2
YAMATANE CORPORATION 2
YAMATO INTERNATIONAL INC. 2
YAMATO KOGYO CO., LTD. 2
YAMATO TRANSPORT CO., LTD. 2
YAMAZAKI BAKING CO., LTD. 2
YANKEE ENERGY SYSTEM, INC. 1
YAOHAN JAPAN CORPORATION 2
YASUDA FIRE & MARINE INSURANCE CO. 2
YASUDA TRUST & BANKING COMPANY, LIMITED 2
YELLOW CORPORATION 1
YODOGAWA STEEL WORKS LTD. 2
YOKOGAWA BRIDGE CORP. 2
YOKOGAWA ELECTRIC CORPORATION 2
YOKOHAMA REITO CO., LTD 2
YOKOHAMA RUBBER COMPANY, LIMITED 2
YOMEISHU SEIZO CO., LTD. 2
YOMIURI LAND CO., LTD. 2
YONDENKO CORPORATION 2
YORK INTERNATIONAL CORPORATION 1
YORK-BENIMARU CO., LTD. 2
YORKSHIRE CHEMICALS PLC 2
YORKSHIRE ELECTRICITY GROUP PLC 2
YORKSHIRE WATER PLC 2
YORKSHIRE-TYNE TEES TELEVISION HLDGS PLC 2
YOSHIHARA OIL MILL, LTD. 2
YOSHIMOTO KOGYO CO., LTD. 2
YOSHITOMI PHARMACEUTICAL INDUSTRIES, LTD 2
YUASA CORPORATION 2
YUASA TRADING CO., LTD. 2
YULE CATTO & CO., PLC 2
YURTEC CORPORATION 2
YUSHIRO CHEMICAL INDUSTRY CO., LTD. 2
ZAPATA CORPORATION 1
ZARDOYA OTIS S.A. 2
ZENCHIKU COMPANY LIMITED 2
ZENITAKA CORPORATION 2
ZENITH NATIONAL INSURANCE CORP. 1
ZERO CORPORATION 1
ZEXEL CORPORATION 2
ZIONS BANCORPORATION 1
Z-LAENDERBANK BANK AUSTRIA AG 2
ZODIAC SA 2
ZUERCHER ZIEGELEIEN HOLDING 2
ZUERICH VERSICHERUNGS-GESELLSCHAFT 2
ZUGER KANTONALBANK AG 2
ZURN INDUSTRIES, INC. 1

NOTE 1:INCLUDED IN U.S. INDEX
NOTE 2:INCLUDED IN INTERNATIONAL INDEX (EXCL. U.S.)
<PAGE>

HONG KONG NATIONAL EQUITY INDEX
AMOY PROPERTIES LIMITED
ASIA FINANCIAL HOLDINGS LIMITED
BANK OF EAST ASIA, LIMITED
CAFE DE CORAL HOLDINGS LIMITED
CATHAY PACIFIC AIRWAYS LIMITED
CHEUNG KONG (HOLDINGS) LIMITED
CHINA AEROSPACE INTERNATIONAL HDGS LTD
CHINA LIGHT & POWER COMPANY, LIMITED
CHINA MOTOR BUS CO., LTD.
CITIC PACIFIC LTD.
C.P. POKPHAND CO. LTD
DAIRY FARM INTERNATIONAL HOLDINGS LTD.
DICKSON CONCEPTS (INTERNATIONAL) LIMITED
FIRST ASIA INTERNATIONAL HDG LTD
FIRST PACIFIC COMPANY LIMITED
GRAND HOTEL HOLDINGS LTD
GREAT EAGLE HOLDINGS LIMITED
GUOCO GROUP LTD
HANG LUNG DEVELOPMENT COMPANY LIMITED
HANG SENG BANK LIMITED
HENDERSON INVESTMENT LIMITED
HENDERSON LAND DEVELOPMENT CO LTD
HONG KONG AIRCRAFT ENGINEERING COMPANY
HONG KONG AND CHINA GAS COMPANY LIMITED
HONG KONG ELECTRIC HOLDINGS LIMITED
HONG KONG FERRY (HOLDINGS) CO. LTD.
HONG KONG REALTY & TRUST CO. LTD
HONG KONG TELECOMMUNICATIONS LTD.
HONGKONG AND SHANGHAI HOTELS, LIMITED
HONGKONG LAND HOLDINGS LTD
HOPEWELL HOLDINGS LIMITED
HSBC HOLDINGS PLC (HK $)
HUTCHISON WHAMPOA LIMITED
HYSAN DEVELOPMENT COMPANY LIMITED
IMC HOLDINGS LTD
JARDINE INTERNATIONAL MOTOR HOLDINGS LTD
JARDINE MATHESON HOLDINGS LIMITED
JARDINE STRATEGIC HOLDINGS LIMITED
JOHNSON ELECTRIC HOLDINGS LIMITED
KOWLOON MOTOR BUS COMPANY (1933) LTD
KWONG SANG HONG INTERNATIONAL LTD.
LAI SUN GARMENT INTERNATIONAL LTD
LAM SOON (HONG KONG) LIMITED
LIU CHONG HING INVESTMENT LTD
MANDARIN ORIENTAL INTERNATIONAL LIMITED
MELBOURNE ENTERPRISES LIMITED
MIRAMAR HOTEL & INVESTMENT CO., LTD.
NEW WORLD DEVELOPMENT CO LIMITED
ORIENT OVERSEAS INTERNATIONAL LTD
ORIENT TELECOM & TECHNOLOGY HOLDINGS
PALIBURG INTERNATIONAL HOLDING LIMITED
PEREGRINE INVESTMENTS HOLDINGS LIMITED
PLAYMATES PROPERTIES HOLDINGS LIMITED
REALTY DEVELOPMENT CORP.
REGAL HOTELS INTERNATIONAL HOLDINGS LTD.
SEMI-TECH (GLOBAL) CO., LTD.
SHAW BROTHERS (HONG KONG) LIMITED
SHUN TAK HOLDINGS LIMITED
SIME DARBY HONG KONG LIMITED
SINCERE CO. LTD.
SOUTH CHINA MORNING POST (HOLDINGS) LTD
STELUX HOLDINGS LIMITED
SUN HUNG KAI PROPERTIES LIMITED
SUN HUNG KAI & CO. LIMITED
SWIRE PACIFIC LIMITED
TAI CHEUNG HOLDINGS LTD
TAI SANG LAND DEVELOPMENT LIMITED
TELEVISION BROADCASTS LIMITED
TIAN TECK LAND LIMITED
TVE (HOLDINGS) LTD
WHARF (HOLDINGS) LIMITED
WHEELOCK AND COMPANY LTD.
WING LUNG BANK LTD.
WING ON COMPANY INTERNATIONAL LIMITED
WING ON INTERNATIONAL (HOLDINGS) LIMITED
WINSOR INDUSTRIAL CORPORATION LTD.

IRELAND NATIONAL EQUITY INDEX
ALLIED IRISH BANKS PLC
ANGLO IRISH BANK CORPORATION PLC
ARAN ENERGY PLC
AVONMORE FOODS PLC
BANK OF IRELAND
CLONDALKIN GROUP PLC
CRH PLC
ELAN CORPORATION PLC
FITZWILTON PLC
FLOGAS PLC
FYFFES PLC
GREENCORE GROUP PLC
HIBERNIAN GROUP PLC
INDEPENDENT NEWSPAPERS PLC
IRISH LIFE PLC
JEFFERSON SMURFIT GROUP PLC
KERRY GROUP PLC
UNIDARE PLC
WATERFORD FOODS PLC
WOODCHESTER INVESTMENTS PLC

ITALIAN NATIONAL EQUITY INDEX
AEDES SPA - LIGURE LOMB. IMPRESE E CONST
ALLEANZA ASSICURAZIONI SPA
ARNOLDO MONDADORI EDITORE SPA
ASSICURAZIONI GENERALI SPA
AUTOSTRADE - CON. E COST. AUTOSTRADE SPA
AVIR FINANZIARIA SPA
BANCA AGRICOLA MANTOVANA SCRL
BANCA AGRICOLA MILANESE SPA
BANCA DELLA PROVINCIA DI NAPOLI SPA
BANCA DI ROMA
BANCA FIDEURAM SPA
BANCA NAZIONALE DEL LAVORO SPA
BANCA POPOLARE DELL'EMILIA ROMAGNA SCARL
BANCA POPOLARE DI BERGAMO-CRED VARESINO
BANCA POPOLARE DI CREMA SCARL
BANCA POPOLARE DI CREMONA SCARL
BANCA POPOLARE DI INTRA SCARL
BANCA POPOLARE DI NOVARA SCRL
BANCA SAN PAOLO DI BRESCIA SPA
BANCA TOSCANA SPA
BANCO AMBROSIANO VENETO SPA
BANCO DI CHIAVARI E DELLA RIVIERA LIGURE
BANCO DI NAPOLI SPA
<PAGE>
BANCO DI SARDEGNA SPA
BASTOGI SPA
BENETTON SPA
CAMFIN SPA (GRUPPO CAM)
CEMENTIR - CEMENTERIE DEL TIRRENO SPA
CIA ASSICURATRICE UNIPOL SPA
COFIDE SPA-CIA FINANZIARIA DE BENEDETTI
COMAU FINANZIARIA SPA COSTA CROCIERE SPA CREDITO AGRARIO BRESCIANO
SPA CREDITO BERGAMASCO SPA
CREDITO FONDIARIO E INDUSTRIALE SPA
CREDITO ITALIANO SPA
C.A.L.P. CRISTALLERIA ARTISTICA LA PIANA
DANIELI & C. - OFFICIN MECCANICHE SPA
EDISON SPA
EDITORIALE LA REPUBBLICA SPA
EDITORIALE L'ESPRESSO SPA
ERICSSON SPA
FIDIS - FINANZIARIA DI SVILUPPO SPA
FINANZIARIA AGROINDUSTRIALE SPA
FINARTE SPA
FRANCO TOSI SPA
GEMINA - GEN MOBIL INTER AZIONARIE SPA
GEWISS SPA
IFIL-FINANZARIA DI PARTECIPAZIONI
INDUSTRIE ZIGNAGO S. MARGHERITA SPA
ISTITUTO FINANZIARIO INDUSTRIALE SPA
ITALCEMENTI SPA
ITALGAS - SOCIETA ITALIANA PER IL GAS PA
ITALMOBILIARE SPA
LA PREVIDENTE ASSICURAZION SPA
MAGNETI MARELLI SPA
MANIFATTURA LANE G. MARZOTTO & FIGLI SPA
MARANGONI SPA
MEDIOBANCA-BANCA DI CREDITO FINANZIARIO
MERLONI ELETTRODOMESTICI SPA
MITTEL SPA
MONTEFIBRE SPA
NUOVO PIGNONE SPA (INDUST E FOND MECCAN)
PARMALAT FINANZIARIA SPA
PININFARINA SPA
PIRELLI & C. SPA
RINASCENTE (LA) SPA
RIUNIONE ADRIATICA DI SICURTA SPA
R.C.S. LIBRI & GRANDI OPERE SPA
SAES GETTERS SPA
SAIPEM SPA
SASIB SPA
SIMINT-SOCIETA ITALIANA MANUFATTI SPA
SIRTI SPA
SME-SOCIETA MERIDIONALE FINANZIARIA SPA
SNIA BPD SPA
SOCIETA ASSICURATRICE INDUSTRIALE SPA
SOCIETA PARTECIPAZIONI FINANZ. SPA SOPAF
SOCIETA PEL RISANAMENTO DI NAPOLI SPA
SOGEFI SPA
SONDEL-SOCIETA NORDELETTRICA SPA
STEFANEL SPA
STET - SOC. FINANZIARIA TELEFONICA PA
TECNOST SPA
TELECO CAVI SPA
TELECOM ITALIA SPA
TORO ASSICURAZIONI CIA ANOMIA D'ASSICU.
UNICEM SPA
VITTORIA ASSICURAZIONI SPA

JAPANESE NATIONAL EQUITY INDEX ACHILLES CORPORATION ADERANS COMPANY LIMITED
ADVANTEST CORPORATION AHRESTY CORPORATION AICA KOGYO COMPANY, LTD.
AICHI BANK, LTD.
AICHI CORPORATION
AICHI ELECTRIC CO., LTD.
AICHI MACHINE INDUSTRY CO., LTD
AICHI STEEL WORKS, LIMITED
AICHI TOKEI DENKI CO., LTD.
AICHI TOYOTA MOTOR CO., LTD.
AIDA ENGINEERING, LTD.
AIGAN CO., LTD.
AIPHONE CO., LTD.
AISAN INDUSTRY CO., LTD.
AISIN SEIKI CO., LTD.
AIWA CO., LTD.
AJINOMOTO CO., INC.
AKEBONO BRAKE INDUSTRY CO., LTD.
AKITA BANK LTD.
ALPINE ELECTRONICS, INC.
AMADA CO., LTD.
AMADA SONOIKE CO., LTD.
AMANO CORPORATION
AMATSUJI STEEL BALL MFG. CO., LTD.
ANDO CORPORATION
ANRITSU CORPORATION
AOKI CORPORATION
AOKI INTERNATIONAL CO., LTD.
AOMORI BANK, LTD.
AOYAMA TRADING CO., LTD.
ARABIAN OIL CO., LTD.
ARAI-GUMI, LTD.
ARAYA INDUSTRIAL CO., LTD.
ARISAWA MFG. CO., LTD.
ASAHI BANK, LTD.
ASAHI BREWERIES, LTD.
ASAHI CHEMICAL INDUSTRY CO., LTD.
ASAHI CONCRETE WORKS CO., LTD.
ASAHI DENKA KOGYO K.K.
ASAHI DIAMOND INDUSTRIAL CO., LTD.
ASAHI GLASS CO., LTD.
ASAHI KOGYOSHA CO., LTD.
ASAHI ORGANIC CHEMICALS INDUSTRY CO.LTD.
ASAHI TEC CORPORATION
ASAHIPEN CORPORATION
ASAHI-SEIKI MANUFACTURING CO., LTD.
ASAKAWAGUMI CO., LTD.
ASANUMA CORPORATION
ASATSU INC.
ASHIKAGA BANK, LTD. (THE)
ASHIMORI INDUSTRY CO., LTD.
ASIA AIR SURVEY CO., LTD.
ATSUGI NYLON INDUSTRIAL CO., LTD.
AT&T GLOBAL INFOR. SOLUTIONS JAPAN LTD.
AUTOBACS SEVEN CO., LTD.
<PAGE>
AWA BANK, LTD.
AWAJI FERRY BOAT CO., LTD.
BANDAI CO., LTD.
BANDO CHEMICAL INDUSTRIES, LTD.
BANK OF FUKUOKA, LTD.
BANK OF IKEDA, LTD.
BANK OF KANSAI, LTD.
BANK OF KINKI, LTD.
BANK OF KYOTO, LTD.
BANK OF NAGOYA, LTD.
BANK OF OKINAWA, LTD.
BANK OF OSAKA, LTD.
BANK OF SAGA LTD.
BANK OF THE RYUKYUS, LIMITED
BANK OF TOKYO, LTD.
BANK OF YOKOHAMA, LTD.
BANYU PHARMACEUTICAL CO., LTD.
BEST DENKI CO., LTD.
BIOFERMIN PHARMACEUTICAL CO., LTD.
BIWAKO BANK, LIMITED
BRIDGESTONE CORPORATION
BROTHER INDUSTRIES, LTD.
BULL-DOG SAUCE CO., LTD.
BUNKA SHUTTER CO., LTD
CABIN CO., LTD.
CALPIS FOOD INDUSTRY CO., LTD.
CALSONIC CORPORATION
CANON ELECTRONICS INC.
CANON INC.
CASIO COMPUTER CO., LTD.
CATENA CORPORATION
C-CUBE CORPORATION
CENTRAL FINANCE CO., LTD.
CENTRAL SECURITY PATROLS CO., LTD.
CESAR CO.
CHAIN STORE OKUWA CO., LTD.
CHIBA BANK, LTD.
CHIBA KOGYO BANK, LTD.
CHICHIBU ONODA CEMENT CORPORATION
CHIYODA CORPORATION
CHIYODA FIRE & MARINE INSURANCE CO., LTD
CHUBU ELECTRIC POWER COMPANY, INC.
CHUBU GAS CO., LTD.
CHUBU SHIRYO CO., LTD.
CHUBU STEEL PLATE CO., LTD.
CHUBU SUISAN CO., LTD.
CHUBU-NIPPON BROADCASTING CO., LTD.
CHUDENKO CORPORATION
CHUGAI PHARMECEUTICAL CO., LTD.
CHUGAI RO CO., LTD.
CHUGOKU BANK, LTD.
CHUGOKU ELECTRIC POWER COMPANY, INC.
CHUGOKU MARINE PAINTS, LTD.
CHUKYO BANK, LIMITED
CHUKYO COCA-COLA BOTTLING CO., LTD.
CHUO GYORUI CO., LTD.
CHUO MALLEABLE IRON CO., LTD.
CHUO PAPERBOARD CO., LTD
CHUO SPRING CO., LTD.
CHUO TRUST & BANKING COMPANY, LIMITED
CHUO WAREHOUSE CO., LTD.
CITIZEN WATCH CO., LTD.
CLEANUP CORPORATION
CMK CORP.
COMANY INC.
COPYER CO., LTD.
COSMO OIL COMPANY, LIMITED
CREDIT SAISON CO., LTD.
CSK CORPORATION
DAI NIPPON CONSTRUCTION
DAI NIPPON PRINTING CO., LTD.
DAI NIPPON TORYO CO., LTD.
DAIBIRU CORPORATION
DAICEL CHEMICAL INDUSTRIES, LTD.
DAI-DAN CO., LTD.
DAIDO HOXAN INC.
DAIDO KOGYO CO., LTD.
DAIDO METAL CO., LTD.
DAIDO STEEL CO., LTD.
DAIDO STEEL SHEET CORPORATION
DAIDOH LIMITED
DAIEI OMC INC.
DAIEI, INC. (THE)
DAIFUKU CO., LTD.
DAIHEN CORPORATION
DAIHO CORPORATION
DAIICHI CEMENT CO., LTD.
DAIICHI CORPORATION
DAI-ICHI HOTEL, LTD.
DAIICHI JITSUGYO CO., LTD.
DAI-ICHI KANGYO BANK, LTD.
DAI-ICHI KOGYO SEIYAKU CO., LTD.
DAIICHI PHARMACEUTICAL CO., LTD.
DAIKEN CORPORATION
DAIKIN INDUSTRIES, LTD.
DAIKIN MANUFACTURING CO., LTD.
DAIKO DENSHI TSUSHIN, LTD.
DAIMARU, INC.
DAIMEI TELECOM ENGINEERING CORP.
DAINICHISEIKA COLOUR & CHEMICALS MFG, CO
DAINIPPON INK & CHEMICALS, INCORPORATED
DAINIPPON PHARMACEUTICAL CO., LTD.
DAINIPPON SHIGYO CO. LTD
DAIO PAPER CORPORATION
DAISAN BANK, LTD.
DAISHI BANK, LTD.
DAISHINKU CORP.
DAISO CO., LTD.
DAISUE CONSTRUCTION CO., LTD.
DAITO GYORUI CO., LTD.
DAITO KOGYO CO., LTD.
DAITO SEIKI CO., LTD.
DAITO TRUST CONSTRUCTION CO., LTD.
DAI-TOKYO FIRE & MARINE INSURANCE CO.
DAIWA BANK, LTD.
DAIWA CO., LTD.
DAIWA HOUSE INDUSTRY CO., LTD.
DAIWA INDUSTRIES LTD.
DAIWA KOSHO LEASE CO., LTD.
DAIWA SEIKO, INC.
DANTANI CORPORATION
DANTO CORPORATION
DENKI KOGYO CO., LTD.
DENKYOSHA CO., LTD.
DENNY'S JAPAN CO., LTD.
DENYO CO., LTD.
<PAGE>
DESCENTE, LTD.
DIAMOND CITY CO., LTD.
DMW CORPORATION
DOWA FIRE & MARINE INSURANCE CO., LTD.
DYNIC CORPORATION
EAGLE INDUSTRY CO., LTD.
EBARA CORPORATION
EHIME BANK, LTD.
EIDENSHA CO., LTD.
EIGHTEENTH BANK, LIMITED
EIKEN CHEMICAL CO., LTD.
EISAI CO., LTD.
ENERGY SUPPORT CORPORATION
ENPLAS CORPORATION
EZAKI GLICO CO., LTD.
FAMILYMART CO., LTD.
FANUC LTD.
FP CORPORATION
FRANCE BED CO., LTD.
FUDO CONSTRUCTION CO., LTD.
FUJI BANK, LIMITED
FUJI CO., LTD.
FUJI ELECTRIC CO., LTD.
FUJI FIRE & MARINE INSURANCE CO., LTD.
FUJI KIKO CO., LTD.
FUJI KOSAN COMPANY, LTD.
FUJI KYUKO CO., LTD.
FUJI MACHINE MFG. CO., LTD.
FUJI OIL CO., LTD.
FUJI PHOTO FILM CO., LTD.
FUJI SEIKO LIMITED
FUJI SPINNING CO., LTD.
FUJI TITANIUM INDUSTRY CO., LTD.
FUJI UNIVANCE CORPORATION
FUJICCO CO., LTD.
FUJICOPIAN CO., LTD.
FUJIKURA LTD.
FUJIKURA RUBBER LTD.
FUJIREBIO INC.
FUJISAWA PHARMACEUTICAL COMPANY LIMITED
FUJITA CORPORATION
FUJITA KANKO INC.
FUJITEC CO., LTD.
FUJITSU BUSINESS SYSTEMS LTD.
FUJITSU DENSO LTD.
FUJITSU KIDEN LTD.
FUJIYA CO., LTD.
FUKUDA CORPORATION
FUKUI BANK, LTD.
FUKUOKA CITY BANK, LTD.
FUKUSUKE CORPORATION
FUKUTOKU BANK, LTD.
FUKUYAMA TRANSPORTING CO., LTD.
FUMAKILLA LIMITED
FURUKAWA CO., LTD.
FURUKAWA ELECTRIC CO., LTD.
FURUSATO INDUSTRIES LTD.
FUSHIKI KAIRIKU UNSO CO., LTD.
FUSO PHARMACEUTICAL INDUSTRIES, LTD.
FUTABA CORPORATION
GASTEC SERVICE, INC.
GENERAL CO., LTD.
GENERAL SEKIYU K.K.
GLORY LTD.
GODO SHUSEI CO., LTD.
GODO STEEL, LTD.
GOLDWIN INC.
GOURMET KINEYA CO., LTD.
GREEN CROSS CORPORATION
GUN EI CHEMICAL INDUSTRY CO., LTD.
GUNMA BANK, LTD.
GUNZE LIMITED
GUNZE SANGYO, INC.
HACHIJUNI BANK, LTD.
HAKUYOSHA COMPANY, LTD.
HANATEN CO., LTD.
HANEDA HUME PIPE CO., LTD.
HANKYU CORPORATION
HANKYU DEPARTMENT STORES, INC.
HANKYU REALTY CO., LTD.
HANSHIN DEPARTMENT STORE, LTD.
HANSHIN ELECTRIC RAILWAY CO., LTD
HANWA BANK, LTD.
HARUMOTO IRON WORKS CO., LTD.
HASEKO CORPORATION
HAZAMA CORPORATION
HEIWA CORPORATION
HEIWA REAL ESTATE CO., LTD.
HEIWADO CO., LTD.
HIBIYA ENGINEERING, LTD.
HIGO BANK, LTD.
HINO AUTO BODY, LTD.
HINO MOTORS, LTD.
HIROSE ELECTRIC CO., LTD.
HIROSHIMA BANK, LTD. (THE)
HISAKA WORKS, LTD.
HISAMITSU PHARMACEUTICAL CO., INC.
HITACHI AIC INC.
HITACHI CABLE, LTD.
HITACHI CHEMICAL CO., LTD.
HITACHI CREDIT CORPORATION
HITACHI ELECTRONICS, LTD.
HITACHI INFORMATION SYSTEMS, LTD.
HITACHI KIDEN KOGYO, LTD.
HITACHI KOKI CO., LTD.
HITACHI MAXELL, LTD.
HITACHI METALS, LTD.
HITACHI PLANT ENGINEERING & CONSTRUCTION
HITACHI POWDERED METALS CO., LTD.
HITACHI SOFTWARE ENGINEERING CO., LTD.
HITACHI TRANSPORT SYSTEM, LTD.
HITACHI ZOSEN CORPORATION
HITACHI, LTD.
HOAN KOGYO CO., LTD.
HOCHIKI CORPORATION
HOGY MEDICAL CO., LTD
HOKKAI CAN CO., LTD.
HOKKAIDO BANK, LTD.
HOKKAIDO COCA-COLA BOTTLING CO., LTD.
HOKKAIDO ELECTRIC POWER COMPANY, INC.
HOKKAIDO GAS CO., LTD.
HOKKAIDO TAKUSHOKU BANK, LIMITED
HOKKO CHEMICAL INDUSTRY CO., LTD.
HOKKOKU BANK, LTD.
HOKUETSU BANK, LTD.
HOKUETSU PAPER MILLS, LTD.
<PAGE>
HOKURIKU BANK, LTD. (THE)
HOKURIKU ELECTRIC POWER COMPANY, INC.
HOKURIKU ELECTRICAL CONSTRUCTION CO.LTD.
HOKURIKU SEIYAKU CO., LTD.
HOKUSHIN CO., LTD.
HONDA MOTOR CO., LTD.
HONSHU PAPER CO., LTD.
HORIBA, LTD.
HOSIDEN CORPORATION
HOTEL NEW HANKYU CO., LTD.
HOUSE FOODS CORPORATION
HOWA MACHINERY, LTD.
HOYA CORPORATION
HYAKUGO BANK, LTD.
HYAKUJUSHI BANK LTD.
IBIDEN CO., LTD.
ICHIKAWA CO., LTD.
ICHIKEN CO., LTD.
ICHIKOH INDUSTRIES, LTD.
IDEC IZUMI CORPORATION
IHARA CHEMICAL INDUSTRY CO., LTD.
IMPERIAL HOTEL, LTD.
IMURAYA CONFECTIONERY CO., LTD.
INABATA & CO., LTD.
INAGEYA CO., LTD.
INAX CORPORATION
INDUSTRIAL BANK OF JAPAN, LTD.
INOUE KOGYO CO., LTD.
INTEC INC.
INTERNATIONAL REAGENTS CORPORATION
INUI TATEMONO CO., LTD.
ISETAN COMPANY LIMITED
ISEWAN TERMINAL SERVICE CO., LTD.
ISHIHARA CONSTRUCTION CO., LTD.
ISHII FOOD CO., LTD.
ISHIKAWA SEISAKUSHO, LTD.
ISHIKAWAJIMA CONSTRUCTION MATERIALS CO.
ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO.
ISHIZUKA GLASS CO., LTD.
ISOLITE INSULATING PRODUCTS CO., LTD.
ITOCHU CORPORATION
ITOCHU FUEL CORPORATION
ITOHAM FOODS INC.
ITOKI CREBIO CORPORATION
ITO-YOKADO CO., LTD.
IWAKI & CO., LTD.
IWASAKI ELECTRIC CO., LTD.
IWATA AIR COMPRESSOR MFG. CO., LTD.
IWATANI INTERNATIONAL CORPORATION
IYO BANK, LTD.
IZUMI CO., LTD.
IZUMIYA CO., LTD.
JACCS CO., LTD.
JAPAN AIRCRAFT MANUFACTURING CO., LTD.
JAPAN AIRPORT TERMINAL CO., LTD.
JAPAN BRIDGE CORPORATION
JAPAN DIGITAL LABORATORY CO., LTD.
JAPAN FOUNDATION ENGINEERING CO., LTD.
JAPAN LIVING SERVICE CO., LTD. (THE)
JAPAN OIL TRANSPORTATION CO., LTD.
JAPAN PULP AND PAPER COMPANY LIMITED
JAPAN RADIO CO., LTD.
JAPAN SECURITIES FINANCE CO., LTD.
JAPAN STEEL WORKS, LTD. (THE)
JAPAN STORAGE BATTERY CO., LTD.
JAPAN TRANSCITY CORPORATION
JAPAN VILENE COMPANY, LTD.
JAPAN WOOL TEXTILE CO., LTD.
JDC CORPORATION
JGC CORPORATION
JIDOSHA DENKI KOGYO CO., LTD.
JIDOSHA KIKI CO., LTD.
JMS CO., LTD.
JOBAN KOSAN CO., LTD.
JOSHIN DENKI CO., LTD.
JOYO BANK, LTD.
JUKEN SANGYO CO., LTD.
JUROKU BANK, LTD.
JUSCO CO., LTD.
KAGAWA BANK, LTD.
KAGOME CO., LTD.
KAGOSHIMA BANK, LTD.
KAJIMA CORPORATION
KAKEN PHARMACEUTICAL CO., LTD.
KAMEI CORPORATION
KAMIGUMI CO., LTD.
KANADEN CORPORATION
KANAGAWA CHUO KOTSU CO., LTD.
KANDENKO CO., LTD.
KANEKA CORPORATION
KANEMATSU-NNK CORPORATION
KANESHITA CONSTRUCTION CO., LTD. (THE)
KANRO CO., LTD.
KANSAI ELECTRIC POWER CO., INC. (THE)
KANSAI PAINT CO., LTD.
KANSEI CORPORATION
KANTO AUTO WORKS, LTD.
KANTO NATURAL GAS DEVELOPMENT CO., LTD.
KAO CORPORATION
KASHO COMPANY LIMITED
KASUMI CO., LTD.
KATAKURA INDUSTRIES CO., LTD.
KATO WORKS CO., LTD.
KATOKICHI CO., LTD.
KAWADA INDUSTRIES, INC.
KAWASAKI HEAVY INDUSTRIES, LTD.
KAWASAKI KISEN KAISHA, LTD.
KAWASHO CORPORATION
KAYABA INDUSTRY CO., LTD.
KDK CORPORATION
KEIHAN ELECTRIC RAILWAY CO., LTD.
KEIHANSHIN REAL ESTATE CO., LTD.
KEIHIN CO., LTD.
KEIHIN ELECTRIC EXPRESS RAILWAY CO., LTD
KEIO TEITO ELECTRIC RAILWAY CO., LTD.
KEIYO BANK, LTD.
KEIYO CO., LTD.
KEIYO GAS CO., LTD.
KENTUCKY FRIED CHICKEN JAPAN LTD.
KEYENCE CORPORATION
KIKKOMAN CORPORATION
KINDEN CORPORATION
KINKI NIPPON RAILWAY CO., LTD.
KINKI NIPPON TOURIST CO., LTD.
KINKI SHARYO CO., LTD.
KINSHO-MATAICHI CORPORATION
<PAGE>
KIRIN BREWERY CO., LTD.
KISHU PAPER CO., LTD.
KISSEI PHARMACEUTICAL CO., LTD.
KITAGAWA IRON WORKS CO., LTD.
KITA-NIPPON BANK, LTD.
KITANO CONSTRUCTION CORP.
KIYO BANK, LTD.
KOA CORPORATION
KOA FIRE AND MARINE INSURANCE CO., LTD.
KOA OIL COMPANY, LIMITED
KOATSU GAS KOGYO CO., LTD.
KOBE ELECTRIC RAILWAY CO., LTD.
KOBE STEEL, LTD.
KODAMA CHEMICAL INDUSTRY CO., LTD.
KOITO INDUSTRIES, LIMITED
KOITO MANUFACTURING CO., LTD.
KOKUNE CORPORATION
KOKUSAI DENSHIN DENWA CO., LTD.
KOKUSAI ELECTRIC CO., LTD.
KOKUSAN DENKI CO., LTD.
KOKUYO CO., LTD.
KOMAI TEKKO INC.
KOMATSU FORKLIFT CO., LTD.
KOMATSU LTD.
KOMATSU SEIREN CO., LTD.
KOMATSU ZENOAH CO.
KOMORI CORPORATION
KONAMI CO., LTD.
KONICA CORPORATION
KOSEI SECURITIES CO., LTD.
KOTOBUKIYA CO., LTD.
KOYO SEIKO CO., LTD.
KUBOTA CORPORATION
KUMIAI CHEMICAL INDUSTRY CO., LTD.
KURABO INDUSTRIES, LTD.
KURARAY CO., LTD.
KURIMOTO, LTD.
KURITA WATER INDUSTRIES LTD.
KYOCERA CORPORATION
KYODO PRINTING CO., LTD.
KYODO SHIRYO CO., LTD.
KYOEI SANGYO CO., LTD.
KYOKUTO BOEKI KAISHA, LTD.
KYOKUTO KAIHATSU KOGYO CO., LTD.
KYOKUYO CO., LTD.
KYORITSU CERAMIC MATERIALS CO., LTD.
KYOSAN ELECTRIC MANUFACTURING CO., LTD.
KYOTARU CO., LTD.
KYOWA EXEO CORPORATION
KYOWA HAKKO KOGYO CO., LTD.
KYOWA LEATHER CLOTH CO., LTD.
KYUDENKO CORPORATION
KYUSHU BANK, LTD.
KYUSHU ELECTRIC POWER COMPANY INC.
KYUSHU MATSUSHITA ELECTRIC CO., LTD.
L KAKUEI CORPORATION
LAPINE CO., LTD.
LIFE CORPORATION
LIFE CO., LTD.
LIHIT LAB., INC.
LINTEC CORPORATION
LONG-TERM CREDIT BANK OF JAPAN, LTD.
MABUCHI MOTOR CO., LTD.
MAEDA CORPORATION
MAEDA ROAD CONSTRUCTION CO., LTD.
MAGARA CONSTRUCTION CO., LTD.
MAKITA CORPORATION
MARANTZ JAPAN, INC.
MARUBENI CONSTRUCTION MATERIAL LEASE CO.
MARUBENI CORPORATION
MARUDAI FOOD CO., LTD.
MARUEI DEPARTMENT STORE COMPANY, LIMITED
MARUETSU, INC. (THE)
MARUI CO., LTD.
MARUICHI STEEL TUBE LTD.
MARUKYU CO., LTD.
MARUTOMI GROUP CO., LTD.
MARUWN CORPORATION
MARUZEN COMPANY, LIMITED
MARUZEN SHOWA UNYU CO., LTD.
MATSUI CONSTRUCTION CO., LTD.
MATSUMURA-GUMI CORPORATION
MATSUO BRIDGE CO., LTD.
MATSUSHITA COMMUNICATION INDUSTRIAL CO.
MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
MATSUSHITA ELECTRIC WORKS, LTD.
MATSUSHITA SEIKO CO., LTD.
MATSUSHITA-KOTOBUKI ELECTRONICS INDS.
MATSUYA CO., LTD.
MATSUZAKAYA CO., LTD.
MAX CO., LTD.
MAZDA MOTOR CORPORATION
MEIDENSHA CORPORATION
MEIJI MILK PRODUCTS CO., LTD.
MEIJI SEIKA KAISHA, LTD.
MEISEI INDUSTRIAL CO., LTD.
MEITETSU DEPARTMENT STORE CO., LTD.
MEITO SANGYO CO., LTD.
MEIWA INDUSTRY CO., LTD.
MEIWA TRADING CO., LTD.
MELX CO., LTD.
MERCIAN CORPORATION
MICHINOKU BANK, LTD.
MIE BANK, LTD.
MIE KOTSU CO., LTD.
MIKASA COCA-COLA BOTTLING CO., LTD.
MIKUNI COCA-COLA BOTTLING CO., LTD.
MIKUNI CORPORATION
MISAWA HOMES CO., LTD.
MISAWA VAN CORPORATION
MISHIMA PAPER CO., LTD.
MITANI CORPORATION
MITSUBA ELECTRIC MFG. CO., LTD.
MITSUBISHI BANK, LTD.
MITSUBISHI CABLE INDUSTRIES, LTD.
MITSUBISHI CHEMICAL CORPORATION
MITSUBISHI CORPORATION
MITSUBISHI ELECTRIC CORPORATION
MITSUBISHI ESTATE COMPANY, LIMITED
MITSUBISHI GAS CHEMICAL COMPANY, INC.
MITSUBISHI HEAVY INDUSTRIES, LTD.
MITSUBISHI KAKOKI KAISHA, LTD.
MITSUBISHI MATERIALS CORPORATION
MITSUBISHI MOTORS CORPORATION
MITSUBISHI OIL COMPANY, LIMITED
MITSUBISHI PAPER MILLS LIMITED
<PAGE>
MITSUBISHI PENCIL CO., LTD.
MITSUBISHI PETROCHEMICAL COMPANY LIMITED
MITSUBISHI PLASTICS INC.
MITSUBISHI RAYON COMPANY, LIMITED
MITSUBISHI TRUST & BANKING CORPORATION
MITSUBISHI WAREHOUSE & TRANSPORTATION CO
MITSUBOSHI BELTING LTD.
MITSUI CONSTRUCTION CO., LTD.
MITSUI FUDOSAN CO., LTD.
MITSUI HIGH-TEC, INC.
MITSUI MARINE & FIRE INSURANCE CO., LTD.
MITSUI MATSUSHIMA CO., LTD.
MITSUI MINING COMPANY, LIMITED
MITSUI PETROCHEMICAL INDUSTRIES, LTD.
MITSUI REAL ESTATE SALES CO., LTD.
MITSUI SUGAR CO., LTD.
MITSUI TOATSU CHEMICALS, INC.
MITSUI TRUST & BANKING COMPANY, LIMITED
MITSUI & CO., LTD.
MITSUI-SOKO CO., LTD.
MITSUMI ELECTRIC CO., LTD.
MITSUUROKO CO., LTD.
MIURA PRINTING CORPORATION
MIYAJI IRON WORKS CO., LTD.
MIYAKOSHI CORPORATION
MIYATA INDUSTRY CO., LTD
MIYAZAKI BANK, LTD.
MIYOSHI OIL & FAT CO., LTD.
MIYUKI KEORI CO., LTD.
MIZUNO CORPORATION
MOCHIDA PHARMACEUTICAL CO., LTD.
MOONBAT CO., LTD
MORIMOTO CORPORATION
MORINAGA MILK INDUSTRY CO., LTD.
MORINAGA & CO., LTD.
MORITA FIRE PUMP MFG. CO., LTD.
MOROZOFF LIMITED
MOS FOOD SERVICES, INC.
MR MAX CORPORATION
MURATA MANUFACTURING COMPANY, LTD.
MUSASHINO BANK, LTD.
MUTOW CO., LTD.
NABCO LTD.
NAGAHORI CORPORATION
NAGASE & COMPANY, LTD.
NAGATANIEN CO., LTD.
NAGOYA RAILROAD CO., LTD.
NAIGAI CO., LTD.
NAKABAYASHI CO., LTD.
NAKAMURAYA CO., LTD.
NAKANO CORPORATION
NAKAYAMA STEEL WORKS, LTD.
NAMCO LIMITED
NAMURA SHIPBUILDING CO., LTD.
NANKAI ELECTRIC RAILWAY CO., LTD.
NANTO BANK, LTD.
NARASAKI SANGYO CO., LTD.
NASU DENKI-TEKKO CO., LTD.
NATIONAL HOUSE INDUSTRIAL CO., LTD.
NEC SYSTEM INTEGRATION & CONSTRUCTION
NETUREN CO., LTD.
NEW JAPAN CHEMICAL CO., LTD.
NEW OJI PAPER CO., LTD.
NGK INSULATORS, LTD.
NGK SPARK PLUG CO., LTD.
NHK SPRING CO., LTD.
NICHIA STEEL WORKS, LTD.
NICHIAS CORPORATION
NICHIBAN CO., LTD.
NICHICON CORPORATION
NICHIDO FIRE & MARINE INSURANCE CO.,LTD.
NICHII CO., LTD.
NICHIMEN CORPORATION
NICHIMO CO., LTD.
NICHIREI CORPORATION
NICHIREKI CO., LTD.
NIFCO INC.
NIHON CEMENT CO., LTD.
NIHON KAGAKU SANGYO CO., LTD.
NIHON KOHDEN CORPORATION
NIHON MATAI CO., LTD.
NIHON NOHYAKU CO., LTD.
NIHON NOSAN KOGYO K.K.
NIHON PARKERIZING CO., LTD.
NIHON SHOKUHIN KAKO CO., LTD.
NIHON SPINDLE MFG. CO., LTD.
NIHON SUGAR REFINING CO., LTD.
NIHON TOKUSHU TORYO CO., LTD.
NIHON UNISYS, LTD.
NIIGATA CHUO BANK, LIMITED
NIKKA WHISKY DISTILLING CO., LTD. (THE)
NIKKEN CHEMICALS CO., LTD.
NIKKO CO., LTD.
NIKKO SECURITIES CO., LTD. (THE)
NIKON CORPORATION
NINTENDO CO., LTD.
NIPPON BEET SUGAR MANUFACTURING CO.,LTD.
NIPPON CERAMIC CO., LTD.
NIPPON CHEMICAL INDUSTRIAL CO., LTD.
NIPPON CHEMIPHAR CO., LTD.
NIPPON CHUTETSUKAN K.K.
NIPPON COMSYS CORPORATION
NIPPON CONCRETE INDUSTRIES CO., LTD.
NIPPON DENSETSU KOGYO CO., LTD.
NIPPON DENTSU KENSETSU CO., LTD.
NIPPON DENWA SHISETSU CO., LTD.
NIPPON ELECTRIC GLASS CO., LTD.
NIPPON EXPRESS CO., LTD.
NIPPON FELT COMPANY LIMITED
NIPPON FINE CHEMICAL CO., LTD.
NIPPON FIRE & MARINE INSURANCE CO., LTD.
NIPPON FLOUR MILLS CO., LTD.
NIPPON FORMULA FEED MANUFACTURING CO LTD
NIPPON GAS CO., LTD.
NIPPON HODO CO., LTD.
NIPPON HUME PIPE CO., LTD.
NIPPON KASEI CHEMICAL COMPANY., LTD
NIPPON KAYAKU CO., LTD.
NIPPON KOEI CO., LTD.
NIPPON KONPO UNYU SOKO CO., LTD.
NIPPON MEAT PACKERS, INC.
NIPPON METAL INDUSTRY CO., LTD.
NIPPON MUKI CO., LTD.
NIPPON OIL CO., LTD.
NIPPON PAINT CO., LTD.
NIPPON PAPER INDUSTRIES CO., LTD.
<PAGE>
NIPPON PIGMENT CO., LTD.
NIPPON PIPE MANUFACTURING CO., LTD.
NIPPON PISTON RING CO., LTD.
NIPPON ROAD CO., LTD., THE
NIPPON SANSO CORPORATION
NIPPON SEIKI CO., LTD.
NIPPON SEISEN CO., LTD
NIPPON SHARYO, LTD.
NIPPON SHEET GLASS COMPANY, LIMITED
NIPPON SHINPAN CO., LTD.
NIPPON SHINYAKU CO., LTD.
NIPPON SHOKUBAI CO.,LTD
NIPPON SIGNAL CO., LTD.
NIPPON SODA CO., LTD.
NIPPON SUISAN KAISHA, LTD.
NIPPON SYNTHETIC CHEM. IND. CO. LTD.
NIPPON TELEGRAPH & TELEPHONE CORPORATION
NIPPON TELEVISION NETWORK CORP.
NIPPON TETRAPOD CO., LTD
NIPPON TRUST BANK LIMITED
NIPPON TUNGSTEN CO., LTD.
NIPPON TYPEWRITER CO., LTD.
NIPPON YAKIN KOGYO CO., LTD.
NIPPON YUSEN KABUSHIKI KAISHA
NIPPONDENSO CO., LTD.
NISHIMATSU CONSTRUCTION CO., LTD.
NISHI-NIPPON BANK, LTD.
NISHI-NIPPON RAILROAD CO., LTD.
NISHISHIBA ELECTRIC CO., LTD
NISSAN CHEMICAL INDUSTRIES, LTD.
NISSAN CONSTRUCTION CO., LTD.
NISSAN FIRE & MARINE INSURANCE CO., LTD.
NISSAN SHATAI CO., LTD.
NISSEI BUILD KOGYO CO., LTD.
NISSEI SANGYO CO., LTD.
NISSEKI HOUSE INDUSTRY CO., LTD
NISSEN CO., LTD.
NISSHA PRINTING CO., LTD.
NISSHIN FIRE & MARINE INSURANCE CO.,LTD.
NISSHIN FLOUR MILLING CO., LTD.
NISSHIN OIL MILLS, LTD., THE
NISSHIN STEEL CO., LTD.
NISSHINBO INDUSTRIES, INC.
NISSHO CORPORATION
NISSHO ELECTRONICS CORPORATION
NISSIN CORPORATION
NISSIN ELECTRIC CO., LTD.
NISSIN FOOD PRODUCTS CO., LTD.
NISSIN SUGAR MANUFACTURING CO., LTD.
NISSUI PHARMACEUTICAL CO., LTD.
NITSUKO CORPORATION
NITTAN VALVE CO., LTD.
NITTETSU MINING CO., LTD.
NITTO CHEMICAL INDUSTRY CO., LTD.
NITTO DENKO CORPORATION
NITTO ELECTRIC WORKS, LTD.
NITTO FLOUR MILLING CO., LTD.
NITTOC CONSTRUCTION CO., LTD.
NOF CORPORATION
NOHI SEINO TRANSPORTATION CO., LTD.
NOHMI BOSAI LTD.
NOK CORPORATION
NOMURA CO., LTD.
NOMURA SECURITIES CO., LTD. (THE)
NORITAKE CO., LIMITED
NORITZ CORPORATION
NORTH PACIFIC BANK, LTD.
NOZAKI INSATSU SHIGYO CO., LTD.
NSK LTD.
NTN CORPORATION
OAK CO., LTD.
OBAYASHI CORPORATION
OBAYASHI ROAD CORPORATION
ODAKYU CONSTRUCTION CO., LTD.
ODAKYU ELECTRIC RAILWAY CO., LTD.
ODAKYU REAL ESTATE CO., LTD.
OGAKI KYORITSU BANK, LTD.
OHBA CO., LTD
OHKI CORPORATION
OITA BANK LTD.
OKABE CO., LTD.
OKAMOTO INDUSTRIES, INC.
OKI ELECTRIC CABLE CO., LTD.
OKUMURA CORPORATION
OKURA INDUSTRIAL CO., LTD.
OLYMPUS OPTICAL CO., LTD.
OMRON CORPORATION
ONO PHARMACEUTICAL CO., LTD.
ONWARD KASHIYAMA CO., LTD.
OPTEC DAI-ICHI DENKO CO., LTD.
ORGANO CORPORATION
ORIENT CORPORATION
ORIENTAL YEAST CO., LTD.
OSAKA GAS CO., LTD.
OSAKA SANSO KOGYO LTD.
OSAKA SECURITIES FINANCE CO., LTD.
OSAKA UOICHIBA CO., LTD.
OSAKI ELECTRIC CO., LTD.
OSG CORPORATION
OYO CORPORATION
PACIFIC INDUSTRIAL CO., LTD.
PARCO CO., LTD.
PENTA-OCEAN CONSTRUCTION CO., LTD.
PILOT CORPORATION
PIONEER ELECTRONIC CORP.
POKKA CORPORATION
PRIMA MEAT PACKERS, LTD.
P.S. CORPORATION
Q.P. CORPORATION
RAITO KOGYO CO., LTD.
RASA INDUSTRIES, LTD.
RENGO CO., LTD.
RENOWN LOOK INCORPORATED
RHEON AUTOMATIC MACHINERY CO., LTD.
RHYTHM WATCH CO., LTD.
RICOH COMPANY, LTD.
RICOH ELEMEX CORPORATION
RIKEI CORPORATION
RIKEN CORPORATION
RIKEN KEIKI CO., LTD
RIKEN VINYL INDUSTRY CO., LTD.
RIKEN VITAMIN CO., LTD
RINNAI CORPORATION
ROCK PAINT CO., LTD.
ROHM COMPANY LIMITED
<PAGE>
ROHTO PHARMACEUTICAL CO., LTD.
ROYAL CO., LTD.
RYOBI LIMITED
RYODEN TRADING COMPANY, LIMITED
RYOSAN COMPANY, LIMITED
RYOYO ELECTRO CORPORATION
S X L CORPORATION
S & B FOODS INC.
SAEKI KENSETSU KOGYO CO., LTD.
SAGAMI CO., LTD.
SAGAMI RAILWAY CO., LTD.
SAGAMI RUBBER INDUSTRIES CO., LTD.
SAIBO CO., LTD.
SAIBU GAS CO., LTD.
SAIKAYA CO., LTD.
SAKAI CHEMICAL INDUSTRY CO., LTD.
SAKAI HEAVY INDUSTRIES, LTD.
SAKAI OVEX CO., LTD.
SAKATA INX CORPORATION
SAKATA SEED CORPORATION
SAKURA BANK LIMITED
SAKURADA CO., LTD.
SAN-AI OIL CO., LTD.
SANGETSU CO., LTD.
SAN-IN GODO BANK, LTD.
SANJO MACHINE WORKS, LTD.
SANKEI BUILDING CO., LTD.
SANKEN ELECTRIC CO., LTD.
SANKI ENGINEERING CO., LTD.
SANKO ENGINEERING CORPORATION
SANKO METAL INDUSTRIAL CO., LTD.
SANKYO ALUMINIUM INDUSTRY CO., LTD.
SANKYO COMPANY, LIMITED
SANKYO SEIKO CO., LTD.
SANKYU INC.
SANOH INDUSTRIAL CO., LTD
SANOYAS HISHINO MEISHO CORPORATION
SANSEI YUSOKI CO., LTD.
SANSHIN ELECTRONICS CO., LTD.
SANTEN PHARMACEUTICAL CO., LTD.
SANWA BANK, LIMITED
SANWA SHUTTER CORPORATION
SANYO CHEMICAL INDUSTRIES, LTD.
SANYO DENKI CO., LTD.
SANYO ELECTRIC CO., LTD.
SANYO ELECTRIC RAILWAY CO., LTD.
SANYO ENGINEERING & CONSTRUCTION INC.
SANYO INDUSTRIES, LTD.
SANYO SHOKAI LTD.
SANYO SPECIAL STEEL CO., LTD.
SAPPORO BREWERIES LIMITED
SAPPORO LION LIMITED
SASEBO HEAVY INDUSTRIES CO., LTD.
SATA CONSTRUCTION CO., LTD.
SATO KOGYO CO., LTD.
SATO SHOJI CORPORATION
SAWAFUJI ELECTRIC CO., LTD.
SECOM CO., LTD.
SEGA ENTERPRISES, LTD.
SEIKA CORPORATION
SEIKITOKYU KOGYO CO., LTD.
SEINO TRANSPORTATION CO., LTD.
SEIREN CO., LTD.
SEIWA ELECTRIC MFG. CO., LTD.
SEIYO FOOD SYSTEMS INC.
SEIYU, LTD.
SEKISUI CHEMICAL CO., LTD.
SEKISUI HOUSE, LTD.
SEKISUI JUSHI CORPORATION
SEKISUI PLASTICS CO., LTD.
SENKO CO., LTD.
SENSHU BANK, LTD.
SENSHUKAI CO., LTD.
SEVEN-ELEVEN JAPAN CO., LTD.
SEVENTY-SEVEN BANK LTD.
SHARP CORPORATION
SHIBUSAWA WAREHOUSE CO., LTD.
SHIBUYA KOGYO CO., LTD.
SHIGA BANK, LTD.
SHIKOKU BANK LTD.
SHIKOKU CHEMICALS CORPORATION
SHIKOKU ELECTRIC POWER COMPANY, INC.
SHIMA SEIKI MFG., LTD.
SHIMACHU CO., LTD.
SHIMADZU CORPORATION
SHIMAMURA CO., LTD.
SHIMANO INC.
SHIMIZU BANK, LTD.
SHIMIZU CORPORATION
SHIN NIKKEI COMPANY, LTD.
SHIN NIPPON AIR TECHNOLOGIES CO., LTD.
SHIN NIPPON MACHINERY CO., LTD
SHINAGAWA FUEL CO., LTD.
SHINAGAWA REFRACTORIES CO., LTD.
SHIN-ETSU CHEMICAL CO., LTD.
SHIN-ETSU POLYMER CO., LTD.
SHIN-KEISEI ELECTRIC RAILWAY CO., LTD.
SHINKO ELECTRIC INDUSTRIES CO., LTD
SHINKO SANGYO CO., LTD.
SHINKO SHOJI CO., LTD.
SHIN-KOBE ELECTRIC MACHINERY CO., LTD.
SHINMAYWA INDUSTRIES LTD.
SHINSHO CORPORATION
SHINWA BANK, LTD.
SHIONOGI & CO., LTD.
SHIROKI CORPORATION
SHISEIDO COMPANY, LIMITED
SHIZUOKA BANK, LTD. (THE)
SHO-BOND CORPORATION
SHOCHIKU CO., LTD.
SHOEI FOODS CORPORATION
SHOKO CO., LTD.
SHOWA AIRCRAFT INDUSTRY CO., LTD
SHOWA ALUMINUM CORPORATION
SHOWA CORPORATION
SHOWA ELECTRIC WIRE & CABLE CO., LTD.
SHOWA HIGHPOLYMER CO., LTD.
SHOWA SANGYO CO., LTD.
SHOWA SHELL SEKIYU K.K.
SHOWA TANSAN CO., LTD.
SINTOKOGIO, LTD.
SKYLARK CO., LTD.
SMC CORPORATION
SMK CORPORATION
SNOW BRAND MILK PRODUCTS CO., LTD.
SNT CORPORATION
<PAGE>
SODA NIKKA CO., LTD.
SOGO CO., LTD.
SOKKIA CO., LTD.
SOMAR CORPORATION
SONTON FOOD INDUSTRY CO., LTD.
SONY CHEMICALS CORPORATION
SONY CORPORATION
SONY MUSIC ENTERTAINMENT (JAPAN) INC.
SOTETSU ROSEN CO., LTD.
SOTETSU TRANSPORTATION CO., LTD.
SRL INC.
SS PHARMACEUTICAL CO., LTD.
STANLEY ELECTRIC CO., LTD.
STAR MICRONICS CO., LTD.
SUBARU ENTERPRISE CO., LTD.
SUMISHO COMPUTER SYSTEMS CORPORATION
SUMITOMO BAKELITE COMPANY, LIMITED
SUMITOMO BANK, LIMITED
SUMITOMO CONSTRUCTION CO., LTD.
SUMITOMO CORPORATION
SUMITOMO DENSETSU CO., LTD.
SUMITOMO ELECTRIC INDUSTRIES, LTD.
SUMITOMO FORESTRY CO., LTD.
SUMITOMO HEAVY INDUSTRIES, LTD.
SUMITOMO LIGHT METAL INDUSTRIES, LTD.
SUMITOMO MARINE & FIRE INSURANCE CO, LTD
SUMITOMO METAL MINING CO., LTD.
SUMITOMO OSAKA CEMENT CO.
SUMITOMO PRECISION PRODUCTS CO., LTD.
SUMITOMO REALTY & DEVELOPMENT CO., LTD.
SUMITOMO RUBBER INDUSTRIES, LTD.
SUMITOMO SEIKA CHEMICALS CO., LTD.
SUMITOMO SITIX CORPORATION
SUMITOMO TRUST & BANKING CO., LTD.
SUMITOMO WAREHOUSE CO., LTD. (THE)
SUMITOMO WIRING SYSTEMS, LTD.
SUN WAVE CORPORATION
SUNSTAR INC.
SUNTELEPHONE CO., LTD.
SURUGA BANK, LTD.
SUZUKI MOTOR CORPORATION
SUZUTAN CO., LTD.
S.T. CHEMICAL CO., LTD.
TACHIHI ENTERPRISE CO., LTD.
TACHI-S CO., LTD.
TADANO, LTD.
TAIHEI DENGYO KAISHA, LTD.
TAIHEI KOGYO CO., LTD.
TAIHEIYO KOUHATSU INCORPORATED
TAIKISHA LTD.
TAISEI CORPORATION
TAISEI FIRE & MARINE INSURANCE CO., LTD.
TAISEI PREFAB CONSTRUCTION CO., LTD.
TAISEI ROTEC CORPORATION
TAISHO PHARMACEUTICAL CO., LTD.
TAITO CO., LTD.
TAIYO SANSO CO., LTD.
TAIYO YUDEN CO., LTD.
TAKAOKA ELECTRIC MFG. CO., LTD.
TAKARA SHUZO CO., LTD.
TAKARA STANDARD CO., LTD.
TAKASAGO INTERNATIONAL CORPORATION
TAKASAGO THERMAL ENGINEERING CO.,LTD
TAKASHIMA & CO., LTD.
TAKEDA CHEMICAL INDUSTRIES, LTD.
TAKIRON CO., LTD.
TAKUMA CO., LTD.
TAMURA CORPORATION
TANABE SEIYAKU CO., LTD.
TANSEISHA CO., LTD.
TASAKI SHINJU CO., LTD.
TATSUTA ELECTRIC WIRE & CABLE CO., LTD.
TDK CORP.
TEIJIN LIMITED
TEIJIN SEIKI CO., LTD.
TEIKOKU HORMONE MFG. CO., LTD.
TEIKOKU OIL CO., LTD.
TEIKOKU PISTON RING CO., LTD.
TEIKOKU TSUSHIN KOGYO CO., LTD.
TEISAN KABUSHIKI KAISHA
TEKKEN CORPORATION
TENMA CORPORATION
TERAOKA SEISAKUSHO CO., LTD.
TESAC CORPORATION
TKC CORPORATION
TOA CORPORATION
TOA DORO KOGYO CO., LTD.
TOA OIL CO., LTD.
TOA STEEL CO., LTD.
TOAGOSEI COMPANY LTD.
TOBU RAILWAY CO., LTD.
TOBU STORE CO., LTD.
TOC CO., LTD.
TOCHIGI BANK, LTD.
TOCHIGI FUJI INDUSTRIAL CO., LTD.
TODA CORPORATION
TODA KOGYO CORPORATION
TODENTU CORPORATION
TOEI COMPANY, LTD.
TOENEC CORPORATION
TOHO BANK LTD.
TOHO CO., LTD.
TOHO GAS CO., LTD.
TOHO RAYON CO., LTD.
TOHO REAL ESTATE CO., LTD.
TOHO ZINC CO., LTD.
TOHOKU ELECTRIC POWER COMPANY, INC.
TOHOKU TELECOMMUNICATIONS CONSTRUCTION
TOHTO SUISAN CO., LTD.
TOKAI BANK, LIMITED
TOKAI RIKA CO. LTD.
TOKICO, LTD.
TOKIN CORPORATION
TOKIO MARINE & FIRE INSURANCE CO
TOKO ELECTRIC CORPORATION
TOKO, INC.
TOKUSHU PAPER MFG. CO., LTD.
TOKUYAMA CORPORATION
TOKYO BROADCASTING SYSTEM, INC.
TOKYO DENKI KOMUSHO CO., LTD.
TOKYO DOME CORPORATION
TOKYO ELECTRIC POWER CO., INC., THE
TOKYO ELECTRON LIMITED
TOKYO GAS CO., LTD.
TOKYO KAIKAN CO., LTD.
TOKYO OHKA KOGYO CO., LTD
<PAGE>
TOKYO PRINTING INK MFG. CO., LTD.
TOKYO RAKUTENCHI CO., LTD.
TOKYO ROPE MFG. CO., LTD.
TOKYO SOIR CO., LTD.
TOKYO STEEL MANUFACTURING CO., LTD.
TOKYO STYLE CO., LTD.
TOKYO TANABE CO., LTD.
TOKYO TATEMONO CO., LTD.
TOKYO TEKKO CO., LTD.
TOKYO THEATRES COMPANY INCORPORATED
TOKYO TOMIN BANK, LIMITED
TOKYOTOKEIBA CO., LTD.
TOKYU CAR CORPORATION
TOKYU CONSTRUCTION CO., LTD.
TOKYU CORPORATION
TOKYU DEPARTMENT STORE CO. LTD.
TOKYU HOTEL CHAIN CO., LTD.
TOKYU LAND CORPORATION
TOKYU STORE CHAIN CO., LTD.
TOLI CORPORATION
TOMOE CORPORATION
TOMOEGAWA PAPER CO. LTD.
TOMOKU CO., LTD.
TONAMI TRANSPORTATION CO., LTD.
TONEN CORPORATION
TOPPAN PRINTING CO., LTD.
TOPRE CORPORATION
TOPY INDUSTRIES, LIMITED
TORAY INDUSTRIES, INC.
TORISHIMA PUMP MFG. CO., LTD.
TOSHIBA CORPORATION
TOSHIBA ENGINEERING & CONSTRUCTION CO.
TOSHIBA MACHINE CO., LTD.
TOSHO PRINTING COMPANY, LIMITED
TOSHOKU LTD.
TOSTEM CORPORATION
TOTENKO CO., LTD.
TOTETSU KOGYO CO., LTD.
TOTO LTD.
TOTOKU ELECTRIC CO., LTD.
TOYAMA CHEMICAL CO., LTD.
TOYO ALUMINIUM K.K.
TOYO CHEMICAL CO., LTD.
TOYO COMMUNICATION EQUIPMENT CO. LTD
TOYO CONSTRUCTION CO., LTD.
TOYO CORPORATION
TOYO EXTERIOR CO., LTD
TOYO INK MFG. CO., LTD.
TOYO KANETSU K.K.
TOYO KOHAN CO., LTD.
TOYO RADIATOR CO., LTD.
TOYO SANSO CO., LTD.
TOYO SEIKAN KAISHA, LTD.
TOYO SHUTTER CO., LTD.
TOYO SUISAN KAISHA, LTD.
TOYO TRUST & BANKING COMPANY, LIMITED
TOYO WAREHOUSE CO., LTD.
TOYO WHARF & WAREHOUSE CO., LTD.
TOYOBO CO., LTD.
TOYODA AUTOMATIC LOOM WORKS, LTD.
TOYODA BOSHOKU CORPORATION
TOYOTA AUTO BODY CO., LTD.
TOYOTA MOTOR CORPORATION
TOYOTA TSUSHO CORPORATION
TSUBAKIMOTO CHAIN CO.
TSUBAKIMOTO MACHINERY & ENGINEERING CO.
TSUBAKIMOTO PRECISION PRODUCTS CO., LTD.
TSUDAKOMA CORP.
TSUKAMOTO CO., LTD.
TSUKIJI UOICHIBA COMPANY, LIMITED
TSUKISHIMA KIKAI CO., LTD.
TSUTSUNAKA PLASTIC INDUSTRY CO., LTD.
UBE INDUSTRIES, LTD.
UCHIDA YOKO CO., LTD.
UEKI CORPORATION
UNI-CHARM CORPORATION
UNIDEN CORPORATION
UNISIA JECS CORPORATION
UNY CO., LTD.
USHIO INC.
WACOAL CORP.
WAKACHIKU CONSTRUCTION CO., LTD.
WAKAMOTO PHARMACEUTICAL CO., LTD.
WAKITA & CO., LTD.
YAHAGI CONSTRUCTION CO., LTD.
YAKULT HONSHA CO., LTD.
YAMAGATA BANK, LTD.
YAMAGUCHI BANK LTD.
YAMAHA CORPORATION
YAMAHA MOTOR CO., LTD.
YAMAMURA GLASS CO., LTD.
YAMANASHI CHUO BANK, LTD.
YAMANOUCHI PHARMACEUTICAL CO., LTD.
YAMATAKE-HONEYWELL CO., LTD.
YAMATANE CORPORATION
YAMATO INTERNATIONAL INC.
YAMATO KOGYO CO., LTD.
YAMATO TRANSPORT CO., LTD.
YAMAZAKI BAKING CO., LTD.
YAOHAN JAPAN CORPORATION
YASUDA FIRE & MARINE INSURANCE CO.
YASUDA TRUST & BANKING COMPANY, LIMITED
YODOGAWA STEEL WORKS LTD.
YOKOGAWA BRIDGE CORP.
YOKOGAWA ELECTRIC CORPORATION
YOKOHAMA REITO CO., LTD
YOKOHAMA RUBBER COMPANY, LIMITED
YOMEISHU SEIZO CO., LTD.
YOMIURI LAND CO., LTD.
YONDENKO CORPORATION
YORK-BENIMARU CO., LTD.
YOSHIHARA OIL MILL, LTD.
YOSHIMOTO KOGYO CO., LTD.
YOSHITOMI PHARMACEUTICAL INDUSTRIES, LTD
YUASA CORPORATION
YUASA TRADING CO., LTD.
YURTEC CORPORATION
YUSHIRO CHEMICAL INDUSTRY CO., LTD.
ZENCHIKU COMPANY LIMITED
ZENITAKA CORPORATION
ZEXEL CORPORATION

MEXICO NATIONAL EQUITY INDEX
APASCO S.A. DE C.V.
CEMEX S.A.
CIFRA, S.A. DE C.V.
<PAGE>
CONTROLADORA COMERCIAL MEXICANA SA
CORPORACION INDUSTRIAL SANLUIS SA
DESC S.A. DE C.V.
EL PUERTO DE LIVERPOOL, S.A. DE C.V.
EMPAQUES PONDEROSA S.A.
EMPRESAS LA MODERNA SA DE CV
FOMENTO ECONOMICO MEXICANO, S.A. DE C.V.
GRUPO CARSO S.A. DE C.V.
GRUPO CEMENTOS DE CHIHUAHUA
GRUPO CONTINENTAL SA
GRUPO FINANC. BANAMEX ACCIVAL SA BANACCI
GRUPO INDUSTRIAL ALFA, S.A.
GRUPO INDUSTRIAL BIMBO S.A. DE C.V.
GRUPO INDUSTRIAL MASECA S.A. DE C.V.
GRUPO POSADAS S.A. DE C.V.
GRUPO SIDEK
GRUPO SITUR SA DE CV
GRUPO SYNKRO SA DE CV
GRUPO TELEVISA SA DE CV
INDUSTRIAS PENOLES S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
SEARS ROEBUCK DE MEXICO
TELEFONOS DE MEXICO S.A. DE C.V.
TOLMEX SA DE CV
TRANSPORTACION MARITIMA MEXICANA
VITRO SOCIEDAD ANOMINA

NORDIC NATIONAL EQUITY INDEX

DENMARK
AARHUS OLIEFABRIK A/S
ALBANI BRYGGERIERNE A/S
ALM. BRAND A/S
AMTSSPAR FYN HOLDING A/S
A/S DAMPSKIBSSELSKABET TORM
A/S DET OSTASIATISKE KOMPAGNI
A/S JENS VILLADSENS FABRIKER (ICOPAL)
A/S NORDISK SOLAR COMPAGNI
A/S NORRESUNDBY BANK
A/S PHONIX CONTRACTORS
A/S POTAGUA
A/S TH. WESSEL & VETT, MAGASIN DU NORD
BANG & OLUFSEN HOLDING A/S
BRODRENE HARTMANN A/S
CARLSBERG A/S
CHEMINOVA HOLDING A/S
CHRISTIAN HANSEN'S LABORATORIUM A/S
COLOPLAST A/S
C.W. OBEL A/S
DAMPSKIBSSELSKABET AF 1912 A/S
DAMPSKIBSSELSKABET SVENDBORG A/S
DANISCO A/S
DEN DANSKE BANK A/S
DET DANSKE LUFTFARTSELSKAB A/S
DET DANSKE TRAELASTKOMPAGNI A/S
DLF-TRIFOLIUM A/S
EGETAEPPER A/S
EJENDOMSSELSKABET NORDEN A/S
FIN.INST. FOR INDUSTRI OG HANDVAERK A/S
FLS INDUSTRIES A/S
GN STORE NORD A/S (GN GREAT NORDIC LTD.)
GN STORE NORD HOLDING A/S
HENRIKSEN OG HENRIKSEN HOLDING A/S
INCENTIVE A/S
ISS-INTERNATIONAL SERVICE SYSTEM A/S
JACOB HOLM & SONNER A/S
JYSKE BANK A/S
LOUIS POULSEN & CO. A/S
MICRO MATIC A/S
MONBERG & THORSEN HOLDING A/S
NKT HOLDING A/S
NOVO NORDISK A/S
RADIOMETER A/S
RASMUSSEN & SCHIOTZ HOLDING A/S
REDERIET KNUD I. LARSEN AS
SOPHUS BERENDSEN A/S
SPAR NORD HOLDING A/S
SUPERFOS A/S
S. DYRUP & CO. A/S
TELE DANMARK A/S
UNIDANMARK A/S

FINLAND
AAMULEHTI-YHTYMA OY
AMER-YHTYMA OY
CULTOR OY
ENSO-GUTZEIT OY
FINNAIR OY
FINNLINES OY
FINVEST OY
FISKARS OY AB
HUHTAMAKI OY
INSTRUMENTARIUM OY
KESKO OY
KONE OY
KYMMENE OY
LASSILA & TIKANOJA OY
METRA OY
METSA-SERLA OY
ORION-YHTYMA OY
OUTOKUMPU OY
OY HACKMAN AB
OY HARTWALL AB
OY NOKIA AB
OY STOCKMANN AB
OY TAMRO AB
POHJOLA OY
RAISION TEHTAAT OY AB
RAUTARUUKKI OY
REPOLA OY
SYP-INVEST OY
TAMFELT OY AB
TAMPELLA OY AB
TIETOTEHDAS OY
VAISALA OY
VAKUUTUSOSAKEYHTIO SAMPO
VALMET OY
WERNER SODERSTROM OY

NORWAY
AKER A.S
ALCATEL STK A/S
AWILCO AS
A/S BERGENS SKILLINGSBANK
A/S BONHEUR
<PAGE>
A/S NORDLANDSBANKEN
A/S VEIDEKKE
BERGESEN D.Y. A/S
BOLIG- OG NARINGSBANKEN AS
COLOR LINE AS
DEN NORSKE AMERIKALINJE A/S
DET NORSKE LUFTFARTSELSKAP A/S
DYNO INDUSTRIER A.S
ELKEM A/S
HAFSLUND NYCOMED AS
HELIKOPTER SERVICE A/S
KVAERNER A.S
KVERNELAND AS
LEIF HOEGH & CO A/S
NORA EIENDOM A.S
NORSK HYDRO A.S
ORKLA A/S
RAUFOSS A/S
RIEBER & SON A/S
SAGA PETROLEUM A.S
SIMRAD A/S
SKIBSAKSJESELSKAPET STORLI
UNITOR AS
VITAL FORSIKRING A.S
WILH. WILHELMSEN LIMITED AS

SWEDEN
AGA AB
ALLGON AB
ASEA AB
ASTRA AB
ATLAS COPCO AB
AVESTA SHEFFIELD AB
CUSTOS AB
ELDON AB
ELECTROLUX AB
ESSELTE AB
FORSAKRINGS AB SKANDIA
FORSHEDA AB
GAMBRO AB
GARPHYTTAN INDUSTRIER AB
GRANINGE AB
GULLSPANGS KRAFT AB
H & M HENNES & MAURITZ AB
INCENTIVE AB
INDUSTRIFORVALTNINGS AB KINNEVIK
INVESTMENT AB LATOUR
INVESTOR AB
L E LUNDBERGFORETAGEN AB
LINDAB AB
MO OCH DOMSJO AB
NCC AB
NORDSTROM & THULIN AB
OM GRUPPEN AB
PERSTORP AB
PHARMACIA AB
PROVENTUS AB
SANDVIK AB
SECO TOOLS AB
SIAB AB
SKANDINAVISKA ENSKILDA BANKEN
SKANE-GRIPEN AB
SKF AB
SSAB SVENSKT STAL AB
STORA KOPPARBERGS BERGSLAGS AB
SVEDALA INDUSTRI AB
SVENSKA CELLULOSA AKTIEBOLAGET SCA
SVENSKA HANDELSBANKEN
SYDKRAFT AB
TELEFONAKTIEBOLAGET LM ERICSSON
TIDNINGS AB MARIEBERG
TRYGG-HANSA SPP HOLDING AB
VOLVO AB

SPANISH NATIONAL EQUITY INDEX
ACERINOX S.A.
ASLAND, S.A.
AUTOPISTAS CONCESIONARIA ESPANOLA S.A.
AUTOPISTAS DEL MARE NOSTRUM S.A.
BANCO ATLANTICO S.A.
BANCO BILBAO VIZCAYA, S.A.
BANCO CENTRAL HISPANOAMERICANO S.A.
BANCO DE FOMENTO S.A.
BANCO DE VALENCIA S.A.
BANCO EXTERIOR DE ESPANA S.A.
BANCO HERRERO S.A.
BANCO PASTOR S.A.
BANCO POPULAR ESPANOL
BANCO SANTANDER, S.A.
BANCO ZARAGOZANO S.A.
CEMENTOS PORTLAND S.A.
COMPANIA ESPANOLA DE PETROLEOS, S.A.
COMPANIA SEVILLANA DE ELECTRICIDAD, S.A.
COMPANIA VALENCIANA DE CEMENTOS PORTLAND
CONSERVERA CAMPOFRIO
CONSTRUCCIONES LAIN S.A.
CONSTRUC. Y AUXILIAR DE FERROCARRILES SA
CORP BANCARIA DE ESPANA, (ARGENTARIA)
CORPORACION FINANCIERA ALBA S.A.
CORPORACION MAPFRE, CIA INTL/REASEGUROS
DRAGADOS Y CONSTRUCCIONES, S.A.
EBRO AGRICOLAS, CIA DE ALIMENTACION SA
ELECTRICAS REUNIDAS DE ZARAGOZA SA
EMPRESA NACIONAL DE ELECTRICIDAD S.A.
EMPRESA NAC. HIDROELEC. RIBAGORZANA
FILO S.A.
FOMENTO DE CONSTRUCCIONES Y CONTRATAS
FUERZAS ELECTRICAS DE CATALUNA, S.A.
GAS NATURAL SDG S.A.
GAS Y ELECTRICIDAD SA
GRUPO FOSFORERA S.A.
HIDROELECTRICA DEL CANTABRICO, S.A.
HUARTE S.A.
IBERDROLA SA
INMOBILIARIA METROPOLITANA VASCO CENTRAL
INMOBILIARIA URBIS, S.A.
PORTLAND VALDERRIVAS, S.A.
PROSEGUR COMPANIA DE SEGURIDAD S.A.
RENAULT ESPANA COMERCIAL SA RECSA
REPSOL S.A.
SAN MIGUEL FABRICA DE CERVEZA Y MALTA SA
SOCIEDAD GENERAL AZUCARERA DE ESPANA SA
SOCIEDAD GENERAL DE AGUAS DE BARCELONA
TELEFONICA DE ESPANA, S.A.
UNION ELECTRICA-FENOSA, S.A.
<PAGE>
UNIPAPEL S.A.
VALLEHERMOSO S.A.
VIDRALA S.A.
VISCOFAN, S.A.
ZARDOYA OTIS S.A.

SWISS NATIONAL EQUITY INDEX
ALUSUISSE-LONZA HOLDING AG
ARES-SERONO AG
BAER HOLDING AG
BANK LANGENTHAL
BANQUE CANTONALE VAUDOISE
BBC BROWN BOVERI AG
BIL GT GRUPPE AG
BOBST AG
BRAUEREI EICHHOF AG
BUCHER HOLDING AG
CELLULOSE ATTISHOLZ AG
CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
CIBA-GEIGY AG
COMPAGNIE FINANCIERE RICHEMONT AG
CREDIT FONCIER VAUDOIS (CFV)
CROSSAIR AG F EURO REGIONALLUFTVERKEHR
CS HOLDING
DANZAS HOLDING AG
DIPL. ING. FUST AG
EDIPRESSE SA
ELEKTRIZITAETS-GESELL. LAUFENBURG AG
ELEKTROWATT AG
ELVIA SCHWEIZERISCHE VERSICHERUNGS-GES.
EMS-CHEMIE HOLDING AG
FELDSCHLOESSCHEN HOLDING
FORBO HOLDING AG
GALENICA HOLDING AG
GEORG FISCHER AG
GEWERBEBANK BADEN
GOTTHARD BANK
GRAND MAGASINS JELMOLI SA
GURIT-HEBERLEIN AG
HELVETIA SCHWEIZERISCHE VERSICHERUNG
HILTI AG
HOLDERBANK FINANCIERE GLARUS AG
HOLVIS AG
HUERLIMANN HOLDING AG
HYPOTHEKARBANK LENZBURG
IMMUNO INTERNATIONAL AG
INDUSTRIEHOLDING CHAM AG
INTERDISCOUNT HOLDING AG
INTERSHOP HOLDING AG
KARDEX REMSTAR INTERNATIONAL AG
KERAMIK HOLDING AG LAUFEN
KONSUM VEREIN ZUERICH
KRAFTWERK LAUFENBURG
LANDIS & GYR AG
LEM HOLDING SA
LIECHTENSTEINISCHE LANDESBANK (LLB) AG
LOGITECH INTERNATIONAL SA
MAAG HOLDING AG
MAGAZINE ZUM GLOBUS AG
MERCK AG
MERKUR HOLDING AG
METALLWAREN HOLDING AG ZUG
MOEVENPICK HOLDING
NESTLE SA
NOKIA MAILLEFER HOLDING SA
OERLIKON-BUEHRLE HOLDING LTD.
PHARMA VISION 2000 AG
PHOENIX MECANO AG
PRODEGA AG
REISEBUERO KUONI AG
RIETER HOLDING AG
RIG RENTSCH INDUSTRIE-HOLDING AG
ROCHE HOLDING AG
SANDOZ AG
SARNA KUNSTSTOFF HOLDING AG
SCHINDLER HOLDING AG
SCHWEIZERHALL HOLDING AG
SCHWEIZERISCHE BANKGESELLSCHAFT
SCHWEIZERISCHE RUECKVERSICHERUNG-GES.
SCHWEIZERISCHER BANKVEREIN
SCHWEIZ. IND. GESELLSCHAFT HOLDING (SIG)
SCINTILLA AG
SIEGFRIED AG
SIHL-ZUERCHER PAPIERFABRIK AN DER SIHL
SIKA FINANZ AG, BAAR
SMH-SCHW. GES. FUER MIKROELEKTRONIK AG
SOC. GENERALE DE SURVEILLANCE HOLDING SA
SOC. GENERALE DE SURVEILLANCE HOLDING SA
SUEDELEKTRA HOLDING AG ZUG
SULZER AG
SWISSLOG HOLDING AG
VERWALTUNGS-UND PRIVAT-BANK AG VADUZ
VETROPACK HOLDING AG
VONTOBEL HOLDING AG
WALTER RENTSCH HOLDING AG
WINTERTHUR SCHWEIZER. VERSICHERUNGS GES.
WMH WALTER MEIER HOLDING AG
ZUERCHER ZIEGELEIEN HOLDING
ZUERICH VERSICHERUNGS-GESELLSCHAFT
ZUGER KANTONALBANK AG

U.K. NATIONAL EQUITY INDEX
AAH PLC
ABBEY NATIONAL PLC
ACATOS & HUTCHESON PLC
ADWEST GROUP PLC
AIRTOURS PLC
ALBERT FISHER GROUP PLC
ALFRED MCALPINE PLC
ALLIED COLLOIDS GROUP P.L.C.
ALLIED DOMECQ PLC
ALLIED LONDON PROPERTIES PLC
ALLIED TEXTILE COMPANIES PLC
AMERSHAM INTERNATIONAL PLC
ANGLIAN WATER PLC
ANTOFAGASTA HOLDINGS PLC
APPLEYARD GROUP PLC
APV PLC
ARGOS PLC
ARGYLL GROUP PLC
ARJO WIGGINS APPLETON PLC
ASDA PROPERTIES HOLDINGS PLC
ASHTEAD GROUP PLC
ASPREY PLC
<PAGE>
ASSOCIATED BRITISH FOODS PLC
ASSOCIATED BRITISH PORTS HOLDINGS PLC
ASTEC (BSR) PLC
ATTWOODS PLC
AUSTIN REED GROUP PLC
AVON RUBBER PLC
BAA PLC
BANK OF SCOTLAND (GOVERNOR & COMPANY)
BARCLAYS PLC
BARR & WALLACE ARNOLD TRUST PLC
BARRATT DEVELOPMENTS PLC
BARRY WEHMILLER INTERNATIONAL PLC
BASS PLC
BBA GROUP PLC
BEATTIE, JAMES PLC
BELLWAY PLC
BEMROSE CORPORATION PLC
BENTALLS PLC
BERISFORD INTERNATIONAL PLC
BERNARD MATTHEWS PLC
BESPAK PLC
BET PLC
BICC PLC
BILTON PLC
BLUE CIRCLE INDUSTRIES PLC
BODY SHOP INTERNATIONAL PLC
BODYCOTE INTERNATIONAL PLC
BOOKER PLC
BOOTS COMPANY PLC
BOWATER PLC
BOWTHORPE PLC
BPB INDUSTRIES PLC
BRADFORD PROPERTY TRUST PLC
BRAKE BROS PLC
BRAMMER PLC
BRISTOL EVENING POST PLC
BRITANNIC ASSURANCE PLC
BRITISH AIRWAYS PLC
BRITISH GAS PLC
BRITISH LAND COMPANY PLC
BRITISH PETROLEUM COMPANY PLC (THE)
BRITISH POLYTHENE INDUSTRIES PLC
BRITISH TELECOMMUNICATIONS PLC
BRITISH VITA PLC
BRITISH-BORNEO PETROLEUM SYNDICATE PLC
BRIXTON ESTATE PLC
BROMSGROVE INDUSTRIES PLC
BROWN, N GROUP PLC
BRYANT GROUP PLC
BSG INTERNATIONAL PLC
BSS GROUP PLC (THE)
BTP PLC
BTR PLC
BUDGENS PLC
BULLOUGH PLC
BUNZL PLC
BURFORD HOLDINGS PLC
BURMAH CASTROL PLC
BURTON GROUP PLC (THE)
B.A.T. INDUSTRIES PLC
CABLE AND WIRELESS PLC
CADBURY SCHWEPPES PLC
CAIRN ENERGY PLC
CALEDONIA INVESTMENTS PLC
CALOR GROUP PLC
CAPE PLC
CAPITAL AND REGIONAL PROPERTIES PLC
CARADON PLC
CARCLO ENGINEERING GROUP PLC
CARLTON COMMUNICATIONS PLC
CATER ALLEN HOLDINGS PLC
CATTLE'S (HOLDINGS) PLC
CHARLES BAYNES PLC
CHARTER PLC
CHESTERFIELD PROPERTIES PLC
CHRISTIAN SALVESEN PLC
CHRISTIES INTERNATIONAL PLC
CHURCH & CO PLC
CITY CENTRE RESTAURANTS PLC
CLOSE BROTHERS GROUP PLC
COATS VIYELLA PLC
COBHAM PLC
COMMERCIAL UNION PLC
COMMUNITY HOSPITALS GROUP PLC
COMPASS GROUP PLC
CONCENTRIC PLC
COOKSON GROUP PLC
CORNWELL PARKER PLC
COSTAIN GROUP PLC
COUNTRYSIDE PROPERTIES PLC
COURTAULDS PLC
COURTAULDS TEXTILES PLC
COURTS PLC
COWIE GROUP PLC
CRAY ELECTRONICS HOLDINGS PLC
CREST NICHOLSON PLC
CRODA INTERNATIONAL PLC
DAEJAN HOLDINGS PLC
DAILY MAIL & GENERAL TRUST PLC
DALGETY PLC
DANKA BUSINESS SYSTEMS PLC
DAVID S. SMITH (HOLDINGS) PLC
DAVIS SERVICE GROUP PLC
DAWSONGROUP PLC
DE LA RUE PLC
DELTA PLC
DERWENT VALLEY HOLDINGS PLC
DEWHIRST GROUP PLC
DIPLOMA PLC
DOBSON PARK INDUSTRIES PLC
DOMINO PRINTING SCIENCES PLC
DOWDING & MILLS PLC
EAST MIDLANDS ELECTRICITY PLC
EASTERN GROUP PLC
ELDRIDGE, POPE & CO. PLC
ELECTROCOMPONENTS PLC
ELLIS & EVERARD PLC
EMAP PLC
ENGLISH CHINA CLAYS PLC
ENTERPRISE OIL PLC
ETAM PUBLIC LIMITED COMPANY
EUROTHERM PLC
EVANS HALSHAW HOLDINGS PLC
EVANS OF LEEDS PLC
FAIREY GROUP PLC
FARNELL ELECTRONICS PLC
<PAGE>
FERGUSON INTERNATIONAL HOLDINGS PLC
FINE ART DEVELOPMENTS PLC
FINLAY, (JAMES) & CO. PLC
FIRST CHOICE HOLIDAYS PLC
FIRST LEISURE CORPORATION PLC
FISONS PLC
FKI PLC
FORTE PLC
FROGMORE ESTATES PLC
FULLER, SMITH & TURNER PLC
GEEST PLC
GENERAL ACCIDENT PLC
GENERAL ELECTRIC COMPANY PLC
GEORGE WIMPEY PLC
GERRARD & NATIONAL HOLDINGS PLC
GESTETNER HOLDINGS PLC
GKN PLC
GLAXO PLC
GLYNWED INTERNATIONAL PLC
GOAL PETROLEUM GROUP PLC
GOODE DURRANT PLC
GRAINGER TRUST PLC
GRAMPIAN HOLDINGS PLC
GRANADA GROUP PLC
GRAND METROPOLITAN PLC
GREAT PORTLAND ESTATES PLC
GREAT UNIVERSAL STORES PLC
GREENALLS GROUP PLC
GREENE KING PLC
GREYCOAT PLC
GUARDIAN ROYAL EXCHANGE PLC
GUINNESS PLC
HADEN MACLELLAN HOLDINGS PLC
HALL ENGINEERING (HOLDINGS) PLC
HALMA PLC
HAMBROS PLC
HAMMERSON PLC
HANSON PLC
HARDY OIL & GAS PLC
HARDYS & HANSONS PLC
HARRISONS & CROSFIELD PLC
HAYS PLC
HAZLEWOOD FOODS PLC
HELICAL BAR PLC
HENDERSON ADMINISTRATION GROUP PLC
HENLYS GROUP PLC
HEPWORTH PLC
HEWDEN STUART PLC
HEYWOOD WILLIAMS GROUP PLC
HICKSON INTERNATIONAL PLC
HIGHLAND DISTILLERIES COMPANY PLC
HILLSDOWN HOLDINGS PLC
HOLT JOSEPH PLC
HSBC HOLDINGS PLC
HUNTING PLC
H.P. BULMER HOLDINGS PLC
ICELAND GROUP PLC
IMI PLC
IMPERIAL CHEMICAL INDUSTRIES PLC
INCHCAPE PLC
INVESCO PLC
J SAINSBURY PLC
JAMES HALSTEAD GROUP PLC
JOHN MENZIES PLC
JOHN WADDINGTON PLC
JOHNSON GROUP CLEANERS PLC
JOHNSON MATTHEY PUBLIC LIMITED COMPANY
JOHNSON & FIRTH BROWN PLC
KALON GROUP PLC
KINGFISHER PLC
KLEINWORT BENSON GROUP PLC
KUNICK PLC
KWIK SAVE GROUP PLC
KWIK-FIT HOLDINGS PLC
LADBROKE GROUP PLC
LAING (JOHN) PLC
LAIRD GROUP PLC
LAMONT HOLDINGS PLC
LAND SECURITIES PLC
LAPORTE PLC
LEGAL & GENERAL GROUP PLC
LEIGH INTERESTS PLC
LEX SERVICE PLC
LIBERTY PLC
LIFE SCIENCES INTERNATIONAL PLC
LLOYD THOMPSON GROUP PLC
LLOYDS ABBEY LIFE PLC
LLOYDS BANK PLC
LLOYDS CHEMISTS PLC
LOGICA PLC
LONDON FORFAITING COMPANY PLC
LONDON MERCHANT SECURITIES PLC
LONRHO PLC
LOW & BONAR PLC
LUCAS INDUSTRIES PLC
M & G GROUP PLC
MACALLAN-GLENLIVET PLC
MACDONALD MARTIN DISTILLERIES PLC
MACFARLANE GROUP CLANSMAN PLC
MAI PLC
MANDERS PLC
MANSFIELD BREWERY PLC
MANWEB PLC
MARKS AND SPENCER PLC
MARLEY PLC
MARSHALLS PLC
MARSTON, THOMSON & EVERSHED PLC
MATTHEW CLARK PLC
MCKECHNIE PLC
MEDEVA PLC
MEGGITT PLC
MEPC PLC
METALRAX GROUP PLC
MEYER INTERNATIONAL PLC
MICRO FOCUS GROUP PLC
MID KENT HOLDINGS PLC
MIDLANDS ELECTRICITY PLC
MIRROR GROUP PLC
MOLINS PLC
MONUMENT OIL & GAS PLC
MORE O'FERRALL PLC
MORLAND & CO PLC
MUCKLOW (A & J) GROUP PLC
M.J. GLEESON GROUP PLC
NATIONAL POWER PLC
NATIONAL WESTMINSTER BANK PLC
<PAGE>
NEWMAN-TONKS GROUP PLC
NEWS INTERNATIONAL PLC
NEXT PLC
NFC PLC
NORCROS PLC
NORTH WEST WATER PLC
NORTHERN ELECTRIC PLC
NORTHERN FOODS PLC
NORTHUMBRIAN WATER GROUP PLC
NORWEB PLC
NURDIN & PEACOCK PLC
OCEAN GROUP PLC
OXFORD INSTRUMENTS PLC
PATERSON ZOCHONIS PLC
PEARSON PLC
PEEL HOLDINGS PLC
PENDRAGON PLC
PENINSULAR & ORIENTAL STEAM NAVIGATION
PERKINS FOODS PLC
PERRY GROUP PLC
PERSIMMON PLC
PETER BLACK HOLDINGS PLC
PHOTO-ME INTERNATIONAL PLC
PICT PETROLEUM PLC
PILKINGTON PLC
PLYSU PLC
POLYPIPE PLC
PORTALS GROUP PLC
PORTSMOUTH AND SUNDERLAND NEWSPAPERS PLC
POWELL DUFFRYN PLC
POWERGEN PLC
POWERSCREEN INTERNATIONAL PLC
POWERSCREEN INTERNATIONAL PLC
PREMIER CONSOLIDATED OILFIELDS PLC
PROVIDENT FINANCIAL PLC PROWTING PLC
PRUDENTIAL CORPORATION PLC
PSIT PLC
RACAL ELECTRONICS PLC
RAINE PLC
RANK ORGANISATION PLC
READICUT INTERNATIONAL PLC
RECKITT & COLMAN PLC
REDLAND PLC
REED INTERNATIONAL PLC
REFUGE GROUP PLC
REG VARDY PLC
RENISHAW PLC
RENOLD PLC
RENTOKIL GROUP PLC
REUTERS HOLDINGS PLC
RMC GROUP PLC
ROLLS-ROYCE PLC
ROTHMANS INTERNATIONAL P.L.C.
ROTORK PLC
ROWE EVANS INVESTMENTS PLC
RTZ CORPORATION PLC
RUGBY GROUP PLC
SANDERSON BRAMALL MOTOR GROUP PLC
SAVOY HOTEL PLC
SCAPA GROUP PLC
SCHOLL PLC
SCHRODERS PLC
SCOTTISH HYDRO-ELECTRIC PLC
SCOTTISH METROPOLITAN PROPERTY PLC
SCOTTISH POWER PLC
SCOTTISH TELEVISION PLC
SCOTTISH & NEWCASTLE PLC
SEARS PLC
SECURICOR GROUP PLC
SECURITY SERVICES PLC
SEDGWICK GROUP PLC
SEEBOARD PLC
SEMA GROUP PLC
SENIOR ENGINEERING GROUP PLC (SEGL)
SEVERN TRENT PLC
SHANKS & MCEWAN PLC
SHELL TRANSPORT & TRADING COMPANY (THE)
SHERWOOD GROUP PLC
SIDLAW GROUP PLC
SIEBE PLC
SIG PLC
SILENTNIGHT HOLDINGS PLC
SINGER & FRIEDLANDER GROUP PLC
SIRDAR PLC
SKETCHLEY PLC
SLOUGH ESTATES PLC
SMITH NEW COURT PLC
SMITH & NEPHEW PLC
SMITH (W.H.) GROUP PLC
SMITHKLINE BEECHAM P.L.C.
SMITHS INDUSTRIES PLC
SOUTH STAFFORDSHIRE WATER HOLDINGS PLC
SOUTH WALES ELECTRICITY PLC
SOUTH WEST WATER PLC
SOUTH WESTERN ELECTRICITY PLC
SOUTHEND PROPERTY HOLDINGS PLC
SOUTHERN BUSINESS GROUP PLC
SOUTHERN ELECTRIC PLC
SOUTHERN WATER PLC
SPIRAX-SARCO ENGINEERING PLC
ST JAMES'S PLACE CAPITAL PLC
STANDARD CHARTERED PLC
STANLEY LEISURE ORGANIZATION PLC
STAVELEY INDUSTRIES PLC
STOREHOUSE PLC
ST. IVES PLC
ST. MOWDEN PROPERTIES PLC
SUN ALLIANCE GROUP PLC
SUTER PLC
S.G. WARBURG GROUP PLC
T & N PLC TAKARE PLC
TATE & LYLE PLC
TESCO PLC
THAMES WATER PLC
THE BERKELEY GROUP PLC
THE BOC GROUP PLC
THE BODDINGTON GROUP PLC
THE MAYFLOWER CORPORATION PLC
THE MERSEY DOCKS AND HARBOUR COMPANY
THE MORGAN CRUCIBLE COMPANY PLC
THE ROYAL BANK OF SCOTLAND GROUP PLC
THORN EMI PLC
THORNTONS PLC
TIBBETT & BRITTEN GROUP
<PAGE>
TILBURY DOUGLAS PLC
TIME PRODUCTS PLC
TOMKINS PLC
TOPS ESTATES PLC
TOWN CENTRE SECURITIES PLC
TRAFFORD PARK ESTATES PLC
TRANSPORT DEVELOPMENT GROUP PLC
TRAVIS PERKINS PLC
TRINITY INTERNATIONAL HOLDINGS PLC.
TRIPLEX LLOYD PLC
TSB GROUP PLC
TT GROUP PLC
T.I. GROUP PLC
UDO HOLDINGS PLC
UNICHEM PLC
UNIGATE PLC
UNILEVER PLC
UNITECH PLC
UNITED BISCUITS (HOLDINGS) PLC
UNITED NEWSPAPERS PLC
VAUX GROUP PLC
VICKERS PLC
VICTAULIC PLC
VINTEN GROUP PLC
VODAFONE GROUP PLC
VOLEX GROUP PLC
VOSPER THORNYCROFT HOLDINGS PLC
VSEL PLC
WAGON INDUSTRIAL HOLDINGS PLC
WALKER GREENBANK PLC
WARDLE STOREYS PLC
WARNER ESTATE HOLDINGS PLC
WARNFORD INVESTMENTS PLC
WASSALL PLC
WATMOUGHS (HOLDINGS) PLC
WATSON & PHILIP PLC
WATTS BLAKE BEARNE & CO PLC
WEIR GROUP PLC
WELLCOME PLC
WELSH WATER PLC
WESSEX WATER PLC
WESTBURY PLC
WHATMAN PLC
WHITBREAD PLC
WILLIAM BAIRD PLC
WILLIAM COOK PLC
WILLIAMS HOLDINGS PLC
WILLIS CORROON GROUP PLC
WILSON BOWDEN PLC
WILSON (CONNOLLY) HOLDINGS PLC
WM. MORRISON SUPERMARKETS PLC
WOLSELEY PLC
WOLVERHAMPTON & DUDLEY BREWERIES PLC
Y J LOVELL (HOLDINGS) PLC
YORKSHIRE CHEMICALS PLC
YORKSHIRE ELECTRICITY GROUP PLC
YORKSHIRE WATER PLC
YORKSHIRE-TYNE TEES TELEVISION HLDGS PLC
YULE CATTO & CO., PLC
<PAGE>

PART C
------------------
OTHER INFORMATION

ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS

(A) FINANCIAL STATEMENTS

(1) The following financial statements are included in the Prospectus:

Financial Highlights for Wright EquiFund--Hong Kong, Wright
EquiFund--Italy, Wright EquiFund--Netherlands, and Wright
EquiFund--Spain for the six months ended June 30, 1995
(Unaudited), for each of the four years ended December 31, 1994
and for the period from the start of business June 28, 1990 to
December 31, 1990.

Financial Highlights for Wright EquiFund--Belgium/Luxembourg for
the six months ended June 30, 1995 (Unaudited) and for the period
from the start of business, February 15, 1994 to December 31,
1994.

Financial Highlights for Wright EquiFund--Japan, Wright
EquiFund--Nordic and Wright EquiFund--Switzerland for the six
months ended June 30, 1995 (Unaudited) and for the period from the
start of business, February 14, 1994 to December 31, 1994.

Financial Highlights for Wright EquiFund--Mexico for the six
months ended June 30, 1995 (Unaudited) and for the period from the
start of business, August 2, 1994 to December 31, 1994.

Financial Highlights for Wright EquiFund--Britain for the period
from the start of business, April 20,1995 to June 30, 1995
(Unaudited).

Financial Highlights for Wright EquiFund--Germany for the period
from the start of business, April 19,1995 to June 30, 1995
(Unaudited).

(2) The following financial statements are included in the Statement
of Additional Information:

For Wright EquiFund--Hong Kong, Wright EquiFund--Italy, Wright
EquiFund--Netherlands and Wright EquiFund--Spain:

Portfolio of Investments, June 30, 1995 (Unaudited)
Statements of Assets and Liabilities, June 30, 1995 (Unaudited)
Statement of Operations for the six months ended June 30, 1995
(Unaudited)
Statements of Changes in Net Assets for the six months ended
June 30, 1995 (Unaudited) and for the year ended December 31,
1994
Notes to Financial Statements
Portfolio of Investments, December 31, 1994
Statement of Assets and Liabilities, December 31, 1994
Statement of Operations for the year ended December 31, 1994
Statement of Changes in Net Assets for the two years ended
December 31, 1994
Notes to Financial Statements
Auditors' Report

For Wright EquiFund--Belgium/Luxembourg, Wright EquiFund--Japan,
Wright EquiFund--Nordic and Wright EquiFund--Switzerland:

Portfolio of Investments, June 30, 1995 (Unaudited)
Statements of Assets and Liabilities, June 30, 1995 Unaudited)
Statement of Operations for the six months ended June 30,
1995 (Unaudited)
Statements of Changes in Net Assets for the six months ended
June 30, 1995 (Unaudited) and for the period from the start of
business on February 15, 1994 for Wright EquiFund--
Belgium/Luxembourg and February 14, 1994 for Wright EquiFund--
Japan,
<PAGE>
Wright EquiFund--Nordic and Wright EquiFund--Switzerland
to December 31, 1994 Notes to
Financial Statements
Portfolio of Investments, December 31, 1994
Statement of Assets and Liabilities, December 31, 1994
Statement of Operations for the period from the start of
business on February 14, 1994 for Wright EquiFund--Japan,
Wright EquiFund--Nordic and Wright EquiFund--Switzerland and
February 15, 1994 for Wright EquiFund--Belgium/Luxembourg to
December 31, 1994 Statement of Changes in Net Assets for the
period from the start of business on February 14, 1994 for
Wright EquiFund--Japan, Wright EquiFund--Nordic and Wright
EquiFund--Switzerland and February 15, 1994 for Wright
EquiFund--Belgium/Luxembourg to December 31, 1994
Notes to Financial Statements
Auditors' Report

For Wright EquiFund--Mexico:

Portfolio of Investments, June 30, 1995 (Unaudited)
Statements of Assets and Liabilities, June 30, 1995 (Unaudited)
Statements of Operations for the six months ended June 30,
1995 (Unaudited)
Statements of Changes in Net Assets for the six months ended
June 30, 1995 (Unaudited) and for the period from the start of
business, August 2, 1994 to December 31, 1994
Notes to Financial Statements
Portfolio of Investments, December 31, 1994
Statement of Assets and Liabilities, December 31, 1994
Statement of Operations for the period from the start of
business on August 2, 1994 to December 31, 1994
Statement of Changes in Net Assets or the period from the
start of business on August 2, 1994 to December 31, 1994
Notes to Financial Statements
Auditors' Report

For Wright EquiFund--Britain:

Portfolio of Investments, June 30, 1995 (Unaudited)
Statements of Assets and Liabilities, June 30, 1995 (Unaudited)
Statements of Operations for the period from the start of
business April 20, 1995 to June 30, 1995 (Unaudited)
Statement of Changes in Net Assets for the period from the
start of business, April 20, 1995 to June 30, 1995 (Unaudited)
Notes to Financial Statements
Statement of Assets and Liabilities as of January 13, 1995
Auditors' Report

For Wright EquiFund--Germany:

Portfolio of Investments, June 30, 1995 (Unaudited)
Statements of Assets and Liabilities, June 30, 1995 (Unaudited)
Statements of Operations for the period from the start of
business April 19, 1995 to June 30, 1995 (Unaudited)
Statement of Changes in Net Assets for the period from the
start of business,April 19, 1995 to June 30, 1995 (Unaudited)
Notes to Financial Statements

THE ABOVE-REFERENCED FINANCIAL STATEMENTS ARE INCORPORATED BY REFERENCE TO
THE ANNUAL REPORTS FOR THE FUNDS, DATED DECEMBER 31, 1994, FILED
ELECTRONICALLY PURSUANT TO SECTION 30(B)(2) OF THE INVESTMENT COMPANY ACT
OF 1940 (ACCESSION NO. 0000715165-95-000020) AND THE SEMIANNUAL REPORT FOR
THE FUNDS, DATED JUNE 30, 1995, FILED ELECTRONICALLY PURSUANT TO SECTION
30(B)(2) OF THE INVESTMENT COMPANY ACT OF 1940 (ACCESSION NO.
0000853255-95-000008).
<PAGE>

(B) EXHIBITS:

(1) (a)Declaration of Trust dated July 14, 1989 as Amended and
Restated December 20, 1989 filed herewith.

(b)Amendment to the Declaration of Trust dated April 13, 1995
filed herewith.

(2) By-laws dated July 14, 1989 filed herewith.

(3) Not Applicable

(4) Not Applicable

(5) (a) (1) Investment Advisory Contract between the
Registrant on behalf of Wright EquiFund--Hong Kong, Wright
EquiFund--Italy, Wright EquiFund--Netherlands, and Wright
EquiFund--Spain and Wright Investors' Service dated August
25, 1994 filed herewith.
(a) (2) Investment Advisory Contract between the Registrant on
behalf of Wright EquiFund--Australasia, Wright
EquiFund--Global, Wright EquiFund--International, Wright
EquiFund--Ireland, Wright EquiFund--Mexico and Wright
EquiFund--United States and Wright
Investors' Service dated April 1, 1994 filed herewith.
(a) (3) Investment Advisory Contract between the Registrant on
behalf of Wright EquiFund--Austria, Wright
EquiFund--Belgium/Luxembourg, Wright EquiFund--Canada,
Wright EquiFund--France, Wright EquiFund--Germany, Wright
EquiFund--Japan, Wright EquiFund--Nordic and Wright
EquiFund--Switzerland and Wright Investors' Service dated
January 20, 1994, filed herewith.
(a) (4) Investment Advisory Contract between the Registrant on
behalf of Wright EquiFund--Britain and Wright Investors'
Service dated April 17, 1995 filed herewith.

(b) Amended and Restated Administration Agreement between the
Registrant and Eaton Vance Management dated February 28, 1995
filed as Exhibit (5)(b) to Post-Effective Amendment No. 8
filed April 12, 1995.

(6) Distribution Contract dated March 23, 1990 filed herewith.

(7) Not Applicable

(8) Custodian Agreement with Investors Bank & Trust Company dated
December 19, 1990

(9) Not Applicable

(10) Not Applicable

(11) Consent of Independent Certified Public Accountants filed herewith

(12) Not Applicable

(13) Agreement with Wright Investors' Service in consideration of
providing initial capital dated December 20, 1989 filed herewith.

(14) Not Applicable

(15) (a) Amended Distribution Plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940 dated July 7, 1993
filed herewith.
(b) Agreement Relating to Implementation of the Amended
Distribution Plan dated July 7, 1993 filed herewith.

(16) Schedule of Computation of Performance Quotations filed herewith.

(17) Power of Attorney dated September 20, 1995 filed herewith.

<PAGE>

ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

Not Applicable

ITEM 26. NUMBER OF HOLDERS OF SECURITIES

Title of Class Number of Record Holders as of September 15, 1995
- -------------------------------------------------------------------------------
Shares of Beneficial Interest Wright EquiFund--Australasia.......... -
Wright EquiFund--Austria.............. -
Wright EquiFund--Belgium/Luxembourg... 43
Wright EquiFund--Britain.............. 16
Wright EquiFund--Canada............... -
Wright EquiFund--France............... -
Wright EquiFund--Germany.............. 26
Wright EquiFund--Hong Kong............ 704
Wright EquiFund--Ireland.............. -
Wright EquiFund--Italy................ 51
Wright EquiFund--Japan................ 73
Wright EquiFund--Mexico............... 367
Wright EquiFund--Netherlands.......... 118
Wright EquiFund--Nordic............... 51
Wright EquiFund--Spain................ 74
Wright EquiFund--Switzerland.......... 71
Wright EquiFund--United States........ -
Wright EquiFund--Global............... -
Wright EquiFund--International........ -

ITEM 27. INDEMNIFICATION

The Registrant's By-Laws filed as Exhibit No. 2 herewith contain provisions
limiting the liability, and providing for indemnification, of the Trustees and
officers under certain circumstances.

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

ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

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

ITEM 29. PRINCIPAL UNDERWRITER

(a) Wright Investors' Service Distributors, Inc. (a wholly-owned
subsidiary of Wright Investors' Service) 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
<PAGE>
<TABLE>

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

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

ITEM 30. LOCATION OF ACCOUNTS AND RECORDS

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

ITEM 31. MANAGEMENT SERVICES

Not Applicable

ITEM 32. 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 Registrant undertakes to file a post-effective amendment, using
financial statments which need not be certified, within four to six
months from the effective date of any prior post-effective amendment
which made effective the reigstration of shares of a series of the
Registrant and from the commencement of operations, unless such filing
on behalf of that series has already been made.

(c) 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 Wight Investors' Service Distributors, Inc.,
1000 Lafayette Boulevard, Bridgeport, Connecticut 06604.

<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 Boston, and the
Commonwealth of Massachusetts on the 10th day of October, 1995.

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 10th day of October, 1995.

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

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

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

/s/ H. Day Brigham, Jr.
- ---------------------- Trustee
H. Day Brigham, Jr.

Winthrop S. Emmet*
- ------------------ Trustee
Winthrop S. Emmet

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

A. M. Moody III*
- ----------------- Trustee
A. M. Moody III

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

George R. Prefer*
- ----------------- Trustee
George R. Prefer

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

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

<PAGE>

EXHIBIT INDEX

The following exhibits are filed as part of this amendment to the
Registration Statement pursuant to General Instructions E of form N-1A.

Page in
Sequential
Numbering
Exhibit Description System
- ------------- ------------ ------------

(1)(a) Declaration of Trust dated July 14, 1989, as Amended
and Restated December 20, 1989

(1)(b) Amendment to the Declaration of Trust dated April 13, 1995

(1)(c) Amended and Restated Establishment and Designation of Series
dated April 13, 1995

(2) By-Laws dated July 14, 1989

(5)(a)(1) Investment Advisory Contract between the Trust on behalf
of Wright EquiFund--Hong Kong, Wright EquiFund--Italy,
Wright EquiFund--Netherlands and Wright EquiFund--Spain
and Wright Investors' Service dated August 25, 1994

(5)(a)(2) Investment Advisory Contract between the Trust on behalf
of Wright EquiFund--Australasia, Wright EquiFund--Global,
Wright EquiFund--International, Wright EquiFund--Ireland,
Wright EquiFund--Mexico and Wright EquiFund--United States
and Wright Investors' Service dated April 1, 1994

(5)(a)(3) Investment Advisory Contract between the Trust on behalf of
Wright EquiFund--Austria, Wright EquiFund--Belgium/Luxembourg,
Wright EquiFund--Canada, Wright EquiFund--France,
Wright EquiFund--Germany, Wright EquiFund--Japan,
Wright EquiFund-- Nordic, and Wright EquiFund--Switzerland
and Wright Investors Service dated January 20, 1994

(5)(a)(4) Investment Advisory Contract between the Trust on behalf of
Wright EquiFund--Britain and Wright Investors' Service dated
April 17, 1995

(6) Distribution Contract dated March 23, 1990

(8) Custodian Agreement with Investors Bank & Trust Company
dated December 19, 1990

(11) Consent of Independent Certified Public Accountants

(13) Agreement with Wright Investors' Service in consideration
of providing initial capital dated December 20, 1989 filed
herewith.

(15)(a) Amended Distribution Plan pursuant to Rule 12b-1 under the
Investment Company Act of 1940 dated July 7, 1993

(15)(b) Agreement Relating to Implementation of the Amended
Distribution Plan dated July 7, 1993

(16) Schedule of Computation of Performance Quotations

(17) Power of Attorney dated September 20, 1995

EXHIBIT (1)(a)

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
(The "Trust")

DECLARATION OF TRUST

Dated July 14, 1989

(As Amended and Restated December 20, 1989)

<PAGE>

TABLE OF CONTENTS

Article I Name

Article II Purpose of Trust

Article III Management of the Trust

Article IV Ownership of Assets of the Trust

Article V Powers of the Trustees

Article VI Beneficial Interest

Article VII Custody of Assets

Article VIII Contracts

Article IX Compensation and Reimbursement of Trustees

Article X Sale of Shares

Article XI Redemptions

Article XII Net Asset Value Per Share

Article XIII Dividends and Distributions;
Reduction of Outstanding Shares

Article XIV Miscellaneous

<PAGE>

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
(The "Trust")

DECLARATION OF TRUST

Dated July 14, 1989

(As Amended and Restated December 20, 1989)

AMENDED AND RESTATED DECLARATION OF TRUST, made December 20, 1989 by
John Winthrop Wright, Peter M. Donovan, H. Day Brigham, Jr., Winthrop S. Emmet,
Leland Miles, Lloyd F. Pierce, George R. Prefer and Raymond Van Houtte,
hereinafter referred to collectively as the "Trustees" and individually as a
"Trustee", which terms shall include any successor Trustees or Trustee.

WHEREAS, on July 14, 1989, the then Trustees established a trust fund
under a Declaration of Trust for the investment and reinvestment of funds
contributed thereto;

WHEREAS, the Trustees desire to amend and restate such Declaration of
Trust;

NOW, THEREFORE, the Trustees declare that all money and property
contributed to the trust fund hereunder shall be held and managed under this
Amended and Restated Declaration of Trust IN TRUST as herein set forth below.

ARTICLE I

NAME

This Trust shall be known as EquiFund-Wright National Fiduciary Equity
Funds (the "Trust").

ARTICLE II

PURPOSE OF TRUST

The purpose of this Trust is to provide investors with a continuous
source of managed investment primarily in securities.

ARTICLE III

MANAGEMENT OF THE TRUST

The business and affairs of the Trust shall be managed by the Trustees
and they shall have all powers necessary and appropriate to perform that
function. The number, term of office, manner of election, resignation, filling
of vacancies and procedures with respect to meetings of Trustees shall be as
prescribed in the By-Laws of the Trust.

<PAGE>

ARTICLE IV

OWNERSHIP OF ASSETS OF THE TRUST

The legal title to all cash, securities and property held by the Trust
shall at all times be vested in the Trustees. Shareholders (hereinafter referred
to as "Shareholders", or individually as a "Shareholder") of the Trust shall not
have title to any such assets held by the Trust, but each Shareholder shall be
deemed to own a proportionate undivided beneficial interest in the Trust equal
to the number of shares of a series, if more than one series of shares is
established by the Trustees as provided in Section 1A of Article VI, to which
such Shareholder is the record owner divided by the total number of shares of
such series outstanding.

ARTICLE V

POWERS OF THE TRUSTEES

The Trustees in all instances shall act as principals. The Trustees
shall have full power and authority to do any and all acts and to make and
execute any and all contracts and instruments that they may consider necessary
or appropriate in connection with the management of the Trust. The Trustees
shall not be bound or limited by present or future laws or customs in regard to
trust investments, but shall have full authority and power to make any and all
investments which they, in their uncontrolled discretion, shall deem proper to
accomplish the purpose of this Trust. Subject to any applicable limitation in
this Declaration of Trust or the By-Laws of the Trust, the Trustees shall have
power and authority:

(a) To buy, and invest funds of the Trust in, own, hold for
investment or otherwise, and to sell or otherwise dispose of,
securities including, but not limited to, common stock,
preferred stock, bonds, debentures, warrants and rights to
purchase securities, certificates of beneficial interest,
notes or other evidences of indebtedness, or other negotiable
securities, however named or described, issued by
corporations, trusts or associations, domestic or foreign, or
issued and guaranteed by the United States of America or any
agency or instrumentality thereof, by the government of any
foreign country, by any State of the United States, or by any
political sub-division or agency of any State or foreign
country, in deposits in any bank or trust company in good
standing organized under the laws of the United States or any
State thereof, or in "when-issued" contracts for any such
securities, or retain such proceeds in cash, to purchase and
sell (or write) options on securities, currency, indices, and
other financial instruments and enter into closing
transactions in connection therewith, to enter into forward
foreign currency exchange contracts, to purchase and sell
currency of all countries, to enter into repurchase agreements
and reverse repurchase agreements, to employ all kinds of
hedging techniques and investment management strategies and
from time to time change the investments of funds of the
Trust.

(b) To adopt By-Laws not inconsistent with this Declaration of
Trust providing for the conduct of the business of the Trust,
which By-Laws shall bind the Shareholders, and to amend and
repeal such By-Laws to the extent that such authority is not
otherwise reserved to the Shareholders.

(c) To elect and remove such officers of the Trust and to
appoint and terminate such agents of the Trust as they
consider appropriate.

<PAGE>

(d) To employ a bank or trust company as custodian of any
assets of the Trust subject to any conditions set forth in
this Declaration of Trust or in the By-Laws.

(e) To retain a transfer agent and shareholder servicing
agent, or both, which may be the same entity, for the Trust.

(f) From time to time to sell Shares of the Trust either for
cash or property whenever and in such amounts as the Trustees
may deem desirable but subject to the limitations as set forth
herein and to provide for the distribution of shares of the
Trust either through a principal underwriter in the manner
hereinafter provided for or by the Trust itself, or both.

(g) To set record dates in the manner hereinafter provided
for.

(h) To delegate such authority as they consider desirable to
any officers of the Trust and to any agent, custodian or
underwriter.

(i) To sell or give assent, or exercise any rights of
ownership, with respect to stock or other securities or
property held by the Trust, and to execute and deliver powers
of attorney to such person or persons as the Trustees shall
deem proper, granting to such person or persons such power and
discretion with relation to stock or other securities or
property as the Trustees shall deem proper.

(j) To exercise all of the rights of the Trust as owner of any
securities which might be exercised by any individual owning
such securities in his own right, including without limitation
the right to vote by proxy for any and all purposes (including
the right to authorize any officer or agent of the Trust to
execute proxies), to consent to the reorganization, merger or
consolidation of any company, or to consent to the sale or
lease of all or substantially all of the property and assets
of any company to any other company; to exchange any of the
securities of any company for the securities, including shares
of stock, issued therefor upon any such reorganization,
merger, consolidation, sale or lease; to exercise any
conversion or subscription privileges, rights, options and
warrants incident to the ownership of any security owned by it
or acquired therewith; to hold any securities acquired in the
name of the custodian of the assets of the Trust, or in the
name of its nominee or a nominee of the Trust, or in any
manner permitted herein or in the By-Laws; to lend portfolio
securities to others; and to execute any and all instruments
and do any and all things incidental to the Trust not
inconsistent with the provisions hereof, the execution or
performance of which the Trustees may deem expedient.

(k) To hold any security or property in a form not indicating
any trust, whether in bearer, unregistered or other negotiable
form; or either in its own name or in the name of a custodian
or a nominee or nominees of the Trust or of a custodian,
subject in either case to proper safeguards according to the
usual practice of Massachusetts trust companies or investment
companies.

(l) To compromise, arbitrate, or otherwise adjust claims of
the Trust in favor or against the Trust or any matter in
controversy including, but not limited to, claims for taxes.

<PAGE>

(m) To make distributions of income and of capital gains to
Shareholders in the manner hereinafter provided for, the
amount of such distributions and their payment to be solely at
the discretion of the Trustees, subject to the limitations
otherwise contained in this Declaration of Trust.

(n) To pay any and all taxes or liens of whatever nature or
kind imposed upon or against the Trust or any part thereof, or
imposed upon any of the Trustees herein, individually or
jointly, by reason of the Trust, or of the business conducted
by said Trustees under the terms of this Declaration of Trust,
out of the funds of the Trust available for such purpose.

(o) To engage in and to prosecute, compound, compromise,
abandon, or adjust, by arbitration, or otherwise, any actions,
suits, proceedings, disputes, claims, demands, and things
relating to the Trust, and out of the assets of the Trust to
pay, or to satisfy, any debts, claims or expenses incurred in
connection therewith, including those of litigation, upon any
evidence that the Trustees may deem sufficient. The powers
aforesaid are to include any actions, suits, proceedings,
disputes, claims, demands and things relating to the Trust
wherein any of the Trustees may be named individually, but the
subject matter of which arises by reason of business for and
on behalf of the Trust.

(p) To buy or join with any person or persons in buying the
property of any corporation, association, or other
organization any of the securities of which are included in
the Trust, or any property in which the Trustees, as such,
shall have or may hereafter acquire an interest, and to allow
the title to any property so bought to be taken in the name or
names of, and to be held by, such person, or persons as the
Trustees shall name or approve.

(q) From time to time in their discretion to enter into,
modify and terminate agreements with Federal or state
regulatory authorities, which agreements may restrict but not
amplify their powers under this Declaration of Trust. Such
agreements shall be signed by all the Trustees for the time
being and shall, during their effectiveness, be binding upon
the Trustees as fully as though incorporated in this
Declaration of Trust.

(r) To borrow money and in this connection issue notes or
other evidence of indebtedness; to secure borrowings by
mortgaging, pledging or otherwise subjecting as security the
Trust property; to endorse, guarantee, or undertake the
performance of any obligation or engagement of any other
person and to lend Trust property.

The foregoing enumeration of specific powers shall not be held to limit
or restrict in any manner the general powers of the Trustees.

No one dealing with the Trustees shall be under any obligation to make
any inquiry concerning the authority of the Trustees, or to see to the
application of any payments made or property transferred to the Trustees or upon
their order. The Trustees may authorize one of their number to sign, execute,
acknowledge, and deliver any note, deed, certificate or other instrument in the
name of, and in behalf of, the Trust, and upon such authorization such
signature, acknowledgment or delivery shall have full force and effect as the
act of all of the Trustees.

<PAGE>

ARTICLE VI

BENEFICIAL INTEREST

Section 1. Shares of Beneficial Interest The beneficial interest in the
Trust shall at all times be divided into an unlimited number of transferable
shares (hereinafter referred to as the "Shares" and individually as a "Share"),
without par value. The Trustees may, in their discretion and as provided by
Section 1A of this Article VI, authorize the division of Shares into two or more
series, and the Trustees may vary the relative rights and preferences between
different series. Each Share of a series represents an equal proportionate
interest in the Trust with each other Share outstanding. The Trustees may from
time to time divide or combine the Shares into a greater or lesser number
without thereby changing the proportionate beneficial interests in the Trust.
Contributions to the Trust may be accepted for, and Shares shall be redeemed as,
whole Shares and/or fractional Shares as the Trustees may in their discretion
determine. The Trustees may issue certificates of beneficial interest to
evidence ownership of such Shares as they may determine from time to time.

Section 1A. Series Designation The Trustees, in their discretion, may
authorize the division of Shares into two or more series, and the different
series shall be established and designated, and the variations in the relative
rights and preferences as between the different series shall be fixed and
determined by the Trustees; provided, that all Shares shall be identical except
that there may be variations so fixed and determined between different series as
to investment objective, investment policies, purchase price, right of
redemption, special and relative rights as to dividends and on liquidation,
conversion rights, and conditions under which the several series shall have
separate voting rights. All references to Shares in this Declaration shall be
deemed to be shares of any or all series as the context may require.

If the Trustee shall divide the Shares of the Trust into two or more
series, the following provisions shall be applicable:

(a) The number of authorized Shares and the number of Shares
of each series that may be issued shall be unlimited. The
Trustees may classify or reclassify any unissued Shares or any
Shares previously issued and reacquired of any series into one
or more series that may be established and designated from
time to time. The Trustees may hold as treasury shares (of the
same or some other series), reissue for such consideration and
on such terms as they may determine, or cancel any Shares of
any series reacquired by the Trust at their discretion from
time to time.

(b) All consideration received by the Trust for the issue or
sale of Shares of a particular series, together with all
assets in which such consideration is invested or reinvested,
all income, earnings, profits, and proceeds thereof, including
any proceeds derived from the sale, exchange or liquidation of
such assets, and any funds or payments derived from any
reinvestment of such proceeds in whatever form the same may
be, shall irrevocably belong to that series for all purposes,
subject only to the rights of creditors and except as may
otherwise be required by applicable tax laws, and shall be so
recorded upon the books of account of the Trust. In the event
that there are any assets, income, earnings, profits, and
proceeds thereof, funds or payments which are not readily
identifiable as belonging to any particular series, the
Trustees shall allocate them among any one or more of the
series established and designated from time to time in such
manner and on such basis as they, in their sole discretion,
deem fair and equitable. Each such allocation by the Trustees
shall be conclusive and binding upon the shareholders of all
series for all purposes.

<PAGE>

(c) The assets belonging to each particular series shall be
charged with the liabilities of the Trust in respect of that
series and all expenses, costs, charges and reserves
attributable to that series, and any general liabilities,
expenses, costs, charges or reserves of the Trust which are
not readily identifiable as belonging to any particular series
shall be allocated and charged by the Trustees to and among
any one or more of the series established and designated from
time to time in such manner and on such basis as the Trustees
in their sole discretion deem fair and equitable. Each
allocation of liabilities, expenses, costs, charges and
reserves by the Trustees shall be conclusive and binding upon
the holders of all series for all purposes. The Trustees shall
have full discretion, to the extent not inconsistent with the
Investment Company Act of 1940, to determine which items are
capital; and each such determination and allocation shall be
conclusive and binding upon the Shareholders. The
establishment and designation of any series of Shares shall be
effective upon the execution by a majority of the then
Trustees of an instrument setting forth such establishment and
designation and the relative rights and preferences of such
series, or as otherwise provided in such instrument. At any
time that there are no Shares outstanding of any particular
series previously established and designated, the Trustees may
by an instrument executed by a majority of their number
abolish that series and the establishment and designation
thereof. Each instrument referred to in this paragraph shall
constitute an amendment to this Declaration in accordance with
Section 7 of Article XIV hereof, and a copy of each such
instrument shall be filed in accordance with Section 5 of
Article XIV hereof.

Section 2. Ownership of Shares The ownership of Shares shall be
recorded in the books of the Trust or of a transfer agent. The Trustees may make
such rules and adopt such procedures as they consider appropriate for the
transfer of shares and similar matters. The record books of the Trust or of any
transfer agent, as the case may be, shall be conclusive evidence as to who are
the holders of Shares and as to the number of Shares held from time to time by
each such holder.

Section 3. Investment in the Trust The Trustees shall accept
investments in the Trust from such persons and on such terms as they may from
time to time authorize. After the date of the initial contribution of capital,
the number of Shares representing the initial contribution may, in the Trustees'
discretion, be considered as outstanding and the amount received by the Trustees
on account of the contribution shall be treated as an asset of the Trust.
Subsequent investments in the Trust shall be credited to the Shareholder's
account in the form of full and fractional shares of the Trust at the net asset
value per share as determined in accordance with Article XII hereof; provided,
however, that the Trustees may, in their sole discretion, impose a sales charge
upon investments in the Trust.

Section 4. Preemptive Rights Shareholders shall have no preemptive or
other right to subscribe to any additional Shares or other securities issued by
the Trust, except as the Trustees may determine with respect to any series of
Shares.

ARTICLE VII

CUSTODY OF ASSETS

The Trustees shall at all times employ a bank or trust company having
aggregate capital, surplus and undivided profits (as shown in its last published
report) of at least two million dollars ($2,000,000) as custodian (the
"Custodian") with authority as its agent, but subject to such restrictions,
limitations and other requirements, if any, as may be contained in the By-Laws:

<PAGE>

(a) To hold the securities owned by the Trust and deliver the
same upon written order;

(b) To receive and receipt for any moneys due to the Trust and
deposit the same in its own banking department or, as the
Trustees may direct, in any bank or trust company in good
standing organized under and by the laws of the United States,
or of any state thereof, approved by the Custodian, provided
that all such deposits shall be subject only to the draft or
order of the Custodian; and

The Trustees may also employ such Custodian as its agent:

(a) To keep the books and accounts of the Trust and furnish
clerical and accounting services; and

(b) To compute the net asset value per share in accordance
with the provision of Article XII hereof.

All of the foregoing services shall be performed upon such basis of
compensation as may be agreed upon between the Trustees and the Custodian. If so
directed by vote of the holders of a majority of the outstanding Shares, the
Custodian shall deliver and pay over all property of the Trust held by it as
specified in such vote.

The Trustees may also authorize the Custodian to employ one or more
subcustodians from time to time to perform such of the acts and services of the
Custodian and upon such terms and conditions as may be agreed upon between the
Custodian and such sub-custodian and approved by the Trustees.

Subject to such rules, regulations and orders as the Securities and
Exchange Commission (the "Commission") may adopt, the Trustees may direct the
Custodian to deposit all or any part of the securities in a depository and
clearing system established by a national securities exchange or a national
securities association registered with the Commission under the Securities
Exchange Act of 1934, as from time to time amended, or such other person as may
be permitted by the Commission, or otherwise in accordance with the Investment
Company Act of 1940, as from time to time amended (the "1940 Act"), pursuant to
which system all securities of any particular class or series of any issuer
deposited within the system are treated as fungible and may be transferred or
pledged by bookkeeping entry without physical delivery of such securities,
provided that all such deposits shall be subject to withdrawal only upon the
order of the Trust. The Trustees may also authorize the deposit with one or more
eligible foreign custodians of all or part of the Trust's foreign assets,
securities, cash and cash equivalents in amounts reasonably necessary to effect
the Trust's foreign investment transactions, in accordance with such rules,
regulations and orders as the Commission may adopt.

ARTICLE VIII

CONTRACTS

Section 1. Manager The Trustees may in their discretion from time to
time enter into a management contract whereby the other party to such contract
shall undertake to furnish to the Trustees such management, investment advisory,
statistical and research facilities and services and

<PAGE>

such other facilities and services, if any, and all upon such terms and
conditions as the Trustees may in their discretion determine. Notwithstanding
any provisions of this Declaration of Trust, the Trustees may authorize the
Manager (subject to such general or specific instructions as the Trustees may
from time to time adopt) to effect purchases, sales or exchanges of portfolio
securities of the Trust on behalf of the Trustees or may authorize any officer
or Trustee to effect such purchases, sales or exchanges pursuant to
recommendations of the Manager (and all without further action by the Trustees).
Any such purchases, sales or exchanges shall be deemed to have been authorized
by all of the Trustees.

The Trustees may also employ, or authorize the Manager to employ, one
or more investment advisers or sub-advisers from time to time to perform such of
the acts and services of the Manager and upon such terms and conditions as may
be agreed upon between the Manager and such investment adviser or sub-adviser
and approved by the Trustees.

Section 1A. Administrator The Trustees may in their discretion from
time to time enter into an administration agreement whereby the other party to
such agreement shall undertake to manage the business affairs of the Trust and
any and all additional series of the Trust that may be established from time to
time by action of the Trustees, and furnish for the use of the Trust office
space and necessary office facilities, equipment and personnel for administering
the affairs of the Trust.

Section 2. Principal Underwriter The Trustees may in their discretion
from time to time enter into a contract, providing for the sale of the Shares of
the Trust, whereby the Trust may either agree to sell the Shares to the other
party to the contract or appoint such other party its sales agent for such
shares (such other party being herein sometimes called the "underwriter"). In
either case, the contract shall be on such terms and conditions as may be
prescribed in the By-Laws, if any, and such further terms and conditions as the
Trustees may in their discretion determine not inconsistent with the provisions
of this Article VIII, or of the By-Laws; and such contract may also provide for
the repurchase or sale of shares of the Trust by such other party as principal
or as agent of the Trust.

Section 2A. Plan of Distribution The Trustees may in their discretion
enter into a plan of distribution whereby the Trust may finance directly or
indirectly any activity which is primarily intended to result in sales of
Shares. Such plan of distribution may contain such terms and conditions as the
Trustees may in their discretion determine subject to the requirements of
Section 12 of the 1940 Act, Rule 12b-1 thereunder, and any other applicable
rules and regulations.

Section 3. Transfer Agent The Trustees may in their discretion from
time to time enter into a transfer agency and shareholder service contract
whereby the other party shall undertake to furnish the Trustees transfer agency
and shareholder services. The contract shall be on such terms and conditions as
the Trustees may in their discretion determine not inconsistent with the
provisions of this Declaration of Trust or of the By-Laws. The Trustees may
employ such party as its agent to (a) keep the books and accounts of the Trust
and furnish clerical and accounting service and (b) compute the net asset value
per share in accordance with the provisions of Article XII hereof. Such services
may be covered by one or more contracts and be provided by one or more entities.

Section 4. Parties to Contract Any contract of the character described
in Sections 1, 1A, 2, 2A and 3 of this Article VIII or in Article VII hereof may
be entered into with any corporation, firm, trust or association, although one
or more of the Trustees or officers of the Trust may be an officer, director,
trustee, shareholder, or member of such other party to the contract, and no such
contract shall be invalidated or rendered voidable by reason of the existence of
any such relationship, nor shall any person holding such relationship be liable
merely by reason of such relationship for any loss or

<PAGE>

expense to the Trust under or by reason of said contract or accountable for any
profit realized directly or indirectly therefrom, provided that the contract
when entered into was reasonable and fair and not inconsistent with the
provisions of this Article VIII, Article VII or the By-Laws. The same person
(including a firm, corporation, trust, or association) may be the other party to
contracts entered into pursuant to Sections 1, 1A, 2, 2A and 3 above or Article
VII, and any individual may be financially interested or otherwise affiliated
with persons who are parties to any or all of the contracts mentioned in this
Section 4.

Section 5. Provisions and Amendments Any contract entered into pursuant
to Sections 1 and 2 of this Article VIII shall be consistent with and subject to
the requirements of Section 15 of the 1940 Act and any applicable rules or
orders of the Securities and Exchange Commission with respect to its continuance
in effect, its termination, and the method of authorization and approval,
renewal or amendment thereof.

ARTICLE IX

COMPENSATION AND REIMBURSEMENT OF TRUSTEES

The Trustees shall be entitled to reasonable compensation from the
Trust and shall be reimbursed from the Trust estate for their expenses and
disbursements incurred by them in connection with the administration and
management of the Trust, including, without limitation, interest expense, taxes,
fees and commissions of every kind, expenses of issue, repurchase and redemption
of shares including expenses attributable to a program of periodic repurchases
or redemptions, expenses of registering and qualifying the Trust and its Shares
under Federal and state laws and regulations, charges of custodians, transfer
agents, and registrars, expenses of preparing and setting up in type
prospectuses, expenses of printing and distributing prospectuses sent annually
to existing shareholders, auditing and legal expense, reports to Shareholders,
expenses of meetings of Shareholders and proxy solicitations therefore,
insurance expense, association membership dues, expenses primarily intended to
result in sales of shares of the Trust, and such non-recurring items as may
arise, including litigation to which the Trust is a party and for all losses and
liabilities, as well as such other expenses as the Trustees may determine are
properly chargeable to the Trust. This section shall not preclude the Trust from
directly paying any of the aforementioned fees and expenses.

ARTICLE X

SALE OF SHARES

The Trustees shall have the power from time to time to issue and sell
or cause to be issued and sold an unlimited number of Shares of any series of
the Trust for cash or for property, which shall in every case be paid to the
Custodian as agent of the Trust before the delivery of any certificate for such
Shares. The shares of any series of the Trust, including any shares which may
have been repurchased by the Trust (herein sometimes referred to as "treasury
shares"), may be sold at a price as specified in the current prospectus of the
Trust. The Trust may impose, in connection with the purchase of Shares, a
purchase adjustment fee in such amount as may be fixed from time to time by the
Trustees and specified in the Trust's current prospectus.

When an underwriting contract is in effect pursuant to Article VIII,
Section 2, the time of sale shall be the time when an unconditional order is
placed with the underwriter. Such contract may provide for the sale of Shares
either at a price based on the net asset value determined next after the order
is placed with said underwriter or at a price based on a net asset value to be
determined at some

<PAGE>

later time, or at such other price as is assented to by the affirmative vote of
the holders of a majority of the outstanding Shares of the Trust. No Shares need
be offered to existing Shareholders before being offered to others. No Shares
shall be sold by the Trust (although Shares previously contracted to be sold may
be issued upon payment therefor) during any period when the determination of net
asset value is suspended by declaration of the Trustees pursuant to the
provisions of Article XII hereof. In connection with the acquisition by merger
or otherwise of all or substantially all the assets of a trust or another
investment company , including companies classified as personal holding
companies under Federal income tax laws, the Trustees may issue or cause to be
issued Shares of the Trust and accept in payment therefor such assets at such
value as may be determined by or under the direction of the Trustees, provided
that such assets are of the character in which the Trustees are permitted to
invest the funds of the Trust.

ARTICLE XI

REDEMPTIONS

Section 1. Redemption In case any Shareholder of record of the Trust
desires to dispose of his Shares, he may deposit at the office of the transfer
agent or other authorized agent of the Trust a written request or such other
form of request as the Trustees may from time to time authorize, requesting that
the Trust purchase the Shares in accordance with this Section l; and the
Shareholder so requesting shall be entitled to require the Trust to purchase,
and the Trust or the underwriter of the Trust shall purchase his said Shares,
but only at the net asset value per share (as determined under Article XII
hereof). Payment for such Shares shall be made by the Trust or the underwriter
of the Trust to the Shareholder of record within seven (7) days after the date
upon which the request is received. The Trustees may charge a redemption fee in
such amount as may be fixed from time to time by the Trustees but which shall
not exceed one-half of one percent (1/2%) of the net asset value per share.

Section 2. Manner of Payment Payment for such Shares may at the option
of the Trustees or such officer or officers as they may duly authorize for the
purpose, in their complete discretion, be made in cash, or in kind, or partially
in cash and partially in kind. In case of payment in kind the Trustees, or their
delegate, shall have absolute discretion as to what security or securities shall
be distributed in kind and the amount of the same, and the securities shall be
valued for purposes of distribution at the figure at which they were appraised
in computing the asset value of the Shares, provided that any Shareholder who
cannot legally acquire securities so distributed in kind by reason of the
prohibitions of the 1940 Act shall receive cash.

Section 3. Suspension of the Right of Redemption If, pursuant to
Article XII hereof, the Trustees declare a suspension of the determination of
net asset value, the rights of shareholders (including those who shall have
applied for redemption pursuant to Section 1 of this Article XI but who shall
not yet have received payment) to have shares redeemed and paid for by the Trust
shall be suspended until the termination of such suspension is declared. In the
case of a suspension of the right of redemption, a Shareholder may either
withdraw his request for redemption or receive payment based on the net asset
value existing after the termination of the suspension.

Section 4. Involuntary Redemptions The Trustees may require a
shareholder to redeem his Shares if the value of the Shares in his account is
below $1,000. The manner of effecting such involuntary redemptions shall be
determined from time to time by the Trustees.

<PAGE>

If the Trustees shall, at any time and in good faith, be of the opinion
that direct or indirect ownership of Shares or other securities of the Trust has
or may become concentrated in any person to an extent which would disqualify the
Trust as a regulated investment company under the Internal Revenue Code, then
the Trustees shall have the power by lot or other means deemed equitable by them
(i) to call for redemption by any such person a number, or principal amount, of
Shares or other securities of the Trust sufficient to maintain or bring the
direct or indirect ownership of Shares or other securities of the Trust into
conformity with the requirements for such qualification and (ii) to refuse to
transfer or issue Shares or other securities of the Trust to any person whose
acquisition of the Shares or other securities of the Trust in question would
result in such disqualification. The redemption shall be effected at the
redemption price and in the manner provided in Sections 1 and 2 of this Article
XI.

The holders of Shares or other securities of the Trust shall upon
demand disclose to the Trustees in writing such information with respect to
direct and indirect ownership of Shares or other securities of the Trust as the
Trustees deem necessary to comply with the provisions of the Internal Revenue
Code, or to comply with the requirements of any other taxing authority.

ARTICLE XII

NET ASSET VALUE PER SHARE

The net asset value of each Share of the Trust outstanding shall be
determined by the Trustees not less frequently than once on each day on which
the Trust is open for business, as of the close of trading on the New York Stock
Exchange or at such other time as the Trustees by resolution may determine. The
power and duty to determine net asset value may be delegated by the Trustees
from time to time to one or more of the Trustees and officers of the Trust, to
the other party to any contract entered into pursuant to Article VIII hereof, or
to the Custodian or a transfer agent. For the purpose of this Declaration of
Trust, any reference to the time at which a determination of net asset value is
made shall mean the time as of which the determination is made.

The Trustees may declare a suspension of the determination of net asset
value to the extent permitted by the 1940 Act.

The value of the assets of the Trust shall be determined in a manner
approved by the Trustees. From the total value of said assets, there shall be
deducted all indebtedness, interest and taxes, payable or accrued, expenses and
management charges accrued to the appraisal date, net income determined and
declared as a distribution and all other items in the nature of liabilities
which shall be deemed appropriate. The resulting amount which shall represent
the total net assets of the Trust shall be divided by the number of Shares
outstanding at the time as of which the calculation is made and the quotient so
obtained shall be deemed to be the net asset value of the Shares.

ARTICLE XIII

DIVIDENDS AND DISTRIBUTIONS; REDUCTION OF OUTSTANDING SHARES

(a) The total of distributions to Shareholders paid in respect of any
one fiscal year, subject to the exceptions noted below and other than dividends
resulting from stock splits or stock dividends, shall be approximately equal to
(1) the net income, exclusive of profits or losses realized upon the sale of
securities or other property, for such fiscal year, determined in accordance
with generally accepted accounting principles applicable to open-end investment
companies (which, if the Trustees so

<PAGE>

determine, may be adjusted for net amounts included as such accrued net income
in the price of Shares of the Trust issued or repurchased). Such total of
distributions may also include in the discretion of the Trustees an additional
amount (2) which shall not substantially exceed the excess of profits over
losses on sales of securities or other property for such fiscal year.
Notwithstanding the above, the Trustees may, upon the establishment of any
series of Shares, provide for variations in the rights to distributions between
different series. The decision of the Trustees as to what is income and what is
principal shall be final, and the decision of the Trustees as to what expenses
and charges of the Trust shall be charged against principal and what against
income shall be final, all subject to any applicable provisions of the 1940 Act
and rules and regulations and orders of the Commission promulgated thereunder.
For the purpose of the limitation imposed by this paragraph (a), Shares issued
pursuant to paragraph (b) of this Article XIII shall be valued at the applicable
net asset value per share.

Inasmuch as the computation of net income and gains for Federal income
tax purposes may vary from the computation thereof on the books, the above
provisions shall be interpreted to give to the Trustees the power in their
discretion to distribute for any fiscal year as ordinary dividends and as
capital gains distributions, respectively, additional amounts sufficient to
enable the Trust to avoid or reduce liability for taxes.

(b) The Trustees shall have power, to the fullest extent permitted by
the laws of Massachusetts, but subject to the limitation as to cash
distributions imposed by paragraph (a) of this Article XIII, at any time or from
time to time to declare and cause to be paid dividends or distributions which,
at the election of the Trustees, may be accrued, automatically reinvested in
additional Shares (or fractions thereof) of the Trust or paid in cash.

(c) Anything in this instrument to the contrary notwithstanding, the
Trustees may at any time declare and distribute pro rata among the Shareholders
a "stock dividend" out of either unissued or treasury shares, or both, except
that the Trustees may, in conjunction with the establishment of any series of
Shares, vary the right to receive a "stock dividend" between different series.

ARTICLE XIV

MISCELLANEOUS

Section 1. Trust Not a Partnership It is hereby expressly declared that
a trust and not a partnership is created hereby. No Trustee hereunder shall have
any power to bind personally either the Trust's officers or any Shareholders.

Section 2. Limitation of Personal Liability The Trustees shall not have
the power to bind the Shareholders or to call upon them or any of them for the
payment of any sum of money or any assessment whatever other than such sums as
the Shareholders at any time personally agree to pay by way of subscription for
shares or otherwise. All persons or corporations dealing or contracting with the
Trustees as such shall have recourse only to the Trust for the payment of their
claims or for the payment or satisfaction of claims or obligations arising out
of such dealings or contracts, so that neither the Trustees nor the
Shareholders, nor the agents or attorneys of the Trust, past, present or future,
shall be personally liable therefor. In all contracts or instruments creating
liability it may be expressly stipulated, either by such reference to this
instrument as shall accomplish such purpose or otherwise, that the liability of
the Trustees and Shareholders under such contracts or instruments shall be
limited to the assets which may from time to time constitute the Trust.

<PAGE>

Section 3. Trustee's Good Faith Action, Expert Advice, No Bond or
Surety The exercise by the Trustees of their powers and discretions hereunder in
good faith and with reasonable care under the circumstances then prevailing,
shall be binding upon everyone interested. Subject to the provisions of Section
1, of this Article XIV and to applicable provisions of the By-Laws, the Trustees
shall not be liable for errors of judgment or mistakes of fact or law. The
Trustees may take advice of counsel or other experts with respect to the meaning
and operation of this Declaration of Trust, and subject to the provisions of
Section 1 of this Article XIV and to applicable provisions of the By-Laws, shall
be under no liability for any act or omission in accordance with such advice or
for failing to follow such advice. Unless otherwise required by the By-Laws, the
Trustees shall not be required to give any bond as such, nor any surety if a
bond is required.

Section 4. Termination of Trust

(a) This Trust shall continue without limitation of time but
subject to the provisions of sub-sections (b), (c) and (d) of
this Section 4.

(b) The Trust may merge or consolidate with any other
corporation, association, trust or other organization or may
sell, lease or exchange all or substantially all of the Trust
Property, including its good will, upon such terms and
conditions and for such consideration when and as authorized
by a majority of the Trustees and at any meeting of
Shareholders called for the purpose by the affirmative vote of
the holders of two-thirds of the Shares outstanding and
entitled to vote, or by an instrument or instruments in
writing without a meeting, consented to by the holders of
two-thirds of the Shares; provided, however, that, if such
merger, consolidation, sale, lease or exchange is recommended
by the Trustees, the vote or written consent of the holders of
a majority of the shares outstanding and entitled to vote
shall be sufficient authorization; and any such merger,
consolidation, sale, lease or exchange shall be deemed for all
purposes to have accomplished under and pursuant to the
statutes of the Commonwealth of Massachusetts.

(c) Subject to the approval of a majority of the Trustees or
of a majority of the outstanding Shares of the Trust, the
Trustees may at any time sell and convert into money all the
assets of the Trust. Upon making provision for the payment of
all outstanding obligations, taxes and other liabilities,
accrued or contingent, of the Trust, the Trustees shall
distribute the remaining assets of the Trust ratably among the
holders of the outstanding Shares, except as may be otherwise
provided by the Trustees with respect to any series of Shares.

(d) Upon completion of the distribution of the remaining
proceeds or the remaining assets as provided in subsections
(b) and (c), the Trust shall terminate and the Trustees shall
be discharged of any and all further liabilities and duties
hereunder and the right, title and interest of all parties
shall be canceled and discharged.

Section 5. Filing of Copies, References, Headings and Counterparts The
original or a copy of this instrument, or any amendment hereto and of each
declaration of trust supplemental hereto, shall be kept at the office of the
Trust where it may be inspected by any Shareholder. A copy of this instrument,
of any amendment hereto, and of each supplemental declaration of trust shall be
filed by the Trustees with the Massachusetts Secretary of State and with any
other governmental office where such filing may from time to time be required.
Anyone dealing with the Trust may rely on a certificate by an officer of the
Trust as to whether or not any such amendments or supplemental

<PAGE>

declarations of trust have been made and as to any matters in connection with
the Trust hereunder, and with the same effect as if it were the original, may
rely on a copy certified by a Trustee or an officer of the Trust to be a copy of
this instrument or of any such amendment hereto or supplemental declaration of
trust. In this instrument or in any such amendment or supplemental declaration
of trust, references to this instrument, and all expressions such as "herein",
"thereof" and "hereunder", shall be deemed to refer to this instrument as
amended or affected by any such supplemental declaration of trust. Headings are
placed herein for convenience of reference only and in case of any conflict, the
text of this instrument, rather than the headings, shall control. This
instrument may be executed in any number of counterparts each of which shall be
deemed an original, but such counterparts shall constitute one instrument.

Section 6. Applicable Law The Trust set forth in this instrument is
made in the Commonwealth of Massachusetts, and it is created under and is to be
governed by and construed and administered according to the laws of said
Commonwealth. The Trust shall be of the type commonly called a Massachusetts
business trust, and without limiting the provisions hereof, the Trust may
exercise all powers which are ordinarily exercised by such a trust.

Section 7. Amendments The execution of an instrument setting forth the
establishment and designation and the relative rights of any series of Shares in
accordance with Section 1A of Article VI hereof shall, without any
authorization, consent or vote of the Shareholders, effect an amendment of this
Declaration. Except as otherwise provided in this Section 7, if authorized by
vote of a majority of the Trustees and a majority of the outstanding Shares of
the Trust affected by the amendment (which Shares shall, unless otherwise
provided by a vote of a majority of the Trustees, vote together on such
amendment as a single class), or by any larger vote which may be required by
applicable law or this Declaration of Trust in any particular case, the Trustees
may amend or otherwise supplement this Declaration. The Trustees may also amend
this Declaration without the vote or consent of Shareholders if (a) such
amendment would not have a material adverse effect on the interests of
Shareholders under this Declaration or (b) the Trustees deem it necessary to
conform this Declaration to the requirements of applicable Federal law or
regulations or the requirements of the regulated investment company provisions
of the Internal Revenue Code, but the Trustees shall not be liable for failing
to do so. Copies of any amendment or of the supplemental Declaration of Trust
shall be filed as specified in Section 5 of this Article XIV.

Nothing contained in this Declaration shall permit the amendment of
this Declaration to impair the exemption from personal liability of the
Shareholders, Trustees, officers, employees and agents permit assessments upon
Shareholders.

Notwithstanding any other provision hereof, until such time as a
Registration Statement under the Securities Act of 1933, as amended, covering
the first public offering of securities of the Trust shall have become
effective, this Declaration may be terminated or amended in any respect by the
affirmative vote of a majority of the Trustees or by an instrument signed by a
majority of the Trustees.

<PAGE>

IN WITNESS WHEREOF, the undersigned have executed this instrument this
20th day of December, 1989.

/s/ John Winthrop Wright /s/ H. Day Brigham, Jr.
- ------------------------- -----------------------
John Winthrop Wright H. Day Brigham, Jr.

/s/ Leland Miles /s/ George R. Prefer
- ------------------------- -----------------------
Leland Miles George R. Prefer

/s/ Peter M. Donovan /s/ Winthrop S. Emmet
- ------------------------ -----------------------
Peter M. Donovan Winthrop S. Emmet

/s/ Lloyd F. Pierce /s/ Raymond VanHoutte
- ------------------------ -----------------------
Lloyd F. Pierce Raymond VanHoutte

Exhibit (1)(b)

THE WRIGHT EQUIFUND EQUITY TRUST
(formerly called EquiFund-Wright National Fiduciary Equity Funds)

AMENDMENT TO DECLARATION OF TRUST

April 13, 1995

AMENDMENT, made April 13, 1995, to the Declaration of Trust made July
14, 1989 as Amended and Restated December 20, 1989 (hereinafter called the
"Declaration") of EquiFund-Wright National Fiduciary Equity Funds, a
Massachusetts business trust (hereinafter called the "Trust"), by the
undersigned being at least a majority of the Trustees of the Trust in office on
April 13, 1995.

WHEREAS, Section 7 of Article XIV of the Declaration empowers the
Trustees of the Trust to amend the Declaration without the vote or consent of
Shareholders if such amendment would not have a material dverse effect on the
interests of Shareholders; and

WHEREAS, the Trustees of the Trust have deemed it desirable to amend
the Declaration in the following manner to change the name of the Trust, and a
majority of the Trustees are empowered to make, execute and file this Amendment
to the Declaration;

NOW, THEREFORE, the undersigned Trustees do hereby amend the
Declaration in the following manner:

1. The caption at the head of the Declaration is hereby amended
to read as follows:

THE WRIGHT EQUIFUND EQUITY TRUST

2. Article I of the Declaration is hereby amended to read as
follows:

ARTICLE I

NAME

This Trust shall be known as The Wright EquiFund Equity Trust (the
"Trust").

<PAGE>

IN WITNESS WHEREOF, the undersigned Trustees have executed this
instrument this 13th day of April, 1995.

/s/ H. Day Brigham, Jr. /s/ A.M. Moody, III
- ----------------------- ----------------------
H. Day Brigham, Jr. A.M. Moody, III

/s/ Peter M. Donovan /s/ Lloyd F. Pierce
- ----------------------- ----------------------
Peter M. Donovan Lloyd F. Pierce

/s/ Winthrop S. Emmet /s/ George R. Prefer
- ----------------------- ----------------------
Winthrop S. Emmet George R. Prefer

/s/ Leland Miles /s/ Raymond Van Houtte
- ----------------------- -----------------------
Leland Miles Raymond Van Houtte

Exhibit (1)(c)

THE WRIGHT EQUIFUND EQUITY TRUST
(formerly EquiFund-Wright National Fiduciary Equity Funds)

Amended and Restated
Establishment and Designation of Series of Shares
of Beneficial Interest, Without Par Value

WHEREAS, pursuant to an Amended and Restated Establishment and
Designation of Series dated January 13, 1995, the Trustees of EQUIFUND-WRIGHT
NATIONAL FIDUCIARY EQUITY FUNDS, a Massachusetts business trust (the "Trust"),
redesignated the twenty-one existing separate series (or Funds) effective April
13, 1995, and established and designated one additional series (Wright EquiFund-
Britain) effective January 13, 1995.

WHEREAS, the Trustees now desire to abolish three separate series (or
Funds), i.e. Wright Centum 100-Global Fund, Wright Centum 100-International Fund
and Wright Centum 100-United States Fund, pursuant to Section 1A Article VI of
the Declaration of Trust.

NOW, THEREFORE, the undersigned, being at least a majority of the duly
elected and qualified Trustees presently in office of the Trust acting pursuant
to Section 1A of Article VI of the Declaration of Trust, hereby redivide the
shares of beneficial interest of the Trust into nineteen (19) separate series
(or Funds) of the Trust, each Fund to have the following special and relative
rights:

1. The Funds shall be designated as follows:

Wright EquiFund-Australasia
Wright EquiFund-Austria
Wright EquiFund-Belgium/Luxembourg
Wright EquiFund-Britain
Wright EquiFund-Canada
Wright EquiFund-France
Wright EquiFund-Germany
Wright EquiFund-Global
Wright EquiFund-Hong Kong
Wright EquiFund-International
Wright EquiFund-Ireland
Wright EquiFund-Italy
Wright EquiFund-Japan
Wright EquiFund-Mexico
Wright EquiFund-Netherlands
Wright EquiFund-Nordic
Wright EquiFund-Spain
Wright EquiFund-Switzerland
Wright EquiFund-United States

<PAGE>

2. Each Fund shall be authorized to invest in cash, securities,
instruments and other property as from time to time described in the Trust's
then currently effective registration statement under the Securities Act of 1933
and the Investment Company Act of 1940. Each share of beneficial interest of
each Fund ("share") shall be redeemable, shall be entitled to one vote (or
fraction thereof in respect of a fractional share) on matters on which shares of
that Fund shall be entitled to vote and shall represent a pro rata beneficial
interest in the assets allocated to that Fund, all as provided in the
Declaration of Trust. The proceeds of sales of shares of a Fund, together with
any income and gain thereon, less any diminution or expenses thereof, shall
irrevocably belong to that Fund, unless otherwise required by law. Each share of
a Fund shall be entitled to receive its pro rata share of net assets of that
Fund upon liquidation of that Fund.

3. Shareholders of each Fund shall vote separately as a class to the
extent provided in Rule 18f-2, as from time to time in effect, under the
Investment Company Act of 1940, as amended.

4. The assets and liabilities of the Trust shall be allocated among the
above referenced Funds as set forth in Section 1A of Article VI of the
Declaration of Trust, except as provided below.

(a) Costs incurred by the Trust in connection with initial
organization and start-up, including Federal and state registration and
qualification fees and expenses of the initial offering of Trust shares, shall
be deferred and amortized over a period not to exceed five years from the date
of inception, and such initial costs shall be borne by the respective Funds of
the Trust, commencing with the date they are activated, on a basis that is
deemed equitable by the Trustees.

(b) The liabilities, expenses, costs, charges or reserves of
the Trust (other than the management and investment advisory fees or the
organizational expenses paid by the Trust) which are not readily identifiable as
belonging to any particular Fund shall be allocated among the Funds on an
equitable basis as determined by the Trustees.

(c) The Trustees may from time to time in particular cases
make specific allocation of assets or liabilities among the Funds.

5. A majority of the Trustees (including any successor Trustees) shall
have the right at any time and from time to time to reallocate assets and
expenses or to change the designation of any Fund now or hereafter created, or
to otherwise change the special and relative rights of any such Fund, and to
terminate any Fund or add additional Funds as provided in the Declaration of
Trust.

-2-

<PAGE>

/s/ Peter M. Donovan /s/ A.M. Moody, III
- ----------------------- ----------------------
Peter M. Donovan A.M. Moody, III

/s/ H. Day Brigham, Jr. /s/ Lloyd F. Pierce
- ----------------------- ----------------------
H. Day Brigham, Jr. Lloyd F. Pierce

/s/ Winthrop S. Emmet /s/ George R. Prefer
- ----------------------- ----------------------
Winthrop S. Emmet George R. Prefer

/s/ Leland Miles /s/ Raymond Van Houtte
- ----------------------- -----------------------
Leland Miles Raymond Van Houtte

Dated: April 13, 1995

-3-

-1-

BY-LAWS EXHIBIT (2)

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
(The "Trust")

ARTICLE I

The Trustees

SECTION 1. Initial Trustees, Election and Term of Office. In the year 1990 or
1991,on a date fixed by the Trustees, the shareholders of the Trust shall elect
not less than three Trustees. The initial Trustees named in the Preamble of the
Declaration of Trust dated July 14, 1989, as from time to time amended (the
"Declaration of Trust"), and any additional Trustees appointed pursuant to
Section 4 of this Article I, shall serve as Trustees until the 1990 or 1991
election and until their successors are elected and qualified. The Trustees
elected at such 1990 or 1991 election shall serve as Trustees during the
lifetime of the Trust, except as otherwise provided below.

SECTION 2. Number of Trustees. The number of Trustees shall be fixed by the
Trustees, provided, however, that such number shall at no time exceed eighteen.

SECTION 3. Resignation and Removal. Any Trustee may resign his trust by written
instrument signed by him and delivered to the other Trustees, which shall take
effect upon such delivery or upon such later date as is specified therein. Any
Trustee may be removed at any time by written instrument, signed by at least
two-thirds of the number of Trustees prior to such removal, specifying the date
when such removal shall become effective. Any Trustee who requests in writing to
be retired or who has become incapacitated by illness or injury may be retired
by written instruments signed by a majority of the other Trustees, specifying
the date of his retirement. A Trustee may be removed at any special meeting of
the shareholders of the Trust by a vote of two-thirds of the outstanding shares
of beneficial interest of the Trust (the "shares").

SECTION 4. Vacancies. In case of the declination, death, resignation,
retirement, removal, or inability of any of the Trustees, or in case a vacancy
shall, by reason of an increase in number, or for any other reason, exist, the
remaining Trustees shall fill such vacancy by appointing such other person as
they in their discretion shall see fit. Such appointment shall be evidenced by a
written instrument signed by a majority of the Trustees in office whereupon the
appointment shall take effect. Within three months of such appointment the
Trustees shall cause notice of such appointment to be mailed to each shareholder
at his address as recorded on the books of the Trustees. An appointment of a
Trustee may be made by the Trustees then in office and notice thereof mailed to
Shareholders as aforesaid in anticipation of a vacancy to occur by reason of
retirement, resignation or increase in number of Trustees effective at a later
date, provided that said appointment shall become effective only at or after the
effective date of said retirement, resignation or increase in number of
Trustees. As soon as any Trustee so appointed shall have accepted this trust,
the trust estate shall vest in the new Trustee or Trustees, together with the
continuing Trustees, without any further act or conveyance, and he shall be
deemed a Trustee hereunder and under the Declaration of Trust. The power of
appointment is subject to the provisions of Section 16(a) of the Investment
Company Act of 1940, as from time to time amended (the "1940 Act").

Whenever a vacancy among the Trustees shall occur, until such
vacancy is filled, or while any Trustee is absent from the Commonwealth of
Massachusetts or, if not a domiciliary of Massachusetts, is absent from his
state of domicile, or is physically or mentally incapacitated by

<PAGE>

-2-

reason of disease or otherwise, the other Trustees shall have all the powers
hereunder and the certificate of the other Trustees of such vacancy, absence or
incapacity shall be conclusive, provided, however, that no vacancy shall remain
unfilled for a period longer than six calendar months.

SECTION 5. Temporary Absence of Trustee. Any Trustee may, by power of attorney,
delegate his power for a period not exceeding six months at any one time to any
other Trustee or Trustees, provided that in no case shall less than two Trustees
personally exercise the other powers hereunder except as herein otherwise
expressly provided.

SECTION 6. Effect of Death, Resignation, Removal, Etc. of a Trustee. The death,
declination, resignation, retirement, removal, or incapacity of the Trustees, or
any one of them, shall not operate to annul the Trust or to revoke any existing
agency created pursuant to the terms of the Declaration of Trust or these
By-Laws.

ARTICLE II

Officers and Their Election

SECTION 1. Officers. The officers of the Trust shall be a President, a
Treasurer, a Secretary, and such ther officers or agents as the Trustees may
from time to time elect. It shall not be necessary for any Trustee or other
officer to be a holder of shares in the Trust.

SECTION 2. Election of Officers. The Treasurer and Secretary shall be chosen
annually by the Trustees. The President shall be chosen annually by and from the
Trustees.

Except for the offices of President and Secretary, two or more
offices may be held by a single person. The officers shall hold office until
their successors are chosen and qualified.

SECTION 3. Resignations and Removals. Any officer of the Trust may resign by
filing a written resignation with the President or with the Trustees or with the
Secretary, which shall take effect on being so filed or at such time as may
otherwise be specified therein. The Trustees may at any meeting remove an
officer.

ARTICLE III

Powers and Duties of Trustees and Officers

SECTION 1. Trustees. The business and affairs of the Trust shall be managed by
the Trustees, and they shall have all powers necessary and desirable to carry
out that responsibility, so far as such powers are not inconsistent with the
laws of the Commonwealth of Massachusetts, the Declaration of Trust, or with
these By-Laws.

SECTION 2. Executive and other Committees.The Trustees may elect from their own
number an executive committee to consist of not less than three nor more than
five members, which shall have the power and duty to conduct the current and
ordinary business of the Trust, including the purchase and sale of securities,
while the Trustees are not in session, and such other powers and duties as the
Trustees may from time to time delegate to such committee. The Trustees may also
elect from their own number other committees from time to time, the number
composing such committees and the powers conferred upon the same to be
determined by vote of the Trustees.

<PAGE>

-3-

SECTION 3. Chairman of the Trustees. The Trustees may, but need not, appoint
from among their number a Chairman. When present he shall preside at the
meetings of the shareholders and of the Trustees. He may call meetings of the
Trustees and of any committee thereof whenever he deems it necessary. He shall
be an executive officer of this Trust and shall have, with the President,
general supervision over the business and policies of this Trust, subject to the
limitations imposed upon the President, as provided in Section 4 of this Article
III.

SECTION 4. President. In the absence of the Chairman of the Trustees, the
President shall preside at all meetings of the shareholders. Subject to the
Trustees and to any committees of the Trustees, within their respective spheres,
as provided by the Trustees, he shall at all times exercise a general
supervision and direction over the affairs of the Trust. He shall have the power
to employ attorneys and counsel for the Trust and to employ such subordinate
officers, agents, clerks and employees as he may find necessary to transact the
business of the Trust. He shall also have the power to grant, issue, execute or
sign such powers of attorney, proxies or other documents as may be deemed
advisable or necessary in furtherance of the interests of the Trust. The
President shall have such other powers and duties as, from time to time, may be
conferred upon or assigned to him by the Trustees.

SECTION 5. Treasurer. The Treasurer shall be the principal financial and
accounting officer of the Trust. He shall deliver all funds and securities of
the Trust which may come into his hands to such bank or trust company as the
Trustees shall employ as custodian in accordance with Article VII of the
Declaration of Trust. He shall make annual reports in writing of the business
conditions of the Trust, which reports shall be preserved upon its records, and
he shall furnish such other reports regarding the business and condition as the
Trustees may from time to time require. The Treasurer shall perform such duties
additional to foregoing as the Trustees may from time to time designate.

SECTION 6. Secretary. The Secretary shall record in books kept for the purpose
all votes and proceedings of the Trustees and the shareholders at their
respective meetings. He shall have custody of the seal, if any, of the Trust and
shall perform such duties additional to the foregoing as the Trustees may from
time to time designate.

SECTION 7. Other Officers. Other officers elected by the Trustees shall perform
such duties as the Trustees may from time to time designate.

SECTION 8. Compensation. The Trustees and officers of the Trust may receive such
reasonable compensation from the Trust for the performance of their duties as
the Trustees may from time to time determine.

ARTICLE IV

Meetings of Shareholders

SECTION 1. Meetings. Meetings of the shareholders may be called at any time by
the President, and shall be called by the President or the Secretary at the
request, in writing or by resolution, of a majority of the Trustees, or at the
written request of the holder or holders of ten percent (10%) or more of the
total number of shares of the then issued and outstanding shares of the Trust
entitled to vote at such meeting. Any such request shall state the purposes of
the proposed meeting.

SECTION 2. Place of Meetings. Meetings of the shareholders shall be held at the
principal place of business of the Trust in Boston, Massachusetts, unless a
different place within the United States is designated by the Trustees and
stated as specified in the respective notices or waivers of notice with respect
thereto.

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SECTION 3. Notice of Meetings. Notice of all meetings of the shareholders,
stating the time, place and the purposes for which the meetings are called,
shall be given by the Secretary to each shareholder entitled to vote thereat,
and to each shareholder who under the By-Laws is entitled to such notice, by
mailing the same postage paid, addressed to him at his address as it appears
upon the books of the Trust, at least twenty (20) days before the time fixed for
the meeting, and the person giving such notice shall make an affidavit with
respect thereto. If any shareholder shall have failed to inform the Trust of his
post office address, no notice need be sent to him. No notice need be given to
any shareholder if a written waiver of notice, executed before or after the
meeting by the shareholder or his attorney thereunto authorized, is filed with
the records of the meeting; provided that if a series of shares is entitled to
vote as a separate series on any matter, then in the case of that matter a
quorum shall consist of the holders of a majority of the total number of shares
of the then issued and outstanding shares of that series entitled to vote at the
meeting. Shares owned directly or indirectly by the Trust, if any, shall not be
deemed outstanding for this purpose.

SECTION 4. Quorum. Except as otherwise provided by law, to constitute a quorum
for the transaction of any business at any meeting of shareholders, there must
be present, in person or by proxy, holders of a majority of the total number of
shares of the then issued and outstanding shares of the Trust entitled to vote
at such meeting; provided that if a series of shares is entitled to vote as a
separate series on any matter, then in the case of that matter a quorum shall
consist of the holders of a majority of the total number of shares of the then
issued and outstanding shares of that series entitled to vote at the meeting.
Shares owned directly or indirectly by the Trust, if any, shall not be deemed
outstanding for this purpose.

If a quorum, as above defined, shall not be present for the
purpose of any vote that may properly come before any meeting of shareholders at
the time and place of any meeting, the shareholders present in person or by
proxy and entitled to vote at such meeting on such matter holding a majority of
the shares present entitled to vote on such matter may by vote adjourn the
meeting from time to time to be held at the same place without further notice
than by announcement to be given at the meeting until a quorum, as above
defined, entitled to vote on such matter, shall be present, whereupon any such
matter may be voted upon at the meeting as though held when originally convened.

SECTION 5. Voting. At each meeting of the shareholders every shareholder of the
Trust who shall be entitled to one (1) vote in person or by proxy for each of
the then issued and outstanding shares of the Trust then having voting power in
respect of the matter upon which the vote is to be taken, standing in his name
on the books of the Trust at the time of the closing of the transfer books for
the meeting, or, if the books be not closed for any meeting, on the record date
fixed as provided in Section 4 of Article VI of these By-Laws for determining
the shareholders entitled to vote at such meeting, or if the books be not closed
and no record date be fixed, at the time of the meeting. The record holder of a
fraction of a share shall be entitled in like manner to a corresponding fraction
of a vote. Notwithstanding the foregoing, the Trustees may, in conjunction with
the establishment of any series of shares, establish conditions under which the
several series shall have separate voting rights or no voting rights.

All elections of Trustees shall be conducted in any manner
approved at the meeting of the shareholders at which said election is held, and
shall be by ballot if so requested by any shareholder entitled to vote thereon.
The persons receiving the greatest number of votes shall be deemed and declared
elected. Except as otherwise required by law or by the Declaration of Trust or
by these By-Laws, all matters shall be decided by a majority of the votes cast,
as hereinabove provided, by persons entitled to vote thereon. With respect to
the submission of a management or investment advisory contract or a change in
investment policy to the shareholders for any shareholder approval required by
the Act, such matter shall be deemed to have been effectively acted upon with
respect to any series of shares if the holders of the lesser of

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(i) 67 per centum or more of the shares of that series present
or represented at the meeting if the holders of more than 50 per
centum of the outstanding shares of that series are present or
represented by proxy at the meeting or

(ii) more than 50 per centum of the outstanding shares of that series

vote for the approval of such matter, notwithstanding (a) that such matter has
not been approved by the holders of a majority of the outstanding voting
securities of any other series affected by such matter (as described in Rule
18-f2 under the Act) and (b) that such matter has not been approved by the vote
of a majority of the outstanding voting securities of the Trust (as defined in
the Act).

SECTION 6. Proxies. Any shareholder entitled to vote upon any matter at any
meeting of the shareholders may so vote by proxy, but no proxy which is dated
more than six months before the meeting named therein shall be accepted and no
such proxy shall be valid after the final adjournment of such meeting. Every
proxy shall be in writing subscribed by the shareholder or his duly authorized
attorney and shall be dated, but need not be sealed, witnessed or acknowledged.
Proxies shall be delivered to the Secretary or person acting as secretary of the
meeting before being voted. A proxy with respect to stock held in the name of
two or more persons shall be valid if executed by one of them unless at or prior
to exercise of the proxy the Trust receives a specific written notice to the
contrary from any one of them. A proxy purporting to be executed by or on behalf
of a shareholder shall be deemed valid unless challenged at or prior to its
exercise.

SECTION 7. Consents. Any action which may be taken by shareholders may be taken
without a meeting if a majority of shareholders entitled to vote on the matter
(or such larger proportion thereof as shall be required by law, the Declaration
or these By-Laws for approval of such matter) consent to the action in writing
and the written consents are filed with the records of the meetings of
shareholders. Such contents shall be treated for all purposes as a vote taken at
a meeting of shareholders.

ARTICLE V

Trustees Meetings

SECTION 1. Meetings. The Trustees may in their discretion provide for regular or
stated meetings of the Trustees. Meetings of the Trustees other than regular or
stated meetings shall be held whenever called by the Chairman, President or by
any other Trustee at the time being in office. Any or all of the Trustees may
participate in a meeting by means of a conference telephone or similar
communications equipment by means of which all persons participating in the
meeting can hear each other at the same time, and participation by such means
shall constitute presence in person at a meeting.

SECTION 2. Notices. Notice of regular or stated meetings need not be given.
Notice of the time and place of each meeting other than regular or stated
meetings shall be given by the Secretary or by the Trustee calling the meeting
and shall be mailed to each Trustee at least two (2) days before the meeting, or
shall be telegraphed, cabled, or wirelessed to each Trustee at his business
address or personally delivered to him at least one (1) day before the meeting.
Such notice may, however, be waived by all the Trustees. Notice of a meeting
need not be given to any Trustee if a written waiver of notice, executed by him
before or after the meeting, is filed with the records of the meeting, or to any
Trustee who attends the meeting without protesting prior thereto or at its
commencement the lack of notice to him. A notice or waiver of notice need not
specify the purpose of any special meeting.

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SECTION 3. Consents. Any action required or permitted to be taken at any meeting
of the Trustees may be taken by the Trustees without a meeting if a written
consent thereto is signed by all the Trustees and filed with the records of the
Trustees' meetings. Such consent shall be treated as a vote at a meeting for all
purposes.

SECTION 4. Place of Meetings. The Trustees may hold their meetings outside of
the Commonwealth of Massachusetts, and may, to the extent permitted by law, keep
the books and records of the Trust, and provide for the issue, transfer and
registration of its stock, outside of said State at such places as may, from
time to time, be designated by the Trustees.

SECTION 5. Quorum and Manner of Acting. A majority of the Trustees in office
shall be present in person at any regular stated or special meeting of the
Trustees in order to constitute a quorum for the transaction of business at such
meeting and (except as otherwise required by the Declaration of Trust, by these
By-Laws or by statute) the act of a majority of the Trustees present at any such
meeting, at which a quorum is present, shall be the act of the Trustees. In the
absence of quorum, a majority of the Trustees present may adjourn the meeting
from time to time until a quorum shall be present. Notice of any adjourned
meeting need not be given.

ARTICLE VI

Shares of Beneficial Interest

SECTION 1. Certificates of Beneficial Interest. Certificates for shares of
beneficial interest of any series of the Trust, if issued, shall be in such form
as shall be approved by the Trustees. They shall be signed by, or in the name
of, the Trust by the President and by the Treasurer and may, but need not be,
sealed with seal of the Trust; provided, however, that where such certificate is
signed by a transfer agent or a transfer clerk acting on behalf of the Trust or
a registrar other than a Trustee, officer or employee of the Trust, the
signature of the President or Treasurer and the seal may be facsimile. In case
any officer or officers who shall have signed, or whose facsimile signature or
signatures shall have been used on any such certificate or certificates, shall
cease to be such officer or officers of the Trust whether because of death,
resignation or otherwise, before such certificate or certificates shall have
been delivered by the Trust, such certificate or certificates may nevertheless
be adopted by the Trust and be issued and delivered as though the person or
persons who signed such certificate or certificates or whose facsimile
signatures shall have been used thereon had not ceased to be such officer or
officers of the Trust.

SECTION 2. Transfer of Shares. Transfers of shares of beneficial interest of the
Trust shall be made only on the books of the Trust by the owner thereof or by
his attorney thereunto authorized by a power of attorney duly executed and filed
with the Secretary or a transfer agent, and only upon the surrender of any
certificate or certificates for such shares. The Fund shall not impose any
restrictions upon the transfer of the shares of the Fund, but this requirement
shall not prevent the charging of customary transfer agent fees.

SECTION 3. Transfer Agent and Registrar; Regulations. The Trust shall, if and
whenever the Trustees shall so determine, maintain one or more transfer offices
or agencies, each in the charge of a transfer agent designated by the Trustees,
where the shares of beneficial interest of the Trust shall be directly
transferable. The Trust shall, if and whenever the Trustees shall so determine,
maintain one or more registry offices, each in the charge of a registrar
designated by the Trustees, where such shares shall be registered, and no
certificate for shares of the Trust in respect of which a transfer agent and/or
registrar shall have been designated shall be valid unless countersigned by such
transfer

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agent and/or registered by such registrar. The principal transfer agent shall be
in the Commonwealth of Massachusetts and shall have charge of the stock transfer
books, lists and records, which shall be kept in Massachusetts in an office
which shall be deemed to be the stock transfer office of the Trust. The Trustees
may also make such additional rules and regulations as it may deem expedient
concerning the issue, transfer and registration of certificates for shares of
the Trust.

SECTION 4. Closing of Transfer Books and Fixing Record Date. The Trustees may
fix in advance a time which shall be not more than sixty (60) days before the
date of any meeting of shareholders, or the date for the payment of any dividend
or the making of any distribution to shareholders or the last day on which the
consent or dissent of shareholders may be effectively expressed for any purpose,
as the record date for determining the shareholders having the right to notice
of and to vote at such meeting, and any adjournment thereof, or the right to
receive such dividend or distribution or the right to give such consent or
dissent, and in such case only shareholders of record on such record date shall
have such right, notwithstanding any transfer of stock on the books of the Trust
after the record date. The Trustees may, without fixing such record date, close
the transfer books for all or any part of such period for any of the foregoing
purposes.

SECTION 5. Lost, Destroyed or Mutilated Certificates. The holder of any shares
of the Trust shall immediately notify the Trust of any loss, destruction or
mutilation of the certificate therefor, and the Trustees may, in their
discretion, cause new certificate or certificates to be issued to him, in case
of mutilation of the certificate, upon the surrender of the mutilated
certificate, or, in case of loss or destruction of the certificate, upon
satisfactory proof of such loss or destruction and, in any case, if the Trustees
shall so determine, upon the delivery of a bond in such form and in such sum and
with such surety or sureties as the Trustees may direct, to indemnify the Trust
against any claim that may be made against it on account of the alleged loss or
destruction of any such certificate.

SECTION 6. Record Owner of Stock. The Trust shall be entitled to treat the
person in whose name any share of a series of the Trust is registered on the
books of the Trust as the owner thereof, and shall not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part of
any other person.

ARTICLE VII

Fiscal Year

The fiscal year of the Trust shall be the calendar year,
provided, however, that the Trustees may from time to time change the fiscal
year.

ARTICLE VIII

Seal

The Trustees may adopt a seal of the Trust which shall be in
such form and shall have such inscription thereon as the Trustees may from time
to time prescribe.

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ARTICLE IX

Inspection of Books

The Trustees shall from time to time determine whether and to
what extent, and at what times and places, and under what conditions and
regulations the accounts and books of the Trust or any of them shall be open to
the inspection of the shareholders; and no shareholder shall have any right of
inspecting any account or book or document of the Trust except as conferred by
law or authorized by the Trustees or by resolution of the shareholders.

ARTICLE X

Custodian

The following provisions shall apply to the employment of the
Custodian pursuant to Article VII of the Declaration of Trust and to any
contract entered into with the Custodian so employed:

(a) The Trustees shall cause to be delivered to the Custodian all
securities owned by the Trust or to which it may become
entitled, and shall order the same to be delivered by the
Custodian only in completion of a sale, exchange, transfer,
pledge, loan, or other disposition thereof, against receipt
by the Custodian of the consideration therefor or a
certificate of deposit or a receipt of an issuer or of its
transfer agent or to a securities depository as defined in
Rule 17f-4 under the Investment Company Act of 1940, as
amended, all as the Trustees may generally or from time to
time require or approve, or to a successor Custodian; and the
Trustees shall cause all funds owned by the Trust or to which
it may become entitled to be paid to the Custodian, and shall
order the same disbursed only for investment against delivery
of the securities acquired, or in payment of expenses,
including management compensation, and liabilities of the
Trust, including distributions to shareholders, or to a
successor Custodian.

(b) In case of the resignation, removal or inability to serve of
any such Custodian, the Trustees shall promptly appoint
another bank or trust company meeting the requirements of
said Article VII as successor Custodian. The agreement with
the Custodian shall provide that the retiring Custodian shall
upon receipt of notice of such appointment, deliver the funds
and property of the Trust in its possession to and only to
such successor, and that pending appointment of a successor
Custodian, or a vote of the shareholders to function without
a Custodian, the Custodian shall not deliver funds and
property of the Trust to the Trustees, but may deliver them
to a bank or trust company doing business in Boston,
Massachusetts, of its own selection, having an aggregate
capital, surplus and undivided profits, as shown by its last
published report,of not less than $2,000,000, as the property
of the Trust to be held under terms similar to those on which
they were held by the retiring Custodian.

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ARTICLE XI

Limitation of Liability and Indemnification

SECTION 1. Limitation of Liability. Provided they have exercised reasonable care
and have acted under the reasonable belief that their actions are in the best
interest of the Trust, the Trustees shall not be responsible for or liable in
any event for neglect or wrongdoing of them or any officer, agent, employee or
investment adviser of the Trust, but nothing contained in the Declaration of
Trust or herein shall protect any 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.

SECTION 2. Indemnification of Trustees and Officers. The Trust shall indemnify
each person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he is or
has been a Trustee, officer, employee or agent of the Trust, or is or has been
serving at the request of the Trust as a Trustee, director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by him in connection
with such action, suit or proceeding, provided that:

(a) such person acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the
Trust,

(b) with respect to any criminal action or proceeding, he had not
reasonable cause to believe his conduct was unlawful,

(c) unless ordered by a court, indemnification shall be made only
as authorized in the specific case upon a determination that
indemnification of the Trustee, officer, employee or agent is
proper in the circumstances because he has met the applicable
standard of conduct set forth in subparagraphs (a) and (b)
above and (e) below, such determination to be made based upon
a review of readily available facts (as opposed to a full
trial-type inquiry) by (i) vote of a majority of the
Disinterested Trustees acting on the matter (provided that a
majority of the Disinterested Trustees then in office act on
the matter) or (ii) by independent legal counsel in a written
opinion.

(d) in the case of an action or suit by or in the right of the
Trust to procure a judgment in its favor, no indemnification
shall be made in respect of any claim, issue or matter as to
which such person shall have been adjusted to be liable for
negligence or misconduct in the performance of his duty to
the Trust unless and only to the extent that the court in
which such action or suit is brought, or a court of equity in
the county in which the Trust has its principal office, shall
determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case,
he is fairly and reasonably entitled to indemnity for such
expenses which such court shall deem proper, and

(e) no indemnification or other protection shall be made or given
to any Trustee or officer of the Trust against any liability
to the Trust or to its security holders 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.

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Expenses (including attorneys' fees) incurred with respect to
any claim, action, suit or proceeding of the character described in the
preceding paragraph shall be paid by the Trust in advance of the final
disposition thereof upon receipt of an undertaking by or on behalf of such
person to repay such amount unless it shall ultimately be determined that he is
entitled to be indemnified by the Trust as authorized by this Article, provided
that either:

(1) such undertaking is secured by a surety bond or some
other appropriate security provided by the recipient,
or the Trust shall be insured against losses arising
out of any such advances; or

(2) a majority of the Disinterested Trustees acting on
the matter (provided that a majority of the
Disinterested Trustees act on the matter) or an
independent legal counsel in a written opinion shall
determine, based upon a review of readily available
facts (as opposed to a full trial-type inquiry), that
there is reason to believe that the recipient
ultimately will be found entitled to indemnification.

As used in this Section 2, a "Disinterested Trustee" is one
who is not (i) an "Interested Person", as defined in the Investment Company Act
of 1940, as amended, of the Trust (including anyone who has been exempted from
being an "Interested Person" by any rule, regulation, or order of the Securities
and Exchange Commission), or (ii) involved in the claim, action, suit or
proceeding.

The termination of any action, suit or proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the person did not
act in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the Trust, or with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was
unlawful.

SECTION 3. Indemnification of Shareholders. In case any shareholder or former
shareholder shall be held to be personally liable solely by reason of his being
or having been a shareholder and not because of his acts or omissions or for
some other reason, the shareholder or former shareholder (or his heirs,
executors, administrators or other legal representatives or, in the case of a
corporation or other entity, its corporate or other general successor) shall be
entitled out of the Trust estate to be held harmless from and indemnified
against all loss and expense arising from such liability. The Trust shall, upon
request by the shareholder, assume the defense of any claim made against any
shareholder for any act or obligation of the Trust and satisfy any judgment
thereon.

ARTICLE XII

Underwriting Arrangements

Any contract entered into for the sale of shares of the Trust
pursuant to Article VIII, Section 2 of the Declaration of Trust shall require
the other party thereto (hereinafter called the "underwriter") whether acting as
principal or as agent to use reasonable efforts, consistent with the other
business of the underwriter, to secure purchasers for the shares of the Trust.

The underwriter may be granted the right

(a) To purchase as principal, from the Trust, at not less
than net asset value per share, the shares needed,
but no more than the shares needed (except for
clerical errors and errors of transmission), to fill
unconditional orders for shares of the Trust received
by the underwriter.

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(b) To purchase as principal, from shareholders of the
Trust at not less than net asset value per share such
shares as may be presented to the Trust, or the
transfer agent of the Trust, for redemption and as
may be determined by the underwriter in its sole
discretion.

ARTICLE XIII

Report to Shareholders

The Trustees shall at least semi-annually submit to the
shareholders a written financial report of the transactions of the Trust
including financial statements which shall at least annually be certified by
independent public accountants.

ARTICLE XIV

Certain Transactions

SECTION 1. Long and Short Positions. Except as hereinafter provided, no officer
or Trustee and no partner, officer, director or shareholder of the manager or
investment adviser of the Trust or of the underwriter of the Trust, and no
manager or investment adviser or underwriter of the Trust, shall take long or
short positions in the securities issued by the Trust.

(a) The foregoing provision shall not prevent the underwriter from
purchasing from the Trust shares of the Trust from the Trust
if such purchases are limited (except for reasonable allowances
for clerical errors, delays and errors of transmission and
cancellation of orders) to purchases for the purpose of filling
orders for such shares received by the underwriter, and
provided that orders to purchase from the Trust are entered
with the Trust or the Custodian promptly upon receipt by the
underwriter of purchase orders for such shares, unless the
underwriter is otherwise instructed by its customer.

(b) The foregoing provision shall not prevent the underwriter
from purchasing shares of the Trust as agent for the account
of the Trust.

(c) The foregoing provision shall not prevent the purchase from the
Trust or from the underwriter of shares issued by the Trust by
any officer or Trustee of the Trust or by any partner, officer,
director or shareholder of the manager or investment adviser of
the Trust at the price available to the public generally at the
moment of such purchase or, to the extent that any such person
is a shareholder, at the price available to shareholders of the
Trust generally at the moment of such purchase, or as described
in the current Prospectus of the Trust.

SECTION 2. Loans of Trust Assets. The Trust shall not lend assets of the Trust
to any officer or Trustee of the Trust, or to any partner, officer, director or
shareholder of, or person financially interested in, the manager or investment
adviser of the Trust, or the underwriter of the Trust, or to the manager or
investment adviser of the Trust or to the underwriter of the Trust.

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SECTION 3. Miscellaneous. The Trust shall not permit any officer or Trustee, or
any officer or director of the manager or investment adviser or underwriter of
the Trust, to deal for or on behalf of the Trust with himself as principal or
agent, or with any partnership, association or corporation in which he has a
financial interest; provided that the foregoing provisions shall not prevent (i)
officers and Trustees of the Trust from buying, holding or selling shares in the
Trust, or from being partners, officers or directors of or otherwise financially
interested in the manager or investment adviser or underwriter of the Trust;
(ii) purchases or sales of securities or other property by the Trust from or to
an affiliated person or to the manager or investment adviser or underwriter of
the Trust if such transaction is exempt from the applicable provisions of the
Investment Company Act of 1940; (iii) purchases of investments from the
portfolio of the Trust or sales of investments owned by the Trust through a
security dealer who is, or one or more of whose partners, shareholders, officers
or directors is, an officer or Trustee of the Trust, if such transactions are
handled in the capacity of broker only and commissions charged do not exceed
customary brokerage charges for such services; (iv) employment of legal counsel,
registrar, transfer agent, dividend disbursing agent or custodian who is, or has
a partner, shareholder, officer or director who is, an officer or Trustee of the
Trust if only customary fees are charged for services to the Trust; (v) sharing
statistical, research, legal and management expenses and office hire and
expenses with any other investment company in which an officer or Trustee of the
Trust is an officer or director or otherwise financially interested.

References to the manager or investment adviser of the Trust
contained in this Article XIV shall also be deemed to refer to any sub-adviser
appointed in accordance with Article VIII, Section 1 of the Declaration of
Trust.

ARTICLE XV

Amendments

These By-Laws may be amended at any meeting of the Trustees by
a vote of a majority of the Trustees then in office.

**********

EXHIBIT (5)(a)(1)

EQUIFUND--WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

INVESTMENT ADVISORY CONTRACT

CONTRACT made this 25th day of August, 1994, between EQUIFUND--WRIGHT
NATIONAL FIDUCIARY EQUITY FUNDS, a Massachusetts business trust (the "Trust"),
on behalf of WRIGHT EQUIFUND--DUTCH NATIONAL FIDUCIARY EQUITY FUND, WRIGHT
EQUIFUND--HONG KONG NATIONAL FIDUCIARY EQUITY FUND, WRIGHT EQUIFUND--ITALIAN
NATIONAL FIDUCIARY EQUITY FUND and WRIGHT EQUIFUND--SPANISH NATIONAL FIDUCIARY
EQUITY FUND, and any other series of the Trust which the Adviser (as defined
below) and the Trust shall agree from time to time to be subject to this
Agreement (collectively, the "Funds"), and The Winthrop Corporation, a
Connecticut corporation doing business as WRIGHT INVESTORS' SERVICE (the
"Adviser"):

1. Duties of the Adviser. The Trust, on behalf of each Fund, hereby employs
the Adviser to act as investment adviser for and to manage the investment and
reinvestment of the assets of the Fund and, except as otherwise provided in an
administration agreement, to administer their affairs, subject to the
supervision of the Trustees of the Trust, for the period and on the terms set
forth in this Contract.

The Adviser hereby accepts such employment, and undertakes to afford to the
Trust the advice and assistance of the Adviser's organization in the choice of
investments and in the purchase and sale of securities for each Fund and to
furnish for the use of the Trust office space and all necessary office
facilities, equipment and personnel for servicing the investments of the Funds
and for administering the Trust's affairs and to pay the salaries and fees of
all officers and Trustees of the Trust who are members of the Adviser's
organization and all personnel of the Adviser performing services relating to
research and investment activities. The Adviser shall for all purposes herein be
deemed to be an independent contractor and shall, except as otherwise expressly
provided or authorized, have no authority to act for or represent the Trust in
any way or otherwise be deemed an agent of the Trust.

The Adviser shall provide the Trust with such investment management and
supervision as the Trust may from time to time consider necessary for the
proper supervision of the Funds. As investment adviser to the Funds, the Adviser
shall furnish continuously an investment program and shall determine from time
to time what securities shall be purchased, sold or exchanged and what portion
of each Fund's assets shall be held uninvested, subject always to the applicable
restrictions of the Declaration of Trust, By-Laws and registration statement of
the Trust under the Investment Company Act of 1940, all as from time to time
amended. The Adviser is authorized, in its discretion and without prior
consultation with the Trust, but subject to each Fund's investment objective,
policies and restrictions, to buy, sell, lend and otherwise trade in any stocks,
bonds, options and other securities and investment instruments on behalf of the
Funds, to purchase, write or sell options on securities, futures contracts or
indices on behalf of the Funds, to enter into commodities contracts on behalf of
the Funds, including contracts for the future delivery of securities or currency
and futures contracts on securities or other indices, and to execute any and all
agreements and instruments and to do any and all things incidental thereto in
connection with the management of the Funds. Should the Trustees of the Trust at
any time, however, make any specific determination as to investment policy for
the period, if any, specified in such notice or until similarly notified that
such determination has been revoked. The Adviser shall take, on behalf of the
Funds, all actions which it deems necessary or desirable to implement the
investment policies of the Trust and of each Fund.

<PAGE>

The Adviser shall place all orders for the purchase or sale of portfolio
securities for the account of a Fund with brokers or dealers selected by the
Adviser, and to that end the Adviser is authorized as the agent of the Fund to
give instructions to the custodian of the Fund as to deliveries of securities
and payments of cash for the account of a Fund or the Trust. In connection with
the selection of such brokers or dealers and the placing of such orders, the
Adviser shall use its best efforts to seek to execute portfolio security
transactions at prices which are advantageous to the Fund and (when a disclosed
commission is being charged) at reasonably competitive commission rates. In
selecting brokers or dealers qualified to execute a particular transaction,
brokers or dealers may be selected who also provide brokerage and research
services and products (as those terms are defined in Section 28(e) of the
Securities Exchange Act of 1934) to the Adviser and the Adviser is expressly
authorized to cause the Funds to pay any broker or dealer who provides such
brokerage and research service and products a commission for executing a
security transaction which is in excess of the amount of commission another
broker or dealer would have charged for effecting that transaction if the
Adviser determines in good faith that such amount of commission is reasonable in
relation to the value of the brokerage and research services provided by such
broker or dealer, viewed in terms of either that particular transaction or the
overall responsibilities which the Adviser and its affiliates have with respect
to accounts over which they exercise investment discretion. Subject to the
requirement set forth in the second sentence of this paragraph, the Adviser is
authorized to consider, as a factor in the selection of any broker or dealer
with whom purchase or sale orders may be placed, the fact that such broker or
dealer has sold or is selling shares of the Fund or the Trust or of other
investment companies sponsored by the Adviser.

2. Compensation of the Adviser. For the services, payments and facilities
to be furnished hereunder by the Adviser, the Trust on behalf of each Fund shall
pay to the Adviser on the last day of each month a fee equal to the percentage
of the average daily net assets of each Fund of the Trust throughout the month,
computed in accordance with the Trust's Declaration of Trust and any applicable
votes of the Trustees of the Trust, as shown in the following table:

ANNUAL ADVISORY FEE RATES

Under $500 Million
$500 to Over
Million $1 Billion $1 Billion
-----------------------------------------
0.75% 0.73% 0.68%

In case of initiation or termination of the Contract during any month with
respect to any Fund, each Fund's fee for that month shall be reduced
proportionately on the basis of the number of calendar days during which the
Contract is in effect and the fee shall be computed upon the average net assets
for the business days the Contract is so in effect for that month.

The Adviser may, from time to time, waive all or a part of the above
compensation.

<PAGE>

repurchase and redemption of shares, (viii) expenses of registering and
qualifying the Trust and its shares under federal and state securities laws and
of preparing and printing prospectuses for such purposes and for distributing
the same to shareholders and investors, and fees and expenses of registering and
maintaining registration of the Trust and of the Trust's principal underwriter,
if any, as broker-dealer or agent under state securities laws, (ix) expenses of
reports and notices to shareholders and of meetings of shareholders and proxy
solicitations therefor, (x) expenses of reports to governmental officers and
commissions, (xi) insurance expenses, (xii) association membership dues, (xiii)
fees, expenses and disbursements of custodians and subcustodians for all
services to the Trust (including without limitation safekeeping of funds and
securities, keeping of books and accounts and determination of net asset value),
(xiv) fees, expenses and disbursements of transfer agents and registrars for all
services to the Trust, (xv) expenses for servicing shareholder accounts, (xvi)
any direct charges to shareholders approved by the Trustees of the Trust,
(xviii) all payments to be made and expenses to be assumed by the Trust pursuant
to any one or more distribution plans adopted by the Trust pursuant to Rule
12b-1 under the Investment Company Act of 1940, (xix) the administration fee
payable to the Trust's administrator and (xx) such nonrecurring items as may
arise, including expenses incurred in connection with litigation, proceedings
and claims and the obligation of the Trust to indemnify its Trustees and
officers with respect thereto.

4. Other Interests. It is understood that Trustees, officers and
shareholders of the Trust are or may be or become interested in the Adviser as
directors, officers, employees, stockholders or otherwise and that directors,
officers employees and stockholders of the Adviser are or may be or become
similarly interested in the Trust, and that the Adviser may be or become
interested in the Trust as a shareholder or otherwise. It is also understood
that directors, officers, employees and stockholders of the Adviser are or may
be or become interested (as directors, trustees, officers, employees,
stockholders or otherwise) in other companies or entities (including, without
limitation, other investment companies) which the Adviser may organize, sponsor
or acquire, or with which it may merge or consolidate, and which may include the
words "Wright" or "Wright Investors" or any combination thereof as part of their
names, and that the Adviser or its subsidiaries or affiliates may enter into
advisory or management agreements or other contracts or relationships with such
other companies or entities.

5. Limitation of Liability of the Adviser. The services of the Adviser to
the Trust are not to be deemed to be exclusive, the Adviser being free to render
services to others and engage in other business activities. In the absence of
willful misfeasance, bad faith, gross negligence or reckless disregard of
obligations or duties hereunder on the part of the Adviser, the Adviser shall
not be subject to liability to the Trust or to any shareholder of the Trust for
any act or omission in the course of, or connected with, rendering services
hereunder or for any losses which may be sustained in the purchase, holding or
sale of any security.

6. Sub-Investment Advisers. The Adviser may employ one or more
sub-investment advisers from time to time to perform such of the acts and
services of the Adviser, including the selection of brokers or dealers to
execute the Trust's portfolio security transactions, and upon such terms and
conditions as may be agreed upon between the Adviser and such sub-investment
adviser and approved by the Trustees of the Trust.

<PAGE>

voting securities of that Fund and (ii) by the vote of a majority of those
Trustees of the Trust who are not interested persons of the Adviser or (other
than as a Trustee) the Trust cast in person at a meeting called for the purpose
of voting on such approval.

Either party hereto may, at any time on sixty (60) days' prior written
notice to the other, terminate this Contract as to any Fund, without the payment
of any penalty, by action of its Board of Directors or Trustees, as the case may
be, and the Trust may, at any time upon such written notice to the Adviser,
terminate this Contract as to any Fund by vote of a majority of the outstanding
voting securities of that Fund. This Contract shall terminate automatically in
the event of its assignment.

8. Amendments of the Contract. This Contract may be amended as to any Fund
by a writing signed by both parties hereto, provided that no amendment to this
Contract shall be effective as to that Fund until approved (i) by the vote of a
majority of those Trustees of the Trust who are not interested persons of the
Adviser or the Trust cast in person at a meeting called for the purpose of
voting on such approval, and (ii) by vote of a majority of the outstanding
voting securities of that Fund.

9. Limitation of Liability. The Adviser expressly acknowledges the
provision in the Declaration of Trust of the Trust (Article XIV, Section 2)
limiting the personal liability of shareholders of the Trust, and the Adviser
hereby agrees that it shall have recourse only to the Trust for payment of
claims or obligations as between the Trust and Adviser arising out of this
Contract and shall not seek satisfaction from the shareholders or any
shareholder of the Trust. No series of the Trust shall be liable for the
obligations of any other series of the Trust.

10. Certain Definitions. The terms "assignment" and "interested persons"
when used herein shall have the respective meanings specified in the Investment
Company Act of 1940 as now in effect or as hereafter amended subject, however,
to such exemptions as may be granted by the Securities and Exchange Commission
by any rule, regulation or order. The term "vote of a majority of the
outstanding voting securities of that Fund" shall mean the vote of the lesser of
(a) 67 per centum or more of the shares of the particular Fund present or
represented by proxy at the meeting of holders of more than 50 per centum of the
outstanding shares of the particular Fund are present or represented by proxy at
the meeting, or (b) more than 50 per centum of the outstanding shares of the
particular fund.

11. Use of the Name "Wright." The Adviser hereby consents to the use by the
Trust of the name "Wright" as part of the Trust's name and the name of each
Fund; provided, however, that such consent shall be conditioned upon the
employment of the Adviser or one of its affiliates as the investment adviser of
the Trust. The name "Wright" or any variation thereof may be used from time to
time in other connections and for other purposes by the Adviser and its
affiliates and other investment companies that have obtained consent to the use
of the name "Wright". The Adviser shall have the right to require the Trust to
cease using the name "Wright" as part of the Trust's name and the name of each
Fund if the Trust ceases, for any reasons, to employ the Adviser or one of its
affiliates as the Trust's investment adviser. Future names adopted by the Trust
for itself and its Funds, insofar as such names include identifying words
requiring the consent of the Adviser, shall be the property of the Adviser and
shall be subject to the same terms and conditions.

<PAGE>

EQUIFUND--WRIGHT NATIONAL THE WINTHROP CORPORATION
FIDUCIARY EQUITY FUNDS D/B/A/ WRIGHT INVESTORS'
on behalf of each of the SERVICE
FUNDS first listed above

By:/s/ Peter M. Donovan By:/s/ Judith Corchard
President Executive Vice President

EXHIBIT (5)(a)(2)

EQUIFUND--WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

Wright EquiFund--Australasia National Fiduciary Equity Fund
Wright EquiFund--Global Fiduciary Equity Fund
Wright EquiFund--International Fiduciary Equity Fund
Wright EquiFund--Ireland National Fiduciary Equity Fund
Wright EquiFund--Mexico National Fiduciary Equity Fund
Wright EquiFund--United States National Fiduciary Equity Fund

INVESTMENT ADVISORY AGREEMENT

CONTRACT made this 1st day of April, 1994, between EQUIFUND--WRIGHT
NATIONAL FIDUCIARY EQUITY FUNDS, a Massachusetts business trust (the "Trust"),
on behalf of WRIGHT EQUIFUND--AUSTRALASIA NATIONAL FIDUCIARY EQUITY FUND,
WRIGHT EQUIFUND--GLOBAL FIDUCIARY EQUITY FUND, WRIGHT EQUIFUND--INTERNATIONAL
FIDUCIARY EQUITY FUND, WRIGHT EQUIFUND--IRELAND NATIONAL FIDUCIARY EQUITY FUND,
WRIGHT EQUIFUND--MEXICO NATIONAL FIDUCIARY EQUITY FUND and WRIGHT EQUIFUND
- --UNITED STATES NATIONAL FIDUCIARY EQUITY FUND and any other series of the
Trust which the Adviser (as defined below) and the Trust shall agree from time
to time to be subject to this Agreement (collectively, the "Funds"), and The
Winthrop Corporation, a Connecticut corporation doing business as WRIGHT
INVESTORS' SERVICE (the "Adviser"):

1. Duties of the Adviser. The Trust, on behalf of each Fund, hereby
employs the Adviser to act as investment adviser for and to manage the
investment and reinvestment of the assets of the Fund and, except as otherwise
provided in an administration agreement, to administer their affairs, subject
to the supervision of the Trustees of the Trust, for the period and on the terms
set forth in this Contract.

The Adviser hereby accepts such employment, and undertakes to afford
to the Trust the advice and assistance of the Adviser's organization in the
choice of investments and in the purchase and sale of securities for each Fund
and to furnish for the use of the Trust office space and all necessary office
facilities, equipment and personnel for servicing the investments of the Funds
and for administering the Trust's affairs and to pay the salaries and fees
of all officers and Trustees of the Trust who are members of the Adviser's
organization and all personnel of the Adviser performing services relating to
research and investment activities. The Adviser shall for all purposes herein be
deemed to be an independent contractor and shall, except as otherwise expressly
provided or authorized, have no authority to act for or represent the Trust in
any way or otherwise be deemed an agent of the Trust.

<PAGE>

Funds, to enter into commodities contracts on behalf of the Funds,including
contracts for the future delivery of securities or currency and futures
contracts on securities or other indices, and to execute any and all agreements
and instruments and to do any and all things incidental thereto in connection
with the management of the Funds. Should the Trustees of the Trust at any time,
however, make any specific determination as to investment policy for the period,
if any, specified in such notice or until similarly notified that such
determination has been revoked. The Adviser shall take, on behalf of the Funds,
all actions which it deems necessary or desirable to implement the investment
policies of the Trust and of each Fund.

The Adviser shall place all orders for the purchase or sale of portfolio
securities for the account of a Fund with brokers or dealers selected by the
Adviser, and to that end the Adviser is authorized as the agent of the Fund to
give instructions to the custodian of the Fund as to deliveries of securities
and payments of cash for the account of a Fund or the Trust. In connection with
the selection of such brokers or dealers and the placing of such orders, the
Adviser shall use its best efforts to seek to execute portfolio security
transactions at prices which are advantageous to the Fund and (when a disclosed
commission is being charged) at reasonably competitive commission rates. In
selecting brokers or dealers qualified to execute a particular transaction,
brokers or dealers may be selected who also provide brokerage and research
services and products (as those terms are defined in Section 28(e) of the
Securities Exchange Act of 1934) to the Adviser and the Adviser is expressly
authorized to cause the Funds to pay any broker or dealer who provides such
brokerage and research service and products a commission for executing a
security transaction which is in excess of the amount of commission
another broker or dealer would have charged for effecting that transaction if
the Adviser determines in good faith that such amount of commission is
reasonable in relation to the value of the brokerage and research services
provided by such broker or dealer, viewed in terms of either that particular
transaction or the overall responsibilities which the Adviser and its affiliates
have with respect to accounts over which they exercise investment discretion.
Subject to the requirement set forth in the second sentence of this paragraph,
the Adviser is authorized to consider, as a factor in the selection of any
broker or dealer with whom purchase or sale orders may be placed, the fact that
such broker or dealer has sold or is selling shares of the Fund or the
Trust or of other investment companies sponsored by the Adviser.

2.Compensation of the Adviser. For the services, payments and facilities
to be furnished hereunder by the Adviser, the Trust on behalf of each Fund shall
pay to the Adviser on the last day of each month a fee equal to the percentage
of the average daily net assets of each Fund of the Trust throughout the month,
computed in accordance with the Trust's Declaration of Trust and any applicable
votes of the Trustees of the Trust, as shown in the following table:

ANNUAL ADVISORY FEE RATES
-------------------------
Under $500 Million
$500 to Over
Million $1 Billion $1 Billion
--------- ------------- -----------
0.75% 0.73% 0.68%

In case of initiation or termination of the Contract during any month
with respect to any Fund, each Fund's fee for that month shall be reduced
proportionately on the basis of the number of calendar days during which the
Contract is in effect and the fee shall be computed upon the average net
assets for the business days the Contract is so in effect for that month.

<PAGE>

The Adviser may, from time to time, waive all or a part of the above
compensation.

3. Allocation of Charges and Expenses. It is understood that the Trust
will pay all its expenses other than those expressly stated to be payable by the
Adviser hereunder, which expenses payable by the Trust shall include, without
implied limitation (i) expenses of maintaining the Trust and continuing its
existence, (ii) registration of the Trust under the Investment Company Act of
1940, (iii) commissions, fees and other expenses connected with the purchase or
sale of securities, (iv) auditing, accounting and legal expenses, (v) taxes and
interest, (vi) governmental fees, (vii) expenses of issue, sale, repurchase and
redemption of shares, (viii) expenses of registering and qualifying the Trust
and its shares under federal and state securities laws and of preparing and
printing prospectuses for such purposes and for distributing the same to
shareholders and investors, and fees and expenses of registering and maintaining
registration of the Trust and of the Trust's principal underwriter, if any, as
broker-dealer or agent under state securities laws, (ix) expenses of reports and
notices to shareholders and of meetings of shareholders and proxy solicitations
therefor, (x) expenses of reports to governmental officers and commissions, (xi)
insurance expenses, (xii) association membership dues, (xiii) fees, expenses and
disbursements of custodians and subcustodians for all services to the Trust
(including without limitation safekeeping of funds and securities, keeping of
books and accounts and determination of net asset value), (xiv) fees, expenses
and disbursements of transfer agents and registrars for all services to the
Trust, (xv) expenses for servicing shareholder accounts, (xvi) any direct
charges to shareholders approved by the Trustees of the Trust, (xviii) all
payments to be made and expenses to be assumed by the Trust pursuant to any
one or more distribution plans adopted by the Trust pursuant to Rule 12b-1
under the Investment Company Act of 1940, (xix) the administration fee payable
to the Trust's administrator and (xx) such nonrecurring items as may arise,
including expenses incurred in connection with litigation, proceedings and
claims and the obligation of the Trust to indemnify its Trustees and officers
with respect thereto.

4. Other Interests. It is understood that Trustees, officers and
shareholders of the Trust are or may be or become interested in the Adviser as
directors, officers, employees, stockholders or otherwise and that directors,
officers employees and stockholders of the Adviser are or may be or become
similarly interested in the Trust, and that the Adviser may be or become
interested in the Trust as a shareholder or otherwise. It is also understood
that directors, officers, employees and stockholders of the Adviser are or
may be or become interested (as directors, trustees, officers, employees,
stockholders or otherwise) in other companies or entities (including, without
limitation, other investment companies) which the Adviser may organize, sponsor
or acquire, or with which it may merge or consolidate, and which may include the
words "Wright" or "Wright Investors" or any combination thereof as part of their
names, and that the Adviser or its subsidiaries or affiliates may enter into
advisory or management agreements or other contracts or relationships with
such other companies or entities.

5. Limitation of Liability of the Adviser. The services of the Adviser
to the Trust are not to be deemed to be exclusive, the Adviser being free to
render services to others and engage in other business activities. In the
absence of willful misfeasance, bad faith, gross negligence or reckless
disregard of obligations or duties hereunder on the part of the Adviser, the
Adviser shall not be subject to liability to the Trust or to any shareholder of
the Trust for any act or omission in the course of, or connected with, rendering
services hereunder or for any losses which may be sustained in the purchase,
holding or sale of any security.

<PAGE>

conditions as may be agreed upon between the Adviser and such sub-investment
adviser and approved by the Trustees of the Trust.

7. Duration and Termination of this Contract. This Contract shall become
effective upon the date of its execution, and, unless terminated as herein
provided, shall remain in full force and effect as to each Fund to and including
February 28, 1996 and shall continue in full force and effect as to each Fund
indefinitely thereafter, but only so long as such continuance after February
28, 1996 is specifically approved at least annually (i) by the Trustees of the
Trust or by vote of a majority of the outstanding voting securities of that
Fund and (ii) by the vote of a majority of those Trustees of the Trust who
are not interested persons of the Adviser or (other than as a Trustee) the Trust
cast in person at a meeting called for the purpose of voting on such approval.

Either party hereto may, at any time on sixty (60) days' prior written
notice to the other, terminate this Contract as to any Fund, without the payment
of any penalty, by action of its Board of Directors or Trustees, as the case
may be, and the Trust may, at any time upon such written notice to the Adviser,
terminate this Contract as to any Fund by vote of a majority of the
outstanding voting securities of that Fund. This Contract shall terminate
automatically in the event of its assignment.

8. Amendments of the Contract. This Contract may be amended as to any
Fund by a writing signed by both parties hereto, provided that no amendment to
this Contract shall be effective as to that Fund until approved (i) by the
vote of a majority of those Trustees of the Trust who are not interested
persons of the Adviser or the Trust cast in person at a meeting called for the
purpose of voting on such approval, and (ii) by vote of a majority of the
outstanding voting securities of that Fund.

10. Certain Definitions. The terms "assignment" and "interested persons"
when used herein shall have the respective meanings specified in the Investment
Company Act of 1940 as now in effect or as hereafter amended subject, however,
to such exemptions as may be granted by the Securities and Exchange Commission
by any rule, regulation or order. The term "vote of a majority of the
outstanding voting securities of that Fund" shall mean the vote of the lesser
of (a) 67 per centum or more of the shares of the particular Fund present or
represented by proxy at the meeting of holders of more than 50 per centum of
the outstanding shares of the particular Fund are present or represented by
proxy at the meeting, or (b) more than 50 per centum of the outstanding shares
of the particular fund.

11. Use of the Name "Wright." The Adviser hereby consents to the use by
the Trust of the name "Wright" as part of the Trust's name and the name of each
Fund; provided, however, that such consent shall be conditioned upon the
employment of the Adviser or one of its affiliates as the investment adviser of
the Trust. The name "Wright" or any variation thereof may be used from time to
time in other connections and for other purposes by the Adviser and its
affiliates and other investment companies that have obtained consent to the use
of the name "Wright". The Adviser shall have the right to require the Trust to
cease using the name "Wright" as part of the Trust's name and the name of each
Fund if the Trust ceases, for any reasons, to employ the Adviser or one of its
affiliates as the Trust's investment

<PAGE>

adviser. Future names adopted by the Trust for itself and its Funds, insofar as
such names include identifying words requiring the consent of the Adviser, shall
be the property of the Adviser and shall be subject to the same terms and
conditions.

EQUIFUND--WRIGHT NATIONAL THE WINTHROP CORPORATION
FIDUCIARY EQUITY FUNDS D/B/A/ WRIGHT INVESTORS'
on behalf of SERVICE
WRIGHT EQUIFUND--AUSTRALASIA
NATIONAL FIDUCIARY EQUITY FUND
WRIGHT EQUIFUND--GLOBAL
FIDUCIARY EQUITY FUND
WRIGHT EQUIFUND--INTERNATIONAL
FIDUCIARY EQUITY FUND
WRIGHT EQUIFUND--IRELAND NATIONAL
FIDUCIARY EQUITY FUND
WRIGHT EQUIFUND--MEXICO NATIONAL
FIDUCIARY EQUITY FUND
WRIGHT EQUIFUND--UNITED STATES
NATIONAL FIDUCIARY EQUITY FUND

By:/s/ Peter M. Donovan By:/s/ Judith Corchard
- ----------------------- ----------------------
President Executive Vice President

EXHIBIT (5)(a)(3)

EQUIFUND--WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

INVESTMENT ADVISORY CONTRACT

CONTRACT made this 20th day of January, 1994, between EQUIFUND--WRIGHT
NATIONAL FIDUCIARY EQUITY FUNDS, a Massachusetts business trust (the "Trust"),
on behalf of WRIGHT EQUIFUND--AUSTRIAN NATIONAL FIDUCIARY EQUITY FUND, WRIGHT
EQUIFUND-- BELGIAN/LUXEMBOURG NATIONAL FIDUCIARY EQUITY FUND, WRIGHT EQUIFUND--
CANADIAN NATIONAL FIDUCIARY EQUITY FUND, WRIGHT EQUIFUND--FRENCH NATIONAL
FIDUCIARY EQUITY FUND, WRIGHT EQUIFUND--GERMAN NATIONAL FIDUCIARY EQUITY FUND,
WRIGHT EQUIFUND--JAPANESE NATIONAL FIDUCIARY EQUITY FUND, WRIGHT
EQUIFUND--NORDIC NATIONAL FIDUCIARY EQUITY FUND and WRIGHT EQUIFUND--SWISS
NATIONAL FIDUCIARY EQUITY FUND, and any other series of the Trust which the
Adviser (as defined below) and the Trust shall agree from time to time to be
subject to this Agreement (collectively, the "Funds"), and The Winthrop
Corporation, a Connecticut corporation doing business as WRIGHT INVESTORS'
SERVICE (the "Adviser"):

1. Duties of the Adviser. The Trust, on behalf of each
Fund, hereby employs the Adviser to act as investment adviser for and to
manage the investment and reinvestment of the assets of the Fund and,
except as otherwise provided in an administration agreement, to administer
their affairs, subject to the supervision of the Trustees of the Trust, for
the period and on the terms set forth in this Contract.

The Adviser hereby accepts such employment, and undertakes to
afford to the Trust the advice and assistance of the Adviser's organization
in the choice of investments and in the purchase and sale of securities
for each Fund and to furnish for the use of the Trust office space and
all necessary office facilities, equipment and personnel for servicing
the investments of the Funds and for administering the Trust's affairs
and to pay the salaries and fees of all officers and Trustees of the
Trust who are members of the Adviser's organization and all personnel of
the Adviser performing services relating to research and investment
activities. The Adviser shall for all purposes herein be deemed to be an
independent contractor and shall, except as otherwise expressly provided or
authorized, have no authority to act for or represent the Trust in any way
or otherwise be deemed an agent of the Trust.

The Adviser shall provide the Trust with such investment
management and supervision as the Trust may from time to time consider
necessary for the proper supervision of the Funds. As investment adviser
to the Funds, the Adviser shall furnish continuously an investment program
and shall determine from time to time what securities shall be purchased,
sold or exchanged and what portion of each Fund's assets shall be held
uninvested subject always to the applicable restrictions of the Declaration
of Trust, By-Laws and registration statement of the Trust under the
Investment Company Act of 1940, all as from time to time amended.
The Adviser is authorized, in its discretion and without prior
consultation with the Trust, but subject to each Fund's investment
objective, policies and restrictions, to buy, sell, lend and otherwise
trade in any stocks, bonds, options and other securities and investment
instruments on behalf of the Funds, to purchase, write or sell options
on securities, futures contracts or indices on behalf of the Funds, to
enter into commodities contracts on behalf of the Funds, including
contracts for the future delivery of securities or currency and futures
contracts on securities or other indices, and to execute any and all
agreements and instruments and to do any and all things incidental thereto
in connection with the management of the Funds. Should the Trustees of the
Trust at any time, however, make any specific determination as to
investment policy for the period, if any, specified in such notice or until
similarly

<PAGE>

notified that such determination has been revoked. The Adviser shall take,
on behalf of the Funds, all actions which it deems necessary or desirable
to implement the investment policies of the Trust and of each Fund.

The Adviser shall place all orders for the purchase or sale of
portfolio securities for the account of a Fund with brokers or dealers
selected by the Adviser, and to that end the Adviser is authorized as the
agent of the Fund to give instructions to the custodian of the Fund as to
deliveries of securities and payments of cash for the account of a Fund or
the Trust. In connection with the selection of such brokers or dealers and
the placing of such orders, the Adviser shall use its best efforts to
seek to execute portfolio security transactions at prices which are
advantageous to the Fund and (when a disclosed commission is being
charged) at reasonably competitive commission rates. In selecting brokers
or dealers qualified to execute a particular transaction, brokers or
dealers may be selected who also provide brokerage and research services
and products (as those terms are defined in Section 28(e) of the Securities
Exchange Act of 1934) to the Adviser and the Adviser is expressly
authorized to cause the Funds to pay any broker or dealer who provides
such brokerage and research service and products a commission for executing
a security transaction which is in excess of the amount of commission
another broker or dealer would have charged for effecting that
transaction if the Adviser determines in good faith that such amount of
commission is reasonable in relation to the value of the brokerage and
research services provided by such broker or dealer, viewed in terms
of either that particular transaction or the overall responsibilities which
the Adviser and its affiliates have with respect to accounts over which
they exercise investment discretion. Subject to the requirement set forth
in the second sentence of this paragraph, the Adviser is authorized
to consider, as a factor in the selection of any broker or dealer with
whom purchase or sale orders may be placed, the fact that such broker or
dealer has sold or is selling shares of the Fund or the Trust or of
other investment companies sponsored by the Adviser.

2. Compensation of the Adviser. For the services, payments
and facilities to be furnished hereunder by the Adviser, the Trust on
behalf of each Fund shall pay to the Adviser on the last day of each month
a fee equal to the percentage of the average daily net assets of each Fund
of the Trust throughout the month, computed in accordance with the Trust's
Declaration of Trust and any applicable votes of the Trustees of the Trust,
as shown in the following table:

<TABLE>
<CAPTION>
ANNUAL ADVISORY FEE RATES
<S> <C> <C>
Under $500 Million
$500 to Over
Million $1 Billion $1 Billion
-------------------------------------
0.75% 0.73% 0.68%

</TABLE>

In case of initiation or termination of the Contract during any
month with respect to any Fund, each Fund's fee for that month shall be
reduced proportionately on the basis of the number of calendar days during
which the Contract is in effect and the fee shall be computed upon the
average net assets for the business days the Contract is so in effect for
that month.

The Adviser may, from time to time, waive all or a part of
the above compensation.

<PAGE>

3. Allocation of Charges and Expenses. It is understood
that the Trust will pay all its expenses other than those expressly stated
to be payable by the Adviser hereunder, which expenses payable by the Trust
shall include, without implied limitation (i) expenses of maintaining the
Trust and continuing its existence, (ii) registration of the Trust under
the Investment Company Act of 1940, (iii) commissions, fees and other
expenses connected with the purchase or sale of securities, (iv) auditing,
accounting and legal expenses, (v) taxes and interest, (vi) governmental
fees, (vii) expenses of issue, sale, repurchase and redemption of shares,
(viii) expenses of registering and qualifying the Trust and its shares
under federal and state securities laws and of preparing and printing
prospectuses for such purposes and for distributing the same to
shareholders and investors, and fees and expenses of registering and
maintaining registration of the Trust and of the Trust's principal
underwriter, if any, as broker-dealer or agent under state securities laws,
(ix) expenses of reports and notices to shareholders and of meetings of
shareholders and proxy solicitations therefor, (x) expenses of reports to
governmental officers and commissions, (xi) insurance expenses, (xii)
association membership dues, (xiii) fees, expenses and disbursements of
custodians and subcustodians for all services to the Trust (including
without limitation safekeeping of funds and securities, keeping of books
and accounts and determination of net asset value), (xiv) fees, expenses
and disbursements of transfer agents and registrars for all services to
the Trust, (xv) expenses for servicing shareholder accounts, (xvi) any
direct charges to shareholders approved by the Trustees of the Trust,
(xviii) all payments to be made and expenses to be assumed by the Trust
pursuant to any one or more distribution plans adopted by the Trust
pursuant to Rule 12b-1 under the Investment Company Act of 1940, (xix) the
administration fee payable to the Trust's administrator and (xx) such
nonrecurring items as may arise, including expenses incurred in connection
with litigation, proceedings and claims and the obligation of the Trust
to indemnify its Trustees and officers with respect thereto.

4. Other Interests. It is understood that Trustees, officers
and shareholders of the Trust are or may be or become interested in the
Adviser as directors, officers, employees, stockholders or otherwise and
that directors, officers employees and stockholders of the Adviser are
or may be or become similarly interested in the Trust, and that the Adviser
may be or become interested in the Trust as a shareholder or otherwise. It
is also understood that directors, officers, employees and stockholders
of the Adviser are or may be or become interested (as directors,
trustees, officers, employees, stockholders or otherwise)in other companies
or entities (including, without limitation, other investment companies)
which the Adviser may organize, sponsor or acquire, or with which it may
merge or consolidate, and which may include the words "Wright" or "Wright
Investors" or any combination thereof as part of their names, and that the
Adviser or its subsidiaries or affiliates may enter into advisory or
management agreements or other contracts or relationships with such other
companies or entities.

5. Limitation of Liability of the Adviser. The services of
the Adviser to the Trust are not to be deemed to be exclusive, the Adviser
being free to render services to others and engage in other business
activities. In the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard of obligations or duties hereunder on the
part of the Adviser, the Adviser shall not be subject to liability to the
Trust or to any shareholder of the Trust for any act or omission in the
course of, or connected with, rendering services hereunder or for any
losses which may be substained in the purchase, holding or sale of any
security.

6. Sub-Investment Advisers. The Adviser may employ one or
more sub-investment advisers from time to time to perform such of the acts
and services of the Adviser, including the selection of brokers or dealers
to execute the Trust's portfolio security transactions, and upon
such terms and conditions as may be agreed upon between the Adviser and
such sub-investment adviser and approved by the Trustees of the Trust.

<PAGE>

7. Duration and Termination of this Contract. This Contract
shall become effective upon the date of its execution, and, unless
terminated as herein provided, shall remain in full force and effect as to
each Fund to and including February 28, 1995 and shall continue in full
force and effect as to each Fund indefinitely thereafter, but only so long
as such continuance after February 28, 1995 is specifically approved at
least annually (i) by the Trustees of the Trust or by vote of a majority
of the outstanding voting securities of that Fund and (ii) by the vote
of a majority of those Trustees of the Trust who are not interested
persons of the Adviser or (other than as a Trustee) the Trust cast in
person at a meeting called for the purpose of voting on such approval.

Either party hereto may, at any time on sixty (60) days' prior
written notice to the other, terminate this Contract as to any Fund,
without the payment of any penalty, by action of its Board of Directors
or Trustees, as the case may be, and the Trust may, at any time upon such
written notice to the Adviser, terminate this Contract as to any Fund
by vote of a majority of the outstanding voting securities of that Fund.
This Contract shall terminate automatically in the event of its
assignment.

8. Amendments of the Contract. This Contract may be amended as
to any Fund by a writing signed by both parties hereto, provided that
no amendment to this Contract shall be effective as to that Fund until
approved (i) by the vote of a majority of those Trustees of the Trust who
are not interested persons of the Adviser or the Trust cast in person
at a meeting called for the purpose of voting on such approval, and (ii)
by vote of a majority of the outstanding voting securities of that Fund.

9. Limitation of Liability. The Adviser expressly acknowledges
the provision in the Declaration of Trust of the Trust (Article XIV,
Section 2) limiting the personal liability of shareholders of the Trust,
and the Adviser hereby agrees that it shall have recourse only to the Trust
for payment of claims or obligations as between the Trust and Adviser
arising out of this Contract and shall not seek satisfaction from the
shareholders or any shareholder of the Trust. No series of the Trust shall
be liable for the obligations of any other series of the Trust.

10. Certain Definitions. The terms "assignment" and "interested
persons" when used herein shall have the respective meanings specified in
the Investment Company Act of 1940 as now in effect or as hereafter amended
subject, however, to such exemptions as may be granted by the Securities
and Exchange Commission by any rule, regulation or order. The term "vote
of a majority of the outstanding voting securities of that Fund" shall
mean the vote of the lesser of (a) 67 per centum or more of the shares of
the particular Fund present or represented by proxy at the meeting of
holders of more than 50 per centum of the outstanding shares of the
particular Fund are present or represented by proxy at the meeting, or (b)
more than 50 per centum of the outstanding shares of the particular fund.

11. Use of the Name "Wright." The Adviser hereby consents to the
use by the Trust of the name "Wright" as part of the Trust's name and the
name of each Fund;provided, however, that such consent shall be conditioned
upon the employment of the Adviser or one of its affiliates as the
investment adviser of the Trust. The name "Wright" or any variation thereof
may be used from time to time in other connections and for other purposes
by the Adviser and its affiliates and other investment companies that have
obtained consent to the use of the name "Wright". The Adviser shall have
the right to require the Trust to cease using the name "Wright" as part of
the Trust's name and the name of each Fund if the Trust ceases, for any
reasons, to employ the Adviser or one of its affiliates as the Trust's
investment adviser. Future names adopted by the Trust for itself and its
Funds,insofar as such names include identifying words requiring the consent
of the Adviser, shall be the property of the Adviser and shall be subject
to the same terms and conditions.

<PAGE>

EQUIFUND--WRIGHT NATIONAL THE WINTHROP CORPORATION
FIDUCIARY EQUITY FUNDS D/B/A/ WRIGHT INVESTORS'
on behalf of each of the SERVICE
FUNDS first listed above

By:/s/ Peter M. Donovan By:/s/ Judith Corchard
-------------------------- ---------------------------
President Executive Vice President

Exhibit (5)(a)(4)

THE WRIGHT EQUIFUND EQUITY TRUST

INVESTMENT ADVISORY CONTRACT

1. Duties of the Adviser. The Trust, on behalf of the Fund, hereby employs
the Adviser to act as investment adviser for and to manage the investment and
reinvestment of the assets of the Fund and, except as otherwise provided in an
administration agreement, to administer its affairs, subject to the supervision
of the Trustees of the Trust, for the period and on the terms set forth in this
Contract.

The Adviser hereby accepts such employment, and undertakes to afford to the
Trust the advice and assistance of the Adviser's organization in the choice of
investments and in the purchase and sale of securities for the Fund and to
furnish for the use of the Trust office space and all necessary office
facilities, equipment and personnel for servicing the investments of the Fund
and for administering the Trust's affairs and to pay the salaries and fees of
all officers and Trustees of the Trust who are members of the Adviser's
organization and all personnel of the Adviser performing services relating to
research and investment activities. The Adviser shall for all purposes herein be
deemed to be an independent contractor and shall, except as otherwise expressly
provided or authorized, have no authority to act for or represent the Trust in
any way or otherwise be deemed an agent of the Trust.

The Adviser shall provide the Trust with such investment management and
supervision as the Trust may from time to time consider necessary for the proper
supervision of the Fund. As investment adviser to the Fund, the Adviser shall
furnish continuously an investment program and shall determine from time to time
what securities shall be purchased, sold or exchanged and what portion of the
Fund's assets shall be held uninvested, subject always to the applicable
restrictions of the Declaration of Trust, By-Laws and registration statement of
the Trust under the Investment Company Act of 1940, all as from time to time
amended. The Adviser is authorized, in its discretion and without prior
consultation with theTrust, but subject to the Fund's investment objective,
policies and restrictions, to buy, sell, lend and otherwise trade in any stocks,
bonds, options and other securities and investment instruments on behalf of the
Fund, to purchase, write or sell options on securities, futures contracts or
indices on behalf of the Fund, to enter into commodities contracts on behalf of
the Fund, including contracts for the future delivery of securities or currency
and futures contracts on securities or other indices, and to execute any and all
agreements and instruments and to do any and all things incidental thereto in
connection with the management of the Fund. Should the Trustees of the Trust at
any time, however, make any specific determination as to investment policy for
the period, if any, specified in such notice or until similarly notified that
such determination has been revoked. The Adviser shall take, on behalf of the
Fund, all actions which it deems necessary or desirable to implement the
investment policies of the Trust and of the Fund.

The Adviser shall place all orders for the purchase or sale of portfolio
securities for the account of the Fund with brokers or dealers selected by the
Adviser, and to that end the Adviser is authorized as the agent of the Fund to
give instructions to the custodian of the Fund as to deliveries of securities
and payments of cash for the account of the Fund or the Trust. In connection
with the selection of such brokers or dealers and the placing of such orders,
the Adviser shall use its best efforts to seek to execute portfolio security
transactions at prices which are advantageous to the Fund and (when a disclosed
commission is being charged) at reasonably competitive commission rates. In
selecting brokers or dealers

<PAGE>

qualified to execute a particular transaction, brokers or dealers may be
selected who also provide brokerage and research services and products (as those
terms are defined in Section 28(e) of the Securities Exchange Act of 1934) to
the Adviser and the Adviser is expressly authorized to cause the Fund to pay any
broker or dealer who provides such brokerage and research service and products a
commission for executing a security transaction which is in excess of the amount
of commission another broker or dealer would have charged for effecting that
transaction if the Adviser determines in good faith that such amount of
commission is reasonable in relation to the value of the brokerage and research
services and products provided by such broker or dealer, viewed in terms of
either that particular transaction or the overall responsibilities which the
Adviser and its affiliates have with respect to accounts over which they
exercise investment discretion. Subject to the requirement set forth in the
second sentence of this paragraph, the Adviser is authorized to consider, as a
factor in the selection of any broker or dealer with whom purchase or sale
orders may be placed, the fact that such broker or dealer has sold or is selling
shares of the Fund or the Trust or of other investment companies sponsored by
the Adviser.

2. Compensation of the Adviser. For the services, payments and facilities
to be furnished hereunder by the Adviser, the Trust on behalf of the Fund shall
pay to the Adviser on the last day of each month a fee equal to a percentage of
the average daily net assets of the Fund of the Trust throughout the month,
computed in accordance with the Trust's Declaration of Trust and any applicable
votes of the Trustees of the Trust, as shown in the following table:

ANNUAL ADVISORY FEE RATES

Under $500 Million
$500 to Over
Million $1 Billion $1 Billion
------------------------------------------
0.75% 0.73% 0.68%

In case of initiation or termination of the Contract during any month with
respect to the Fund, the Fund's fee for that month shall be reduced
proportionately on the basis of the number of calendar days during which the
Contract is in effect and the fee shall be computed upon the average net assets
for the business days the Contract is so in effect for that month.

The Adviser may, from time to time, waive all or a part of the above
compensation.

<PAGE>

(xiv) fees, expenses and disbursements of transfer agents and registrars
for all services to the Trust, (xv) expenses for servicing shareholder accounts,
(xvi) any direct charges to shareholders approved by the Trustees of the Trust,
(xviii) all payments to be made and expenses to be assumed by the Trust pursuant
to any one or more distribution plans adopted by the Trust pursuant to Rule
12b-1 under the Investment Company Act of 1940, (xix) the administration fee
payable to the Trust's administrator and (xx) such nonrecurring items as may
arise, including expenses incurred in connection with litigation, proceedings
and claims and the obligation of the Trust to indemnify its Trustees and
officers with respect thereto.

4. Other Interests. It is understood that Trustees, officers and
shareholders of the Trust are or may be or become interested in the Adviser as
directors, officers, employees, stockholders or otherwise and that directors,
officers, employees and stockholders of the Adviser are or may be or become
similarly interested in the Trust, and that the Adviser may be or become
interested in the Trust as a shareholder or otherwise. It is also understood
that directors, officers, employees and stockholders of the Adviser are or may
be or become interested (as directors, trustees, officers, employees,
stockholders or otherwise) in other companies or entities (including, without
limitation, other investment companies) which the Adviser may organize, sponsor
or acquire, or with which it may merge or consolidate, and which may include the
words "Wright" or "Wright Investors" or any combination thereof as part of their
names, and that the Adviser or its subsidiaries or affiliates may enter into
advisory or management agreements or other contracts or relationships with such
other companies or entities.

7. Duration and Termination of this Contract. This Contract shall become
effective upon the date of its execution, and, unless terminated as herein
provided, shall remain in full force and effect through and including February
28, 1996 and shall continue in full force and effect indefinitely thereafter,
but only so long as such continuance after February 28, 1996 is specifically
approved at least annually (i) by the Trustees of the Trust or by vote of a
majority of the outstanding voting securities of the Fund and (ii) by the vote
of a majority of those Trustees of the Trust who are not interested persons of
the Adviser or (other than as a Trustee) the Trust cast in person at a meeting
called for the purpose of voting on such approval.

Either party hereto may, at any time on sixty (60) days' prior written
notice to the other, terminate this Contract without the payment of any penalty,
by action of its Board of Directors or Trustees, as the case may be, and the
Trust may, at any time upon such written notice to the Adviser, terminate this
Contract as to any Fund by vote of a majority of the outstanding voting
securities of the Fund. This Contract shall terminate automatically in the event
of its assignment.

8. Amendments of the Contract. This Contract may be amended by a writing
signed by both parties hereto, provided that no amendment to this Contract shall
be effective as to that Fund until approved (i) by the vote of a majority of
those Trustees of the Trust who are not interested persons of

<PAGE>

the Adviser or the Trust cast in person at a meeting called for the purpose
of voting on such approval, and (ii) by vote of a majority of the outstanding
voting securities of the Fund.

9. Limitation of Liability. The Adviser expressly acknowledges the
provision in the Declaration of Trust of the Trust (Article XIV, Section 2)
limiting the personal liability of shareholders of the Trust, and the Adviser
hereby agrees that it shall have recourse only to the Trust for payment of
claims or obligations as between the Trust and Adviser arising out of this
Contract and shall not seek satisfaction from the shareholders or any
shareholder of the Trust. No series of the Trust shall be liable hereunder for
the obligations of any other series of the Trust.

10. Certain Definitions. The terms "assignment" and "interested persons"
when used herein shall have the respective meanings specified in the Investment
Company Act of 1940 as now in effect or as hereafter amended subject, however,
to such exemptions as may be granted by the Securities and Exchange Commission
by any rule, regulation or order. The term "vote of a majority of the
outstanding voting securities of the Fund" shall mean the vote of the lesser of
(a) 67 per centum or more of the shares of the Fund present or represented by
proxy at the meeting of holders of more than 50 per centum of the outstanding
shares of the Fund are present or represented by proxy at the meeting, or (b)
more than 50 per centum of the outstanding shares of the Fund.

11. Use of the Name "Wright." The Adviser hereby consents to the use by the
Trust of the name "Wright" as part of the Trust's name and the name of the Fund;
provided, however, that such consent shall be conditioned upon the employment of
the Adviser or one of its affiliates as the investment adviser of the Trust. The
name "Wright" or any variation thereof may be used from time to time in other
connections and for other purposes by the Adviser and its affiliates and other
investment companies that have obtained consent to the use of the name "Wright."
The Adviser shall have the right to require the Trust to cease using the name
"Wright' as part of the Trust's name and the name of the Fund if the Trust
ceases, for any reasons, to employ the Adviser or one of its affiliates as the
Trust's investment adviser. Future names adopted by the Trust for itself and its
Funds, insofar as such names include identifying words requiring the consent of
the Adviser, shall be the property of the Adviser and shall be subject to the
same terms and conditions.

THE WRIGHT EQUIFUND EQUITY TRUST THE WINTHROP CORPORATION
on behalf of Wright EquiFund-Britain D/B/A WRIGHT INVESTORS'
SERVICES

By:/s/ Peter M. Donovan By:/s/ Judith Corchard
President Executive Vice President

EXHIBIT (6)

DISTRIBUTION CONTRACT

Distribution Contract dated March 23, 1990, between EQUIFUND-WRIGHT
NATIONAL FIDUCIARY EQUITY FUNDS, a Massachusetts business trust (the "Fund"),
and MFBT CORPORATION, a Delaware corporation (the "Distributor").

In consideration of the mutual promises and undertakings herein
contained, the parties hereto agree as follows:

1. Appointment as Distributor. The fund hereby appoints the Distributor
as a general distributor of shares of beneficial interest of the Fund (the
"shares"). Nothing herein shall be construed to prevent the Fund from employing
other general distributors of the shares or to prohibit the Fund from acting as
distributor of its shares, and the Fund reserves the right to sell its shares to
investors upon applications received by the Fund or its agents.

2. Distributions by Distributor. The Distributor will have the right to
obtain subscriptions for and to sell shares as agent of the Fund. The
Distributor shall be under no obligation to effectuate any particular amount of
sales of shares or to promote or make sales except to the extent the Distributor
deems advisable. Nothing herein shall be deemed to obligate the Distributor to
register or qualify as a broker or dealer in any state, territory or other
jurisdiction in which it is not now registered or qualified or to maintain its
registration or qualification in any state, territory or other jurisdiction in
which it is now registered or qualified. The right granted to obtain
subscriptions for and sell shares of the Funds shall be exclusive, except that
said exclusive right shall not apply to shares issued to (1) employee benefit
plans having 50 or more eligible employees; (2) charitable organizations; (as
defined in Section 501(c)(3) of the Internal Revenue Code); (3) current or
retired officers, directors, or full-time employees of the Winthrop Corporation
(or its direct or indirect subsidiaries) or current or former Trustees or
officers of a Wright managed mutual fund; (4) spouses of individuals described
in (3); (5) guardians or Trustees of a Trust for the sole benefit of the minor
child or other dependent of an individual described in (3); (6) charitable
remainder trusts or life income pools established for the benefit of a
charitable organization (as defined in Section 501(c)(3) of the Internal Revenue
Code; or, (7) participating bank trust departments purchasing shares either for
their own account or for the account of their clients, or individual clients of
Wright Inventors' Service; and in connection with the merger or consolidation of
any other investment company or personal holding company with a Fund or the
acquisition by purchase or otherwise of all (or substantially all) the assets or
the outstanding shares of any such company, by the Fund; nor shall it apply to
shares, if any, issued by a Fund in distribution of realized capital gains of
the Fund payable in shares or in cash at the option of the shareholder.

3. Public Offering Price. All subscriptions and sales of shares by the
Distributor hereunder shall be at the public offering price. The public offering
price shall be (1) the applicable net asset value of the shares in accordance
with the provisions of the current Prospectus of the Fund (2) plus any purchase
adjustment as described in the current Prospectus of the Fund and (3) the
applicable sales charge, if any.

4. Repurchase of Shares. The Distributor may act as agent for the Fund
in connection with the repurchase of shares by the Fund upon the terms and
conditions set forth in the then current Prospectus of the Fund. The Fund will
reimburse the Distributor for any reasonable expenses incurred by the
Distributor in connection with any such repurchase of shares for the account of
the Fund.

<PAGE>

5. Cooperation by Fund. The Fund agrees to execute such papers and to
do such acts and things as shall from time to time be reasonably requested by
the Distributor for the purpose of registering or qualifying and maintaining
registration or qualification of the shares for sale under the so-called "Blue
Sky" laws of any state or territory or for maintaining the registration of the
Fund and of the shares under the Securities Act of 1933 and the Investment
Company Act of 1940, to the end that there will be available for sale from time
to time such number of shares as the Distributor may reasonably be expected to
sell. The Fund will advise the Distributor promptly of (i) any action of the
Securities and Exchange Commission or any authorities of any state or territory,
of which it may be advised, affecting registration or qualification of the Fund
or the shares, or rights to offer the shares for sale, and (ii) the happening of
any event which makes untrue any statement in the registration statement or
Prospectus or which requires the making of any change in the registration
statement or Prospectus in order to make the statements therein not misleading.
The Fund shall make available to the Distributor such copies of its currently
effective Prospectus and of all information, financial statements and other
papers as the Distributor shall reasonably request in connection with the
distribution of shares of the Fund.

6. The Distributor as Independent Contractor. The Distributor shall be
an independent contractor and neither the Distributor nor any of its officers or
employees as such is or shall be an employee of the Fund. The Distributor is
responsible for its own conduct and the employment, control and conduct of its
agents and employees and for injury to such agents or employees or to others
through its agents or employees. The Distributor assumes full responsibility for
its agents and employees under applicable statutes and agrees to pay all
employer taxes thereunder.

7. Representations. The Distributor is not authorized by the Fund to
give any information or to make any representations other than those contained
in the registration statement or Prospectus filed with the Securities and
Exchange Commission under the Securities Act of 1933 (as said registration
statement and Prospectus may be amended from time to time) or contained in
shareholder reports or other material that may be prepared by or on behalf of
the Fund for the Distributor's use. Nothing herein shall be construed to prevent
the Distributor from preparing and distributing sales literature or other
material as it may deem appropriate.

8. Expenses Payable by the Fund. The Fund shall pay for and affix any
stock issue stamps (or in the case of treasury shares transfer stamps) required
for the issue (or transfer) of shares of the Fund. The Fund shall pay all fees
and expenses in connection with (a) the preparation and filing of any
registration statement and Prospectus under the Securities Act of 1933 or the
Investment Company Act of 1940 and amendments thereto, (b) the registration or
qualification of shares for sale in the various states, territories or other
jurisdictions (including without limitation the registering or qualifying the
Fund as a broker or dealer or any officer of the Fund as agent or salesman in
any state, territory or other jurisdiction), (c) the preparation and
distribution of any report or other communication to shareholders of the Fund in
their capacity as such, and (d) the preparation and distribution of any
Prospectuses sent to existing shareholders of the Fund. The Fund shall also make
all payments (including but not limited to expenses) pursuant to any written
plan or agreement relating to the implementation of such plan approved in
accordance with Rule 12b-1 under the Investment Company Act of 1940 in
connection with the distribution of its shares.

<PAGE>

9. Expenses Payable by the Distributor. The Distributor or its parent
will defray expenses of (a) printing and distributing any Prospectuses or
reports prepared for its use in connection with the offering of the shares for
sale to the public (other than to existing shareholders of the Fund), (b) any
other literature used by the Distributor in connection with such offering, and
(c) any advertising in connection with such offering, unless any of the expenses
listed in subparagraphs (a), (b) or (c) of this paragraph 9 are to be paid by
the Fund under a 12b-1 plan or agreement relating to the implementation of such
plan as described in paragraph 8 hereof.

10. Indemnification of the Distributor. The Fund agrees to indemnify
and hold harmless the Distributor and each of its directors and officers and
each person, if any, who controls the Distributor within the meaning of Section
15 of the 1933 Act against any loss, liability, claim, damages or expense
(including the reasonable cost of investigating or defending any alleged loss,
liability, claim, damages, or expense and reasonable counsel fees incurred in
connection therewith), arising by reason of any person acquiring any shares,
based upon the ground that the registration statement, Prospectus, shareholder
reports or other information filed or made public by the Fund as from time to
time amended and supplemented, included an untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein not misleading and arising under the
Securities Act of 1933, or any other statute or the common law, provided,
however, that the Fund does not agree to so indemnify the Distributor or hold it
harmless to the extent that such statement or omission was made on reliance
upon, and in conformity with, information furnished to the Fund in connection
therewith by or on behalf of the Distributor; and provided, further, that in no
case (i) is the indemnity of the Fund in favor of the Distributor or any person
indemnified to be deemed to protect the Distributor or any such person against
any liability to the Fund or its security holders to which the Distributor or
any controlling person would otherwise be subject by reason of wilful
misfeasance, bad faith or gross negligence in the performance of its duties or
by reason of its reckless disregard of its obligations and duties under this
Contract, or (ii) is the Fund to be liable under its indemnity agreement
contained in this paragraph with respect to any claim made against the
Distributor or any person indemnified unless the Distributor or such person, as
the case may be, shall have notified the Fund in writing of such claim within a
reasonable time after the summons or other first written notification giving
information of the nature of the claim shall have been served upon the
Distributor or such person (or after the Distributor or such person shall have
received notice of such service on any designated agent), but failure to notify
the Fund of any such claim shall not relieve it from any liability which it may
have to the Distributor or any person against whom such action is brought
otherwise than on account of its indemnity agreement contained in this
paragraph. The Fund shall be entitled to participate at its own expense in the
defense, or, if it so elects, to assume the defense of any suit brought to
enforce any such claim, but if the Fund elects to assume the defense, such
defense shall be conducted by counsel chosen by it and satisfactory to the
Distributor or such person or persons, defendant or defendants in the suit. In
the event the Fund elects to assume the defense of any such suit and retain such
counsel, the Distributor, such officers or directors or such controlling person
or persons, defendant or defendants in the suit, shall bear the fees and
expenses of any additional counsel retained by them. If the Fund does not elect
to assume the defense of any such suit, it will reimburse the Distributor, such
officers or directors or such controlling person or persons, defendant or
defendants in the suit, for the reasonable fees and expenses of any counsel
retained by them. The Fund agrees promptly to notify the Distributor of the
commencement of any litigation or proceedings against it or any of its officers
or Trustees in connection with the issuance or sale of any of the shares.

<PAGE>

11. Indemnification of the Fund. The Distributor agrees that it will
indemnify and hold harmless the Fund and each of its Trustees and officers and
each person, if any, who controls the Fund within the meaning of Section 15 of
the 1933 Act, against any loss, liability, damages, claim or expense (including
the reasonable cost of investigating or defending any alleged loss, liability,
damages, claim or expense and reasonable counsel fees incurred in connection
therewith) arising by reason of any person acquiring any shares, based upon the
1933 Act or any other statute or common law, alleging any wrongful act of the
Distributor or any of its employees or alleging that the registration statement,
prospectus, shareholder reports or other information filed or made public by the
Fund, as from time to time amended, included an untrue statement of a material
fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, insofar as any
such statement or omission was made in reliance upon, and in conformity with
information furnished to the Fund by or on behalf of the Distributor, provided,
however, that in no case (i) is the indemnity of the Distributor in favor of the
Fund or any person indemnified to be deemed to protect the Fund or any such
person against any liability to which the Fund of any such person would
otherwise be subject by reason of wilful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this Contract, or (ii) is the
Distributor to be liable under its indemnity agreement contained in this
paragraph with respect to any claim made against the Fund or any person
indemnified unless the Fund or such person, as the case may be, shall have
notified the Distributor in writing of such claim within a reasonable time after
the summons or other first written notification giving information of the nature
of the claim shall have been served upon the Fund or upon such person (or after
the Fund or such person shall have received notice of such service on any
designated agent), but failure to notify the Distributor of any such claim shall
not relieve it from any liability which it may have to the Fund or any person
against whom such action is brought otherwise than on account of its indemnity
agreement contained in this paragraph. In the case on any such notice to the
Distributor, the Distributor shall be entitled to participate, at its own
expense, in the defense or, if it so elects, to assume the defense of any suit
brought to enforce any such claim, but if the Distributor elects to assume the
defense, such defense shall be conducted by counsel chosen by the Distributor
and satisfactory to the Fund, to its officers and Trustees and to any
controlling person or persons, defendant or defendants in the suit. In the event
that the Distributor elects to assume the defense of any such suit and retain
such counsel, the Fund or such controlling persons, defendant or defendants in
the suit, shall bear the fees and expense of any additional counsel retained by
them. If the Distributor does not elect to assume the defense of any such suit,
it will reimburse the Fund, such officers and Trustees or controlling person or
persons, defendant or defendants in such suit, for the reasonable fees and
expenses of any counsel retained by them. The Distributor agrees promptly to
notify the Fund of the commencement of any litigation or proceedings against it
in connection with the issue and sale of any of the shares.

12. Effective Date, Termination and Amendment. This Contract shall
become effective on the date of its execution and (unless terminated as herein
provided) shall remain in full force and through and including February 2, 1991
and shall continue in full force and effect indefinitely thereafter, but only so
long as such continuance after February 2, 1991 is specifically approved at
least annually (a) by vote of a majority of the outstanding voting securities of
the Fund or by the Trustees of the Fund, and (b) by the vote of a majority of
the Trustees of the Fund who are not interested persons of the Fund or of the
Distributor cast in person at a meeting called for the purpose of voting on such
approval. This Contract may at any time be terminated without the payment of any
penalty (1) by vote of the Trustees of the Fund or by vote of a majority of the
outstanding voting securities of the Fund, on 60 days' written notice to the
Distributor, (2) automatically in the event of its assignment, and (3) by the
Distributor on 60 days' written notice to the Fund. Any notice under this
Contract shall be given in writing, addressed and delivered, or mailed postpaid,
to the other party at the Boston office of such party.

<PAGE>

This Contract may be amended at any time by a writing signed by both
parties hereto, provided that no amendment of this Contract shall be effective
until approved (a) by vote of a majority of the outstanding voting securities of
the Fund or by vote of the Trustees of the Fund, and (b) by the vote of a
majority of the Trustees of the Fund who are not interested persons of the Fund
or of the Distributor cast in person at a meeting called for the purpose of
voting on such approval.

13. Limitation of Liability. The Distributor expressly acknowledges the
provision in the Declaration of Trust of the Fund (Article XIV, Section 2)
limiting the personal liability of shareholders of the Fund, and the Distributor
hereby agrees that is shall have recourse to the Fund for payment of claims or
obligations as between the Fund and the Distributor arising out of this Contract
and shall not seek satisfaction from the shareholders or any shareholder of the
Fund.

14. Certain Definitions. The terms "interested person", "vote of a
majority of the outstanding voting securities" and "assignment" when used in
this Contract shall have the respective meanings specified in the Investment
Company Act of 1940, subject, however, to such exemptions as may be granted by
the Securities and Exchange Commission by any rule, regulation or order.

IN WITNESS WHEREOF, each of the parties hereto has caused this
Distribution Contract to be executed in its name and on its behalf by one of its
officers thereunto duly authorized, all as of the day and year first above
written.

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

By /s/ Peter M. Donovan
---------------------------
President

MFBT CORPORATION

By /s/ A.M. Moody III
---------------------------
President

EXHIBIT (8)

December 19, 1990

EquiFund-Wright National Fiduciary Equity Funds hereby adopts and agrees to
become a party to the attached Master Custodian Agreement between the Wright
Managed Investment Funds and Investors Bank & Trust Company.

EQUIFUND-WRIGHT NATIONAL FIDUCIARY
EQUITY FUNDS

BY/s/ Peter M. Donovan
----------------------
President

Accepted and agreed to:

INVESTORS BANK & TRUST COMPANY

BY: /s/ Henry M. Joyce
- ----------------------
Title: Vice President

<PAGE>

MASTER CUSTODIAN AGREEMENT

between

WRIGHT MANAGED INVESTMENT FUNDS

and

INVESTORS BANK & TRUST COMPANY

<PAGE>

TABLE OF CONTENTS

1. Definitions................................................1-2

2. Employment of Custodian and Property to be held by it...... 3

3. Duties of the Custodian with Respect to
Property of the Fund....................................... 3

A. Safekeeping and Holding of Property.................... 3

B. Delivery of Securities.................................3-6

C. Registration of Securities............................. 6

D. Bank Accounts.......................................... 6

E. Payments for Shares of the Fund........................ 7

F. Investment and Availability of Federal Funds........... 7

G. Collections............................................7-8

H. Payment of Fund Moneys.................................8-9

I. Liability for Payment in Advance of
Receipt of Securities Purchased........................9-10

J. Payments for Repurchases of Redemptions
of Shares of the Fund.................................. 10

K. Appointment of Agents by the Custodian................. 10

L. Deposit of Fund Portfolio Securities in Securities Systems.10-12

M. Deposit of Fund Commercial Paper in an Approved Book-Entry
System for Commercial Paper............................12-14

N. Segregated Account..................................... 14

O. Ownership Certificates for Tax Purposes................ 14

P. Proxies................................................ 14

Q. Communications Relating to Fund Portfolio Securities... 15

<PAGE>

R. Exercise of Rights; Tender Offers..................... 15

S. Depository Receipts...................................5-16

T. Interest Bearing Call or Time Deposits................ 16

U. Options, Futures Contracts and Foreign Currency Transactions.16-17

V. Actions Permitted Without Express Authority..........17-18

4. Duties of Bank with Respect to Books of Account and
Calculations of Net Asset Value................... 18

5. Records and Miscellaneous Duties..........................8-19

6. Opinion of Fund`s Independent Public Accountants.......... 19

7. Compensation and Expenses of Bank......................... 19

8. Responsibility of Bank...................................19-20

9. Persons Having Access to Assets of the Fund.............. 20

10. Effective Period,Termination and Amendment; Successor Custodian..20-21

11. Interpretive and Additional Provisions................... 21

12. Notices.................................................. 21

13. Massachusetts Law to Apply............................... 21

14. Adoption of the Agreement by the Fund.................... 22

<PAGE>

MASTER CUSTODIAN AGREEMENT

This Agreement is made between each investment company advised by
Wright Investors' Service which has adopted this Agreement in the manner
provided herein and Investors Bank & Trust Company (hereinafter called "Bank",
"Custodian" and "Agent"), a trust company established under the laws of
Massachusetts with a principal place of business in Boston, Massachusetts.

Whereas, each such investment company is registered under the
Investment Company Act of 1940 and has appointed the Bank to act as Custodian of
its property and to perform certain duties as its Agent, as more fully
hereinafter set forth; and

Whereas, the Bank is willing and able to act as each such investment
company's Custodian and Agent, subject to and in accordance with the provisions
hereof;

Now, therefore, in consideration of the premises and of the mutual
covenants and agreements herein contained, each such investment company and the
Bank agree as follows:

1. Definitions

Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

(a) "Fund" shall mean the investment company which has adopted this
Agreement. If the Fund is a Massachusetts business trust, it may in the future
establish and designate other separate and distinct series of shares, each of
which may be called a "portfolio"; in such case, the term "Fund" shall also
refer to each such separate series or portfolio.

(b) "Board" shall mean the board of directors/trustees/managing
general partners/director general partners of the Fund, as the case may be.

(c) "The Depository Trust Company", a clearing agency registered with
the Securities and Exchange Commission under Section 17A of the Securities
Exchange Act of 1934 which acts as a securities depository and which has been
specifically approved as a securities depository for the Fund by the Board.

(d) "Participants Trust Company", a clearing agency registered with the
Securities and Exchange Commission under Section 17A of the Securities Exchange
Act of 1934 which acts as a securities depository and which has been
specifically approved as a securities depository for the Fund by the Board.

(e) "Approved Clearing Agency" shall mean any other domestic clearing
agency registered with the Securities and Exchange Commission under Section 17A
of the Securities Exchange Act of 1934 which acts as a securities depository but
only if the Custodian has received a certified copy of a vote of the Board
approving such clearing agency as a securities depository for the Fund.

-1-

<PAGE>

(f) "Federal Book-Entry System" shall mean the book-entry system
referred to in Rule 17f-4(b) under the Investment Company Act of 1940 for United
States and federal agency securities (i.e., as provided in Subpart O of Treasury
Circular No. 300, 31 CFR 306, Subpart B of 31 CFR Part 350, and the book-entry
regulations of federal agencies substantially in the form of Subpart O).

(g) "Approved Foreign Securities Depository" shall mean a foreign
securities depository or clearing agency referred to in Rule 17f-4 under the
Investment Company Act of 1940 for foreign securities but only if the Custodian
has received a certified copy of a vote of the Board approving such depository
or clearing agency as a foreign securities depository for the Fund.

(h) "Approved Book-Entry System for Commercial Paper" shall mean a
system maintained by the Custodian or by a subcustodian employed pursuant to
Section 2 hereof for the holding of commercial paper in book-entry form but only
if the Custodian has received a certified copy of a vote of the Board approving
the participation by the Fund in such system.

(i) The Custodian shall be deemed to have received "proper
instructions" in respect of any of the matters referred to in this Agreement
upon receipt of written or facsimile instructions signed by such one or more
person or persons as the Board shall have from time to time authorized to give
the particular class of instructions in question. Electronic instructions for
the purchase and sale of securities which are transmitted by Wright Investors'
Service to the Custodian through the Wright trading system shall be deemed to be
proper instructions; the Fund shall cause all such instructions to be confirmed
in writing. Different persons may be authorized to give instructions for
different purposes. A certified copy of a vote of the Board may be received and
accepted by the Custodian as conclusive evidence of the authority of any such
person to act and may be considered as in full force and effect until receipt of
written notice to the contrary. Such instructions may be general or specific in
terms and, where appropriate, may be standing instructions. Unless the vote
delegating authority to any person or persons to give a particular class of
instructions specifically requires that the approval of any person, persons or
committee shall first have been obtained before the Custodian may act on
instructions of that class, the Custodian shall be under no obligation to
question the right of the person or persons giving such instructions in so
doing. Oral instructions will be considered proper instructions if the Custodian
reasonably believes them to have been given by a person authorized to give such
instructions with respect to the transaction involved. The Fund shall cause all
oral instructions to be confirmed in writing. The Fund authorizes the Custodian
to tape record any and all telephonic or other oral instructions given to the
Custodian. Upon receipt of a certificate signed by two officers of the Fund as
to the authorization by the President and the Treasurer of the Fund accompanied
by a detailed description of the communication procedures approved by the
President and the Treasurer of the Fund, "proper instructions" may also include
communications effected directly between electromechanical or electronic devices
provided that the President and Treasurer of the Fund and the Custodian are
satisfied that such procedures afford adequate safeguards for the Fund's assets.
In performing its duties generally, and more particularly in connection with the
purchase, sale and exchange of securities made by or for the Fund, the Custodian
may take cognizance of the provisions of the governing documents and
registration statement of the Fund as the same may from time to time be in
effect (and votes, resolutions or proceedings of the shareholders or the Board),
but, nevertheless, except as otherwise expressly provided herein, the Custodian
may assume unless and until notified in writing to the contrary that so-called
proper instructions received by it are not in conflict with or in any way
contrary to any provisions of such governing documents and registration
statement, or votes, resolutions or proceedings of the shareholders or the
Board.

-2-

<PAGE>

2. Employment of Custodian and Property to be Held by It

The Fund hereby appoints and employs the Bank as its Custodian and
Agent in accordance with and subject to the provisions hereof, and the Bank
hereby accepts such appointment and employment. The Fund agrees to deliver to
the Custodian all securities, participation interests, cash and other assets
owned by it, and all payments of income, payments of principal and capital
distributions and adjustments received by it with respect to all securities and
participation interests owned by the Fund from time to time, and the cash
consideration received by it for such new or treasury shares ("Shares") of the
Fund as may be issued or sold from time to time. The Custodian shall not be
responsible for any property of the Fund held by the Fund and not delivered by
the Fund to the Custodian. The Fund will also deliver to the Bank from time to
time copies of its currently effective charter (or declaration of trust or
partnership agreement, as the case may be), by-laws, prospectus, statement of
additional information and distribution agreement with its principal
underwriter, together with such resolutions, votes and other proceedings of the
Fund as may be necessary for or convenient to the Bank in the performance of its
duties hereunder.

The Custodian may from time to time employ one or more subcustodians to
perform such acts and services upon such terms and conditions as shall be
approved from time to time by the Board of Directors. Any such subcustodian so
employed by the Custodian shall be deemed to be the agent of the Custodian, and
the Custodian shall remain primarily responsible for the securities,
participation interests, moneys and other property of the Fund held by such
subcustodian. Any foreign subcustodian shall be a bank or trust company which is
an eligible foreign custodian within the meaning of Rule 17f-5 under the
Investment Company Act of 1940, and the foreign custody arrangements shall be
approved by the Board of Directors and shall be in accordance with and subject
to the provisions of said Rule. For the purposes of this Agreement, any property
of the Fund held by any such subcustodian (domestic or foreign) shall be deemed
to be held by the Custodian under the terms of this Agreement.

3. Duties of the Custodian with Respect to Property of the Fund

A. Safekeeping and Holding of Property The Custodian shall keep
safely all property of the Fund and on behalf of the Fund
shall from time to time receive delivery of Fund property for
safekeeping. The Custodian shall hold, earmark and segregate
on its books and records for the account of the Fund all
property of the Fund,including all securities, participation
interests and other assets of the Fund (1) physically held
by the Custodian, (2) held by any subcustodian referred to
in Section 2 hereof or by any agent referred to in Paragraph
K hereof, (3) held by or maintained in The Depository Trust
Company or in Participants Trust Company or in an Approved
Clearing Agency or in the Federal Book-Entry System or in an
Approved Foreign Securities Depository, each of which from
time to time is referred to herein as a "Securities System",
and (4) held by the Custodian or by any subcustodian
referred to in Section 2 hereof and maintained in any Approved
Book-Entry System for Commercial Paper.

B. Delivery of Securities The Custodian shall release and deliver
securities or participation interests owned by the Fund held
(or deemed to be held) by the Custodian or maintained in a
Securities System account or in an Approved Book-Entry System
for Commercial Paper account only upon receipt of proper
instructions, which may be continuing instructions when deemed
appropriate by the parties, and only in the following cases:

-3-

<PAGE>

1) Upon sale of such securities or participation
interests for the account of the Fund, but
only against receipt of payment therefor; if
delivery is made in Boston or New York City,
payment therefor shall be made in accordance
with generally accepted clearing house
procedures or by use of Federal Reserve Wire
System procedures; if delivery is made
elsewhere payment therefor shall be in
accordance with the then current "street
delivery" custom or in accordance with such
procedures agreed to in writing from time to
time by the parties hereto; if the sale is
effected through a Securities System,
delivery and payment therefor shall be made
in accordance with the provisions of
Paragraph L hereof; if the sale of commercial
paper is to be effected through an Approved
Book-Entry System for Commercial Paper,
delivery and payment therefor shall be made
in accordance with the provisions of
Paragraph M hereof; if the securities are to
be sold outside the United States, delivery
may be made in accordance with procedures
agreed to in writing from time to time by the
parties hereto; for the purposes of this
subparagraph, the term "sale" shall include
the disposition of a portfolio security (i)
upon the exercise of an option written by the
Fund and (ii) upon the failure by the Fund to
make a successful bid with respect to a
portfolio security, the continued holding of
which is contingent upon the making of such a
bid;

2) Upon the receipt of payment in connection
with any repurchase agreement or reverse
repurchase agreement relating to such
securities and entered into by the Fund;

3) To the depository agent in connection with
tender or other similar offers for portfolio
securities of the Fund;

4) To the issuer thereof or its agent when such
securities or participation interests are
called, redeemed, retired or otherwise
become payable; provided that, in any such
case, the cash or other consideration is to
be delivered to the Custodian or any
subcustodian employed pursuant to Section 2
hereof;

5) To the issuer thereof, or its agent, for
transfer into the name of the Fund or into
the name of any nominee of the Custodian or
into the name or nominee name of any agent
appointed pursuant to Paragraph K hereof or
into the name or nominee name of any
subcustodian employed pursuant to Section 2
hereof; or for exchange for a different
number of bonds, certificates or other
evidence representing the same aggregate face
amount or number of units; provided that,
in any such case, the new securities or
participation interests are to be delivered
to the Custodian or any subcustodian employed
pursuant to Section 2 hereof;

-4-

<PAGE>

6) To the broker selling the same for
examination in accordance with the "street
delivery" custom; provided that the
Custodian shall adopt such procedures as the
Fund from time to time shall approve to
ensure their prompt return to the Custodian
by the broker in the event the broker elects
not to accept them;

7) For exchange or conversion pursuant to any
plan of merger, consolidation,
recapitalization, reorganization or
readjustment of the securities of the Issuer
of such securities, or pursuant to provisions
for conversion of such securities, or
pursuant to any deposit agreement; provided
that, in any such case, the new securities
and cash, if any, are to be delivered to the
Custodian or any subcustodian employed
pursuant to Section 2 hereof;

8) In the case of warrants, rights or similar
securities, the surrender thereof in
connection with the exercise of such
warrants, rights or similar securities, or
the surrender of interim receipts or
temporary securities for definitive
securities; provided that, in any such case,
the new securities and cash, if any, are to
be delivered to the Custodian or any
subcustodian employed pursuant to Section 2
hereof;

9) For delivery in connection with any loans of
securities made by the Fund (such loans to be
made pursuant to the terms of the Fund's
current registration statement), but only
against receipt of adequate collateral as
agreed upon from time to time by the
Custodian and the Fund, which may be in the
form of cash or obligations issued by the
United States government, its agencies or
instrumentalities; except that in connection
with any securities loans for which
collateral is to be credited to the
Custodian's account in the book-entry system
authorized by the U.S.Department of Treasury,
the Custodian will not be held liable or
responsible for the delivery of securities
loaned by the Fund prior to the receipt of
such collateral;

10) For delivery as security in connection with
any borrowings by the Fund requiring a pledge
or hypothecation of assets by the Fund (if
then permitted under circumstances described
in the current registration statement of the
Fund), provided, that the securities shall be
released only upon payment to the Custodian
of the monies borrowed, except that in cases
where additional collateral is required to
secure a borrowing already made, further
securities may be released for that purpose;
upon receipt of proper instructions, the
Custodian may pay any such loan upon
redelivery to it of the securities pledged or
hypothecated therefor and upon surrender of
the note or notes evidencing the loan;

11) When required for delivery in connection with
any redemption or repurchase of Shares of the
Fund in accordance with the provisions of
Paragraph J hereof;

-5-

<PAGE>

12) For delivery in accordance with the
provisions of any agreement between the
Custodian(or a subcustodian employed pursuant
to Section 2 hereof) and a broker-dealer
registered under the Securities Exchange Act
of 1934 and, if necessary, the Fund, relating
to compliance with the rules of The Options
Clearing Corporation or of any registered
national securities exchange, or of any
similar organization or organizations,
regarding deposit or escrow or other
arrangements in connection with options
transactions by the Fund;

13) For delivery in accordance with the
provisions of any agreement among the Fund,
the Custodian (or a subcustodian employed
pursuant to Section 2 hereof), and a futures
commissions merchant, relating to compliance
with the rules of the Commodity Futures
Trading Commission and/or of any contract
market or commodities exchange or similar
organization,regarding futures margin account
deposits or payments in connection with
futures transactions by the Fund;

14) For any other proper corporate purpose, but
only upon receipt of, in addition to proper
instructions, a certified copy of a vote of
the Board specifying the securities to be
delivered, setting forth the purpose for
which such delivery is to be made, declaring
such purpose to be proper corporate purpose,
and naming the person or persons to whom
delivery of such securities shall be made.

C. Registration of Securities Securities held by the Custodian
(other than bearer securities) for the account of the Fund
shall be registered in the name of the Fund or in the name
of any nominee of the Fund or of any nominee of the Custodian,
or in the name or nominee name of any agent appointed pursuant
to Paragraph K hereof, or in the name or nominee name of any
subcustodian employed pursuant to Section 2 hereof, or in the
name or nominee name of The Depository Trust Company or
Participants Trust Company or Approved Clearing Agency or
Federal Book-Entry System or Approved Book-Entry System for
Commercial Paper; provided, that securities are held in an
account of the Custodian or of such agent or of such
subcustodian containing only assets of the Fund or only assets
held by the Custodian or such agent or such subcustodian as
a custodian or subcustodian or in a fiduciary capacity for
customers. All certificates for securities accepted by the
Custodian or any such agent or subcustodian on behalf of the
Fund shall be in "street" or other good delivery form or
shall be returned to the selling broker or dealer who shall
be advised of the reason thereof.

D. Bank Accounts The Custodian shall open and maintain a separate
bank account or accounts in the name of the Fund, subject only
to draft or order by the Custodian acting in pursuant to the
terms of this Agreement, and shall hold in such account or
accounts, subject to the provisions hereof, all cash received
by it from or for the account of the Fund other than cash
maintained by the Fund in a bank account established and used
in accordance with Rule 17f-3 under the Investment Company Act
of 1940. Funds held by the Custodian for the Fund may be
deposited by it to its credit as Custodian in the Banking
Department of the Custodian or in such other banks or trust
companies as the Custodian may in its discretion deem
necessary or desirable; provided, however, that

-6-

<PAGE>

every such bank or trust company shall be qualified to act as
a custodian under the Investment Company Act of 1940 and that
each such bank or trust company and the funds to be deposited
with each such bank or trust company shall be approved in
writing by two officers of the Fund. Such funds shall be
deposited by the Custodian in its capacity as Custodian and
shall be subject to withdrawal only by the Custodian in that
capacity.

E. Payment for Shares of the Fund The Custodian shall make
appropriate arrangements with the Transfer Agent and the
principal underwriter of the Fund to enable the Custodian to
make certain it promptly receives the cash or other
consideration due to the Fund for such new or treasury Shares
as may be issued or sold from time to time by the Fund, in
accordance with the governing documents and offering
prospectus and statement of additional information of the
Fund. The Custodian will provide prompt notification to the
Fund of any receipt by it of payments for Shares of the Fund.

F. Investment and Availability of Federal Funds Upon agreement
between the Fund and the Custodian, the Custodian shall, upon
the receipt of proper instructions, which may be continuing
instructions when deemed appropriate by the parties,

1) invest in such securities and instruments as
may be set forth in such instructions on the
same day as received all federal funds
received after a time agreed upon between
the Custodian and the Fund; and

2) make federal funds available to the Fund as
of specified times agreed upon from time to
time by the Fund and the Custodian in the
amount of checks received in payment for
Shares of the Fund which are deposited into
the Fund's account.

G. Collections The Custodian shall promptly collect all income
and other payments with respect to registered securities held
hereunder to which the Fund shall be entitled either by law or
pursuant to custom in the securities business, and shall
promptly collect all income and other payments with respect to
bearer securities if, on the date of payment by the issuer,
such securities are held by the Custodian or agent thereof and
shall credit such income, as collected, to the Fund's
custodian account. The Custodian shall do all things necessary
and proper in connection with such prompt collections and,
without limiting the generality of the foregoing, the
Custodian shall

1) Present for payment all coupons and other
income items requiring presentations;

2) Present for payment all securities which may
mature or be called, redeemed, retired or
otherwise become payable;

3) Endorse and deposit for collection, in the
name of the Fund, checks, drafts or other
negotiable instruments;

-7-

<PAGE>

4) Credit income from securities maintained in
a Securities System or in an Approved
Book-Entry System for Commercial Paper at
the time funds become available to the
Custodian; in the case of securities
maintained in The Depository Trust Company
funds shall be deemed available to the Fund
not later than the opening of business on
the first business day after receipt of such
funds by the Custodian.

The Custodian shall notify the Fund as soon as reasonably
practicable whenever income due on any security is not
promptly collected. In any case in which the Custodian does
not receive any due and unpaid income after it has made demand
for the same, it shall immediately so notify the Fund in
writing, enclosing copies of any demand letter, any written
response thereto, and memoranda of all oral responses thereto
and to telephonic demands, and await instructions from the
Fund; the Custodian shall in no case have any liability for
any nonpayment of such income provided the Custodian meets the
standard of care set forth in Section 8 hereof. The Custodian
shall not be obligated to take legal action for collection
unless and until reasonably indemnified to its satisfaction.

The Custodian shall also receive and collect all stock
dividends, rights and other items of like nature, and deal
with the same pursuant to proper instructions relative
thereto.

H. Payment of Fund Moneys Upon receipt of proper instructions,
which may be continuing instructions when deemed appropriate
by the parties, the Custodian shall pay out moneys of the Fund
in the following cases only:

1) Upon the purchase of securities,participation
interests, options,futures contracts, forward
contracts and options on futures contracts
purchased for the account of the Fund but
only (a) against the receipt of

(i) such securities registered as provided
in Paragraph C hereof or in proper form
for transfer or

(ii) detailed instructions signed by an
officer of the Fund regarding the
participation interests to be purchased or

(iii) written confirmation of the purchase
by the Fund of the options, futures
contracts, forward contracts or options on
futures contracts

by the Custodian (or by a subcustodian
employed pursuant to Section 2 hereof or by
a clearing corporation of a national
securities exchange of which the Custodian
is a member or by any bank, banking
institution or trust company doing business
in the United States or abroad which is
qualified under the Investment Company Act
of 1940 to act as a custodian and which has
been designated by the Custodian as its
agent for this purpose or by the agent
specifically designated in such instructions
as representing the purchasers of a new
issue of privately placed securities); (b)
in the case of a purchase effected through a
Securities System, upon receipt of the
securities by the Securities System

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<PAGE>

in accordance with the conditions set forth
in Paragraph L hereof; (c) in the case of a
purchase of commercial paper effected
through an Approved Book-Entry System for
Commercial Paper, upon receipt of the paper
by the Custodian or subcustodian in
accordance with the conditions set forth in
Paragraph M hereof; (d) in the case of
repurchase agreements entered into between
the Fund and another bank or a
broker-dealer, against receipt by the
Custodian of the securities underlying the
repurchase agreement either in certificate
form or through an entry crediting the
Custodian's segregated, non-proprietary
account at the Federal Reserve Bank of
Boston with such securities along with
written evidence of the agreement by the
bank or broker-dealer to repurchase such
securities from the Fund; or (e) with
respect to securities purchased outside of
the United States, in accordance with
written procedures agreed to from time to
time in writing by the parties hereto;

2) When required in connection with the
conversion, exchange or surrender of
securities owned by the Fund as set forth in
Paragraph B hereof;

3) When required for the redemption or
repurchase of Shares of the Fund in
accordance with the provisions of Paragraph
J hereof;

4) For the payment of any expense or liability
incurred by the Fund, including but not
limited to the following payments for the
account of the Fund: advisory fees,
distribution plan payments, interest, taxes,
management compensation and expenses,
accounting, transfer agent and legal fees,
and other operating expenses of the Fund
whether or not such expenses are to be in
whole or part capitalized or treated as
deferred expenses;

5) For the payment of any dividends or other
distributions to holders of Shares declared
or authorized by the Board; and

6) For any other proper corporate purpose, but
only upon receipt of, in addition to proper
instructions, a certified copy of a vote of
the Board, specifying the amount of such
payment, setting forth the purpose for which
such payment is to be made, declaring such
purpose to be a proper corporate purpose,
and naming the person or persons to whom
such payment is to be made.

I. Liability for Payment in Advance of Receipt of Securities
Purchased In any and every case where payment for purchase
of securities for the account of the Fund is made by the
Custodian in advance of receipt of the securities purchased in
the absence of specific written instructions signed by two
officers of the Fund to so pay in advance, the Custodian shall
be absolutely liable to the Fund for such securities to the
same extent as if the securities had been received by the
Custodian; except that in the case of a repurchase agreement
entered into by the Fund with a bank which is a member of the
Federal Reserve System, the Custodian may transfer funds to
the account of such bank prior to the receipt of (i) the
securities in certificate form subject to such repurchase

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<PAGE>

agreement or (ii) written evidence that the securities subject
to such repurchase agreement have been transferred by
book-entry into a segregated non-proprietary account of the
Custodian maintained with the Federal Reserve Bank of Boston
or (iii) the safekeeping receipt, provided that such
securities have in fact been so transfered by book-entry and
the written repurchase agreement is received by the Custodian
in due course; and except that if the securities are to be
purchased outside the United States, payment may be made in
accordance with procedures agreed to in writing from time to
time by the parties hereto.

J. Payments for Repurchases or Redemptions of Shares of the Fund
From such funds as may be available for the purpose, but
subject to any applicable votes of the Board and the current
redemption and repurchase procedures of the Fund, the
Custodian shall, upon receipt of written instructions from the
Fund or from the Fund's transfer agent or from the principal
underwriter, make funds and/or portfolio securities available
for payment to holders of Shares who have caused their Shares
to be redeemed or repurchased by the Fund or for the Fund`s
account by its transfer agent or principal underwriter.

The Custodian may maintain a special checking account upon
which special checks may be drawn by shareholders of the Fund
holding Shares for which certificates have not been issued.
Such checking account and such special checks shall be subject
to such rules and regulations as the Custodian and the Fund
may from time to time adopt. The Custodian or the Fund may
suspend or terminate use of such checking account or such
special checks (either generally or for one or more
shareholders) at any time. The Custodian and the Fund shall
notify the other immediately of any such suspension or
termination.

K. Appointment of Agents by the Custodian The Custodian may at
any time or times in its discretion appoint (and may at any
time remove) any other bank or trust company (provided such
bank or trust company is itself qualified under the Investment
Company Act of 1940 to act as a custodian or is itself an
eligible foreign custodian within the meaning of Rule 17f-5
under said Act) as the agent of the Custodian to carry out
such of the duties and functions of the Custodian described in
this Section 3 as the Custodian may from time to time direct;
provided, however, that the appointment of any such agent
shall not relieve the Custodian of any of its responsibilities
or liabilities hereunder, and as between the Fund and the
Custodian the Custodian shall be fully responsible for the
acts and omissions of any such agent. For the purposes of this
Agreement, any property of the Fund held by any such agent
shall be deemed to be held by the Custodian hereunder.

L. Deposit of Fund Portfolio Securities in Securities Systems The
Custodian may deposit and/or maintain securities owned by the
Fund

(1) in The Depository Trust Company;

(2) in Participants Trust Company;

(3) in any other Approved Clearing Agency;

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<PAGE>

(4) in the Federal Book-Entry System; or

(5) in an Approved Foreign Securities Depository

in each case only in accordance with applicable Federal
Reserve Board and Securities and Exchange Commission rules and
regulations, and at all times subject to the following
provisions:

(a) The Custodian may (either directly or through one
or more subcustodians employed pursuant to Section 2 keep
securities of the Fund in a Securities System provided that
such securities are maintained in a non-proprietary account
("Account") of the Custodian or such subcustodian in the
Securities System which shall not include any assets of the
Custodian or such subcustodian or any other person other than
assets held by the Custodian or such subcustodian as a
fiduciary, custodian, or otherwise for its customers.

(b) The records of the Custodian with respect to
securities of the Fund which are maintained in a Securities
System shall identify by book-entry those securities belonging
to the Fund, and the Custodian shall be fully and completely
responsible for maintaining a recordkeeping system capable of
accurately and currently stating the Fund's holdings
maintained in each such Securities System.

(c) The Custodian shall pay for securities purchased
in book-entry form for the account of the Fund only upon (i)
receipt of notice or advice from the Securities System that
such securities have been transferred to the Account, and (ii)
the making of any entry on the records of the Custodian to
reflect such payment and transfer for the account of the Fund.
The Custodian shall transfer securities sold for the account
of the Fund only upon (i) receipt of notice or advice from the
Securities System that payment for such securities has been
transferred to the Account, and (ii) the making of an entry on
the records of the Custodian to reflect such transfer and
payment for the account of the Fund. Copies of all notices or
advices from the Securities System of transfers of securities
for the account of the Fund shall identify the Fund, be
maintained for the Fund by the Custodian and be promptly
provided to the Fund at its request. The Custodian shall
promptly send to the Fund confirmation of each transfer to or
from the account of the Fund in the form of a written advice
or notice of each such transaction, and shall furnish to the
Fund copies of daily transaction sheets reflecting each day's
transactions in the Securities System for the account of the
Fund on the next business day.

(d) The Custodian shall promptly send to the Fund any
report or other communication received or obtained by the
Custodian relating to the Securities System's accounting
system, system of internal accounting controls or procedures
for safeguarding securities deposited in the Securities
System; the Custodian shall promptly send to the Fund any
report or other communication relating to the Custodian's
internal accounting controls and procedures for safeguarding
securities deposited in any Securities System; and the
Custodian shall ensure that any agent appointed pursuant to
Paragraph K hereof or any subcustodian employed pursuant to
Section 2 hereof shall promptly send to the Fund and to the
Custodian any report or other communication relating to such
agent's or subcustodian's internal accounting controls and
procedures for safeguarding securities

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<PAGE>

deposited in any Securities System. The Custodian's books and
records relating to the Fund's participation in each
Securities System will at all times during regular business
hours be open to the inspection of the Fund's authorized
officers, employees or agents.

(e) The Custodian shall not act under this Paragraph
L in the absence of receipt of a certificate of an officer of
the Fund that the Board has approved the use of a particular
Securities System; the Custodian shall also obtain appropriate
assurance from the officers of the Fund that the Board has
annually reviewed the continued use by the Fund of each
Securities System, and the Fund shall promptly notify the
Custodian if the use of a Securities System is to be
discontinued; at the request of the Fund, the Custodian will
terminate the use of any such Securities System as promptly as
practicable.

(f) Anything to the contrary in this Agreement
notwithstanding, the Custodian shall be liable to the Fund for
any loss or damage to the Fund resulting from use of the
Securities System by reason of any negligence, misfeasance or
misconduct of the Custodian or any of its agents or
subcustodians or of any of its or their employees or from any
failure of the Custodian or any such agent or subcustodian to
enforce effectively such rights as it may have against the
Securities System or any other person; at the election of the
Fund, it shall be entitled to be subrogated to the rights of
the Custodian with respect to any claim against the Securities
System or any other person which the Custodian may have as a
consequence of any such loss or damage if and to the extent
that the Fund has not been made whole for any such loss or
damage.

M. Deposit of Fund Commercial Paper in an Approved Book-Entry
System for Commercial Paper Upon receipt of proper
instructions with respect to each issue of direct issue
commercial paper purchased by the Fund, the Custodian may
deposit and/or maintain direct issue commercial paper owned by
the Fund in any Approved Book-Entry System for Commercial
Paper, in each case only in accordance with applicable
Securities and Exchange Commission rules, regulations, and
no-action correspondence, and at all times subject to the
following provisions:

(a) The Custodian may (either directly or through one
or more subcustodians employed pursuant to Section 2) keep
commercial paper of the Fund in an Approved Book-Entry System
for Commercial Paper, provided that such paper is issued in
book entry form by the Custodian or subcustodian on behalf of
an issuer with which the Custodian or subcustodian has entered
into a book-entry agreement and provided further that such
paper is maintained in a non-proprietary account ("Account")
of the Custodian or such subcustodian in an Approved
Book-Entry System for Commercial Paper which shall not include
any assets of the Custodian or such subcustodian or any other
person other than assets held by the Custodian or such
subcustodian as a fiduciary, custodian, or otherwise for its
customers.

(b) The records of the Custodian with respect to
commercial paper of the Fund which is maintained in an
Approved Book-Entry System for Commercial Paper shall identify
by book-entry each specific issue of commercial paper
purchased by the Fund which is included in the System and
shall at all times during regular business hours be open for
inspection by authorized officers, employees or agents of the
Fund. The Custodian shall be fully and completely responsible
for maintaining a recordkeeping

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<PAGE>

system capable of accurately and currently stating the Fund's
holdings of commercial paper maintained in each such System.

(c) The Custodian shall pay for commercial paper
purchased in book-entry form for the account of the Fund only
upon contemporaneous (i) receipt of notice or advice from the
issuer that such paper has been issued, sold and transferred
to the Account, and (ii) the making of an entry on the records
of the Custodian to reflect such purchase, payment and
transfer for the account of the Fund. The Custodian shall
transfer such commercial paper which is sold or cancel such
commercial paper which is redeemed for the account of the Fund
only upon contemporaneous (i) receipt of notice or advice that
payment for such paper has been transferred to the Account,
and (ii) the making of an entry on the records of the
Custodian to reflect such transfer or redemption and payment
for the account of the Fund. Copies of all notices, advices
and confirmations of transfers of commercial paper for the
account of the Fund shall identify the Fund, be maintained for
the Fund by the Custodian and be promptly provided to the Fund
at its request. The Custodian shall promptly send to the Fund
confirmation of each transfer to or from the account of the
Fund in the form of a written advice or notice of each such
transaction, and shall furnish to the Fund copies of daily
transaction sheets reflecting each day's transactions in the
System for the account of the Fund on the next business day.

(d) The Custodian shall promptly send to the Fund any
report or other communication received or obtained by the
Custodian relating to each System's accounting system, system
of internal accounting controls or procedures for safeguarding
commercial paper deposited in the System; the Custodian shall
promptly send to the Fund any report or other communication
relating to the Custodian's internal accounting controls and
procedures for safeguarding commercial paper deposited in any
Approved Book-Entry System for Commercial Paper; and the
Custodian shall ensure that any agent appointed pursuant to
Paragraph K hereof or any subcustodian employed pursuant to
Section 2 hereof shall promptly send to the Fund and to the
Custodian any report or other communication relating to such
agent's or subcustodian's internal accounting controls and
procedures for safeguarding securities deposited in any
Approved Book-Entry System for Commercial Paper.

(e) The Custodian shall not act under this Paragraph
M in the absence of receipt of a certificate of an officer of
the Fund that the Board has approved the use of a particular
Approved Book-Entry System for Commercial Paper; the Custodian
shall also obtain appropriate assurance from the officers of
the Fund that the Board has annually reviewed the continued
use by the Fund of each Approved Book-Entry System for
Commercial Paper, and the Fund shall promptly notify the
Custodian if the use of an Approved Book-Entry System for
Commercial Paper is to be discontinued; at the request of the
Fund, the Custodian will terminate the use of any such System
as promptly as practicable.

(f) The Custodian (or subcustodian, if the Approved
Book-Entry System for Commercial Paper is maintained by the
subcustodian) shall issue physical commercial paper or
promissory notes whenever requested to do so by the Fund or in
the event of an electronic system failure which impedes
issuance, transfer or custody of direct issue commercial paper
by book-entry.

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<PAGE>

(g) Anything to the contrary in this Agreement
notwithstanding, the Custodian shall be liable to the Fund for
any loss or damage to the Fund resulting from use of any
Approved Book-Entry System for Commercial Paper by reason of
any negligence, misfeasance or misconduct of the Custodian or
any of its agents or subcustodians or of any of its or their
employees or from any failure of the Custodian or any such
agent or subcustodian to enforce effectively such rights as it
may have against the System, the issuer of the commercial
paper or any other person; at the election of the Fund, it
shall be entitled to be subrogated to the rights of the
Custodian with respect to any claim against the System, the
issuer of the commercial paper or any other person which the
Custodian may have as a consequence of any such loss or damage
if and to the extent that the Fund has not been made whole for
any such loss or damage.

N. Segregated Account The Custodian shall upon receipt of proper
instructions establish and maintain a segregated account or
accounts for and on behalf of the Fund, into which account or
accounts may be transferred cash and/or securities, including
securities maintained in an account by the Custodian pursuant
to Paragraph L hereof, (i) in accordance with the provisions
of any agreement among the Fund, the Custodian and any
registered broker-dealer (or any futures commission merchant),
relating to compliance with the rules of the Options Clearing
Corporation and of any registered national securities exchange
(or of the Commodity Futures Trading Commission or of any
contract market or commodities exchange), or of any similar
organization or organizations, regarding escrow or deposit or
other arrangements in connection with transactions by the
Fund, (ii) for purposes of segregating cash or U.S. Government
securities in connection with options purchased, sold or
written by the Fund or futures contracts or options thereon
purchased or sold by the Fund, (iii) for the purposes of
compliance by the Fund with the procedures required by
Investment Company Act Release No. 10666, or any subsequent
release or releases of the Securities and Exchange Commission
relating to the maintenance of segregated accounts by
registered investment companies and (iv) for other proper
purposes, but only, in the case of clause (iv), upon receipt
of, in addition to proper instructions, a certificate signed
by two officers of the Fund, setting forth the purpose such
segregated account and declaring such purpose to be a proper
purpose.

O. Ownership Certificates for Tax Purposes The Custodian shall
execute ownership and other certificates and affidavits for
all federal and state tax purposes in connection with receipt
of income or other payments with respect to securities of the
Fund held by it and in connection with transfers of
securities.

P. Proxies The Custodian shall, with respect to the securities
held by it hereunder, cause to be promptly delivered to the
Fund all forms of proxies and all notices of meetings and any
other notices or announcements or other written information
affecting or relating to the securities, and upon receipt of
proper instructions shall execute and deliver or cause its
nominee to execute and deliver such proxies or other
authorizations as may be required. Neither the Custodian nor
its nominee shall vote upon any of the securities or execute
any proxy to vote thereon or give any consent or take any
other action with respect thereto (except as otherwise herein
provided) unless ordered to do so by proper instructions.

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<PAGE>

Q. Communications Relating to Fund Portfolio Securities The
Custodian shall deliver promptly to the Fund all written
information (including, without limitation, pendency of call
and maturities of securities and participation interests and
expirations of rights in connection therewith and notices of
exercise of call and put options written by the Fund and the
maturity of futures contracts purchased or sold by the Fund)
received by the Custodian from issuers and other persons
relating to the securities and participation interests being
held for the Fund. With respect to tender or exchange offers,
the Custodian shall deliver promptly to the Fund all written
information received by the Custodian from issuers and other
persons relating to the securities and participation interests
whose tender or exchange is sought and from the party (or his
agents) making the tender or exchange offer.

R. Exercise of Rights; Tender Offers In the case of tender
offers, similar offers to purchase or exercise rights
(including, without limitation, pendency of calls and
maturities of securities and participation interests and
expirations of rights in connection therewith and notices of
exercise of call and put options and the maturity of futures
contracts) affecting or relating to securities and
participation interests held by the Custodian under this
Agreement, the Custodian shall have responsibility for
promptly notifying the Fund of all such offers in accordance
with the standard of reasonable care set forth in Section 8
hereof. For all such offers for which the Custodian is
responsible as provided in this Paragraph R, the Fund shall
have responsibility for providing the Custodian with all
necessary instructions in timely fashion. Upon receipt of
proper instructions, the Custodian shall timely deliver to the
issuer or trustee thereof, or to the agent of either,warrants,
puts, calls, rights or similar securities for the purpose of
being exercised or sold upon proper receipt therefor and upon
receipt of assurances satisfactory to the Custodian that the
new securities and cash, if any, acquired by such action are
to be delivered to the Custodian or any subcustodian employed
pursuant to Section 2 hereof. Upon receipt of proper
instructions, the Custodian shall timely deposit securities
upon invitations for tenders of securities upon proper receipt
therefor and upon receipt of assurances satisfactory to the
Custodian that the consideration to be paid or delivered or
the tendered securities are to be returned to the Custodian or
subcustodian employed pursuant to Section 2 hereof.
Notwithstanding any provision of this Agreement to the
contrary, the Custodian shall take all necessary action,
unless otherwise directed to the contrary by proper
instructions, to comply with the terms of all mandatory or
compulsory exchanges, calls, tenders, redemptions, or similar
rights of security ownership, and shall thereafter promptly
notify the Fund in writing of such action.

S. Depository Receipts The Custodian shall, upon receipt of
proper instructions, surrender or cause to be surrendered
foreign securities to the depository used by an issuer of
American Depository Receipts or International Depository
Receipts (hereinafter collectively referred to as "ADRs") for
such securities, against a written receipt therefor adequately
describing such securities and written evidence satisfactory
to the Custodian that the depository has acknowledged receipt
of instructions to issue with respect to such securities ADRs
in the name of a nominee of the Custodian or in the name or
nominee name of any subcustodian employed pursuant to Section
2 hereof, for delivery to the Custodian or such subcustodian
at such place as the Custodian or such subcustodian may from
time to time designate. The Custodian shall, upon receipt of
proper instructions, surrender ADRs to the issuer thereof
against a written receipt therefor adequately

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<PAGE>

describing the ADRs surrendered and written evidence
satisfactory to the Custodian that the issuer of the ADRs has
acknowledged receipt of instructions to cause its depository
to deliver the securities underlying such ADRs to the
Custodian or to a subcustodian employed pursuant to Section 2
hereof.

T. Interest Bearing Call or Time Deposits The Custodian shall,
upon receipt of proper instructions, place interest bearing
fixed term and call deposits with the banking department of
such banking institution (other than the Custodian) and in
such amounts as the Fund may designate. Deposits may be
denominated in U.S. Dollars or other currencies. The Custodian
shall include in its records with respect to the assets of the
Fund appropriate notation as to the amount and currency of
each such deposit, the accepting banking institution and other
appropriate details and shall retain such forms of advice or
receipt evidencing the deposit, if any, as may be forwarded to
the Custodian by the banking institution. Such deposits shall
be deemed portfolio securities of the applicable Fund for the
purposes of this Agreement, and the Custodian shall be
responsible for the collection of income from such accounts
and the transmission of cash to and from such accounts.

U. Options, Futures Contracts and Foreign Currency Transactions

1. Options. The Custodians shall, upon receipt of
proper instructions and in accordance with the
provisions of any agreement between the Custodian,
any registered broker-dealer and, if necessary, the
Fund, relating to compliance with the rules of the
Options Clearing Corporation or of any registered
national securities exchange or similar organization
or organizations, receive and retain confirmations or
other documents, if any, evidencing the purchase or
writing of an option on a security or securities
index or other financial instrument or index by the
Fund; deposit and maintain in a segregated account
for each Fund separately, either physically or by
book-entry in a Securities System, securities subject
to a covered call option written by the Fund; and
release and/or transfer such securities or other
assets only in accordance with a notice or other
communication evidencing the expiration, termination
or exercise of such covered option furnished by the
Options Clearing Corporation, the securities or
options exchange on which such covered option is
traded or such other organization as may be
responsible for handling such options transactions.
The Custodian and the broker-dealer shall be
responsible for the sufficiency of assets held in
each Fund's segregated account in compliance with
applicable margin maintenance requirements.

2. Futures Contracts The Custodian shall, upon
receipt of proper instructions, receive and retain
confirmations and other documents, if any, evidencing
the purchase or sale of a futures contract or an
option on a futures contract by the Fund; deposit and
maintain in a segregated account, for the benefit of
any futures commission merchant, assets designated by
the Fund as initial, maintenance or variation
"margin" deposits (including mark-to-market payments)
intended to secure the Fund's performance of its
obligations under any futures contracts purchased or
sold or any options on futures contracts written by
Fund, in accordance with the provisions of any
agreement or agreements among

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<PAGE>

the Fund, the Custodian and such futures commission
merchant, designed to comply with the rules of the
Commodity Futures Trading Commission and/or of any
contract market or commodities exchange or similar
organization regarding such margin deposits or
payments; and release and/or transfer assets in such
margin accounts only in accordance with any such
agreements or rules. The Custodian and the futures
commission merchant shall be responsible for the
sufficiency of assets held in the segregated account
in compliance with the applicable margin maintenance
and mark-to-market payment requirements.

3. Foreign Exchange Transactions The Custodian shall,
pursuant to proper instructions, enter into or cause
a subcustodian to enter into foreign exchange
contracts or options to purchase and sell foreign
currencies for spot and future delivery on behalf and
for the account of the Fund. Such transactions may be
undertaken by the Custodian or subcustodian with such
banking or financial institutions or other currency
brokers, as set forth in proper instructions. Foreign
exchange contracts and options shall be deemed to be
portfolio securities of the Fund; and accordingly,
the responsibility of the Custodian therefor shall be
the same as and no greater than the Custodian's
responsibility in respect of other portfolio
securities of the Fund. The Custodian shall be
responsible for the transmittal to and receipt of
cash from the currency broker or banking or financial
institution with which the contract or option is
made, the maintenance of proper records with respect
to the transaction and the maintenance of any
segregated account required in connection with the
transaction. The Custodian shall have no duty with
respect to the selection of the currency brokers or
banking or financial institutions with which the Fund
deals or for their failure to comply with the terms
of any contract or option. Without limiting the
foregoing, it is agreed that upon receipt of proper
instructions and insofar as funds are made available
to the Custodian for the purpose, the Custodian may
(if determined necessary by the Custodian to
consummate a particular transaction on behalf and for
the account of the Fund) make free outgoing payments
of cash in the form of U.S. dollars or foreign
currency before receiving confirmation of a foreign
exchange contract or confirmation that the
countervalue currency completing the foreign exchange
contact has been delivered or received. The Custodian
shall not be responsible for any costs and interest
charges which may be incurred by the Fund or the
Custodian as a result of the failure or delay of
third parties to deliver foreign exchange; provided
that the Custodian shall nevertheless be held to the
standard of care set forth in, and shall be liable to
the Fund in accordance with, the provisions of
Section 8.

V. Actions Permitted Without Express Authority The Custodian may
in its discretion, without express authority from the Fund:

1) make payments to itself or others for minor
expenses of handling securities or other
similar items relating to its duties under
this Agreement, provided, that all such
payments shall be accounted for by the
Custodian to the Treasurer of the Fund;

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<PAGE>

2) surrender securities in temporary form for
securities in definitive form;

3) endorse for collection, in the name of the
Fund, checks, drafts and other negotiable
instruments; and

4) in general, attend to all nondiscretionary
details in connection with the sale,
exchange, substitution, purchase, transfer
and other dealings with the securities and
property of the Fund except as otherwise
directed by the Fund.

4. Duties of Bank with Respect to Books of Account and Calculations of Net
Asset Value

The Bank shall as Agent (or as Custodian, as the case may be) keep such
books of account (including records showing the adjusted tax costs of the Fund's
portfolio securities) and render as at the close of business on each day a
detailed statement of the amounts received or paid out and of securities
received or delivered for the account of the Fund during said day and such other
statements, including a daily trial balance and inventory of the Fund's
portfolio securities; and shall furnish such other financial information and
data as from time to time requested by the Treasurer or any executive officer of
the Fund; and shall compute and determine, as of the close of business of the
New York Stock Exchange, or at such other time or times as the Board may
determine, the net asset value of a Share in the Fund, such computation and
determination to be made in accordance with the governing documents of the Fund
and the votes and instructions of the Board at the time in force and applicable,
and promptly notify the Fund and its investment adviser and such other persons
as the Fund may request of the result of such computation and determination. In
computing the net asset value the Custodian may rely upon security quotations
received by telephone or otherwise from sources or pricing services designated
by the Fund by proper instructions, and may further rely upon information
furnished to it by any authorized officer of the Fund relative (a) to
liabilities of the Fund not appearing on its books of account, (b) to the
existence, status and proper treatment of any reserve or reserves, (c) to any
procedures established by the Board regarding the valuation of portfolio
securities, and (d) to the value to be assigned to any bond, note, debenture,
Treasury bill, repurchase agreement, subscription right, security, participation
interests or other asset or property for which market quotations are not readily
available.

5. Records and Miscellaneous Duties

The Bank shall create, maintain and preserve all records relating to
its activities and obligations under this Agreement in such manner as will meet
the obligations of the Fund under the Investment Company Act of 1940, with
particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder,
applicable federal and state tax laws and any other law or administrative rules
or procedures which may be applicable to the Fund. All books of account and
records maintained by the Bank in connection with the performance of its duties
under this Agreement shall be the property of the Fund, shall at all times
during the regular business hours of the Bank be open for inspection by
authorized officers, employees or agents of the Fund, and in the event of
termination of this Agreement shall be delivered to the Fund or to such other
person or persons as shall be designated by the Fund. Disposition of any account
or record after any required period of preservation shall be only in accordance
with specific instructions received from the Fund. The Bank shall assist
generally in the preparation of reports to shareholders, to the Securities and
Exchange Commission, including Forms N-SAR and N-1Q, to state "blue
sky"authorities and to others, audits of accounts, and other ministerial matters
of like nature; and, upon request, shall furnish the Fund's auditors with an
attested inventory of securities held with

-18-

<PAGE>

appropriate information as to securities in transit or in the process of
purchase or sale and with such other information as said auditors may from time
to time request. The Custodian shall also maintain records of all receipts,
deliveries and locations of such securities, together with a current inventory
thereof, and shall conduct periodic verifications (including sampling counts at
the Custodian) of certificates representing bonds and other securities for which
it is responsible under this Agreement in such manner as the Custodian shall
determine from time to time to be advisable in order to verify the accuracy of
such inventory. The Bank shall not disclose or use any books or records it has
prepared or maintained by reason of this Agreement in any manner except as
expressly authorized herein or directed by the Fund, and the Bank shall keep
confidential any information obtained by reason of this Agreement.

6. Opinion of Fund's Independent Public Accountants

The Custodian shall take all reasonable action, as the Fund may from
time to time request, to enable the Fund to obtain from year to year favorable
opinions from the Fund's independent public accountants with respect to its
activities hereunder in connection with the preparation of the Fund's
registration statement and Form N-SAR or other periodic reports to the
Securities and Exchange Commission and with respect to any other requirements of
such Commission.

7. Compensation and Expenses of Bank

The Bank shall be entitled to reasonable compensation for its services
as Custodian and Agent, as agreed upon from time to time between the Fund and
the Bank. The Bank shall be entitled to receive from the Fund on demand
reimbursement for its cash disbursements, expenses and charges, including
counsel fees, in connection with its duties as Custodian and Agent hereunder,
but excluding salaries and usual overhead expenses.

8. Responsibility of Bank

So long as and to the extent that it is in the exercise of reasonable
care, the Bank as Custodian and Agent shall be held harmless in acting upon any
notice, request, consent, certificate or other instrument reasonably believed by
it to be genuine and to be signed by the proper party or parties.

The Bank as Custodian and Agent shall be entitled to rely on and may
act upon advice of counsel (who may be counsel for the Fund) on all matters, and
shall be without liability for any action reasonably taken or omitted pursuant
to such advice.

The Bank as Custodian and Agent shall be held to the exercise of
reasonable care in carrying out the provisions of this Agreement but shall be
liable only for its own negligent or bad faith acts or failures to act.
Notwithstanding the foregoing, nothing contained in this paragraph is intended
to nor shall it be construed to modify the standards of care and responsibility
set forth in Section 2 hereof with respect to subcustodians and in subparagraph
f of Paragraph L of Section 3 hereof with respect to Securities Systems and in
subparagraph g of Paragraph M of Section 3 hereof with respect to an Approved
Book-Entry System for Commercial Paper.

The Custodian shall be liable for the acts or omissions of a foreign
banking institution to the same extent as set forth with respect to
subcustodians generally in Section 2 hereof, provided that, regardless of
whether assets are maintained in the custody of a foreign banking institution, a
foreign securities depository or a branch of a U.S. bank, the Custodian shall
not be liable for any loss, damage, cost,

-19-

<PAGE>

expense, liability or claim resulting from, or caused by, the direction of or
authorization by the Fund to maintain custody of any securities or cash of the
Fund in a foreign county including, but not limited to, losses resulting from
nationalization, expropriation, currency restrictions, acts of war, civil war or
terrorism, insurrection, revolution, military or usurped powers, nuclear
fission, fusion or radiation, earthquake, storm or other disturbance of nature
or acts of God.

If the Fund requires the Bank in any capacity to take any action with
respect to securities, which action involves the payment of money or which
action may, in the opinion of the Bank, result in the Bank or its nominee
assigned to the Fund being liable for the payment of money or incurring
liability of some other form, the Fund, as a prerequisite to requiring the
Custodian to take such action, shall provide indemnity to the Custodian in an
amount and form satisfactory to it.

9. Persons Having Access to Assets of the Fund

(i) No trustee, director, general partner, officer, employee or agent
of the Fund shall have physical access to the assets of the Fund held by the
Custodian or be authorized or permitted to withdraw any investments of the Fund,
nor shall the Custodian deliver any assets of the Fund to any such person. No
officer or director, employee or agent of the Custodian who holds any similar
position with the Fund or the investment adviser of the Fund shall have access
to the assets of the Fund.

(ii) Access to assets of the Fund held hereunder shall only be
available to duly authorized officers, employees, representatives or agents of
the Custodian or other persons or entities for whose actions the Custodian shall
be responsible to the extent permitted hereunder, or to the Fund's independent
public accountants in connection with their auditing duties performed on behalf
of the Fund.

(iii) Nothing in this Section 9 shall prohibit any officer, employee or
agent of the Fund or of the investment adviser of the Fund from giving
instructions to the Custodian or executing a certificate so long as it does not
result in delivery of or access to assets of the Fund prohibited by paragraph
(i) of this Section 9.

10. Effective Period, Termination and Amendment; Successor Custodian

This Agreement shall become effective as of its execution, shall
continue in full force and effect until terminated as hereinafter provided, may
be amended at any time by mutual agreement of the parties hereto and may be
terminated by either party by an instrument in writing delivered or mailed,
postage prepaid to the other party, such termination to take effect not sooner
than sixty (60) days after the date of such delivery or mailing; provided, that
the Fund may at any time by action of its Board, (i) substitute another bank or
trust company for the Custodian by giving notice as described above to the
Custodian, or (ii) immediately terminate this Agreement in the event of the
appointment of a conservator or receiver for the Custodian by the Federal
Deposit Insurance Corporation or by the Banking Commissioner of The Commonwealth
of Massachusetts or upon the happening of a like event at the direction of an
appropriate regulatory agency or court of competent jurisdiction. Upon
termination of the Agreement, the Fund shall pay to the Custodian such
compensation as may be due as of the date of such termination and shall likewise
reimburse the Custodian for its costs, expenses and disbursements.

Unless the holders of a majority of the outstanding Shares of the Fund
vote to have the securities, funds and other properties held hereunder delivered
and paid over to some other bank or trust company, specified in the vote, having
not less than $2,000,000 of aggregate capital, surplus and undivided profits,

-20-

<PAGE>

as shown by its last published report, and meeting such other qualifications for
custodians set forth in the Investment Company Act of 1940, the Board shall,
forthwith, upon giving or receiving notice of termination of this Agreement,
appoint as successor custodian, a bank or trust company having such
qualifications. The Bank, as Custodian, Agent or otherwise, shall, upon
termination of the Agreement, deliver to such successor custodian, all
securities then held hereunder and all funds or other properties of the Fund
deposited with or held by the Bank hereunder and all books of account and
records kept by the Bank pursuant to this Agreement, and all documents held by
the Bank relative thereto. In the event that no such vote has been adopted by
the shareholders and that no written order designating a successor custodian
shall have been delivered to the Bank on or before the date when such
termination shall become effective, then the Bank shall not deliver the
securities, funds and other properties of the Fund to the Fund but shall have
the right to deliver to a bank or trust company doing business in Boston,
Massachusetts of its own selection, having an aggregate capital, surplus and
undivided profits, as shown by its last published report, of not less than
$2,000,000, all funds, securities and properties of the Fund held by or
deposited with the Bank, and all books of account and records kept by the Bank
pursuant to this Agreement, and all documents held by the Bank relative thereto.
Thereafter such bank or trust company shall be the successor of the Custodian
under this Agreement.

11. Interpretive and Additional Provisions

In connection with the operation of this Agreement, the Custodian and the
Fund may from time to time agree on such provisions interpretive of or in
addition to the provisions of this Agreement as may in their joint opinion be
consistent with the general tenor of this Agreement. Any such interpretive or
additional provisions shall be in a writing signed by both parties and shall be
annexed hereto, provided that no such interpretive or additional provisions
shall contravene any applicable federal or state regulations or any provision of
the governing instruments of the Fund. No interpretive or additional provisions
made as provided in the preceding sentence shall be deemed to be an amendment of
this Agreement.

12. Notices

Notices and other writings delivered or mailed postage prepaid to the
Fund addressed to 24 Federal Street, Boston, Massachusetts 02110, or to such
other address as the Fund may have designated to the Bank, in writing, or to
Investors Bank & Trust Company, 24 Federal Street, Boston, Massachusetts 02110,
shall be deemed to have been properly delivered or given hereunder to the
respective addressees.

13. Massachusetts Law to Apply

This Agreement shall be construed and the provisions thereof
interpreted under and in accordance with the laws of The Commonwealth of
Massachusetts.

If the Fund is a Massachusetts business trust, the Custodian expressly
acknowledges the provision in the Fund's declaration of trust limiting the
personal liability of the trustees and shareholders of the Fund; and the
Custodian agrees that it shall have recourse only to the assets of the Fund for
the payment of claims or obligations as between the Custodian and the Fund
arising out of this Agreement, and the Custodian shall not seek satisfaction of
any such claim or obligation from the trustees or shareholders of the Fund.

-21-

<PAGE>

14. Adoption of the Agreement by the Fund

The Fund represents that its Board has approved this Agreement and has
duly authorized the Fund to adopt this Agreement, such adoption to be evidenced
by a letter agreement between the Fund and the Bank reflecting such adoption,
which letter agreement shall be dated and signed by a duly authorized officer of
the Fund and duly authorized officer of the Bank. This Agreement shall be deemed
to be duly executed and delivered by each of the parties in its name and behalf
by its duly authorized officer as of the date of such letter agreement, and this
Agreement shall be deemed to supersede and terminate, as of the date of such
letter agreement, all prior agreements between the Fund and the Bank relating to
the custody of the Fund's assets.

* * * * *

-22-

EXHIBIT 11

INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in this Post-Effective
Amendment No.9 to the Registration Statement (1933 Act File No. 33-30085) of
EquiFund-Wright National Fiduciary Equity Funds of our report dated February
3,1995 which are incorporated by reference in the Statement of Additional
Information and to the reference to us under the heading "Financial Highlights"
appearing in the Prospectus which is part of such Registration Statement and of
our report for Wright EquiFund - Britain dated January 16, 1995 appearing in the
Statement of Additional Information which is also part of such Registration
Statement.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
October 10, 1995

EXHIBIT (13)

The Winthrop Corporation
d/b/a Wright Investors' Service
10 Middle Street
Bridgeport, CT 06604

December 20, 1989

EquiFund-Wright National Fiduciary Equity Funds
24 Federal Street
Boston, MA 02110

Gentlemen:

Please be advised that the shares of beneficial interest, without par
value, of EquiFund-Wright National Fiduciary Equity Funds as indicated below
which we have purchased from you have been purchased as an investment with no
present intention of redeeming or reselling such shares, and that we do not have
any intention of redeeming or reselling such shares.

EquiFund United Kingdom National Fiduciary Equity Fund 10,000

Very truly yours,

The Winthrop Corporation, d/b/a

/s/ Judith Corchard
By____________________________
Judith R. Corchard
Executive Vice President

Exhibit (15)(a)

AMENDED DISTRIBUTION PLAN

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

WHEREAS, EquiFund-Wright National Fiduciary Equity Funds (the "Trust")
engages in business as an open-end management investment company with multiple
series and is registered a such under the Investment Company Act of 1940, as
amended (the "Act");

WHEREAS, ththe trust adopted a distribution plan dated March 23, 1990
(the "Original Plan") on behalf of its series;

WHEREAS, Wright Investors Service Distributors, Inc. (the "Principal
Underwriter") acts as distributor of the shares of beneficial interest of each
of its series of the Trust (the "Funds");

WHEREAS, the Fund intends to pay service fees as contemplated in
subsections (b) and (d) of Section 26 of Article III of the Rules of Fair
Practice of the National Association of Securities Dealers, Inc. (the "NASD
Rules");

WHEREAS, the Trustees of the Trust have determined that it is desirable
to amend and replace the Original Plan with this this Amended Distribution Plan;
and

WHEREAS, the Trustees of the Trust have determined that there is a
reasonable likelihood that adoption of this Amended Distribution Plan will
benefit the Funds and their shareholders.

NOW, THEREFORE, the Trust hereby adopts this Amended Distribution
Plan (this "Plan") on behalf of the Funds in accordance with Rule 12b-1 under
the Act and containing the following terms and conditions:

1. The Trust, on behalf of each Fund, is authorized to compensate the
Principal Underwriter for (1) distribution services and (2) personal and
account maintenance services performed and expenses incurred by the Principal
Underwriter in connection with the Fund's shares. The amount of such
compensation, includings compensation for personal and account maintenance
services, paid during any one year shall not exceed .25% of the average daily
net assets of the Fund. Such compensation shall be calculated and accrued daily
and paid quarterly.

2. (a) Distribution services and expenses for which the Principal
Underwriter may be compensated pursuant to this Plan include, without
limitation: compensation to and expenses incurred by Authorized Dealers and
the officers, employees and sales representatives of Authorized Dealers and of
the Principal Underwriter; allocable overhead, travel and telephone expenses;
the printing and prospectuses and reports for other than existing
shareholders; the preparation and distribution of sales literature and
advertising; and all other expenses (other than personal and account maintenance
services as defined below) incurred in connection with activities
primarily intended to result in the sale of the Funds' shares.

<PAGE>

(b) Personal and account maintenance services include, but are not
limited to, payments made to or on account of the Principal Underwriter,
Authorized Dealers and their respective officers, employees and sales
representatives who respond to inquiries of, and furnish assistance to,
shareholders concerning their ownership of Fund shares and their accounts or
who provide similar services not otherwise provided by or on behalf of the Fund

(c) Appropriate adjustments to payments made pursuant to paragraph 1
of this Plan shall be made whenever necessary to assure that no payment is made
by a Fund which exceeds the applicable maximum cap imposed on asset-based,
front-end and deferred sales charges by Section 26(d) of Article III of the
Rules of Fair Practice of the National Association of Securities Dealers, Inc.

3. This Plan shall not take effect until after it has been approved by
both a majority of (i) those Trustees of the Trust who are not "interested
persons" of the Trust (as defined in the Act) and have no direct or indirect
financial interest in the operation of this Plan or any agreements related to it
(the "Rule 12b-1 Trustees"), and (ii) all of the Trustees then in office, cast
in person at a meeting (or meetings) called for the purpose of voting on this
Plan.

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

5. This Plan shall continue in effect for so long as such continuance
is specifically approved at least annually in the manner provided for approval
of this Plan in paragraph 3.

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

7. This Plan may be terminated as to any Fund at any time by vote of a
majority of the Rule 12b-1 Trustees, or by vote of a majority of the
outstanding voting securities of that Fund. If the Plan is terminated or not
continued by the Trustees as to any Fund and no successor plan is adopted, such
Fund shall cease to make distribution payments to the Principal Underwriter.

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

8. This Plan may not be amended as to any Fund to increase materially
the limit upon distribution expenses provided in paragraph 1 or to change the
nature of such expenses provided in paragraph 2 hereof unless such amendment is
approved by a vote of at least a majority of the

<PAGE>

outstanding voting securities of the Fund and no material amendment to the Plan
shall be made unless approved in the manner provided for approval and annual
renewal in paragraph 3 hereof.

9. While this Plan is in effect, the selection an nomination of
the Rule 12b-1 Trustees shall be committed to the discretion of the Rule 12b-1
Trustees.

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

11. It is the opinion of the Trust's Trustees and officers that the
following are not expenses primarily intended to result in the sale of shares
issued by the Funds: fees and expenses of registering shares of any or all of
the Funds under federal or state laws regulating the sale of securities; fees
and expenses of registering the trust as a broker-dealer or of registering an
agent of the Trust under federal or state laws regulating the sale of
securities; fees of registering, at the request of the Trust,
agents or representatives of a principal underwriter or distributor of the Trust
under federal or state laws regulating the sale of securities, provided that no
sales commission or "load" is charged on sales of shares of the Funds' and fees
and expenses of preparing and setting in type the Trust's registration statement
under the Securities Act of 1933. Should such expenses be deemed by a court or
agency having jurisdiction to be expenses primarily intended to result in the
sale of shares of the Funds, they shall be considered to be expenses
contemplated by and included in this Distribution Plan but not subject to the
limitation prescribed in paragraph 1 hereof.

12. This Plan shall replace and be substituted for the Original Plan
as of the opening of business on July 7, 1993, and this Plan shall be effective
as of such time.

IN WITNESS WHEREOF, the Fund has executed this Amended Distribution Plan
on July 7, 1993.

EQUIFUND-WRIGHT NATIONAL
FIDUCIARY EQUITY FUNDS

By/s/ Peter M. Donovan
President
Attest:

/s/ H. Day Brigham, Jr.
Secretary

AGREEMENT Exhibit (15)(b)
-------------
RELATING TO IMPLEMENTATION OF THE

AMENDED DISTRIBUTION PLAN

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------

WHEREAS, EquiFund-Wright National Fiduciary Equity Funds
(the "Trust') is engaged in business as an open-end management investment
company with multiple series and is registered as such under the Investment
Company Act of 1940, as amended (the "Act"); and

WHEREAS, the Trust has adopted an Amended Distribution Plan as
defined in Rule 12b-1 (the "Amended Distribution Plan") under the Act,
and is currently acting and will continue to act as a
distributor of the shares of each of its series (the "Funds") pursuant to said
Rule 12b-1; and

WHEREAS, the Trust has entered into a Distribution Contract (the
"Distribution Contract") with Wright Investors Service Distributors, Inc.
("WISDI") providing for such corporation to act as a separate Distributor of its
shares; and

WHEREAS, the Trust desires to implement the Trusts' Amended
Distribution Plan in the manner set forth herein and the Trust and WISDI have
entered into an agreement whereunder WISDI will undertake and be paid or
reimbursed for distribution services and personal and account maintenance
services in connection with the Fund's shares:

NOW, THEREFORE, the Trust and WISDI do hereby agree as follows:

1. WISDI shall provide on behalf of the Trust, distribution
services and personal and account maintenance services in connection with
the Funds' shares.

2. Each Fund shall, subject to the limitations provided in the Amended
Distribution Plan, pay to WISDI for the activities referred to in paragraph 1
an annual fee equal to .25% of such Fund's average daily net assets payable
quarterly. Appropriate adjustments to payments made pursuant to this paragraph
shall be made whenever necessary to assure that no payment is made by a Fund
which exceeds the applicable maximum cap imposed on asset-based, front-end
and deferred sales charges by Section 26(d) of Article III of the Rules of Fair
Practice of the National Association of Securitites Dealers, Inc. (the "NASD").

3. WISDI shall provide on a quarterly basis, documentation
concerning the amounts expended and the purposes for which such expenditures
were made.

4. This Agreement shall not take effect until it has been approved by
(i) a majority of those Trustees of the Trust who are not "interested persons"
of the Trust (as defined in the Act) and have no direct or indirect financial
interest in the operation of the Amended Distribution Plan or this Agreement
or any other agreement related to the Plan (the "Rule 12b-1 Trustees"), and (ii)
a majority of the Trustees then in office, cast in person at a meeting (or
meetings) called for the purpose of voting on this Agreement.

5. This Agreement shall continue in effect for so long as such
continuance is specifically approved at least annually in the manner provided
for approval thereof in paragraph 4 of this Agreement.

<PAGE>

6. The President or any Vice President of the Trust shall provide to the
Trusts' Trustees and the Trustees shall review, at least quarterly, a written
report of the amounts expended by WISDI in connection with the activities
referred to in paragraph 1 of this Agreement and the purposes for which such
expenditure were made.

7. This Agreement may be terminated as to any Fund at any time, without
the payment of any penalty, by vote of a majority of the Rule 12b-1 Trustees or
by vote of a majority of the outstanding voting securities of such Fund on not
more than sixty days' written notice to any other party to the Agreement.

8. The terms and conditions of the Distribution Contract (including, with
out limitation, the indemnification provisions) shall govern the relationship
between the parties as contemplated by this Agreement, unless inconsistent
herewith.

9. This Agreement shall terminate automatically in the event of its
assignment.

10. The Trust shall preserve copies of this Agreement and all reports
made pursuant to paragraph 5 hereof for a period of not less than six years
from the date of this Agreement, the first two years in an easily accessible
place.

11. WISDI agrees to take such action as may be required to become and
remain a member in good standing of the NASD as long as this Agreement continues
in effect.

12. WISDI expressly acknowledges the provision in the Declaration of Trust
of the Trust Article XIV, Section 2) limiting the personal liability of
shareholders of the assets of the Funds, and WISDI hereby agrees that it shall
have recourse to the Funds for payment of claims or obligations as between the
Funds and WISDI arising out of this Agreement and shall not seek satisfaction
from the shareholders or any shareholder of the Funds.

13. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts applicable to such agreements.

IN WITNESS WHEREOF, the Trust and WISDI have each caused this Agreement
to be signed in duplicate on its behalf by an officer thereunto duly authorized
on July 7, 1993.

EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS

By /s/ Peter M. Donovan
President

WRIGHT INVESTORS SERVICE DISTRIBUTORS, INC.

By /s/ A.M. Moody, III
President
Attest:

/s/ Janet E. Sanders
Assistant Secretary

EXHIBIT 16

SCHEDULE FOR COMPUTATION OF PERFORMANCE QUOTATIONS

The average annual total return will be calculated using the following
formula:

P ( 1 + T )n = 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 30-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 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.

The yield earned by the 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 per share on the last day
of the period.

EXHIBIT 17

POWER OF ATTORNEY

We, the undersigned officers and Trustees of The Wright EquiFund Equity
Trust, a Massachusetts business trust, do hereby severally constitute and
appoint H. Day Brigham, Jr., Peter M. Donovan and A.M. Moody, III, or any of
them, to be true, sufficient and lawful attorneys, or attorney for each of us,
to sign for each of us, in the name of each of us in the capacities indicated
below, and any and all amendments (including post-effective amendments) to the
Registration Statement on Form N-1A filed by The Wright EquiFund Equity Trust
with the Securities and Exchange Commission in respect of shares of beneficial
interest and other documents and papers relating thereto.

IN WITNESS WHEREOF we have hereunto set our hands on the dates set
opposite our respective signatures.

Name Capacity Date

/s/ Peter M. Donovan President, Principal September 20, 1995
- -------------------- Executive Officer and
Peter M. Donovan Trustee

/s/ James L. O'Connor Tresurer and Principal September 20, 1995
- --------------------- Financial and Accounting
James L. O'Connor officer

/s/ H. Day Brigham, Jr. Trustee September 20, 1995
- ----------------------
H. Day Brigham, Jr.

/s/ Winthrop S. Emmet Trustee September 20, 1995
- ----------------------
Winthrop S. Emmet

/s/ Leland Miles Trustee September 20, 1995
- ------------------
Leland Miles

/s/ A.M. Moody, III Trustee September 20, 1995
- -------------------
A.M. Moody, III

/s/ Lloyd F. Pierce Trustee September 20, 1995
- --------------------
Lloyd F. Pierce

/s/ George R. Prefer Trustee September 20, 1995
- --------------------
George R. Prefer

/s/ Raymond Van Houtte Trustee September 20, 1995
- -----------------------
Raymond Van Houtte

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUND
<SERIES>
<NUMBER> 5
<NAME> EQUIFUND-BELGIAN/LUXEMBOURG NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 10,268,354
<INVESTMENTS-AT-VALUE> 10,408,088
<RECEIVABLES> 215,083
<ASSETS-OTHER> 8,998
<OTHER-ITEMS-ASSETS> 1,678,323
<TOTAL-ASSETS> 12,310,492
<PAYABLE-FOR-SECURITIES> 856,765
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,892
<TOTAL-LIABILITIES> 873,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,315,759
<SHARES-COMMON-STOCK> 1,117,419
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 73,804
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (88,661)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 135,993
<NET-ASSETS> 11,436,835
<DIVIDEND-INCOME> 223,280
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<PAGE>

</TABLE>

<ARTICLE> 6
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<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
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<NAME> EQUIFUND-DUTCH NATIONAL FIDUCIARY EQUITY FUND

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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
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<NAME> EQUIFUND-HONG KONG NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<SERIES>
<NUMBER> 2
<NAME> EQUIFUND-ITALIAN NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<SERIES>
<NUMBER> 6
<NAME> EQUIFUND-JAPANESE NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<SERIES>
<NUMBER> 9
<NAME> EQUIFUND-MEXICO NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUND
<SERIES>
<NUMBER> 7
<NAME> EQUIFUND-NORDIC NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<SERIES>
<NUMBER> 4
<NAME> EQUIFUND-SPANISH NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> EQUIFUND-WRIGHT NATIONAL FIDUCIARY EQUITY FIND
<SERIES>
<NUMBER> 8
<NAME> EQUIFUND-SWISS NATIONAL FIDUCIARY EQUITY FUND

<S> <C>
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<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

<PAGE>

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 5
<NAME> WRIGHT EQUIFUND-BELGIUM/LUXEMBOURG

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 12,967,805
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<ACCUMULATED-NII-CURRENT> 334,162
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<ACCUMULATED-NET-GAINS> (75,589)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,830,444
<NET-ASSETS> 14,291,557
<DIVIDEND-INCOME> 445,127
<INTEREST-INCOME> 0
<OTHER-INCOME> (65,415)
<EXPENSES-NET> 101,896
<NET-INVESTMENT-INCOME> 277,816
<REALIZED-GAINS-CURRENT> 11,535
<APPREC-INCREASE-CURRENT> 1,692,035
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<NUMBER-OF-SHARES-SOLD> 499,673
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,854,722
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<GROSS-EXPENSE> 101,896
<AVERAGE-NET-ASSETS> 12,731,056
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.197
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<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 10
<NAME> WRIGHT EQUIFUND-BRITAIN

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
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<SHARES-COMMON-STOCK> 1,518,142
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<ACCUMULATED-NII-CURRENT> 97,971
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 93,777
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 312,138
<NET-ASSETS> 15,661,153
<DIVIDEND-INCOME> 145,355
<INTEREST-INCOME> 0
<OTHER-INCOME> (21,803)
<EXPENSES-NET> 33,255
<NET-INVESTMENT-INCOME> 90,297
<REALIZED-GAINS-CURRENT> 93,777
<APPREC-INCREASE-CURRENT> 312,138
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<NUMBER-OF-SHARES-SOLD> 1,569,969
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,661,153
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,122
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,255
<AVERAGE-NET-ASSETS> 14,920,963
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.065
<PER-SHARE-GAIN-APPREC> 0.255
<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.32
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 11
<NAME> WRIGHT EQUIFUND-GERMANY

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 14,187,428
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<RECEIVABLES> 33,216
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<OTHER-ITEMS-ASSETS> 574,290
<TOTAL-ASSETS> 15,246,890
<PAYABLE-FOR-SECURITIES> 14,729
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<OTHER-ITEMS-LIABILITIES> 2,963
<TOTAL-LIABILITIES> 17,692
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,671,691
<SHARES-COMMON-STOCK> 1,465,929
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 111,407
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,985
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 435,115
<NET-ASSETS> 15,229,198
<DIVIDEND-INCOME> 159,362
<INTEREST-INCOME> 0
<OTHER-INCOME> (15,870)
<EXPENSES-NET> 33,266
<NET-INVESTMENT-INCOME> 110,226
<REALIZED-GAINS-CURRENT> 10,985
<APPREC-INCREASE-CURRENT> 435,114
<NET-CHANGE-FROM-OPS> 556,325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,542,857
<NUMBER-OF-SHARES-REDEEMED> 76,928
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,229,198
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20,979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,266
<AVERAGE-NET-ASSETS> 14,701,000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.076
<PER-SHARE-GAIN-APPREC> 0.314
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.39
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 3
<NAME> WRIGHT EQUIFUND-HONG KONG

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 38,779,500
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<RECEIVABLES> 106,417
<ASSETS-OTHER> 126
<OTHER-ITEMS-ASSETS> 1,449,589
<TOTAL-ASSETS> 38,990,779
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,246
<TOTAL-LIABILITIES> 8,246
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,712,094
<SHARES-COMMON-STOCK> 2,909,522
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,309,825
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,694,510)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,344,876)
<NET-ASSETS> 38,982,533
<DIVIDEND-INCOME> 892,356
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 221,735
<NET-INVESTMENT-INCOME> 670,621
<REALIZED-GAINS-CURRENT> (1,667,916)
<APPREC-INCREASE-CURRENT> 3,065,719
<NET-CHANGE-FROM-OPS> 2,068,424
<EQUALIZATION> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,422,399
<NUMBER-OF-SHARES-REDEEMED> 6,024,565
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 19,303,820
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 127,514
<INTEREST-EXPENSE> 1,776
<GROSS-EXPENSE> 221,735
<AVERAGE-NET-ASSETS> 32,680,596
<PER-SHARE-NAV-BEGIN> 13.02
<PER-SHARE-NII> 0.208
<PER-SHARE-GAIN-APPREC> 0.172
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.40
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 2
<NAME> WRIGHT EQUIFUND-ITALY

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 958,213
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<OTHER-ITEMS-ASSETS> 130,004
<TOTAL-ASSETS> 1,099,976
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,231
<TOTAL-LIABILITIES> 7,231
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,756,706
<SHARES-COMMON-STOCK> 236,909
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14,313
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (643,506)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (43,768)
<NET-ASSETS> 1,092,745
<DIVIDEND-INCOME> 26,249
<INTEREST-INCOME> 0
<OTHER-INCOME> (4,054)
<EXPENSES-NET> 12,410
<NET-INVESTMENT-INCOME> 9,785
<REALIZED-GAINS-CURRENT> (224,201)
<APPREC-INCREASE-CURRENT> 112,103
<NET-CHANGE-FROM-OPS> (102,313)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 282,691
<NUMBER-OF-SHARES-REDEEMED> 309,023
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (206,459)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,692
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<GROSS-EXPENSE> 47,025
<AVERAGE-NET-ASSETS> 1,232,533
<PER-SHARE-NAV-BEGIN> 4.94
<PER-SHARE-NII> 0.029
<PER-SHARE-GAIN-APPREC> (0.359)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.61
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIGUND EQUITY TRUST
<SERIES>
<NUMBER> 6
<NAME> WRIGHT EQUIFUND-JAPAN

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 16,063,424
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<RECEIVABLES> 47,722
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<OTHER-ITEMS-ASSETS> 5,604,785
<TOTAL-ASSETS> 20,179,994
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<OTHER-ITEMS-LIABILITIES> 4,024
<TOTAL-LIABILITIES> 4,024
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,901,466
<SHARES-COMMON-STOCK> 2,298,855
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (43,253)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (141,898)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,540,345)
<NET-ASSETS> 20,175,970
<DIVIDEND-INCOME> 63,245
<INTEREST-INCOME> 0
<OTHER-INCOME> (9,211)
<EXPENSES-NET> 98,257
<NET-INVESTMENT-INCOME> (44,223)
<REALIZED-GAINS-CURRENT> (127,352)
<APPREC-INCREASE-CURRENT> (1,106,993)
<NET-CHANGE-FROM-OPS> (1,278,568)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 2,571,967
<NUMBER-OF-SHARES-REDEEMED> 1,169,320
<SHARES-REINVESTED> 121
<NET-CHANGE-IN-ASSETS> 11,523,162
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,544
<INTEREST-EXPENSE> 79
<GROSS-EXPENSE> 98,257
<AVERAGE-NET-ASSETS> 11,928,548
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> (0.860)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.78
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY
<SERIES>
<NUMBER> 9
<NAME> WRIGHT EQUIFUND-MEXICO

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 22,908,727
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<RECEIVABLES> 15,925
<ASSETS-OTHER> 14,057
<OTHER-ITEMS-ASSETS> 1,493,950
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,838
<TOTAL-LIABILITIES> 3,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,016,703
<SHARES-COMMON-STOCK> 5,300,288
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,598
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,600,480)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (811,236)
<NET-ASSETS> 23,617,585
<DIVIDEND-INCOME> 133,735
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 121,110
<NET-INVESTMENT-INCOME> 12,625
<REALIZED-GAINS-CURRENT> (7,501,480)
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<NUMBER-OF-SHARES-SOLD> 7,600,786
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<GROSS-EXPENSE> 121,110
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<PER-SHARE-NAV-BEGIN> 6.48
<PER-SHARE-NII> 0.002
<PER-SHARE-GAIN-APPREC> (1.949)
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<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 1
<NAME> WRIGHT EQUIFUND NETHERLANDS

<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> JUN-30-1995
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<OTHER-INCOME> (18,877)
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<NET-INVESTMENT-INCOME> 51,659
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<PER-SHARE-NAV-BEGIN> 8.10
<PER-SHARE-NII> 0.072
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<PER-SHARE-DISTRIBUTIONS> (0.041)
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<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0

</TABLE>

<ARTICLE> 6
<CIK> 0000853255
<NAME> THE WRIGHT EQUIFUND EQUITY TRUST
<SERIES>
<NUMBER> 7
<NAME> WRIGHT EQUIFUND-NORDIC

<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
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<TOTAL-ASSETS> 3,029,811
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<OTHER-ITEMS-LIABILITIES> 6,631
<TOTAL-LIABILITIES> 6,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,203,202
<SHARES-COMMON-STOCK> 290,876
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 86,632
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (491,604)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 224,950
<NET-ASSETS> 3,023,180
<DIVIDEND-INCOME> 122,611
<INTEREST-INCOME> 0
<OTHER-INCOME> (12,768)
<EXPENSES-NET> 35,389
<NET-INVESTMENT-INCOME> 74,454
<REALIZED-GAINS-CURRENT> (137,398)
<APPREC-INCREASE-CURRENT> 275,995
<NET-CHANGE-FROM-OPS> 213,051
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<DISTRIBUTIONS-OF-GAINS> 0
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