- -------------------------------------------------------------------------------
Description of art work on front cover of the report.
EquiFund logo in center of page with a globe underneath it, all of which is
set on a blue background.
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EQUIFUND(R)
THE WRIGHT EQUIFUND
EQUITY TRUST
EquiFund
Logo
SEMI-ANNUAL REPORT
as of June 30, 1996
<PAGE>
THE WRIGHT EQUIFUND
EQUITY TRUST
THE WRIGHT EQUIFUND EQUITY TRUST (EquiFund) is an open-end, management
investment company, known as a mutual fund, registered as a diversified
investment company under the Investment Company Act of 1940, as amended.
EquiFund consists of nine active and ten inactive separate and distinct
non-diversified series or funds.
INVESTMENT OBJECTIVE
Each Fund of EquiFund seeks to enhance total investment return (consisting
of price appreciation plus income) by investing in a broadly based
portfolio of equity securities selected from the publicly traded companies
in the National Equity Index for the nation or nations in which each Fund
is permitted to invest. Only securities for which adequate public
information is available and which could be considered acceptable for
investment by a prudent person are included in the National Equity Indexes.
THE ACTIVE FUNDS
Wright EquiFund -- Belgium/Luxembourg Wright EquiFund -- Britain Wright
EquiFund -- Germany Wright EquiFund -- Hong Kong Wright EquiFund -- Japan
Wright EquiFund -- Mexico Wright EquiFund -- Netherlands Wright EquiFund --
Nordic Wright EquiFund -- Switzerland
THE INACTIVE FUNDS
Wright EquiFund -- Australasia Wright EquiFund -- Austria Wright EquiFund
-- Canada Wright EquiFund -- France Wright EquiFund -- Global Wright
EquiFund -- International Wright EquiFund -- Ireland Wright EquiFund --
Italian Wright EquiFund -- Spanish Wright EquiFund -- United States
TABLE OF CONTENTS
Investment Objectives..........Inside Front Cover
Report To Shareholders......................... 1
Wright EquiFunds
Dividend Distributions:
Belgium/Luxembourg........................... 5
Britain...................................... 5
Germany.......................................5
Hong Kong.................................... 6
Japan........................................ 6
Mexico....................................... 6
Netherlands.................................. 7
Nordic....................................... 7
Switzerland.................................. 7
Wright EquiFund -- Belgium/Luxembourg
Portfolio of Investments......................8
Wright EquiFund -- Britain
Portfolio of Investments......................9
Wright EquiFund -- Germany
Portfolio of Investments.....................11
Wright EquiFund -- Hong Kong
Portfolio of Investments.....................12
Wright EquiFund -- Japan
Portfolio of Investments.....................13
Wright EquiFund -- Mexico
Portfolio of Investments.....................14
Wright EquiFund -- Netherlands
Portfolio of Investments.....................15
Wright EquiFund -- Nordic
Portfolio of Investments.....................16
Wright EquiFund -- Switzerland
Portfolio of Investments.....................17
Statement of Assets & Liabilities..............18
Statement of Operations........................21
Statements of Changes in Net Assets............24
Financial Highlights...........................27
Notes to Financial Statements..................36
<PAGE>
REPORT TO SHAREHOLDERS
Dear Shareholders :
Global stock markets generally performed well during the first half of
1996. With volatile bond markets as a backdrop, prices in the Group of Seven
(G-7) stock markets increased an average of 9% in local currency terms during
the opening six months of 1996: in U.S. dollar terms, the G-7 stock markets
increased an average of 7%. Long-term bond yields rose an average of 20 basis
points during the first half, while short-term interest rates declined more than
50 basis points on average. European central banks have pursued comparatively
accommodative monetary policies in order to promote economic growth, and the
Japanese discount rate remains at a postwar low of 0.5%. In contrast, the U.S.
monetary authorities have moved away from the accommodative policies pursued
during 1995 and into early 1996.
According to the Organization for Economic Co-operation and Development
(OECD), the major economies of the world will expand a little less than 2% this
year and a little better than 2% next year. Real GDP in the G-7 economies has
averaged less than 2% growth in four of the first five years of the 1990s. Such
growth is a far cry from the 3.3% average rate of expansion in the second half
of the 1980s. OECD analysts are forecasting a continuation of the recent sub-2%
growth in 1996 and a modest pickup (to 2.3%) in 1997. None of the individual G-7
economies is expected to come up to the 1980s-type growth rates in either 1996
or 1997. Only the U.S. economy is projected to grow anywhere near its potential.
Unit labor costs and broader measures of inflation are forecast to increase by
less than 2% in the G-7 economies in 1996-97, continuing the modest inflation
trend seen since 1991.
In the U.S., the first half's strong rate of economic expansion has
increased the possibility of Federal Reserve tightening and higher interest
rates this summer. But at its July FOMC meeting, the Fed chose to keep interest
rates unchanged in the expectation that a slowing of growth later this year will
limit any buildup of inflation pressures. If the Fed is correct, the U.S. bond
market stands to improve, providing some support to stock prices later in the
second half. If the Fed is forced to boost interest rates over the summer, the
stock market correction that arrived in late June and early July could turn out
to be longer and deeper than would otherwise be the case. Foreign equities
markets would probably not be completely immune to U.S. financial market
weakness.
However volatile the markets become in the short run, investors are likely
to be rewarded for holding high-quality stocks. Longer term, diversification in
foreign stocks can be expected to enhance the risk-return profile of U.S.
portfolios. It should be understood that past performance does not guarantee
future results and that investment return and principal value will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost. There are risks associated with international investing such as
currency fluctuations and potential political instability.
The following paragraphs discuss the various economic, political and market
factors affecting the investment performance of the Wright National Fiduciary
Equity Funds during the first half of 1996 and prospects for the period ahead.
Sincerely,
Peter M. Donovan
President
<PAGE>
BELGIUM/LUXEMBOURG
Preliminary reports indicate that Belgium's first-quarter GDP increased 0.4%,
year over year. Growth is expected to pick up later in the year, with the
consensus looking for a 1.3% rise in GDP for all of 1996 and 2.1% growth in
1997. Some of this optimism is based on the central bank's monthly business
surveys, which show rising business confidence this year. The May survey also
indicated that manufacturers plan to increase investment by 22% in 1996 and that
orders are rising. The improving outlook is good news for the Belgian
government, which is struggling to meet the requirements to qualify for European
monetary union. Following a sluggish first quarter, the Belgian stock market
perked up a bit in the second quarter. For the entire first half of 1996, the
FT/S&P Actuaries total return index for Belgium rose 8.5% in francs; this return
was reduced to 1.9% in U.S. dollars due to the franc's 6.0% depreciation against
the dollar.
BRITAIN
The outlook for economic growth may be improving following recent sluggishness.
Consumer spending has the potential to lead a pick-up in activity. Consumers are
benefitting from recent drops in income tax rates, declining mortgage rates and
rising home prices, which are boosting wealth. The consensus forecast has GDP
growth quickening to 3.2% in 1997 from an estimated 2.2% in 1996. Inflation
pressures remain modest, and British monetary authorities appear to be
maintaining a steady, accommodating monetary policy. Short-term interest rates
declined in the first half, but 10-year government bond yields increased 49
basis points and the stock market was fairly lackluster. The FT/S&P Actuaries
total return index for the U.K. increased 3.3% in both pounds and dollars during
1996's first six months.
GERMANY
Modest inflation has provided the leeway for an accommodative monetary policy in
support of economic recovery. Consumer prices increased just 1.4% for the year
through June. Economic growth appears to have picked up in the second quarter of
1996 following three quarters of stagnant activity. The recovery is expected to
be quite modest, however, with GDP growth anticipated at 0.8% this year and 2.5%
in 1997, according to the consensus outlook. The D-mark has reversed last year's
strength against major currencies, improving the competitiveness of German
exports, which are expected to lead the recovery. The FT/S&P Actuaries total
return index for Germany was up 13.0% in D-marks during the first half of 1996;
this gain was cut to 6.3% in dollar terms by the mark's weakness compared to the
dollar this year.
HONG KONG
Less than a year remains until the Chinese government regains control of Hong
Kong from Britain. Many details about the functioning of the territory's legal
and financial infrastructure remain unresolved. There has been speculation that
economic growth will slow again this year from 1995's 4.8% rate of GDP growth as
lagging confidence limits consumer spending. Still, there has been some
resurgence in Hong Kong's property market. Also, a recent survey suggests that
the risk of capital flight from Hong Kong
<PAGE>
over the next year is low, as the population of Hong Kong has by and large
completed financial arrangements for the handover. One possible sign of
uncertainty regarding the effects of the handover: although the FT/S&P actuaries
total return index for Hong Kong was up 13.2% in U.S. dollars during the first
half of 1996, virtually all of the gain was recorded in January.
JAPAN
Real GDP growth surged at a 12.7% annual rate in the first quarter of 1996, the
fastest growth in 23 years. Economic growth was boosted by strong fiscal
stimulus, low interest rates, and the declining yen, which contributed to export
competitiveness. Japan's period of deflation may have ended, as consumer prices
rose 0.3% for the year through May. Subsequent economic growth is expected to be
more moderate; the consensus forecast has GDP increasing 3.2% this year and 2.3%
in 1997. The Bank of Japan is not expected to raise interest rates any time soon
as it tries to ensure the continuation of the recovery and provide support to
troubled financial companies. The FT/S&P Actuaries total return index for Japan
increased 7.9% in yen for the first half of 1996; this gain was cut to 1.5% in
terms of dollars by the yen's 5.8% depreciation vis a vis the dollar.
MEXICO
First-quarter GDP declined 1% from a year earlier. This was a much smaller
decline than the government or private economists were looking for. Compared to
the December-quarter level, manufacturing and mining output rose, but service
and construction industries declined. In May, retail sales in Mexico were 0.7%
ahead of those a year earlier, the first increase in 16 months. Mexico's
consumer prices rose 1.6% in the month of June, down from 1.8% in May; the
consensus outlook (which is higher than the government forecast) is for
inflation moderating to about 29% this year. By the end of June, three-month
interest rates had declined to about 30% from 47% at the end of 1995, while the
peso increased by 1.5% compared to the dollar over the same period. The FT/S&P
Actuaries total return index for Mexico posted an 18% advance in pesos in the
first half of 1996 (20% in dollars).
NETHERLANDS
Dutch economic indicators continue to point to a pickup in growth. Industrial
output for the year through May rose 3.5%; retail sales for the same period
advanced 7.1%. The jobless rate for the April-June period declined to 6.6%, its
lowest rate in almost three years. The Dutch government expects economic growth
to accelerate to 2.75%-3% in 1997 from about 2% this year. The government also
expects consumer price inflation of 2.5% this year rising to closer to 3.0% next
year, rates that are higher than the consensus outlook. Consumer prices were up
1.8% for the year through June, the smallest increase since February. In the
first six months of 1996, the FT/S&P Actuaries total return index for the
Netherlands increased 18.1% in guilders and a respectable 10.9% in U.S. dollar
terms despite the guilder's 5.9% depreciation compared with the dollar this
year.
<PAGE>
NORDIC MARKETS
Sweden reported that first-quarter GDP increased 1.4% from a year earlier; the
consensus outlook is for similar growth for the full year. Denmark's 0.8%
year-over-year increase in GDP for the first quarter was better than expected.
In Finland, GDP increased 1% in the first quarter and is expected to accelerate
in the second half of the year. In early July, Finland's central bank cited
"very low or non-existent" inflation when cutting its benchmark interest rate
for the seventh time since October. In June, Sweden's year-over-year inflation
rate fell to 0.8%, a 36-year low; some economists are warning of possible
deflation in Sweden. In 1996's first half, the FT/S&P Actuaries total return
index for the Nordic region rose 14.1% in local currency and nearly 12% in
dollars. So far in 1996, Sweden has led the regional markets with a 16% return
in dollar terms.
SWITZERLAND
GDP decreased 0.7% year over year in the first quarter. Reduced construction
spending was the major factor in the decline. Household spending, however, was
stronger than expected, and exports rose 3.0% from a year earlier, prompting
some economists to expect GDP growth to improve later in the year. The Swiss
franc's decline against the dollar and the German mark this year is expected to
benefit exports. Consensus economic forecasts have Swiss GDP rising 0.7% this
year and 1.9% in 1997. Swiss consumer price inflation is expected to be around
1% for 1996 as a whole. The Swiss stock market's benchmark SMI index ended June
at an all-time high. Although the Swiss franc stabilized in June, for the entire
first half it declined nearly 8% compared to the U.S. dollar. This reduced the
FT/S&P Actuaries return for Switzerland from 13.4% in francs to 4.3% in dollars.
<PAGE>
DIVIDEND DISTRIBUTIONS
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Value 12 Month 5 Year Cum.
Period Per bution bution Shares $1,000 Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment Return Return Return
(Annualized) (Annualized)
- --------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG (UNAUDITED)
- --------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2/15/94 $10.00 100.00 $1,000.00
Dec. 95 12.01 0.290 0.024702 102.88 1,236.62 20.28% -- 12.01%
Jan. 96 12.54 102.88 1,290.12 30.19% -- 13.90%
Feb. 96 12.96 102.88 1,333.32 29.69% -- 15.17%
Mar. 96 12.68 102.88 1,304.52 22.00% -- 13.35%
Apr. 96 12.96 102.88 1,333.32 17.63% -- 13.94%
May 96 13.36 102.88 1,374.48 17.51% -- 14.91%
Jun. 96 13.34 102.88 1,372.42 14.97% -- 14.28%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BRITAIN (UNAUDITED)
- -------------------------------------------
4/20/95 $10.00 100.00 $1,000.00
Dec. 95 10.40 0.705 0.069322 106.93 1,111.00 -- -- --
Jan. 96 10.40 106.93 1,112.07 -- -- --
Feb. 96 10.55 106.93 1,128.11 -- -- --
Mar. 96 10.75 0.130 0.012093 108.23 1,163.47 -- -- --
Apr. 96 10.87 108.23 1,176.46 17.76% -- --
May 96 10.91 108.23 1,180.79 15.65% -- 16.08%
Jun. 96 10.90 108.23 1,179.71 14.31% -- 15.18%
- ------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- GERMANY (UNAUDITED)
- --------------------------------------------
4/19/95 $10.00 100.00 $1,000.00
Dec. 95 9.24 0.050 0.005501 100.55 929.08 -- -- --
Jan. 96 9.45 100.55 950.20 -- -- --
Feb. 96 9.63 100.55 968.30 -- -- --
Mar. 96 9.51 100.55 956.23 -- -- --
Apr. 96 9.19 100.55 924.05 -8.60% -- --
May 96 9.65 100.55 970.31 -5.06% -- -2.66%
Jun. 96 9.94 100.55 999.47 -3.80% -- -0.04%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Value 12 Month 5 Year Cum.
Period Per bution bution Shares $1,000 Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment Return Return Return
(Annualized) (Annualized)
- ------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- HONG KONG (UNAUDITED)
- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 95 13.03 0.200 0.015522 117.04 1,525.03 1.63% 12.99% 7.98%
Jan. 96 14.31 117.04 1,674.84 21.82% 13.63% 9.68%
Feb. 96 14.22 117.04 1,664.31 11.00% 11.04% 9.41%
Mar. 96 13.82 117.04 1,617.49 7.22% 9.96% 8.73%
Apr. 96 13.89 117.04 1,625.69 9.52% 10.43% 8.69%
May 96 14.24 117.04 1,666.65 3.67% 10.73% 9.02%
Jun. 96 13.99 117.04 1,637.39 6.03% 10.41% 8.57%
- -------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- JAPAN (UNAUDITED)
- -----------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 95 8.78 101.28 889.24 -9.11% -- -6.07%
Jan. 96 8.66 101.28 877.08 -8.36% -- -6.47%
Feb. 96 8.60 101.28 871.01 -3.04% -- -6.55%
Mar. 96 8.70 101.28 881.14 -7.25% -- -5.78%
Apr. 96 9.37 101.28 948.99 -3.10% -- -2.35%
May 96 8.98 101.28 909.49 -0.77% -- -4.06%
Jun. 96 9.14 101.28 925.70 4.10% -- -3.20%
- -------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- MEXICO (UNAUDITED)
- ------------------------------------------
8/02/94 $10.00 100.00 $1,000.00
Dec. 95 4.22 109.09 460.36 -33.37% -- -42.25%
Jan. 96 4.80 109.09 523.63 2.32% -- -35.08%
Feb. 96 4.47 109.09 487.63 22.29% -- -36.58%
Mar. 96 4.97 109.09 542.18 38.83% -- -30.81%
Apr. 96 5.20 109.09 567.27 22.07% -- -27.75%
May 96 5.30 109.09 578.18 28.02% -- -25.89%
Jun. 96 5.14 109.09 560.72 15.25% -- -26.12%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Value 12 Month 5 Year Cum.
Period Per bution bution Shares $1,000 Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment Return Return Return
(Annualized) (Annualized)
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NETHERLANDS (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 95 8.59 0.960 0.112751 159.44 1,369.59 18.84% 9.88% 5.93%
Jan. 96 8.99 159.44 1,433.37 23.17% 10.25% 6.66%
Feb. 96 9.39 159.44 1,497.14 22.93% 10.01% 7.39%
Mar. 96 10.11 159.44 1,611.94 28.28% 12.09% 8.66%
Apr. 96 10.08 159.44 1,607.16 25.32% 11.78% 8.48%
May 96 10.44 159.44 1,664.55 27.38% 13.14% 9.00%
Jun. 96 10.41 159.44 1,659.77 22.71% 14.30% 8.82%
- -------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NORDIC (UNAUDITED)
2/14/94 $10.00 100.00 $1,000.00
Dec. 95 11.33 0.050 0.004537 104.48 1,183.76 19.80% -- 9.31%
Jan. 96 11.42 104.48 1,193.16 21.65% -- 9.33%
Feb. 96 11.99 104.48 1,252.72 24.94% -- 11.56%
Mar. 96 12.18 104.48 1,272.57 30.16% -- 11.90%
Apr. 96 12.50 104.48 1,306.00 23.23% -- 12.74%
May 96 12.71 104.48 1,327.94 26.16% -- 13.06%
Jun. 96 13.08 104.48 1,366.60 26.46% -- 13.94%
- --------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- SWITZERLAND (UNAUDITED)
2/14/94 $10.00 100.00 $1,000.00
Dec. 95 11.10 0.050 0.004575 101.00 1,122.11 18.35% -- 6.34%
Jan. 96 10.68 101.00 1,078.68 14.50% -- 3.94%
Feb. 96 11.10 101.00 1,121.11 13.78% -- 5.77%
Mar. 96 11.54 101.00 1,165.54 12.88% -- 7.48%
Apr. 96 11.38 101.00 1,149.38 9.50% -- 6.51%
May 96 11.33 101.00 1,144.33 3.75% -- 6.06%
Jun. 96 11.67 101.00 1,178.67 4.67% -- 7.17%
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- -----------------------------------------------------------
Shares Description Value
- -----------------------------------------------------------------------------
BEVERAGES -- 2.3%
41,520 Quilmes Industries SA $ 425,580
----------
CHEMICALS -- 7.0%
1,440 Solvay et Cie "A" NPV $ 883,668
1,050 Tessenderlo Chemie 380,404
----------
$ 1,264,072
----------
CONSTRUCTION -- 3.2%
7,670 Cimenteries CBR Cementbed $ 575,339
----------
DIVERSIFIED -- 4.1%
400 UCB SA $ 748,201
----------
ELECTRONICS -- 3.1%
3,520 Barco N.V. (Industries) $ 564,036
----------
FINANCIAL -- 13.8%
4,300 Banque Bruxelles Lampert Ord $ 797,453
2,410 Generale de Banque SA 836,579
2,920 Kredietbank NPV 875,203
----------
$ 2,509,235
----------
METAL PRODUCTS MFRS. -- 3.0%
670 Bekaert SA $ 536,796
----------
REAL ESTATE & OTHER FINANCIALS -- 21.3%
2,000 Algem Maastch Voor Nijve-Afv $ 619,244
15,150 Cie Belge de Paricip Paribas 530,977
6,345 Fortis AG 832,403
7,800 Gervaert Photo-Producten NV 521,602
3,820 Royal Belge 748,673
800 Sofina 433,471
86 Socfinasia 197,922
----------
$ 3,884,292
----------
OIL, GAS & COAL - 6.3%
3,670 Petrofina SA NPV $ 1,150,371
----------
RECREATION -- 2.8%
10,760 Audiofina $ 515,186
----------
RETAILERS -- 9.2%
1,350 Colruyt SA $ 458,927
13,800 Delhaize Le Ps 689,372
11,900 G.I.B. Holdings Ltd. 534,063
----------
$ 1,682,362
----------
UTILITIES -- 17.2%
6,670 Electrabel $ 1,424,336
5,470 Powerfin SA 749,040
2,320 Reunies Electrobel & Tractebela 949,742
----------
$ 3,123,118
----------
MISCELLANEOUS -- 1.7%
1,880 Ackermans & Van Haaren $ 316,248
----------
TOTAL INVESTMENTS
(identified cost, $15,184,749)-- 95.0% $17,294,836
OTHER ASSETS, LESS LIABILITIES-- 5.0% 904,383
----------
NET ASSETS-- 100.0% $18,199,219
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- BRITAIN
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- -----------------------------------------------------------
Shares Description Value
- ---------------------------------------------------------------------------
BEVERAGES -- 2.8%
12,400 Cadbury Schweppes PLC $ 97,954
----------
CHEMICALS -- 2.3%
16,500 Allied Colloids Group PLC $ 33,579
4,300 Laporte PLC 45,625
----------
$ 79,204
----------
DIVERSIFIED -- 4.3%
38,100 BTR Limited $ 149,747
----------
ELECTRONICS -- 4.4%
5,656 Siebe PLC $ 80,397
6,400 Smiths Industries 70,094
----------
$ 150,491
----------
FINANCIAL -- 7.0%
15,300 HSBC Holdings PLC $ 239,587
----------
FOOD -- 10.1%
7,200 Dalgety PLC $ 39,428
15,400 Hillsdown Holdings PLC 41,867
6,330 Unigate PLC 39,040
11,400 Unilever Limited 226,687
----------
$ 347,022
----------
MACHINERY & EQUIPMENT -- 2.3%
9,933 Halma PLC $ 27,158
3,500 Powerscreen Int'l. 24,903
7,500 Weir Group PLC (The) 28,895
----------
$ 80,956
----------
METAL PRODUCERS -- 0.8%
5,200 Antofagasta Hldgs. $ 25,850
----------
METAL PRODUCT MANUFACTURERS -- 1.8%
4,500 Johnson Matthey Public Ltd. $ 43,343
7,100 Suter PLC 18,751
----------
$ 62,094
----------
OIL, GAS & COAL -- 9.9%
2,400 British-Borneo Petro Syndicat. $ 21,065
3,700 Burmah Castrol PLC 58,744
17,700 Shell Trnspt. & Trdg. 259,571
----------
$ 339,380
----------
PRINTING & PUBLISHING -- 4.3%
8,600 Pearson PLC $ 88,711
5,414 United Newspapers 58,538
----------
$ 147,249
----------
REAL ESTATE & OTHER FINANCIALS -- 1.9%
5,600 Cattle's Holdings PLC $ 21,010
6,040 Provident Financial PLC 42,881
----------
$ 63,891
----------
RECREATION -- 2.8%
7,100 Granada Group PLC $ 94,857
----------
RETAILERS -- 13.4%
5,000 Kwik Save Group PLC $ 34,954
20,800 Marks & Spencer PLC Eng. 152,032
20,300 Sainsbury (J) PLC 119,837
24,700 Tesco PLC 113,196
17,300 WM. Morrison Supermarkets PLC 41,791
----------
$ 461,810
----------
TRANSPORTATION -- 1.0%
9,100 Christian Salvesen PLC $ 35,766
----------
UTILITIES -- 15.6%
22,688 Cable & Wireless $ 150,500
13,100 National Power 105,824
3,738 Northern Electricity PLC 33,274
7,441 Thames Water PLC 65,543
7,959 United Utilities PLC 67,385
31,000 Vodafone Group PLC 115,580
----------
$ 538,106
----------
<PAGE>
MISCELLANEOUS -- 7.6%
7,600 Nurdin & Peacock PLC $ 16,293
13,300 Reuters Holdings PLC 160,953
2,500 Watson & Philip PLC 20,972
9,172 Wolseley PLC 64,547
----------
$ 262,765
----------
TOTAL INVESTMENTS
(identified cost, $2,958,803) -- 92.3% $ 3,176,729
OTHER ASSETS, LESS LIABILITIES -- 7.7% 266,581
----------
NET ASSETS -- 100.0% $ 3,443,310
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- GERMANY
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- ---------------------------------------------------------
Shares Description Value
- -----------------------------------------------------------------------------
APPAREL -- 1.0%
190 Boss, Hugo $ 217,213
----------
AUTOMOTIVE -- 3.9%
1,500 Bayerische Motoren Werke AG $ 869,744
----------
CHEMICALS -- 13.8%
1,350 BASF AG German Ord. $ 385,841
29,350 Bayer AG 1,036,506
1,470 Henkel KGAA 634,553
29,700 Hoechst AG 1,006,912
----------
$ 3,063,812
----------
CONSTRUCTION -- 4.9%
810 Dyckerhoff $ 209,152
668 Heidelberger Zement AG German 458,208
3,780 Kampa DM50 163,916
730 Walter Bau AG 142,930
320 Weru 118,791
----------
$ 1,092,997
----------
DIVERSIFIED -- 10.6%
710 Industrieverwaltungsgesellsc $ 247,707
1,960 M.A.N. AG DM50 487,811
23,280 Veba AG 1,236,960
950 Viag AG 378,877
----------
$ 2,351,355
----------
DRUGS -- 8.5%
630 Altana Ind-Aktien DM50 $ 486,574
530 Beiersdorf 522,339
7,790 Schering AG 566,592
520 Wella AG 304,074
----------
$ 1,879,579
----------
ELECTRONICS -- 11.4%
5,050 Berliner Elektro $ 144,997
6,460 SAP AG 957,965
24,250 Siemens AG German Ord. 1,295,352
380 Vossloh AG 134,323
----------
$ 2,532,637
----------
FINANCIAL -- 8.3%
20,740 Deutsche Bank AG $ 981,130
34,200 Dresdner Bank AG 859,494
----------
$ 1,840,624
----------
FOOD -- 1.6%
740 Suedzucker Ord. $ 367,569
----------
MACHINERY & EQUIPMENT -- 2.1%
2,610 Fresenius AG $ 472,012
----------
METAL PRODUCERS -- 1.9%
1,260 Degussa AG German Ord. $ 427,754
----------
METAL PRODUCT MANUFACTURERS -- 1.2%
620 Buderus $ 262,869
----------
REAL ESTATE & OTHER FINANCIALS -- 11.1%
850 Allianz AG Holdings Ger. Reg. $ 1,471,583
600 Muenchener Rueckerver 997,372
----------
$ 2,468,955
----------
RETAILERS -- 4.2%
7,000 Douglas Holding AG $ 279,172
2,670 Hornbach AG 229,809
1,150 Kaufhof AG DM50 435,066
----------
$ 944,047
----------
UTILITIES -- 6.3%
470 Rheinelektra DM50 $ 422,753
25,000 RWE AG 974,047
----------
$ 1,396,800
----------
MISCELLANEOUS -- 5.5%
730 Friedrich Grohe AG VZ $ 211,518
870 Gehe AG 584,192
2,600 Leifheit Ord. 120,434
2,300 Rhoen-Klinikum 302,234
----------
$ 1,218,378
----------
TOTAL INVESTMENTS
(identified cost, $20,366,909) -- 96.3% $21,406,345
OTHER ASSETS, LESS LIABILITIES -- 3.7% 821,363
----------
NET ASSETS -- 100.0% $22,227,708
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- HONG KONG
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- ---------------------------------------------------------
Shares Description Value
- --------------------------------------------------------------------------
AEROSPACE -- 0.6%
48,000 Hong Kong Aircraft Engineering Co. $ 144,172
----------
CONSTRUCTION -- 2.2%
980,000 Hopewell Holdings $ 531,735
----------
DIVERSIFIED - 4.1%
217,000 New World Development $ 1,006,408
----------
ELECTRICAL -- 2.6%
161,000 Johnson Electric Holdings-500 $ 361,905
183,000 Semi Tech (Global) Co. Ltd. 282,513
----------
$ 644,418
----------
FINANCIAL -- 17.5%
196,000 Bank of East Asia Hong Kong $ 716,576
107,000 Hang Seng Bank 1,078,197
141,000 HSBC Holdings PLC 2,131,203
67,200 Wing Lung Bank 388,926
----------
$ 4,314,902
----------
REAL ESTATE & OTHER FINANCIALS -- 23.1%
165,000 Cheung Kong $ 1,188,362
301,000 Hang Lung Development Co. Ltd. 565,782
625,000 Henderson Investment Ltd. 561,157
165,000 Henderson Land Development 1,236,322
158,000 Sun Hung Kai Properties Ltd. 1,597,207
117,000 Guoco Group Ltd. 557,740
----------
$ 5,706,570
----------
RECREATION -- 1.9%
125,000 Television Broadcasts Ltd. $ 469,111
----------
RETAILERS -- 13.9%
524,000 Dairy Farm Int'l. Hlds. $ 442,780
180,000 Dickson Concepts Int'l. 230,212
236,000 Hutchison Whampoa 1,484,775
216,000 Jardine Int'l. Motor Holdings 265,092
267,000 Sime Darby Hong Kong Limited 288,017
368,000 Wheelock and Co. Ltd. 727,376
----------
$ 3,438,252
----------
TRANSPORTATION -- 11.2%
435,000 Cathay Pacific Airways Ltd. $ 797,990
25,400 China Motor Bus Company 238,719
168,800 Kowloon Motor Bus Co. (1933) Ltd. 274,766
556,000 Shun Tak Holdings Ltd. 341,184
131,000 Swire Pacific Ltd. "A" 1,121,184
----------
$ 2,773,843
----------
UTILITIES -- 15.5%
231,000 China Light & Power Co. $ 1,047,463
478,800 Hong Kong & China Gas 763,908
285,000 Hong Kong Electric Holdings Ltd. 868,914
634,800 Hong Kong Telecom 1,139,912
----------
$ 3,820,197
----------
MISCELLANEOUS -- 6.8%
252,000 Citic Pacific Ltd. $ 1,018,978
420,000 First Pacific Co. 645,678
39,900 Hong Kong China Ltd. Wts.* 1,521
----------
$ 1,666,177
----------
TOTAL INVESTMENTS
(identified cost, $22,959,066) -- 99.4% $24,515,785
OTHER ASSETS, LESS LIABILITIES -- 0.6% 155,689
----------
NET ASSETS -- 100.0% $24,671,474
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- JAPAN
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- ---------------------------------------------------------
Shares Description Value
- -----------------------------------------------------------------------------
BEVERAGES -- 2.5%
22,000 Chukyo Coca-Cola Bottling Co. $ 253,151
22,000 Mikuni Coca-Cola Bottling 331,507
----------
$ 584,658
----------
CONSTRUCTION -- 12.1%
15,000 Chudenko Corp. $ 545,206
16,000 Danto Corp. 216,256
13,000 Kaneshita Construction 166,210
58,000 Nishimatsu Construction Co. 635,616
39,000 Sumitomo Forestry 569,863
19,700 Taihei Dengyo 313,041
20,500 Yurtec Corp. 361,324
----------
$ 2,807,516
----------
DIVERSIFIED -- 1.1%
27,000 Toho Real Estate Co. Ltd. $ 261,370
----------
DRUGS -- 26.4%
45,000 Daiichi Pharmaceutical $ 694,521
20,000 Ono Pharmaceutical 688,584
42,000 Sankyo Co. Ltd. 1,089,315
21,500 Santen Pharmaceutical 492,534
45,000 Taisho Pharmaceutical Co. Ltd. 973,973
73,000 Takeda Chem Industries Ltd. 1,293,333
40,000 Yamanouchi Pharmaceutical 869,406
----------
$ 6,101,666
----------
ELECTRICAL -- 1.4%
25,000 Nippon Signal Co. $ 324,201
----------
ELECTRONICS -- 12.0%
5,500 Keyence Corp. $ 748,402
14,000 Kyocera Corp. 990,868
27,000 Murata Mfg. Co. Ltd. 1,025,753
----------
$ 2,765,023
----------
MACHINERY & EQUIPMENT -- 3.6%
26,400 Kurita Water Industries $ 643,726
13,000 Sansei Yusoki 187,580
----------
$ 831,306
----------
OIL, GAS & COAL -- 2.7%
70,000 General Sekiyu K.K. $ 616,895
----------
PRINTING & PUBLISHING -- 6.4%
58,000 Dai Nippon Printing Co. Ltd. $ 1,122,922
31,000 Kyodo Printing Co. 365,205
----------
$ 1,488,127
----------
RETAILERS -- 20.3%
15,600 Familymart $ 695,233
26,000 Ito Yokado Co. 1,569,498
14,200 Nissen Co. 213,973
27,120 Seven Eleven Japan Ltd. 1,731,222
12,000 York-Benimaru Co. Ltd. 477,808
----------
$ 4,687,734
----------
TRANSPORTATION -- 4.8%
114,000 Nippon Express Co. $ 1,113,972
----------
MISCELLANEOUS -- 2.3%
31,000 Inabata & Co. $ 233,845
20,000 Wakita & Co. 305,023
----------
$ 538,868
----------
TOTAL INVESTMENTS
(identified cost, $21,264,252) -- 95.6% $22,121,336
OTHER ASSETS, LESS LIABILITIES -- 4.4% 1,028,673
----------
NET ASSETS -- 100.0% $23,150,009
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- MEXICO
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- ----------------------------------------------------------
Shares Description Value
- --------------------------------------------------------------------------
BEVERAGES -- 8.6%
550,000 Fomento Economico Mexicano $ 1,558,998
271,000 Grupo Continental SA-Ser CP 1,000,396
----------
$ 2,559,394
----------
CONSTRUCTION -- 10.0%
264,000 Apasco SA $ 1,456,612
434,820 Cemex SA - CPO 1,542,078
----------
$ 2,998,690
----------
DIVERSIFIED -- 18.5%
341,213 Alfa SA-A $ 1,531,747
326,000 Desc Sociedad de Fomento Indl 1,757,864
317,000 Grupo Carso SA* 2,248,464
----------
$ 5,538,075
----------
FOOD -- 9.2%
324,000 Grupo Industrial Bimbo-Ser A $ 1,499,328
1,185,000 Grupo Industrial Maseca B 1,237,337
----------
$ 2,736,665
----------
METAL PRODUCERS -- 4.5%
450,000 Grupo Mexico SA Ser B* $ 1,346,737
----------
PAPER -- 4.9%
81,000 Kimberly-Clark de Mexico-B $ 1,473,698
----------
REAL ESTATES & OTHER FINANCIALS -- 5.0%
722,000 Grupo Financieri Banamex $ 1,500,161
----------
RECREATION -- 5.0%
97,000 Grupo Televisa SA-Ser CPO* $ 1,498,800
----------
RETAILERS -- 11.0%
995,000 Cifra SA de CV B* $ 1,435,109
1,355,000 Controladora Coml Mexicana B* 1,257,640
221,000 Sears (Mexico)* 580,398
----------
$ 3,273,147
----------
TOBACCO -- 5.4%
364,000 Empressa La Moderna Ser ACP $ 1,624,442
----------
TRANSPORTATION -- 2.5%
119,000 Transport Maritima 'A' Shares $ 748,359
----------
UTILITIES -- 12.5%
2,213,000 Telefonos de Mexico $ 3,728,693
----------
MISCELLANEOUS -- 1.9%
1,225,000 Grupo Posadas Sa De CV $ 552,340
----------
TOTAL INVESTMENTS
(identified cost, $26,328,224) -- 99.0% $29,579,201
OTHER ASSETS, LESS LIABILITIES -- 1.0% 301,364
----------
NET ASSETS -- 100.0% $29,880,565
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- NETHERLANDS
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- ---------------------------------------------------------
Shares Description Value
- ------------------------------------------------------------------------
BEVERAGES -- 6.1%
1,350 Grolsch N.V. $ 55,367
1,040 Heineken N.V. 232,397
----------
$ 287,764
----------
CHEMICALS -- 4.1%
1,600 Akzo Dutch Ord. $ 191,704
----------
CONSTRUCTION -- 2.9%
285 Hollandesche Beton Group N.V. $ 54,602
2,121 Koninklijke Boskalis 37,902
566 Volker Stevin 44,005
----------
$ 136,509
----------
DIVERSIFIED -- 0.6%
390 Atag Hlding N.V. $ 29,248
----------
ELECTRONICS -- 15.6%
6,025 Amev NV $ 172,617
4,476 Getronics N.V. 99,128
7,712 International Nederland Group 230,001
7,100 Philips Electronics NV 230,871
----------
$ 732,617
----------
FINANCIAL -- 4.7%
4,100 ABN Amro Holdings $ 220,038
----------
FOOD -- 14.5%
1,971 CSM N.V. Cert. $ 94,462
1,020 Nutricia Verenidge Bedrijven 107,868
3,320 Unilever N.V. 480,455
----------
$ 682,785
----------
MACHINERY & EQUIPMENT -- 2.0%
900 Oce-Van Der Grinten $ 95,336
----------
METAL PRODUCT MANUFACTURERS -- 0.8%
909 Twentsche Kabel Holding N.V. $ 38,985
----------
OIL, GAS & COAL -- 13.9%
4,250 Royal Dutch Petroleum Co. $ 656,375
----------
PRINTING & PUBLISHING -- 13.1%
15,700 Elsevier $ 238,241
480 Telegraf (Holdingsmij) - CVA 80,572
7,200 Verenigde Nederlandse 111,788
1,650 Wolters Kluwer N.V. 187,447
----------
$ 618,048
----------
REAL ESTATE & OTHER FINANCIALS -- 4.8%
4,900 Aegon NV $ 225,650
----------
RECREATION -- 4.5%
3,600 Polygram $ 212,608
----------
RETAILERS -- 6.0%
630 Deboer Winkelbedridjven $ 32,113
790 Konin Bijenkorf Beheer 66,744
3,333 Koninklijke Ahold N.V. 180,632
----------
$ 279,489
----------
TEXTILES -- 0.7%
750 Gamma Holding N.V. $ 34,714
----------
MISCELLANEOUS -- 5.1%
1,437 Hagemeyer N.V. $ 102,378
1,500 IHC Caland N.V. 73,822
2,700 Otra N.V. Aandeel 62,169
----------
$ 238,369
----------
TOTAL INVESTMENTS
(identified cost, $4,134,646) -- 99.4% $ 4,680,239
OTHER ASSETS, LESS LIABILITIES -- 0.6% 26,025
----------
NET ASSETS -- 100.0% $ 4,706,264
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- NORDIC
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- -------------------------------------------------------------
Shares Description Value
- ---------------------------------------------------------------------------
BEVERAGES -- 2.9%
2,390 Carlsberg AS - B $ 140,612
----------
CHEMICALS -- 14.9%
11,800 AGA AB B Free $ 202,930
306 Cheminova A/S- "B" 62,880
600 Christian Hansen Holding - B 67,633
5,850 Norsk Hydro 286,330
5,950 Perstorp AB - B Shs 96,939
----------
$ 716,712
----------
CONSTRUCTION -- 7.0%
240 Icopal $ 59,345
4,740 Skane-Gripen AB-Ser B Fr 57,919
4,500 Skanska B Free 159,189
670 Superfos AS 62,364
----------
$ 338,817
----------
DIVERSIFIED -- 6.1%
2,800 Kvaerner $ 118,515
2,560 Orkla A/S-B-Aksjer 124,512
3,220 Unitor AS 52,039
----------
$ 295,066
----------
DRUGS -- 17.2%
9,100 Astra AB B Free Shares $ 396,732
720 Coloplast B A/S 71,214
1,300 Novo-Nordisk AS 184,004
3,500 Orion A/S-B 116,779
1,000 Radiometer A/S -"B" 62,074
----------
$ 830,803
----------
ELECTRICAL -- 3.4%
3,250 Electrolux $ 163,508
----------
FINANCIAL -- 3.0%
6,940 Svenska Handelsbanken - "A" $ 145,000
----------
FOOD -- 2.9%
2,800 Danisco A/S $ 139,427
----------
MACHINERY & EQUIPMENT -- 7.7%
8,480 Atlas Copco AB A Free $ 157,987
9,150 Sandvik AB B Fria 211,189
----------
$ 369,176
----------
OIL, GAS & COAL -- 2.4%
8,000 Saga Petroleum A/S-A Shs $ 117,592
----------
REAL ESTATE & OTHER FINANCIALS -- 7.3%
2,500 ABB AB B $ 264,373
3,100 Om Gruppa AB Free 85,112
----------
$ 349,485
----------
RETAILERS -- 4.2%
2,200 Hennes & Mauritz AB B-F $ 204,106
----------
UTILITIES -- 7.6%
5,160 Graningeverkens $ 89,517
5,630 Gullspangs Kraft - "B" Free 95,123
8,250 Sydkraft AB - A Free 180,460
----------
$ 365,100
----------
MISCELLANEOUS -- 3.4%
1,230 Sophus Berendsen $ 164,483
----------
TOTAL INVESTMENTS
(identified cost, $3,640,590) -- 90.0% $ 4,339,887
OTHER ASSETS, LESS LIABILITIES -- 10.0% 482,561
----------
NET ASSETS -- 100.0% $ 4,822,448
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- SWITZERLAND
PORTFOLIO OF INVESTMENTS AS OF JUNE 30, 1996 (UNAUDITED)
- ----------------------------------------------------------
Shares Description Value
- ------------------------------------------------------------------------------
CHEMICALS -- 11.6%
360 Ciba Geigy AG-B $ 437,174
70 Ems-Chemie Holding AG 291,178
70 Sarna Kunsstof Hldg AG-Reg. 73,772
110 Siegfried AG-R 91,337
----------
$ 893,461
----------
CONSTRUCTION -- 6.3%
460 Holderbank Finan Glaris-B $ 367,265
480 Sika Finanz AG-Bearer 116,886
----------
$ 484,151
----------
DRUGS -- 8.7%
40 Roche Holding AG-Genuschein $ 304,830
320 Sandoz AG-Reg. 365,605
----------
$ 670,435
----------
ELECTRICAL -- 8.1%
300 ABB AG $ 370,778
340 Hilti AG-PC 255,170
----------
$ 625,948
----------
FINANCIAL -- 15.2%
4,070 CS Holdings Reg SHS $ 386,691
260 Baer Hldg. AG-(Br) 282,834
260 Schweiz Bankgesellschaft B 254,291
1,260 Schweizerischer Bankverein 248,479
----------
$ 1,172,295
----------
FOOD -- 10.9%
80 Lindt & Spruengli AG-PC $ 137,325
615 Nestle 702,156
----------
$ 839,481
----------
MACHINERY & EQUIPMENT -- 6.8%
180 Nokia-Maillefer S.A. $ 75,593
290 Schindler Holding AG-CW96* 521
290 Schindler Holding AG-Regd 305,629
60 Schweiz Ind. Gesselschaft 141,796
----------
$ 523,539
----------
REAL ESTATE & OTHER FINANCIALS -- 5.7%
235 Intershop Holdings-Br $ 134,527
150 Schw Rueckversicherungs-Reg 153,892
550 Zurich Versicherungs-Reg 149,741
----------
$ 438,160
----------
RETAILERS -- 5.9%
310 Fust (Dipl. Ong AG) $ 92,196
200 Magazine Glob-R 121,357
1,130 Merkur Holding AG 236,826
----------
$ 450,379
----------
TEXTILES -- 1.7%
300 Forbo Holdings AG-R $ 126,946
----------
UTILITIES -- 1.5%
580 Elektricite de Laufenbourg $ 114,379
----------
MISCELLANEOUS -- 13.1%
880 Canon Schweiz $ 61,126
200 Kardex B 59,082
180 Keramik Holding AG Laufen BR 114,252
2,400 S.M.H. Ag-Reg. 10SFR 374,611
900 SGS Soc. Gen. Surveillance-R 395,210
----------
$ 1,004,281
----------
TOTAL INVESTMENTS
(identified cost, $6,640,343) -- 95.5% $ 7,343,455
OTHER ASSETS, LESS LIABILITIES -- 4.5% 347,607
----------
NET ASSETS -- 100.0% $ 7,691,062
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
- ---------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------------------
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $ 15,184,749 $ 2,958,803 $20,366,909
Unrealized appreciation......................... 2,110,087 217,926 1,039,436
----------- ----------- -----------
Total value (Note 1A)......................... $ 17,294,836 $ 3,176,729 $21,406,345
Cash.............................................. 803,630 200,984 771,732
Receivable for Fund shares sold................... 1,000 -- --
Dividends receivable.............................. 57,122 76,800 12,903
Tax reclaim receivable............................ 62,336 11,871 34,553
Deferred organization expenses (Note 1F).......... 5,738 11,833 11,823
----------- ----------- -----------
Total Assets.................................. $ 18,224,662 $ 3,478,217 $22,237,356
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased................. $ 18,426 $ 31,232 $ --
Trustees fees payable............................. 56 56 56
Custodian fee payable (Note 1E)................... 3,200 250 5,440
Accrued expenses.................................. 3,761 3,369 4,152
----------- ----------- -----------
Total Liabilities............................. $ 25,443 $ 34,907 $ 9,648
----------- ----------- -----------
NET ASSETS.......................................... $ 18,199,219 $ 3,443,310 $22,227,708
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 14,398,398 $ 2,343,340 $22,210,002
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... 1,276,345 922,657 (1,109,822)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 2,109,136 219,649 1,039,159
Undistributed net investment income (loss).......... 415,340 (42,336) 88,369
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 18,199,219 $ 3,443,310 $22,227,708
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,364,512 315,958 2,236,520
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 9).................... $13.34 $10.90 $9.94
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
- ---------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------------------------
HONG KONG JAPAN MEXICO
SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $22,959,066 $21,264,252 $26,328,224
Unrealized appreciation......................... 1,556,719 857,084 3,250,977
----------- ----------- -----------
Total value (Note 1A)......................... $24,515,785 $22,121,336 $29,579,201
Cash.............................................. 149,199 3,674,667 7,615
Receivable for investments sold................... -- -- 2,614,515
Receivable for Fund shares sold................... -- 6,000 100,573
Tax reclaim receivable............................ -- 2,598 --
Dividends receivable.............................. 30,261 44,893 65,788
Deferred organization expenses (Note 1F).......... -- 4,884 10,671
----------- ----------- -----------
Total Assets.................................. $24,695,245 $25,854,378 $32,378,363
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased................. $ -- $ 2,677,774 $ 2,059,406
Payable for Fund shares reacquired................ 13,222 14,114 6,036
Payable for open forward foreign currency
exchange contracts (Notes 1I & 7)................ -- 4,951 512
Loans payable..................................... -- -- 425,000
Trustees fees payable............................. 56 56 56
Custodian fee payable (Note 1E)................... 5,098 3,300 --
Accrued interest.................................. -- -- 1,942
Accrued expenses.................................. 5,395 4,174 4,846
----------- ----------- -----------
Total Liabilities............................. $ 23,771 $ 2,704,369 $ 2,497,798
----------- ----------- -----------
NET ASSETS.......................................... $24,671,474 $23,150,009 $29,880,565
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $27,900,345 $24,034,467 $34,107,571
Accumulated undistributed net realized loss on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (5,593,275) (1,643,880) (7,445,123)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 1,556,704 855,112 3,249,736
Undistributed net investment income (loss).......... 807,700 (95,690) (31,619)
----------- ----------- -----------
Net assets applicable to outstanding shares....... $24,671,474 $23,150,009 $29,880,565
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,763,214 2,533,899 5,810,086
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 9).................... $13.99 $9.14 $5.14
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
- ------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-----------------------------------------------
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $ 4,134,646 $ 3,640,590 $ 6,640,343
Unrealized appreciation......................... 545,593 699,297 703,112
----------- ----------- -----------
Total value (Note 1A)......................... $ 4,680,239 $ 4,339,887 $ 7,343,455
Cash.............................................. 12,136 449,573 258,853
Receivable for Fund shares sold................... -- 43,638 8,500
Tax reclaim receivable............................ 15,049 4,722 66,998
Deferred organization expenses (Note 1F).......... -- 4,884 5,665
Dividend receivable............................... 6,275 -- 17,953
----------- ----------- -----------
Total Assets.................................. $ 4,713,699 $ 4,842,704 $ 7,701,424
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased................. $ -- $ 5,813 $ --
Trustees fees payable............................. 56 56 56
Custodian fee payable (Note 1E)................... 6,329 6,800 1,446
Accrued expenses.................................. 1,050 7,587 8,860
----------- ----------- -----------
Total Liabilities............................. $ 7,435 $ 20,256 $ 10,362
----------- ----------- -----------
NET ASSETS.......................................... $ 4,706,264 $ 4,822,448 $ 7,691,062
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 2,634,093 $ 4,102,374 $ 6,908,887
Accumulated undistributed (overdistributed) net realized
gain (loss) on investment and foreign currency transactions
(computed on the basis of identified cost)......... 1,488,969 (27,109) 13,292
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 545,228 699,616 700,294
Undistributed net investment income................. 37,974 47,567 68,589
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 4,706,264 $ 4,822,448 $ 7,691,062
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 452,145 368,638 659,263
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 9).................... $10.41 $13.08 $11.67
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
- ----------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Income --
Dividends...................................... $ 529,334 $ 301,741 $ 205,528
Less: Foreign taxes........................... (79,590) (51,245) (24,081)
----------- ----------- -----------
Total investment income........................ $ 449,744 $ 250,496 $ 181,447
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 62,247 $ 40,986 $ 66,168
Administrator fee (Note 2)..................... 8,235 5,463 8,822
Audit fees..................................... 12,050 11,550 9,050
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator...... 453 453 453
Custodian fee (Note 1E)........................ 21,636 17,523 23,378
Transfer & dividend disbursing agent fees...... 2,918 2,816 3,058
Shareholder communication expense.............. 1,602 1,454 2,333
Distribution expenses (Note 3)................. 20,589 13,658 22,056
Legal services................................. 202 202 202
Registration costs............................. 6,341 10,761 10,185
Amortization of organization expense (Note 1F). 1,099 1,775 1,775
Printing....................................... 762 762 762
Interest expense............................... 31 -- 189
Miscellaneous.................................. 1,912 5,659 7,074
----------- ----------- -----------
Total expenses................................. $ 140,077 $ 113,062 $ 155,505
Deduct --
Reduction of custodian fee (Note 1E)......... 12,582 17,273 9,774
----------- ----------- -----------
Net expenses................................. $ 127,495 $ 95,789 $ 145,731
----------- ----------- -----------
Net investment income...................... $ 322,249 $ 154,707 $ 35,716
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investment and foreign
currency transactions (identified cost basis)... $ 1,301,119 $ 923,744 $ (874,500)
Change in unrealized appreciation (depreciation) of
investments and translation of assets and liabilities in
foreign currencies.............................. 39,496 (377,946) 2,192,222
----------- ----------- -----------
Net realized and unrealized gain............. $ 1,340,615 $ 545,798 $ 1,317,722
----------- ----------- -----------
Net increase in net assets
from operations............................ $ 1,662,864 $ 700,505 $ 1,353,438
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
- ------------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-------------------------------------------
HONG KONG JAPAN MEXICO
SERIES SERIES SERIES
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Income --
Dividends...................................... $ 456,116 $ 78,364 $ 231,843
Less: Foreign taxes............................ -- (11,755) --
----------- ----------- -----------
Total investment income........................ $ 456,116 $ 66,609 $ 231,843
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 101,147 $ 75,093 $ 127,230
Administrator fee (Note 2)..................... 13,486 10,012 16,964
Audit fees..................................... 10,750 13,250 12,250
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 454 454 454
Custodian fee (Note 1E)........................ 31,256 23,158 33,525
Transfer & dividend disbursing agent fees...... 4,807 3,547 6,449
Shareholder communication expense.............. 1,778 2,532 4,979
Distribution expenses (Note 3)................. 33,716 25,031 42,410
Legal services................................. 202 202 202
Registration costs............................. 8,161 6,461 13,541
Amortization of organization expense (Note 1F). -- 913 1,674
Printing....................................... 762 719 719
Interest expense............................... 6,347 2,783 11,937
Miscellaneous.................................. 3,747 6,204 8,563
----------- ----------- -----------
Total expenses................................. $ 216,613 $ 170,359 $ 280,897
Deduct --
Reduction of custodian fee (Note 1E)......... 22,635 7,090 34,325
----------- ----------- -----------
Net expenses................................. $ 193,978 $ 163,269 $ 246,572
----------- ----------- -----------
Net investment income (loss)............... $ 262,138 $ (96,660) $ (14,729)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN:
Net realized gain on investment and foreign
currency transactions (identified cost basis)... $ 286,420 $ 105,023 $ 2,133,688
Change in unrealized appreciation of
investments and translation of assets and liabilities
in foreign currencies........................... 1,446,788 695,628 3,547,095
----------- ----------- -----------
Net realized and unrealized gain .............. $ 1,733,208 $ 800,651 $ 5,680,783
----------- ----------- -----------
Net increase in net assets from
operations.................................... $ 1,995,346 $ 703,991 $ 5,666,054
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
- ----------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------------
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Income --
Dividends...................................... $ 195,427 $ 79,106 $ 157,876
Less: Foreign taxes........................... (29,323) (11,866) (23,681)
----------- ----------- -----------
Total investment income........................ $ 166,104 $ 67,240 $ 134,195
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 31,257 $ 15,900 $ 28,464
Administrator fee (Note 2)..................... 4,168 2,120 3,795
Audit fees..................................... 6,450 8,950 6,950
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 488 419 377
Custodian fee (Note 1E)........................ 21,747 19,370 12,892
Transfer & dividend disbursing agent fees...... 1,678 1,379 1,349
Shareholder communication expense.............. 997 2,855 6,608
Distribution expenses (Note 3)................. 10,368 5,300 9,489
Legal services................................. 668 202 202
Registration costs............................. 6,501 5,291 6,061
Amortization of organization expense (Note 1F). -- 913 1,062
Printing....................................... 762 762 763
Interest expense............................... -- 150 291
Miscellaneous.................................. 4,160 3,594 2,816
----------- ----------- -----------
Total expenses................................. $ 89,244 $ 67,205 $ 81,119
----------- ----------- -----------
Deduct --
Preliminary reduction of Investment Adviser fee
(Note 2).................................... $ -- $ 15,900 $ --
Preliminary reduction of distribution expenses
by Principal Underwriter (Note 3)........... -- 5,300 3,123
Reduction of custodian fee (Note 1E)......... 6,481 3,619 2,199
----------- ----------- -----------
Total deducted............................... $ 6,481 $ 24,819 $ 5,322
----------- ----------- -----------
Net expenses................................. $ 82,763 $ 42,386 $ 75,797
----------- ----------- -----------
Net investment income...................... $ 83,341 $ 24,854 $ 58,398
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN:
Net realized gain on investment and foreign currency
transactions (identified cost basis)............ $ 1,507,394 $ 254,524 $ 45,423
Change in unrealized appreciation of investments
and transactions of assets and liabilities
in foreign currencies........................... 17,202 317,397 266,806
----------- ----------- -----------
Net realized and unrealized gain............. $ 1,524,596 $ 571,921 $ 312,229
----------- ----------- -----------
Net increase in net assets
from operations............................. $ 1,607,937 $ 596,775 $ 370,627
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES BRITAIN SERIES GERMANY SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
1996(1) 1995 1996(1) 1995(2) 1996(1) 1995(3)
- ---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income.............. $ 322,249 $ 209,663 $ 154,707 $ 311,714 $ 35,716 $ 100,527
Net realized gain (loss)........... 1,301,119 357,022 923,744 812,736 (874,500) (234,821)
Change in unrealized appreciation
(depreciation)................... 39,496 1,933,707 (377,946) 597,595 2,192,222 (1,153,063)
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in net assets
from operations................ $ 1,662,864 $ 2,500,392 $ 700,505 $ 1,722,045 $ 1,353,438 $(1,287,357)
Distributions to shareholders from
net investment income.............. -- (60,821) (21,078) (189,522) -- (89,834)
Distributions to shareholders from
net realized gains................. -- (291,155) (115,926) (701,234) -- --
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ 30,698 (11,411) (157,374) (37,601) 22,821 30,450
Net increase (decrease) from Fund share
transactions (exclusive of amounts
allocated to net investment income)
(Note 4)........................... 1,752,782 1,179,035 (10,894,843) 13,138,338 4,432,489 17,765,701
---------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net assets .......................$ 3,446,344 $ 3,316,040 $(10,488,716) $ 13,932,026 $ 5,808,748 $16,418,960
NET ASSETS:
At beginning of period............... 14,752,875 11,436,835 13,932,026 -- 16,418,960 --
---------- ---------- ---------- ---------- ---------- ----------
At end of period..................... $18,199,219 $ 14,752,875 $ 3,443,310 $13,932,026 $22,227,708 $16,418,960
========== ========== ========== ========== ========== ==========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS........................... $ 415,340 $ 62,393 $ (42,336) $ (18,591) $ 88,369 $ 29,832
========== ========== ========== ========== ========== ==========
<FN>
(1) For the six months ended June 30, 1996 (unaudited).
(2) For the period from the start of business, April 20, 1995, to December
31, 1995. (3) For the period from the start of business, April 19, 1995, to
December 31, 1995.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- -----------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-----------------------------------------------------------------------
HONG KONG SERIES JAPAN SERIES MEXICO SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
1996(1) 1995 1996(1) 1995 1996(1) 1995
- -----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ 262,138 $ 1,048,754 $ (96,660) $ (108,519) $ (14,729) $ (92,142)
Net realized gain (loss)........... 286,420 (3,864,758) 105,023 (1,732,840) 2,133,688 (9,414,919)
Change in unrealized appreciation.. 1,446,788 4,520,511 695,628 592,836 3,547,095 6,179,863
----------- ----------- ----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................ $ 1,995,346 $ 1,704,507 $ 703,991 $(1,248,523) $ 5,666,054 $(3,327,198)
Distributions to shareholders from
net investment income.............. -- (384,817) -- -- -- --
Distributions to shareholders
from net realized gains........... -- -- -- -- -- (67,814)
Distributions to shareholders from
paid-in capital.................... -- -- -- -- -- (99,000)
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ (244,024) 71,707 -- -- -- --
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4).................. (2,479,179) 4,329,221 815,035 14,226,698 (8,278,531) 22,564,708
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in
net assets .......................$ (727,857) $ 5,720,618 $ 1,519,026 $12,978,175 $(2,612,477) $19,070,696
NET ASSETS:
At beginning of period............... 25,399,331 19,678,713 21,630,983 8,652,808 32,493,042 13,422,346
----------- ----------- ----------- ----------- ----------- -----------
At end of period..................... $24,671,474 $ 25,399,331 $23,150,009 $21,630,983 $29,880,565 $32,493,042
============ ============ ============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 807,700 $ 789,586 $ (95,690) $ 970 $ (31,619) $ (16,890)
============ ============ ============ =========== ============ ===========
<FN>
(1) For the six months ended June 30, 1996 (unaudited).
</FN>
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
-----------------------------------------------------------------------
NETHERLANDS SERIES NORDIC SERIES SWITZERLAND SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
1996(1) 1995 1996(1) 1995 1996(1) 1995
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ 83,341 $ (8,423) $ 24,854 $ 5,403 $ 58,398 $ 50,019
Net realized gain.................. 1,507,394 728,331 254,524 84,767 45,423 233,699
Change in unrealized appreciation.. 17,202 165,219 317,397 433,264 266,806 520,123
----------- ----------- ----------- ----------- ----------- -----------
Increase in net assets
from operations................. $ 1,607,937 $ 885,127 $ 596,775 $ 523,434 $ 370,627 $ 803,841
Distributions to shareholders from
net investment income............... -- -- -- (15,844) -- (35,313)
Distributions to shareholders
from net realized gains............ -- (742,515) -- -- -- --
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... (39,284) 1,261 1,155 8,785 600 (379)
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... (4,079,926) 3,123,046 720,213 (5,723,968) (308,420) 3,047,571
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in net assets................... $(2,511,273) $ 3,266,919 $ 1,318,143 $(5,207,593) $ 62,807 $ 3,815,720
NET ASSETS:
At beginning of period............... 7,217,537 3,950,618 3,504,305 8,711,898 7,628,255 3,812,535
----------- ----------- ----------- ----------- ----------- -----------
At end of period..................... $ 4,706,264 $ 7,217,537 $ 4,822,448 $ 3,504,305 $ 7,691,062 $ 7,628,255
============ =========== ============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 37,974 $ (6,083) $ 47,567 $ 21,558 $ 68,589 $ 9,591
============ =========== ============ =========== ============ ===========
<FN>
(1) For the six months ended June 30, 1996 (unaudited).
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/LUXEMBOURG SERIES
Year Ended December 31
- ----------------------------------------------------------------------------------------------------------------------------
1996(5) 1995 1994(1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 12.010 $ 10.240 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income............................. $ 0.254 $ 0.156 $ 0.106
Net realized and unrealized gain.................. 1.076 1.904 0.174
-------- -------- --------
Total income from investment operations......... $ 1.330 $ 2.060 $ 0.280
-------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.050) $ (0.040)
From net realized gains on investments............ -- (0.240) --
-------- -------- --------
Total distributions............................. $ -- $ (0.290) $ (0.040)
-------- -------- --------
Net asset value -- end of period.................... $ 13.340 $ 12.010 $ 10.240
========= ========= =========
Total Return(3)..................................... 10.98% 20.28% 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 18,199 $ 14,753 $ 11,437
Ratio of net expenses to average net assets....... 1.62%(2)(4) 1.76%(4) 1.62%(2)
Ratio of net investment income to average net assets 3.91%(2) 1.52% 0.95%(2)
Portfolio Turnover Rate........................... 29% 38% 26%
Average commission rate paid(6) .................. $0.474 -- --
<FN>
(1) For the period from start of business, February 15, 1994, to December 31, 1994.
(2) Annualized.
(3) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.55%
and 1.53% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
BRITAIN SERIES
Year Ended December 31
- ----------------------------------------------------------------------------------------------------------------------------
1996(5) 1995(1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 10.400 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ (0.100) $ 0.213
Net realized and unrealized gain.................. 0.730 0.892
-------- --------
Total income from investment operations......... $ 0.630 $ 1.105
-------- --------
Less Distributions:
From net investment income........................ $ (0.020) $ (0.150)
From net realized gains on investments............ (0.110) (0.555)
-------- --------
Total distributions............................. $ (0.130) $ (0.705)
-------- --------
Net asset value -- end of period.................... $ 10.900 $ 10.400
========= =========
Total Return(2)..................................... 6.18% 11.10%
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 3,443 $ 13,932
Ratio of net expenses to average net assets....... 1.92%(3) (4) 1.56%(3) (4)
Ratio of net investment income to average net assets 2.85%(3) 2.77%(3)
Portfolio Turnover Rate........................... 53% 42%
Average commission rate paid(6) .................. $0.019 --
<FN>
(1) For the period from start of business, April 20, 1995, to December 31, 1995.
(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.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.76%
and 1.24% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- -----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
GERMANY SERIES
Year Ended December 31
- -----------------------------------------------------------------------------------------------------------------------
1996(5) 1995(1)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.............. $ 9.240 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income............................. $ 0.023 $ 0.073
Net realized and unrealized gain (loss)........... 0.677 (0.783)
-------- --------
Total income (loss) from investment operations.. $ 0.700 $ (0.710)
Less Distributions:
From net investment income........................ -- (0.050)
-------- --------
Net asset value -- end of period.................... $ 9.940 $ 9.240
========= =========
Total Return(2)..................................... 7.58% (7.09%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 22,228 $ 16,419
Ratio of net expenses to average net assets....... 1.70%(3) (4) 1.59%(3) (4)
Ratio of net investment income to average net assets 0.40%(3) 0.91%(3)
Portfolio Turnover Rate........................... 64% 18%
Average commission rate paid(6) .................. $0.340 --
<FN>
(1) For the period from start of business, April 19, 1995, to December 31, 1995.
(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.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.65%
and 1.29% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
HONG KONG SERIES
Year Ended December 31
- ----------------------------------------------------------------------------------------------------------------------------
1996(5) 1995 1994 1993 1992 1991
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 13.030 $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income(1).............. $ 0.053 $ 0.368 $ 0.678 $ 0.426 $ 0.330 $ 0.266
Net realized and unrealized gain
(loss) (3)........................... 0.907 (0.158) (8.448) 9.394 1.355 2.474
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ 0.960 $ 0.210 $ (7.770) $ 9.820 $ 1.685 $ 2.740
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.200) $ (0.200) $ (0.254) $ (0.170) $ (0.200)
From net realized gains on investments -- -- -- (0.346) (0.015) (0.630)
-------- -------- -------- -------- -------- --------
Total distributions................. $ -- $ (0.200) $ (0.200) $ (0.600) $ (0.185) $ (0.830)
-------- -------- -------- -------- -------- --------
Net asset value -- end of period........ $ 13.990 $ 13.030 $ 13.020 $ 20.990 $ 11.770 $ 10.270
========= ========= ========= ========= ========= =========
Total Return(2) ........................ 7.37% 1.63% (37.03%) 84.32% 16.33% 34.34%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 24,671 $ 25,399 $ 19,679 $ 16,210 $ 3,545 $ 235
Ratio of net expenses to average
net assets ......................... 1.52%(4)(6) 1.59%(4) 1.41% 2.00% 2.00% 2.00%
Ratio of net investment income to
average net assets.................. 1.94%(6) 3.26% 3.93% 3.01% 3.13% 2.88%
Portfolio Turnover Rate............... 43% 100% 131% 76% 39% 77%
Average commission rate paid(7) ...... $0.009 -- -- -- -- --
<FN>
(1) During certain periods presented, either the Investment Adviser, the
Administrator and/or the Principal Underwriter reduced their fees, and the
Investment Adviser was allocated a portion of 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
- --------------------------------------------------------------------------------------------------------------------
Net investment income (loss) per share.............. $ 0.419 $ 0.093 $ (0.871)
========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.05% 4.25% 14.31%
========= ========= =========
Net investment income (loss)...................... 2.96% 0.88% (9.43%)
========= ========= =========
(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) For the years ended December 31, 1995 and 1992, the per share amount is
not in accord with the net realized and unrealized gain (loss) for the
period because of the timing of sales of Trust shares and the amounts per
share realized and unrealized gains and losses at such times.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.44%
and 1.34% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Annualized.
(7) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
JAPAN SERIES
Year Ended December 31
- --------------------------------------------------------------------------------------------------------------------------------
1996(5) 1995 1994(1)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 8.780 $ 9.660 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.038) $ (0.045) $ (0.050)
Net realized and unrealized gain (loss)........... 0.398 (0.835) (0.170)
-------- -------- --------
Total income (loss) from investment operations.. $ 0.360 $ (0.880) $ (0.220)
Less Distributions:
From net realized gains on investments............ -- -- (0.120)
-------- -------- --------
Net asset value -- end of period.................... $ 9.140 $ 8.780 $ 9.660
========= ========= =========
Total Return(3)..................................... 4.10% (9.11%) (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 23,150 $ 21,631 $ 8,653
Ratio of net expenses to average net assets....... 1.67%(2)(4) 1.81%(4) 1.83% (2)
Ratio of net investment loss to average net assets (0.96%)(2) (0.67%) (0.66%)(2)
Portfolio Turnover Rate........................... 47% 112% 48%
Average commission rate paid(6) .................. $0.089 -- --
<FN>
(1) For the period from the start of business, February 14, 1994 to December 31, 1994.
(2) Annualized.
(3) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.63%
and 1.49% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
MEXICO SERIES
Year Ended December 31
- --------------------------------------------------------------------------------------------------------------------------------
1996(5) 1995 1994(1)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 4.220 $ 6.480 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ (0.003) $ (0.012) $ (0.040)
Net realized and unrealized gain (loss)........... 0.923 (2.175) (2.970)
-------- -------- --------
Total income (loss) from investment operations.. $ 0.920 $ (2.187) $ (3.010)
-------- -------- --------
Less Distributions:
From net realized gains on investments............ $ -- $ (0.030) $ (0.510)
In excess of net realized gains on investments.... -- (0.043) --
-------- -------- --------
Total distributions............................. $ -- $ (0.073) $ (0.510)
-------- -------- --------
Net asset value -- end of period.................... $ 5.140 $ 4.220 $ 6.480
========= ========= =========
Total Return(3)..................................... 21.80% (33.37%) (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 29,881 $ 32,493 $ 13,422
Ratio of net expenses to average net assets....... 1.55%(2)(4) 1.72%(4) 1.38% (2)
Ratio of net investment loss to average net assets (0.09%)(2) (0.41%) (0.98%)(2)
Portfolio Turnover Rate........................... 39% 110% 85%
Average commission rate paid(6) .................. $0.004 -- --
<FN>
(1) For the period from the start of business, August 2, 1994 to December 31, 1994.
(2) Annualized.
(3) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.45%
and 1.39% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------
NETHERLANDS SERIES
Year Ended December 31
- -----------------------------------------------------------------------------------------------------------------------------
1996(5) 1995 1994 1993(2) 1992 1991
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 8.590 $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)....... $ 0.091 $ (0.004) $ (0.060) $ (0.015) $ 0.108 $ 0.114
Net realized and unrealized gain
(loss)............................... 1.729 1.490 1.150 1.655 (0.958) 0.756
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ 1.820 $ 1.486 $ 1.090 $ 1.640 $ (0.850) $ 0.870
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ -- $ (0.020) $ (0.080) $ (0.110) $ (0.100)
From net realized gains on investments -- (0.996) (2.990) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions................... $ -- $ (0.996) $ (3.010) $ (0.080) $ (0.110) $ (0.100)
-------- -------- -------- -------- -------- --------
Net asset value -- end of period........ $ 10.410 $ 8.590 $ 8.100 $ 10.020 $ 8.460 $ 9.420
========= ========= ========= ========= ========= =========
Total Return(3) ........................ 20.91% 18.84% 11.68% 19.52% (9.18%) 10.00%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 4,706 $ 7,218 $ 3,951 $ 8,753 $ 165 $ 134
Ratio of net expenses to average
net assets........................... 2.07%(4)(6) 2.26%(4) 1.93% 2.00% 2.00% 1.69%
Ratio of net investment income (loss)
to average net assets............... 2.00%(6) (0.13%) 0.13% (0.16%) 1.26% 1.39%
Portfolio Turnover Rate............... 75% 87% 101% 47% 69% 59%
Average commission rate paid(7) ...... $0.190 -- -- -- -- --
<FN>
(1) During certain periods presented, either the Investment Adviser, the
Administrator and/or the Principal Underwriter reduced their fees, and the
Investment Adviser was allocated a portion of operating expenses. Had such
actions not been undertaken, net investment loss per share and the ratios
would have been as follows:
1995 1993(2) 1992 1991
---------- -------- -------- --------
Net investment loss per share........... $ (0.018) $ (0.085) $ (2.481) $ (1.078)
========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.............................. 2.45% 2.75% 32.21% 16.23%
========= ========= ========= =========
Net investment loss................... (0.58%) (0.91%) (28.95%) (13.15%)
========= ========= ========= =========
(2) Certain of the per share data are based on average shares outstanding.
(3) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
(4) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 1.99%
and 2.00% for the six months ended June 30, 1996 and the year ended
December 31, 1995, respectively.
(5) For the six months ended June 30, 1996 (unaudited).
(6) Annualized.
(7) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
NORDIC SERIES
Year Ended December 31
- ------------------------------------------------------------------------------------------------------------------------
1996(6) 1995 1994(2)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 11.330 $ 9.500 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income (loss) (1).................. $ 0.059 $ 0.072 $ (0.012)
Net realized and unrealized gain (loss)........... 1.691 1.808 (0.118)
-------- -------- --------
Total income (loss)
from investment operations.................... $ 1.750 $ 1.880 $ (0.130)
-------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.050) $ --
In excess of net realized gain on investments..... -- -- (0.366)
From paid-in capital.............................. -- -- (0.004)
-------- -------- --------
Total distributions............................... $ -- $ (0.050) $ (0.370)
-------- -------- --------
Net asset value -- end of period.................... $ 13.080 $ 11.330 $ 9.500
========= ========= =========
Total Return(4)..................................... 15.45% 19.80% (1.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 4,822 $ 3,504 $ 8,712
Ratio of net expenses to average net assets....... 2.17%(3)(5) 2.24%(5) 1.78% (3)
Ratio of net investment income (loss) to average net assets 1.17%(3) 0.15% (0.35%)(3)
Portfolio Turnover Rate........................... 50% 94% 33%
Average commission rate paid(7) .................. $0.100 -- --
<FN>
(1) During the six months ended June 30, 1996 and the year ended December 31,
1995, the Investment Adviser and the Principal Underwriter reduced their
fees and the Investment Adviser was allocated a portion of operating
expenses. Had such actions not been undertaken, net investment loss per
share and the ratios would have been as follows:
1996(6) 1995
---------- ---------
Net investment loss per share....................... $ 0.000 $ (0.523)
========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.16%(3) 3.25%
========= =========
Net investment loss............................... 0.00%(3) (1.09%)
========= =========
(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.
(5) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 2.00%
for both the six months ended June 30, 1996 and the year ended December 31,
1995.
(6) For the six months ended June 30, 1996 (unaudited).
(7) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- -----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
SWITZERLAND SERIES
Year Ended December 31
- -----------------------------------------------------------------------------------------------------------------------------
1996(6) 1995 1994(2)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 11.100 $ 9.430 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income(1).......................... $ 0.090 $ 0.060 $ 0.075
Net realized and unrealized gain (loss)........... 0.480 1.660 (0.595)
-------- -------- --------
Total gain (loss) from investment operations.... $ 0.570 $ 1.720 $ (0.520)
Less Distributions:
From net investment income........................ -- (0.050) (0.050)
-------- -------- --------
Net asset value -- end of period.................... $ 11.670 $ 11.100 $ 9.430
========= ========= =========
Total Return(4)..................................... 5.04% 18.35% (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 7,691 $ 7,628 $ 3,813
Ratio of net expenses to average net assets....... 2.03%(3)(5) 2.26%(5) 2.00%(3)
Ratio of net investment income to average net assets 1.54%(3) 0.72% 0.49%(3)
Portfolio Turnover Rate........................... 27% 95% 94%
Average commission rate paid(7) .................. $1.575 -- --
<FN>
(1) During certain periods presented, the Investment Adviser and/or the
Principal Underwriter reduced their fees. Had such actions not been
undertaken, net investment income per share and the ratios would have been
as follows:
1996(6) 1995 1994(2)
--------- -------- ---------
Net investment income per share..................... $ 0.082 $ 0.027 $ 0.063
========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.14%(3) 2.39% 2.08%(3)
========= ========= =========
Net investment income............................. 1.40%(3) 0.32% 0.41%(3)
========= ========= =========
(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.
(5) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 2). The computation of net
expenses to average daily net assets reported above is computed without
consideration of such credits, in accordance with reporting regulations in
effect beginning in 1995. If these credits were considered, the ratio of
net expenses to average daily net assets would have been reduced to 2.00%
for both the six months ended June 30, 1996 and the year ended December 31,
1995.
(6) For the six months ended June 30, 1996 (unaudited).
(7) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year for which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
</FN>
</TABLE>
See notes to financial statements
<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 nine active diversified
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 -- Japan (Japan series); Wright EquiFund -- Mexico (Mexico series);
Wright EquiFund -- Netherlands (Netherlands series); Wright EquiFund -- Nordic
(Nordic series); and Wright EquiFund -- Switzerland (Switzerland series). The
Trust also has ten inactive 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 or deemed not to be representative of market
values at the close of business 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.
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, 1995, the Trust, for federal income tax
purposes, had a capital loss carryover of $27,166 for
<PAGE>
the Germany series, $5,741,634 for the Hong Kong series, $6,623,729 for the
Mexico series and $264,069 for the Nordic 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:
Dec. Germany Hong Kong Mexico Nordic
- -----------------------------------------------------
2002 -- $1,163,853 -- --
2003 $27,166 $4,577,781 $6,623,729 $264,069
- -----------------------------------------------------
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.
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. Expense Reduction -- The Fund has entered into an arrangement with its
custodian agent whereby interest earned on uninvested cash balances are used to
offset custody fees. All significant reductions are reported as a reduction of
expenses in the Statement of Operations.
F. 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.
G. 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.
H. Distributions -- Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
only temporary overdistributions for financial statement purposes, are
classified as distributions in excess of net investment income or accumulated
net realized gains. Distributions in excess of tax basis earnings and profits
are reported in the financial statements as a return of capital. Permanent
differences between book and tax accounting for certain items may result in
reclassification of these items.
I. Forward Foreign Currency Exchange Contracts -- The Trust may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of
<PAGE>
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar. The
Trust will enter into forward contracts for hedging purposes in connection with
purchases and sales of securities denominated in foreign currencies. The forward
foreign currency exchange contracts are adjusted by the daily forward exchange
rate of the underlying currency and any gains or losses are recorded for
financial statement purposes as unrealized until such time as the contracts have
been closed or offset.
J. Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expense during the reporting period. Actual results could differ
from those estimates.
K. Interim Financial Information -- The interim financial statements relating to
June 30,1996 and for the six month period then ended have not been audited by
independent certified public accountants, but in the opinion of the Trust's
management, reflect all adjustments, consisting only of normally 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
daily net assets which rate is adjusted as average daily net assets exceed
certain levels. For the period ended June 30, 1996, the effective annual rate
was 0.75% for all Series. To enhance the net income of the Nordic Series, Wright
made a preliminary reduction of its management fee by $15,900. 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 daily net assets, which rate is reduced as
average daily net assets exceed certain levels. For the period ended June 30,
1996, the effective annual rate was 0.10% for all series.
Certain of the Trustees and officers of the Trust are directors/trustees
and/or officers of the above organizations. 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.
(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 Wright Investors' Service Distributors Inc. (Principal
Underwriter), a subsidiary of Wright, 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, 1996, The Principal
Underwriter made a preliminary reduction of its fees to the Nordic and
Switzerland Series by $5,300 and $3,123, respectively.
<PAGE>
(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>
<CAPTION>
Six Months Ended Year Ended
June 30, 1996 (unaudited) December 31, 1995
------------------------------------------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES
<S> <C> <C> <C> <C>
Sales 352,732 $ 4,496,185 928,016 $ 10,410,352
Issued to shareholders in payment
of distributions declared -- -- 29,949 345,335
Redemptions (216,236) (2,743,403) (847,368) (9,576,652)
--------- ------------ --------- ------------
Net Increase 136,496 $ 1,752,782 110,597 $ 1,179,035
========== ============= ========== =============
BRITAIN SERIES(1)
Sales 146,844 $ 1,538,166 1,951,985 $ 19,839,372
Issued to shareholders in payment
of distributions declared 12,730 135,116 87,576 883,342
Redemptions (1,183,461) (12,568,125) (699,716) (7,584,376)
--------- ------------ --------- ------------
Net Increase (Decrease) (1,023,887) $(10,894,843) 1,339,845 $ 13,138,338
========== ============= ========== =============
GERMANY SERIES(2)
Sales 784,187 $ 7,495,570 2,186,344 $ 21,785,141
Issued to shareholders in payment
of distributions declared 1 12 9,849 88,544
Redemptions (324,345) (3,063,093) (419,516) (4,107,984)
--------- ------------ --------- ------------
Net Increase 459,843 $ 4,432,489 1,776,677 $ 17,765,701
========== ============= ========== =============
HONG KONG SERIES
Sales 1,830,859 $ 23,754,488 11,282,631 $136,417,382
Issued to shareholders in payment
of distributions declared -- -- 28,862 339,619
Redemptions (2,017,538) (26,233,667) (10,873,290) (132,427,780)
--------- ------------ --------- ------------
Net Increase (Decrease) (186,679) $ (2,479,179) 438,203 $ 4,329,221
========== ============= ========== =============
<FN>
(1) For the period from the start of business, April 20, 1995, to December 31, 1995.
(2) For the period from the start of business, April 19, 1995, to December 31, 1995.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1996 (unaudited) December 31, 1995
------------------------------------------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------------
JAPAN SERIES
<S> <C> <C> <C> <C>
Sales 1,367,705 $ 12,173,232 5,210,094 $ 46,542,960
Issued to shareholders in payment
of distributions declared -- -- 121 1,140
Redemptions (1,296,449) (11,358,197) (3,643,659) (32,317,402)
--------- ------------ --------- ------------
Net Increase 71,256 $ 815,035 1,566,556 $ 14,226,698
========== ============= ========== =============
MEXICO SERIES
Sales 5,847,688 $ 28,969,842 19,209,779 $ 84,533,525
Issued to shareholders in payment
of distributions declared 27 177 40,963 129,034
Redemptions (7,740,517) (37,248,550) (13,619,950) (62,097,851)
--------- ------------ --------- ------------
Net Increase (Decrease) (1,892,802) $ (8,278,531) 5,630,792 $ 22,564,708
========== ============= ========== =============
NETHERLANDS SERIES
Sales 489,638 $ 4,835,572 1,330,209 $ 12,016,616
Issued to shareholders in payment
of distributions declared -- -- 86,191 731,225
Redemptions (877,336) (8,915,498) (1,064,497) (9,624,795)
--------- ------------ --------- ------------
Net Increase (Decrease) (387,698) $ (4,079,926) 351,903 $ 3,123,046
========== ============= ========== =============
NORDIC SERIES
Sales 208,619 $ 2,524,884 474,832 $ 4,958,738
Issued to shareholders in payment
of distributions declared 1 11 1,372 15,001
Redemptions (149,282) (1,804,682) (1,083,870) (10,697,707)
--------- ------------ --------- ------------
Net Increase (Decrease) 59,338 $ 720,213 (607,666) $ (5,723,968)
========== ============= ========== =============
SWITZERLAND SERIES
Sales 197,924 $ 2,208,531 1,486,951 $ 15,834,863
Issued to shareholders in payment
of distributions declared 1 11 3,123 33,417
Redemptions (225,953) (2,516,962) (1,206,939) (12,820,709)
--------- ------------ --------- ------------
Net Increase (Decrease) (28,028) $ (308,420) 283,135 $ 3,047,571
========== ============= ========== =============
</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 30,1996, were as
follows:
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Belgium/Luxembourg $ 5,725,172 $ 4,559,076 Mexico $12,225,636 $15,801,900
Britain 4,967,955 15,546,220 Netherlands 5,340,286 9,304,557
Germany 13,685,611 11,052,110 Nordic 2,326,288 2,020,128
Hong Kong 11,243,546 12,527,828 Switzerland 2,054,291 2,787,503
Japan 9,464,230 9,442,349
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and gross and net unrealized appreciation/depreciation of the
investment securities owned at June 30, 1996, 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 $ 15,184,749 $ 2,557,835 -- $ 447,748 = $ 2,110,087
============== ==============
BRITAIN $ 2,958,803 $ 282,116 -- $ 64,190 = $ 217,926
============== ==============
GERMANY $ 20,366,909 $ 1,567,732 -- $ 528,296 = $ 1,039,436
============== ==============
HONG KONG $ 22,959,066 $ 2,520,057 -- $ 963,338 = $ 1,556,719
============== ==============
JAPAN $ 21,264,252 $ 1,283,973 -- $ 426,889 = $ 857,084
============== ==============
MEXICO $ 26,328,224 $ 4,174,518 -- $ 923,541 = $ 3,250,977
============== ==============
NETHERLANDS $ 4,134,646 $ 586,978 -- $ 41,385 = $ 545,593
============== ==============
NORDIC $ 3,640,590 $ 706,112 -- $ 6,815 = $ 699,297
============== ==============
SWITZERLAND $ 6,640,343 $ 882,573 -- $ 179,461 = $ 703,112
============== ==============
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
(7) FINANCIAL INSTRUMENTS
The Funds regularly trade financial instruments with off-balance sheet risk
in the normal course of their investing activities in order to manage exposure
to market risks such as interest rates and foreign currency exchange rates.
These financial instruments include forward foreign currency exchange contracts.
The notional or contractual amounts of these instruments represent the
investment the Funds have in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
As of June 30, 1996, the Japan and Mexico Series had the following forward
foreign currency exchange contracts open:
<TABLE>
<CAPTION>
SALES
- ------
Settlement Contracts In Exchange For Contracts Net Unrealized
Date to Deliver (in U. S. Dollars) at Value Depreciation
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
07/01/96 Mexican Pesos 4,210,507 $ 554,597 $ 555,109 $ (512)
========== ========= ======
PURCHASES
- ----------
Settlement Contracts In Exchange For Contracts Net Unrealized
Date to Receive (in U. S. Dollars) at Value Depreciation
- ---------------------------------------------------------------------------------------------------------------------------------
07/02/96 Japanese Yen 293,216,222 $2,684,269 $2,679,318 $(4,951)
========== ========= ======
</TABLE>
At June 30, 1996, the Japan and Mexico Series had sufficient cash and/or
securities to cover any commitments under these contracts.
(8) 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 Mexico Series had loans
outstanding of $425,000 at June 30, 1996.
(9) CONTINGENT DEFERRED
SALES CHARGE (CDSC)
Effective January 1, 1996, shares that are redeemed in the first 30 days
after purchase will be subject to a contingent deferred sales charge at the rate
of one-and-one-half percent of redemption proceeds exclusive of all
reinvestments and capital appreciation in the account. This redemption fee will
be paid by the redeeming shareholder to, and retained by, the respective Fund.
No contingent deferred sales charge is imposed on exchanges for shares of other
<PAGE>
funds in the Wright EquiFund Equity Trust which are distributed with a
contingent deferred sales charge. For the period ended June 30, 1996, the
following amounts of CDSC were paid by shareholders to the Funds:
Fund CDSC Fee
-------- ------------
Belgium/Luxembourg $ 1,952.43
Britain 1.31
Germany 467.52
Hong Kong 38,138.28
Japan 11,364.52
Mexico 74,843.31
Netherlands 8,581.21
Nordic 3,835.41
Switzerland 1,718.16
(10) RISKS ASSOCIATED WITH
FOREIGN INVESTMENTS
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in 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 and standards of practice comparable to those applicable
to domestic issuers. Investments in foreign securities also involve the risk of
possible adverse changes in investment or exchange control regulations,
expropriation or confiscatory taxation, limitation on the removal of funds or
other assets of the Trust, political or financial instability or diplomatic and
other developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
Settlement of securities transactions in foreign countries may be delayed
and is generally less frequent than in the United States, which could affect the
liquidity of the Trust's assets. The Trust may be unable to sell securities
where the registration process is incomplete and may experience delays in
receipt of dividends.
<PAGE>
EQUIFUND
THE WRIGHT EQUIFUND
EQUITY TRUST
SEMI-ANNUAL REPORT
OFFICERS AND TRUSTEES OF THE FUNDS
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President
Winthrop S. Emmet, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
George R. Prefer, Trustee
Raymond Van Houtte, Trustee
James L. O'Connor, Treasurer
William J. Austin, Jr., Assistant Treasurer
ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
CUSTODIAN
Investors Bank & Trust Company
89 South Street
Boston, Massachusetts 02111
TRANSFER AND DIVIDEND DISBURSING AGENT
First Data Investor Services Group
Wright Managed Investment Funds
P.O. Box 1559
Boston, Massachusetts 02104
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
Fund's current prospectus.
