- -------------------------------------------------------------------------------
Description of art work on front cover of the report
EquiFund logo in center of page with a globe underneath it, all of which is
set on a blue background.
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EQUIFUND(R) -
THE WRIGHT EQUIFUND
EQUITY TRUST
EquiFund
Logo
SEMI-ANNUAL REPORT
as of June 30, 1995
<PAGE>
EQUIFUND --
THE WRIGHT EQUIFUND
EQUITY TRUST
EQUIFUND -- THE WRIGHT EQUIFUND EQUITY TRUST (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 eleven active and eight 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 -- Belgium/Luxembourg Wright EquiFund -- Britain Wright
EquiFund -- Germany Wright EquiFund -- Hong Kong Wright EquiFund -- Italy
Wright EquiFund -- Japan Wright EquiFund -- Mexico Wright EquiFund --
Netherlands Wright EquiFund -- Nordic Wright EquiFund -- Spain Wright
EquiFund -- Switzerland
THE INACTIVE FUNDS
Wright EquiFund -- Australasia Wright EquiFund -- Austria Wright EquiFund
-- Canada Wright EquiFund -- France Wright EquiFund -- Global Wright
EquiFund -- International Wright EquiFund -- Ireland Wright EquiFund --
United States
TABLE OF CONTENTS
Investment Objectives..........Inside Front Cover
Report To Shareholders......................... 1
Wright EquiFunds
Dividend Distributions:
Belgium/Luxembourg........................... 5
Britain...................................... 5
Germany.......................................5
Hong Kong.................................... 6
Italy........................................ 6
Japan........................................ 6
Mexico....................................... 7
Netherlands.................................. 7
Nordic....................................... 7
Spain........................................ 8
Switzerland.................................. 8
Wright EquiFund -- Belgium/Luxembourg
Portfolio of Investments..................... 9
Wright EquiFund -- Britain
Portfolio of Investments.....................10
Wright EquiFund -- Germany
Portfolio of Investments.....................12
Wright EquiFund -- Hong Kong
Portfolio of Investments.....................13
Wright EquiFund -- Italy
Portfolio of Investments.....................14
Wright EquiFund -- Japan
Portfolio of Investments.....................15
Wright EquiFund -- Mexico
Portfolio of Investments.....................17
Wright EquiFund -- Netherlands
Portfolio of Investments.....................18
Wright EquiFund -- Nordic
Portfolio of Investments.....................19
Wright EquiFund -- Spain
Portfolio of Investments.................... 20
Wright EquiFund -- Switzerland
Portfolio of Investments.....................21
Statement of Assets & Liabilities..............22
Statement of Operations........................25
Statement of Changes in Net Assets.............28
Financial Highlights...........................32
Notes to Financial Statements..................43
<PAGE>
REPORT TO SHAREHOLDERS
Dear Shareholders :
After a disappointing 1994, most of the world's securities markets enjoyed
healthy advances during the first six months of 1995. Evidence of more moderate
economic growth and low inflation contributed to higher U.S. bond market values.
This combined with healthy gains in corporate profits to propel U.S. stock
prices sharply higher in 1995's first half. Foreign stock and bond markets also
took encouragement from the decline in U.S. interest rates.
Business activity in the major industrial economies is somewhat weaker than had
been expected six months ago. Slower growth has added cyclical impetus to the
secular disinflation trend in force around the globe today. OPEC's plan to
increase oil production next year could result in lower energy costs, while
intense global competition and the push for increased productivity are keeping a
lid on finished goods prices generally. Amid signs of slowing business and low
inflation, many of the world's central banks appear to be shifting their policy
focus to accommodate stronger economic growth.
After running a tight monetary policy since February 1994, the U.S. Federal
Reserve has once again started to lower interest rates. Monetary authorities in
Japan, France, Canada and Switzerland have joined the move to lower rates.
Slowing economic activity, coupled with negligible inflation pressures, is
increasing the likelihood of further interest rate cuts in Germany and
throughout Europe as well. These efforts will go a long way toward returning the
world economy to a path of stronger economic growth -- without a re-escalation
of inflation.
The prospect of more moderate growth and lower inflation and interest rates has
already boosted U.S. stock prices to record levels. Overseas markets, while not
quite as strong so far this year, have begun to act better. At the same time,
the decline in the value of the dollar has enhanced the local currency gains in
overseas markets for U.S.-based investors. In Japan, the Nikkei Dow stock index
fell to within 1% of a nine-year low, before rallying strongly when the Bank of
Japan lowered overnight lending rates to under 1%.
It should be understood that past performance does not guarantee future results
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 objective of EquiFunds is to provide an opportunity for investment
participation in specific national or regional stock markets around the world.
Only stocks with satisfactory records of profitability and financial strength
are selected for inclusion in the Wright National Fiduciary Equity Funds. The
paragraphs below discuss the various economic, political and market factors
affecting the investment performance of the Wright National Fiduciary Equity
Funds during the first half of 1995 and prospects for the period ahead.
Sincerely,
Peter M. Donovan, President
<PAGE>
BELGIUM/LUXEMBOURG
Belgium currently boasts one of the lowest inflation rates outside of Japan. For
the 12 months through June, consumer prices increased just 1.3%. The consensus
expectation is for consumer price inflation to pick up to 2.5% in 1995. GDP
growth for both 1995 and 1996 is targeted in the 2.5% range, a slowdown from
1994's 3.7% growth. Belgium's unemployment rate remains high at 13.1% for June,
the same as a year ago. Despite some weakness in the Belgian market during June,
the FT-Actuaries total return index for Belgium increased 8.8% in local currency
(7.5% in U.S. dollars) for the second quarter of 1995. For the first half, the
index was up 5.3% in francs (17.8% in dollars). So far in 1995, the U.S. dollar
has lost 11% against the Belgian franc, which is pegged to the German mark.
BRITAIN
The U.K. economic expansion is slowing. Exports are boosting economic growth,
reflecting the pound's weakness and rising foreign demand, and higher corporate
profits are contributing to business spending on plant and equipment. But
consumer spending is being restrained by higher taxes and an unemployment rate
stuck above 8%. High interest rates are contributing to weakness in auto and
housing sales. The consensus forecast is for real GDP to rise 3.4% in 1995 and
2.9% in 1996. Inflation pressures are worsening: wages have climbed 9% over the
latest three months, up from 3.5% over the past year. Stock prices slipped in
June after rising for the prior four months. The FT-Actuaries total return index
for the U.K. increased 6.5% in the second quarter (4.0% in U.S. dollars) and
6.7% for the first half of 1995 (8.7% in dollars).
GERMANY
Real GDP growth of about 2.6% is expected for both 1995 and 1996, according to
consensus forecasts. The D-mark is up more than 10% against the British pound,
the Italian lira and the U.S. dollar so far this year. This is restraining
export sales, while domestic demand remains modest due to high unemployment
(8.3% in June 1995). In April, retail sales were up just 1% from the
year-earlier level. Year over year, consumer prices increased 2.3% during the
second quarter. Three-month interest rates and ten-year government bond yields
both declined more than 60 basis points during the first half of 1995. The
German stock market rebounded strongly in the second quarter of 1995. The
FT-Actuaries total return index for the three months was up 9.1% in local
currency (7.9% in U.S. dollars). For the first half of 1995, the index was down
0.9% in D-marks but increased 11.0% in dollars.
HONG KONG
China and Britain have agreed to delay setting up Hong Kong's court of appeals
until after the colony reverts to Chinese control. This agreement has outraged
legislators, who maintain that the court must be operating prior to Chinese
control to ensure confidence in Hong Kong's legal system. Hong Kong's Law Reform
Commission proposed bankruptcy-protection measures, similar to U.S. Chapter 11,
which would allow companies to reorganize as an alternative to liquidation.
Retail sales rose 5%, but motor vehicle sales plunged 36% during April. Auto
sales are expected to be off almost 30% in 1995 after a 19% decline in 1994.
Inflation eased slightly during May, when prices were 9.1% higher than a year
earlier. In early June, the Hang Seng index reached its highest level since last
November, before ending the month down about 2%.
<PAGE>
The FT-Actuaries total return index for Hong Kong increased 4.7% for the
second quarter and 12.4% for the first half of 1995.
ITALY
Consumer prices increased 5.8% in the year ended June 1995. Inflation has
worsened because of the impact of the weak lira on import prices (especially oil
paid for in dollars) and because of higher indirect taxes. During the first six
months of 1995, three-month interest rates jumped over 200 basis points to
11.0%; ten-year bond yields increased 24 basis points. Economic activity in
Italy is growing moderately, primarily due to strong export sales. But consumer
spending is sluggish, due to high unemployment and political uncertainties.
Consensus forecasts have GDP increasing about 3% in both 1995 and 1996. Investor
concern over rising inflation and political uncertainties has contributed to
recent volatility in the stock market. For the second quarter of 1995, the
FT-Actuaries total return index for Italy increased 3.2% in lira (7.0% in U.S.
dollars), but for the year to date, the index is still down 0.9% (1.8% in
dollars).
JAPAN
The economic recovery is continuing, although for the moment, "the recovery has
come to a bit of a standstill." This assessment by a Bank of Japan Governor
probably understates the nation's current economic problems. In the first week
of July, following an interest rate reduction by the U.S. Federal Reserve, the
Bank of Japan allowed overnight loan rates to fall to 0.75%, their lowest level
ever. The strong yen is curbing Japan's foreign trade surplus, while at the same
time overall domestic demand remains modest. Continuing deflation is
contributing to the economic weakness; evidence suggests that consumers are
delaying purchases, expecting prices to fall further. The consensus expectation
is for GDP to increase 0.5% this year and 1.8% in 1996. Japan's economic
concerns have been reflected in its stock market so far this year. For the
second quarter, the FT-Actuaries total return index for Japan declined 7.8% in
yen (6.2% in U.S. dollars); for the first half of the year, the decline was
22.4% in yen (8.8% in dollars).
MEXICO
According to Mexican Finance Minister Ortiz, the financial aspect of the
country's crisis may be over by August. However, the austerity measures taken to
restore the confidence of international financial markets and obtain bailout
facilities are taking a toll on the domestic economy: nearly two million
Mexicans have lost their jobs since December. With domestic consumption off
sharply, Minister Ortiz believes that the return to growth will have to come
from investment and exports. The Mexican stock market has rebounded since its
low in February. For the second quarter of 1995, the FT-Actuaries total return
index for Mexico rose 12.5% in local currency and almost 21% in terms of U.S.
dollars. For the first six months of 1995, the index was down 7.0% in pesos and
almost 27% in dollars.
NETHERLANDS
During the first half of 1995, the Dutch guilder gained 12% in value against the
U.S. dollar. Dutch interest rates picked up a notch during June, with the long
bond yield rising above 7.5%. Dutch interest rates generally continue to track
those of Germany, while both countries keep an eye on the U.S. Federal Reserve.
Inflation in the Netherlands remains in check, averaging just 2.1% over the last
12 months. Despite a lackluster performance in June, the FT-Actuaries total
<PAGE>
return index for the Netherlands had a respectable second quarter showing,
gaining 7.9% in guilders (6.5% in U.S. dollars). The FT index was held down
during June by the nearly 5% decline in the shares of Royal Dutch Petroleum,
which makes up one third of the index. As the summer months approached, the
market found new leadership in financial and publishing stocks; for the moment,
cyclical stocks and multinationals have fallen out of favor.
For the first half of 1995, the FT index gained 4.8% in local currency (17.3% in
dollars).
NORDIC MARKETS
In the final week of June, the Swedish central bank increased its overnight
lending and deposit rates by 50 basis points. This move was aimed at reducing
inflationary pressures in the economy. For the three months through May,
consumer prices in Sweden increased at a 5.2% annual rate. The consensus
forecast is for Sweden's real GDP to increase 2.5% this year. Denmark's GDP is
expected to increase 3.4% in 1995, with consumer prices increasing 2.7%,
according to the consensus. A recent OECD report has Norway and Finland as the
second- and third-fastest growing members in 1995; growth in both countries is
expected to moderate in 1996. In the second quarter of 1995, the FT-Actuaries
total return index for the Nordic region gained 16.2% in local currency terms
and 15.3% in U.S. dollars. For the first half of 1995, the Nordic region index
increased 10.8% in local currencies and 17.5% in dollars, one of the largest
dollar returns outside of the United States.
SPAIN
GDP grew at a strong 4.2% annual rate in the first quarter of 1995, up from a
3.0% growth rate in 1994's final quarter. The improvement led analysts to
increase GDP forecasts for 1995 to an average of 3.2% growth. Inflation, which
had been rising throughout the first quarter, appears to have leveled off in the
second. The consumer price index was about 5.1% ahead of year-earlier levels for
the three months ended May. But producer prices continue to climb, increasing at
a 7.4% annual rate during April. The Bank of Spain has raised its key lending
rate three times so far in 1995, the latest a 75-basis point increase in early
June to 9.25%. Spanish stocks made a good recovery during the second quarter of
1995 after posting a modest drop in the first. The FT-Actuaries total return
index for Spain rose 10.0% in pesetas (14.4% in U.S. dollars) during the second
quarter. For the first half of the year, the index rose 4.9% in pesetas (14.0%
in dollars).
SWITZERLAND
GDP increased at a 1% annual rate in the first quarter of 1995. Retail sales, as
reported by the Federal Statistics Office, increased as expected in May and were
3.3% above the year-earlier level. For the first five months of 1995, sales
increased 0.2% over the same period a year ago. Spending by consumers has been
weak in 1995 as disposable income has been reduced by higher taxes and social
security payments. Unemployment in May was 4.2%, down from the year-ago level of
4.8%. For the three months ended June, consumer prices increased at an annual
rate of only 1.4%; prices increased 2.1% in the twelve months through June. For
the second quarter of 1995, the FT-Actuaries total return index for Switzerland
increased 12.9% in Swiss francs and 10.3% in U.S. dollars; for the first half of
the year, the index rose 8.4% in francs and 23.1% in dollars. Although the
dollar strengthened a bit in the second quarter, for the entire first half, the
Swiss franc was one of the strongest currencies in the world, gaining about 14%
against the greenback.
<PAGE>
<TABLE>
<CAPTION>
DIVIDEND DISTRIBUTIONS
- ------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG (UNAUDITED)
- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/15/94 $10.00 100.00 $1,000.00
Dec. 94 10.24 0.04 0.003984 100.40 1,028.08 2.81% -- 0.01% --
Jan. 95 9.87 100.40 990.93 -3.61% -- -5.26% --
Feb. 95 10.24 100.40 1,028.08 0.00% 2.91% 1.59% --
Mar. 95 10.85 100.40 1,089.32 5.96% 9.70% 5.96% 7.94%
Apr. 95 11.29 100.40 1,133.50 10.25% 10.80% 14.39% 10.99%
May 95 11.65 100.40 1,169.64 13.77% 13.56% 13.77% 12.95%
Jun. 95 11.89 100.40 1,193.74 16.11% 17.15% 9.59% 13.81%
- --------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BRITAIN (UNAUDITED)
- ----------------------------------------------------
4/20/95 $10.00 100.00 $1,000.00
Dec. 94 -- -- -- -- -- -- -- -- --
Jan. 95 -- -- -- -- -- -- --
Feb. 95 -- -- -- -- -- -- --
Mar. 95 -- -- -- -- -- -- --
Apr. 95 9.99 100.00 999.00 -0.10% -- -- --
May 95 10.21 100.00 1,021.00 2.10% -- -- --
Jun. 95 10.32 100.00 1,032.00 3.20% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- GERMANY (UNAUDITED)
- ----------------------------------------------------
4/19/95 $10.00 100.00 $1,000.00
Dec. 94 -- -- -- -- -- -- --
Jan. 95 -- -- -- -- -- -- --
Feb. 95 -- -- -- -- -- -- --
Mar. 95 -- -- -- -- -- -- --
Apr. 95 10.11 100.00 1,011.00 1.10% -- -- --
May 95 10.22 100.00 1,022.00 2.20% -- -- --
Jun. 95 10.39 100.00 1,039.00 3.90% -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- HONG KONG (UNAUDITED)
- -------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 94 13.02 0.20 0.015140 115.25 1,500.54 -37.03% -37.03% -21.84% 9.60%
Jan. 95 11.93 115.25 1,374.92 -8.37% -38.93% -25.56% 7.19%
Feb. 95 13.01 115.25 1,499.39 -0.08% -27.11% -2.32% 9.08%
Mar. 95 13.09 115.25 1,508.61 0.54% -20.95% 0.54% 9.05%
Apr. 95 12.88 115.25 1,484.41 -1.08% -21.42% 7.96% 8.53%
May 95 13.95 115.25 1,607.72 7.14% -18.10% 7.23% 10.15%
Jun. 95 13.40 115.25 1,544.34 2.92% -16.14% 2.37% 9.09%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- ITALY (UNAUDITED)
- ----------------------------------------------------
6/28/90 $10.00 100.00 $1,000.00
Dec. 94 4.94 0.33 0.068894 108.54 536.21 4.98% 4.98% -5.71% -13.13%
Jan. 95 5.13 108.54 556.83 3.85% 3.27% 3.46% -11.99%
Feb. 95 4.67 108.54 506.90 -5.47% -6.87% -5.47% -13.57%
Mar. 95 5.60 108.54 607.85 13.36% 0.26% 13.36% -9.96%
Apr. 95 4.62 108.54 501.47 -6.48% -24.14% -9.94% -13.32%
May 95 4.75 108.54 515.58 -3.85% -12.01% 1.71% -12.62%
Jun. 95 4.61 108.54 500.39 -6.68% -11.53% -17.68% -12.95%
- --------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- JAPAN (UNAUDITED)
- ------------------------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 94 9.66 0.12 0.012752 101.28 978.32 -2.17% -- -5.20% --
Jan. 95 9.45 101.28 957.05 -2.17% -- -7.17% --
Feb. 95 8.87 101.28 898.31 -8.18% -12.10% -7.30% --
Mar. 95 9.38 101.28 949.96 -2.90% -5.38% -2.90% -4.47%
Apr. 95 9.67 101.28 979.33 0.10% -4.83% 2.33% -1.72%
May 95 9.05 101.28 916.54 -6.31% -10.05% 2.03% -6.53%
Jun. 95 8.78 101.28 889.20 -9.11% -18.35% -6.40% -8.21%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT EQUIFUND -- MEXICO (UNAUDITED)
- -----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8/02/94 $10.00 100.00 $1,000.00
Dec. 94 6.48 0.51 0.066186 106.62 690.89 -30.91% -- -37.13% --
Jan. 95 4.80 106.62 511.77 -25.93% -- -51.58% --
Feb. 95 3.74 106.62 398.75 -42.28% -- -62.49% --
Mar. 95 3.58 0.07 0.023175 109.09 390.54 -43.47% -- -43.47% --
Apr. 95 4.26 109.09 464.72 -32.74% -- -9.19% --
May 95 4.14 109.09 451.63 -34.63% -- 13.26% --
Jun. 95 4.46 109.09 486.54 -29.58% -- 24.58% --
- -----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NETHERLANDS (UNAUDITED)
- ------------------------------------------------------
6/28/90 $10.00 100.00 $1,000.00
Dec. 94 8.10 3.01 0.381496 142.61 1,155.15 11.68% 11.68% 2.47% 3.31%
Jan. 95 8.16 142.61 1,163.71 0.74% 6.05% -0.50% 3.36%
Feb. 95 8.54 142.61 1,217.90 5.43% 10.68% 8.64% 4.32%
Mar. 95 8.77 0.04 0.004724 143.29 1,256.61 8.78% 15.27% 8.78% 4.93%
Apr. 95 8.95 143.29 1,282.40 11.02% 14.81% 10.20% 5.29%
May 95 9.12 143.29 1,306.76 13.12% 17.98% 7.30% 5.60%
Jun. 95 9.44 143.29 1,352.61 17.09% 23.26% 7.64% 6.23%
- --------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NORDIC (UNAUDITED)
- -----------------------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 94 9.50 0.37 0.040066 104.01 988.06 -1.19% -- 2.39% --
Jan. 95 9.43 104.01 980.78 -0.74% -- -4.59% --
Feb. 95 9.64 104.01 1,002.62 1.47% 0.67% 5.54% --
Mar. 95 9.40 104.01 977.66 -1.05% 2.48% -1.05% -1.96%
Apr. 95 10.19 104.01 1,059.83 7.26% 7.60% 8.06% 4.86%
May 95 10.12 104.01 1,052.55 6.53% 6.43% 4.98% 3.99%
Jun. 95 10.39 104.01 1,080.63 9.37% 13.75% 10.53% 5.73%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
WRIGHT EQUIFUND -- SPAIN (UNAUDITED)
- -----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 94 5.89 0.02 0.00173 103.32 608.56 -9.64% -9.64% -7.95% -10.61%
Jan. 95 5.87 103.49 607.46 -0.34% -18.88% -4.70% -10.31%
Feb. 95 5.80 103.49 600.22 -1.53% -15.91% -1.53% -10.38%
Mar. 95 5.60 103.49 579.52 -4.92% -15.64% -4.92% -10.86%
Apr. 95 6.04 103.49 625.06 2.55% -10.35% 2.90% -9.28%
May 95 6.23 103.49 644.72 5.77% -7.53% 7.41% -8.55%
Jun. 95 6.20 103.49 641.61 5.26% -3.85% 10.71% -8.50%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- SWITZERLAND (UNAUDITED)
- -----------------------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 94 9.43 0.05 0.005447 100.54 948.14 -5.19% -- -4.71% --
Jan. 95 9.37 100.54 942.10 -0.64% -- -4.93% --
Feb. 95 9.80 100.54 985.34 3.92% -0.97% 4.93% --
Mar. 95 10.27 100.54 1,032.59 8.91% 4.41% 8.91% 2.90%
Apr. 95 10.44 100.54 1,049.69 10.71% 8.10% 11.42% 4.11%
May 95 10.97 100.54 1,102.97 16.33% 11.64% 11.94% 7.90%
Jun. 95 11.20 100.54 1,126.10 18.77% 14.67% 9.06% 9.04%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS -- 9.6%
27,800 Minorco SA $ 674,000
1,860 Tessenderlo Chemie 704,199
----------
$ 1,378,199
----------
CONSTRUCTION -- 8.3%
1,720 Cimenteries CBR Cementbed $ 704,076
1,740 Cie Francois d'Entreprises 477,491
----------
$ 1,181,567
----------
DIVERSIFIED -- 4.3%
620 UCB SA $ 618,693
----------
ELECTRONICS -- 3.8%
5,170 Barco N.V. (Industries) $ 547,700
----------
FINANCIAL -- 33.7%
1,950 Algem Maastch Voor Nijve-Afv $ 538,545
350 Banque Nationale de Belgique 475,624
18,750 Cie Belge de Paricip Paribas 698,349
5,180 Electrafina 519,638
5,560 Fortis AG 588,040
3,860 GBL Group BXL Lamb 516,746
1,530 Generale de Banque SA 491,363
1,910 Kredietbank NPV 453,675
1,100 Sofina 537,245
----------
$ 4,819,225
----------
METAL PRODUCTS MFRS. -- 3.7%
670 Bekaert SA $ 529,691
----------
RECREATION -- 4.8%
1,360 Audiofina $ 680,956
----------
RETAILERS -- 11.4%
2,060 Colruyt SA $ 563,858
11,650 Delhaize Le Ps 523,963
11,500 G.I.B. Holdings Ltd. 545,503
----------
$ 1,633,324
----------
UTILITIES -- 15.1%
1,496 Cegedel $ 565,074
2,280 Electrabel 481,476
4,970 Powerfin SA 534,371
1,570 Reunies Electrobel & Tractebela 569,580
----------
$ 2,150,501
----------
MISCELLANEOUS -- 8.8%
4,850 Ackermans & Van Haaren $ 724,262
7,286 Soc. Gen. Belgique Parts de Res. 529,938
----------
$ 1,254,200
----------
TOTAL INVESTMENTS
(identified cost, $12,967,805)-- 103.5% $14,794,056
OTHER ASSETS, LESS LIABILITIES-- (3.5%) (502,500)
----------
NET ASSETS-- 100.0% $14,291,557
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- BRITAIN
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS -- 4.5%
154,800 Allied Colloids Group PLC $ 304,739
33,200 Laporte PLC 393,204
----------
$ 697,943
----------
DIVERSIFIED -- 1.9%
59,300 BTR Limited $ 299,643
----------
ELECTRONICS -- 7.4%
33,700 Farnell Electronic $ 340,572
41,700 Siebe PLC 417,434
47,900 Smiths Industries 395,889
----------
$ 1,153,895
----------
FINANCIAL -- 7.0%
125,600 Cattle's Holdings PLC $ 357,370
29,600 HSBC Holdings PLC 381,707
35,700 Provident Financial PLC 357,939
----------
$ 1,097,016
----------
FOOD -- 9.8%
53,900 Dalgety PLC $ 374,600
228,800 Hazlewood Foods PLC 386,580
130,200 Hillsdown Holdings PLC 375,653
61,200 Unigate PLC 393,137
----------
$ 1,529,970
----------
MACHINERY & EQUIPMENT -- 6.9%
95,600 Halma PLC $ 292,584
74,800 Powerscreen Int'l. 381,540
98,800 Weir Group PLC (The) 400,021
----------
$ 1,074,145
----------
METAL PRODUCERS -- 2.2%
68,200 Antofagasta Hldgs. $ 347,875
----------
METAL PRODUCT MANUFACTURERS -- 2.2%
126,400 Suter PLC $ 350,583
----------
OIL, GAS & COAL -- 4.7%
76,200 British-Borneo Petro Syndicat. $ 354,673
26,800 Burmah Castrol PLC 388,319
----------
$ 742,992
----------
PRINTING & PUBLISHING -- 4.7%
43,000 Pearson PLC $ 408,513
39,500 United Newspapers 327,408
----------
$ 735,921
----------
RETAILERS -- 8.5%
34,800 Kwik Save Group PLC $ 357,789
47,600 Marks & Spencer PLC Eng. 307,291
73,400 Tesco PLC 338,132
142,600 WM. Morrison Supermarkets PLC 335,281
----------
$ 1,338,493
----------
TEXTILES -- 2.1%
322,000 Readicut International PLC $ 331,048
----------
TRANSPORTATION -- 2.0%
120,000 NFC PLC $ 307,008
----------
UTILITIES -- 16.1%
57,000 Cable & Wireless $ 391,601
28,700 Northern Electricity PLC 365,985
35,700 Northwest Water PLC 314,406
35,100 Norweb PLC 378,778
34,300 Southwestern Electric Co. 363,583
40,800 Thames Water PLC 310,872
105,700 Vodafone Group PLC 394,261
----------
$ 2,519,486
----------
<PAGE>
MISCELLANEOUS -- 11.5%
81,200 Christian Salvesen PLC $ 342,835
125,900 Nurdin & Peacock PLC 351,198
53,000 Reuters Holdings PLC 443,531
51,100 Watson & Philip PLC 355,952
56,400 Wolseley PLC 311,062
----------
$ 1,804,578
----------
TOTAL INVESTMENTS
(identified cost, 14,018,347) -- 91.5% $14,330,596
OTHER ASSETS, LESS LIABILITIES -- 8.5% 1,330,557
----------
NET ASSETS -- 100.0% $15,661,153
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- GERMANY
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
APPAREL -- 2.7%
510 Boss, Hugo $ 418,163
----------
AUTOMOTIVE -- 2.5%
700 Bayerische Motoren Werke AG $ 385,163
----------
CHEMICALS -- 5.3%
1,600 Bayer AG New $ 397,961
620 Fresenius AG 418,250
----------
$ 816,211
----------
CONSTRUCTION -- 12.1%
1,210 Dyckerhoff $ 384,946
994 Dyckerhoff & Widmann AG 193,331
480 Heidelberger Zement AG German 409,530
700 Kampa DM50 427,678
1,370 Walter Bau AG 425,942
----------
$ 1,841,427
----------
DIVERSIFIED -- 6.1%
1,100 Industrieverwaltungsgesellsc $ 410,397
1,720 Preussag AG DM50 513,619
----------
$ 924,016
----------
DRUGS -- 10.9%
760 Altana Ind-Aktien DM50 $ 411,034
520 Beiersdorf 413,578
6,200 Schering AG DM50 433,043
510 Wella AG 405,625
----------
$ 1,663,280
----------
ELECTRICAL -- 3.3%
650 Rheinelektra DM50 $ 498,174
----------
ELECTRONICS -- 6.2%
390 SAP Ordinary Shares $ 517,443
1,100 Vossloh AG 421,532
----------
$ 938,975
----------
FINANCIAL -- 5.2%
8,000 Deutsche Bank AG $ 388,706
14,000 Dresdner Bank AG 404,902
----------
$ 793,608
----------
FOOD -- 2.6%
680 Suedzucker Ord. $ 397,267
----------
MACHINERY & EQUIPMENT -- 5.0%
1,180 GEA Pref Shares $ 378,815
800 Krones AG 381,187
----------
$ 760,002
----------
METAL PRODUCT MANUFACTURERS -- 2.6%
830 Buderus $ 399,082
----------
PAPER -- 2.8%
2,000 Herlitz AG $ 425,147
----------
RETAILERS -- 11.4%
1,000 Ava Allg Handels Der Verbrau $ 390,441
1,090 Douglas Holding AG 409,898
360 Hornbach AG 484,147
1,250 Kaufhof AG DM50 446,477
----------
$ 1,730,963
----------
UTILITIES -- 6.4%
1,240 Kraftueberwerke Rheinfelden $ 454,561
1,880 RWE AG 517,083
----------
$ 971,644
----------
MISCELLANEOUS -- 10.9%
870 Gehe AG $ 399,443
840 Leifheit Ord. 401,461
1,950 Schaerf 430,028
740 Weru 428,040
----------
$ 1,658,972
----------
TOTAL INVESTMENTS
(identified cost, $14,187,428) -- 96.0% $14,622,094
OTHER ASSETS, LESS LIABILITIES -- 4.0% 607,104
----------
NET ASSETS -- 100.0% $15,229,198
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- HONG KONG
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE -- 4.8%
716,000 Hong Kong Aircraft Engineering Co. $ 1,859,882
----------
APPAREL -- 3.1%
1,170,000 Lai Sun Garment Int'l. Ltd. $ 1,217,151
----------
ELECTRICAL -- 6.0%
584,000 Johnson Electric Holdings-500 $ 1,177,402
732,000 Semi Tech (Global) Co. Ltd. 1,177,788
----------
$ 2,355,190
----------
FINANCIAL -- 20.7%
235,000 Cheung Kong $ 1,163,180
895,000 Hang Lung Development Co. Ltd. 1,422,692
68,200 Hang Lung Development Co. Ltd. Wts. 11,723
254,000 Hang Seng Bank 1,936,725
329,000 Henderson Land Development 1,802,788
4,600,000 Sun Hung Kai & Co. 1,724,080
----------
$ 8,061,188
----------
RECREATION -- 3.2%
358,000 Television Broadcasts Ltd. $ 1,258,442
----------
RETAILERS -- 19.4%
1,700,000 Dairy Farm Int'l. Hlds. $ 1,462,000
338,000 Hutchison Whampoa 1,633,689
1,168,000 Jardine Int'l. Motor Holdings 1,147,210
220,600 Jardine Matheson Holdings 1,621,410
1,543,000 Sime Darby Hong Kong Limited 1,694,985
----------
$ 7,559,294
----------
TRANSPORTATION -- 18.5%
233,000 China Motor Bus Company $ 2,092,783
814,400 Kowloon Motor Bus Co. (1933) Ltd. 1,462,988
2,164,000 Shun Tak Holdings Ltd. 1,719,947
254,000 Swire Pacific Ltd. "A" 1,936,725
----------
$ 7,212,443
----------
UTILITIES -- 15.8%
370,000 China Light & Power Co. $ 1,903,132
924,000 Hong Kong & China Gas 1,474,796
3,348 Hong Kong & China Gas Warrants* 3,348
415,000 Hong Kong Electric Holdings Ltd. 1,410,544
690,000 Hong Kong Telecom 1,364,337
----------
$ 6,156,157
----------
MISCELLANEOUS -- 4.5%
545,000 Jardine Strategic Holdings Ltd. $ 1,754,900
----------
TOTAL INVESTMENTS
(identified cost, $38,779,500) -- 96.0% $37,434,647
OTHER ASSETS, LESS LIABILITIES -- 4.0% 1,547,886
----------
NET ASSETS -- 100.0% $38,982,533
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- ITALY
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
APPAREL -- 4.1%
4,450 Benetton SpA $ 44,405
----------
AUTOMOTIVE -- 4.1%
20,000 Sogefi $ 45,390
----------
CONSTRUCTION -- 3.5%
5,150 Sirti SpA $ 38,294
----------
ELECTRICAL -- 3.3%
4,500 Gewiss SPA $ 36,262
----------
ELECTRONICS -- 7.6%
2,600 Ericksson $ 38,822
21,000 Tecnost SpA 44,766
----------
$ 83,588
----------
FINANCIAL -- 23.9%
4,750 Alleanza Assicurazioni SpA $ 46,883
23 Alleanza Assicurazioni 192
545 Banca Agricola Mantovana 40,395
6,000 Banca Credito Agrario Bresci 35,431
8,000 Banca Credito Agrario Bresci Rts. 2,162
700 Banca Popolare Emilia Romagna 44,380
4,016 Credito Bergamasco Azione No 45,031
13,000 IFIL-Risp (Savings) 46,513
----------
$ 260,987
----------
MACHINERY & EQUIPMENT -- 3.4%
25,000 Comau Finanziaria SpA $ 36,752
----------
METAL PRODUCERS -- 4.2%
6,400 Saes Getters $ 45,477
----------
PRINTING & PUBLISHING -- 4.7%
8,000 Arnoldo Mondadori Editore SPA $ 51,259
----------
UTILITIES -- 13.3%
11,000 Edison SPA $ 48,629
35,000 Sondel-Societa Nordelettrica 50,642
16,500 Stet 45,886
----------
$ 145,157
----------
MISCELLANEOUS -- 11.6%
36,000 Autostrade-Con E Cost $ 40,244
12,000 Cristalleria Artistica-Calp 42,120
9,000 Industrie Zignagos Margherita 44,931
----------
$ 127,295
----------
TOTAL INVESTMENTS
(identified cost, $958,213) -- 83.7% $ 914,866
OTHER ASSETS, LESS LIABILITIES -- 16.3% 177,879
----------
NET ASSETS -- 100.0% $ 1,092,745
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- JAPAN
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE -- 4.0%
23,000 Aisin Seiki Co. Ltd. $ 262,934
81,000 Ichikoh Ind. Ltd. 286,983
35,000 Topre Corp. 256,273
----------
$ 806,190
----------
BEVERAGES -- 1.4%
28,000 Chukyo Coca-Cola Bottling Co. $ 287,689
----------
CHEMICALS -- 0.9%
12,000 Rock Paint $ 177,148
----------
CONSTRUCTION -- 15.4%
8,000 Chudenko Corp. $ 317,449
17,000 Daiwa House Ind. 260,998
43,000 Ichiken Co., Ltd. 388,484
21,000 Kaneshita Construction 277,767
30,000 Nakano Corp. 142,428
46,800 Nippon Denwa Shisetsu Co. Ltd. 385,234
19,000 Ohbayashi-Gumi Corp. 146,300
22,000 Sekisui House Ltd. 272,809
16,000 Shimizu Corp. 154,946
24,000 Taikisha Ltd. 342,958
22,000 Taisei Corp. 130,167
18,000 Takasago Thermal Engineering 282,728
----------
$ 3,102,268
----------
DIVERSIFIED -- 2.0%
57,000 Toho Real Estate Co. Ltd. $ 400,533
----------
DRUGS -- 7.0%
18,000 Daiichi Pharmaceutical $ 263,596
6,000 Ono Pharmaceutical 262,179
10,500 Santen Pharmaceutical 279,008
15,000 Taisho Pharmaceutical Co. Ltd. 290,523
14,000 Yamanouchi Pharmaceutical 315,795
----------
$ 1,411,101
----------
ELECTRICAL -- 1.3%
33,000 Daikin Industries Ltd. $ 265,792
ELECTRONICS -- 7.2%
42,000 Casio Computer Co. Ltd. $ 379,449
157,000 Miyakoshi Corp. 279,978
7,000 Murata Mfg. Co., Ltd. 257,101
44,000 Nichicon Corp. 530,028
----------
$ 1,446,556
----------
FINANCIAL -- 2.3%
64,000 Japan Living Serv. $ 464,838
----------
MACHINERY & EQUIPMENT -- 3.8%
65,000 Kayaba Industry Co. Ltd. $ 319,339
12,000 Kurita Water Industries 308,946
28,000 Tsubakimoto Chain 131,608
----------
$ 759,893
----------
METAL PRODUCTS MFRS. -- 3.4%
22,000 Hitachi Cable Ltd. $ 143,418
14,000 Maruichi Steel Tube Ltd. 272,808
46,000 Mitsubishi Cable Industries 265,650
----------
$ 681,876
----------
OIL, GAS & COAL -- 0.8%
16,000 General Sekiyu K.K. $ 170,062
----------
PRINTING & PUBLISHING -- 0.9%
16,000 Kyodo Printing Co. $ 177,621
----------
RECREATION -- 2.1%
10,000 Denny's Japan Co. Ltd. $ 253,912
3,000 Nintendo Corp. Ltd. 172,896
----------
$ 426,808
----------
<PAGE>
RETAILERS -- 7.9%
17,000 Daiwa Co. $ 180,691
9,000 Heiwado Co. Ltd. 167,936
3,000 Ito Yokado Co. 158,370
30,000 Marui Co. 478,299
4,200 Seven Eleven Japan Ltd. 301,081
8,000 York-Benimaru Co. Ltd. 302,333
----------
$ 1,588,710
----------
TEXTILES -- 3.0%
37,000 Komatsu Seiren Co. Ltd. $ 467,554
21,000 Toray Inds. Inc. 130,700
----------
$ 598,254
----------
TRANSPORTATION -- 3.0%
25,000 Isewan Terminal Service $ 147,623
64,000 Tonami Transportation 468,614
----------
$ 616,237
----------
UTILITIES -- 3.4%
6,000 Chugoku Electric Power Co. Inc. $ 164,393
6,000 Kyushu Electric Power Co. Inc. 162,268
7,000 Shikoku Electric Power 195,099
6,000 Tohoku Electric Power Co. Inc. 166,519
----------
$ 688,279
----------
MISCELLANEOUS -- 2.2%
18,000 Denkyosha $ 180,691
22,000 Kamei 270,211
----------
$ 450,902
----------
TOTAL INVESTMENTS
(identified cost, $16,063,424) -- 72.0% $14,520,757
OTHER ASSETS, LESS LIABILITIES -- 28.0% 5,655,213
----------
NET ASSETS -- 100.0% $20,175,970
===========
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- MEXICO
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
APPAREL -- 0.3%
170,000 Grupo Synkro S.A.-Ser B $ 57,120
----------
BEVERAGES -- 7.6%
380,000 Fomento Economico Mexicano $ 887,680
380,000 Grupo Continental SA-Ser CP 912,000
----------
$ 1,799,680
----------
CONSTRUCTION -- 11.8%
236,000 Apasco $ 936,448
278,000 Cemex SA 942,976
233,000 Tolmex SA de CV 909,632
----------
$ 2,789,056
----------
DIVERSIFIED -- 12.0%
256,000 Desc Sociedad de Fomento Indl $ 856,064
190,000 Grupo Carso SA 1,039,680
78,000 Grupo Industrial Alfa SA-A 947,232
----------
$ 2,842,976
----------
FINANCIAL -- 4.0%
580,000 Grupo Financieri Banamex $ 890,880
29,000 Grupo Financiero Banamex 44,080
----------
$ 934,960
----------
FOOD -- 8.6%
246,000 Grupo Industrial Bimbo-Ser A $ 1,102,080
1,390,000 Grupo Industrial Maseca B 929,632
----------
$ 2,031,712
----------
PAPER -- 6.1%
335,000 Empaques Ponderosa SA $ 869,392
50,000 Kimberly-Clark de Mexico-B 574,400
----------
$ 1,443,792
----------
RECREATION -- 4.3%
98,000 Grupo Televisa SA-Ser CPO $ 1,003,520
----------
RETAILERS -- 16.0%
635,000 Cifra SA de CV B $ 873,760
1,465,000 Controladora Coml Mexicana B 1,101,680
1,660,000 El Puerto de Liverpool-Ser 1 982,720
340,000 Sears (Mexico) 816,000
----------
$ 3,774,160
----------
TOBACCO -- 5.1%
322,000 Empressa La Moderna Ser ACP $ 1,213,296
----------
TRANSPORTATION -- 5.1%
216,000 Transport Maritima 'A' Shares $ 1,192,320
----------
UTILITIES -- 3.9%
630,000 Telefonos de Mexico $ 929,376
----------
MISCELLANEOUS -- 8.8%
3,420,000 Grupo Posadas Sa De CV $ 1,121,760
338,400 Vitro SA 963,763
----------
$ 2,085,523
----------
TOTAL INVESTMENTS
(identified cost, $22,908,727) -- 93.6% $22,097,491
OTHER ASSETS, LESS LIABILITIES -- 6.4% 1,520,094
----------
NET ASSETS -- 100.0% $23,617,585
===========
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- NETHERLANDS
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 6.9%
5,450 Grolsch N.V. $ 191,475
1,770 Heineken N.V. 268,060
1,720 Heineken N.V. Rights 64,427
----------
$ 523,962
----------
CONSTRUCTION -- 11.3%
1,510 Hollandesche Beton Group N.V. $ 260,379
1,800 Hollandesche Beton Group N.V. Rts. 7,858
19,000 Koninklijke Boskalis 265,048
20,100 Koninklijke Boskalis Rts. 6,231
4,810 Volker Stevin 310,643
----------
$ 850,159
----------
DIVERSIFIED -- 4.3%
4,104 Atag Hlding N.V. $ 321,503
----------
ELECTRONICS -- 3.4%
5,200 Getronics N.V. $ 254,895
3,400 Getronics N.V. Rts. 2,459
----------
$ 257,354
----------
FINANCIAL -- 3.5%
4,830 Amev N.V. $ 263,585
----------
FOOD -- 11.9%
6,530 CSM N.V. Cert. $ 288,038
4,700 Nuricia Verenidge Bedrijven 326,305
2,170 Unilever N.V. 282,532
----------
$ 896,875
----------
MACHINERY & EQUIPMENT -- 3.4%
4,600 Oce-Van Der Grinten $ 259,649
----------
METAL PRODUCT MANUFACTURERS -- 3.4%
7,600 Twentsche Kabel Holding N.V. $ 257,686
1,920 Twentsche Kabel Holding N.V. Rts. 3,224
----------
$ 260,910
----------
PRINTING & PUBLISHING -- 15.0%
26,700 Elsevier $ 315,559
2,480 Telegraf (Holdingsmij) - CVA 302,713
2,180 Verenigde Nederlandse 261,166
2,900 Walters Kluwer N.V. 256,026
----------
$ 1,135,464
----------
RECREATION -- 4.0%
5,100 Polygram $ 301,376
----------
RETAILERS -- 15.0%
5,130 Deboer Winkelbedridjven $ 260,078
4,060 Konin Bijenkorf Beheer 291,573
8,740 Koninklijke Ahold N.V. 313,272
8,740 Koninklijke Ahold N.V. Rts. 6,209
8,900 MacIntosh N.V. 258,655
----------
$ 1,129,787
----------
TEXTILES -- 3.4%
4,950 Gamma Holding N.V. $ 255,748
----------
MISCELLANEOUS -- 11.4%
6,900 Hagemeyer N.V. $ 307,924
3,450 Hagemeyer N.V. Rts. 6,105
9,000 IHC Caland N.V. 255,748
1,400 Otra N.V. Aandeel 293,400
----------
$ 863,177
----------
TOTAL INVESTMENTS
(identified cost, $6,770,124) -- 96.9% $ 7,319,549
OTHER ASSETS, LESS LIABILITIES -- 3.1% 232,522
----------
NET ASSETS -- 100.0% $ 7,552,071
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- NORDIC
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 2.6%
1,700 Carlsberg AS - B $ 78,726
----------
CHEMICALS -- 12.8
7,300 AGA AB B Free $ 86,331
560 Cheminova A/S- "B" 100,413
900 Christian Hansen Holding - B 79,522
2,900 Perstorp AB - B Shs 119,636
----------
$ 385,902
----------
CONSTRUCTION -- 8.2%
340 Icopal $ 100,769
16,800 Skane-Gripen AB-Ser B Fr 147,853
----------
$ 248,622
----------
DIVERSIFIED -- 4.6%
3,100 Orkla A/S-B-Aksjer $ 138,600
----------
DRUGS -- 29.3%
3,400 Astra AB B Free Shares $ 102,392
1,200 Coloplast B A/S 90,025
6,900 Gambro AB - "B" Free 99,628
6,350 Hafslund Nycomed AS 148,909
830 Novo-Nordisk AS 87,943
4,900 Orion A/S-B 108,978
7,200 Pharmacia AB B Free 156,434
1,600 Radiometer 92,767
----------
$ 887,076
----------
FINANCIAL -- 3.1%
9,000 Om Gruppa AB Free $ 94,677
----------
FOOD -- 3.8%
3,480 Huhtamaki "I" Free $ 114,058
----------
MACHINERY & EQUIPMENT -- 2.7%
5,900 Atlas Copco AB A Free $ 82,755
----------
RETAILERS -- 4.3%
2,200 Hennes & Mauritz AB B-F $ 128,877
----------
TRANSPORTATION -- 4.4%
10,200 Helikopter Service As $ 132,425
----------
UTILITIES -- 9.9%
6,000 Graningeverkens $ 98,184
7,700 Gullspangs Kraft - "B" Free 96,884
6,700 Sydkraft AB - A Free 105,033
----------
$ 300,101
----------
MISCELLANEOUS -- 13.2%
4,200 ISS Int'l. Service System-B $ 109,697
1,600 Sophus Berendsen 150,560
1,700 Superfos AS 138,557
----------
$ 398,814
----------
TOTAL INVESTMENTS
(identified cost, $2,766,226) -- 98.9% $ 2,990,633
OTHER ASSETS, LESS LIABILITIES -- 1.1% 32,547
----------
NET ASSETS -- 100.0% $ 3,023,180
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- SPAIN
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE -- 3.9%
2,720 Construc. Y Auxiliar De
Ferrocarriles S.A.* $ 108,980
----------
CONSTRUCTION -- 10.0%
6,030 Dragados Y Costrucciones, S.A. $ 87,672
9,020 Huarte SA 81,221
8,050 Valenciana de Cementos Portl 111,723
----------
$ 280,616
----------
FINANCIAL -- 22.6%
3,540 Banco Bilboa Vizcaya $ 102,208
3,810 Banco Exterior de Espana, S.A. 98,830
690 Banco Popular Espanol 102,602
3,010 Banco de Santander, ESB 118,734
10,660 Banco de Valencia (Regd) (L) 132,975
4,860 Banco Zaragozano S.A. 76,483
----------
$ 631,832
----------
FOOD -- 3.0%
3,000 Azucarera D'Esp $ 84,263
----------
MACHINERY & EQUIPMENT -- 4.2%
1,050 Zardoya Otis $ 108,166
1,050 Zardoya Otis Rts. 10,409
----------
$ 118,575
----------
METAL PRODUCERS -- 4.5%
1,015 Acerinox SA $ 124,684
----------
OIL, GAS & COAL -- 8.7%
4,900 Compania Espanola De Petroleos $ 133,986
3,480 Repsol, S.A. 109,532
----------
$ 243,518
----------
PAPER -- 4.6%
4,760 Unipapel S.A. $ 128,192
----------
UTILITIES -- 24.7%
2,375 Empresa Nac. De Electricidad $ 117,327
5,830 Empresa Nac. Hidroelec. Ribagorzana 96,324
3,630 Gas Y Electricidad S.A. 174,828
16,930 Sevillana de Electricidad 104,196
8,590 Telefonica De Espana, S.A. 110,701
18,570 Union Electrica - Fenosa, S.A. 87,136
----------
$ 690,512
----------
MISCELLANEOUS -- 9.8%
8,324 Aumar $ 99,709
4,040 Prosegur Compania De Securidad S.A. 97,955
1,890 Vidrala S.A. 70,260
1,890 Vidrala S.A. Rts. 6,729
----------
$ 274,653
----------
TOTAL INVESTMENTS
(identified cost, $2,558,148) -- 96.0% $ 2,685,825
OTHER ASSETS, LESS LIABILITIES -- 4.0% 112,748
----------
NET ASSETS -- 100.0% $ 2,798,573
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- SWITZERLAND
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS -- 19.7%
510 Ciba-Geigy AG-B $ 374,576
100 Ems-Chemie Holding AG 394,611
510 Merk AG - Prfd (SZF100) (BR) 394,524
280 Sarna Kunsstoff Hldg AG-Reg 355,324
330 Siegfried AG-R 233,768
----------
$ 1,752,803
----------
CONSTRUCTION -- 4.1%
1,140 Sika Finanz AG $ 361,669
----------
DRUGS -- 8.4%
70 PSC Roche Holding $ 451,456
430 Sandoz AG - Reg 296,758
----------
$ 748,214
----------
ELECTRICAL -- 4.5%
450 Hilti AG-PC $ 398,957
----------
FINANCIAL -- 23.5%
260 Baer Hldg. AG-(BR) $ 301,695
3,900 CS Holding 357,627
90 Elvia Schweiz Versichrung 305,867
710 Intershop Holdings-Br 359,166
400 Schweiz Bankgesellschaft B 414,776
1,000 Schweizerischer Bankverein 354,628
----------
$ 2,093,759
----------
FOOD -- 7.0%
230 Lindt & Spruengli AG-PC $ 319,861
290 Nestle 302,477
----------
$ 622,338
----------
MACHINERY & EQUIPMENT -- 14.1%
500 Bucher Holdings AG-B $ 306,389
350 Bucher Holdings Wts. 487
450 Nokia-Maillefer S.A. 250,326
290 Schindler Holding AG-Regd 299,957
170 Schweiz Ind. Gesselschaft 397,479
----------
$ 1,254,638
----------
RETAILERS -- 7.8%
540 Magazine Glob-R $ 389,570
1,090 Merkur Holding AG 306,015
----------
$ 695,585
----------
UTILITIES -- 3.5%
1,500 Elektricite de Laufenbourg $ 312,907
----------
MISCELLANEOUS -- 21.8%
1,130 Kardex B $ 294,655
190 Kuoni Reisebuero AG-PC 305,519
1,760 Rentsch (W) Holding AG 296,775
2,400 S.M.H. Ag-Reg. 10SFR 323,338
900 SGS Soc. Gen. Surveillance-R 289,439
30 Vetropack Holding AG-Bearer 424,989
----------
$ 1,934,715
----------
TOTAL INVESTMENTS
(identified cost, $9,456,486) -- 114.4% $10,175,585
OTHER ASSETS, LESS LIABILITIES -- (14.4%) (1,278,081)
----------
NET ASSETS -- 100.0% $ 8,897,504
===========
* Non-income producing security.
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-------------------------------------------------------------------
BELGIUM/
LUXEMBOURG BRITAIN GERMANY HONG KONG
SERIES SERIES SERIES SERIES
- ----------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C> <C>
Identified cost................................. $12,967,805 $ 14,018,347 $ 14,187,428 $38,779,500
Unrealized appreciation (depreciation).......... 1,826,251 312,249 434,666 (1,344,853)
----------- ------------ ----------- -----------
Total value (Note 1A)......................... $14,794,056 $ 14,330,596 $ 14,622,094 $37,434,647
Cash.............................................. 10,830 1,257,575 574,290 1,449,589
Receivable for investments sold................... -- 491,474 -- --
Dividends receivable.............................. 102,089 104,548 7,561 106,417
Tax reclaim receivable............................ 68,045 4,290 25,655 --
Deferred organization expenses (Note 1E).......... 7,923 17,300 17,290 126
----------- ------------ ----------- -----------
Total Assets.................................. $14,982,943 $ 16,205,783 $ 15,246,890 $38,990,779
----------- ------------ ----------- -----------
LIABILITIES:
Loans Payable..................................... $ 496,530 $ -- $ -- $ --
Payable for investments purchased................. 190,809 541,904 14,729 --
Trustees fees payable............................. 90 90 90 90
Custodian fee payable (Note 2).................... 1,922 -- -- --
Accrued expenses.................................. 2,035 2,636 2,873 8,156
----------- ------------ ----------- -----------
Total Liabilities............................. $ 691,386 $ 544,630 $ 17,692 $ 8,246
----------- ------------ ----------- -----------
NET ASSETS.......................................... $14,291,557 $ 15,661,153 $ 15,229,198 $ 38,982,533
============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $12,202,540 $ 15,157,267 $ 14,671,691 $40,712,094
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (75,589) 93,777 10,985 (3,694,510)
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 1,830,444 312,138 435,115 (1,344,876)
Undistributed net investment income................. 334,162 97,971 111,407 3,309,825
----------- ------------ ----------- -----------
Net assets applicable to outstanding shares....... $14,291,557 $ 15,661,153 $ 15,229,198 $38,982,533
============ ============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,201,681 1,518,142 1,465,929 2,909,522
============ ============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $11.89 $10.32 $10.39 $13.40
============ ============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
- -----------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY
-----------------------------------------------------------------
ITALY JAPAN MEXICO NETHERLANDS
SERIES SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C> <C>
Identified cost................................. $ 958,213 $16,063,424 $22,908,727 $ 6,770,124
Unrealized appreciation (depreciation).......... (43,347) (1,542,667) (811,236) 549,425
----------- ------------ ----------- -----------
Total value (Note 1A)......................... $ 914,866 $14,520,757 $22,097,491 $ 7,319,549
Cash.............................................. 130,004 5,604,785 1,493,950 28,294
Receivable for investments sold................... 7,918 -- -- 1,351,523
Receivable for Fund shares sold................... -- -- 10,873 --
Dividends receivable.............................. 4,459 47,682 5,052 3,910
Tax reclaim receivable............................ 14,243 40 -- 8,946
Deferred organization expenses (Note 1E).......... 126 6,730 14,057 126
Receivable from Investment Adviser................ 28,360 -- -- 3,220
----------- ------------ ----------- -----------
Total Assets.................................. $ 1,099,976 $20,179,994 $23,621,423 $ 8,715,568
----------- ------------ ----------- -----------
LIABILITIES:
Loans payable..................................... $ -- $ -- $ -- $ 1,158,455
Payable to dividend disbursing agent.............. -- -- 1,876 --
Trustees fees payable............................. 90 90 90 90
Custodian fee payable (Note 2).................... 5,791 1,909 -- --
Registration fee payable.......................... -- -- -- 2,324
Accrued expenses.................................. 1,350 2,025 1,872 2,628
----------- ------------ ----------- -----------
Total Liabilities............................. $ 7,231 $ 4,024 $ 3,838 $ 1,163,497
----------- ------------ ----------- -----------
NET ASSETS.......................................... $ 1,092,745 $20,175,970 $23,617,585 $ 7,552,071
============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 1,765,706 $21,901,466 $32,016,703 $ 6,405,673
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (643,506) (141,898) (7,600,480) 547,470
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... (43,768) (1,540,345) (811,236) 550,128
Undistributed net investment income (loss).......... 14,313 (43,253) 12,598 48,800
----------- ----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 1,092,745 $20,175,970 $23,617,585 $ 7,552,071
============ ============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 236,909 2,298,855 5,300,288 800,203
============ ============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $ 4.61 $ 8.78 $ 4.46 $ 9.44
============ ============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
- ----------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------------
NORDIC SPAIN SWITZERLAND
SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost................................. $ 2,766,226 $ 2,558,148 $ 9,456,486
Unrealized appreciation......................... 224,407 127,677 719,099
----------- ------------ -----------
Total value (Note 1A)......................... $ 2,990,633 $ 2,685,825 $10,175,585
Cash.............................................. 7,761 56,240 8,289
Receivable for Fund shares sold................... -- -- --
Tax reclaim receivable............................ 4,333 31,089 49,428
Deferred organization expenses (Note 1E).......... 6,730 126 7,812
Receivable from Investment Adviser................ 16,500 27,240 2,625
Dividend Receivable............................... 3,854 1,074 18,316
----------- ------------ -----------
Total Assets.................................. $ 3,029,811 $ 2,801,594 $10,262,055
----------- ------------ -----------
LIABILITIES:
Account payable loans............................. $ -- $ -- $ 1,358,280
Trustees fees payable............................. 90 90 90
Custodian fee payable (Note 2).................... 4,616 1,253 2,637
Registration Fees Payable......................... -- -- --
Accrued expenses.................................. 1,925 1,678 2,261
Interest on loans................................. -- -- 1,283
----------- ------------ -----------
Total Liabilities............................. $ 6,631 $ 3,021 $ 1,364,551
----------- ------------ -----------
NET ASSETS.......................................... $ 3,023,180 $ 2,798,573 $ 8,897,504
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 3,203,202 $ 4,201,123 $ 8,299,388
Accumulated undistributed net realized loss on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (491,604) (1,766,248) (281,283)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 224,950 129,589 721,591
Undistributed net investment income................. 86,632 234,109 157,808
----------- ------------ -----------
Net assets applicable to outstanding shares....... $ 3,023,180 $ 2,798,573 $ 8,897,504
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 290,876 451,329 794,603
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $10.39 $ 6.20 $11.20
============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
- ---------------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------------------------------------
BELGIUM/
LUXEMBOURG BRITAIN GERMANY HONG KONG
SERIES SERIES SERIES SERIES
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C> <C>
Dividends...................................... $ 445,127 $ 145,355 $ 159,362 $ 892,356
Less: Foreign taxes........................... (65,415) (21,803) (15,870) --
----------- ----------- ----------- -----------
Total investment income........................ $ 379,712 $ 123,552 $ 143,492 $ 892,356
----------- ----------- ----------- -----------
Expenses --
Investment adviser fee (Note 2)................ $ 47,878 $ 21,122 $ 20,979 $ 127,514
Administrator fee (Note 2)..................... 6,384 2,816 2,797 17,002
Audit fees..................................... 2,533 -- -- 11,733
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator...... 529 90 90 529
Custodian fee (Note 2)......................... 3,912 -- -- --
Transfer & dividend disbursing agent fees...... 5,463 534 745 6,311
Distribution expenses (Note 3)................. 15,958 7,040 6,993 42,505
Legal services................................. 9,273 209 209 324
Registration costs............................. 7,038 136 136 8,584
Amortization of organization expense (Note 1E). 1,075 700 710 3,669
Printing....................................... 711 594 594 711
Interest expense............................... 484 -- -- 1,776
Miscellaneous.................................. 658 14 13 1,077
----------- ----------- ----------- -----------
Total expenses................................. $ 101,896 $ 33,255 $ 33,266 $ 221,735
----------- ----------- ----------- -----------
Net investment income...................... $ 277,816 $ 90,297 $ 110,226 $ 670,621
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions
(identified cost basis)......................... $ 11,535 $ 93,777 $ 10,985 $(1,667,916)
Change in unrealized appreciation
of investments.................................. 1,692,035 312,138 435,114 3,065,719
----------- ----------- ----------- -----------
Net realized and unrealized gain............. $ 1,703,570 $ 405,915 $ 446,099 $ 1,397,803
----------- ----------- ----------- -----------
Net increase in net assets from operations... $ 1,981,386 $ 496,212 $ 556,325 $ 2,068,424
============ ============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
- ------------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------------------------------
ITALY JAPAN MEXICO NETHERLANDS
SERIES SERIES SERIES SERIES
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C> <C>
Dividends...................................... $ 26,249 $ 63,245 $ 133,735 $ 123,629
Less: Foreign taxes............................ (4,054) (9,211) -- (18,877)
----------- ----------- ----------- -----------
Total investment income........................ $ 22,195 $ 54,034 $ 133,735 $ 104,752
----------- ----------- ----------- -----------
Expenses --
Investment adviser fee (Note 2)................ $ 4,692 $ 40,544 $ 57,831 $ 19,909
Administrator fee (Note 2)..................... 457 5,406 7,711 2,655
Audit fees..................................... 7,733 9,233 2,400 8,733
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 529 529 529 489
Custodian fee (Note 2)......................... 10,182 14,565 -- 9,675
Transfer & dividend disbursing agent fees...... 3,502 5,188 5,056 3,628
Distribution expenses (Note 3)................. 1,564 13,515 19,277 6,637
Legal services................................. 252 270 9,616 260
Registration costs............................. 8,259 6,369 8,100 9,286
Amortization of organization expense (Note 1E). 3,669 922 1,693 3,669
Printing....................................... 711 711 755 728
Interest expense............................... 4,420 79 7,256 3,583
Miscellaneous.................................. 1,055 926 886 --
----------- ------------ ----------- -----------
Total expenses................................. $ 47,025 $ 98,257 $ 121,110 $ 69,252
----------- ------------ ----------- -----------
Deduct --
Reduction of investment adviser fee (Note 2). $ 4,692 $ -- $ -- $ 9,704
Allocation of expenses to investment adviser
(Note 2).................................... 28,359 -- -- 3,220
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... 1,564 -- -- 3,235
----------- ------------ ----------- -----------
Total deducted............................... $ 34,615 $ -- $ -- $ 16,159
----------- ------------ ----------- -----------
Net expenses................................. $ 12,410 $ 98,257 $ 121,110 $ 53,093
----------- ------------ ----------- -----------
Net investment income (loss)............... $ 9,785 $ (44,223) $ 12,625 $ 51,659
----------- ------------ ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions
(identified cost basis)......................... $ (224,201) $ (127,352) $ (7,501,480) $ 562,411
Change in unrealized appreciation (depreciation)
of investments.................................. 112,103 (1,106,993) 5,665,986 187,321
----------- ------------ ----------- -----------
Net realized and unrealized gain (loss)
on investments and foreign currency........... $ (112,098) $ (1,234,345) $ (1,835,494) $ 749,732
----------- ------------ ----------- -----------
Net increase (decrease) in net assets from
operations.................................... $ (102,313) $ (1,278,568) $ (1,822,869) $ 801,391
============ ============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
- ----------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------------------------
NORDIC SPAIN SWITZERLAND
SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C>
Dividends...................................... $ 122,611 $ 100,839 $ 209,700
Less: Foreign taxes........................... (12,768) (14,950) (27,975)
----------- ------------ -----------
Total investment income........................ $ 109,843 $ 85,889 $ 181,725
----------- ------------ -----------
Expenses --
Investment adviser fee (Note 2)................ $ 13,268 $ 13,842 $ 19,770
Administrator fee (Note 2)..................... 1,769 1,846 2,636
Audit fees..................................... 9,233 9,233 8,733
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 251 529 529
Custodian fee (Note 2)......................... 13,516 20,704 10,347
Transfer & dividend disbursing agent fees...... 5,001 4,171 5,050
Distribution expenses (Note 3)................. 4,423 4,614 6,590
Legal services................................. 263 264 259
Registration costs............................. 6,136 8,395 6,029
Amortization of organization expense (Note 1E). 923 3,669 1,074
Printing....................................... 711 711 711
Interest expense............................... 335 534 1,608
Miscellaneous.................................. 1,177 981 1,056
----------- ------------ -----------
Total expenses................................. $ 57,006 $ 69,493 $ 64,392
----------- ------------ -----------
Deduct --
Reduction of investment adviser fee (Note 2). $ 3,838 $ 3,818 $ 5,413
Allocation of expenses to
investment adviser (Note 2)................. 16,500 27,240 2,625
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... 1,279 1,273 3,608
----------- ------------ -----------
Total deducted............................... $ 21,617 $ 32,331 $ 11,646
----------- ------------ -----------
Net expenses................................. $ 35,389 $ 37,162 $ 52,746
----------- ------------ -----------
Net investment income...................... $ 74,454 $ 48,727 $ 128,979
----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)......................... $ (137,398) $ (1,068,474) $ (28,571)
Change in unrealized appreciation
of investments.................................. 275,995 1,073,721 808,226
----------- ------------ -----------
Net realized and unrealized gain............. $ 138,597 $ 5,247 $ 779,655
----------- ------------ -----------
Net increase in net assets
from operations............................. $ 213,051 $ 53,974 $ 908,634
============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-------------------------------------------------------------------------------
BELGIUM/
LUXEMBOURG SERIES BRITAIN SERIES GERMANY SERIES
---------------------- --------------- ----------------
1995(1) 1994(2) 1995(3) 1995(4)
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income.............. $ 277,816 $ 70,506 $ 90,297 $ 110,226
Net realized gain (loss) on investment
and currency transactions......... 11,535 (88,661) 93,777 10,985
Change in unrealized appreciation
of investments and translations
of assets and liabilities in foreign
currencies........................ 1,696,048 135,933 312,138 435,114
----------- ---------- ---------- ----------
Increase in net assets
from operations................. $1,985,399 $ 117,778 $ 496,212 $ 556,325
Distributions to shareholders from
net investment income............... -- (42,100) -- --
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)......... (17,458) 45,398 7,674 1,181
Net increase from Fund share
transactions (exclusive of amounts
allocated to net investment income)
(Note 4)............................ 886,781 11,315,759 15,157,267 14,671,692
----------- ---------- ---------- ----------
Net increase in net assets......... $2,854,722 $11,436,835 $15,661,153 $15,229,198
NET ASSETS:
At beginning of period............... 11,436,835 -- -- --
----------- ---------- ---------- ----------
At end of period..................... $14,291,557 $11,436,835 $15,661,153 $15,229,198
============ =========== =========== ===========
UNDISTRIBUTED NET INVESTMENT
INCOME INCLUDED IN NET ASSETS......... $ 334,162 $ 73,804 $ 97,971 $ 111,407
============ =========== =========== ===========
<FN>
(1) For the six months ended June 30, 1995 (Unaudited).
(2) For the period from the start of business, February 15, 1994, to December
31, 1994. (3) For the period from the start of business, April 20, 1995, to
June 30, 1995 (Unaudited). (4) For the period from the start of business,
April 19, 1995, to June 30, 1995 (Unaudited).
</FN>
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------------------------------------
HONG KONG SERIES ITALIAN SERIES JAPANESE SERIES
----------------- ------------------- -------------------
1995(1) 1994 1995(1) 1994 1995(1) 1994(2)
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ 670,621 $ 926,621 $ 9,785 $ 112,609 $ (44,223) $ (44,671)
Net realized gain (loss) on investment
and currency transactions......... (1,667,916) (2,011,071) (224,201) (112,057) (127,352) 131,722
Change in unrealized appreciation
(depreciation).................... 3,065,719 (8,868,569) 112,103 (163,269) (1,106,993) (433,352)
----------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in net assets
from operations................ $2,068,424 $(9,953,019) $ (102,313) $ (162,717) $(1,278,568) $ (346,301)
Distributions to shareholders from
net investment income............... -- (297,846) -- (89,592) -- --
Distributions to shareholders
from net realized gains............ -- -- -- -- -- (101,597)
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)......... 1,234,335 427,406 (3,643) (13,681) -- 970
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 16,001,061 13,291,870 (100,503) 940,820 12,801,730 9,099,736
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease)
in net assets..................... $19,303,820 $ 3,468,411 $ (206,459) $ 674,832 $11,523,162 $ 8,652,808
NET ASSETS:
At beginning of period............... 19,678,713 16,210,302 1,299,204 624,372 8,652,808 --
----------- ---------- ---------- ---------- ---------- ----------
At end of period..................... $38,982,533 $19,678,713 $ 1,092,745 $ 1,299,204 $20,175,970 $ 8,652,808
============ =========== ============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME INCLUDED IN
NET ASSETS............................ $3,309,825 $ 1,404,869 $ 14,313 $ 8,171 $ (43,253) $ 970
============ =========== ============ =========== ============ ===========
<FN>
(1) For the six months ended June 30, 1995 (Unaudited).
(2) For the period from the start of business, February 15, 1994, to December
31, 1994.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-------------------------------------------------------------------------
MEXICO SERIES NETHERLANDS SERIES NORDIC SERIES
-------------------- ------------------- ----------------------
1995(1) 1994(2) 1995(1) 1994 1995(1) 1994(3)
- -------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ 12,625 $ (83,369) $ 51,659 $ 8,994 $ 74,454 $ (23,500)
Net realized gain (loss)
on investment transactions........ (7,501,480) 939,626 562,411 1,073,586 (137,398) (17,297)
Change in unrealized appreciation
(depreciation).................... 5,665,986 (6,477,222) 187,321 (276,745) 275,995 (51,045)
----------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in net assets
from operations................. $(1,822,869) $(5,620,965) $ 801,391 $ 805,835 $ 213,051 $ (91,842)
Distributions to shareholders from
net investment income............... -- -- -- (7,137) -- --
Distributions to shareholders
from net realized gains............ (166,814) (871,953) (21,642) (1,066,885) -- (315,015)
Distributions to shareholders
from paid-in cpaital................ -- -- -- -- -- (3,414)
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... -- -- 2,628 (43,795) (618) 12,795
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 12,184,922 19,915,264 2,819,076 (4,490,841) (5,901,151) 9,109,374
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease)
in net assets................... $10,195,239 $13,422,346 $ 3,601,453 $(4,802,823) $(5,688,718) $8,711,898
NET ASSETS:
At beginning of period............... 13,422,346 -- 3,950,618 8,753,441 8,711,898 --
----------- ---------- ---------- ---------- ---------- ----------
At end of period..................... $23,617,585 $13,422,346 $ 7,552,071 $3,950,618 $3,023,180 $8,711,898
============ =========== ============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 12,598 $ (27) $ 48,800 $ (5,487) $ 61,040 $ (12,796)
============ =========== ============ =========== ============ ===========
<FN>
(1) For the six months ended June 30, 1995 (Unaudited).
(2) For the period from the start of business, August 2, 1994, to December
31, 1994. (3) For the period from the start of business, February 14, 1994,
to December 31, 1994.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- -----------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-----------------------------------------------
SPAIN SERIES SWITZERLAND SERIES
------------------ -------------------
1995(1) 1994 1995(1) 1994(2)
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income ............. $ 48,727 $ 59,884 $ 128,979 $ 24,615
Net realized loss on
investment transactions........... (1,068,474) (433,534) (28,571) (252,712)
Change in unrealized appreciation
(depreciation).................... 1,073,721 (989,720) 808,226 (86,635)
---------- ---------- ---------- ----------
Increase (decrease) in net assets
from operations................. $ 53,974 $(1,363,370) $ 908,634 $ (314,732)
Distributions to shareholders
from net investment income.......... -- (21,614) -- (20,218)
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)......... (83,579) 225,472 18,859 5,573
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... (3,546,899) 6,774,253 4,157,476 4,141,912
---------- ---------- ---------- ----------
Net increase (decrease)
in net assets................... $(3,576,504) $5,614,741 $5,084,969 $3,812,535
NET ASSETS:
At beginning of period............... 6,375,077 760,336 3,812,535 --
---------- ---------- ---------- ----------
At end of period..................... $ 2,798,573 $6,375,077 $8,897,504 $3,812,535
============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 234,108 $ 268,960 $ 157,808 $ 9,970
============ =========== ============ ===========
<FN>
(1)For the six months ended June 30, 1995 (Unaudited).
(2)For the period from the start of business, February 14, 1994, to December
31, 1994.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
BELGIUM/LUXEMBOURG SERIES
---------------------------------
1995(1) 1994(2)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 10.240 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income............................. $ 0.197 $ 0.106
Net realized and unrealized gain.................. 1.453 0.174
-------- --------
Total income from investment operations......... $ 1.650 $ 0.280
-------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.040)
-------- --------
Net asset value, end of period...................... $ 11.890 $ 10.240
========= =========
Total Return(4)..................................... 16.11% 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 14,292 $ 11,437
Ratio of net expenses to average net assets....... 1.59%(3) 1.62%(3)
Ratio of net investment income to average net assets 4.35%(3) 0.95%(3)
Portfolio Turnover Rate........................... 5% 26%
<FN>
(1) For the six months ended June 30, 1995 (Unaudited).
(2) For the period from start of business, February 15, 1994 to December 31, 1994.
(3) Annualized.
(4)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
BRITAIN SERIES
---------------------------------
1995(1)
- ---------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
--------
Income from Investment Operations:
Net investment income............................. $ 0.065
Net realized and unrealized gain.................. 0.255
--------
Total income from investment operations......... $ 0.320
--------
Net asset value, end of period...................... $ 10.320
=========
Total Return(2)..................................... 3.20%
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 15,661
Ratio of net expenses to average net assets....... 1.15%(3)
Ratio of net investment income to average net assets 3.11%(3)
Portfolio Turnover Rate........................... 3.7%
<FN>
(1) For the period from start of business, April 20, 1995, to June 30,1995
(Unaudited).
(2)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
(3) Annualized.
</FN>
See notes to financial statements
</TABLE>
FINANCIAL HIGHLIGHTS
- ------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
GERMANY SERIES
--------------------------------
1995(1)
- --------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
--------
Income from Investment Operations:
Net investment income............................. $ 0.076
Net realized and unrealized gain.................. 0.314
--------
Total income from investment operations......... $ 0.390
--------
Net asset value, end of period...................... $ 10.390
=========
Total Return(2)..................................... 3.90%
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 15,229
Ratio of net expenses to average net assets....... 1.46%(3)
Ratio of net investment income to average net assets 4.83%(3)
Portfolio Turnover Rate........................... 15%
<FN>
(1) For the period from start of business, April 19, 1995, to June 30,1995
(Unaudited).
(2)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
(3) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- -----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------------------------------------
HONG KONG SERIES
-------------------
1995(3) 1994 1993 1992 1991 1990(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360 $ 10.000
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income(1).............. $ 0.208 $ 0.678 $ 0.426 $ 0.330 $ 0.266 $ 0.093
Net realized and unrealized gain
(loss) on investments................ 0.172 (8.448) 9.394 1.355(3) 2.474 (1.733)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations.......... $ 0.380 $ (7.770) $ 9.820 $ 1.685 $ 2.740 $ (1.640)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.200) $ (0.254) $ (0.170) $ (0.200) $ --
From net realized gains on investments -- -- (0.346) (0.015) (0.630) --
-------- -------- -------- -------- -------- --------
Total distributions................. $ -- $ (0.200) $ (0.600) $ (0.185) $ (0.830) --
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ 13.400 $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360
========= ========= ========= ========= ========= =========
Total Return(4) ........................ 2.92% (37.03%) 84.32% 16.33% 34.34% (17.20%)
Annualized Ratios/Supplemental Data
Net assets, end of period (000 omitted) $ 38,983 $ 19,679 $ 16,210 $ 3,545 $ 23 $ 301
Ratio of net expenses to average net assets 1.30%(5) 1.41% 2.00% 2.00% 2.00% 2.00%
Ratio of net investment income to
average net assets................... 3.93%(5) 3.93% 3.01% 3.13% 2.88% 2.17%
Portfolio Turnover Rate............... 82% 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) For the six months ended June 30, 1995 (Unaudited).
(4)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
(5) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-------------------------------------------------------------------------
ITALY SERIES
-----------------
1995(5) 1994 1993 1992(3) 1991 1990(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 4.940 $ 5.030 $ 4.520 $ 6.910 $ 7.630 $ 10.000
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income(1).............. $ 0.029 $ 0.370 $ 0.006 $ 0.056 $ 0.080 $ 0.039
Net realized and unrealized gain
(loss) on investments................ (0.359) (0.130) 0.514 (2.416) (0.740) (2.409)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations.......... $ (0.330) $ 0.240 $ 0.520 $ (2.360) $ (0.660) $ (2.370)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.330) $ (0.010) $ (0.030) $ (0.060) --
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ 4.610 $ 4.940 $ 5.030 $ 4.520 $ 6.910 $ 7.630
========= ========= ========= ========= ========= =========
Total Return(4)......................... (6.68%) 4.98% 11.51% (34.27%) (8.51%) (24.60%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 1,093 $ 1,299 $ 624 $ 495 $ 99 $ 254
Ratio of net expenses to average net assets 2.00%(6) 2.00% 2.00% 2.00% 2.00% 2.00%(6)
Ratio of net investment income to average
net assets........................... 1.57%(6) 5.26% 0.19% 0.99% 0.97% 0.90%
Portfolio Turnover Rate............... 194% 281% 114% 32% 68% 3%
<FN>
(1)During each of the years ended in the periods ended December 31, 1994, and
the six months ended June 30, 1995, 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:
1995(5) 1994 1993 1992(3) 1991 1990(2)
---- ---- ---- ---- ---- ----
Net investment income (loss) per share.. $ (0.075) $ 0.203 $ (0.291) $ (0.685) $ (1.406) $ (0.866)
========= ========= ========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.............................. 7.53% (6) 4.36% 11.42% 15.10% 20.02% 22.89% (6)
========= ========= ========= ========= ========= =========
Net investment income (loss).......... (3.97%)(6) 2.90% (9.23%) (12.11%) (17.05%) (19.99%)(6)
========= ========= ========= ========= ========= =========
(2) For the period from the start of business, June 28, 1990, to December 31, 1990.
(3) Certain of the per share figures are based on average shares outstanding.
(4) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the payable date.
(5) For the six months ended June 30, 1995 (Unaudited).
(6) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
JAPAN SERIES
--------------------------------
1995(1) 1994(2)
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 9.660 $ 10.000
-------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.020) $ (0.050)
Net realized and unrealized loss.................. (0.860) (0.170)
-------- --------
Total loss from investment operations........... $ (0.880) $ (0.220)
-
-------- --------
Less Distributions:
From net realized gain on investments............. $ -- $ (0.120)
-------- --------
Net asset value, end of period...................... $ 8.780 $ 9.660
========= =========
Total Return(4)..................................... (9.11%) (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 20,176 $ 8,653
Ratio of net expenses to average net assets....... 1.81% (3) 1.83% (3)
Ratio of net investment loss to average net assets (0.81%)(3) (0.66%)(3)
Portfolio Turnover Rate........................... 29% 48%
<FN>
(1) For the six months ended June 30, 1995 (Unaudited).
(2) For the period from the start of business, February 14, 1994 to December 31, 1994.
(3) Annualized.
(4)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------
MEXICO SERIES
----------------------------------
1995(1) 1994(2)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 6.480 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ 0.002 $ (0.040)
Net realized and unrealized loss.................. (1.949) (2.970)
-------- --------
Total loss from investment operations........... $ (1.947) $ (3.010)
-------- --------
Less Distributions:
From net realized gain on investments............. $ (0.073) $ (0.510)
-------- --------
Net asset value, end of period...................... $ 4.460 $ 6.480
========= =========
Total Return(4)..................................... (29.58%) (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 23,618 $ 13,422
Ratio of net expenses to average net assets....... 1.56%(3) 1.38% (3)
Ratio of net investment loss to average net assets 0.16%(3) (0.98%)(3)
Portfolio Turnover Rate........................... 131% 85%
<FN>
(1) For the six months ended June 30, 1995 (Unaudited).
(2) For the period from the start of business, August 2, 1994 to December 31, 1994.
(3) Annualized.
(4)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------------------------------------------------
NETHERLANDS SERIES
---------------------
1995(3) 1994 1993(4) 1992 1991 1990(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650 $ 10.000
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)....... $ 0.072 $ (0.060) $ (0.015) $ 0.108 $ 0.114 $ (0.014)
Net realized and unrealized gain
(loss) on investments................ 1.309 1.150 1.655 (0.958) 0.756 (1.336)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations.......... $ 1.381 $ 1.090 $ 1.640 $ (0.850) $ 0.870 $ (1.350)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.020) $ (0.080) $ (0.110) $ (0.100) $ --
From net realized gains on investments (0.041) (2.990) -- -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions................... $ (0.041) $ (3.01) $ (0.080) $ (0.110) $ (0.100) $ --
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ 9.440 $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650
========= ========= ========= ========= ========= =========
Total Return(5) ........................ 17.70% 11.68% 19.52% (9.18%) 10.00% (14.30%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 7,552 $ 3,951 $ 8,753 $ 165 $ 134 $ 288
Ratio of net expenses to average net assets 2.00%(6) 1.93% 2.00% 2.00% 1.69% 2.00% (6)
Ratio of net investment income (loss) to average
net assets........................... 1.94%(6) 0.13% (0.16%) 1.26% 1.39% (0.31%)(6)
Portfolio Turnover Rate............... 185% 101% 47% 69% 59% 7%
<FN>
(1)During each of the periods presented, 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:
1995(3) 1993(4) 1992 1991 1990(2)
---- ---- ---- ---- ----
Net investment income (loss) per share.. $ 0.050 $ (0.085) $ (2.481) $ (1.078) $ (0.893)
========= ========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.............................. 2.60%(6) 2.75% 32.21% 16.23% 21.47% (6)
========= ========= ========= ========= =========
Net investment income (loss).......... 1.33%(6) (0.91%) (28.95%) (13.15%) (19.78%)(6)
========= ========= ========= ========= =========
(2) For the period from the start of business, June 28, 1990, to December 31, 1990.
(3) For the six months ended June 30, 1995 (Unaudited).
(4) Certain of the per share data for the year ended December 31, 1993 were based on average shares outstanding throughout the
period.
(5) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the payable date.
(6) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
NORDIC SERIES
----------------
1995(2) 1994(3)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 9.500 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income (loss) (1).................. $ 0.229 $ (0.012)
Net realized and unrealized gain (loss)........... 0.661 (0.118)
-------- --------
Total loss
from investment operations...................... $ 0.890 $ (0.130)
-------- --------
Less Distributions:
In excess of net realized gain on investments..... $ -- $ (0.366)
From paid-in capital.............................. -- (0.004)
-------- --------
Total distributions............................... $ -- $ (0.370)
-------- --------
Net asset value, end of period...................... $ 10.390 $ 9.500
========= =========
Total Return(5)..................................... 9.37% (1.19%)
Annualized Ratios/Supplemental Data
Net assets, end of period (000 omitted)........... $ 3,023 $ 8,712
Ratio of net expenses to average net assets....... 2.00%(4) 1.78% (4)
Ratio of net investment loss to average net assets 4.25%(4) (0.35%)(4)
Portfolio Turnover Rate........................... 100% 33%
<FN>
(1) During the period ended June 30, 1995, the Investment Adviser and the
Principal Underwriter reduced their fees and the Investmetn Adviser was
allocated a portion of operating expenses. Had such actions not been
undertaken, net investment income per share and the ratios would have been
as follows:
1995(2)
Net investment income per share..................... $ 0.163
=========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.25%(4)
=========
Net investment income............................. 3.01%(4)
=========
(2)For the six months ended June 30, 1995 (Unaudited).
(3)For the period from the start of business, February 14, 1994 to December 31, 1994.
(4).......................................Annualized.
(5)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------------------------------------
SPAIN SERIES
-------------
1995(3) 1994 1993 1992 1991 1990(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 5.890 $ 6.530 $ 5.380 $ 8.140 $ 7.750 $ 10.000
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income(1).............. $ 0.270 $ 0.186 $ 0.053 $ 0.038 $ 0.140 $ 0.079
Net realized and unrealized gain
(loss) on investments................ 0.040 (0.806) 1.107 (2.728) 0.350 (2.289)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations.......... $ 0.310 $ (0.620) $ 1.160 $ (2.690) $ 0.490 $ (2.210)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.020) $ (0.010) $ (0.070) $ (0.100) $ --
From net realized gains on investments -- -- -- -- -- (0.040)
-------- -------- -------- -------- -------- --------
Total Distributions................. $ -- $ (0.020) $ (0.010) $ (0.070) $ (0.100) $ (0.040)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ 6.200 $ 5.890 $ 6.530 $ 5.380 $ 8.140 $ 7.750
========= ========= ========= ========= ========= =========
Total Return(4)......................... 5.26% (9.50%) 21.59% (33.12%) 7.19% (22.92%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 2,799 $ 6,375 $ 760 $ 520 $ 127 $ 260
Ratio of net expenses to average net assets 2.00%(5) 2.00% 2.00% 2.00% 2.00% 2.00%
Ratio of net investment income to average
net assets........................... 2.65%(5) 0.83% 0.88% 1.38% 1.40% 1.83%
Portfolio Turnover Rate............... 122% 152% 88% 44% 70% 1%
<FN>
(1)During each of the periods presented, either the Investment Adviser, the
Administrator or 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:
1995(2) 1994 1993 1992 1991 1990
---- ---- ---- ---- ---- ----
Net investment income (loss) per share.. $ 0.091 $ 0.178 $ (0.475) $ (0.287) $ (1.320) $ (0.776)
========= ========= ========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.............................. 3.78%(5) 2.06% 10.76% 13.81% 16.60% 21.80%
========= ========= ========= ========= ========= =========
Net investment income (loss).......... 0.89%(5) 0.77% (7.88%) (10.43%) (13.21%) (17.97%)
========= ========= ========= ========= ========= =========
(2) For the period from the start of business, June 28, 1990, to December 31, 1990.
(3) For the six months ended June 30, 1995 (Unaudited).
(4)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
(5) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------
SWITZERLAND SERIES
-------------------
1995(2) 1994(3)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 9.430 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income(1).......................... $ 0.174 $ 0.075
Net realized and unrealized gain (loss)........... 1.596 (0.595)
-------- --------
Total gain (loss) from investment operations.... $ 1.770 $ (0.520)
-
Less Distributions:
From net investment income........................ -- (0.050)
-------- --------
Net asset value, end of period...................... $ 11.200 $ 9.430
========= =========
Total Return(5)..................................... 18.77% (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 8,898 $ 3,813
Ratio of net expenses to average net assets....... 2.00%(4) 2.00%(4)
Ratio of net investment income to average net assets 4.87%(4) 0.49%(4)
Portfolio Turnover Rate........................... 59% 94%
<FN>
(1)During each of the periods presented, the Investment Adviser and the
Principal Underwriter reduced their fees, and the Investment Adviser was
allocated a portion of each series' operating expenses. Had such actions
not been undertaken, net investment income per share and the ratios would
have been as follows:
1995(2) 1994(3)
---- ----
Net investment income per share..................... $ 0.158 $ 0.063
========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.43%(4) 2.08%(4)
========= =========
Net investment income............................. 4.43%(4) 0.41%(4)
========= =========
(2) For the six months ended June 30, 1995 (Unaudited).
(3) For the period from the start of business, February 14, 1994 to December 31, 1994.
(4) Annualized.
(5)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the payable date.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- -------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright EquiFund Equity Trust (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 11 active series (Funds),
Wright EquiFund -- Belgium/Luxembourg (Belgium/Luxembourg series), Wright
EquiFund -- Britain (Britain series), Wright EquiFund -- Germany (Germany
series), Wright EquiFund -- Hong Kong (Hong Kong series), Wright EquiFund --
Italy (Italy series), Wright EquiFund -- Japan (Japan series), Wright EquiFund
- -- Mexico (Mexico series), Wright EquiFund -- Netherlands (Netherlands series),
Wright EquiFund -- Nordic (Nordic series), Wright EquiFund -- Spain (Spain
series), and Wright EquiFund -- Switzerland (Switzerland 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
<PAGE>
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 incurred after
October 31, 1994,are treated as arising on the first day of the Fund's current
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/Luxembourg series, $37,177 Italy
series, $188,806 Spain series and $236,284 Switzerland 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:
- ----------------------------------------------------------------------------
Belgium- Switzer-
Dec. Luxembourg Italy Spain land
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
- -----------------------------------------------------------------------------
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 areaccounted 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.
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.
These changes had no effect on the net assets per share.
H. Interim Financial Information -- The interim financial statements relating to
June 30,1995 and for the period then ended have not been audited by independent
certified public accountants,but in the opinion of the Trust's management,
reflect all
<PAGE>
adjustments, consisting of normal recurring adjustments, necessary
for the fair presentation of the financial statements.
(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 compensated 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 Hong Kong, Italy, Netherlands, and Spain Series. For the
six months ended June 30, 1995, the annual effective rate was 0.75% for all
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 period
ended June 30, 1995, the effective annual rate was 0.10% for each of the
existing series. To enhance the net income of the Italy Series, Wright reduced
its management fee by $4,692, and was allocated $28,359 of other expenses;
Netherlands Series, Wright reduced its management fee by $9,704 and was
allocated $3,220 of other expenses; Nordic Series, Wright reduced its management
fee by $3,838 and was allocated $16,500 of other expenses; Spain Series, Wright
reduced its management fee by $3,818 and was allocated $27,240 of other
expenses; Switzerland Series, Wright reduced its management fee by $5,413 and
was allocated $2,625 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 period ended June 30, 1995, Wright
Investors' Service Distributors Inc. reduced its fees to the Italy, Netherlands,
Nordic, Spain, and Switzerland Series by $1,564, $3,235, $1,279, $1,273 and
$3,608, 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:
<PAGE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1995 (Unaudited) December 31, 1994
-------------------------- ------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES(1)
<S> <C> <C> <C> <C>
Sales 499,673 $ 5,483,703 1,364,481 $13,860,124
Issued to shareholders in payment
of distributions declared -- -- 4,191 41,912
Redemptions (415,411) $(4,596,922) (251,253) (2,586,277)
--------- ----------- --------- -----------
Net Increase 84,262 $ 886,781 1,117,419 $11,315,759
========== ============ ========== ============
BRITAIN SERIES(2)
Sales 1,569,969 $15,687,358
Redemptions (51,827) (530,091)
--------- -----------
Net Increase 1,518,142 $15,157,267
========== ============
GERMAN SERIES(3)
Sales 1,542,857 $15,460,258
Redemptions (76,928) (788,566)
--------- -----------
Net Increase 1,465,929 $14,671,692
========== ============
HONG KONG SERIES
Sales 7,422,399 $89,321,223 6,415,882 $100,980,326
Issued to shareholders in payment
of distributions declared (2) (21) 20,895 255,440
Redemptions (6,024,565) (73,320,141) (5,697,304) (87,943,896)
--------- ----------- --------- -----------
Net Increase 1,397,832 $ 16,001,061 739,473 $13,291,870
========== ============ ========== ============
ITALY SERIES
Sales 282,691 $ 1,384,908 2,109,946 $12,329,736
Issued to shareholders in payment
of distributions declared -- -- 17,978 86,111
Redemptions (309,023) (1,485,411) (1,988,888) (11,475,027)
--------- ----------- --------- -----------
Net Increase (Decrease) (26,332) $ (100,503) 139,036 $ 940,820
========== ============ ========== ============
JAPAN SERIES(4)
Sales 2,571,967 $23,580,519 1,759,740 $18,115,761
Issued to shareholders in payment
of distributions declared 121 1,140 10,651 100,226
Redemptions (1,169,320) (10,779,929) (874,304) (9,116,251)
--------- ----------- --------- -----------
Net Increase 1,402,768 $12,801,730 896,087 $ 9,099,736
========== ============ ========== ============
<FN>
(1) For the period from the start of business, February 15, 1994, to December 31, 1994.
(2) For the period from the start of business, April 20, 1995, to June 30, 1995.
(3) For the period from the start of business, April 19, 1995, to June 30, 1995.
(4) For the period from the start of business, February 14, 1994, to December 31, 1994.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1995 (Unaudited) December 31, 1994
-------------------------- ------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------------------------
MEXICO SERIES(1)
<S> <C> <C> <C> <C>
Sales 7,600,786 $31,972,539 3,304,755 $32,988,324
Issued to shareholders in payment
of distributions declared 40,963 129,033 113,074 862,752
Redemptions (4,413,557) (19,916,650) (1,345,733) (13,935,812)
--------- ----------- --------- -----------
Net Increase 3,228,192 $12,184,922 2,072,096 $19,915,264
========== ============ ========== ============
NETHERLANDS SERIES
Sales 949,665 $ 8,453,927 671,410 $ 7,157,730
Issued to shareholders in payment
of distributions declared 2,393 20,770 132,992 1,049,308
Redemptions (639,795) (5,655,621) (1,189,657) (12,697,879)
--------- ----------- --------- -----------
Net Increase (Decrease) 312,263 $ 2,819,076 (385,255) $(4,490,841)
========== ============ ========== ============
NORDIC SERIES(2)
Sales 165,291 $ 1,596,480 1,290,707 $12,817,114
Issued to shareholders in payment
of distributions declared -- -- 34,769 316,749
Redemptions (791,381) (7,497,631) (408,510) (4,024,489)
--------- ----------- --------- -----------
Net Increase (Decrease) (626,090) $(5,901,151) 916,966 $ 9,109,374
========== ============ ========== ============
SPAIN SERIES
Sales 569,148 $ 3,093,426 2,849,912 $19,047,572
Issued to shareholders in payment
of distributions declared -- -- 3,519 21,113
Redemptions (1,200,863) (6,640,325) (1,886,844) (12,294,432)
--------- ----------- --------- -----------
Net Increase (Decrease) (631,715) $(3,546,899) 966,587 $ 6,774,253
========== ============ ========== ============
SWITZERLAND SERIES(2)
Sales 927,054 $ 9,730,415 940,681 $ 9,373,201
Issued to shareholders in payment
of distributions declared -- -- 2,164 19,866
Redemptions (536,607) (5,572,939) (538,689) (5,251,155)
--------- ----------- --------- -----------
Net Increase 390,447 $ 4,157,476 404,156 $ 4,141,912
========== ============ ========== ============
<FN>
(1) For the period from the start of business, August 2, 1994, to December 31,
1994. (2) For the period from the start of business, February 14, 1994, to
December 31, 1994.
</FN>
</TABLE>
<PAGE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the six months ended June 30, 1995, were as
follows:
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Belgium/Luxembourg $ 2,997,431 $ 311,051 Mexico 21,844,888 9,320,070
Britain 14,415,995 491,474 Netherlands 7,334,734 4,560,547
Germany 14,553,158 376,715 Nordic 1,801,162 7,414,215
Hong Kong 29,442,040 12,633,458 Spain 2,072,884 5,649,597
Italy 1,108,552 1,451,906 Switzerland 7,191,052 2,745,312
Japan 9,339,006 1,487,370
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(6) FEDERAL INCOME TAX BASIS
OF INVESTMENT SECURITIES
The cost and net unrealized appreciation/depreciaton of the investment
securities owned at June 30, 1995, as computed on a federal income tax basis,
are as follows:
<TABLE>
<CAPTION>
Gross Gross Net Unrealized
Aggregate Unrealized Unrealized Appreciation
SERIES Cost Appreciation - Depreciation = ( Depreciation )
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIUM/LUXEMBOURG $ 12,967,805 $ 1,860,786 -- $ (34,535) = $ 1,826,251
============== ==============
BRITAIN $ 14,018,347 $ 537,262 -- $ (225,013) = $ 312,249
============== ==============
GERMANY $ 14,187,428 $ 699,862 -- $ (265,196) = $ 434,666
============== ==============
HONG KONG $ 38,779,500 $ 1,592,208 -- $(2,937,061) = $ (1,344,853)
============== ==============
ITALY $ 958,213 $ 12,171 -- $ (55,518) = $ (43,347)
============== ==============
JAPAN $ 16,063,424 $ 223,876 -- $(1,766,543) = $ (1,542,667)
============== ==============
MEXICO $ 22,908,727 $ 1,530,061 -- $(2,341,297) = $ (811,236)
============== ==============
NETHERLANDS $ 6,770,124 $ 567,694 -- $ (18,269) = $ 549,425
============== ==============
NORDIC $ 2,766,226 $ 258,485 -- $ (61,078) = $ 224,407
============== ==============
SPAIN $ 2,558,148 $ 171,251 -- $ (43,574) = $ 127,677
============ ============
SWITZERLAND $ 9,456,486 $ 747,392 -- $ (28,293) = $ 719,099
============== ==============
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(7) FINANCIAL INSTRUMENTS
The Trust may trade in financial instruments with off-balance sheet risk in
the normal 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 June 30, 1995.
(8) FUNDS
At June 30, 1995, the Trust consisted of 19 Series of which eight series
did not have active operations.
(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 $10,000,000 committed facility
and a $10,000,000 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 prorated commitment fee computed at a rate of 1/4 of 1% of
$10,000,000 less the value of any borrowing. The Belgium/Luxembourg, Netherlands
and Switzerland Series had loans outstanding of $496,530, $1,158,455, and
$1,358,280, respectively, at June 30, 1995.
<PAGE>
EQUIFUND -
THE WRIGHT EQUIFUND
EQUITY TRUST
SEMI-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.
