- - - - - --------------------------------------------------------------------------------
Description of art work on front cover of the report
An EQUIFUND logo on the center of the page with a globe underneath it, all which
is set on a blue background.
- - - - - --------------------------------------------------------------------------------
EQUIFUND(R) --
WRIGHT NATIONAL FIDUCIARY
EQUITY FUNDS
EquiFund
Logo
ANNUAL REPORT
as of December 31, 1994
<PAGE>
- - - - - --------------------------------------------------------------------------------
EQUIFUND --
WRIGHT NATIONAL
FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
EQUIFUND -- WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS (EquiFund) is an
open-end, management investment company, known as a mutual fund, registered
as a non-diversified investment company under the Investment Company Act of
1940, as amended. EquiFund consists of eight active and five inactive
separate and distinct non-diversified series or funds.
INVESTMENT OBJECTIVE
Each Fund of EquiFund 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 are included in the National Equity Indexes.
THE ACTIVE FUNDS
Wright EquiFund -- Belgian/Luxembourg
National Fiduciary Equity Fund
Wright EquiFund -- Dutch
National Fiduciary Equity Fund
Wright EquiFund -- Hong Kong
National Fiduciary Equity Fund
Wright EquiFund -- Italian
National Fiduciary Equity Fund
Wright EquiFund -- Japanese
National Fiduciary Equity Fund
Wright EquiFund -- Mexican
National Fiduciary Equity Fund
Wright EquiFund -- Nordic
National Fiduciary Equity Fund
Wright EquiFund -- Spanish
National Fiduciary Equity Fund
Wright EquiFund -- Swiss
National Fiduciary Equity Fund
(continued on inside back cover)
- - - - - --------------------------------------------------------------------------------
TABLE OF CONTENTS
- - - - - --------------------------------------------------------------------------------
Investment Objectives..........Inside Front Cover
Report To Shareholders......................... 1
Wright National Fiduciary Equity Funds --
Dividend Distributions:
Belgian/Luxembourg........................... 7
Dutch........................................ 7
Hong Kong.................................... 7
Italian...................................... 8
Japanese..................................... 8
Mexican...................................... 8
Nordic....................................... 9
Spanish...................................... 9
Swiss........................................ 9
Wright EquiFund -- Belgian/Luxembourg
National Fiduciary Equity Fund
Portfolio of Investments.................... 10
Wright EquiFund -- Dutch
National Fiduciary Equity Fund
Portfolio of Investments.....................11
Wright EquiFund -- Hong Kong
National Fiduciary Equity Fund
Portfolio of Investments.....................12
Wright EquiFund -- Italian
National Fiduciary Equity Fund
Portfolio of Investments.....................13
Wright EquiFund -- Japanese
National Fiduciary Equity Fund
Portfolio of Investments.....................14
Wright EquiFund -- Mexican
National Fiduciary Equity Fund
Portfolio of Investments.....................16
Wright EquiFund -- Nordic
National Fiduciary Equity Fund
Portfolio of Investments.....................17
Wright EquiFund -- Spanish
National Fiduciary Equity Fund
Portfolio of Investments.....................18
Wright EquiFund -- Swiss
National Fiduciary Equity Fund
Portfolio of Investments.....................19
Statement of Assets & Liabilities..............20
Statement of Operations........................23
Statement of Changes in Net Assets.............26
Financial Highlights...........................29
Notes to Financial Statements..................38
Independent Auditors' Report...................44
- - - - - --------------------------------------------------------------------------------
<PAGE>
- - - - - --------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS
- - - - - --------------------------------------------------------------------------------
Dear Shareholders :
While global economies recovered, inflation stayed low, and the U.S.
Congress approved the GATT trade agreement, 1994 was nevertheless a difficult
year for the global financial markets. Rising interest rates, declining stock
and bond prices, the collapse of the Mexican peso and currency volatility
generally made 1994 a year most investors will be glad to have behind them.
At the start of 1994, stock prices advanced strongly in most major markets
of the world; by year end, following a series of interest rate increases by the
U.S. Federal Reserve, most markets were off significantly from their
first-quarter peaks. For the entire year 1994, stock prices in the Group of
Seven (G-7) markets fell an average of almost 4% in local currency terms; in
terms of the weaker U.S. dollar, the G-7 markets managed to eke out a 2%
advance.
Economic growth in the G-7 countries expanded at a faster-than-expected
pace during 1994. Within the four major European economies, expansions are now
well under way; expansions in Canada and the U.S. are further advanced and a
modest economic recovery was emerging in Japan before the devastating earthquake
hit in January. For all G-7 countries, real GDP is expected to advance an
average of 2.8% in 1994 and 3.1% in 1995, according to the latest OECD
estimates. At the same time, inflation is expected to remain relatively subdued
in 1995. According to OECD forecasts, G-7 inflation will average around 2% in
1995, one of the lowest rates in recent history and little changed from 1994's
rate.
Generally speaking, last year's global stock market weakness has continued
into the early weeks of 1995. Some of the current market weakness can be traced
to uncertainty about the course of U.S. Federal Reserve monetary policy in the
coming year. But with U.S. economic growth expected to slow and inflation likely
to stay moderate over the course of the year, Wright Investors' Service believes
that the end of the Fed's exercise in tightening is approaching an end. Thus it
is likely that a more favorable global investment environment will develop over
the course of 1995.
The objective of EquiFund - Wright National Fiduciary Equity Funds is to
provide an opportunity for investment participation in specific national or
regional stock markets around the world. Stocks for the various individual fund
pockets are selected from the Wright National Equity Index for the nation or
group of nations in question. Only stocks with satisfactory records of
profitability and financial strength are selected for inclusion in the Wright
National Fiduciary Equity Funds.
Performance data is shown in the tables on pages 5 and 6. It should be
understood that this represents past performance which is not predictive of
future performance and that investment return and principal value will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than
their original cost. Also, there are risks associated with international
investing such as currency fluctuations and potential political instability.
The following paragraphs discuss the various economic, political and market
factors affecting the investment performance of the Wright National Fiduciary
Equity Funds during 1994 and prospects for the period ahead.
Sincerely,
Peter M. Donovan
President
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS - CONTINUED
- - - - - --------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG
Belgium's economy ended 1994 with a mixed performance. Consumer prices were up
only around 2% from 1993, while unemployment remained at a relatively high 14%.
However, the government reported that its deficit reduction program is
succeeding, with 1994's deficit dropping to 5.3% of GDP from 1993's 6.7% of GDP.
Officials also said that they expect the deficit to fall to around 3% of GDP in
1996. This should provide a basis for an ongoing low inflation rate, which
should lead to more stable bond prices. Along with most global interest rates,
yields on long-term Belgian government bonds rose approximately 200 basis points
during 1994.
The FT-Actuaries total return index for Belgium decreased 5.1% in terms of
Belgian francs during 1994, but increased 7.8% in U.S. dollars, as compared with
a 5.8% total return for the FT's World index.
HONG KONG
An inflationary boom in China has raised concerns about Hong Kong's prospects
for growth and inflation in 1995-96. While Chinese consumer prices rose some 25%
during 1994, Hong Kong's inflation rate edged back up to 9% in the 12 months
ended December. With the British turnover of Hong Kong to China looming ahead in
1997, banks have been reluctant to lend for property purchases; along with
higher interest rates and government measures to restrain inflated residential
prices, this has weakened the residential property market. The prime rate is up
to 8.5% from 6.5% early in 1994, property values have declined some 10% to 20%,
and some apartment offerings are going under-subscribed. Hong Kong's retail
sales rose an inflation-adjusted 5% in October due to double-digit sales of
apparel and consumer durable goods.
After more than doubling during 1993, the FT-Actuaries total return index for
Hong Kong fell 31% for the year 1994. The index opened 1995 with another 19%
decline in the month of January.
ITALY
Nine months after his triumphant election as Italy's 53rd prime minister, Silvio
Berlusconi was forced to resign on December 21. The prime minister's downfall
was due primarily to corruption charges against his media empire and his refusal
to sever his business ties. Berlusconi is seeking early elections, but the
coalition government of new prime minister Lamberto Dini survived its first vote
of confidence in January 1995. His coalition includes left-of-center parties
whose support of Dini on pension reform and budget cuts has yet to be
demonstrated.
Political instability upset the Italian stock market during the second half of
1994, cutting into its big first-half gains. For all of 1994, the FT-Actuaries
total return index for Italy rose 5.8% in terms of lira (11.6% in U.S. dollars).
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS - CONTINUED
- - - - - --------------------------------------------------------------------------------
JAPAN
The Japanese economic recovery appears to be firming; but January's devastating
earthquake in Kobe makes the near-term outlook highly uncertain. Real GDP rose
at a 3.7% annual rate during the third quarter of 1994; in October, rising
factory orders boosted industrial production 3.5% from a year earlier. But new
home construction has flattened recently due to higher mortgage interest rates.
Prior to the earthquake, the consensus forecast was that real GDP would grow
2.2% in 1995. Japan's inflation is close to zero at the consumer level;
wholesale prices remain deflationary. For all of 1994, three-month interest
rates rose 21 basis points to 2.3%, while ten-year government bond yields
increased 155 basis points to 4.6%.
The FT-Actuaries total return index for Japan advanced 8.7% for all of 1994
(21.5% in U.S. dollars), but ended the year down almost 10% from its midyear
peak. With the earthquake, the weakness in Japanese stock prices has continued
into 1995.
MEXICO
Mexico was plunged into a financial crisis in December 1994, when a lack of
dollar reserves to support the peso forced the government to devalue the Mexican
currency. The peso lost about 37% of its value during 1994. Mexico's leaders
tried to produce a new economic plan and the U.S. has helped to support the
peso. Still, the government has a long way to go to restore investor confidence.
The immediate impact of the peso devaluation will be higher interest rates,
higher inflation, and slower economic growth in Mexico. 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.
Not surprisingly, late 1994 was a very weak period for the Mexican stock market.
The FT-Actuaries total return index for Mexico declined 4% in local currency
terms during December (5% for the year), but the drop in the peso turned this
into a 33% decline in dollar terms (40%).
NETHERLANDS
The FT-Actuaries total return index for the Netherlands finished 1994 little
changed from the year-end 1993 level. In U.S. dollar terms, the index rose 12.5%
for all of 1994, twice the increase in the FT's world index, as the guilder
rallied against the dollar for most of the year. A solid rise in corporate
profits during the second half of 1994 and anticipated gains for 1995 underlie
the market's relative strength. At the end of 1994, the Dutch stock market was
relatively inexpensive by international standards, selling at 12 times 1995
expected earnings.
The Dutch economy grew about 2% in 1994, led by strong growth in exports. Real
GDP is generally expected to advance 2.5%-3.0% in 1995. Inflation in the
upcoming year is forecast to remain at or even below its 1994 rate of 2.8%.
Long-term interest rates climbed more than two percentage points during 1994,
paralleling those in Germany.
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS - CONTINUED
- - - - - --------------------------------------------------------------------------------
NORDIC MARKETS
The Nordic economies experienced strong recovery in 1994 after three years of
recession. The improvement was particularly notable in Finland and Sweden with
strong growth in industrial output (11.9% in Finland and 9.5% in Sweden for the
year to September). The pace of growth is likely to slow in 1995, but the upward
trend is expected to continue as the four countries should benefit from more
vigorous expansion of the European economies. The central banks of Sweden and
Finland raised their short-term interest rates during December because of fears
of inflation. Unemployment rates continue to edge lower across the Nordic
region.
The FT-Actuaries Nordic total return index posted a 5.7% increase in local
currency terms (20.1% in dollars) for 1994. Finland and Norway were the best
performers with 53% and 21% gains in U.S. dollar terms.
SPAIN
The recently approved 1995 state budget calls for cutting the country's deficit
to 5.9% of GDP from 6.7%. Plans include increases in taxes on alcoholic
beverages, gasoline products and on cigarettes, in addition to a 1% increase in
the value-added tax. Consumer prices have been running about 4.4% ahead of
year-earlier levels, down from 4.9% for all of 1993. Real GDP rose 2.3% in the
year to the third quarter, compared to a 1.6% gain through the second quarter.
The government forecasts a 2.8% rate of real GDP growth in 1995, and private
forecasts are for a similar gain.
For 1994, Spain's FT-Actuaries total return index fell 9.2% in pesetas and 1.4%
in dollars. The Bank of Spain raised its benchmark interest rate to 8% from
7.35% in January 1995 in anticipation of a flare-up in inflation arising from
the higher taxes and stronger economic growth.
SWITZERLAND
The Swiss economy had a relatively good year in 1994: real GDP was 2.4% higher
in the third quarter of 1994 than it was one year earlier; at the same time, the
inflation rate was close to zero and unemployment ended the year at a
comparatively low 4.5%. Low inflation and continued moderate growth bode well
for an improved bond market in 1995, which in turn should help prop up the stock
market. One uncertainty facing investors is the potential inflationary impact of
a new Swiss value-added tax. Moreover, there is no denying the influence of
interest rate changes in the U.S. and Germany on the Swiss markets; while
short-term interest rates barely budged last year, higher long-term rates
worldwide helped push Swiss bond yields up some 120 basis points during 1994.
The FT-Actuaries total return index for Switzerland decreased 7.5% in terms of
Swiss francs during 1994. Because of last year's relative strength of the Swiss
franc, the Swiss market index was up 5.0% in terms of U.S. dollars, slightly
less than the 5.8% advance in the FT World index.
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS - CONTINUED
- - - - - --------------------------------------------------------------------------------
<TABLE>
WRIGHT EQUIFUND - BELGIAN/LUXEMBOURG
Growth of $10,000 invested 2/1/94* through 12/31/94
<CAPTION>
Total Return
-------------
Since Incept*
- - - - - -------------------------------------------------------------
<S> <C>
Belgian/Luxembourg Equifund +2.8%
Bel 20 Index +1.6%
FT-World ex US Index -0.1%
Wright Global Fiduciary Index -1.1%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - BELGIAN/LUXEMBOURG at inception
on 2/1/94 would have grown to $10,281 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
<CAPTION>
Date Belgian/L Bel 20 FT-World Wright Global
Equifund Index ex US Index Fiduciary Index
- - - - - ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $10,281 $10,165 $9,994 $9,892
</TABLE>
<TABLE>
WRIGHT EQUIFUND - DUTCH
Growth of $10,000 invested 7/1/90* through 12/31/94
<CAPTION>
Annual Total Return
Lst 1 Yr Since Incept*
- - - - - ------------------------------------------------------------------------
<S> <C> <C>
Dutch Equifund +11.7% +3.3%
CBS Total Return General Index +14.5% +13.8%
FT-World ex US Index +8.4% +5.0%
Wright Global Fiduciary Index +6.7% +8.4%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - DUTCH at inception
on 7/1/90 would have grown to $11,552 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Dutch CBS Total Return FT-World Wright Global
Equifund General Index ex US Index Fiduciary Index
- - - - - --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/01/90 $10,000 $10,000 $10,000 $10,000
12/31/90 $ 8,570 $ 9,548 $ 8,813 $ 8,559
12/31/91 $ 9,427 $11,197 $ 9,987 $10,656
12/31/92 $ 8,654 $11,340 $ 8,682 $10,497
12/31/93 $10,344 $15,636 $11,482 $13,460
12/31/94 $11,552 $17,898 $12,442 $14,358
</TABLE>
<TABLE>
WRIGHT EQUIFUND - HONG KONG
Growth of $10,000 invested 7/1/90* through 12/31/94
<CAPTION>
Annual Total Return
---------------------------------
Lst 1 Yr Since Incept*
- - - - - ---------------------------------------------------------------------
<S> <C> <C>
Hong Kong Equifund -37.0% +9.4%
Hang Seng Index -28.9% +27.5%
FT-World ex US Index +8.4% +5.0%
Wright Global Fiduciary Index +6.7% +8.4%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - HONG KONG inception
on 7/1/90 would have grown to $15,005 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Hong Kong Hang Seng FT-World Wright Global
Equifund Index ex US Index Fiduciary Index
- - - - - ----------------------------------------------------------------
<S> <C> <C> <C> <C>
07/01/90 $10,000 $10,000 $10,000 $10,000
12/31/90 $8,280 $ 9,374 $ 8,813 $ 8,559
12/31/91 $11,123 $13,861 $ 9,987 $10,656
12/31/92 $12,929 $18,642 $ 8,682 $10,497
12/31/93 $23,830 $41,893 $11,482 $13,460
12/31/94 $15,005 $29,788 $12,442 $14,358
</TABLE>
<TABLE>
WRIGHT EQUIFUND - ITALIAN
Growth of $10,000 invested 7/1/90* through 12/31/94
<CAPTION>
Annual Total Return
-------------------------------
Lst 1 Yr Since Incept*
- - - - - -------------------------------------------------------------------------
<S> <C> <C>
Italian Equifund +5.0% -12.9%
Banca Commerciale Italiana +10.0% -6.7%
FT-World ex US Index +8.4% +5.0%
Wright Global Fiduciary Index +6.7% +8.4%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - ITALIAN inception
on 7/1/90 would have declined to $5,362 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Italian Banca Commerciale FT-World Wright Global
Equifund Italiana ex US Index Fiduciary Index
- - - - - -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/01/90 $10,000 $10,000 $10,000 $10,000
12/31/90 $7,540 $7,511 $8,813 $8,559
12/31/91 $6,899 $7,554 $9,987 $10,656
12/31/92 $4,581 $5,393 $8,682 $10,497
12/31/93 $5,108 $6,662 $11,482 $13,460
12/31/94 $5,362 $7,330 $12,442 $14,358
</TABLE>
<TABLE>
WRIGHT EQUIFUND - JAPANESE
Growth of $10,000 invested 2/1/94* through 12/31/94
<CAPTION>
Total Return
-------------
Since Incept*
- - - - - ---------------------------------------------------------------
<S> <C>
Japanese Equifund -2.2%
Tokyo SE Index +4.1%
FT-World ex US Index -0.1%
Wright Global Fiduciary Index -1.1%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - JAPAN at inception
on 2/1/94 would have declined to $9,783 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Japanese Tokyo SE FT-World Wright Global
Equifund Index ex US Index Fiduciary Index
- - - - - ----------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $9,783 $10,409 $9,994 $9,892
</TABLE>
<TABLE>
WRIGHT EQUIFUND - MEXICAN
Growth of $10,000 invested 8/1/94* through 12/31/94
<CAPTION>
Total Return
-------------
Since Incept*
- - - - - ------------------------------------------------------------------
<S> <C>
Mexican Equifund -30.9%
Mexican Bolsa IPC Index -33.6%
FT-World ex US Index -1.9%
Wright Global Fiduciary Index -2.2%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - MEXICAN at inception
on 8/1/94 would have declined to $6,909 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Mexican Mexican Bolsa IPFT-World Wright Global
Equifund Index ex US Index Fiduciary Index
- - - - - ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
08/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $6,909 $6,644 $9,812 $9,784
</TABLE>
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS - CONTINUED
- - - - - --------------------------------------------------------------------------------
<TABLE>
WRIGHT EQUIFUND - NORDIC
Growth of $10,000 invested 2/1/94* through 12/31/94
<CAPTION>
Total Return
-------------
Since Incept*
- - - - - -----------------------------------------------------------
<S> <C>
Nordic Equifund -1.2%
FT-Nordic +4.0%
FT-World ex US Index -0.1%
Wright Global Fiduciary Index -1.1%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - NORDIC at inception
on 2/1/94 would have declined to $9,881 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Nordic FT-Nordic FT-World Wright Global
Equifund Index ex US Index Fiduciary Index
- - - - - ------------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $9,881 $10,402 $ 9,994 $ 9,892
</TABLE>
<TABLE>
WRIGHT EQUIFUND - SPANISH
Growth of $10,000 invested 7/1/90* through 12/31/94
<CAPTION>
Annual Total Return
-------------------------------
Lst 1 Yr Since Incept*
- - - - - ----------------------------------------------------------------------------
<S> <C> <C>
Spain Equifund -9.5% -10.4%
Madrid Stock Exchange Index -0.9% -2.4%
FT-World ex US Index +8.4% +5.0%
Wright Global Fiduciary Index +6.7% +8.4%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - SPANISH inception
on 7/1/90 would have declined to $6,095 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Spain Madrid Stock FT-World Wright Global
Equifund Exchange Index ex US Index Fiduciary Index
- - - - - ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/01/90 $10,000 $10,000 $10,000 $10,000
12/31/90 $7,708 $8,172 $8,813 $8,559
12/31/91 $8,262 $9,273 $9,987 $10,656
12/31/92 $5,539 $7,128 $8,682 $10,497
12/31/93 $6,735 $9,032 $11,482 $13,460
12/31/94 $6,095 $8,954 $12,442 $14,358
</TABLE>
<TABLE>
WRIGHT EQUIFUND - SWISS
Growth of $10,000 invested 2/1/94* through 12/31/94
<CAPTION>
Total Return
-------------
Since Incept*
- - - - - ----------------------------------------------------------------------
<S> <C>
Swiss Equifund -5.2%
FT-Swiss Index -3.9%
FT-World ex US Index -0.1%
Wright Global Fiduciary Index -1.1%
</TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT EQUIFUND - SWISS at inception
on 2/1/94 would have declined to $9,481 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<TABLE>
Date Swiss FT-Swiss FT-World Wright Global
Equifund Index ex US Index Fiduciary Index
- - - - - ----------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $9,481 $ 9,613 $ 9,994 $ 9,892
</TABLE>
NOTES: *: For comparison with other averages, the investment results are shown
- - - - - -----
from the closest month end since each Fund's inception. The investment results
of EquiFund are net of all fees and expenses including withheld dividend taxes
charged to the Fund. No fees, expenses or taxes have been deducted from the
other averages. The Total Investment Return is the % return of an initial U.S.
$10,000 investment made at the beginning of the period to the ending redeemable
value assuming all dividends and distributions are reinvested. Returns for
periods less than one year are not annualized. Past performance is not
predictive of future performance.
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
DIVIDEND DISTRIBUTIONS
- - - - - --------------------------------------------------------------------------------
<TABLE>
N.A.V. Distri- Distri- Value Investment 12 Month 3 Month Cum.
Period Per bution bution Shares $1,000 Return Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment YTD Return Return Return
(Annualized)
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- BELGIAN/LUXEMBOURG
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/15/94 $10.00 100.00 $1,000.00
Feb. 94 9.99 100.00 999.00 -0.10% -- -- --
Mar. 94 9.93 100.00 993.00 -0.70% -- -- --
Apr. 94 10.23 100.00 1,023.00 2.30% -- -- --
May 94 10.30 100.00 1,030.00 3.00% -- 3.10% --
Jun. 94 10.19 100.00 1,019.00 1.90% -- 2.62% --
Jul. 94 10.53 100.00 1,053.00 5.30% -- 2.93% --
Aug. 94 10.72 100.00 1,072.00 7.20% -- 4.08% --
Sep. 94 10.28 100.00 1,028.00 2.80% -- 0.88% --
Oct. 94 10.46 100.00 1,046.00 4.60% -- -0.66% --
Nov. 94 10.12 100.00 1,012.00 1.20% -- -5.60% --
Dec. 94 10.24 0.04 0.003984 100.40 1,028.08 2.81% -- 0.01% --
</TABLE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- DUTCH
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 93 10.02 103.23 1,034.36 19.52% 19.52% 5.36% 0.99%
Jan. 94 10.63 103.23 1,097.33 6.09% 25.02% 8.03% 2.63%
Feb. 94 10.66 103.23 1,100.43 6.39% 23.08% 9.22% 2.65%
Mar. 94 10.56 103.23 1,090.11 5.39% 17.36% 5.39% 2.34%
Apr. 94 10.82 103.23 1,116.95 7.98% 19.33% 1.79% 2.94%
May 94 10.73 103.23 1,107.66 7.09% 19.51% 0.66% 2.66%
Jun. 94 10.63 103.23 1,097.33 6.09% 23.60% 0.66% 2.37%
Jul. 94 10.89 103.23 1,124.17 8.68% 24.46% 0.65% 2.94%
Aug. 94 11.01 103.23 1,136.56 9.88% 13.98% 2.61% 3.16%
Sep. 94 10.92 103.23 1,127.27 8.98% 14.83% 2.73% 2.90%
Oct. 94 11.33 103.23 1,169.59 13.07% 15.14% 4.04% 3.73%
Nov. 94 10.86 103.23 1,121.08 8.38% 11.27% -1.36% 2.66%
Dec. 94 8.10 3.01 0.381496 142.61 1,155.15 11.68% 11.68% 2.47% 3.31%
</TABLE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- HONG KONG
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 93 20.99 $0.52 0.027154 113.53 2,383.00 84.32% 84.32% 41.38% 28.83%
Jan. 94 19.83 113.53 2,251.30 -5.53% 69.38% 14.05% 25.41%
Feb. 94 18.12 113.53 2,057.17 -13.67% 41.86% 4.33% 21.78%
Mar. 94 16.81 113.53 1,908.44 -19.91% 30.32% -19.91% 18.88%
Apr. 94 16.64 113.53 1,889.14 -20.72% 23.18% -16.09% 18.15%
May 94 17.29 113.53 1,962.94 -17.63% 19.35% -4.58% 18.93%
Jun. 94 16.22 113.53 1,841.46 -22.73% 15.22% -3.51% 16.64%
Jul. 94 16.97 113.53 1,926.61 -19.15% 24.95% 1.98% 17.61%
Aug. 94 17.35 113.53 1,969.75 -17.34% 18.73% 0.35% 17.88%
Sep. 94 16.91 113.53 1,919.79 -19.44% 13.90% 4.25% 16.81%
Oct. 94 16.27 113.53 1,847.13 -22.49% -6.43% -4.12% 15.44%
Nov. 94 13.52 113.53 1,534.93 -35.59% -22.16% -22.07% 10.35%
Dec. 94 13.02 0.20 0.015140 115.25 1,500.54 -37.03% -37.03% -21.84% 9.60%
</TABLE>
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
DIVIDEND DISTRIBUTIONS
- - - - - --------------------------------------------------------------------------------
<TABLE>
N.A.V. Distri- Distri- Value Investment 12 Month 3 Month Cum.
Period Per bution bution Shares $1,000 Return Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment YTD Return Return Return
(Annualized)
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- ITALIAN
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 93 5.03 101.55 510.79 11.51% 11.51% -4.37% -17.80%
Jan. 94 5.31 101.55 539.22 5.57% 12.73% 5.78% -15.83%
Feb. 94 5.36 101.55 544.30 6.56% 17.01% 18.06% -15.31%
Mar. 94 5.97 101.55 606.24 18.69% 35.04% 18.69% -12.53%
Apr. 94 6.51 101.55 661.08 29.42% 27.41% 22.60% -10.28%
May 94 5.77 101.55 585.93 14.71% 6.67% 7.65% -12.84%
Jun. 94 5.57 101.55 565.62 10.74% 12.53% -6.70% -13.38%
Jul. 94 5.67 101.55 575.78 12.72% 16.67% -12.90% -12.76%
Aug. 94 5.44 101.55 552.42 8.15% -1.27% -5.72% -13.41%
Sep. 94 5.60 101.55 568.67 11.33% 6.46% 0.54% -12.58%
Oct. 94 5.46 101.55 554.45 8.55% 8.76% -3.70% -12.89%
Nov. 94 5.30 101.55 538.20 5.37% 16.74% -2.57% -13.27%
Dec. 94 4.94 0.33 0.068894 108.54 536.21 4.98% 4.98% -5.71% -13.13%
</TABLE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- JAPANESE
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/14/94 $10.00 100.00 $1,000.00
Feb. 94 10.22 100.00 1,022.00 2.20% -- -- --
Mar. 94 10.04 100.00 1,004.00 0.40% -- -- --
Apr. 94 10.29 100.00 1,029.00 2.90% -- -- --
May 94 10.19 100.00 1,019.00 1.90% -- -0.29% --
Jun. 94 10.89 100.00 1,089.00 8.90% -- 8.47% --
Jul. 94 10.59 100.00 1,059.00 5.90% -- 2.92% --
Aug. 94 10.60 100.00 1,060.00 6.00% -- 4.02% --
Sep. 94 10.32 100.00 1,032.00 3.20% -- -5.23% --
Oct. 94 10.31 100.00 1,031.00 3.10% -- -2.64% --
Nov. 94 9.69 100.00 969.00 -3.10% -- -8.58% --
Dec. 94 9.66 0.12 0.012752 101.28 978.32 -2.17% -- -5.20% --
</TABLE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- MEXICAN
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8/02/94 $10.00 100.00 $1,000.00
Jan. 94 -- -- -- -- -- -- --
Feb. 94 -- -- -- -- -- -- --
Mar. 94 -- -- -- -- -- -- --
Apr. 94 -- -- -- -- -- -- --
May 94 -- -- -- -- -- -- --
Jun. 94 -- -- -- -- -- -- --
Jul. 94 -- -- -- -- -- -- --
Aug. 94 10.67 100.00 1,067.00 6.70% -- -- --
Sep. 94 10.99 100.00 1,099.00 9.90% -- -- --
Oct. 94 10.57 100.00 1,057.00 5.70% -- -- --
Nov. 94 10.63 100.00 1,063.00 6.30% -- -0.37% --
Dec. 94 6.48 0.51 0.066186 106.62 690.89 -30.91% -- -37.13% --
</TABLE>
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
DIVIDEND DISTRIBUTIONS
- - - - - --------------------------------------------------------------------------------
<TABLE>
N.A.V. Distri- Distri- Value Investment 12 Month 3 Month Cum.
Period Per bution bution Shares $1,000 Return Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment YTD Return Return Return
(Annualized)
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- NORDIC
------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/14/94 $10.00 100.00 $1,000.00
Feb. 94 9.96 100.00 996.00 -0.40% -- -- --
Mar. 94 9.54 100.00 954.00 -4.60% -- -- --
Apr. 94 9.85 100.00 985.00 -1.50% -- -- --
May 94 9.89 100.00 989.00 -1.10% -- -0.70% --
Jun. 94 9.50 100.00 950.00 -5.00% -- -0.42% --
Jul. 94 10.00 100.00 1,000.00 0.00% -- 1.52% --
Aug. 94 9.69 100.00 969.00 -3.10% -- -2.02% --
Sep. 94 9.65 100.00 965.00 -3.50% -- 1.58% --
Oct. 94 10.28 100.00 1,028.00 2.80% -- 2.80% --
Nov. 94 9.50 100.00 950.00 -5.00% -- -1.96% --
Dec. 94 9.50 0.37 0.040066 104.01 988.06 -1.19% -- 2.39% --
</TABLE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- SPANISH
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 93 6.53 103.14 673.52 21.59% 21.59% 6.53% -10.89%
Jan. 94 7.26 103.14 748.81 11.18% 24.53% 13.26% -7.75%
Feb. 94 6.92 103.14 713.74 5.97% 23.56% 16.30% -8.80%
Mar. 94 6.66 103.14 686.93 1.99% 12.32% 1.99% -9.56%
Apr. 94 6.76 103.14 697.24 3.52% 13.81% -6.89% -9.02%
May 94 6.76 103.14 697.24 3.52% 16.75% -2.31% -8.85%
Jun. 94 6.47 103.14 667.33 -0.92% 15.12% -2.85% -9.69%
Jul. 94 6.74 103.14 695.18 3.22% 25.51% -0.30% -8.60%
Aug. 94 6.66 103.14 686.93 1.99% 7.07% -1.48% -8.71%
Sep. 94 6.41 103.14 661.14 -1.84% 4.57% -0.93% -9.39%
Oct. 94 6.45 103.14 665.27 -1.23% 0.62% -4.30% -9.10%
Nov. 94 6.18 103.14 637.42 -5.36% 3.87% -7.21% -9.83%
Dec. 94 5.89 0.02 0.00173 103.32 608.56 -9.64% -9.64% -7.95% -10.61%
</TABLE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- WRIGHT NATIONAL FIDUCIARY FUNDS -- SWISS
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/14/94 $10.00 100.00 $1,000.00
Feb. 94 9.95 100.00 995.00 -0.50% -- -- --
Mar. 94 9.89 100.00 989.00 -1.10% -- -- --
Apr. 94 9.71 100.00 971.00 -2.90% -- -- --
May 94 9.88 100.00 988.00 -1.20% -- -0.70% --
Jun. 94 9.82 100.00 982.00 -1.80% -- -0.71% --
Jul. 94 9.76 100.00 976.00 -2.40% -- 0.51% --
Aug. 94 10.01 100.00 1,001.00 0.10% -- 1.32% --
Sep. 94 9.95 100.00 995.00 -0.50% -- 1.32% --
Oct. 94 9.91 100.00 991.00 -0.90% -- 1.54% --
Nov. 94 9.39 100.00 939.00 -6.10% -- -6.19% --
Dec. 94 9.43 0.05 0.005447 100.54 948.14 -5.19% -- -4.71% --
</TABLE>
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - BELGIAN/LUXEMBOURG NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
CHEMICALS -- 6.7%
14,800 Minorco SA $ 346,156
1,240 Tessenderlo Chemie 416,127
------------
$ 762,283
------------
CONSTRUCTION -- 8.0%
1,200 Cimenteries CBR Cementbed $ 458,347
600 C.B.R. Cimenteries Warrants* 3,678
1,740 Cie Francois d'Entreprises 456,196
------------
$ 918,221
------------
ELECTRONICS -- 3.6%
5,170 Barco N.V. (Industries) $ 409,570
------------
FINANCIAL -- 29.8%
1,950 Algem Maastch Voor Nijve-Afv $ 465,891
350 Banque Nationale de Belgique 410,681
11,750 Cie Belge de Paricip Paribas 381,940
5,180 Electrafina 458,400
3,860 GBL Group BXL Lamb 456,259
1,530 Generale de Banque SA 389,595
51 Generale de Banque-VVPR 12,810
1,810 Kredietbank NPV 379,525
1,100 Sofina 450,408
------------
$ 3,405,509
------------
METAL PRODUCTS MFRS. -- 4.1%
670 Bekaert SA $ 474,434
------------
RECREATION -- 4.2%
950 Audiofina $ 478,584
------------
RETAILERS -- 8.4%
2,060 Colruyt SA $ 485,696
11,650 Delhaize Le Ps 473,179
------------
$ 958,875
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
TEXTILES -- 4.1%
620 UCB SA $ 473,137
------------
UTILITIES -- 14.9%
1,130 Cegedel $ 394,310
2,180 Electrabel 392,002
4,970 Powerfin SA 446,066
1,570 Reunies Electrobel & Tractebela 474,307
------------
$ 1,706,685
------------
MISCELLANEOUS -- 7.2%
3,370 Ackermans & Van Haaren $ 439,657
5,536 Soc. Gen. Belgique Parts de Res. 381,133
------------
$ 820,790
------------
TOTAL INVESTMENTS
(identified cost, $10,269,679)-- 91.0% $10,408,088
OTHER ASSETS, LESS LIABILITIES-- 9.0% 1,028,747
------------
NET ASSETS-- 100.0% $11,436,835
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - DUTCH NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
CONSTRUCTION -- 11.7%
2,748 Bam Groep N.V. $ 163,949
910 Hollandesche Beton Group N.V. 140,581
2,910 Volker Stevin 157,678
------------
$ 462,208
------------
ELECTRONICS -- 4.6%
5,000 Getronics N.V. $ 182,442
------------
FINANCIAL -- 18.6%
4,749 ABN Amro Holdings N.V. $ 165,071
2,370 Aegon N.V. 151,643
3,270 Amev N.V. 138,920
3,320 Internationale Ned. Grp. 156,929
300 Internationale Ned. Grp. Warrants* 636
3,360 Kas Associatie N.V. 122,988
------------
$ 736,187
------------
FOOD -- 3.6%
1,220 Unilever N.V. $ 143,393
------------
MACHINERY & EQUIPMENT -- 8.0%
3,420 Oce-Van Der Grinten $ 153,178
4,504 Samas- Groep N.V. 161,228
------------
$ 314,406
------------
METAL PRODUCT MANUFACTURERS -- 12.3%
1,320 NKF Holding N.V. $ 164,353
1,400 Polynorm N.V. 137,434
1,420 Twentsche Kabel Holding N.V. 185,808
------------
$ 487,595
------------
PRINTING & PUBLISHING -- 4.3%
1,430 Telegraaf (Holdingsmij) - CVA $ 164,861
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
RETAILERS -- 7.2%
2,400 Koninklijke Bijenkorf Beheer N.V. $ 135,577
5,850 Macintosh N.V. 150,061
------------
$ 285,638
------------
TEXTILES -- 3.3%
2,650 Gamma Holding N.V. $ 131,981
------------
MISCELLANEOUS -- 22.5%
1,210 Beers N.V. Aandeel Aantoond $ 135,313
2,170 Eriks Holding N.V. 148,478
1,980 Hagemeyer N.V. 161,500
8,400 Koninklijke Borsumij Wehry 123,472
830 Otra N.V. Aandeel 149,752
3,120 Randstad Holdings N.V. 168,877
------------
$ 887,392
------------
TOTAL INVESTMENTS
(identified cost, $3,433,521)-- 96.1% $ 3,796,103
OTHER ASSETS, LESS LIABILITIES-- 3.9% 154,515
------------
NET ASSETS-- 100.0% $ 3,950,618
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statments
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - HONG KONG NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
AEROSPACE -- 4.5%
266,400 Hong Kong Aircraft Engineering Co. $ 888,231
------------
APPAREL -- 2.9%
479,000 Lai Sun Garment Int'l. Ltd. $ 578,776
------------
CONSTRUCTION -- 3.6%
854,000 Hopewell Holdings $ 706,343
------------
DIVERSIFIED -- 3.7%
273,000 New World Development Co., Ltd. $ 728,528
------------
ELECTRICAL -- 4.2%
492,000 Semi Tech (Global) Co. Ltd. $ 829,758
------------
FINANCIAL -- 22.8%
7,600 Amoy Ppt - Warrants 1995* $ 688
159,000 Cheung Kong 647,257
520,000 Hang Lung Development Co. Ltd. 739,232
68,200 Hang Lung Dev. Co. - Warrants 1994* 10,223
196,000 Henderson Land Development 934,665
386,000 Hong Kong Realty & Trust Co. Ltd. 673,416
346,000 Hysan Development Co. Ltd. 686,360
1,400,000 Paliburg International Hldg. 773,500
------------
$ 4,465,341
------------
FOOD -- 3.5%
2,934,000 CP Pokphand Co. Ltd. $ 686,263
------------
RECREATION -- 3.2%
158,000 Television Broadcasts Ltd. $ 630,941
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
RETAILERS -- 23.5%
198,000 Hutchison Whampoa $ 800,910
716,000 Jardine Int'l. Motor Holdings 754,091
95,800 Jardine Matheson Holdings 684,022
646,000 Sime Darby Hong Kong Limited 717,964
720,000 Wing On Co. Int'l. Ltd. 767,664
539,000 Wing On Holdings Ltd. 905,520
------------
$ 4,630,171
------------
TRANSPORTATION -- 8.8%
474,400 Kowloon Motor Bus Co. (1933) Ltd. 846,045
1,254,000 Shun Tak Holdings Ltd. 891,343
------------
$ 1,737,388
------------
UTILITIES -- 8.8%
21,956 Hong Kong & China Gas Warrants* $ 3,065
291,000 Hong Kong Electric Holdings Ltd. 795,390
493,000 Hong Kong Telecom 939,757
------------
$ 1,738,212
------------
MISCELLANEOUS -- 8.2%
201,000 Jardine Strategic Holdings Ltd. $ 659,783
4,422,000 Regal Hotel International 948,519
------------
$ 1,608,302
------------
TOTAL INVESTMENTS
(identified cost, $23,638,835)-- 97.7% $19,228,254
OTHER ASSETS, LESS LIABILITIES-- 2.3% 450,459
------------
NET ASSETS-- 100.0% $19,678,713
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - ITALIAN NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
APPAREL -- 3.1%
3,450 Benetton SpA $ 40,350
------------
AUTOMOTIVE -- 2.7%
12,000 Marangoni SpA $ 35,921
------------
CONSTRUCTION -- 6.4%
4,100 Franco Tosi SpA $ 45,549
2,600 Franco Tosi Warrants Exp 12/31/97* 674
5,650 Sirti SpA 36,615
------------
$ 82,838
------------
DIVERSIFIED -- 4.0%
20,900 Sme Meridonale Finanziacia Itla $ 51,533
------------
ELECTRICAL -- 3.1%
3,000 Gewiss SPA $ 40,735
------------
ELECTRONICS -- 6.8%
2,100 Ericksson $ 28,644
28,500 Tecnost SpA 59,631
------------
$ 88,275
------------
FINANCIAL --34.9%
5,750 Alleanza Assicurazioni SpA $ 56,781
23 Alleanza Assicurazioni SpA - Az.
di Risparmio 195
1,100 Banca Agricola Mantovana 78,753
12,000 Banca Credito Agrario Bresci 66,656
5,016 Credito Bergamasco SpA 60,678
23,000 Credito Fondiario E Indust 78,783
68,000 Gemina SpA 55,019
16,000 IFIL-Risp (Savings) 56,979
------------
$ 453,844
------------
MACHINERY & EQUIPMENT -- 6.8%
29,000 Comau Finanziaria SpA $ 38,750
7,900 Saes Getters 48,271
2,500 Sasib SpA-WTS '97* 1,219
------------
$ 88,240
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
OIL & GAS -- 6.1%
44,500 Camfin SpA (Gruppo Cam) $ 79,646
------------
PRINTING & PUBLISHING -- 3.0%
5,000 Arnoldo Mondadori Editore SPA $ 38,420
------------
TRANSPORTATION -- 4.5%
25,000 Costa Crociere SPA $ 57,863
------------
UTILITIES -- 9.6%
14,000 Italgas $ 38,580
28,000 Sondel-Societa Nordelettrica 44,240
14,000 Stet 41,302
------------
$ 124,122
------------
MISCELLANEOUS -- 13.7%
56,000 Autostrade-Con E Cost $ 71,025
16,000 Cristalleria Artistica-Calp 52,288
10,000 Industrie Zignagos Margherita 54,775
------------
$ 178,088
------------
TOTAL INVESTMENTS
(identified cost, $1,515,203)-- 104.7% $ 1,359,875
OTHER ASSETS, LESS LIABILITIES-- (4.7%) (60,671)
------------
NET ASSETS-- 100.0% $ 1,299,204
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - JAPANESE NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
AUTOMOTIVE -- 9.3%
11,000 Aisin Seiki Co. Ltd. $ 153,283
32,000 Ichikoh Ind. Ltd. 145,965
17,000 Suzuki Motor Corp. 199,398
18,000 Topre Corp. 155,549
7,000 Toyota Motor Co. 147,368
------------
$ 801,563
------------
BEVERAGES -- 2.2%
17,000 Chukyo Coca-Cola Bottling Co. $ 192,581
------------
CHEMICALS -- 2.0%
12,000 Rock Paint $ 172,030
------------
CONSTRUCTION -- 24.6%
10,000 Daiwa House Ind. $ 141,353
26,000 Fujita Corp. 137,886
13,000 Ichiken Co., Ltd. 186,365
13,000 Kaneshita Construction 177,243
30,000 Nakano Corp. 178,647
14,000 Nippon Denwa Shisetsu Co. Ltd. 183,859
24,000 Ohbayashi-Gumi Corp. 153,744
17,000 Sekisui House Ltd. 189,173
16,000 Shimizu Corp. 157,514
8,000 Taikisha Ltd. 140,351
31,000 Taisei Corp. 192,060
9,000 Takasago Thermal Engineering 137,143
17,000 Toda Construction Co. 151,679
------------
$ 2,127,017
------------
DIVERSIFIED -- 1.7%
16,000 Toho Real Estate Co. Ltd. $ 147,730
------------
DRUGS -- 1.8%
8,000 Taisho Pharmaceutical Co. Ltd. $ 153,183
------------
ELECTRICAL -- 1.6%
16,000 Daikin Industries Ltd. $ 141,795
------------
ELECTRONICS -- 7.8%
13,000 Casio Computer Co. Ltd. $ 164,211
59,000 Miyakoshi Corp. 176,262
4,500 Murata Mfg. Co., Ltd. 172,782
11,000 Nichicon Corp. 161,003
------------
$ 674,258
------------
FINANCIAL -- 2.0%
18,000 Japan Living Serv. $ 175,037
------------
MACHINERY & EQUIPMENT -- 5.5%
26,000 Kayaba Industry Co. Ltd. $ 173,334
20,000 Mitsubishi Heavy 152,380
28,000 Tsubakimoto Chain 151,578
------------
$ 477,292
------------
METAL PRODUCTS MFRS. -- 5.8%
22,000 Hitachi Cable Ltd. $ 183,058
8,000 Maruichi Steel Tube Ltd. 143,559
26,000 Mitsubishi Cable Industries 174,114
------------
$ 500,731
------------
OIL, GAS & COAL -- 1.8%
16,000 General Sekiyu K.K. $ 156,712
------------
RECREATION -- 2.0%
5,000 Denny's Japan Co. Ltd. $ 169,423
------------
RETAILERS -- 7.4%
17,000 Daiwa Co. $ 152,361
7,000 Heiwado Co. Ltd. 136,842
12,000 Marui Co. 218,947
3,000 York-Benimaru Co. Ltd. 131,429
------------
$ 639,579
------------
TEXTILES -- 1.8%
21,000 Toray Inds. Inc. $ 152,632
------------
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - JAPANESE NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994 - CONTINUED
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
TRANSPORTATION -- 3.3%
19,000 Isewan Terminal Service $ 132,571
19,000 Tonami Transportation 152,382
------------
$ 284,953
------------
UTILITIES -- 6.9%
6,000 Chugoku Electric Power Co. Inc. $ 139,549
6,000 Kyushu Electric Power Co. Inc. 141,353
7,000 Shikoku Electric Power 166,316
6,000 Tohoku Electric Power Co. Inc. 152,180
------------
$ 599,398
------------
MISCELLANEOUS -- 3.9%
18,000 Denkyosha $ 148,873
15,000 Kamei 190,977
------------
$ 339,850
------------
TOTAL INVESTMENTS
(identified cost, $8,339,140)-- 91.4% $ 7,905,764
OTHER ASSETS, LESS LIABILITIES-- 8.6% 747,044
------------
NET ASSETS-- 100.0% $ 8,652,808
============
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - MEXICAN NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
BEVERAGES -- 7.0%
160,000 Fomento Economico Mexicano $ 409,728
150,000 Grupo Continental SA-Ser CP 525,825
------------
$ 935,553
------------
CONSTRUCTION -- 10.2%
88,000 Apasco $ 438,671
118,000 Cemex SA 583,475
41,000 Tolmex SA de CV 342,010
------------
$ 1,364,156
------------
DIVERSIFIED -- 12.7%
142,000 Desc Sociedad de Fomento Indl $ 719,273
56,000 Grupo Carso SA 413,106
60,000 Grupo Industrial Alfa SA-A 577,686
------------
$ 1,710,065
------------
FINANCIAL -- 4.3%
283,920 Grupo Situr B $ 576,414
------------
FOOD -- 7.2%
102,000 Grupo Industrial Bimbo-Ser A $ 548,444
395,000 Grupo Industrial Maseca B 423,993
------------
$ 972,437
------------
METAL PRODUCERS -- 6.2%
305,000 Industrias Penoles SA-CP $ 838,659
------------
MISCELLANEOUS -- 7.4%
185,000 Grupo Sidek SA-Ser A $ 405,335
127,000 Vitro SA 584,581
------------
$ 989,916
------------
PAPER-- 2.6%
30,000 Kimberly-Clark de Mexico-B $ 343,719
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
RECREATION -- 5.6%
100,000 Grupo Financiero Banamex A $ 291,460
28,000 Grupo Televisa SA-Ser CPO 453,065
------------
$ 744,525
------------
RETAILERS -- 9.7%
215,000 Cifra SA de CV B $ 437,353
555,000 Controladora Coml Mexicana B 473,027
390,000 El Puerto de Liverpool-Ser 1 391,950
------------
$ 1,302,330
------------
TOBACCO -- 4.4%
138,000 Empressa La Moderna Ser ACP $ 596,380
------------
TRANSPORTATION -- 4.0%
88,000 Transport Maritima 'A' Shares $ 539,502
------------
UTILITIES -- 3.5%
225,000 Telefonos de Mexico $ 464,017
------------
TOTAL INVESTMENTS
(identified cost, $17,854,850)-- 84.8% $11,377,673
OTHER ASSETS, LESS LIABILITIES-- 15.2% 2,044,673
------------
NET ASSETS-- 100.0% $13,422,346
============
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - NORDIC NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
CONSTRUCTION -- 3.2%
41,000 Skane-Gripen AB-Ser B Fr $ 281,502
------------
DIVERSIFIED -- 20.7%
18,400 Kinnevik AB-B Free Shares $ 609,369
11,990 Lassila & Tikanoja Oy 346,993
13,800 Orkla A/S-B-Aksjer 510,582
5,100 Superfos AS 335,609
------------
$ 1,802,553
------------
DRUGS -- 10.5%
13,800 Astra AB B Free Shares $ 352,060
12,100 Orion A/S-B 286,275
17,400 Pharmacia AB B Free 277,586
------------
$ 915,921
------------
ELECTRICAL -- 4.7%
5,650 Asea AB B-F $ 409,222
------------
FOOD -- 8.4%
13,800 Cultor Oy 2-Free $ 373,138
10,780 Huhtamaki "I" Free 357,519
------------
$ 730,657
------------
MACHINERY & EQUIPMENT -- 4.3%
3,260 Kone Corp. B Free $ 371,871
------------
OIL, GAS & COAL -- 4.4%
32,100 Aker A/S Series A Free $ 380,051
------------
PAPER -- 3.8%
14,700 Marieberg Tidnings-Ser A Fr $ 332,471
------------
RETAILERS -- 14.0%
7,300 Hennes & Mauritz AB B-F $ 374,435
30,500 Kesko Oy Osake 354,358
10,330 Stockmann AB `B' Free 493,162
------------
$ 1,221,955
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
TEXTILES -- 3.8%
21,600 Tamfelt Oy AB-Pfd $ 333,087
------------
TRANSPORTATION -- 11.5%
16,500 Finnlines Oy $ 338,093
33,000 Helikopter Service As 380,939
20,880 Leif Hoegh & Co. A/S 278,111
------------
$ 997,143
------------
MISCELLANEOUS -- 8.3%
10,100 ISS Int'l. Service System-B $ 274,164
1,300 Nordisk Solar Compagni 449,124
------------
$ 723,288
------------
TOTAL INVESTMENTS
(identified cost, $8,551,202)-- 97.6% $ 8,499,721
OTHER ASSETS, LESS LIABILITIES-- 2.4% 212,177
------------
NET ASSETS-- 100.0% $ 8,711,898
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - SPANISH NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
AUTOMOTIVE -- 5.8%
3,890 Construc. Y Auxiliar De Ferrocarriles S.A.* $ 209,831
4,740 Fabrica Autom 158,450
------------
$ 368,281
------------
CONSTRUCTION -- 7.0%
17,620 Dragados Y Costrucciones, S.A. $ 247,651
21,000 Huarte SA 196,239
------------
$ 443,890
------------
FINANCIAL -- 25.1%
11,470 Banco Bilboa Vizcaya $ 284,517
7,220 Banco Exterior de Espana, S.A. 231,479
2,105 Banco Popular Espanol 250,281
6,070 Banco de Santander, ESB 232,424
6,070 Banco de Santander S.A. Esp 750 Rgts.* 0
29,300 Banco de Valencia (Regd) (L) 326,112
18,190 Banco Zaragozano S.A. 276,391
------------
$ 1,601,204
------------
FOOD -- 2.8%
7,540 Azucarera D'Esp $ 180,158
------------
MACHINERY & EQUIPMENT -- 3.9%
2,200 Zardoya Otis $ 228,817
2,200 Zardoya Otis - Rts. 21,394
------------
$ 250,211
------------
METAL PRODUCERS -- 5.2%
3,190 Acerinox SA $ 333,238
------------
OIL, GAS & COAL -- 7.7%
10,700 Compania Espanola De Petroleos $ 268,262
8,200 Repsol, S.A. 222,405
------------
$ 490,667
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
PAPER -- 3.4%
9,260 Unipapel S.A. $ 216,682
------------
UTILITIES -- 24.0%
51,680 Compania Sevillana De Electricidad, S.A. $ 244,214
6,200 Empresa Nac. De Electricidad 252,475
13,960 Empresa Nac. Hidroelec. Ribagorzana 243,936
13,960 Empresa Nac. Hidroelec. Ribag-Rts 106
7,350 Gas Y Electricidad S.A. 311,590
19,850 Telefonica De Espana, S.A. 234,506
57,600 Union Electrica - Fenosa, S.A. 239,805
------------
$ 1,526,632
------------
MISCELLANEOUS-- 13.3%
27,074 Aumar $ 255,056
11,530 Prosegur Compania De Securidad S.A. 218,994
11,350 Vidrala S.A. 374,668
------------
$ 848,718
------------
TOTAL INVESTMENTS
(identified cost, $7,203,336)-- 98.2% $ 6,259,681
OTHER ASSETS, LESS LIABILITIES-- 1.8% 115,396
------------
NET ASSETS-- 100.0% $ 6,375,077
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
WRIGHT EQUIFUND - SWISS NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
CHEMICALS -- 14.1%
230 Ciba-Geigy AG-B $ 137,631
40 Ems-Chemie Holding AG 119,526
280 Merk AG - Prfd (SZF100) (BR) 149,790
230 Siegfried AG-R 131,830
------------
$ 538,777
------------
CONSTRUCTION -- 7.4%
120 Sarna Kunsstoff Hldg AG-R $ 144,899
470 Sika Finanz AG 135,055
------------
$ 279,954
------------
DRUGS -- 3.8%
30 PSC Roche Holding $ 145,243
------------
ELECTRICAL -- 2.7%
140 Hilti AG-PC $ 104,318
------------
FINANCIAL -- 23.3%
140 Baer Hldg. AG-(BR) $ 142,300
100 Bank Langenthal 97,822
330 CS Holding 141,230
50 Elvia Schweiz Versichrung 145,969
310 Intershop Holdings-Br 127,933
140 Schweiz Bankgesellschaft B 116,194
420 Schweizerischer Bankverein 116,194
------------
$ 887,642
------------
FOOD -- 6.4%
100 Lindt & Spruengli AG-PC $ 133,741
200 Lindt & Spruengli Warrants* 3,439
110 Nestle 104,578
------------
$ 241,758
------------
MACHINERY & EQUIPMENT -- 11.9%
190 Bucher Holdings AG-B $ 101,643
350 Bucher Holdings - War. Exp. 10/27/95* 535
35 Nokia-Maillefer S.A. 135,346
90 Schindler Holding AG-Regd 103,516
60 Schweiz Ind. Gesselschaft 113,718
------------
$ 454,758
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- - - - - --------------------------------------------------------------------------------
<C> <S> <C>
RETAILERS -- 6.1%
180 Magazine Glob-R $ 104,547
500 Merkur Holding AG 127,245
------------
$ 231,792
------------
UTILITIES -- 3.4%
70 Elektricite de Laufenbourg $ 129,996
------------
MISCELLANEOUS -- 18.1%
1,110 S.M.H. Ag-Reg. 10SFR $ 122,155
450 Kardex B 118,648
80 Kuoni Reisebuero AG-PC 103,324
680 Rentsch (W) Holding AG 105,495
60 SGS Soc. Gen. Surveillance-R 15,636
80 SGS Soc. Gen. Surveillance-B 110,661
30 Vetropack Holding AG-Bearer 114,635
------------
$ 690,554
------------
TOTAL INVESTMENTS
(identified cost, $3,792,486)-- 97.2% $ 3,704,792
OTHER ASSETS, LESS LIABILITIES-- 2.8% 107,743
------------
NET ASSETS-- 100.0% $ 3,812,535
============
</TABLE>
* Non-income producing security.
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
BELGIAN/
LUXEMBOURG DUTCH HONG KONG
SERIES SERIES SERIES
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments --
Identified cost................................. $10,269,679 $ 3,433,521 $23,638,835
Unrealized appreciation (depreciation).......... 138,409 362,582 (4,410,581)
----------- ----------- -----------
Total value (Note 1A)......................... $10,408,088 $ 3,796,103 $19,228,254
Cash.............................................. 1,678,323 160,117 647,120
Receivable for investments sold................... 190,585 -- --
Receivable for Fund shares sold................... -- -- 33,073
Dividends receivable.............................. 171 -- 88,146
Tax reclaim receivable............................ 24,327 4,770 --
Deferred organization expenses (Note 1E).......... 8,998 3,795 3,795
----------- ----------- -----------
Total Assets.................................. $12,310,492 $ 3,964,785 $20,000,388
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased................. $ 856,765 $ -- $ --
Payable for Fund shares reacquired................ 9,147 5,953 301,472
Trustees fees payable............................. 139 139 139
Custodian fee payable (Note 2).................... 3,590 6,725 10,390
Accrued expenses.................................. 4,016 1,350 9,674
----------- ----------- -----------
Total Liabilities............................. $ 873,657 $ 14,167 $ 321,675
----------- ----------- -----------
NET ASSETS.......................................... $11,436,835 $ 3,950,618 $19,678,713
=========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital..................................... $11,315,759 $ 3,586,597 $24,711,033
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (88,661) 6,701 (2,026,594)
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 138,409 362,807 (4,410,595)
Undistributed net investment income (loss).......... 73,804 (5,487) 1,404,869
----------- ----------- -----------
Net assets applicable to outstanding shares....... $11,436,835 $ 3,950,618 $19,678,713
=========== =========== ===========
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,117,419 487,940 1,511,690
=========== =========== ===========
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $10.24 $8.10 $13.02
=========== =========== ===========
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statememts
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
ITALIAN JAPANESE MEXICAN
SERIES SERIES SERIES
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments --
Identified cost................................. $ 1,515,203 $ 8,339,140 $17,854,850
Unrealized depreciation......................... (155,328) (433,376) (6,477,177)
----------- ----------- -----------
Total value (Note 1A)......................... $ 1,359,875 $ 7,905,764 $11,377,673
Cash.............................................. -- 607,750 1,405,816
Receivable for investments sold................... 736 -- --
Receivable for Fund shares sold................... -- 218,350 690,433
Dividends receivable.............................. 8,195 5,008 865
Tax reclaim receivable............................ 13,272 35 --
Deferred organization expenses (Note 1E).......... 3,795 7,653 15,749
Receivable from Investment Adviser................ 18,432 -- --
----------- ----------- -----------
Total Assets.................................. $ 1,404,305 $ 8,744,560 $13,490,536
----------- ----------- -----------
LIABILITIES:
Loans payable..................................... $ 45,389 $ -- $ --
Payable for Fund shares reacquired................ 49,589 82,410 57,601
Payable to dividend disbursing agent.............. -- 1,140 1,666
Trustees fees payable............................. 139 139 139
Custodian fee payable (Note 2).................... 8,430 4,400 1,000
Registration fee payable.......................... -- -- 7,052
Accrued expenses.................................. 1,554 3,663 732
----------- ----------- -----------
Total Liabilities............................. $ 105,101 $ 91,752 $ 68,190
----------- ----------- -----------
NET ASSETS.......................................... $ 1,299,204 $ 8,652,808 $13,422,346
=========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 1,866,210 $ 9,099,736 $19,831,781
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (419,305) (14,546) 67,814
Unrealized depreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... (155,871) (433,352) (6,477,222)
Undistributed net investment income (loss).......... 8,170 970 (27)
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 1,299,204 $ 8,652,808 $13,422,346
=========== =========== ===========
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 263,241 896,087 2,072,096
=========== =========== ===========
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $4.94 $9.66 $6.48
=========== =========== ===========
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
NORDIC SPANISH SWISS
SERIES SERIES SERIES
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments --
Identified cost................................. $ 8,551,202 $ 7,203,336 $ 3,792,486
Unrealized depreciation......................... (51,481) (943,655) (87,694)
----------- ----------- -----------
Total value (Note 1A)......................... $ 8,499,721 $ 6,259,681 $ 3,704,792
Cash.............................................. 229,340 128,404 105,986
Receivable for Fund shares sold................... 223 1,068 --
Tax reclaim receivable............................ 4,346 19,460 20,193
Deferred organization expenses (Note 1E).......... 7,653 3,795 8,886
Receivable from Investment Adviser................ -- 2,300 4,025
----------- ----------- -----------
Total Assets.................................. $ 8,741,283 $ 6,414,708 $ 3,843,882
----------- ----------- -----------
LIABILITIES:
Payable for Fund shares reacquired................ $ 19,144 $ 30,731 $ 21,171
Payable to dividend disbursing agent.............. -- 12 50
Trustees fees payable............................. 139 139 139
Custodian fee payable (Note 2).................... 6,330 5,139 7,730
Registration Fees Payable......................... 3,028 2,334 1,548
Accrued expenses.................................. 744 1,276 709
----------- ----------- -----------
Total Liabilities............................. $ 29,385 $ 39,631 $ 31,347
----------- ----------- -----------
NET ASSETS.......................................... $ 8,711,898 $ 6,375,077 $ 3,812,535
=========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 9,104,353 $ 7,748,022 $ 4,141,912
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (354,206) (697,774) (252,712)
Unrealized depreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... (51,045) (944,131) (86,635)
Undistributed net investment income (loss).......... (12,796) 268,960 9,970
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 8,711,898 $ 6,375,077 $ 3,812,535
=========== =========== ===========
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 916,966 1,083,044 404,156
=========== =========== ===========
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $9.50 $5.89 $9.43
=========== =========== ===========
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
BELGIAN/
LUXEMBOURG DUTCH HONG KONG
SERIES[1] SERIES SERIES
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income --
Dividends...................................... $ 223,280 $ 174,235 $ 1,259,155
Less: Foreign taxes........................... (32,228) (26,325) --
------------- ------------- -------------
Total investment income........................ $ 191,052 $ 147,910 $ 1,259,155
------------- ------------- -------------
Expenses --
Investment adviser fee (Note 2)................ $ 55,703 $ 39,105 $ 142,606
Administrator fee (Note 2)..................... 7,427 7,215 23,531
Audit fees..................................... 687 8,937 12,186
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 713 1,096 1,096
Custodian fee (Note 2)......................... 16,536 24,850 31,332
Transfer & dividend disbursing agent fees...... 7,447 11,039 13,895
Distribution expenses (Note 3)................. 18,567 18,036 58,828
Legal services................................. 3,279 4,393 4,578
Registration costs............................. 6,719 14,025 18,580
Amortization of organization expense (Note 1E). 1,902 7,338 7,338
Printing....................................... -- 1,605 2,043
Interest expense............................... -- 827 13,147
Miscellaneous.................................. 1,566 450 3,374
------------- ------------- -------------
Total expenses................................. $ 120,546 $ 138,916 $ 332,534
------------- ------------- -------------
Net investment income...................... $ 70,506 $ 8,994 $ 926,621
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions
(identified cost basis)......................... $ (88,661) $ 1,073,586 $(2,011,071)
Change in unrealized appreciation/(depreciation)
of investments.................................. 135,933 (276,745) (8,868,569)
------------- ------------- -------------
Net realized and unrealized gain (loss)
on investments and foreign currency......... $ 47,272 $ 796,841 $(10,879,640)
------------- ------------- -------------
Net increase (decrease) in net assets
from operations............................. $ 117,778 $ 805,835 $(9,953,019)
============= ============= =============
<FN>
[1] For the period from the start of business, February 15, 1994 to
December 31, 1994.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
ITALIAN JAPANESE MEXICAN
SERIES SERIES[1] SERIES[2]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income --
Dividends...................................... $ 165,998 $ 89,618 $ 33,565
Less: Foreign taxes........................... (10,899) (10,803) --
------------- ------------- -------------
Total investment income........................ $ 155,099 $ 78,815 $ 33,565
------------- ------------- -------------
Expenses --
Investment adviser fee (Note 2)................ $ 12,039 $ 50,253 $ 63,619
Administrator fee (Note 2)..................... 2,122 6,700 8,483
Audit fees..................................... 8,937 687 37
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 1,096 748 341
Custodian fee (Note 2)......................... 26,080 26,972 1,000
Transfer & dividend disbursing agent fees...... 9,981 7,409 2,786
Distribution expenses (Note 3)................. 5,350 16,751 21,206
Legal services................................. 4,386 3,298 111
Registration costs............................. 11,144 6,725 7,552
Amortization of organization expense (Note 1E). 7,338 1,607 1,395
Printing....................................... 1,605 -- --
Interest expense............................... 2,729 831 8,662
Miscellaneous.................................. 505 1,505 1,742
------------- ------------- -------------
Total expenses................................. $ 93,312 $ 123,486 $ 116,934
------------- ------------- -------------
Deduct --
Reduction of investment adviser fee (Note 2). $ 12,039 $ -- $ --
Allocation of expenses to investment adviser
(Note 2).................................... 33,433 -- --
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... 5,350 -- --
------------- ------------- -------------
Total deducted............................... $ 50,822 $ -- $ --
------------- ------------- -------------
Net expenses................................. $ 42,490 $ 123,486 $ 116,934
------------- ------------- -------------
Net investment income (loss)............... $ 112,609 $ (44,671) $ (83,369)
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions
(identified cost basis)......................... $ (112,057) $ 131,722 $ 939,626
Change in unrealized depreciation of investments. (163,269) (433,352) (6,477,222)
------------- ------------- -------------
Net realized and unrealized loss
on investments and foreign currency......... $ (275,326) $ (301,630) $(5,537,596)
------------- ------------- -------------
Net decrease in net assets from operations... $ (162,717) $ (346,301) $(5,620,965)
============= ============= =============
<FN>
[1] For the period from the start of business, February 14, 1994 to
December 31, 1994.
[2] For the period from the start of business, August 2, 1994 to
December 31, 1994.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
NORDIC SPANISH SWISS
SERIES[1] SERIES SERIES[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income --
Dividends...................................... $ 111,236 $ 242,595 $ 148,129
Less: Foreign taxes........................... (15,007) (35,622) (22,825)
------------- ------------- ------------
Total investment income........................ $ 96,229 $ 206,973 $ 125,304
------------- ------------- ------------
Expenses --
Investment adviser fee (Note 2)................ $ 50,321 $ 42,165 $ 37,757
Administrator fee (Note 2)..................... 6,709 7,229 5,034
Audit fees..................................... 687 8,937 687
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 730 1,096 730
Custodian fee (Note 2)......................... 23,610 25,698 27,642
Transfer & dividend disbursing agent fees...... 6,778 10,401 6,748
Distribution expenses (Note 3)................. 16,774 18,071 12,586
Legal services................................. 3,272 4,413 3,245
Registration costs............................. 6,895 13,121 5,416
Amortization of organization expense (Note 1E). 1,607 7,318 1,874
Printing....................................... 906 1,676 523
Interest expense............................... 235 8,601 924
Miscellaneous.................................. 1,205 663 1,548
------------- ------------- ------------
Total expenses................................. $ 119,729 $ 149,389 $ 104,714
------------- ------------- ------------
Deduct --
Reduction of investment adviser fee (Note 2). $ -- $ -- $ --
Allocation of expenses to
investment adviser (Note 2)................. -- -- --
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... -- 2,300 4,025
------------- ------------- ------------
Total deducted............................... $ -- $ 2,300 $ 4,025
------------- ------------- ------------
Net expenses................................. $ 119,729 $ 147,089 $ 100,689
------------- ------------- ------------
Net investment income (loss)............... $ (23,500) $ 59,884 $ 24,615
------------- ------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)......................... $ (17,297) $ (433,534) $ (252,712)
Change in unrealized depreciation
of investments.................................. (51,045) (989,720) (86,635)
------------- ------------- ------------
Net realized and unrealized loss
on investments and foreign currency......... $ (68,342) $ (1,423,254) $ (339,347)
------------- ------------- ------------
Net decrease in net assets
from operations............................. $ (91,842) $ (1,363,370) $ (314,732)
============= ============= ============
<FN>
[1] For the period from the start of business, February 14, 1994 to December 31, 1994.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
BELGIAN/
LUXEMBOURG SERIES DUTCH SERIES HONG KONG SERIES
1994[2] 1994 1993[1] 1994 1993[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income (loss)....... $ 70,506 $ 8,994 $ (5,546) $ 926,621 $ 204,889
Net realized gain (loss) on investment
and currency transactions......... (88,661) 1,073,586 29,111 (2,011,071) 270,356
Change in unrealized appreciation
(depreciation) of investments and
translations of assets and liabilities
in foreign currencies............. 135,933 (276,745) 667,450 (8,868,569) 4,758,427
----------- ------------ ------------ ----------- -----------
Increase (decrease) in net assets
from operations................ $ 117,778 $ 805,835 $ 691,015 $(9,953,019) $5,233,672
Distributions to shareholders from
net investment income............... (42,100) (7,137) (23,892) (297,846) (156,757)
Distributions to shareholders
from net realized gains............ -- (1,066,885) -- -- (249,312)
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)......... 45,398 (43,795) 36,285 427,406 237,003
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 11,315,759 (4,490,841) 7,885,460 13,291,870 7,600,929
----------- ------------ ------------ ----------- -----------
Net increase (decrease)
in net assets.................. $11,436,835 $(4,802,823) $8,588,868 $3,468,411 $12,665,535
NET ASSETS:
At beginning of year................. -- 8,753,441 164,573 16,210,302 3,544,767
----------- ------------ ------------ ----------- -----------
At end of year....................... $11,436,835 $ 3,950,618 $ 8,753,441 $19,678,713 $16,210,302
=========== ============ ============ =========== ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 73,804 $ (5,487) $ 7,023 $1,404,869 $ 348,688
=========== ============ ============ =========== ===========
<FN>
[1] For the year ended December 31.
[2] For the period from the start of business, February 15, 1994, to December 31, 1994.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
ITALIAN SERIES JAPANESE SERIES MEXICAN SERIES
1994[1] 1993[1] 1994[2] 1994[3]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income (loss)....... $ 112,609 $ 1,232 $ (44,671) $ (83,369)
Net realized gain (loss)
on investment transactions........ (112,057) (185,702) 131,722 939,626
Change in unrealized appreciation
(depreciation) of investments..... (163,269) 249,371 (433,352) (6,477,222)
----------- ------------ ----------- ------------
Increase (decrease) in net assets
from operations................ $ (162,717) $ 64,901 $ (346,301) $(5,620,965)
Distributions to shareholders from
net investment income............... (89,592) (1,488) -- --
Distributions to shareholders
from net realized gains............ -- -- (101,597) (871,953)
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... (13,681) 40 970 --
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 940,820 65,875 9,099,736 19,915,264
----------- ------------ ----------- ------------
Net increase
in net assets.................. $ 674,832 $ 129,328 $ 8,652,808 $13,422,346
NET ASSETS:
At beginning of year................. 624,372 495,044 -- --
----------- ------------ ----------- ------------
At end of year....................... $ 1,299,204 $ 624,372 $ 8,652,808 $13,422,346
=========== ============ =========== ============
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 8,171 $ (1,166) $ 970 $ (27)
=========== ============ =========== ============
<FN>
[1] For the year ended December 31.
[2] For the period from the start of business, February 14, 1994, to December 31, 1994.
[3] For the period from the start of business, August 2, 1994, to December 31, 1994.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
NORDIC SERIES SPANISH SERIES SWISS SERIES
1994[2] 1994[1] 1993[1] 1994[2]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income (loss) ...... $ (23,500) $ 59,884 $ 5,833 $ 24,615
Net realized gain (loss)
on investment transactions........ (17,297) (433,534) (138,420) (252,712)
Change in unrealized appreciation
(depreciation) of investments and
translations of assets and liabilities
in foreign currencies............. (51,045) (989,720) 261,971 (86,635)
----------- ------------ ----------- -----------
Increase (decrease) in net assets
from operations................ $ (91,842) $(1,363,370) $ 129,384 $ (314,732)
Distributions to shareholders
from net investment income.......... -- (21,614) (1,246) (20,218)
Distributions to shareholders
in excess of net realized gains..... (315,015) -- -- --
Distributions to shareholders
from paid-in capital................ (3,414) -- -- --
Undistributed net investment
income included in price of shares
sold and redeemed (Note 1D)......... 12,795 225,472 2,108 5,573
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 9,109,374 6,774,253 110,110 4,141,912
----------- ------------ ----------- -----------
Net increase (decrease)
in net assets.................. $ 8,711,898 $ 5,614,741 $ 240,356 $ 3,812,535
NET ASSETS:
At beginning of period............... -- 760,336 519,980 --
----------- ------------ ----------- -----------
At end of period..................... $ 8,711,898 $ 6,375,077 $ 760,336 $ 3,812,535
=========== ============ =========== ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ (12,796) $ 268,960 $ 10,178 $ $ 9,970
=========== ============ =========== ===========
<FN>
[1] For the year ended December 31.
[2] For the period from the start of business, February 14, 1994, to December 31, 1994.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
BELGIAN/LUXEMBOURG SERIES
1994[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
----------
Income from Investment Operations:
Net investment income............................. $ 0.106
Net realized and unrealized gain
on investments................................... 0.174
----------
Total income
from investment operations...................... $ 0.280
----------
Less Distributions:
From net investment income........................ $ (0.040)
----------
Net asset value, end of period...................... $ 10.240
==========
Total Return[3]..................................... 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 11,437
Ratio of net expenses to average net assets....... 1.62%[2]
Ratio of net investment income to average net assets 0.95%[2]
Portfolio Turnover Rate........................... 26%
<FN>
[1] For the period from start of business, February 15, 1994 to December 31, 1994.
[2] Annualized.
[3] Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
DUTCH SERIES
------------------------------------------------------------------------------------
1994 1993[3] 1992 1991 1990[2]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of year................ $ 10.020 $ 8.460 $ 9.420 $ 8.650 $ 10.000
--------- --------- --------- --------- ----------
Income from Investment Operations:
Net investment income (loss)[1]................... $ (0.060) $ (0.015) $ 0.108 $ 0.114 $ (0.014)
Net realized and unrealized gain
(loss) on investments............................ 1.150 1.655 (0.958) 0.756 (1.336)
--------- --------- --------- --------- ----------
Total income (loss)
from investment operations...................... $ 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............ (2.990) -- -- -- --
--------- --------- --------- --------- ----------
Total Distributions............................... $ (3.01) $ (0.080) $ (0.110) $ (0.100) $ --
--------- --------- --------- --------- ----------
Net asset value, end of year........................ $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650
========= ========= ========= ========= ==========
Total Return[4]..................................... 11.68% 19.52% (9.18%) 10.00% (14.30%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 3,951 $ 8,753 $ 165 $ 134 $ 288
Ratio of net expenses to average net assets....... 1.93% 2.00% 2.00% 1.69% 2.00%
Ratio of net investment income (loss) to average net assets 0.13% (0.16%) 1.26% 1.39% (0.31%)
Portfolio Turnover Rate........................... 101% 47% 69% 59% 7%
<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 each series'
operating expenses. Had such actions not been undertaken, net investment
income (loss) per share and the ratios would have been as follows:
1993[3] 1992 1991 1990[2]
------- ---- ---- -------
Net investment loss per share....................... $ (0.085) $ (2.481) $ (1.078) $ (0.893)
========= ========= ========= ==========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.75% 32.21% 16.23% 21.47%
========= ========= ========= ==========
Net investment loss............................... (0.91%) (28.95%) (13.15%) (19.78%)
========= ========= ========= ==========
[2] For the period from the start of business, June 28, 1990, to
December 31, 1990.
[3] Certain of the per share data for the year ended December 31, 1993 were
based on average shares outstanding throughout the period.
[4] Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day
of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the payable date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
HONG KONG SERIES
------------------------------------------------------------------------------------
1994 1993 1992 1991 1990[2]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 20.990 $ 11.770 $ 10.270 $ 8.360 $ 10.000
--------- --------- --------- --------- ----------
Income from Investment Operations:
Net investment income[1].......................... $ 0.678 $ 0.426 $ 0.330 $ 0.266 $ 0.093
Net realized and unrealized gain
(loss) on investments............................ (8.448) 9.394 1.3553 2.474 (1.733)
--------- --------- --------- --------- ----------
Total income (loss)
from investment operations...................... $ (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...................... $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360
========= ========= ========= ========= ==========
Total Return[3]..................................... (37.03%) 84.32% 16.33% 34.34% (17.20%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 19,679 $ 16,210 $ 3,545 $ 235 $ 301
Ratio of net expenses to average net assets....... 1.41% 2.00% 2.00% 2.00% 2.00%
Ratio of net investment income to average net assets 3.93% 3.01% 3.13% 2.88% 2.17%
Portfolio Turnover Rate........................... 131% 76% 39% 77% 58%
<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 each series'
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] Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the
last day of each period reported. Dividends and distributions, if any,
are assumed to be invested at the net asset value on the payable date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
ITALIAN SERIES
------------------------------------------------------------------------------------
1994 1993 1992[3] 1991 1990[2]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 5.030 $ 4.520 $ 6.910 $ 7.630 $ 10.000
--------- --------- --------- --------- ----------
Income from Investment Operations:
Net investment income[1].......................... $ 0.370 $ 0.006 $ 0.056 $ 0.080 $ 0.039
Net realized and unrealized gain
(loss) on investments............................ (0.130) 0.514 (2.416) (0.740) (2.409)
--------- --------- --------- --------- ----------
Total income (loss)
from investment operations...................... $ 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...................... $ 4.940 $ 5.030 $ 4.520 $ 6.910 $ 7.630
Total Return[4]..................................... 4.98% 11.51% (34.27%) (8.51%) (24.60%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 1,299 $ 624 $ 495 $ 99 $ 254
Ratio of net expenses to average net assets....... 2.00% 2.00% 2.00% 2.00% 2.00%
Ratio of net investment income to average net assets 5.26% 0.19% 0.99% 0.97% 0.90%
Portfolio Turnover Rate........................... 281% 114% 32% 68% 3%
<FN>
[1] During each of the years ended in the periods ended December 31, 1994,
the Investment Adviser, the Administrator and the Principal Underwriter
reduced their fees, and the Investment Adviser was allocated a
portion of each series' operating expenses. Had such actions not been
undertaken, net investment income (loss) per share and the ratios would
have been as follows:
1994 1993 1992 1991 1990[2]
---- ---- ---- ---- ------
Net investment income (loss) per share.............. $ 0.203 $ (0.291) $ (0.685) $ (1.406) $ (0.866)
========= ========= ========= ========= ==========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 4.36% 11.42% 15.10% 20.02% 22.89%
========= ========= ========= ========= ==========
Net investment income (loss)...................... 2.90% (9.23%) (12.11%) (17.05%) (19.99%)
========= ========= ========= ========= ==========
[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 payable
date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
JAPANESE SERIES
------------------------------------------------------------------------------------
1994[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
---------
Income from Investment Operations:
Net investment loss............................... $ (0.050)
Net realized and unrealized
loss on investments.............................. (0.170)
---------
Total loss
from investment operations...................... $ (0.220)
---------
Less Distributions:
From net realized gain on investments............. $ (0.120)
---------
Net asset value, end of period...................... $ 9.660
=========
Total Return[3]..................................... (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 8,653
Ratio of net expenses to average net assets....... 1.83%[2]
Ratio of net investment loss to average net assets (0.66%)[2]
Portfolio Turnover Rate........................... 48%
<FN>
[1] For the period from the start of business, February 14, 1994 to
December 31, 1994.
[2] Annualized.
[3] Total investment return is calculated assuming a purchase at
the net asset value on the first day and a sale at the net asset value
on the last day of each period reported. Dividends and distributions,
if any, are assumed to be invested at the net asset value on the
payable date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
MEXICAN SERIES
------------------------------------------------------------------------------------
1994[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
---------
Income from Investment Operations:
Net investment loss ............................. $ (0.040)
Net realized and unrealized
loss on investments.............................. (2.970)
---------
Total loss
from investment operations...................... $ (3.010)
---------
Less Distributions:
From net realized gain on investments............. $ (0.510)
---------
Net asset value, end of period...................... $ 6.480
=========
Total Return[3]..................................... (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 13,422
Ratio of net expenses to average net assets....... 1.38% [2]
Ratio of net investment loss to average net assets (0.98%)[2]
Portfolio Turnover Rate........................... 85%
<FN>
[1] For the period from the start of business, August 2, 1994 to
December 31, 1994.
[2] Annualized.
[3] Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the
last day of each period reported. Dividends and distributions,
if any, are assumed to be invested at the net asset value on the payable
date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
NORDIC SERIES
------------------------------------------------------------------------------------
1994[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
---------
Income from Investment Operations:
Net investment loss ............................. $ (0.012)
Net realized and unrealized
loss on investments.............................. (0.118)
---------
Total loss
from investment operations...................... $ (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...................... $ 9.500
=========
Total Return[3]..................................... (1.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 8,712
Ratio of net expenses to average net assets....... 1.78% [2]
Ratio of net investment loss to average net assets (0.35%)[2]
Portfolio Turnover Rate........................... 33%
<FN>
[1] For the period from the start of business, February 14, 1994 to
December 31, 1994.
[2] Annualized.
[3] Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the
last day of each period reported. Dividends and distributions,
if any, are assumed to be invested at the net asset value on the payable
date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
SPANISH
------------------------------------------------------------------------------------
1994 1993 1992 1991 1990[2]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 6.530 $ 5.380 $ 8.140 $ 7.750 $ 10.000
-------- --------- --------- --------- ----------
Income from Investment Operations:
Net investment income[1].......................... $ 0.186 $ 0.053 $ 0.038 $ 0.140 $ 0.079
Net realized and unrealized gain
(loss) on investments............................ (0.806) 1.107 (2.728) 0.350 (2.289)
-------- --------- --------- --------- ----------
Total income (loss)
from investment operations...................... $ (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...................... $ 5.890 $ 6.530 $ 5.380 $ 8.140 $ 7.750
========= ========= ========= ========= ==========
Total Return[3]..................................... (9.50%) 21.59% (33.12%) 7.19% (22.92%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 6,375 $ 760 $ 520 $ 127 $ 260
Ratio of net expenses to average net assets....... 2.00% 2.00% 2.00% 2.00% 2.00%
Ratio of net investment income to average net assets 0.83% 0.88% 1.38% 1.40% 1.83%
Portfolio Turnover Rate........................... 152% 88% 44% 70% 1%
<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 each series'
operating expenses. Had such actions not been undertaken, net investment
income (loss) per share and the ratios would have been as follows:
1994 1993 1992 1991 1990
---- ---- ---- ---- ----
Net investment income (loss) per share.............. $ 0.178 $ (0.475) $ (0.287) $ (1.320) $ (0.776)
========= ========= ========= ========= ==========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.06% 10.76% 13.81% 16.60% 21.80%
========= ========= ========= ========= ==========
Net investment income (loss)...................... 0.77% (7.88%) (10.43%) (13.21%) (17.97%)
========= ========= ========= ========= ==========
[2] For the period from the start of business, June 28, 1990, to
December 31, 1990.
[3] Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the
last day of each period reported. Dividends and distributions,
if any, are assumed to be invested at the net asset value on the payable
date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- - - - - --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- - - - - --------------------------------------------------------------------------------
<CAPTION>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
SWISS SERIES
------------------------------------------------------------------------------------
1994[1]
- - - - - ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
---------
Income from Investment Operations:
Net investment income............................. $ 0.075
Net realized and unrealized
loss on investments.............................. (0.595)
----------
Total loss
from investment operations...................... $ (0.520)
Less Distributions:
From net investment income........................ (0.050)
----------
Net asset value, end of period...................... $ 9.430
==========
Total Return[3]..................................... (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 3,813
Ratio of net expenses to average net assets....... 2.00%[2]
Ratio of net investment income to average net assets 0.49%[2]
Portfolio Turnover Rate........................... 94%
<FN>
[1] For the period ending December 31, 1994, the Principal Underwriter
reduced its fee. Had such actions not been undertaken, net
investment income per share and the ratios would have been as follows:
1994[1]
-------
Net investment income per share..................... $ 0.063
===========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.08%[2]
===========
Net investment income............................. 0.41%[2]
===========
[1] For the period from the start of business, February 14, 1994 to
December 31, 1994.
[2] Annualized.
[3] Total investment return is calculated assuming a purchase at the
net asset value on the first day and a sale at the net asset value on
the last day of each period reported. Dividends and distributions, if
any, are assumed to be invested at the net asset value on the payable
date.
</FN>
</TABLE>
- - - - - --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- - - - - --------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
EquiFund - Wright National Fiduciary Equity Funds (the Trust) is registered
under the Investment Company Act of 1940, as amended, as an open-end, management
investment company. The Trust presently consists of nine active series (Funds),
Wright EquiFund - Belgian/Luxembourg National Fiduciary Equity Fund
(Belgian/Luxembourg series), Wright EquiFund - Dutch National Fiduciary Equity
Fund (Dutch series), Wright EquiFund - Hong Kong National Fiduciary Equity Fund
(Hong Kong series), Wright EquiFund - Italian National Fiduciary Equity Fund
(Italian series), Wright EquiFund - Japanese National Fiduciary Equity Fund
(Japanese series), Wright EquiFund - Mexican National Fiduciary Equity Fund
(Mexican series), Wright EquiFund - Nordic National Fiduciary Equity Fund
(Nordic series), Wright EquiFund - Spanish National Fiduciary Equity Fund
(Spanish series), and Wright EquiFund - Swiss National Fiduciary Equity Fund
(Swiss series). The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles.
A. Investment Valuations - Securities, including foreign securities, listed on
securities exchanges or in the NASDAQ National Market are valued at closing sale
prices, if those prices are deemed to be representative of market values at the
close of business. Securities traded on more than one U.S. or foreign securities
exchange are valued at the last sale price on the exchange representing the
principal market for such securities, if those prices are deemed to be
representative of market values at the close of business. 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, unless such prices are deemed not to be
representative of market values at the close of business. Securities for which
market quotations are unavailable and other assets are 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 approximates market value.
Options traded on exchanges and over-the-counter are 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
are valued on the basis of quotations supplied by dealers who regularly trade
such options or, if such quotations are not available or deemed not to be
representative of market values, at fair value.
B. Foreign Currency Translation - Investment security valuations, other assets,
and liabilities initially expressed in foreign currencies are translated each
business day into U.S. dollars based upon current exchange rates. Purchases and
sales of foreign investment securities and income and expenses are translated
into U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. The Trust does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
C. Taxes - The Trust's policy is to comply with the provisions of the Internal
Revenue Code (the Code) available to regulated investment companies and
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal income
tax is necessary. At December 31, 1994, net capital losses of $354,205 Nordic
series attributable to security transactions
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- - - - - --------------------------------------------------------------------------------
inucrred after October 31, 1994, are treated as arising on the first day of the
Fund's net taxable year. Withholding taxes on foreign dividends have been
provided for in accordance with the Trust's understanding of the applicable
country's tax rules and rates. At December 31, 1994, the Trust, for federal
income tax purposes, had a capital loss carryover of $88,661 Belgium series,
$37,177 Italian series, $188,806 Spanish series and $236,284 Swiss series,
which will reduce taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Code, and thus will
reduce the amount of the distribution to shareholders which would otherwise
be necessary to relieve the respective Fund of any liability for federal
income or excise tax. Pursuant to the Code, such capital loss carryovers will
expire as follows:
<TABLE>
Dec. Belgium Italian Spanish Swiss
- - - - - -------------------------------------------------------
<S> <C> <C> <C> <C>
1998 $ -- $ 2,662 $ -- $ --
1999 -- 83,355 64,464 --
2000 -- 32,944 61,356 --
2001 -- 188,188 138,420 --
2002 88,661 37,177 188,806 236,284
- - - - - -------------------------------------------------------
</TABLE>
D. Equalization - The Trust follows the accounting practice known as
equalization by which a portion of the proceeds from sales and costs of
redemptions of Fund shares, on a per-share basis, equivalent to the amount of
undistributed net investment income on the date of the transaction is credited
or charged to undistributed net investment income. As a result, undistributed
net investment income per share is unaffected by sales or redemptions of Fund
shares.
E. Deferred Organization Expenses - Costs incurred by the Trust in connection
with its organization, including registration costs, are being amortized on the
straight-line basis over five years from commencement of operations of each
series.
F. Other - Investment transactions are accounted for on the date the investments
are purchased or sold. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. However, if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as the Fund is informed
of the ex-dividend date. Interest income is recorded on the accrual basis. At
December 31, 1993, $24,247 ($0.034 per share) of distributions from long-term
capital gains were recharacterized as dividends from net investment income on
the Hong Kong series.
G. Distributions - The Trust requires that differences in the recognition or
classification of income between the financial statements and tax earnings and
profits which result in temporary overdistributions for financial statement
purposes, are classified as distributions in excess of net investment income or
accumulated net realized gains. During the period ending December 31, 1994, the
following amounts were reclassified due to differences between book and tax
accounting created primarily by the deferral of certain losses for tax purposes
and character reclassifications between net investment income and net realized
capital gains.
<TABLE>
Accumulated Undistributed Undis-
Net Realized Gain tributed
(Loss) on Investment Net
Paid-in and Foreign Investment
Capital Currency Transactions Income (Loss)
- - - - - ----------------------------------------------------------------------
<S> <C> <C> <C>
Dutch $(23,829) $ (5,599) $29,428
Japanese -- (44,671) 44,671
Mexican (83,483) 141 83,342
Nordic (5,021) (18,479) 23,500
Spanish 3,627 1,333 (4,960)
- - - - - ----------------------------------------------------------------------
</TABLE>
These changes had no effect on the net assets per share.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service (Wright) to perform
investment management, investment advisory, and other services. For its
services, Wright is compen-
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- - - - - --------------------------------------------------------------------------------
sated based upon a percentage of each series' average monthly net assets which
rate is adjusted as average monthly net assets exceed certain levels.
Effective August 25, 1994, the annual rate was changed from 0.50% to 0.75%
for the Dutch, Hong Kong, Italian, and Spanish Series. For the year ended
December 31, 1994, the annual effective rate was 0.54% for the Dutch Series,
0.61% for the Hong Kong Series, 0.56% for the Italian Series, 0.58% for the
Spanish Series and 0.75% for the Belgian/Luxembourg, Japanese, Mexican,
Nordic and Swiss Series. The Trust also has engaged Eaton Vance Management
(Eaton Vance) to act as administrator of the Trust. Under the Administration
Agreement, Eaton Vance is responsible for managing the business affairs of the
Trust and is compensated based upon a percentage of each series' average monthly
net assets, which rate is reduced as average monthly net assets exceed certain
levels. For the year ended December 31, 1994, the effective annual rate was
0.10% for each of the existing series. To enhance the net income of the Italian
Series, Wright reduced its management fee by $12,039, and was allocated $33,433
of other expenses.
Except as to Trustees of the Trust who are not affiliated with Eaton Vance
or Wright, Trustees and officers receive remuneration for their services to the
Trust out of the fees paid to Eaton Vance and Wright. The custodian fee was paid
to Investors Bank & Trust Company (IBT), an affiliate of Eaton Vance, for its
services as custodian of the Trust. Pursuant to the custodian agreement, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances the Trust maintains with IBT. Certain of the Trustees and
officers of the Trust are directors/trustees and/or officers of the above
organizations. See Note 3.
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
Funds will pay the principal underwriter, Wright Investors' Service Distributors
Inc., a subsidiary of Wright Investors' Service, an annual rate of 0.25% of each
series' average daily net assets for activities primarily intended to result in
the sale of each series' shares. For the year ended December 31, 1994, Wright
Investors' Service Distributors Inc. reduced its fees to the Italian Series,
Spanish Series, and Swiss Series by $5,350, $2,300, and $4,025, respectively.
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Trust shares for the periods ended were as follows:
<TABLE>
Year Ended Year Ended
December 31, 1994 December 31, 1993
----------------------------------------------------------------
Shares Amount Shares Amount
- - - - - -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIAN/LUXEMBOURG SERIES1
Sales 1,364,481 $13,860,124
Issued to shareholders in payment
of distributions declared 4,191 41,912
Redemptions (251,253) (2,586,277)
---------- ------------
Net Increase 1,117,419 $11,315,759
========== ============
<FN>
[1] For the period from the start of business, February 15, 1994, to
December 31, 1994.
</FN>
</TABLE>
<PAGE>
<TABLE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- - - - - --------------------------------------------------------------------------------
Year Ended Year Ended
December 31, 1994 December 31, 1993
----------------------------------------------------------------
Shares Amount Shares Amount
- - - - - -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DUTCH SERIES
Sales 671,410 $ 7,157,730 925,262 $ 8,550,842
Issued to shareholders in payment
of distributions declared 132,992 1,049,308 2,705 23,532
Redemptions (1,189,657) (12,697,879) (74,222) (688,914)
----------- ------------ ------- -------------
Net Increase (Decrease) (385,255) $(4,490,841) 853,745 $ 7,885,460
=========== ============ ======= =============
HONG KONG SERIES
Sales 6,415,882 $100,980,326 807,357 $12,556,011
Issued to shareholders in payment
of distributions declared 20,895 255,440 19,414 353,194
Redemptions (5,697,304) (87,943,896) (355,849) (5,308,276)
----------- ------------ ------- -------------
Net Increase 739,473 $13,291,870 470,922 $ 7,600,929
=========== ============ ======= =============
ITALIAN SERIES
Sales 2,109,946 $12,329,736 103,559 $ 512,974
Issued to shareholders in payment
of distributions declared 17,978 86,111 297 1,461
Redemptions (1,988,888) (11,475,027) (89,197) (448,560)
----------- ------------ ------- -------------
Net Increase 139,036 $ 940,820 14,659 $ 65,875
=========== ============ ======= =============
JAPANESE SERIES[1]
Sales 1,759,740 $18,115,761
Issued to shareholders in payment
of distributions declared 10,651 100,226
Redemptions (874,304) (9,116,251)
----------- ------------
Net Increase 896,087 $ 9,099,736
=========== ============
MEXICAN SERIES[2]
Sales 3,304,755 $32,988,324
Issued to shareholders in payment
of distributions declared 113,074 862,752
Redemptions (1,345,733) (13,935,812)
----------- ------------
Net Increase 2,072,096 $19,915,264
=========== ============
<FN>
[1] For the period from the start of business, February 14, 1994, to
December 31, 1994.
[2] For the period from the start of business, August 2, 1994, to
December 31, 1994.
</FN>
</TABLE>
<PAGE>
<TABLE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- - - - - --------------------------------------------------------------------------------
Year Ended Year Ended
December 31, 1994 December 31, 1993
----------------------------------------------------------------
Shares Amount Shares Amount
- - - - - -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NORDIC SERIES[1]
Sales 1,290,707 $12,817,114
Issued to shareholders in payment
of distributions declared 34,769 316,749
Redemptions (408,510) (4,024,489)
----------- ------------
Net Increase 916,966 $ 9,109,374
=========== ============
SPANISH SERIES
Sales 2,849,912 $19,047,572 74,730 $ 436,298
Issued to shareholders in payment
of distributions declared 3,519 21,113 209 1,190
Redemptions (1,886,844) (12,294,432) (55,101) (327,378)
----------- ------------ ------- -------------
Net Increase 966,587 $ 6,774,253 19,838 $ 110,110
=========== ============ ======= =============
SWISS SERIES[1]
Sales 940,681 $ 9,373,201
Issued to shareholders in payment
of distributions declared 2,164 19,866
Redemptions (538,689) (5,251,155)
----------- ------------
Net Increase 404,156 $ 4,141,912
=========== ============
<FN>
[1] For the period from the start of business, February 14, 1994, to
December 31, 1994.
</FN>
</TABLE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the year ended December 31, 1994, were as
follows:
<TABLE>
Purchases Sales
- - - - - -----------------------------------------------------
<S> <C> <C>
Belgian/Luxembourg $12,406,475 $ 2,049,459
Dutch 6,625,543 11,433,763
Hong Kong 43,172,600 27,699,718
Italian 6,224,490 5,205,613
Japanese 11,635,070 3,427,652
Mexican 31,600,027 14,684,944
Nordic 11,012,918 2,370,447
Spanish 16,937,347 9,858,518
Swiss 8,953,850 4,896,128
- - - - - ----------------------------------------------------
</TABLE>
(6) FEDERAL INCOME TAX BASIS
OF INVESTMENT SECURITIES
The cost and net unrealized appreciation/depreciaton of the investment
securities owned at December 31, 1994, as computed on a federal income tax
basis, are as follows (see table on next page):
(7) FINANCIAL INSTRUMENTS
The Trust may trade in financial instruments with off-balance sheet risk in
the normal
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- - - - - --------------------------------------------------------------------------------
<TABLE>
Gross Gross Net Unrealized
Aggregate Unrealized Unrealized Appreciation
SERIES Cost Appreciation - Depreciation = ( Depreciation )
- - - - - ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIAN/LUXEMBOURG $ 10,268,354 $ 363,188 - $ 223,454 = $ 139,734
============= =============
DUTCH $ 3,447,161 $ 386,133 - $ 37,191 = $ 348,942
============= =============
HONG KONG $ 23,638,835 $ 19,402 - $ 4,429,983 = $ (4,410,581)
============= =============
ITALIAN $ 1,590,083 $ 19,995 - $ 250,203 = $ (230,208)
============= =============
JAPANESE $ 8,355,178 $ 179,721 - $ 629,135 = $ (449,414)
============= =============
MEXICAN $ 17,955,134 $ -- - $ 6,577,461 = $ (6,577,461)
============= =============
NORDIC $ 8,551,202 $ 514,063 - $ 565,544 = $ (51,481)
============= =============
SPANISH $ 7,448,064 $ 35,521 - $ 1,223,904 = $ (1,188,383)
============= =============
SWISS $ 3,808,914 $ 91,848 - $ 195,970 = $ (104,122)
============= =============
</TABLE>
course of its investing activities to assist in managing exposure to various
market risks. These financial instruments include written options, forward
foreign currency exchange contracts, and futures contracts and may involve,
to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. No such investments were held by
any of the Funds at December 31, 1994.
(8) FUNDS
At December 31, 1994, the Trust consisted of twenty-one Series of which
thirteen series did not have active operations. On January 19, 1994, the
Trustees voted to discontinue the United Kingdom series.
(9) LINE OF CREDIT
The Trust participates with other funds managed by Wright in a line of
credit with a bank which allows the Funds to borrow up to $20,000,000
collectively. The line of credit consists of a $5,000,000 committed facility and
a $15,000,000 uncommitted facility. Interest is charged to each fund based on
its borrowings, at a rate equal to the bank's base rate. In addition, the funds
pay a facility fee computed at a rate of 1/4 of 1% on the unused portion of the
$5,000,000 facility. The Italian Series had a loan outstanding of $45,389 at
December 31, 1994.
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- - - - - --------------------------------------------------------------------------------
To the Trustees and Shareholders of
EquiFund - Wright National Fiduciary Equity Funds:
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of EquiFund - Wright National
Fiduciary Equity Funds (the Trust) (comprising, respectively, of the
Belgian/Luxembourg, Dutch, Hong Kong, Italian, Japanese, Mexican, Nordic,
Spanish, and Swiss Series) as of December 31, 1994 and the related
statements of operations for the year then ended, and the statements of
changes in net assets for the years ended December 31, 1994 and 1993 and
the financial highlights for each of the years in the five-year period
ended December 31, 1994. These financial statements and financial
highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of the securities owned at December 31, 1994, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. 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 audits provide a reasonable
basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of each
of the respective Series constituting EquiFund - Wright National
Fiduciary Equity Funds as of December 31, 1994, the results of their
operations, the changes in their net assets, and their financial
highlights for the respective stated periods in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 3, 1995
<PAGE>
EQUIFUND --
WRIGHT NATIONAL
FIDUCIARY EQUITY FUNDS
- - - - - --------------------------------------------------------------------------------
(CONTINUED FROM INSIDE FRONT COVER)
THE INACTIVE FUNDS
Wright EquiFund -- Australasian
National Fiduciary Equity Fund
Wright EquiFund -- Austrian
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 -- Global
National Fiduciary Equity Fund
Wright EquiFund -- International
National Fiduciary Equity Fund
Wright EquiFund -- Ireland
National Fiduciary Equity Fund
Wright EquiFund -- United States
National Fiduciary Equity Fund
<PAGE>
EQUIFUND --
WRIGHT NATIONAL FIDUCIARY
EQUITY FUNDS
ANNUAL REPORT
OFFICERS AND TRUSTEES OF THE FUNDS
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President
Winthrop S. Emmet, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
George R. Prefer, Trustee
Raymond Van Houtte, Trustee
James L. O'Connor, Treasurer
William J. Austin, Jr., Assistant Treasurer
ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, Massachusetts 02110
TRANSFER AND DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
Wright Managed Investment Funds
P.O. Box 1559
Boston, Massachusetts 02104
AUDITORS
Deloitte & Touche
125 Summer Street
Boston, Massachusetts 02110
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
Fund's current prospectus.
