WRIGHT EQUIFUND EQUITY TRUST, 497, 1995-10-17

WRIGHT EQUIFUND EQUITY TRUST
497, 1995-10-17

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

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

THE WRIGHT
EQUIFUND
EQUITY TRUST

EquiFund Logo

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

PROSPECTUS
OCTOBER 13, 1995

<PAGE>

PROSPECTUS

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

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

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

Each Fund seeks to enhance total investment return (consisting of price
appreciation plus income) by investing in a broadly based portfolio of equity
securities selected from the publicly traded companies in the National Equity
Index for the nation or nations in which each Fund is permitted to invest. Only
securities for which adequate public information is available and which could be
considered acceptable for investment by a prudent person will comprise the
National Equity Indices.

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

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

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

or Call: (800) 888-9471

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

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

PROSPECTUS DATED OCTOBER 13, 1995

<PAGE>

TABLE OF CONTENTS

PAGE

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

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

AN INTRODUCTION TO THE FUNDS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[/FN]
</TABLE>

<PAGE>

EXAMPLE OF FUND EXPENSES

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

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

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

</TABLE>

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

NOTES

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

<PAGE>

FINANCIAL HIGHLIGHTS

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

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

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

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

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

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

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

<FN>

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

<TABLE>

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

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

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

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

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

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

<FN>

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

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

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

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

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

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

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

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

<FN>

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

</FN>
</TABLE>
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

</FN>
</TABLE>
<PAGE>

<TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

</FN>
</TABLE>
<PAGE>

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

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

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

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

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

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

<FN>

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

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

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

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

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

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

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

<FN>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

<TABLE>

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

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

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

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

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

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

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

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

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

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

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

</FN>
</TABLE>

<PAGE>

THE FUNDS AND THEIR INVESTMENT OBJECTIVES AND POLICIES

Each Fund seeks to enhance total investment return (consisting of price
appreciation plus income) by investing in a broadly based portfolio of equity
securities selected by the Investment Adviser from the publicly traded companies
in the National Equity Index for the nation or nations in which each Fund is
permitted to invest. Only securities for which adequate public information is
available and which could be considered acceptable for investment by a prudent
person will comprise a National Equity Index. Each Fund will invest at least 65%
of its total assets in the securities of companies located in the country or
countries referred to in its name. The multiple country Funds will invest in
securities of issuers in the following countries: Wright EquiFund--Australasia
- -- Australia and New Zealand; Wright EquiFund--Belgium/Luxembourg -- Belgium and
Luxembourg and Wright EquiFund--Nordic -- Denmark, Finland, Norway and Sweden.
International Fund will invest at least 65% of its total assets among the
countries (excluding the United States) for which National Equity Indices exist.
Global Fund will invest at least 65% of its total assets among the countries
(including the United States) for which National Equity Indices exist. The
multiple country Funds will not necessarily allocate investments equally among
the different countries located in the applicable geographical regions since
there may be a limited number of qualified issuers and securities in a given
country. Thus, investments may at times be weighted more heavily in some
countries within a multiple country Fund. In some instances, all of the assets
of a multiple-country Fund may be invested in one country. A Fund's selection of
equity securities is limited to those equity securities included in the National
Equity Index (which is described below) relating to such Fund. Each Fund will,
under normal market conditions, invest at least 80% of its net assets in equity
securities, including common stocks, preferred stocks and securities convertible
into stock. With respect to Austria, Belgium/Luxembourg, Canada, France,
Germany, Hong Kong, Italy, Japan, Netherlands, Nordic, Spain and Switzerland
Funds, the policy stated in the preceding sentence is fundamental and may not be
changed without shareholder approval. As a matter of nonfundamental policy, it
is expected that the Funds will normally be fully invested in equity securities.
However, for temporary defensive purposes, a Fund may hold cash or invest all or
a portion of its net assets in the short-term debt securities described under
"Special Considerations -- Defensive Investments."

Except as provided above, the investment objective and policies of each
Fund have not been identified as fundamental and may be changed by the Trustees
of the Trust without a vote of the affected Fund's shareholders. Any such change
of the investment objective of a Fund will be preceded by thirty days' advance
written notice to each shareholder of such Fund. If any changes were made, the
Fund might have an investment objective different from the objective which an
investor considered appropriate at the time the investor became a shareholder in
the Fund. There is no assurance that the Funds will achieve their respective
investment objective. The market price of securities held by the Funds that are
quoted or denominated in foreign currencies, when expressed in U.S. dollars,
will fluctuate in response to changes in exchange rates between the U.S. dollar
and the currencies in which the securities are quoted or denominated. The net
asset value of each Fund's shares will also fluctuate as a result of changes in
the value of the securities that it owns.
<PAGE>

THE NATIONAL EQUITY INDICES

Wright, with the assistance of local financial institutions as described
below, has developed the National Equity Indices (the "Indices"). Each Index is
designed to be an index of substantially all the publicly traded companies in
the nation or nations in which each respective Fund is permitted to invest which
meet the requirements of a prudent investor. The prudent investor standard
requires that care, skill and caution be used in selecting securities for
investment. This prudent investor standard is the foundation for the investment
criteria employed in creating the Indices. Each Fund will select securities for
investment from those included in the corresponding Index, or in the case of
International Fund, from those included in all the Indices except the United
States National Equity Index or in the case of Global Fund, from those included
in all the Indices including the United States National Equity Index.

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

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

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

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

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

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

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

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

The securities included in an Index will be (i) admitted to official
listing on a stock exchange in any Member State of the European Economic
Community, (ii) admitted to official listing on a recognized stock exchange in
any other country in Western Europe, Asia, Oceania, the American continents,
including Bermuda, and Africa, (iii) traded on another regulated market in any
such Member State of the European Economic Community or such other country
referred to above, provided such market operates regularly and is recognized and
open to the public, or (iv) recently issued, provided the terms of the issue
provide that application be made for admission to official listing on any of the
stock exchanges or other regulated markets referred to above, and provided such
listing is secured within a year following the date of issuance.

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

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

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

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

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

OTHER INVESTMENT POLICIES

The Trust, on behalf of each Fund, has adopted certain fundamental
investment restrictions which are enumerated in detail in the Statement of
Additional Information and which may be changed as to each Fund only by the vote
of a majority of the affected Fund's outstanding voting securities. Among these
restrictions, a Fund may not borrow money except from a bank, and then only up
to 1/3 of the current market value of its total assets (excluding the amount
borrowed) or purchase any securities which would cause more than 25% of the
market value of its total assets at the time of such purchase to be invested in
the securities of issuers having their principal business activities in the same
industry, provided that there is no limitation with respect to investments in
obligations issued or guaranteed by the U.S. Government or its agencies or
instrumentalities. Further, with respect to 75% of its assets, no more than 5%
of a Fund's total assets may be invested in the securities of a single issuer
and no Fund will purchase more than 10% of the outstanding voting securities of
a single issuer. None of the Funds has any current intention of borrowing for
leverage or speculative purposes. As a matter of nonfundamental policy, no Fund
will purchase or enter into an agreement to purchase securities while borrowings
exceed 5% of its total assets.
<PAGE>
None of the Funds is intended to be a complete investment program by itself
and the prospective investor should take into account his or her objectives and
other investments when considering the purchase of any Fund's shares. The Funds
cannot eliminate risk or assure achievement of their objectives.

SPECIAL INVESTMENT CONSIDERATIONS -- RISKS

Repurchase Agreements. Each Fund may enter into repurchase agreements in order
to earn income on temporarily uninvested cash. A repurchase agreement is an
agreement under which the seller of securities agrees to repurchase and a Fund
agrees to resell the securities at a specified time and price. Each Fund may
enter into repurchase agreements only with large, well-capitalized domestic or
foreign banks or government securities dealers that meet Wright credit
standards. In addition, such repurchase agreements will provide that the value
of the collateral underlying the repurchase agreement will always be at least
equal to the repurchase price, including any accrued interest earned under the
repurchase agreement. In the event of a default or bankruptcy by a seller under
a repurchase agreement, the affected Fund will seek to liquidate such
collateral. However, the exercise of the right to liquidate such collateral
could involve certain costs, delays and restrictions and is not ultimately
assured. To the extent that proceeds from any sale upon a default of the
obligation to repurchase are less than the repurchase price, a Fund could suffer
a loss. There is no percentage limit on the amount of any Fund's investments in
repurchase agreements, except for the requirement that, under normal market
conditions, at least 80% of each Fund's net assets will be invested in equity
securities.

Temporary Defensive Investments. During periods of unusual market or economic
conditions, when Wright believes that investing for temporary defensive purposes
is appropriate, all or any portion of each Fund's assets may be held in cash
(including the foreign currency of the nation or nations in which such Fund
invests) or invested in short-term obligations, including but not limited to
obligations issued or guaranteed by the U.S. or any foreign government or any of
their respective agencies or instrumentalities; obligations of public
international agencies; commercial paper which at the date of investment is
rated A-1 by Standard & Poor's Ratings Group ("Standard & Poor's") or P-1 by
Moody's Investors Service, Inc. ("Moody's"), or, if not rated by such rating
organizations, is deemed by the Investment Adviser to be of comparable quality;
short-term corporate obligations and other debt instruments which at the date of
investment are rated AA or better by Standard & Poor's or Aa or better by
Moody's or, if unrated, which are deemed by the Investment Adviser to be of
comparable quality; and certificates of deposit, bankers' acceptances and time
deposits of domestic or foreign banks which are determined to be of high quality
by the Investment Adviser. Temporary investments may be denominated either in
U.S. dollars or in the currency of the nation in which the Fund primarily
invests.

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

Each Fund may, but does not expect to, invest in foreign securities in the
form of American Depositary Receipts ("ADRs"), European Depositary Receipts
("EDRs"), International Depositary Receipts ("IDRs") or other similar securities
convertible into securities of foreign issuers. ADRs are receipts typically
issued by a United States bank or trust company evidencing ownership of the
underlying foreign securities. EDRs and IDRs are receipts typically issued by a
European bank or trust company evidencing ownership of the underlying foreign
securities.

Foreign Currency Transactions. Each Fund, other than the United States Fund, may
buy and sell foreign currencies. The value in U.S. dollars of investments quoted
or denominated in foreign currencies will be affected by changes in currency
exchange rates. As one way of managing currency exchange rate risk, a Fund may
enter into forward foreign currency exchange contracts, which are agreements to
purchase or sell foreign currencies at a specified price and date. A Fund will
usually enter into these contracts to fix the value of a security it has agreed
to buy or sell. A Fund may also use these contracts to hedge the value of a
security it already owns, particularly if it expects a decline in the value of
the currency in which the foreign security is quoted or denominated. The
underlying currency value of each Fund's forward contracts will be limited to
the value of securities to be bought and sold in that currency plus the value of
the Fund's portfolio securities quoted or denominated in such currency. There is
no other percentage limitation on any Fund's holdings of foreign currencies or
forward contracts, except for the requirement that, under normal market
conditions, at least 80% of the Fund's net assets will be invested in equity
securities. Contracts to sell foreign currency could limit any potential gain
which might be realized by a Fund if the value of the hedged currency increases.
Although a Fund will attempt to benefit from using forward contracts, the
success of its hedging strategy will depend on Wright's ability to predict
accurately the future exchange rate between foreign currencies. The ability to
predict the direction of currency exchange rates involves skills different from
those used in selecting securities.

Lending Portfolio Securities. Each Fund may seek to increase its total return by
lending portfolio securities to broker-dealers or other institutional borrowers.
Such loans are required to be continuously secured by collateral in cash,
cash-equivalents and U.S. Government securities. During the
<PAGE>
existence of a loan, a Fund will continue to receive the equivalent of the
interest or dividends paid by the issuer on the securities loaned and will also
receive a fee, or all or a portion of the interest, if any, on investment of the
collateral. However, the Fund may at the same time pay a transaction fee to such
borrowers. A Fund may invest the proceeds it receives from a securities loan in
the types of securities in which it may invest. As with other extensions of
credit there are risks of delay in recovery or even loss of rights in the
securities loaned if the borrower of the securities fails financially. However,
the loans will be made only to organizations deemed by the Investment Adviser to
be of good standing and when, in the judgment of the Investment Adviser, the
consideration which can be earned from securities loans of this type justifies
the attendant risk. The financial condition of the borrower will be monitored by
the Investment Adviser on an ongoing basis and collateral values will be
continuously maintained at no less than 100% by "marking to market" daily. If
the Investment Adviser decides to make securities loans, it is intended that the
value of the securities loaned would not exceed 30% of the Fund's total assets.

THE INVESTMENT ADVISER

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

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

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

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

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

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

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

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

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

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

ANNUAL % ADVISORY FEE RATES

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

0.75% 0.73% 0.68%

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

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

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

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

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

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

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

</FN>
</TABLE>

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

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

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

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

<PAGE>

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

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

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

THE ADMINISTRATOR

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

<TABLE>

ANNUAL % ADMINISTRATION FEE RATES

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

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

</TABLE>

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

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

<FN>

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

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

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

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

</FN>
</TABLE>

<PAGE>

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

DISTRIBUTION EXPENSES

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

HOW THE FUNDS VALUE THEIR SHARES

The Trust values the shares of each Fund once on each day the New York
Stock Exchange ("NYSE") is open as of the close of regular trading on the NYSE
(normally 4:00 p.m. New York time). The net asset value is determined in the
manner authorized by the Trustees of the Trust by the Funds' custodian (as agent
for the Funds) with the assistance of Wright for securities that involve
valuation problems. Such determination is accomplished by dividing the number of
outstanding shares of each Fund into its net worth (the excess of its assets
over its liabilities).

Portfolio securities traded on more than one United States national
securities exchange or foreign securities exchange are valued by the Funds'
custodian at the last sale price on the business day as of which such value is
being determined at the close of the exchange representing the principal market
for such securities, unless those prices are deemed by Wright to be not
representative of market values. Securities which cannot be valued at such
prices, will be valued by Wright at fair value in accordance with procedures
adopted by the Trustees. Foreign currencies, options on foreign currencies and
forward foreign currency contracts will be valued at their last sales price as
determined by published quotations or as supplied by banks that deal in such
instruments. The value of all assets and liabilities expressed in foreign
currencies will be converted into U.S. dollar value at the mean between the
buying and selling rates of such currencies against U.S. dollars last quoted by
any major bank. If such quotations are not available, the rate of exchange will
be determined in good faith by or under procedures established by the Trustees.
Securities traded over-the-counter, unlisted securities and listed securities
for which closing sale prices are not available are valued at the mean between
latest bid and asked prices or, if such bid and asked prices are not available,
at prices supplied by a pricing agent selected by Wright, unless such prices are
deemed by Wright not to be representative of market values at the close of
business of the NYSE. Securities for which market quotations are unavailable,
restricted securities, securities for which prices are deemed by Wright not to
be representative of market values and other assets will be appraised at their
fair value as determined in good faith according to guidelines established by
the Trustees of the Trust. Short-term obligations with remaining maturities of
sixty days or less are valued at amortized cost, which the Trustees have
determined approximates market value. Options traded on exchanges and
over-the-counter will be valued at the last current sales price on the market
where such option is principally traded. Over-the-counter and listed options for
which a last sale price is not available will be valued on the basis of
quotations supplied by dealers who regularly trade such options or if such
quotations are not available or deemed by Wright not to be representative of
market values, at fair value.

Trading in securities on European and Far Eastern securities exchanges and
over-the-counter markets is normally completed well before the close of business
on each business day in New York (i.e., a day on which the NYSE is open for
trading). In addition, European or Far Eastern securities trading generally or
in a particular country or countries may not take place on all business days in
New York. Furthermore, trading takes place in Japanese markets on certain
Saturdays and in various foreign markets on days which are not business days in
New York and on which the Funds' net asset values are not calculated. Such
calculation does not take place
<PAGE>
contemporaneously with the determination of the prices of the majority of
the portfolio securities used in such calculation. Events affecting the values
of portfolio securities that occur between the time their prices are determined
and the close of the New York Stock Exchange will not be reflected in a Fund's
calculation of net asset value unless Wright deems that the particular event
would materially affect net asset value, in which case an adjustment will be
made.

HOW TO BUY SHARES

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

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

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

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

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

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

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

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

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

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

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

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

HOW SHAREHOLDER ACCOUNTS ARE MAINTAINED

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

DISTRIBUTIONS AND DIVIDENDS BY THE FUNDS

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

TAXES

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

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

In order to avoid Federal excise tax, the Code requires that each Fund
distribute (or be deemed to have distributed) by December 31 of each calendar
year at least 98% of its ordinary income for such year, at least 98% of the
excess of its realized capital gains over its realized capital losses for the
one-year period ending on October 31 of such year or, at the election of a Fund
with a taxable year ending on December 31, for such taxable year and 100% of any
income and capital gains from the prior year (as previously computed) that was
not paid out during such year and on which the Fund paid no Federal income tax.

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

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

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

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

HOW TO EXCHANGE SHARES

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

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

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

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

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

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

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

HOW TO REDEEM OR SELL SHARES

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

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

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

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

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

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

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

PERFORMANCE AND YIELD INFORMATION

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

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

OTHER INFORMATION

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

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

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

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

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

TAX-SHELTERED RETIREMENT PLANS

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

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

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

or call: (800) 888-9471

<PAGE>

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

The Funds (other than the United States Fund) will invest in securities
quoted or denominated in the currencies of countries other than the United
States. The following summaries are designed to provide a general discussion of
economic and other conditions in each of these countries. The information in
these summaries has been derived from sources that Wright believes to be
reliable, but the data has not been independently verified.

International investments, like many things, have both benefits and risks.
The benefits are real and can be quite substantial. One of the key benefits is
diversification, as the correlation among international securities tend to be
much lower than the correlation among securities within any single country.
There are also risks to be considered. Investors in any single country should
understand the economic potential of investments in such a country as well as
the relationship of the currency of that country to the investor's own currency.
Several other items must be considered by the investor including the reliability
of information about the various companies within the country, legal
restrictions, and the economic and social characteristics that are unique to
each country. See Appendix B in the Statement of Additional Information for
additional economic and financial information about countries in which the Funds
may invest. The Wright EquiFunds limit their investment consideration to the
world's major industrialized nations and to those nations for which
WORLDSCOPE(R), the information database of Wright Investors' Service, provides
comprehensive and reliable investment information. Wright Investors' Service
believes that WORLDSCOPE(R) has counteracted the lack of quality information
which has been a major problem for the international investor.

POLITICAL AND ECONOMIC CONSIDERATIONS

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

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

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

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

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

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

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

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

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

RESTRICTIONS ON FOREIGN INVESTMENT

Another issue which must be addressed by global investors is the
possibility of investment restrictions. Some countries impose restrictions on
foreigners investing in their country. These restrictions may limit the amount
of foreign investment or in some cases create a separate class of securities
which may be purchased by foreigner investors at a different price from similar
securities purchased by domestic investment. The countries in which the Funds
will invest do not impose restrictions on portfolio investments although Sweden
and Switzerland do have two classes of shares (see below) while Italy, Sweden,
and Japan do have some special regulations which the Fund must comply with.
Other potential pitfalls to foreign investment include high transaction costs,
including brokerage fees, stock turnover taxes, exchange rates, and
miscellaneous costs. These vary widely by type of investment and by country.
Consideration must also be given to withholding taxes. Most countries levy
non-refundable withholding taxes on interest and dividend income earned by
non-residents on domestic investments. The withholding tax rates disclosed below
are subject to changes. While the existence of reciprocal tax treaties between
many countries may to some extent mitigate that impact, such treaties are
frequently not available to institutions such as open-ended mutual funds. Note
that unlike in the U.S. and Canada, where dividends are geneally paid quarterly,
dividends in most nations are paid only once (annually) or twice (semi-annually)
a year. Liquidity or the ability of an investor to dispose of his or her
holdings quickly at a reasonable cost may be a special concern with foreign
investments. Sometimes there may be difficulties involved in selling instruments
in those countries where secondary markets are not broad or actively traded.
Political or sovereign risk is still another concern. This addresses the issue
of whether the government may take action which would reduce the value of an
investor's assets. The industrial nations involved with the Funds are basically
stable and, except as noted under Political and Economic Considerations above,
it is not believed that there would be a significant change due to an election
or revolution. However, one nation, Hong Kong, will be taken over by the Chinese
government in 1997 and there is considerable uncertainty as to the impact of
such a takeover.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

THE WRIGHT
EQUIFUND
EQUITY TRUST

PROSPECTUS
October 13, 1995

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

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

ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110

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

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

AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston Massachusetts 02110

24 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110

<PAGE>

PART B -- Information Required In A Statement of Additional Information
-----------------------------------------------------------------------

STATEMENT OF
ADDITIONAL INFORMATION
OCTOBER 13, 1995

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

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

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

24 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110

THIS COMBINED STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS AND IS
AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS ONLY IF PRECEDED OR
ACCOMPANIED BY THE CURRENT COMBINED PROSPECTUS OF THE FUNDS DATED OCTOBER 13,
1995, A COPY OF WHICH MAY BE OBTAINED WITHOUT CHARGE FROM WRIGHT INVESTORS'
SERVICE DISTRIBUTORS, INC., 1000 LAFAYETTE BOULEVARD, BRIDGEPORT, CONNECTICUT
06604 (TELEPHONE: 800-888-9471).

<PAGE>

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

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

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

<PAGE>

GENERAL INFORMATION AND HISTORY

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

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

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

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

The Trust's Declaration of Trust may be amended with the affirmative vote
of a majority of the outstanding shares of the Trust or, if the interests of a
particular Wright EquiFund are affected, a majority of such Fund's outstanding
shares. The Trust may be terminated (i) upon the sale of the Trust's assets to
another open-end management investment company, if approved by the holders of
two-thirds of the outstanding shares of the Trust, except that if the Trustees
of the Trust recommend such sale of assets, the approval by the vote of a
majority of the Trust's outstanding shares will be sufficient; or (ii) upon
liquidation and distribution of the assets of the Trust, if approved by a
majority of its Trustees or by the vote of a majority of the Trust's outstanding
shares. If not so terminated, the Trust may continue indefinitely.

The Trust's Declaration of Trust further provides that the Trust's Trustees
will not be liable for errors of judgment or mistakes of fact or law; however,
nothing in the Declaration of Trust protects a Trustee against any liability to
which he would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of
his office.
<PAGE>

The Trust is an organization of the type commonly known as a "Massachusetts
business trust." Under Massachusetts law, shareholders of such a trust may,
under certain circumstances, be held personally liable as partners for the
obligations of the trust. The Trust's Declaration of Trust contains an express
disclaimer of shareholder liability in connection with the Trust property or the
acts, obligations or affairs of the Trust. The Declaration of Trust also
provides for indemnification out of the Trust property of any shareholder held
personally liable for the claims and liabilities to which a shareholder may
become subject by reason of being or having been a shareholder. Thus, the risk
of a shareholder incurring financial loss on account of shareholder liability is
limited to circumstances in which the Trust itself would be unable to meet its
obligations.

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

INVESTMENT OBJECTIVES AND POLICIES

THE NATIONAL EQUITY INDICES

The National Equity Indices (the "Indices") are each designed to be an
index of substantially all the publicly traded equity securities in the nation
or nations in which each respective Fund is permitted to invest which meet the
requirements of a prudent investor. The prudent investor standard requires that
care, skill, and caution be used in selecting securities for investment. The
Investment Adviser will select securities for investment for each Fund only from
those included in the corresponding Index, or in the case of International Fund,
from those included in all the Indices except the United States National Equity
Index or in the case of Global Fund, from those included in all the Indices
including the United States National Equity Index.

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

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

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

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

1. A significant portion of the shares of the company is believed to be
publicly owned;
2. The company has had positive earnings for the last fiscal or calendar
year, or for the last twelve months, or cumulatively for the last
three years; and
3. The company is not a closed-end investment company or a non-bank
securities broker or dealer.
<PAGE>
In selecting securities for the Indices and for inclusion in the portfolios
of the Funds, other than the United States Fund, Wright utilizes its
international database, which includes WORLDSCOPE(R). WORLDSCOPE(R) provides
more than 1,500 items of information on more than 12,000 companies worldwide.
Except for the United States, Wright utilizes the services of major financial
institutions that are located in the nations in which the respective Funds are
permitted to invest to supply Wright with research products and services
including reports on particular industries and companies, economic surveys and
analysis of the investment environment and trends in a particular nation,
recommendations as to whether specific securities should be included in an Index
and other assistance in the performance of its decision-making responsibilities.
Currently, Wright expects to utilize several major international banks in the
above-mentioned capacity. The Indices are adjusted as necessary to reflect
recent events. A detailed explanation of the objective criteria used in the
selection process is as follows.

To be selected for an Index, a company must have:

1. Five years of earnings data (17 quarters of 12 month earnings). To
be selected, a company's trailing 12 month earnings during the
last four quarters or during the last three reported years
cumulatively must be positive.

2. Five years of dividend information or positive verification that a
company did not declare a dividend (20 quarters of quarterly
dividend information).

3. Three years of price information (12 quarters of quarterly
prices). To be selected, a company generally must have market
value (number of shares times price)equal to or greater than $20
million. Once a company is selected, its market value must be less
than $15 million for the company's securities to be removed from
the relevant Index.

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

5. Industry group information. Companies that are closed-end
investment companies, real estate investment trusts or non-bank
securities brokers or dealers will not be included.

Acquired companies may continue to be included in the relevant Index up to
their acquisition date.

OTHER INVESTMENT POLICIES OF THE FUNDS

Each Fund may establish an investment reserve in cash (including foreign
currency) or cash equivalent securities (high quality short-term fixed income
debt securities) whenever such reserve is deemed to be in the best interests of
the shareholders for any reason, including Wright's expectation of a decline in
the equity markets in which the Fund is permitted to invest. Under normal market
conditions, such reserves will be no more than approximately 20% of a Fund's net
assets. Accordingly, each Fund will have at least 80% of its net assets invested
in equity securities during normal market conditions. With respect to Austria,
Belgium/Luxembourg, Canada, France, Germany, Hong Kong, Italy, Japan,
Netherlands, Nordic, Spain and Switzerland Funds, the policy stated in the
preceding sentence is fundamental and may be changed only by the vote of a
majority of a Fund's outstanding voting securities. A greater reserve position
may, however, be established temporarily if Wright believes that this would be
advisable in view of what it considers to be extraordinary economic and stock
market conditions. See "Special Investment Considerations - Temporary Defensive
Investments" in the Prospectus for a discussion of when the Funds may take a
temporary defensive position.

The following investment restrictions have been adopted by each Fund and
may be changed as to a Fund only by the vote of a majority of the affected
Fund's outstanding voting securities, which means the
<PAGE>
lesser of (a) 67% of the shares of the Fund if the holders of more than 50%
of the shares are present or represented at the meeting or (b) more than 50% of
the shares of the Fund. If a percentage restriction contained herein is adhered
to at the time of investment, a later increase or decrease in the percentage
resulting from a change in the value of portfolio securities or the amount of
net assets will not be considered a violation of any of the following
restrictions. Accordingly, each Fund may not:

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

(1) Borrow money other than from banks and then only up to 1/3 of the
current market value of its total assets (including the amount
borrowed) and only if such borrowing is incurred as a temporary
measure for extraordinary or emergency purposes or to facilitate
the orderly sale of portfolio securities to accommodate redemption
requests; or issue any securities other than its shares of
beneficial interest except as appropriate to evidence indebtedness
which the Fund is permitted to incur. (Each Fund anticipates
paying interest on borrowed money at rates comparable to its yield
and no Fund has any intention of attempting to increase its net
income by means of borrowing);

(2) Pledge, mortgage or hypothecate its assets to an extent greater
than 1/3 of the total assets of the Fund taken at market;

(3) Purchase the securities of any one issuer (other than obligations
issued or guaranteed by the U.S. Government or any of its
agencies, or securities of other regulated investment companies)
if, as a result of such purchase, more than 5% of that Fund's
total assets (taken at current value) would be invested in the
securities of such issuer or securities of any one issuer held by
that Fund would exceed 10% of the outstanding voting securities of
such issuer at the end of any fiscal quarter of the Fund, provided
that, with respect to 50% of the Fund's assets, the Fund may
invest up to 25% of its assets in the securities of any one
issuer;

(4) Purchase or retain securities of any issuer if 5% or more of the
issuer's securities are owned by those officers and Trustees of
the Trust or its investment adviser or administrator who own
individually more than 1/2 of 1% of the issuer's securities;

(5) Purchase securities on margin or make short sales except sales
against the box or purchase warrants;

(6) Buy or sell commodities, or commodity contracts (except that the
Fund may purchase or sell currencies and put and call options on
securities, indices or currencies and enter into forward foreign
currency exchange contracts), unless acquired as a result of
ownership of securities;

(7) Purchase any securities which would cause more than 25% of the
market value of its total assets at the time of such purchase to
be invested in the securities of issuers having their principal
business activities in the same industry, provided that there is
no limitation in respect to investments in obligations issued or
guaranteed by the U.S. Government or its agencies or
instrumentalities;

(8) Underwrite securities issued by other persons except to the extent
that the purchase of securities in accordance with a Fund's
investment objectives and policies directly from the issuer
thereof and the later disposition thereof may be deemed to be
underwriting;

(9) Make loans, except (i) through the loan of a portfolio security,
(ii) by entering into repurchase agreements and (iii) to the
extent that the purchase of debt instruments, if any, in
accordance with the Fund's investment objective and policies may
be deemed to be loans;

(10) Purchase from or sell to any of the Trust's Trustees or officers,
its investment adviser, its administrator, its principal
underwriter, if any, or the officers or directors of said
investment adviser, administrator, or principal underwriter,
portfolio securities of the Fund;
<PAGE>

(11) Purchase or retain securities of other open-end investment
companies, except when such purchases are part of a merger,
consolidation, reorganization or assets acquisition;

(12) Acquire real estate but it may lease office space for its own use
and invest in (1) readily marketable interests of real estate or
real estate limited partnership interests, investment trusts or
readily marketable securities of issuers (other than real estate
limited partnerships) whose business involves the purchase of real
estate; and (2) securities secured by real estate or interests
therein; or

(13) With respect to 75% of its total assets, (i) invest more than 5%
of its total assets in securities of any one issuer, excluding
securities issued or guaranteed by the United States government or
by its agencies and instrumentalities and options or (ii) purchase
more than 10% of the voting securities of any class of any issuer.

For the purpose of investment restrictions (1), (2) and (5), the
arrangements (including escrow, margin and collateral arrangements) made by any
such Fund with respect to its transactions in currency options, options on
securities and forward foreign currency exchange contracts shall not be
considered to be (i) a borrowing of money or the issuance of securities
(including senior securities) by that Fund, (ii) a pledge of its assets, (iii)
the purchase of a security on margin or (iv) a short sale or position.

(The following fundamental investment restrictions apply only to Australasia,
Britain, Ireland, Mexico, United States, Global and International.)

(2) Pledge, mortgage or hypothecate its assets to an extent greater
than 1/3 of the total assets of the Fund taken at market;

(3) Buy or sell commodities, or commodity contracts (except that the
Fund may purchase or sell currencies and put and call options on
securities, indices or currencies and enter into forward foreign
currency exchange contracts), unless acquired as a result of
ownership of securities;

(4) Purchase any securities which would cause more than 25% of the
market value of its total assets at the time of such purchase to
be invested in the securities of issuers having their principal
business activities in the same industry, provided that there is
no limitation in respect to investments in obligations issued or
guaranteed by the U.S. Government or its agencies or
instrumentalities;

(5) Underwrite securities issued by other persons except to the extent
that the purchase of securities in accordance with a Fund's
investment objectives and policies directly from the issuer
thereof and the later disposition thereof may be deemed to be
underwriting;

(6) Make loans, except (i) through the loan of a portfolio security,
(ii) by entering into repurchase agreements and (iii) to the
extent that the purchase of debt instruments, if any, in
accordance with the Fund's investment objective and policies may
be deemed to be loans;

(7) Purchase or sell real estate, except that a Fund may (i) acquire
or lease office space for its own use, (ii) invest in securities
of issuers that invest in real estate or interests therein, (iii)
invest in securities that are secured by real estate or interests
therein, (iv) purchase and sell mortgage-related securities and
(v) hold and sell real estate acquired by a Fund as a result of
the ownership of securities; or
<PAGE>
(8) With respect to 75% of its total assets, (i) invest more than 5%
of its total assets in securities of any one issuer, excluding
securities issued or guaranteed by the U.S. Government or by its
agencies and instrumentalities and options thereon or (ii)
purchase more than 10% of the voting securities of any class of
any issuer.

For the purpose of fundamental investment restrictions (1) and (2) above
and nonfundamental investment restriction (h) below, the arrangements (including
escrow, margin and collateral arrangements) made by a Fund with respect to its
transactions in currency options, options on securities and forward foreign
currency exchange contracts shall not be considered to be (i) a borrowing of
money or the issuance of securities (including senior securities) by that Fund,
(ii) a pledge of its assets, (iii) the purchase of a security on margin or (iv)
a short sale or position.

The following are nonfundamental policies of each Fund which may be changed
by the Trustees without shareholder approval. The Funds have no current
intention of borrowing for leverage purposes, making securities loans or
engaging in short sales. Prior to engaging in such activities, the Funds'
Prospectus will be amended to disclose the intention to do so. No Fund will:

(a) Purchase oil, gas or other mineral leases or purchase partnership
interests in oil, gas or other mineral exploration or development
programs;

(b) Invest more than 5% of its total assets in the securities of
issuers which, together with their predecessors, have a record of
less than three years' continuous operation;

(c) Purchase securities issued by any other investment company,
except by purchase in the open market where no commission or
profit to sponsor or dealer results from such purchase, other
than the customary broker's commission, or except where such
purchase, although not made on the open market, is part of a plan
of merger or consolidation. Subject to the preceding sentence,
a Fund may invest in other investment companies to the full extent
allowed by the 1940 Act. Under the 1940 Act, a Fund may not
acquire more than 3% of the outstanding voting securities of
another investment company, invest more than 5% of its assets in
any single investment company or invest more than 10% of its
assets in other investment companies as a group;

(d) Enter into an agreement to purchase securities while its
borrowings exceed 5% of its total assets;

(e) Invest (1) more than 15% of its net assets in illiquid
investments, including repurchase agreements maturing in more than
seven days, securities that are not readily marketable and
restricted securities not eligible for resale pursuant to Rule
144A under the Securities Act of 1933 (the "1933 Act"); (2) more
than 10% of its net assets in restricted securities, excluding
securities eligible for resale pursuant to Rule 144A or foreign
securities which are offered or sold outside the United States in
accordance with Regulation S under the 1933 Act; or (3) more than
15% of its net assets in restricted securities (including those
eligible for resale under Rule 144A);

(f) Invest more than 10% of its total assets in shares of real estate
investment trusts that are not readily marketable or invest in
real estate limited partnerships;

(In addition, the following nonfundamental investment restrictions apply only to
Australasia, Britain, Ireland, Mexico, United States, Global and International.)

(g) Purchase or retain securities of any issuer if 5% or more of the
issuer's securities are owned by those officers and Trustees of
the Trust or its investment adviser or administrator who own
individually more than 1/2 of 1% of the issuer's securities;

(h) Purchase securities on margin or make short sales except
sales against the box or purchase warrants; or
<PAGE>

(i) Purchase from or sell to any of its Trustees or officers, its
investment adviser, its administrator, its principal underwriter,
if any, or the officers or directors of said investment adviser,
administrator, and principal underwriter, portfolio securities of
the Fund.

OFFICERS AND TRUSTEES

The officers and Trustees of the Trust are listed below. Except as
indicated, each individual has held the office shown or other offices in the
same company for the last five years. Those Trustees who are "interested
persons" (as defined in the 1940 Act) of the Trust, Wright, Eaton Vance, Eaton
Vance's wholly owned subsidiary, Boston Management and Research ("BMR"), Eaton
Vance's parent, Eaton Vance Corp. ("EVC") or of Eaton Vance's trustee, Eaton
Vance, Inc. ("EV") by virtue of their affiliation with either the Funds, Wright,
Eaton Vance, BMR, EVC, or EV, are indicated by an asterisk (*).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SHARES

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

As of September 15, 1995, the following shareholders were record holders of
the following percentages of the outstanding shares of the Funds that were then
offering shares to the public:
<TABLE>
<CAPTION>

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

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

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

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

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

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

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

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

<PAGE>

INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES

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

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

The Investment Advisory Contracts provide that Wright will carry out the
investment and reinvestment of the assets of the Funds, will furnish
continuously an investment program with respect to the Funds, will determine
which securities should be purchased, sold or exchanged, and will implement such
determinations. Wright will furnish to the Funds investment advice and
management services, office space, equipment and clerical personnel, and
investment advisory, statistical and research facilities. In addition, Wright
has arranged for certain members of the Eaton Vance and Wright organizations to
serve without salary as officers or Trustees of the Trust. In return for these
services, each Fund is obligated to pay a monthly advisory fee calculated at the
rates set forth in the table below (as a percentage of average daily net
assets).

ANNUAL % ADVISORY FEE RATES

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

It should be noted that, in addition to compensating Wright for its
advisory services to the Funds, the above schedule is intended to partially
compensate Wright for the maintenance of the Indices which form the basis for
the selection of securities for the Funds. Other mutual funds and accounts
advised by Wright Investors' Service may use the Indices as may other entities
not affiliated with Wright.

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

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

</TABLE>

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

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

</TABLE>

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

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

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

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

<FN>

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

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

Under the Administration Agreement, Eaton Vance is responsible for managing
the business affairs of each Fund, subject to the supervision of the Trust's
Trustees. Eaton Vance's services include recordkeeping, preparation and filing
of documents required to comply with Federal and state securities laws,
supervising the activities of the Funds' custodian and transfer agent, providing
assistance in connection with the Trustees' and shareholders' meetings and other
administrative services necessary to conduct each Fund's business. Eaton Vance
will not provide any investment management or advisory services to the Funds.
For its services under the Administration Agreement, Eaton Vance is entitled to
receive a monthly administration fee from each Fund at the annual rates set
forth in the following table.
<TABLE>
<CAPTION>

ANNUAL % ADMINISTRATION FEE RATES

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

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

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

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

</TABLE>

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

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

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

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

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

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

</FN>
</TABLE>

<PAGE>

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

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

Each Fund will be responsible for all expenses relating to its operations
and not designated as expenses of Wright under the Investment Advisory Contracts
or of Eaton Vance under the Administration Agreement, including, without
limitation, the fees and expenses of its custodian and transfer agent, including
those incurred for determining each Fund's net asset value and keeping each
Fund's books; the cost of share certificates; membership dues in investment
company organizations; brokerage commissions and fees; fees and expenses of
registering its shares; expenses of reports to shareholders, proxy statements
and other expenses of shareholders' meetings; insurance premiums; printing and
mailing expenses; interest, taxes and corporate fees; legal and accounting
expenses; expenses of Trustees not affiliated with Eaton Vance or Wright;
distribution expenses incurred pursuant to the Trust's distribution plan; and
investment advisory and administration fees. Each Fund will also bear expenses
incurred in connection with litigation in which the Trust is a party and the
legal obligation the Trust may have to indemnify its officers and Trustees with
respect thereto.

The Investment Advisory Contracts of all the Funds and the Administration
Agreement of all the Funds will remain in effect until February 28, 1996. The
Funds' Investment Advisory Contracts may be continued with respect to each Fund
from year to year thereafter so long as such continuance after February 28,
1996, as the case may be, is approved at least annually (i) by the vote of a
majority of the Trustees who are not "interested persons" of the Trust, Eaton
Vance or Wright cast in person at a meeting specifically called for the purpose
of voting on such approval and (ii) by the Board of Trustees of the Trust or by
vote of a majority of the shareholders of that Fund. The Investment Advisory
Contracts and Administration Agreement may be terminated as to a Fund at any
time without penalty on sixty (60) days' written notice by the Board of Trustees
or Directors of either party, or by vote of the majority of the outstanding
shares of that Fund, and each agreement will terminate automatically in the
event of its assignment. Each agreement provides that, in the absence
<PAGE>
of willful misfeasance, bad faith, gross negligence or reckless disregard
of its obligations or duties to the Trust under such agreement on the part of
Eaton Vance or Wright. Eaton Vance or Wright will not be liable to the Trust for
any loss incurred. The Funds' Investment Advisory Contracts and Administration
Agreement were most recently approved by the Trustees, including the
"non-interested" Trustees, at a meeting held on January 25, 1995.
CUSTODIAN

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

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

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

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

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

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

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

<PAGE>

INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

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

BROKERAGE ALLOCATION

Purchases and sales of securities on a securities exchange are effected by
brokers, and the Funds pay a brokerage commission for this service. In
transactions on stock exchanges in the United States, these commissions are
negotiated, whereas on many foreign stock exchanges the commissions are fixed.
In the over-the-counter market, securities are normally traded on a "net" basis
with dealers acting as principal for their own accounts without a stated
commission, although the price of the securities usually includes a profit to
the dealer. In underwritten offerings, securities are purchased at a fixed price
which includes an amount of compensation to the underwriter, generally referred
to as the underwriter's concession or discount. On occasion, certain money
market instruments may be purchased directly from an issuer, in which case no
commissions or discounts are paid.

It is expected that on frequent occasions there will be many broker-dealer
firms which will meet the foregoing criteria for a particular transaction. In
selecting among such firms, the Funds may give consideration to those firms
which supply brokerage and research services, quotations and statistical and
other information to Wright for their use in servicing their accounts. Such
brokers may include firms which purchase investment services from Wright. The
term "brokerage and research services" includes advice as to the value of
securities, the advisability of investing in, purchasing or selling securities,
and the availability of securities or purchasers or sellers of securities;
furnishing analyses and reports concerning issuers, industries, securities,
economic factors and trends, portfolio strategy and the performance of accounts;
and effecting securities transactions and performing functions incidental
thereto (such as clearance and settlement). Such services and information may be
useful and of value to Wright in servicing advisory clients other than the Fund
which paid the brokerage commissions and the other Funds. The services and
information furnished by a particular firm may not necessarily be used in
connection with the Funds or the Fund which paid brokerage commissions to such
firm. The advisory fee paid by the Funds to Wright is not reduced as a
consequence of Wright's receipt of such services and information. While such
services and information are not expected to reduce Wright's normal research
activities and expenses, Wright would, through use of such services and
information, avoid the additional expenses which would be incurred if Wright
should attempt to develop comparable services and information through its own
staff.
<PAGE>

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

Under the Funds' Investment Advisory Contracts, Wright has the authority to
pay commissions on portfolio transactions for brokerage and research services
exceeding that which other brokers or dealers might charge provided certain
conditions are met.

The Funds' Investment Advisory Contracts expressly recognize the practices
which are provided for in Section 28(e) of the Securities Exchange Act of 1934
by authorizing the selection of a broker or dealer which charges a Fund a
commission which is in excess of the amount of commission another broker or
dealer would have charged for effecting that transaction if it is determined in
good faith that such commission was reasonable in relation to the value of the
brokerage and research services which have been provided.

If purchases or sales of securities of the Funds and one or more other
investment companies or clients supervised by Wright are considered at or about
the same time, transactions in such securities will be allocated among the
several investment companies and clients in a manner deemed equitable to all by
Wright, taking into account the respective sizes of the Funds, and the amount of
securities to be purchased or sold. It is recognized that it is possible that in
some cases this procedure could have a detrimental effect on the price or volume
of the security so far as the Funds are concerned. However, in other cases it is
possible that the ability to participate in volume transactions and to negotiate
lower brokerage commissions will be beneficial to the Funds.

During the fiscal years ended December 31, 1994, 1993 and 1992, the Funds
that were offering their shares during such periods paid the following amounts
on brokerage commissions:
<TABLE>

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

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

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

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

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

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

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

<PAGE>

FUND SHARES AND OTHER SECURITIES

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

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

PURCHASE, EXCHANGE AND REDEMPTION AND PRICING OF SHARES

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

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

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

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

PRINCIPAL UNDERWRITER

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

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

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

Under the Plan, the President or Vice President of the Trust shall provide
to the Trustees for their review, and the Trustees shall review at least
quarterly, a written report of the amounts expended under the Plan and the
purposes for which such expenditures were made.

Under its terms, the Plan remains in effect from year to year, provided
such continuance is approved annually by a vote of its Trustees, including a
majority of the Trustees who are not interested persons of the Trust and who
have no direct or indirect financial interest in the operation of the Plan. The
Plan may not be amended to increase materially the amount to be spent for the
services described therein as to a Fund without approval of a majority of the
outstanding voting securities of that Fund and all material amendments of the
Plan must also be approved by the Trustees of the Trust in the manner described
above. The Plan may be terminated at any time as to a Fund without payment of
any penalty by a vote of a majority of the Trustees of the Trust who are not
interested persons of the Trust and who have no direct or indirect financial
interest in the operation of the Plan or by vote of a majority of the
outstanding voting securities of that Fund. So long as the Plan is in effect,
the selection and nomination of Trustees who are not interested persons of the
Trust shall be committed to the discretion of the Trustees who are not such
interested persons. The Trustees of the Trust have determined that in their
judgment there is a reasonable likelihood that the Plan will benefit the Funds
and their shareholders.

The following table shows the fee payable to WISDI under the Plans and the
amount of such fee actually paid by each Fund that was then offering its shares
to the public for the year ended December 31, 1994.

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

<FN>

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

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

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

<FN>

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

</FN>
</TABLE>

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

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

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

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

</TABLE>

PERFORMANCE INFORMATION

The average annual total return of each Fund is determined for a specified
period by calculating the actual dollar amount of investment return on a $1,000
investment in the Fund made at the maximum public offering price (net asset
value) at the beginning of the period, and then calculating the annual
compounded rate of return which would produce that amount. Total return for a
period of one year is equal to the actual return of the Fund during that period.
This calculation assumes that all dividends and distributions are reinvested at
net asset value on the reinvestment dates during the period.

The average annual total return will be calculated using the following
formula:
n
P (1 + T) = ERV

where: P = A hypothetical initial payment of $1,000
T = Average annual total return
n = Number of years
ERV = Ending redeemable value of a hypothetical $1,000 payment at the
end of the period.
<PAGE>

Each Fund's yield is computed by dividing its net investment income per
share earned during a recent thirty-day period by the product of the average
daily number of shares outstanding and entitled to receive dividends during the
period and the maximum offering price (net asset value) per share on the last
day of the period. The results are compounded on a bond equivalent (semi-annual)
basis and then they are annualized. Net investment income per share is equal to
the Fund's dividends and interest earned during the period, reduced by accrued
expenses for the period.

The yield earned by each Fund will be calculated using the following
formula:
6
YIELD = 2 [ ( a-b + 1) - 1 ]
---
cd

where: a = Dividends and interest earned during the period
b = Expenses accrued for the period (after reductions)
c = The average daily number of shares outstanding during the
period that were entitled to receive dividends
d = The maximum offering price (net asset value) per share on the
last day of the period.

A Fund's yield or total return may be compared to the Consumer Price Index
and various domestic or foreign securities indices. A Fund's yield or total
return and comparisons with these indices may be used in advertisements and in
information furnished to present or prospective shareholders.

From time to time, evaluations of a Fund's performance made by independent
sources may be used in advertisements and in information furnished to present or
prospective shareholders. These may include rankings prepared by Lipper
Analytical Services, Inc., an independent service which monitors the performance
of mutual funds. The Lipper performance analysis reflects the reinvestment of
dividends and capital gain distributions but does not take sales charges into
consideration and is prepared without regard to tax consequences.

The following table shows the average annual total return for the one year,
three year and life of the Fund for the periods ended December 31, 1994 and June
30, 1995:
<TABLE>

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

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

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

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

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

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

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

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

(1) For the period from the start of business, April 20,1995 to June 30,1995. (2) For the period from the start
of business April 19, 1995 to June 30, 1995.
</FN>
</TABLE>

TAXES

Among the requirements for qualification of each Fund as a regulated
investment company are the following: (1) at least 90% of the Fund's annual
gross income must be derived from interest, dividends, gains from the sale or
other disposition of stock or securities and certain other types of income; (2)
less than 30% of the Fund's annual gross income may be derived from gross gains
from the sale or disposition of stock or securities or certain other investments
held for less than three months; and (3) at the close of each quarter of its
taxable year, (a) at least 50% of the value of the Fund's assets must be
comprised of cash and cash items (including receivables), U.S. Government
securities, securities of other regulated investment companies and other
securities limited in respect of any one issuer to not more than 5% of the value
of the Fund's total assets and not more than 10% of the voting securities of
such issuer and (b) not more than 25% of the value of its total assets may be
invested in the securities of any one issuer (other than U.S. Government
securities and securities of other regulated investment companies) or certain
other issuers controlled by the Fund. These requirements may limit a Fund's
activities in options on securities and securities indices, as well as in
foreign currencies and forward foreign currency exchange contracts to the extent
gains relating to such latter activities are considered not directly related to
the Fund's principal business of investing in securities.

Each Fund's use of equalization may affect the amount, timing and character
of distributions to shareholders. Investment by a Fund in a stock of a "passive
foreign investment company" may cause the Fund to recognize income prior to the
receipt of distributions from such a company or to become subject to tax upon
the receipt of certain excess distributions from, or upon disposition of its
stock of, such a company, although an election may in some cases be available
that would ameliorate some of these adverse tax consequences.

A Fund's transactions in foreign currencies, foreign currency-denominated
debt securities, forward foreign currency exchange contracts and receivables or
payables denominated in a foreign currency are subject to special tax rules
under Section 988 of the Code which will generally cause gains and losses from
these transactions to be treated as ordinary income and losses. Certain forward
positions held by a Fund may be required to be "marked to market" (treated as if
they were closed out) on the last business day of each taxable year. In
addition, if certain of these positions held by the Fund substantially diminish
the Fund's risk of loss with respect to securities or other positions in the
Fund's portfolio, this combination of positions may be treated as a straddle for
tax purposes with the possibility of deferral of losses and adjustments in the
holding period of securities held by the Fund.

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

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

STATEMENT OF ASSETS AND LIABILITIES
JANUARY 13, 1995

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

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

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

NOTES:

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

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

INDEPENDENT AUDITORS' REPORT

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

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

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

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

DELOITTE & TOUCHE LLP

Boston, Massachusetts
January 16, 1995
<PAGE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - BELGIAN/LUXEMBOURG NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

CHEMICALS -- 6.7%
14,800 Minorco SA $ 346,156
1,240 Tessenderlo Chemie 416,127
------------
$ 762,283
------------

CONSTRUCTION -- 8.0%
1,200 Cimenteries CBR Cementbed $ 458,347
600 C.B.R. Cimenteries Warrants* 3,678
1,740 Cie Francois d'Entreprises 456,196
------------
$ 918,221
------------

ELECTRONICS -- 3.6%
5,170 Barco N.V. (Industries) $ 409,570
------------

FINANCIAL -- 29.8%
1,950 Algem Maastch Voor Nijve-Afv $ 465,891
350 Banque Nationale de Belgique 410,681
11,750 Cie Belge de Paricip Paribas 381,940
5,180 Electrafina 458,400
3,860 GBL Group BXL Lamb 456,259
1,530 Generale de Banque SA 389,595
51 Generale de Banque-VVPR 12,810
1,810 Kredietbank NPV 379,525
1,100 Sofina 450,408
------------
$ 3,405,509
------------

METAL PRODUCTS MFRS. -- 4.1%
670 Bekaert SA $ 474,434
------------

RECREATION -- 4.2%
950 Audiofina $ 478,584
------------

RETAILERS -- 8.4%
2,060 Colruyt SA $ 485,696
11,650 Delhaize Le Ps 473,179
------------
$ 958,875
------------
</TABLE>

<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

TEXTILES -- 4.1%
620 UCB SA $ 473,137
------------

UTILITIES -- 14.9%
1,130 Cegedel $ 394,310
2,180 Electrabel 392,002
4,970 Powerfin SA 446,066
1,570 Reunies Electrobel & Tractebela 474,307
------------
$ 1,706,685
------------

MISCELLANEOUS -- 7.2%
3,370 Ackermans & Van Haaren $ 439,657
5,536 Soc. Gen. Belgique Parts de Res. 381,133
------------
$ 820,790
------------

TOTAL INVESTMENTS
(identified cost, $10,269,679)-- 91.0% $10,408,088

OTHER ASSETS, LESS LIABILITIES-- 9.0% 1,028,747
------------

NET ASSETS-- 100.0% $11,436,835
============

</TABLE>
* Non-income producing security.

- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - DUTCH NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

CONSTRUCTION -- 11.7%
2,748 Bam Groep N.V. $ 163,949
910 Hollandesche Beton Group N.V. 140,581
2,910 Volker Stevin 157,678
------------
$ 462,208
------------

ELECTRONICS -- 4.6%
5,000 Getronics N.V. $ 182,442
------------

FINANCIAL -- 18.6%
4,749 ABN Amro Holdings N.V. $ 165,071
2,370 Aegon N.V. 151,643
3,270 Amev N.V. 138,920
3,320 Internationale Ned. Grp. 156,929
300 Internationale Ned. Grp. Warrants* 636
3,360 Kas Associatie N.V. 122,988
------------
$ 736,187
------------

FOOD -- 3.6%
1,220 Unilever N.V. $ 143,393
------------

MACHINERY & EQUIPMENT -- 8.0%
3,420 Oce-Van Der Grinten $ 153,178
4,504 Samas- Groep N.V. 161,228
------------
$ 314,406
------------

METAL PRODUCT MANUFACTURERS -- 12.3%
1,320 NKF Holding N.V. $ 164,353
1,400 Polynorm N.V. 137,434
1,420 Twentsche Kabel Holding N.V. 185,808
------------
$ 487,595
------------

PRINTING & PUBLISHING -- 4.3%
1,430 Telegraaf (Holdingsmij) - CVA $ 164,861
------------
</TABLE>
<TABLE>
<CAPTION>

Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

RETAILERS -- 7.2%
2,400 Koninklijke Bijenkorf Beheer N.V. $ 135,577
5,850 Macintosh N.V. 150,061
------------
$ 285,638
------------

TEXTILES -- 3.3%
2,650 Gamma Holding N.V. $ 131,981
------------

MISCELLANEOUS -- 22.5%
1,210 Beers N.V. Aandeel Aantoond $ 135,313
2,170 Eriks Holding N.V. 148,478
1,980 Hagemeyer N.V. 161,500
8,400 Koninklijke Borsumij Wehry 123,472
830 Otra N.V. Aandeel 149,752
3,120 Randstad Holdings N.V. 168,877
------------
$ 887,392
------------

TOTAL INVESTMENTS
(identified cost, $3,433,521)-- 96.1% $ 3,796,103

OTHER ASSETS, LESS LIABILITIES-- 3.9% 154,515
------------

NET ASSETS-- 100.0% $ 3,950,618
============
</TABLE>
* Non-income producing security.

- --------------------------------------------------------------------------------
See notes to financial statments

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - HONG KONG NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

AEROSPACE -- 4.5%
266,400 Hong Kong Aircraft Engineering Co. $ 888,231
------------

APPAREL -- 2.9%
479,000 Lai Sun Garment Int'l. Ltd. $ 578,776
------------

CONSTRUCTION -- 3.6%
854,000 Hopewell Holdings $ 706,343
------------

DIVERSIFIED -- 3.7%
273,000 New World Development Co., Ltd. $ 728,528
------------

ELECTRICAL -- 4.2%
492,000 Semi Tech (Global) Co. Ltd. $ 829,758
------------

FINANCIAL -- 22.8%
7,600 Amoy Ppt - Warrants 1995* $ 688
159,000 Cheung Kong 647,257
520,000 Hang Lung Development Co. Ltd. 739,232
68,200 Hang Lung Dev. Co. - Warrants 1994* 10,223
196,000 Henderson Land Development 934,665
386,000 Hong Kong Realty & Trust Co. Ltd. 673,416
346,000 Hysan Development Co. Ltd. 686,360
1,400,000 Paliburg International Hldg. 773,500
------------
$ 4,465,341
------------

FOOD -- 3.5%
2,934,000 CP Pokphand Co. Ltd. $ 686,263
------------

RECREATION -- 3.2%
158,000 Television Broadcasts Ltd. $ 630,941
------------

</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

RETAILERS -- 23.5%
198,000 Hutchison Whampoa $ 800,910
716,000 Jardine Int'l. Motor Holdings 754,091
95,800 Jardine Matheson Holdings 684,022
646,000 Sime Darby Hong Kong Limited 717,964
720,000 Wing On Co. Int'l. Ltd. 767,664
539,000 Wing On Holdings Ltd. 905,520
------------
$ 4,630,171
------------

TRANSPORTATION -- 8.8%
474,400 Kowloon Motor Bus Co. (1933) Ltd. 846,045
1,254,000 Shun Tak Holdings Ltd. 891,343
------------
$ 1,737,388
------------

UTILITIES -- 8.8%
21,956 Hong Kong & China Gas Warrants* $ 3,065
291,000 Hong Kong Electric Holdings Ltd. 795,390
493,000 Hong Kong Telecom 939,757
------------
$ 1,738,212
------------

MISCELLANEOUS -- 8.2%
201,000 Jardine Strategic Holdings Ltd. $ 659,783
4,422,000 Regal Hotel International 948,519
------------
$ 1,608,302
------------

TOTAL INVESTMENTS
(identified cost, $23,638,835)-- 97.7% $19,228,254

OTHER ASSETS, LESS LIABILITIES-- 2.3% 450,459
------------

NET ASSETS-- 100.0% $19,678,713
============

</TABLE>
* Non-income producing security.

- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - ITALIAN NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

APPAREL -- 3.1%
3,450 Benetton SpA $ 40,350
------------

AUTOMOTIVE -- 2.7%
12,000 Marangoni SpA $ 35,921
------------

CONSTRUCTION -- 6.4%
4,100 Franco Tosi SpA $ 45,549
2,600 Franco Tosi Warrants Exp 12/31/97* 674
5,650 Sirti SpA 36,615
------------
$ 82,838
------------

DIVERSIFIED -- 4.0%
20,900 Sme Meridonale Finanziacia Itla $ 51,533
------------

ELECTRICAL -- 3.1%
3,000 Gewiss SPA $ 40,735
------------

ELECTRONICS -- 6.8%
2,100 Ericksson $ 28,644
28,500 Tecnost SpA 59,631
------------
$ 88,275
------------

FINANCIAL --34.9%
5,750 Alleanza Assicurazioni SpA $ 56,781
23 Alleanza Assicurazioni SpA - Az.
di Risparmio 195
1,100 Banca Agricola Mantovana 78,753
12,000 Banca Credito Agrario Bresci 66,656
5,016 Credito Bergamasco SpA 60,678
23,000 Credito Fondiario E Indust 78,783
68,000 Gemina SpA 55,019
16,000 IFIL-Risp (Savings) 56,979
------------
$ 453,844
------------

MACHINERY & EQUIPMENT -- 6.8%
29,000 Comau Finanziaria SpA $ 38,750
7,900 Saes Getters 48,271
2,500 Sasib SpA-WTS '97* 1,219
------------
$ 88,240
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

OIL & GAS -- 6.1%
44,500 Camfin SpA (Gruppo Cam) $ 79,646
------------

PRINTING & PUBLISHING -- 3.0%
5,000 Arnoldo Mondadori Editore SPA $ 38,420
------------

TRANSPORTATION -- 4.5%
25,000 Costa Crociere SPA $ 57,863
------------

UTILITIES -- 9.6%
14,000 Italgas $ 38,580
28,000 Sondel-Societa Nordelettrica 44,240
14,000 Stet 41,302
------------
$ 124,122
------------

MISCELLANEOUS -- 13.7%
56,000 Autostrade-Con E Cost $ 71,025
16,000 Cristalleria Artistica-Calp 52,288
10,000 Industrie Zignagos Margherita 54,775
------------
$ 178,088
------------

TOTAL INVESTMENTS
(identified cost, $1,515,203)-- 104.7% $ 1,359,875

OTHER ASSETS, LESS LIABILITIES-- (4.7%) (60,671)
------------
NET ASSETS-- 100.0% $ 1,299,204
============

</TABLE>
* Non-income producing security.

- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - JAPANESE NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

AUTOMOTIVE -- 9.3%
11,000 Aisin Seiki Co. Ltd. $ 153,283
32,000 Ichikoh Ind. Ltd. 145,965
17,000 Suzuki Motor Corp. 199,398
18,000 Topre Corp. 155,549
7,000 Toyota Motor Co. 147,368
------------
$ 801,563
------------

BEVERAGES -- 2.2%
17,000 Chukyo Coca-Cola Bottling Co. $ 192,581
------------

CHEMICALS -- 2.0%
12,000 Rock Paint $ 172,030
------------

CONSTRUCTION -- 24.6%
10,000 Daiwa House Ind. $ 141,353
26,000 Fujita Corp. 137,886
13,000 Ichiken Co., Ltd. 186,365
13,000 Kaneshita Construction 177,243
30,000 Nakano Corp. 178,647
14,000 Nippon Denwa Shisetsu Co. Ltd. 183,859
24,000 Ohbayashi-Gumi Corp. 153,744
17,000 Sekisui House Ltd. 189,173
16,000 Shimizu Corp. 157,514
8,000 Taikisha Ltd. 140,351
31,000 Taisei Corp. 192,060
9,000 Takasago Thermal Engineering 137,143
17,000 Toda Construction Co. 151,679
------------
$ 2,127,017
------------

DIVERSIFIED -- 1.7%
16,000 Toho Real Estate Co. Ltd. $ 147,730
------------

DRUGS -- 1.8%
8,000 Taisho Pharmaceutical Co. Ltd. $ 153,183
------------

ELECTRICAL -- 1.6%
16,000 Daikin Industries Ltd. $ 141,795
------------

ELECTRONICS -- 7.8%
13,000 Casio Computer Co. Ltd. $ 164,211
59,000 Miyakoshi Corp. 176,262
4,500 Murata Mfg. Co., Ltd. 172,782
11,000 Nichicon Corp. 161,003
------------
$ 674,258
------------

FINANCIAL -- 2.0%
18,000 Japan Living Serv. $ 175,037
------------

MACHINERY & EQUIPMENT -- 5.5%
26,000 Kayaba Industry Co. Ltd. $ 173,334
20,000 Mitsubishi Heavy 152,380
28,000 Tsubakimoto Chain 151,578
------------
$ 477,292
------------

METAL PRODUCTS MFRS. -- 5.8%
22,000 Hitachi Cable Ltd. $ 183,058
8,000 Maruichi Steel Tube Ltd. 143,559
26,000 Mitsubishi Cable Industries 174,114
------------
$ 500,731
------------

OIL, GAS & COAL -- 1.8%
16,000 General Sekiyu K.K. $ 156,712
------------

RECREATION -- 2.0%
5,000 Denny's Japan Co. Ltd. $ 169,423
------------

RETAILERS -- 7.4%
17,000 Daiwa Co. $ 152,361
7,000 Heiwado Co. Ltd. 136,842
12,000 Marui Co. 218,947
3,000 York-Benimaru Co. Ltd. 131,429
------------
$ 639,579
------------

TEXTILES -- 1.8%
21,000 Toray Inds. Inc. $ 152,632
------------

</TABLE>

- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - JAPANESE NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994 - CONTINUED

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

TRANSPORTATION -- 3.3%
19,000 Isewan Terminal Service $ 132,571
19,000 Tonami Transportation 152,382
------------
$ 284,953
------------

UTILITIES -- 6.9%
6,000 Chugoku Electric Power Co. Inc. $ 139,549
6,000 Kyushu Electric Power Co. Inc. 141,353
7,000 Shikoku Electric Power 166,316
6,000 Tohoku Electric Power Co. Inc. 152,180
------------
$ 599,398
------------

MISCELLANEOUS -- 3.9%
18,000 Denkyosha $ 148,873
15,000 Kamei 190,977
------------
$ 339,850
------------

TOTAL INVESTMENTS
(identified cost, $8,339,140)-- 91.4% $ 7,905,764

OTHER ASSETS, LESS LIABILITIES-- 8.6% 747,044
------------

NET ASSETS-- 100.0% $ 8,652,808
============
</TABLE>

- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - MEXICAN NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

BEVERAGES -- 7.0%
160,000 Fomento Economico Mexicano $ 409,728
150,000 Grupo Continental SA-Ser CP 525,825
------------
$ 935,553
------------

CONSTRUCTION -- 10.2%
88,000 Apasco $ 438,671
118,000 Cemex SA 583,475
41,000 Tolmex SA de CV 342,010
------------
$ 1,364,156
------------

DIVERSIFIED -- 12.7%
142,000 Desc Sociedad de Fomento Indl $ 719,273
56,000 Grupo Carso SA 413,106
60,000 Grupo Industrial Alfa SA-A 577,686
------------
$ 1,710,065
------------

FINANCIAL -- 4.3%
283,920 Grupo Situr B $ 576,414
------------

FOOD -- 7.2%
102,000 Grupo Industrial Bimbo-Ser A $ 548,444
395,000 Grupo Industrial Maseca B 423,993
------------
$ 972,437
------------

METAL PRODUCERS -- 6.2%
305,000 Industrias Penoles SA-CP $ 838,659
------------

MISCELLANEOUS -- 7.4%
185,000 Grupo Sidek SA-Ser A $ 405,335
127,000 Vitro SA 584,581
------------
$ 989,916
------------

PAPER-- 2.6%
30,000 Kimberly-Clark de Mexico-B $ 343,719
------------

</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

RECREATION -- 5.6%
100,000 Grupo Financiero Banamex A $ 291,460
28,000 Grupo Televisa SA-Ser CPO 453,065
------------
$ 744,525
------------

RETAILERS -- 9.7%
215,000 Cifra SA de CV B $ 437,353
555,000 Controladora Coml Mexicana B 473,027
390,000 El Puerto de Liverpool-Ser 1 391,950
------------
$ 1,302,330
------------

TOBACCO -- 4.4%
138,000 Empressa La Moderna Ser ACP $ 596,380
------------

TRANSPORTATION -- 4.0%
88,000 Transport Maritima 'A' Shares $ 539,502
------------

UTILITIES -- 3.5%
225,000 Telefonos de Mexico $ 464,017
------------

TOTAL INVESTMENTS
(identified cost, $17,854,850)-- 84.8% $11,377,673

OTHER ASSETS, LESS LIABILITIES-- 15.2% 2,044,673
------------

NET ASSETS-- 100.0% $13,422,346
============

</TABLE>

- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - NORDIC NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

CONSTRUCTION -- 3.2%
41,000 Skane-Gripen AB-Ser B Fr $ 281,502
------------

DIVERSIFIED -- 20.7%
18,400 Kinnevik AB-B Free Shares $ 609,369
11,990 Lassila & Tikanoja Oy 346,993
13,800 Orkla A/S-B-Aksjer 510,582
5,100 Superfos AS 335,609
------------
$ 1,802,553
------------

DRUGS -- 10.5%
13,800 Astra AB B Free Shares $ 352,060
12,100 Orion A/S-B 286,275
17,400 Pharmacia AB B Free 277,586
------------
$ 915,921
------------

ELECTRICAL -- 4.7%
5,650 Asea AB B-F $ 409,222
------------

FOOD -- 8.4%
13,800 Cultor Oy 2-Free $ 373,138
10,780 Huhtamaki "I" Free 357,519
------------
$ 730,657
------------

MACHINERY & EQUIPMENT -- 4.3%
3,260 Kone Corp. B Free $ 371,871
------------

OIL, GAS & COAL -- 4.4%
32,100 Aker A/S Series A Free $ 380,051
------------

PAPER -- 3.8%
14,700 Marieberg Tidnings-Ser A Fr $ 332,471
------------

RETAILERS -- 14.0%
7,300 Hennes & Mauritz AB B-F $ 374,435
30,500 Kesko Oy Osake 354,358
10,330 Stockmann AB `B' Free 493,162
------------
$ 1,221,955
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

TEXTILES -- 3.8%
21,600 Tamfelt Oy AB-Pfd $ 333,087
------------

TRANSPORTATION -- 11.5%
16,500 Finnlines Oy $ 338,093
33,000 Helikopter Service As 380,939
20,880 Leif Hoegh & Co. A/S 278,111
------------
$ 997,143
------------

MISCELLANEOUS -- 8.3%
10,100 ISS Int'l. Service System-B $ 274,164
1,300 Nordisk Solar Compagni 449,124
------------
$ 723,288
------------

TOTAL INVESTMENTS
(identified cost, $8,551,202)-- 97.6% $ 8,499,721

OTHER ASSETS, LESS LIABILITIES-- 2.4% 212,177
------------

NET ASSETS-- 100.0% $ 8,711,898
============

</TABLE>

* Non-income producing security.

WRIGHT EQUIFUND - SPANISH NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

AUTOMOTIVE -- 5.8%
3,890 Construc. Y Auxiliar De Ferrocarriles S.A.* $ 209,831
4,740 Fabrica Autom 158,450
------------
$ 368,281
------------

CONSTRUCTION -- 7.0%
17,620 Dragados Y Costrucciones, S.A. $ 247,651
21,000 Huarte SA 196,239
------------
$ 443,890
------------

FINANCIAL -- 25.1%
11,470 Banco Bilboa Vizcaya $ 284,517
7,220 Banco Exterior de Espana, S.A. 231,479
2,105 Banco Popular Espanol 250,281
6,070 Banco de Santander, ESB 232,424
6,070 Banco de Santander S.A. Esp 750 Rgts.* 0
29,300 Banco de Valencia (Regd) (L) 326,112
18,190 Banco Zaragozano S.A. 276,391
------------
$ 1,601,204
------------

FOOD -- 2.8%
7,540 Azucarera D'Esp $ 180,158
------------

MACHINERY & EQUIPMENT -- 3.9%
2,200 Zardoya Otis $ 228,817
2,200 Zardoya Otis - Rts. 21,394
------------
$ 250,211
------------

METAL PRODUCERS -- 5.2%
3,190 Acerinox SA $ 333,238
------------

OIL, GAS & COAL -- 7.7%
10,700 Compania Espanola De Petroleos $ 268,262
8,200 Repsol, S.A. 222,405
------------
$ 490,667
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

PAPER -- 3.4%
9,260 Unipapel S.A. $ 216,682
------------

UTILITIES -- 24.0%
51,680 Compania Sevillana De Electricidad, S.A. $ 244,214
6,200 Empresa Nac. De Electricidad 252,475
13,960 Empresa Nac. Hidroelec. Ribagorzana 243,936
13,960 Empresa Nac. Hidroelec. Ribag-Rts 106
7,350 Gas Y Electricidad S.A. 311,590
19,850 Telefonica De Espana, S.A. 234,506
57,600 Union Electrica - Fenosa, S.A. 239,805
------------
$ 1,526,632
------------

MISCELLANEOUS-- 13.3%
27,074 Aumar $ 255,056
11,530 Prosegur Compania De Securidad S.A. 218,994
11,350 Vidrala S.A. 374,668
------------
$ 848,718
------------

TOTAL INVESTMENTS
(identified cost, $7,203,336)-- 98.2% $ 6,259,681

OTHER ASSETS, LESS LIABILITIES-- 1.8% 115,396
------------

NET ASSETS-- 100.0% $ 6,375,077
============

</TABLE>

* Non-income producing security.
- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

WRIGHT EQUIFUND - SWISS NATIONAL FIDUCIARY EQUITY FUND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1994

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

<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>

CHEMICALS -- 14.1%
230 Ciba-Geigy AG-B $ 137,631
40 Ems-Chemie Holding AG 119,526
280 Merk AG - Prfd (SZF100) (BR) 149,790
230 Siegfried AG-R 131,830
------------
$ 538,777
------------

CONSTRUCTION -- 7.4%
120 Sarna Kunsstoff Hldg AG-R $ 144,899
470 Sika Finanz AG 135,055
------------
$ 279,954
------------

DRUGS -- 3.8%
30 PSC Roche Holding $ 145,243
------------

ELECTRICAL -- 2.7%
140 Hilti AG-PC $ 104,318
------------

FINANCIAL -- 23.3%
140 Baer Hldg. AG-(BR) $ 142,300
100 Bank Langenthal 97,822
330 CS Holding 141,230
50 Elvia Schweiz Versichrung 145,969
310 Intershop Holdings-Br 127,933
140 Schweiz Bankgesellschaft B 116,194
420 Schweizerischer Bankverein 116,194
------------
$ 887,642
------------

FOOD -- 6.4%
100 Lindt & Spruengli AG-PC $ 133,741
200 Lindt & Spruengli Warrants* 3,439
110 Nestle 104,578
------------
$ 241,758
------------

MACHINERY & EQUIPMENT -- 11.9%
190 Bucher Holdings AG-B $ 101,643
350 Bucher Holdings - War. Exp. 10/27/95* 535
35 Nokia-Maillefer S.A. 135,346
90 Schindler Holding AG-Regd 103,516
60 Schweiz Ind. Gesselschaft 113,718
------------
$ 454,758
------------

</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------------
<C> <S> <C>
RETAILERS -- 6.1%
180 Magazine Glob-R $ 104,547
500 Merkur Holding AG 127,245
------------
$ 231,792
------------

UTILITIES -- 3.4%
70 Elektricite de Laufenbourg $ 129,996
------------

MISCELLANEOUS -- 18.1%
1,110 S.M.H. Ag-Reg. 10SFR $ 122,155
450 Kardex B 118,648
80 Kuoni Reisebuero AG-PC 103,324
680 Rentsch (W) Holding AG 105,495
60 SGS Soc. Gen. Surveillance-R 15,636
80 SGS Soc. Gen. Surveillance-B 110,661
30 Vetropack Holding AG-Bearer 114,635
------------
$ 690,554
------------

TOTAL INVESTMENTS
(identified cost, $3,792,486)-- 97.2% $ 3,704,792

OTHER ASSETS, LESS LIABILITIES-- 2.8% 107,743
------------

NET ASSETS-- 100.0% $ 3,812,535
============

</TABLE>
* Non-income producing security.

- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
BELGIAN/
LUXEMBOURG DUTCH HONG KONG
SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

ASSETS:
Investments --
Identified cost................................. $10,269,679 $ 3,433,521 $23,638,835
Unrealized appreciation (depreciation).......... 138,409 362,582 (4,410,581)
----------- ----------- -----------
Total value (Note 1A)......................... $10,408,088 $ 3,796,103 $19,228,254

Cash.............................................. 1,678,323 160,117 647,120
Receivable for investments sold................... 190,585 -- --
Receivable for Fund shares sold................... -- -- 33,073
Dividends receivable.............................. 171 -- 88,146
Tax reclaim receivable............................ 24,327 4,770 --
Deferred organization expenses (Note 1E).......... 8,998 3,795 3,795
----------- ----------- -----------
Total Assets.................................. $12,310,492 $ 3,964,785 $20,000,388
----------- ----------- -----------

LIABILITIES:
Payable for investments purchased................. $ 856,765 $ -- $ --
Payable for Fund shares reacquired................ 9,147 5,953 301,472
Trustees fees payable............................. 139 139 139
Custodian fee payable (Note 2).................... 3,590 6,725 10,390
Accrued expenses.................................. 4,016 1,350 9,674
----------- ----------- -----------
Total Liabilities............................. $ 873,657 $ 14,167 $ 321,675
----------- ----------- -----------
NET ASSETS.......................................... $11,436,835 $ 3,950,618 $19,678,713
=========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital..................................... $11,315,759 $ 3,586,597 $24,711,033
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (88,661) 6,701 (2,026,594)
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 138,409 362,807 (4,410,595)
Undistributed net investment income (loss).......... 73,804 (5,487) 1,404,869
----------- ----------- -----------
Net assets applicable to outstanding shares....... $11,436,835 $ 3,950,618 $19,678,713
=========== =========== ===========
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,117,419 487,940 1,511,690
=========== =========== ===========

NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $10.24 $8.10 $13.02
=========== =========== ===========

</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statememts

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
ITALIAN JAPANESE MEXICAN
SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

ASSETS:
Investments --
Identified cost................................. $ 1,515,203 $ 8,339,140 $17,854,850
Unrealized depreciation......................... (155,328) (433,376) (6,477,177)
----------- ----------- -----------
Total value (Note 1A)......................... $ 1,359,875 $ 7,905,764 $11,377,673

Cash.............................................. -- 607,750 1,405,816
Receivable for investments sold................... 736 -- --
Receivable for Fund shares sold................... -- 218,350 690,433
Dividends receivable.............................. 8,195 5,008 865
Tax reclaim receivable............................ 13,272 35 --
Deferred organization expenses (Note 1E).......... 3,795 7,653 15,749
Receivable from Investment Adviser................ 18,432 -- --
----------- ----------- -----------
Total Assets.................................. $ 1,404,305 $ 8,744,560 $13,490,536
----------- ----------- -----------

LIABILITIES:
Loans payable..................................... $ 45,389 $ -- $ --
Payable for Fund shares reacquired................ 49,589 82,410 57,601
Payable to dividend disbursing agent.............. -- 1,140 1,666
Trustees fees payable............................. 139 139 139
Custodian fee payable (Note 2).................... 8,430 4,400 1,000
Registration fee payable.......................... -- -- 7,052
Accrued expenses.................................. 1,554 3,663 732
----------- ----------- -----------
Total Liabilities............................. $ 105,101 $ 91,752 $ 68,190
----------- ----------- -----------
NET ASSETS.......................................... $ 1,299,204 $ 8,652,808 $13,422,346
=========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 1,866,210 $ 9,099,736 $19,831,781
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (419,305) (14,546) 67,814
Unrealized depreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... (155,871) (433,352) (6,477,222)
Undistributed net investment income (loss).......... 8,170 970 (27)
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 1,299,204 $ 8,652,808 $13,422,346
=========== =========== ===========
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 263,241 896,087 2,072,096
=========== =========== ===========

NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $4.94 $9.66 $6.48
=========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
NORDIC SPANISH SWISS
SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

ASSETS:
Investments --
Identified cost................................. $ 8,551,202 $ 7,203,336 $ 3,792,486
Unrealized depreciation......................... (51,481) (943,655) (87,694)
----------- ----------- -----------
Total value (Note 1A)......................... $ 8,499,721 $ 6,259,681 $ 3,704,792

Cash.............................................. 229,340 128,404 105,986
Receivable for Fund shares sold................... 223 1,068 --
Tax reclaim receivable............................ 4,346 19,460 20,193
Deferred organization expenses (Note 1E).......... 7,653 3,795 8,886
Receivable from Investment Adviser................ -- 2,300 4,025
----------- ----------- -----------
Total Assets.................................. $ 8,741,283 $ 6,414,708 $ 3,843,882
----------- ----------- -----------

LIABILITIES:
Payable for Fund shares reacquired................ $ 19,144 $ 30,731 $ 21,171
Payable to dividend disbursing agent.............. -- 12 50
Trustees fees payable............................. 139 139 139
Custodian fee payable (Note 2).................... 6,330 5,139 7,730
Registration Fees Payable......................... 3,028 2,334 1,548
Accrued expenses.................................. 744 1,276 709
----------- ----------- -----------
Total Liabilities............................. $ 29,385 $ 39,631 $ 31,347
----------- ----------- -----------
NET ASSETS.......................................... $ 8,711,898 $ 6,375,077 $ 3,812,535
=========== =========== ===========
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 9,104,353 $ 7,748,022 $ 4,141,912
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (354,206) (697,774) (252,712)
Unrealized depreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... (51,045) (944,131) (86,635)
Undistributed net investment income (loss).......... (12,796) 268,960 9,970
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 8,711,898 $ 6,375,077 $ 3,812,535
=========== =========== ===========

SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 916,966 1,083,044 404,156
=========== =========== ===========

NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $9.50 $5.89 $9.43
=========== =========== ===========

</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
BELGIAN/
LUXEMBOURG DUTCH HONG KONG
SERIES[1] SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

INVESTMENT INCOME:
Income --
Dividends...................................... $ 223,280 $ 174,235 $ 1,259,155
Less: Foreign taxes........................... (32,228) (26,325) --
------------- ------------- -------------
Total investment income........................ $ 191,052 $ 147,910 $ 1,259,155
------------- ------------- -------------

Expenses --
Investment adviser fee (Note 2)................ $ 55,703 $ 39,105 $ 142,606
Administrator fee (Note 2)..................... 7,427 7,215 23,531
Audit fees..................................... 687 8,937 12,186
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 713 1,096 1,096
Custodian fee (Note 2)......................... 16,536 24,850 31,332
Transfer & dividend disbursing agent fees...... 7,447 11,039 13,895
Distribution expenses (Note 3)................. 18,567 18,036 58,828
Legal services................................. 3,279 4,393 4,578
Registration costs............................. 6,719 14,025 18,580
Amortization of organization expense (Note 1E). 1,902 7,338 7,338
Printing....................................... -- 1,605 2,043
Interest expense............................... -- 827 13,147
Miscellaneous.................................. 1,566 450 3,374
------------- ------------- -------------
Total expenses................................. $ 120,546 $ 138,916 $ 332,534
------------- ------------- -------------
Net investment income...................... $ 70,506 $ 8,994 $ 926,621
------------- ------------- -------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions
(identified cost basis)......................... $ (88,661) $ 1,073,586 $(2,011,071)
Change in unrealized appreciation/(depreciation)
of investments.................................. 135,933 (276,745) (8,868,569)
------------- ------------- -------------

Net realized and unrealized gain (loss)
on investments and foreign currency......... $ 47,272 $ 796,841 $(10,879,640)
------------- ------------- -------------

Net increase (decrease) in net assets
from operations............................. $ 117,778 $ 805,835 $(9,953,019)
============= ============= =============

<FN>

[1] For the period from the start of business, February 15, 1994 to
December 31, 1994.
</FN>
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
ITALIAN JAPANESE MEXICAN
SERIES SERIES[1] SERIES[2]
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

INVESTMENT INCOME:
Income --
Dividends...................................... $ 165,998 $ 89,618 $ 33,565
Less: Foreign taxes........................... (10,899) (10,803) --
------------- ------------- -------------
Total investment income........................ $ 155,099 $ 78,815 $ 33,565
------------- ------------- -------------

Expenses --
Investment adviser fee (Note 2)................ $ 12,039 $ 50,253 $ 63,619
Administrator fee (Note 2)..................... 2,122 6,700 8,483
Audit fees..................................... 8,937 687 37
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 1,096 748 341
Custodian fee (Note 2)......................... 26,080 26,972 1,000
Transfer & dividend disbursing agent fees...... 9,981 7,409 2,786
Distribution expenses (Note 3)................. 5,350 16,751 21,206
Legal services................................. 4,386 3,298 111
Registration costs............................. 11,144 6,725 7,552
Amortization of organization expense (Note 1E). 7,338 1,607 1,395
Printing....................................... 1,605 -- --
Interest expense............................... 2,729 831 8,662
Miscellaneous.................................. 505 1,505 1,742
------------- ------------- -------------
Total expenses................................. $ 93,312 $ 123,486 $ 116,934
------------- ------------- -------------
Deduct --
Reduction of investment adviser fee (Note 2). $ 12,039 $ -- $ --
Allocation of expenses to investment adviser
(Note 2).................................... 33,433 -- --
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... 5,350 -- --
------------- ------------- -------------
Total deducted............................... $ 50,822 $ -- $ --
------------- ------------- -------------
Net expenses................................. $ 42,490 $ 123,486 $ 116,934
------------- ------------- -------------
Net investment income (loss)............... $ 112,609 $ (44,671) $ (83,369)
------------- ------------- -------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions
(identified cost basis)......................... $ (112,057) $ 131,722 $ 939,626
Change in unrealized depreciation of investments. (163,269) (433,352) (6,477,222)
------------- ------------- -------------
Net realized and unrealized loss
on investments and foreign currency......... $ (275,326) $ (301,630) $(5,537,596)
------------- ------------- -------------
Net decrease in net assets from operations... $ (162,717) $ (346,301) $(5,620,965)
============= ============= =============
<FN>
[1] For the period from the start of business, February 14, 1994 to
December 31, 1994.
[2] For the period from the start of business, August 2, 1994 to
December 31, 1994.
</FN>
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1994

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
-----------------------------------------------------------------
NORDIC SPANISH SWISS
SERIES[1] SERIES SERIES[1]
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>

INVESTMENT INCOME:
Income --
Dividends...................................... $ 111,236 $ 242,595 $ 148,129
Less: Foreign taxes........................... (15,007) (35,622) (22,825)
------------- ------------- ------------
Total investment income........................ $ 96,229 $ 206,973 $ 125,304
------------- ------------- ------------

Expenses --
Investment adviser fee (Note 2)................ $ 50,321 $ 42,165 $ 37,757
Administrator fee (Note 2)..................... 6,709 7,229 5,034
Audit fees..................................... 687 8,937 687
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 730 1,096 730
Custodian fee (Note 2)......................... 23,610 25,698 27,642
Transfer & dividend disbursing agent fees...... 6,778 10,401 6,748
Distribution expenses (Note 3)................. 16,774 18,071 12,586
Legal services................................. 3,272 4,413 3,245
Registration costs............................. 6,895 13,121 5,416
Amortization of organization expense (Note 1E). 1,607 7,318 1,874
Printing....................................... 906 1,676 523
Interest expense............................... 235 8,601 924
Miscellaneous.................................. 1,205 663 1,548
------------- ------------- ------------
Total expenses................................. $ 119,729 $ 149,389 $ 104,714
------------- ------------- ------------
Deduct --
Reduction of investment adviser fee (Note 2). $ -- $ -- $ --
Allocation of expenses to
investment adviser (Note 2)................. -- -- --
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... -- 2,300 4,025
------------- ------------- ------------
Total deducted............................... $ -- $ 2,300 $ 4,025
------------- ------------- ------------
Net expenses................................. $ 119,729 $ 147,089 $ 100,689
------------- ------------- ------------
Net investment income (loss)............... $ (23,500) $ 59,884 $ 24,615
------------- ------------- ------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)......................... $ (17,297) $ (433,534) $ (252,712)
Change in unrealized depreciation
of investments.................................. (51,045) (989,720) (86,635)
------------- ------------- ------------
Net realized and unrealized loss
on investments and foreign currency......... $ (68,342) $ (1,423,254) $ (339,347)
------------- ------------- ------------
Net decrease in net assets
from operations............................. $ (91,842) $ (1,363,370) $ (314,732)
============= ============= ============
<FN>
[1] For the period from the start of business, February 14, 1994 to December 31, 1994.
</FN>
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF CHANGES IN NET ASSETS

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
BELGIAN/
LUXEMBOURG SERIES DUTCH SERIES HONG KONG SERIES
1994[2] 1994 1993[1] 1994 1993[1]
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

From operations --
Net investment income (loss)....... $ 70,506 $ 8,994 $ (5,546) $ 926,621 $ 204,889
Net realized gain (loss) on investment
and currency transactions......... (88,661) 1,073,586 29,111 (2,011,071) 270,356
Change in unrealized appreciation
(depreciation) of investments and
translations of assets and liabilities
in foreign currencies............. 135,933 (276,745) 667,450 (8,868,569) 4,758,427
----------- ------------ ------------ ----------- -----------
Increase (decrease) in net assets
from operations................ $ 117,778 $ 805,835 $ 691,015 $(9,953,019) $5,233,672

Distributions to shareholders from
net investment income............... (42,100) (7,137) (23,892) (297,846) (156,757)
Distributions to shareholders
from net realized gains............ -- (1,066,885) -- -- (249,312)
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)......... 45,398 (43,795) 36,285 427,406 237,003
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 11,315,759 (4,490,841) 7,885,460 13,291,870 7,600,929
----------- ------------ ------------ ----------- -----------
Net increase (decrease)
in net assets.................. $11,436,835 $(4,802,823) $8,588,868 $3,468,411 $12,665,535

NET ASSETS:

At beginning of year................. -- 8,753,441 164,573 16,210,302 3,544,767
----------- ------------ ------------ ----------- -----------
At end of year....................... $11,436,835 $ 3,950,618 $ 8,753,441 $19,678,713 $16,210,302
=========== ============ ============ =========== ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 73,804 $ (5,487) $ 7,023 $1,404,869 $ 348,688
=========== ============ ============ =========== ===========

<FN>
[1] For the year ended December 31.
[2] For the period from the start of business, February 15, 1994, to December 31, 1994.
</FN>
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements

<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF CHANGES IN NET ASSETS

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
ITALIAN SERIES JAPANESE SERIES MEXICAN SERIES
1994[1] 1993[1] 1994[2] 1994[3]
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

From operations --
Net investment income (loss)....... $ 112,609 $ 1,232 $ (44,671) $ (83,369)
Net realized gain (loss)
on investment transactions........ (112,057) (185,702) 131,722 939,626
Change in unrealized appreciation
(depreciation) of investments..... (163,269) 249,371 (433,352) (6,477,222)
----------- ------------ ----------- ------------
Increase (decrease) in net assets
from operations................ $ (162,717) $ 64,901 $ (346,301) $(5,620,965)

Distributions to shareholders from
net investment income............... (89,592) (1,488) -- --
Distributions to shareholders
from net realized gains............ -- -- (101,597) (871,953)
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... (13,681) 40 970 --
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 940,820 65,875 9,099,736 19,915,264
----------- ------------ ----------- ------------
Net increase
in net assets.................. $ 674,832 $ 129,328 $ 8,652,808 $13,422,346

NET ASSETS:

At beginning of year................. 624,372 495,044 -- --
----------- ------------ ----------- ------------
At end of year....................... $ 1,299,204 $ 624,372 $ 8,652,808 $13,422,346
=========== ============ =========== ============

UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 8,171 $ (1,166) $ 970 $ (27)
=========== ============ =========== ============

<FN>
[1] For the year ended December 31.
[2] For the period from the start of business, February 14, 1994, to December 31, 1994.
[3] For the period from the start of business, August 2, 1994, to December 31, 1994.
</FN>
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
<TABLE>
- --------------------------------------------------------------------------------

STATEMENTS OF CHANGES IN NET ASSETS

- --------------------------------------------------------------------------------
<CAPTION>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
------------------------------------------------------------------------------------
NORDIC SERIES SPANISH SERIES SWISS SERIES
1994[2] 1994[1] 1993[1] 1994[2]
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:

From operations --
Net investment income (loss) ...... $ (23,500) $ 59,884 $ 5,833 $ 24,615
Net realized gain (loss)
on investment transactions........ (17,297) (433,534) (138,420) (252,712)
Change in unrealized appreciation
(depreciation) of investments and
translations of assets and liabilities
in foreign currencies............. (51,045) (989,720) 261,971 (86,635)
----------- ------------ ----------- -----------
Increase (decrease) in net assets
from operations................ $ (91,842) $(1,363,370) $ 129,384 $ (314,732)

Distributions to shareholders
from net investment income.......... -- (21,614) (1,246) (20,218)
Distributions to shareholders
in excess of net realized gains..... (315,015) -- -- --
Distributions to shareholders
from paid-in capital................ (3,414) -- -- --
Undistributed net investment
income included in price of shares
sold and redeemed (Note 1D)......... 12,795 225,472 2,108 5,573
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 9,109,374 6,774,253 110,110 4,141,912
----------- ------------ ----------- -----------

Net increase (decrease)
in net assets.................. $ 8,711,898 $ 5,614,741 $ 240,356 $ 3,812,535

NET ASSETS:

At beginning of period............... -- 760,336 519,980 --
----------- ------------ ----------- -----------
At end of period..................... $ 8,711,898 $ 6,375,077 $ 760,336 $ 3,812,535
=========== ============ =========== ===========

UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ (12,796) $ 268,960 $ 10,178 $ $ 9,970
=========== ============ =========== ===========

<FN>
[1] For the year ended December 31.
[2] For the period from the start of business, February 14, 1994, to December 31, 1994.
</FN>
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS

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

(1) SIGNIFICANT ACCOUNTING POLICIES

EquiFund - Wright National Fiduciary Equity Funds (the Trust) is registered
under the Investment Company Act of 1940, as amended, as an open-end, management
investment company. The Trust presently consists of nine active series (Funds),
Wright EquiFund - Belgian/Luxembourg National Fiduciary Equity Fund
(Belgian/Luxembourg series), Wright EquiFund - Dutch National Fiduciary Equity
Fund (Dutch series), Wright EquiFund - Hong Kong National Fiduciary Equity Fund
(Hong Kong series), Wright EquiFund - Italian National Fiduciary Equity Fund
(Italian series), Wright EquiFund - Japanese National Fiduciary Equity Fund
(Japanese series), Wright EquiFund - Mexican National Fiduciary Equity Fund
(Mexican series), Wright EquiFund - Nordic National Fiduciary Equity Fund
(Nordic series), Wright EquiFund - Spanish National Fiduciary Equity Fund
(Spanish series), and Wright EquiFund - Swiss National Fiduciary Equity Fund
(Swiss series). The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles.

A. Investment Valuations - Securities, including foreign securities, listed on
securities exchanges or in the NASDAQ National Market are valued at closing sale
prices, if those prices are deemed to be representative of market values at the
close of business. Securities traded on more than one U.S. or foreign securities
exchange are valued at the last sale price on the exchange representing the
principal market for such securities, if those prices are deemed to be
representative of market values at the close of business. Securities traded
over-the-counter, unlisted securities and listed securities for which closing
sale prices are not available are valued at the mean between latest bid and
asked prices or, if such bid and asked prices are not available, at prices
supplied by a pricing agent, unless such prices are deemed not to be
representative of market values at the close of business. Securities for which
market quotations are unavailable and other assets are appraised at their fair
value as determined in good faith according to guidelines established by the
Trustees of the Trust. Short-term obligations with remaining maturities of sixty
days or less are valued at amortized cost, which approximates market value.
Options traded on exchanges and over-the-counter are valued at the last current
sales price on the market where such option is principally traded.
Over-the-counter and listed options for which a last sale price is not available
are valued on the basis of quotations supplied by dealers who regularly trade
such options or, if such quotations are not available or deemed not to be
representative of market values, at fair value.

B. Foreign Currency Translation - Investment security valuations, other assets,
and liabilities initially expressed in foreign currencies are translated each
business day into U.S. dollars based upon current exchange rates. Purchases and
sales of foreign investment securities and income and expenses are translated
into U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. The Trust does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.

C. Taxes - The Trust's policy is to comply with the provisions of the Internal
Revenue Code (the Code) available to regulated investment companies and
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal income
tax is necessary. At December 31, 1994, net capital losses of $354,205 Nordic
series attributable to security transactions
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

inucrred after October 31, 1994, are treated as arising on the first day of the
Fund's net taxable year. Withholding taxes on foreign dividends have been
provided for in accordance with the Trust's understanding of the applicable
country's tax rules and rates. At December 31, 1994, the Trust, for federal
income tax purposes, had a capital loss carryover of $88,661 Belgium series,
$37,177 Italian series, $188,806 Spanish series and $236,284 Swiss series,
which will reduce taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Code, and thus will
reduce the amount of the distribution to shareholders which would otherwise
be necessary to relieve the respective Fund of any liability for federal
income or excise tax. Pursuant to the Code, such capital loss carryovers will
expire as follows:
<TABLE>

Dec. Belgium Italian Spanish Swiss
- -------------------------------------------------------
<S> <C> <C> <C> <C>
1998 $ -- $ 2,662 $ -- $ --
1999 -- 83,355 64,464 --
2000 -- 32,944 61,356 --
2001 -- 188,188 138,420 --
2002 88,661 37,177 188,806 236,284
- -------------------------------------------------------
</TABLE>
D. Equalization - The Trust follows the accounting practice known as
equalization by which a portion of the proceeds from sales and costs of
redemptions of Fund shares, on a per-share basis, equivalent to the amount of
undistributed net investment income on the date of the transaction is credited
or charged to undistributed net investment income. As a result, undistributed
net investment income per share is unaffected by sales or redemptions of Fund
shares.

E. Deferred Organization Expenses - Costs incurred by the Trust in connection
with its organization, including registration costs, are being amortized on the
straight-line basis over five years from commencement of operations of each
series.

F. Other - Investment transactions are accounted for on the date the investments
are purchased or sold. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. However, if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as the Fund is informed
of the ex-dividend date. Interest income is recorded on the accrual basis. At
December 31, 1993, $24,247 ($0.034 per share) of distributions from long-term
capital gains were recharacterized as dividends from net investment income on
the Hong Kong series.

G. Distributions - The Trust requires that differences in the recognition or
classification of income between the financial statements and tax earnings and
profits which result in temporary overdistributions for financial statement
purposes, are classified as distributions in excess of net investment income or
accumulated net realized gains. During the period ending December 31, 1994, the
following amounts were reclassified due to differences between book and tax
accounting created primarily by the deferral of certain losses for tax purposes
and character reclassifications between net investment income and net realized
capital gains.
<TABLE>
Accumulated Undistributed Undis-
Net Realized Gain tributed
(Loss) on Investment Net
Paid-in and Foreign Investment
Capital Currency Transactions Income (Loss)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
Dutch $(23,829) $ (5,599) $29,428
Japanese -- (44,671) 44,671
Mexican (83,483) 141 83,342
Nordic (5,021) (18,479) 23,500
Spanish 3,627 1,333 (4,960)
- ----------------------------------------------------------------------
</TABLE>
These changes had no effect on the net assets per share.

(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has engaged Wright Investors' Service (Wright) to perform
investment management, investment advisory, and other services. For its
services, Wright is compen-
<PAGE>
EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

sated based upon a percentage of each series' average monthly net assets which
rate is adjusted as average monthly net assets exceed certain levels.
Effective August 25, 1994, the annual rate was changed from 0.50% to 0.75%
for the Dutch, Hong Kong, Italian, and Spanish Series. For the year ended
December 31, 1994, the annual effective rate was 0.54% for the Dutch Series,
0.61% for the Hong Kong Series, 0.56% for the Italian Series, 0.58% for the
Spanish Series and 0.75% for the Belgian/Luxembourg, Japanese, Mexican,
Nordic and Swiss Series. The Trust also has engaged Eaton Vance Management
(Eaton Vance) to act as administrator of the Trust. Under the Administration
Agreement, Eaton Vance is responsible for managing the business affairs of the
Trust and is compensated based upon a percentage of each series' average monthly
net assets, which rate is reduced as average monthly net assets exceed certain
levels. For the year ended December 31, 1994, the effective annual rate was
0.10% for each of the existing series. To enhance the net income of the Italian
Series, Wright reduced its management fee by $12,039, and was allocated $33,433
of other expenses.

Except as to Trustees of the Trust who are not affiliated with Eaton Vance
or Wright, Trustees and officers receive remuneration for their services to the
Trust out of the fees paid to Eaton Vance and Wright. The custodian fee was paid
to Investors Bank & Trust Company (IBT), an affiliate of Eaton Vance, for its
services as custodian of the Trust. Pursuant to the custodian agreement, IBT
receives a fee reduced by credits which are determined based on the average
daily cash balances the Trust maintains with IBT. Certain of the Trustees and
officers of the Trust are directors/trustees and/or officers of the above
organizations. See Note 3.

(3) DISTRIBUTION EXPENSES

The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
Funds will pay the principal underwriter, Wright Investors' Service Distributors
Inc., a subsidiary of Wright Investors' Service, an annual rate of 0.25% of each
series' average daily net assets for activities primarily intended to result in
the sale of each series' shares. For the year ended December 31, 1994, Wright
Investors' Service Distributors Inc. reduced its fees to the Italian Series,
Spanish Series, and Swiss Series by $5,350, $2,300, and $4,025, respectively.

(4) SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Trust shares for the periods ended were as follows:
<TABLE>
Year Ended Year Ended
December 31, 1994 December 31, 1993
----------------------------------------------------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIAN/LUXEMBOURG SERIES1
Sales 1,364,481 $13,860,124
Issued to shareholders in payment
of distributions declared 4,191 41,912
Redemptions (251,253) (2,586,277)
---------- ------------
Net Increase 1,117,419 $11,315,759
========== ============

<FN>
[1] For the period from the start of business, February 15, 1994, to
December 31, 1994.
</FN>
</TABLE>
<PAGE>
<TABLE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

Year Ended Year Ended
December 31, 1994 December 31, 1993
----------------------------------------------------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>

DUTCH SERIES
Sales 671,410 $ 7,157,730 925,262 $ 8,550,842
Issued to shareholders in payment
of distributions declared 132,992 1,049,308 2,705 23,532
Redemptions (1,189,657) (12,697,879) (74,222) (688,914)
----------- ------------ ------- -------------
Net Increase (Decrease) (385,255) $(4,490,841) 853,745 $ 7,885,460
=========== ============ ======= =============

HONG KONG SERIES
Sales 6,415,882 $100,980,326 807,357 $12,556,011
Issued to shareholders in payment
of distributions declared 20,895 255,440 19,414 353,194
Redemptions (5,697,304) (87,943,896) (355,849) (5,308,276)
----------- ------------ ------- -------------
Net Increase 739,473 $13,291,870 470,922 $ 7,600,929
=========== ============ ======= =============

ITALIAN SERIES
Sales 2,109,946 $12,329,736 103,559 $ 512,974
Issued to shareholders in payment
of distributions declared 17,978 86,111 297 1,461
Redemptions (1,988,888) (11,475,027) (89,197) (448,560)
----------- ------------ ------- -------------
Net Increase 139,036 $ 940,820 14,659 $ 65,875
=========== ============ ======= =============

JAPANESE SERIES[1]
Sales 1,759,740 $18,115,761
Issued to shareholders in payment
of distributions declared 10,651 100,226
Redemptions (874,304) (9,116,251)
----------- ------------
Net Increase 896,087 $ 9,099,736
=========== ============

MEXICAN SERIES[2]
Sales 3,304,755 $32,988,324
Issued to shareholders in payment
of distributions declared 113,074 862,752
Redemptions (1,345,733) (13,935,812)
----------- ------------
Net Increase 2,072,096 $19,915,264
=========== ============

<FN>
[1] For the period from the start of business, February 14, 1994, to
December 31, 1994.
[2] For the period from the start of business, August 2, 1994, to
December 31, 1994.
</FN>
</TABLE>
<PAGE>
<TABLE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- --------------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

NORDIC SERIES[1]
Sales 1,290,707 $12,817,114
Issued to shareholders in payment
of distributions declared 34,769 316,749
Redemptions (408,510) (4,024,489)
----------- ------------
Net Increase 916,966 $ 9,109,374
=========== ============

SPANISH SERIES
Sales 2,849,912 $19,047,572 74,730 $ 436,298
Issued to shareholders in payment
of distributions declared 3,519 21,113 209 1,190
Redemptions (1,886,844) (12,294,432) (55,101) (327,378)
----------- ------------ ------- -------------
Net Increase 966,587 $ 6,774,253 19,838 $ 110,110
=========== ============ ======= =============

SWISS SERIES[1]
Sales 940,681 $ 9,373,201
Issued to shareholders in payment
of distributions declared 2,164 19,866
Redemptions (538,689) (5,251,155)
----------- ------------
Net Increase 404,156 $ 4,141,912
=========== ============

<FN>
[1] For the period from the start of business, February 14, 1994, to
December 31, 1994.
</FN>
</TABLE>

(5) INVESTMENT TRANSACTIONS

Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the year ended December 31, 1994, were as
follows:
<TABLE>
Purchases Sales
- -----------------------------------------------------
<S> <C> <C>
Belgian/Luxembourg $12,406,475 $ 2,049,459
Dutch 6,625,543 11,433,763
Hong Kong 43,172,600 27,699,718
Italian 6,224,490 5,205,613
Japanese 11,635,070 3,427,652
Mexican 31,600,027 14,684,944
Nordic 11,012,918 2,370,447
Spanish 16,937,347 9,858,518
Swiss 8,953,850 4,896,128
- ----------------------------------------------------
</TABLE>

(6) FEDERAL INCOME TAX BASIS
OF INVESTMENT SECURITIES

The cost and net unrealized appreciation/depreciaton of the investment
securities owned at December 31, 1994, as computed on a federal income tax
basis, are as follows (see table on next page):

(7) FINANCIAL INSTRUMENTS

The Trust may trade in financial instruments with off-balance sheet risk in
the normal

<PAGE>

NOTES TO FINANCIAL STATEMENTS - CONTINUED

- --------------------------------------------------------------------------------
<TABLE>

Gross Gross Net Unrealized
Aggregate Unrealized Unrealized Appreciation
SERIES Cost Appreciation - Depreciation = ( Depreciation )
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIAN/LUXEMBOURG $ 10,268,354 $ 363,188 - $ 223,454 = $ 139,734
============= =============
DUTCH $ 3,447,161 $ 386,133 - $ 37,191 = $ 348,942
============= =============
HONG KONG $ 23,638,835 $ 19,402 - $ 4,429,983 = $ (4,410,581)
============= =============
ITALIAN $ 1,590,083 $ 19,995 - $ 250,203 = $ (230,208)
============= =============
JAPANESE $ 8,355,178 $ 179,721 - $ 629,135 = $ (449,414)
============= =============
MEXICAN $ 17,955,134 $ -- - $ 6,577,461 = $ (6,577,461)
============= =============
NORDIC $ 8,551,202 $ 514,063 - $ 565,544 = $ (51,481)
============= =============
SPANISH $ 7,448,064 $ 35,521 - $ 1,223,904 = $ (1,188,383)
============= =============
SWISS $ 3,808,914 $ 91,848 - $ 195,970 = $ (104,122)
============= =============

</TABLE>

course of its investing activities to assist in managing exposure to various
market risks. These financial instruments include written options, forward
foreign currency exchange contracts, and futures contracts and may involve,
to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. No such investments were held by
any of the Funds at December 31, 1994.

(8) FUNDS

At December 31, 1994, the Trust consisted of twenty-one Series of which
thirteen series did not have active operations. On January 19, 1994, the
Trustees voted to discontinue the United Kingdom series.

(9) LINE OF CREDIT

The Trust participates with other funds managed by Wright in a line of
credit with a bank which allows the Funds to borrow up to $20,000,000
collectively. The line of credit consists of a $5,000,000 committed facility and
a $15,000,000 uncommitted facility. Interest is charged to each fund based on
its borrowings, at a rate equal to the bank's base rate. In addition, the funds
pay a facility fee computed at a rate of 1/4 of 1% on the unused portion of the
$5,000,000 facility. The Italian Series had a loan outstanding of $45,389 at
December 31, 1994.

<PAGE>

EQUIFUND - WRIGHT NATIONAL FIDUCIARY EQUITY FUNDS
- --------------------------------------------------------------------------------

INDEPENDENT AUDITORS' REPORT

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

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

We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of EquiFund - Wright National
Fiduciary Equity Funds (the Trust) (comprising, respectively, of the
Belgian/Luxembourg, Dutch, Hong Kong, Italian, Japanese, Mexican, Nordic,
Spanish, and Swiss Series) as of December 31, 1994 and the related
statements of operations for the year then ended, and the statements of
changes in net assets for the years ended December 31, 1994 and 1993 and
the financial highlights for each of the years in the five-year period
ended December 31, 1994. These financial statements and financial
highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of the securities owned at December 31, 1994, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of each
of the respective Series constituting EquiFund - Wright National
Fiduciary Equity Funds as of December 31, 1994, the results of their
operations, the changes in their net assets, and their financial
highlights for the respective stated periods in conformity with generally
accepted accounting principles.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 3, 1995

<PAGE>

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)
- ---------------------------------------------------------------

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)
- ------------------------------------------------------------

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

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

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

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>

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;

(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

- -------------------------------------------------------------------------------------------------------------
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>

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>

THE WRIGHT EQUIFUND EQUITYTRUST

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

APPENDICES A-D
TO THE STATEMENT OF
ADDITIONAL INFORMATION

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

APRIL 17,1995

<PAGE>

APPENDIX A
---------------------------

DESCRIPTION OF INVESTMENTS

U.S. GOVERNMENT, AGENCY AND INSTRUMENTALITY OBLIGATIONS -- U.S. Government
obligations are issued by the U.S. Treasury and include bills, certificates of
indebtedness, notes, and bonds. Agencies and instrumentalities of the U.S.
Government are established under the authority of an act of Congress and
include, but are not limited to, the Government National Mortgage Association,
the Tennessee Valley Authority, the Bank for Cooperatives, the Farmers Home
Administration, Federal Home Loan Banks, Federal Intermediate Credit Banks,
Federal Land Banks, and the Federal National Mortgage Association.

REPURCHASE AGREEMENTS -- involve the purchase of debt securities of the
U.S. Treasury, a Federal agency, a Federal instrumentality or a
Federally-created corporation or of other high quality short-term debt
obligations. At the same time a Fund purchases the security it resells such
security to the vendor which is a member bank of the Federal Reserve System, a
recognized securities dealer or any foreign bank whose creditworthiness has been
determined by Wright to be at least equal to that of issuers of commercial paper
rated within the two highest grades assigned by Moody's Investors Service, Inc.
or Standard and Poor's Ratings Group, and is obligated to redeliver the security
to the vendor on an agreed-upon date in the future. A repurchase agreement with
foreign banks may be available with respect to government securities of the
particular foreign jurisdiction. The resale price is in excess of the purchase
price and reflects an agreed-upon market rate unrelated to the coupon rate on
the purchased security. Such transactions afford an opportunity for a Fund to
earn a return on cash which is only temporarily available. A Fund's risk is the
ability of the vendor to pay an agreed upon sum upon the delivery date, which
the Trust believes is limited to the difference between the market value of the
security and the repurchase price provided for in the repurchase agreement.
However, bankruptcy or insolvency proceedings affecting the vendor of the
security which is subject to the repurchase agreement, prior to the repurchase,
may result in a delay in a Fund being able to resell the security. The 1940 Act
prohibits registered investment companies from acquiring certain securities
issued by broker-dealers. A transaction whereby a Fund enters into a repurchase
agreement with a broker-dealer might be construed as a contravention of this
prohibition. In the event the law is so interpreted, the Funds will cease such
transactions.

CERTIFICATES OF DEPOSIT -- are certificates issued against funds deposited
in a bank, are for a definite period of time, earn a specified rate of return,
and are normally negotiable.

BANKERS' ACCEPTANCES -- are short-term credit instruments used to finance
the import, export, transfer or storage of goods. They are termed "accepted"
when a bank guarantees their payment at maturity.

FIXED TIME DEPOSITS -- are bank obligations payable at a stated maturity
date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn
on demand by the investor, but may be subject to early withdrawal penalties
which vary depending upon market conditions and the remaining maturity of the
obligation. There are no contractual restrictions on the right to transfer a
beneficial interest in a fixed time deposit to a third party, although there is
no market for such deposits.

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

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

FOREIGN SECURITIES -- The Funds, other than the United States Fund, may
invest in foreign securities, and in certificates of deposit, bankers'
acceptances, fixed time deposits issued by major foreign banks and foreign
branches of United States banks, to any extent deemed appropriate by Wright and
consistent with a Fund's investment objective. Investing in securities of
foreign governments or securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
associated with domestic investments. For example, there is generally less
publicly available information about foreign companies, particularly those not
subject to the disclosure and reporting requirements of the U.S. securities
laws. Foreign issuers are generally not bound by uniform accounting, auditing
and financial reporting requirements comparable to those applicable to domestic
issuers. Investments in foreign securities also involve the risks of possible
adverse changes in exchange control regulations, expropriation or confiscatory
taxation, limitation on removal of funds or other assets of a Fund, political or
financial instability or diplomatic and other developments which could affect
such investments. Further, economies of particular countries or areas of the
world may differ favorably or unfavorably from the economy of the U.S. To the
extent investments in foreign securities are denominated or quoted in currencies
of foreign countries, a Fund may be affected favorably or unfavorably by changes
in currency exchange rates and may incur costs in connection with conversion
between currencies.

It is anticipated that in most cases the best available market for foreign
securities will be on exchanges or in over-the-counter markets located outside
the U.S. Foreign stock markets, while growing in volume and sophistication, are
generally not as developed as those in the U.S. Securities of some foreign
issuers may be less liquid and more volatile than securities of comparable U.S.
companies (this is particularly true of issuers located in developing countries;
however, the Funds do not anticipate investments in securities of developing
countries). In addition, foreign brokerage commissions are generally higher than
commissions on securities traded in the U.S. and may be non-negotiable. In
general, there is less overall governmental supervision and regulation of
securities exchanges, brokers and listed companies than in the U.S.

FOREIGN CURRENCY EXCHANGE TRANSACTIONS -- The Funds, other than the United
States Fund, may engage in foreign currency exchange transactions. Investments
in securities of foreign governments and companies whose principal business
activities are located outside the United States will frequently involve
currencies of foreign countries. In addition, assets of a Fund may temporarily
be held in bank deposits in foreign currencies during the completion of
investment programs. Therefore, the value of a Fund's assets, as measured in
U.S. dollars, may be affected favorably or unfavorably by changes in foreign
currency exchange rates and exchange control regulations. Although each Fund
values its assets daily in U.S. dollars, the Fund does not intend to convert its
holdings of foreign currencies into U.S. dollars on a daily basis. A Fund may
conduct its foreign currency exchange transactions on a spot (i.e., cash) basis
at the spot rate prevailing in the foreign currency exchange market. The Fund
will convert currency on a spot basis from time to time and will incur costs in
connection with such currency conversion. Although foreign exchange dealers do
not charge a fee for conversion, they do realize a profit based on the
difference (the "spread") between the prices at which they are buying and
selling various currencies. Thus, a dealer may offer to sell a foreign currency
to a Fund at one rate, while offering a lesser rate of exchange should the Fund
desire to resell that currency to the dealer. The Funds do not intend to
speculate in foreign currency exchange rates.

As an alternative to spot transactions, a Fund may enter into contracts to
purchase or sell foreign currencies at a future date ("forward contracts"). A
forward contract involves an obligation to purchase or sell a specific currency
at a future date and price fixed by agreement between the parties at the time of
entering into the contract. These contracts are traded in the interbank market
conducted directly between currency traders (usually large commercial banks) and
their customers. Although a forward contract generally involves no deposit
requirement and no commissions are charged at any stage for trades, a Fund will
maintain segregated accounts in connection with such transactions. The Funds
intend to enter into such contracts only on net terms.
<PAGE>

A Fund may enter into forward contracts under two circumstances. First,
when a Fund enters into a contract for the purchase or sale of a security quoted
or denominated in a foreign currency, it may desire to "lock in" the price of
the security. This is accomplished by entering into a forward contract for the
purchase or sale, for a fixed amount of the foreign currency involved in the
underlying security transaction ("transaction hedging"). Such forward contract
transactions will enable the Fund to protect itself against a possible loss
resulting from an adverse change in the relationship between the different
currencies during the period between the date the security is purchased or sold
and the date of payment for the security.

Second, when Wright believes that the currency of a particular foreign
country may suffer a decline, a Fund may enter into a forward contract to sell
the amount of foreign currency approximating the value of some or all of the
securities quoted or denominated in such foreign currency. The precise matching
of the forward contract amounts and the value of the securities involved will
not generally be possible. The future value of such securities in foreign
currencies will change as a consequence of fluctuations in the market value of
those securities between the date the forward contract is entered into and the
date it matures. The projection of currency exchange rates and the
implementation of a short-term hedging strategy are highly uncertain. As an
operating policy, the Funds do not intend to enter into forward contracts for
such hedging purposes on a regular or continuous basis, and will not do so if,
as a result, more than 50% of the value of a Fund's total assets would be
committed to the consummation of such contracts. A Fund will also not enter into
such forward contracts or maintain a net exposure to such contracts if the
contracts would obligate the Fund to deliver an amount of foreign currency in
excess of the value of the Fund's securities or other assets quoted or
denominated in that currency.

The Fund's custodian will place cash or liquid, high grade debt securities
in a segregated account. The amount of such segregated assets will be at least
equal to the value of a Fund's total assets committed to the consummation of
forward contracts involving the purchase of foreign currency. If the value of
the securities placed in the segregated account declines, additional cash or
securities will be placed in the account on a daily basis so that the value of
the amount will equal the amount of the Fund's commitments with respect to such
contracts.

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

It is impossible to forecast with precision the market value of portfolio
securities at the expiration of a forward contract. Accordingly, it may be
necessary for a Fund to purchase additional foreign currency on the spot market
(and bear the expense of such purchase) if the Fund intends to sell the security
and the market value of the security is less than the amount of foreign currency
that the Fund is obligated to deliver. Conversely, it may be necessary to sell
on the spot market some of the foreign currency received upon the sale of the
portfolio security if its market value exceeds the amount of foreign currency
that the Fund is obligated to deliver.

If a Fund retains the portfolio security and engages in an offsetting
transaction, the Fund will incur a gain or loss (as described below) to the
extent that there has been a change in forward contract prices. If the Fund
engages in an offsetting transaction, it may subsequently enter into a new
forward contract to sell the foreign currency. Should forward contract prices
decline during the period between the date the Fund enters into a forward
contract for the sale of the foreign currency and the date it enters into an
offsetting contract for the purchase of the foreign currency, the Fund will
realize a gain to the extent that the price of the currency it has agreed to
sell exceeds the price of the currency it has agreed to purchase. Should forward
contracts prices increase, the Fund will suffer a loss to the extent that the
price of the currency it has agreed to purchase exceeds the price of the
currency it has agreed to sell.
<PAGE>

A Fund will not speculate in forward contracts and will limit its dealings
in such contracts to the transactions described above. Of course, a Fund is not
required to enter into such transactions with respect to its portfolio
securities quoted or denominated in a foreign currency and will not do so unless
deemed appropriate by Wright. This method of protecting the value of a Fund's
securities against a decline in the value of a currency does not eliminate
fluctuations in the underlying prices of the securities. It simply establishes a
rate of exchange which the Fund can achieve at some future time. Additionally,
although such contracts tend to minimize the risk of loss due to a decline in
the value of the hedged currency, they also tend to limit any potential gain
which might be realized if the value of such currency increases.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

ARGENTINA
Citibank, N.A.
Buenos Aires

AUSTRALIA
National Australia Bank
Melbourne

AUSTRIA
Euroclear

BANGLADESH
Standard Chartered

BELGIUM
Euroclear

BRAZIL
Banco de Boston
Sao Paulo

CANADA
Euroclear

CHILE
Bank of Boston

CHINA
Standard Chartered, Shenzhen
Standard Chartered, Shanghai

COLOMBIA
Citibank, S.A.
Bogota

CZECH REPUBLIC
Chase Manhattan Bank

DENMARK
Euroclear

FINLAND
Euroclear

FRANCE
Euroclear

GERMANY
Euroclear

GREECE
Citibank, N.A.
Athens

HONG KONG
Standard Chartered Bank
Hong Kong

HUNGARY
Citibank, N.A.

INDIA
State Bank of India

INDONESIA
Standard Chartered Bank
Jakarta

IRELAND
Bank of Ireland
Securities Services

ISRAEL
Chase Manhattan Bank

ITALY
Citibank, N.A.

JAPAN
Standard Chartered Bank
Tokyo

KOREA
Standard Chartered Bank
Seoul

LUXEMBOURG
Euroclear

MALAYSIA
Standard Chartered Bank

MEXICO
Bancomer, S.A.

MOROCCO
Chase Manhattan Bank

NETHERLANDS
Euroclear

NEW ZEALAND
National Australia Bank
Aukland

NORWAY
Euroclear

PAKISTAN
Standard Chartered Bank
Karachi

PERU
Citibank, N.A.
Lima

PHILLIPINES
Standard Chartered Bank
Manila

POLAND
Citibank, N.A.

PORTUGAL
Euroclear

PUERTO RICO
Citibank, N.A.

SINGAPORE
Standard Chartered Bank

SOUTH AFRICA
Chase Manhattan Bank

SPAIN
Euroclear

SRI LANKA
Standard Chartered Bank

SWEDEN
Euroclear

SWITZERLAND
Euroclear

TAIWAN
Standard Chartered Bank
Taipei

THAILAND
Standard Chartered Bank
Bangkok

TURKEY
Chase Manhattan, N.A.
Istanbul

UNITED KINGDOM
Barclays Bank PLC
London

URUGUAY
Citibank, N.A.
Montevideo

VENEZUELA
Citibank, N.A.
Caracas

ZIMBABWE
Barclays Bank PLC

<PAGE>

DEPOSITORIES

ARGENTINA
Caja De Valores
("CDV")

AUSTRALIA
Austra clear

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

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

BRAZIL
Bovespa

CANADA
Canadian Depository
for Securities Limited
("CDS")

CHINA
Shenzen Central Registrars Co.

COLUMBIA
Banco de la Republica

CZECH REPUBLIC
SCP

DENMARK
Vaerdipapircentralen
("VP")

FINLAND
Central Share Depository

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

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

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

HONG KONG
CCASS

HUNGARY
Keler

IRELAND
Gilt Settlement Office
("GSO")

ISRAEL
The Stock Exchange
Clearing House Ltd.

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

JAPAN
Japan Securities Depository Center
("JASDEC")

KOREA
KSD

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

MALAYSIA
Malaysian Central Depository

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

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

NEW ZEALAND
Austraclear

NORWAY
Verdipapirsentralen
("VPS")

PERU
Caval

POLAND
National Depository of Securities

PORTUGAL
Central de Valores Mobiliarios

SINGAPORE
Central Depository
(PTE) Ltd.

SPAIN
Servico Compen savion
Y Liquidation

SRI LANKA
Central Depository System
(PVT)

SWEDEN
Vardepappers Centralen

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

TAIWAN
Taiwan Securities
Central Depository Co.

THAILAND
Share Depository Center

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

NATIONAL EQUITY INDICES
DECEMBER 31, 1994

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NORDIC NATIONAL EQUITY INDEX

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

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

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

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

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

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

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