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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
ANNUAL REPORT
as of December 31, 1995
<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 10 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 -- Italy
Wright EquiFund -- Spain
Wright EquiFund -- United States
TABLE OF CONTENTS
Investment Objectives..........Inside Front Cover
Report To Shareholders......................... 1
Wright EquiFunds
Dividend Distributions:
Belgium/Luxembourg........................... 7
Britain...................................... 7
Germany.......................................7
Hong Kong.................................... 8
Japan........................................ 8
Mexico....................................... 8
Netherlands.................................. 9
Nordic....................................... 9
Switzerland.................................. 9
Wright EquiFund -- Belgium/Luxembourg
Portfolio of Investments.....................10
Wright EquiFund -- Britain
Portfolio of Investments.....................11
Wright EquiFund -- Germany
Portfolio of Investments.....................13
Wright EquiFund -- Hong Kong
Portfolio of Investments.....................14
Wright EquiFund -- Japan
Portfolio of Investments.....................15
Wright EquiFund -- Mexico
Portfolio of Investments.....................16
Wright EquiFund -- Netherlands
Portfolio of Investments.....................17
Wright EquiFund -- Nordic
Portfolio of Investments.....................18
Wright EquiFund -- Switzerland
Portfolio of Investments.....................19
Statement of Assets & Liabilities..............20
Statement of Operations........................23
Statements of Changes in Net Assets............26
Financial Highlights...........................29
Notes to Financial Statements..................38
<PAGE>
REPORT TO SHAREHOLDERS
Dear Shareholders :
Despite a slow start, many international stock markets had their best
performances in years during 1995. Early 1995 performance was hampered by the
developing Mexican crisis, worsening inflation expectations, rising global
interest rates and the dollar's decline against major currencies. But a more
optimistic outlook gradually took hold, as the U.S. led in shoring up the
Mexican economy, central banks actively supported the dollar and the U.S.
Congress indicated that it was serious about balancing the federal budget. By
year end,inflation expectations had receded as economic growth was moderating,
and the central banks were easing. Stock market averages in Canada, Japan, the
U.K. and the U.S. all reached peak levels during December, the latter two
all-time highs. Among the Group of Seven markets, the NYSE had the best
performance, rising more than 30% in 1995. The U.K. followed with a gain of 18%
in U.S. dollar terms. Italian stocks had the worst performance among G-7 markets
in 1995, declining 5% in U.S. dollar terms. December also saw new highs for 1995
in Belgium, Spain, Hong Kong and Mexico (in pesos). Global bond yields fell
substantially during 1995.
Economic slowdown was evident in most G-7 countries toward the end of
1995. Signs of faltering business were seen in the U.S., Canada, the U.K.,
France and Germany, the result of slowing exports, weakness in consumer spending
and ongoing inventory reductions by business. Following five years of
stagnation, green shoots of economic recovery are emerging in Japan. In fact,
Japan may by the only G-7 country to post materially stronger economic growth in
1996 than in 1995, although that is more a reflection of how weak 1995 was. The
latest forecasts put Japan at around 2% GDP growth in 1996.
If world economic growth deviates from expectations in 1996, it will
probably be in the direction of weakness. Consensus forecasts for the G-7
economies are that real GDP growth and inflation will each average around 2.5%
in 1996, little changed from 1995's average performance. By a wide margin,
however, recent changes in consensus estimates have been in the direction of
slower growth. Global investors may benefit from some degree of moderation in
growth if it brings lower interest rates. But the equity markets might be at
some risk of interim weakness if the slowdown in world economic activity stalls
corporate profit growth in 1996. Also, to the extent that recent firming in the
dollar persists, it may diminish the total returns to dollar-based investors
from foreign equities. Longer term, a diversified position in foreign stocks may
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. Also, there are risks associated with international investing such as
currency fluctuations and potential political instability.
<PAGE>
The objective of EquiFunds is to provide an opportunity for investment
participation in specific national or regional stock markets around the world.
Only stocks with satisfactory records of profitability and financial strength
are selected for inclusion in the Wright Equifund Equity Funds. The paragraphs
below discuss the various economic, political and market factors affecting the
investment performance of the Wright EquiFund Equity Funds during 1995 and
prospects for the period ahead.
Sincerely,
Peter M. Donovan
President
BELGIUM/LUXEMBOURG
Economic growth slowed in Belgium during the second half of 1995. The consensus
economic forecast for 1996 GDP growth has recently come down to the 2.0% area.
The slowdown in growth will make it more difficult for the government to achieve
its target of reducing the federal budget deficit to 3% of GDP, the requirement
for participation in European monetary union. Some strikes have already been
staged in response to the coalition government's plans to reform the social
security system in order to cut expenses; a "wealth tax" is also being
considered. Consumer prices rose just 1.5% last year, and inflation is expected
to be in the 2.0% range for 1996. This favorable inflation environment
contributed to a decline in interest rates last year, with ten-year government
bond yields ending 1995 at 6.7% compared to 8.3% at year-end 1994. The FT/S&P
Actuaries total return index for Belgium increased 19.3% in Belgian francs and
29.0% in U.S. dollars during 1995. The Belgian franc rose 8.2% in value compared
to the U.S. dollar in 1995.
BRITAIN
In December, the Bank of England cut interest rates for the first time in nearly
two years, with a second reduction coming in January. In the fourth quarter of
1995, the British economy grew at its slowest rate in three years, with GDP
rising 1.8% from the year-earlier level, compared to a 2.1% increase in the
third quarter. Consumer spending has been constrained by high interest rates and
taxes and employment concerns; the unemployment rate was 8.0% at year end. The
current consensus forecast is looking for a moderate pick-up in growth, with GDP
increasing 2.3% in 1996. Monetary easing had been delayed due to inflation
concerns. Consumer prices in England rose 3.2% in 1995, but a lower rate of
increase is expected this year. Over the course of 1995, 10-year government bond
yields declined 129 basis points to 7.4%. This rate decline helped boost the
U.K. stock market, which was the second best of the G-7 markets last year. The
FT/S&P Actuaries total return index for the U.K. increased 24.3% in pounds last
year and 23.3% in U.S.
dollars.
<PAGE>
GERMANY
Although the German government largely discounts the possibility of recession,
the economy may have slipped into one in the fourth quarter. The strong mark and
high labor costs have hurt export sales and business capital spending, while
retail sales have also been weak. GDP declined in the third quarter from the
second and probably weakened further in the fourth. Industrial production was
3.7% lower in November than a year earlier. Germany's unemployment rate rose to
9.9% at year end from 9.2% one year earlier. The consensus expectation for 1996
GDP growth has slipped to under 2.0%. The inflation threat is modest; consumer
prices rose less than 2% last year and the current consensus is for a 1.8%
increase this year. The German central bank cut interest rates three times in
1995 and eased again in early 1996. Ten-year government bond yields declined 157
point in 1995 to close the year at 6.0%. For 1995, the FT/S&P Actuaries total
return index for Germany increased 7.6% in D-marks; this was boosted to a 16.5%
dollar return by the mark's nearly 8% rise against the dollar last year.
HONG KONG
Concern over the 1997 Chinese takeover of Hong Kong continues to take center
stage in the colony. In order to counter frequently expressed fears that the
changeover will ruin Hong Kong as a business center, China appointed several
prominent business leaders to a committee being formed to prepare for Chinese
rule. Hong Kong's governor expressed concern that pro-democracy politicians were
being excluded. In the meantime, the economy continues to slow. GDP growth eased
to 4.5% for the year to September, down from 4.8% in the year to June and 5.5%
for the year to September 1994. Late in the year the economy got some help as
Hong Kong banks cut their prime rate by 0.5% to 8.75%, the first cut since 1992.
Consumer price inflation was about 8% for the year through November 1995.
Despite political and economic concerns, the Hong Kong stock market had a strong
year with the Hang Seng index hitting its 1995 high on the last trading day of
the year. The FT/S&P Actuaries total return index for Hong Kong rose 23.6% for
all of 1995.
JAPAN
Signs of economic recovery are beginning to emerge. Both the leading economic
indicators and the Tankan survey of business confidence are rising. Consumer
spending appears to have bottomed although the unemployment rate rose to a
record 3.4% in November, and is expected to continue climbing. Government fiscal
stimulus, mainly construction spending, is contributing to recovery. Compared to
a year earlier, real GDP declined 0.2% in the third quarter of 1995; however
industrial production eked out a 0.5% year-over-year advance in November. The
consensus forecast has GDP increasing about 2% this year. Consumer prices in
Japan have been virtually unchanged over the past several months, giving the
Bank of Japan leeway to ease monetary policy to encourage growth and reduce the
value of the yen, which declined 3.7% against the dollar last year. Ten-year
government bond yields fell from 4.6% to 2.9% in 1995. Prospects for economic
recovery and improved corporate profits boosted Japanese stock prices during the
second half of 1995, enabling the FT/S&P Actuaries total return index for Japan
to edge up 2.9% for the year; in terms of U.S. dollars, it was down 0.4%.
MEXICO
Mexico is looking for more stability in 1996. During 1995, the aftermath of late
1994's peso devaluation plunged the country into recession, with GDP estimated
to have declined more than 6% for the year. The inflation rate topped 50%, and
the peso continued
<PAGE>
to decline, losing 36% against the dollar for the year. The
good news for Mexico last year was that while domestic demand collapsed, exports
soared because of the weak peso. This gave the country a trade surplus of $7.4
billion compared to a deficit of $18.5 billion in 1995, and provided many
companies with the means to survive, according to the Commerce Ministry. The
Mexican government is expecting inflation to recede to about 20% in 1996, and is
targeting a 3% increase in GDP, but these forecasts may prove optimistic. In the
fourth quarter of 1995, the Mexican Bolsa was strong in local currency. The
FT/S&P Actuaries total return index for Mexico rose 15.3% for the three-month
period, but the weakness of the peso resulted in a 4.7% decline in U.S. dollar
terms. For all of 1995, the index rose 16.5% in pesos but declined almost 26% in
U.S. dollars.
NETHERLANDS
Consumer prices in the Netherlands increased 1.6% in 1995 and are expected to
rise about 2% in 1996. With inflation under control, interest rates declined
last year. Three-month interest rates ended 1995 at 3.5%, about 180 basis points
below where they started, while ten-year government yields declined about 170
basis points to 6.0%. Rates eased further in early 1996. Economic growth remains
moderate; GDP increased 2.3% for the year through September, and the consensus
forecast is for growth at a similar rate in 1996. Low Dutch inflation and
interest rates satisfy criteria for admission into the European monetary union.
But the country still must reduce its public debt, currently estimated at 78% of
GDP; the EMU standard is 60%. The strong bond market helped carry the Dutch
stock market higher last year; the FT/S&P Actuaries total return index for the
Netherlands rose 20.3% in guilders and a little over 30% in dollars. The Dutch
guilder gained 8% in value compared to the U.S. dollar during 1995.
NORDIC MARKETS
GDP growth is expected to slow in Sweden this year. The consensus forecast is
for a 2.4% increase in output in 1996 compared to 3.5% in 1995. This, and a
moderate inflation outlook, prompted the Swedish central bank to lower interest
rates early in 1996 after a series of rate increases that began in 1994. Denmark
is also expected to experience slower growth in 1996. Although the Finnish
economy grew better than 4% in 1995, the country continues to struggle with an
unemployment rate that is among the highest in Europe, about 17% at the end of
1995. For this reason, the central bank in Finland has been maintaining a
stimulative monetary policy. For all of 1995, the FT/S&P Actuaries total return
index for the Nordic region rose 13% in local currencies and a little better
than 25% in dollars. In U.S. dollar terms, the strongest market in the region
for the year was Sweden with a 38% total return. The Finnish market, which was
weak in the fourth quarter, had a 2% dollar return for the year, the smallest of
the group.
SWITZERLAND
The Swiss economy experienced disappointing growth in 1995. For the year through
the third quarter, GDP was up just 0.7%. The strong Swiss franc, which rose 13%
against the dollar and 4% compared to the German mark last year despite rate
cuts by the central bank, contributed to the slower growth with its negative
impact on tourism and exports. Recently, a group of 35 Swiss economists lowered
their forecasts for 1996. Their consensus expectation for GDP growth this year
is 1.4%. Inflation, which came in at 1.9% for 1995, is projected to ease to 1.1%
this year. The unemployment rate in Switzerland, which was 4.3% at year end, is
expected to hold at about that level in 1996. The Swiss stock market was very
strong in 1995, with the FT/S&P Actuaries total return index for the country up
28% in Swiss francs and 45% in U.S. dollar terms.
<PAGE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - BELGIUM/LUXEMBOURG
Growth of $10,000 invested 2/1/94* through 12/31/95
Annual Total Return
-------------------------------
Lst 1 Yr Since Incept*
<S> <C> <C>
EquiFund - Belgium/Luxembourg +20.3% +11.7%
Bel 20 Index +21.5% +11.6%
FT-World Ex U.S.Index +10.4% +5.3%
Wright Global Fiduciary +13.7% +6.3%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
BELGIUM/LUXEMBOURG at inception on 2/1/94 would have grown to $12,366 by
December 31, 1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Bel 20 FT-World Wright Global
Belgium/Luxembourg Index ex US Index Fiduciary Index
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,00
12/31/94 $10,281 $10,165 $9,993 $9,892
12/31/95 $12,366 $12,346 $11,037 $11,248
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - BRITAIN
Growth of $10,000 invested 4/18/95* through 12/31/95
Total Return
Since Incept*
----------------
<S> <C>
EquiFund - Britain +12.0%
FT-SE-A All-Share +9.9%
FT-World Ex U.S. Index +5.2%
Wright Global Fiduciary +7.3%
The cumulative total return of a U.S.$10,000 investment in the EQUIFUND BRITAIN
at inception on 4/19/95 would have grown to $10,628 by December 31, 1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund FT SE-A All-Share FT-World Wright Global
Britain Index ex US Index Fiduciary Index
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
04/18/95 $10,000 $10,000 $10,000 $10,000
12/31/95 $10,628 $10,993 $10,523 $10,727
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - GERMANY
Growth of $10,000 invested 4/18/95* through 12/31/95
Total Return
Since Incept*
---------------
<S> <C>
EquiFund - Germany -8.1%
Deutscher Aktien Index (DAX( +7.9%
FT-World Ex U.S. Index +5.2%
Wright Global Fiduciary +7.3%
The cumulative total return of a U.S.$10,000 investment in the EQUIFUND GERMANY
at inception on 4/20/95 would have declined to $9,190 by December 31, 1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Deutscher Aktien FT-World Wright Global
Germany Index (DAX) ex US Index Fiduciary Index
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
04/18/95 $10,000 $10,000 $10,000 $10,000
12/31/95 $9,190 $10,787 $10,523 $10,727
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - HONG KONG
Growth of $10,000 invested 7/1/90* through 12/31/95
Annual Total Return
-------------------------------------------
Lst 1 Yr Lst 5 yr Since Incept*
<S> <C> <C> <C>
EquiFund - Hong Kong +1.6% +13.0% +8.0%
Hang Seng Index +28.7% +32.5% +27.7%
FT-World ex US Index +10.4% +9.3% +6.0%
Wright Global Fiduciary +13.7% +13.8% +9.3%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND - HONG
KONG inception on 7/1/90 would have grown to $15,040 by December 31, 1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Hang Seng FT-World Wright Global
Hong Kong Index ex US Index Fiduciary Index
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/01/90 $10,000 $10,000 $10,000 $10,000
12/31/90 $8,280 $9,374 $8,813 $8,559
12/31/91 $11,123 $13,861 $9,987 $10,656
12/31/92 $12,929 $18,642 $8,682 $10,497
12/31/93 $23,830 $41,893 $11,483 $13,460
12/31/94 $15,005 $29,788 $12,443 $14,358
12/31/95 $15,040 $38,336 $13,743 $16,328
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - JAPAN
Growth of $10,000 invested 2/1/94* through 12/31/95
Annual Total Return
-------------------------
Lst 1 Yr Since Incept*
<S> <C> <C>
EquiFund - Japan -9.1% -6.0%
Tokyo SE Index -1.6% +1.3%
FT-World ex US Index +10.4% +5.3%
Wright Global Fiduciary +13.7% +6.3%
The cumulative total return of a U.S.$10,000 investment in the EQUIFUND - JAPAN
at inception on 2/1/94 would have declined to $8,892 by December 31, 1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Tokyo SE FT-World Wright Global
Japan Index ex US Index Fiduciary Index
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $9,783 $10,409 $9,993 $9,892
12/31/95 $8,892 $10,244 $11,037 $11,248
</TABLE>
<TABLE>
<PAGE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - MEXICAN
Growth of $10,000 invested 8/1/94* through 12/31/95
Annual Total Return
--------------------------------
Lst 1 Yr Since Incept*
<S> <C> <C>
EquiFund - Mexico -33.4% -42.2%
Mexican Bolsa IPC Index -23.8% -38.2%
FT-World ex US Index +10.4% +5.9%
Wright Global Fiduciary +13.7% +7.8%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
MEXICO at inception on 8/1/94 would have declined to $4,604 by December 31,
1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Mexican Bolsa FT-World Wright Global
Mexico IPC Index ex US Index Fiduciary Index
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
08/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $6,909 $6,644 $9,814 $9,784
12/31/95 $4,604 $5,063 $10,837 $11,125
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - NETHERLANDS
Growth of $10,000 invested 7/1/90* through 12/31/95
Annual Total Return
------------------------------------
Lst 1 Yr Lst 5 yr Since Incept*
<S> <C> <C> <C>
EquiFund - Netherlands +18.8% +9.9% +5.9%
CBS Total Return General +29.3% +19.4% +16.5%
FT-World ex US Index +10.4% +9.3% +6.0%
Wright Global Fiduciary +13.7% +13.8% +9.3%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
NETHERLANDS at inception on 7/1/90 would have grown to $13,728 by December 31,
1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund CBS Total Return FT-World Wright Global
Netherlands General Index ex US Index Fiduciary Index
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/01/90 $10,000 $10,000 $10,000 $10,000
12/31/90 $8,570 $9,548 $8,813 $8,559
12/31/91 $9,427 $11,197 $9,987 $10,656
12/31/92 $8,654 $11,340 $8,682 $10,497
12/31/93 $10,344 $15,636 $11,483 $13,460
12/31/94 $11,552 $17,898 $12,443 $14,358
12/31/95 $13,728 $23,150 $13,743 $16,328
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - NORDIC
Growth of $10,000 invested 2/1/94* through 12/31/95
Annual Total Return
----------------------------
Lst 1 Yr Since Incept*
<S> <C> <C>
EquiFund - Nordic +19.8% +9.2%
FT-Nordic +24.1% +14.3%
FT-World ex US Index +10.4% +5.3%
Wright Global Fiduciary +13.7% +6.3%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
NORDIC at inception on 2/1/94 would have grown to $11,837 by December 31, 1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund FT-Nordic FT-World Wright Global
Nordic Index ex US Index Fiduciary Index
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $9,881 $10,402 $9,993 $9,892
12/31/95 $11,837 $12,914 $11,037 $11,248
</TABLE>
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
EQUIFUND - SWITZERLAND
Growth of $10,000 invested 2/1/94* through 12/31/95
Annual Total Return
---------------------------
Lst 1 Yr Since Incept*
<S> <C> <C>
EquiFund - Switzerland +18.4% +6.2%
FT-Swiss Index +44.4% +18.7%
FT-World ex US Index +10.4% +5.3%
Wright Global Fiduciary +13.7% +6.3%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
SWITZERLAND at inception on 2/1/94 would have grown to $11,222 by December 31,
1995.
</TABLE>
<TABLE>
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund FT-Swiss FT-World Wright Global
Switzerland Index ex US Index Fiduciary Index
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
02/01/94 $10,000 $10,000 $10,000 $10,000
12/31/94 $9,481 $9,613 $9,993 $9,892
12/31/95 $11,222 $13,883 $11,037 $11,248
<FN>
NOTES: *: For comparison with other averages, the investment results are shown
from the closest month end since each Fund's inception. The investment results
of EquiFund are net of all fees and expenses including withheld dividend taxes
charged to the Fund. No fees, expenses or taxes have been deducted from the
other averages. The Total Investment Return is the % return of an initial U.S.
$10,000 investment made at the beginning of the period to the ending redeemable
value assuming all dividends and distributions are reinvested. Past performance
is not predictive of future performance.
</FN>
</TABLE>
<PAGE>
DIVIDEND DISTRIBUTIONS
-----------------------
<TABLE>
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
- -----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2/15/94 $10.00 100.00 $1,000.00
Dec. 94 10.24 0.04 0.003984 100.40 1,028.08 -- -- --
Jan. 95 9.87 100.40 990.93 -- -- --
Feb. 95 10.24 100.40 1,028.08 2.91% -- --
Mar. 95 10.85 100.40 1,089.32 9.70% -- 7.94%
Apr. 95 11.29 100.40 1,133.50 10.80% -- 10.99%
May 95 11.65 100.40 1,169.64 13.56% -- 12.95%
Jun. 95 11.89 100.40 1,193.74 17.15% -- 13.81%
Jul. 95 12.04 100.40 1,208.80 14.80% -- 13.93%
Aug. 95 11.40 100.40 1,144.54 6.77% -- 9.17%
Sep. 95 11.74 100.40 1,178.68 14.66% -- 10.67%
Oct. 95 11.69 100.40 1,173.66 12.20% -- 9.84%
Nov. 95 11.64 100.40 1,168.64 15.48% -- 9.11%
Dec. 95 12.01 0.29 0.024702 102.88 1,236.60 20.28% -- 12.01%
</TABLE>
WRIGHT EQUIFUND -- BRITAIN
- -------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
4/20/95 $10.00 100.00 $1,000.00
Apr. 95 9.99 100.00 999.00 -- -- --
May 95 10.21 100.00 1,021.00 -- -- --
Jun. 95 10.32 100.00 1,032.00 -- -- --
Jul. 95 10.99 100.00 1,099.00 -- -- --
Aug. 95 10.91 100.00 1,091.00 -- -- --
Sep. 95 11.16 100.00 1,116.00 -- -- --
Oct. 95 11.22 100.00 1,122.00 -- -- --
Nov. 95 10.86 100.00 1,086.00 -- -- --
Dec. 95 10.40 0.71 0.069322 106.93 1,111.03 -- -- --
</TABLE>
WRIGHT EQUIFUND -- GERMANY
- ------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4/19/95 $10.00 100.00 $1,000.00
Apr. 95 10.11 100.00 1,011.00 -- -- --
May 95 10.22 100.00 1,022.00 -- -- --
Jun. 95 10.39 100.00 1,039.00 -- -- --
Jul. 95 10.79 100.00 1,079.00 -- -- --
Aug. 95 10.07 100.00 1,007.00 -- -- --
Sep. 95 10.14 100.00 1,014.00 -- -- --
Oct. 95 9.62 100.00 962.00 -- -- --
Nov. 95 9.16 100.00 916.00 -- -- --
Dec. 95 9.24 0.05 0.005501 100.55 929.08 -- -- --
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- HONG KONG
- --------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 94 13.02 0.20 0.015140 115.25 1,500.54 -37.03% -- 9.60%
Jan. 95 11.93 115.25 1,374.92 -38.93% -- 7.19%
Feb. 95 13.01 115.25 1,499.39 -27.11% -- 9.08%
Mar. 95 13.09 115.25 1,508.61 -20.95% -- 9.05%
Apr. 95 12.88 115.25 1,484.41 -21.42% -- 8.53%
May 95 13.95 115.25 1,607.72 -18.10% -- 10.15%
Jun. 95 13.40 115.25 1,544.34 -16.14% -- 9.09%
Jul. 95 13.66 115.25 1,574.30 -18.29% 8.90% 9.35%
Aug. 95 13.32 115.25 1,535.12 -22.07% 11.42% 8.65%
Sep. 95 13.51 115.25 1,557.01 -18.90% 14.13% 8.81%
Oct. 95 13.40 115.25 1,544.34 -16.39% 12.63% 8.49%
Nov. 95 13.11 115.25 1,510.91 -1.56% 12.73% 7.92%
Dec. 95 13.03 0.20 0.015522 117.04 1,525.05 1.63% 12.99% 7.98%
</TABLE>
WRIGHT EQUIFUND -- JAPAN
- ---------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2/14/94 $10.00 100.00 $1,000.00
Dec. 94 9.66 0.12 0.012752 101.28 978.32 -- -- --
Jan. 95 9.45 101.28 957.05 -- -- --
Feb. 95 8.87 101.28 898.31 -12.10% -- --
Mar. 95 9.38 101.28 949.96 -5.38% -- -4.47%
Apr. 95 9.67 101.28 979.33 -4.83% -- -1.72%
May 95 9.05 101.28 916.54 -10.05% -- -6.53%
Jun. 95 8.78 101.28 889.20 -18.35% -- -8.21%
Jul. 95 9.00 101.28 911.48 -13.93% -- -6.17%
Aug. 95 8.67 101.28 878.06 -17.16% -- -8.09%
Sep. 95 8.60 101.28 870.97 -15.60% -- -8.16%
Oct. 95 8.42 101.28 852.74 -17.29% -- -8.90%
Nov. 95 8.58 101.28 868.94 -10.33% -- -7.55%
Dec. 95 8.78 101.28 889.20 -9.11% -- -6.07%
</TABLE>
WRIGHT EQUIFUND -- MEXICO
- ----------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8/02/94 $10.00 100.00 $1,000.00
Dec. 94 6.48 0.51 0.066186 106.62 690.89 -- -- --
Jan. 95 4.80 106.62 511.77 -- -- --
Feb. 95 3.74 106.62 398.75 -- -- --
Mar. 95 3.58 0.07 0.023175 109.09 390.54 -- -- --
Apr. 95 4.26 109.09 464.72 -- -- --
May 95 4.14 109.09 451.63 -- -- --
Jun. 95 4.46 109.09 486.54 -- -- --
Jul. 95 4.95 109.09 535.99 -- -- --
Aug. 95 5.11 109.09 557.45 -47.76% -- --
Sep. 95 4.85 109.09 529.08 -51.86% -- -42.21%
Oct. 95 3.99 109.09 435.27 -58.82% -- -48.71%
Nov. 95 4.05 109.09 441.81 -58.44% -- -45.95%
Dec. 95 4.22 109.09 460.36 -33.37% -- -42.25%
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- NETHERLANDS
- ---------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/28/90 $10.00 100.00 $1,000.00
Dec. 94 8.10 3.01 0.381496 142.61 1,155.15 11.68% -- 3.31%
Jan. 95 8.16 142.61 1,163.71 6.05% -- 3.36%
Feb. 95 8.54 142.61 1,217.90 10.68% -- 4.32%
Mar. 95 8.77 0.04 0.004724 143.29 1,256.61 15.27% -- 4.93%
Apr. 95 8.95 143.29 1,282.40 14.81% -- 5.29%
May 95 9.12 143.29 1,306.76 17.98% -- 5.60%
Jun. 95 9.44 143.29 1,352.61 23.26% -- 6.23%
Jul. 95 9.64 143.29 1,381.27 22.87% 6.55% 6.57%
Aug. 95 9.17 143.29 1,313.92 15.61% 8.42% 5.43%
Sep. 95 9.54 143.29 1,366.94 21.26% 10.95% 6.14%
Oct. 95 9.59 143.29 1,374.10 17.49% 9.70% 6.14%
Nov. 95 9.32 143.29 1,335.42 19.12% 9.40% 5.49%
Dec. 95 8.59 0.96 0.112751 159.44 1,372.78 18.84% 9.88% 5.93%
</TABLE>
WRIGHT EQUIFUND -- NORDIC
- -----------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2/14/94 $10.00 100.00 $1,000.00
Dec. 94 9.50 0.37 0.040066 104.01 988.06 -- -- --
Jan. 95 9.43 104.01 980.78 -- -- --
Feb. 95 9.64 104.01 1,002.62 0.67% -- --
Mar. 95 9.40 104.01 977.66 2.48% -- -1.96%
Apr. 95 10.19 104.01 1,059.83 7.60% -- 4.86%
May 95 10.12 104.01 1,052.55 6.43% -- 3.99%
Jun. 95 10.39 104.01 1,080.63 13.75% -- 5.73%
Jul. 95 11.07 104.01 1,151.35 15.14% -- 10.02%
Aug. 95 10.68 104.01 1,110.79 14.63% -- 6.96%
Sep. 95 11.24 104.01 1,169.03 21.14% -- 9.97%
Oct. 95 11.11 104.01 1,155.51 12.40% -- 8.73%
Nov. 95 11.19 104.01 1,163.83 22.51% -- 8.75%
Dec. 95 11.33 0.05 0.004537 104.48 1,183.74 19.80% -- 9.31%
</TABLE>
WRIGHT EQUIFUND -- SWITZERLAND
- -------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2/14/94 $10.00 100.00 $1,000.00
Dec. 94 9.43 0.05 0.005447 100.54 948.14 -- -- --
Jan. 95 9.37 100.54 942.10 -- -- --
Feb. 95 9.80 100.54 985.34 -0.97% -- --
Mar. 95 10.27 100.54 1,032.59 4.41% -- 2.90%
Apr. 95 10.44 100.54 1,049.69 8.10% -- 4.11%
May 95 10.97 100.54 1,102.97 11.64% -- 7.90%
Jun. 95 11.20 100.54 1,126.10 14.67% -- 9.04%
Jul. 95 11.04 100.54 1,110.01 13.73% -- 7.43%
Aug. 95 10.54 100.54 1,059.74 5.87% -- 3.84%
Sep. 95 11.11 100.54 1,117.05 12.27% -- 7.06%
Oct. 95 11.22 100.54 1,128.11 13.84% -- 7.31%
Nov. 95 10.85 100.54 1,090.91 16.18% -- 4.98%
Dec. 95 11.10 0.05 0.004575 101.00 1,122.16 18.35% -- 6.34%
</TABLE>
<PAGE>
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- -------------------------------------------------
<TABLE>
Shares Description Value
- ----------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 3.7%
34,600 Quilmes Industries SA $ 539,760
------------
CHEMICALS -- 3.2%
1,340 Tessenderlo Chemie $ 474,669
------------
CONSTRUCTION -- 9.0%
1,700 Cimenteries CBR Cementbed $ 685,950
12,650 Desimpel Kortemark CY NV 643,890
------------
$ 1,329,840
------------
DIVERSIFIED -- 5.6%
620 UCB SA $ 825,297
------------
ELECTRONICS -- 4.2%
5,170 Barco N.V. (Industries) $ 613,092
------------
FINANCIAL -- 10.3%
2,110 Generale de Banque SA $ 747,426
2,810 Kredietbank NPV 767,666
------------
$ 1,515,092
------------
METAL PRODUCTS MFRS. -- 3.7%
670 Bekaert SA $ 552,073
------------
REAL ESTATE & OTHER FINANCIALS -- 25.0%
2,550 Algem Maastch Voor Nijve-Afv $ 762,487
18,830 Cie Belge de Paricip Paribas 703,806
5,560 Fortis AG 676,344
13,000 Gervaert Photo-Producten NV 799,524
1,100 Sofina 559,718
136 Socfinasia 189,235
------------
$ 3,691,114
------------
RECREATION -- 5.0%
13,900 Audiofina $ 739,161
------------
RETAILERS -- 11.5%
2,060 Colruyt SA $ 556,473
15,500 Delhaize Le Ps 644,614
11,500 G.I.B. Holdings Ltd. 504,859
------------
$ 1,705,946
------------
UTILITIES -- 14.0%
3,170 Electrabel $ 753,993
4,970 Powerfin SA 652,703
1,570 Reunies Electrobel & Tractebela 648,165
------------
$ 2,054,861
------------
MISCELLANEOUS -- 5.0%
4,480 Ackermans & Van Haaren $ 739,817
------------
TOTAL INVESTMENTS
(identified cost, $12,710,191)-- 100.2% $14,780,722
OTHER ASSETS, LESS LIABILITIES-- (0.2%) (27,847)
-----------
NET ASSETS-- 100.0% $14,752,875
===========
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- BRITAIN
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- --------------------------------------------------
<TABLE>
Shares Description Value
- ----------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS -- 4.2%
156,600 Allied Colloids Group PLC $ 323,455
24,800 Laporte PLC 258,047
------------
$ 581,502
------------
DIVERSIFIED -- 3.0%
81,100 BTR Limited $ 414,370
------------
ELECTRONICS -- 7.6%
31,000 Farnell Electronic $ 345,907
28,000 Siebe PLC 345,045
37,900 Smiths Industries 374,341
------------
$ 1,065,293
------------
FINANCIAL -- 2.5%
22,100 HSBC Holdings PLC $ 345,101
------------
FOOD -- 7.7%
53,900 Dalgety PLC $ 339,430
130,200 Hillsdown Holdings PLC 343,741
61,200 Unigate PLC 390,154
------------
$ 1,073,325
------------
MACHINERY & EQUIPMENT -- 7.0%
119,933 Halma PLC $ 325,948
54,800 Powerscreen Int'l. 329,354
98,800 Weir Group PLC (The) 322,984
------------
$ 978,286
------------
METAL PRODUCERS -- 3.4%
105,200 Antofagasta Hldgs. $ 477,874
------------
METAL PRODUCT MANUFACTURERS -- 2.3%
126,400 Suter PLC $ 321,931
------------
OIL, GAS & COAL -- 7.1%
126,200 British-Borneo Petro Syndicat. $ 684,000
21,200 Burmah Castrol PLC 307,342
------------
$ 991,342
------------
PRINTING & PUBLISHING -- 4.8%
32,000 Pearson PLC $ 309,854
41,000 United Newspapers 353,022
------------
$ 662,876
------------
REAL ESTATE & OTHER FINANCIALS -- 5.5%
125,600 Cattle's Holdings PLC $ 414,496
27,737 Provident Financial PLC 352,573
------------
$ 767,069
------------
RETAILERS -- 9.7%
31,000 Kwik Save Group PLC $ 240,715
48,000 Marks & Spencer PLC Eng. 335,448
103,400 Tesco PLC 476,923
135,600 WM. Morrison Supermarkets PLC 294,822
------------
$ 1,347,908
------------
TEXTILES -- 3.1%
405,000 Readicut International PLC $ 430,841
------------
TRANSPORTATION -- 4.0%
134,200 Christian Salvesen PLC $ 552,293
------------
UTILITIES -- 11.9%
49,851 Cable & Wireless $ 356,125
27,165 National Grid Holdings 84,164
25,388 Northern Electricity PLC 247,014
35,700 Northwest Water PLC 341,523
40,000 Thames Water PLC 348,804
78,700 Vodafone Group PLC 282,331
------------
$ 1,659,961
------------
MISCELLANEOUS -- 10.4%
125,900 Nurdin & Peacock PLC $ 298,172
36,000 Reuters Holdings PLC 329,578
51,100 Watson & Philip PLC 428,535
56,000 Wolseley PLC 392,226
------------
$ 1,448,511
------------
</TABLE>
<PAGE>
TOTAL INVESTMENTS
(identified cost, $12,521,140) -- 94.2% $13,118,483
OTHER ASSETS, LESS LIABILITIES -- 5.8% 813,543
------------
NET ASSETS -- 100.0% $13,932,026
===========
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- GERMANY
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- -------------------------------------------------
<TABLE>
Shares Description Value
- ----------------------------------------------------------------------------
<S> <C> <C>
APPAREL -- 3.2%
630 Boss, Hugo $ 530,665
------------
AUTOMOTIVE -- 3.2%
1,020 Bayerische Motoren Werke AG $ 521,893
------------
CHEMICALS -- 7.2%
2,290 Bayer AG $ 603,387
6,200 Fresenius AG 586,982
------------
$ 1,190,369
------------
CONSTRUCTION -- 13.7%
1,210 Dyckerhoff $ 259,436
828 Heidelberger Zement AG German 518,761
12,700 Kampa DM50 508,354
1,730 Walter Bau AG 373,338
1,640 Weru 585,674
------------
$ 2,245,563
------------
DIVERSIFIED -- 3.7%
1,860 Industrieverwaltungsgesellsc $ 605,325
------------
DRUGS -- 12.9%
760 Altana Ind-Aktien DM50 $ 441,768
730 Beiersdorf 510,721
8,550 Schering AG 565,615
1,120 Wella AG 601,907
------------
$ 2,120,011
------------
ELECTRICAL -- 3.0%
650 Rheinelektra DM50 $ 493,213
------------
ELECTRONICS -- 7.0%
3,900 SAP AG $ 604,072
1,660 Vossloh AG 537,348
------------
$ 1,141,420
------------
FINANCIAL -- 7.0%
11,700 Deutsche Bank AG $ 553,602
22,400 Dresdner Bank AG 597,229
------------
$ 1,150,831
------------
FOOD -- 3.3%
990 Suedzucker Ord. $ 534,111
------------
MACHINERY & EQUIPMENT -- 3.2%
1,710 GEA Pref Shares $ 523,773
------------
METAL PRODUCT MANUFACTURERS -- 2.5%
1,080 Buderus $ 419,520
------------
RETAILERS -- 14.4%
1,580 Ava Allg Handels Der Verbrau $ 533,449
15,900 Douglas Holding AG 560,070
8,500 Hornbach AG 727,811
1,800 Kaufhof AG DM50 547,581
------------
$ 2,368,911
------------
UTILITIES -- 6.2%
1,400 Kraftueberwerke Rheinfelden $ 487,295
1,880 RWE AG 523,495
------------
$ 1,010,790
------------
MISCELLANEOUS -- 9.1%
2,800 Friedrich Grohe AG VZ $ 604,246
870 Gehe AG 442,116
10,400 Leifheit Ord. 456,109
------------
$ 1,502,471
------------
TOTAL INVESTMENTS
(identified cost, $17,511,208) -- 99.6% $16,358,866
OTHER ASSETS, LESS LIABILITIES -- 0.4% 60,094
------------
NET ASSETS -- 100.0% $16,418,960
===========
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- HONG KONG
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- ------------------------------------------------
<TABLE>
Shares Description Value
- -----------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE -- 4.0%
390,000 Hong Kong Aircraft Engineering Co. $ 1,008,729
------------
ELECTRICAL -- 7.1%
474,000 Johnson Electric Holdings-500 $ 845,936
601,000 Semi Tech (Global) Co. Ltd. 967,662
------------
$ 1,813,598
------------
FINANCIAL -- 13.7%
340,000 Bank of East Asia Hong Kong $ 1,220,175
117,000 Hang Seng Bank 1,047,818
81,000 HSBC Holdings PLC 1,225,606
------------
$ 3,493,599
------------
REAL ESTATE & OTHER FINANCIALS -- 15.8%
175,000 Cheung Kong $ 1,065,955
662,000 Hang Lung Development Co. Ltd. 1,053,036
68,200 Hang Lung Development Co. Ltd. Wts*. 10,231
175,000 Henderson Land Development 1,054,640
100,000 Sun Hung Kai Properties Ltd. 817,976
------------
$ 4,001,838
------------
RECREATION -- 3.4%
247,000 Television Broadcasts Ltd. $ 880,033
------------
RETAILERS -- 15.8%
1,100,000 Dairy Farm Int'l. Hlds. $ 1,012,000
180,000 Hutchison Whampoa 1,096,411
796,000 Jardine Int'l. Motor Holdings 905,891
1,033,000 Sime Darby Hong Kong Limited 995,260
------------
$ 4,009,562
------------
TRANSPORTATION -- 15.2%
116,400 China Motor Bus Company $ 1,008,574
579,600 Kowloon Motor Bus Co. (1933) Ltd. 944,450
1,260,000 Shun Tak Holdings Ltd. 888,070
131,000 Swire Pacific Ltd. "A" 1,016,489
------------
$ 3,857,583
------------
UTILITIES -- 15.3%
207,000 China Light & Power Co. $ 953,017
589,000 Hong Kong & China Gas 948,341
285,000 Hong Kong Electric Holdings Ltd. 934,336
590,000 Hong Kong Telecom 1,052,958
------------
$ 3,888,652
------------
MISCELLANEOUS -- 4.4%
1,000,000 First Pacific Co. $ 1,112,189
------------
TOTAL INVESTMENTS
(identified cost, $23,955,880) -- 94.7% $24,065,783
OTHER ASSETS, LESS LIABILITIES -- 5.3% 1,333,548
------------
NET ASSETS -- 100.0% $25,399,331
===========
* Non-income producing security.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- JAPAN
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- -------------------------------------------------
<TABLE>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 6.2%
65,000 Chukyo Coca-Cola Bottling Co. $ 634,913
52,000 Mikuni Coca-Cola Bottling 709,091
------------
$ 1,344,004
------------
CONSTRUCTION -- 24.6%
21,000 Chudenko Corp. $ 718,955
60,000 Danto Corp. 742,747
56,000 Kaneshita Construction 752,805
56,000 Nishimatsu Construction Co. 655,319
36,000 Sumitomo Forestry 557,060
37,000 Taihei Dengyo 583,269
33,000 Takasago Thermal Engineering 590,425
41,500 Yurtec Corp. 726,451
------------
$ 5,327,031
------------
DIVERSIFIED -- 3.5%
79,000 Toho Real Estate Co. Ltd. $ 748,743
------------
DRUGS -- 19.2%
54,000 Daiichi Pharmaceutical $ 767,698
21,000 Ono Pharmaceutical 806,286
28,000 Sankyo Co. Ltd. 628,240
26,500 Santen Pharmaceutical 602,273
36,000 Taisho Pharmaceutical Co. Ltd. 710,251
30,000 Yamanouchi Pharmaceutical 644,101
------------
$ 4,158,849
------------
ELECTRICAL -- 3.1%
82,000 Nippon Signal Co. $ 670,116
-------------
ELECTRONICS -- 2.7%
5,000 Keyence Corp. $ 575,435
------------
MACHINERY & EQUIPMENT -- 9.3%
120,000 Kawasaki Heavy Industries $ 551,257
24,000 Kurita Water Industries 638,298
60,000 Sansei Yusoki 829,787
------------
$ 2,019,342
------------
OIL, GAS & COAL -- 4.8%
55,000 General Sekiyu K.K. $ 501,596
36,000 Tonen Corporation 525,725
------------
$ 1,027,321
------------
PRINTING & PUBLISHING -- 3.2%
56,000 Kyodo Printing Co. $ 698,646
------------
RETAILERS -- 15.4%
14,000 Familymart $ 630,948
13,000 Ito Yokado Co. 799,613
24,200 Nissen Co. 566,383
9,200 Seven Eleven Japan Ltd. 647,737
18,000 York-Benimaru Co. Ltd. 687,621
------------
$ 3,332,302
------------
MISCELLANEOUS -- 6.4%
82,000 Inabata & Co. $ 578,917
58,000 Wakita & Co. 813,346
------------
$ 1,392,263
------------
TOTAL INVESTMENTS
(identified cost, $21,134,213) -- 98.4% $21,294,052
OTHER ASSETS, LESS LIABILITIES -- 1.6% 336,931
------------
NET ASSETS -- 100.0% $21,630,983
===========
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- MEXICO
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- --------------------------------------------------
<TABLE>
Shares Description Value
- -------------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 8.5%
645,000 Fomento Economico Mexicano $ 1,442,599
475,000 Grupo Continental SA-Ser CP 1,326,438
------------
$ 2,769,037
------------
CONSTRUCTION -- 9.8%
345,000 Apasco $ 1,409,438
322,320 Cementos de Mexico SA-CPO 1,054,259
224,000 Cemex SA 732,670
------------
$ 3,196,367
------------
DIVERSIFIED -- 13.9%
412,000 Desc Sociedad de Fomento Indl* $ 1,507,381
260,000 Grupo Carso SA* 1,401,681
125,000 Grupo Industrial Alfa SA-A 1,598,255
------------
$ 4,507,317
------------
FOOD -- 9.2%
340,000 Grupo Industrial Bimbo-Ser A $ 1,393,406
2,600,000 Grupo Industrial Maseca B 1,586,555
------------
$ 2,979,961
------------
PAPER -- 6.2%
395,000 Empaques Ponderosa SA* $ 707,783
88,000 Kimberly-Clark de Mexico-B 1,324,266
------------
$ 2,032,049
------------
REAL ESTATES & OTHER FINANCIALS -- 4.4%
860,000 Grupo Financieri Banamex $ 1,434,260
------------
RECREATION -- 3.6%
104,000 Grupo Televisa SA-Ser CPO $ 1,175,126
------------
RETAILERS -- 12.9%
1,478,000 Cifra SA de CV B* $ 1,543,922
2,460,000 Controladora Coml Mexicana B* 1,590,175
500,000 Sears (Mexico)* 1,045,249
------------
$ 4,179,346
------------
TOBACCO -- 3.8%
322,000 Empressa La Moderna Ser ACP* $ 1,232,217
------------
TRANSPORTATION -- 3.3%
140,000 Transport Maritima 'A' Shares* $ 1,067,873
------------
UTILITIES -- 4.6%
930,000 Telefonos de Mexico $ 1,486,076
------------
MISCELLANEOUS -- 4.1%
3,470,000 Grupo Posadas Sa De CV* $ 1,345,831
------------
TOTAL INVESTMENTS
(identified cost, $27,700,973) -- 84.3% $27,405,460
OTHER ASSETS, LESS LIABILITIES -- 15.7% 5,087,582
------------
NET ASSETS -- 100.0% $32,493,042
===========
* Non-income producing security.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- NETHERLANDS
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- -------------------------------------------------
<TABLE>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 6.2%
5,450 Grolsch N.V. $ 189,111
1,460 Heineken N.V. 258,480
------------
$ 447,591
------------
CONSTRUCTION -- 11.1%
1,555 Hollandesche Beton Group N.V. $ 236,910
19,000 Koninklijke Boskalis 270,568
4,810 Volker Stevin 290,137
------------
$ 797,615
------------
DIVERSIFIED -- 3.7%
4,104 Atag Hlding N.V. $ 270,521
------------
ELECTRONICS -- 4.7%
7,250 Getronics N.V. $ 338,132
------------
FOOD -- 11.8%
6,530 CSM N.V. Cert. $ 284,248
3,300 Nutricia Verenidge Bedrijven 266,364
2,170 Unilever N.V. 304,294
------------
$ 854,906
------------
MACHINERY & EQUIPMENT -- 3.9%
4,600 Oce-Van Der Grinten $ 279,187
------------
METAL PRODUCT MANUFACTURERS -- 3.5%
7,400 Twentsche Kabel Holding N.V. $ 254,014
------------
PRINTING & PUBLISHING -- 16.5%
20,100 Elsevier $ 267,484
1,880 Telegraf (Holdingsmij) - CVA 264,212
2,180 Verenigde Nederlandse 298,647
3,850 Wolters Kluwer N.V. 363,429
------------
$ 1,193,772
------------
REAL ESTATE & OTHER FINANCIALS -- 4.5%
4,830 Amev N.V. $ 322,881
------------
RECREATION -- 3.7%
5,100 Polygram $ 270,207
------------
RETAILERS -- 14.6%
5,130 Deboer Winkelbedridjven $ 252,018
4,060 Konin Bijenkorf Beheer 267,620
6,503 Koninklijke Ahold N.V. 264,876
11,900 MacIntosh N.V. 264,921
------------
$ 1,049,435
------------
TEXTILES -- 3.1%
4,950 Gamma Holding N.V. $ 224,706
------------
MISCELLANEOUS -- 11.2%
4,937 Hagemeyer N.V. $ 257,273
9,000 IHC Caland N.V. 302,220
14,000 Otra N.V. Aandeel 248,119
------------
$ 807,612
------------
TOTAL INVESTMENTS
(identified cost, $6,582,888) -- 98.5% $ 7,110,579
OTHER ASSETS, LESS LIABILITIES -- 1.5% 106,958
------------
NET ASSETS -- 100.0% $ 7,217,537
===========
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- NORDIC
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- -------------------------------------------------
<TABLE>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
BEVERAGES -- 3.6%
2,290 Carlsberg AS - B $ 127,634
------------
CHEMICALS -- 17.2%
8,000 AGA AB B Free $ 110,262
560 Cheminova A/S- "B" 123,840
1,400 Christian Hansen Holding - B 135,922
2,900 Perstorp AB - B Shs 124,496
7,920 Unitor AS 108,672
------------
$ 603,192
------------
CONSTRUCTION -- 9.6%
470 Icopal $ 113,233
11,040 Skane-Gripen AB-Ser B Fr 104,767
1,350 Superfos AS 117,718
------------
$ 335,718
------------
DIVERSIFIED -- 3.0%
2,200 Orkla A/S-B-Aksjer $ 104,786
------------
DRUGS -- 22.0%
3,400 Astra AB B Free Shares $ 134,694
1,670 Coloplast B A/S 147,346
7,000 Gambro AB - "B" Free 132,856
890 Novo-Nordisk AS 121,611
3,700 Orion A/S-B 103,590
1,830 Radiometer A/S -"B" 130,949
------------
$ 771,046
------------
FINANCIAL -- 3.8%
6,440 Svenska Handelsbanken - "A" $ 133,869
------------
FOOD -- 2.8%
4,080 Huhtamaki "I" Free $ 98,312
------------
MACHINERY & EQUIPMENT -- 6.6%
7,780 Atlas Copco AB A Free $ 119,535
6,400 Sandvik AB B Fria 112,310
------------
$ 231,845
------------
REAL ESTATE & OTHER FINANCIALS -- 3.9%
9,100 Om Gruppa AB Free $ 137,074
------------
RETAILERS -- 3.5%
2,200 Hennes & Mauritz AB B-F $ 122,613
------------
TRANSPORTATION -- 3.6%
10,200 Helikopter Service AS $ 124,674
------------
UTILITIES -- 10.9%
7,660 Graningeverkens $ 141,921
8,040 Gullspangs Kraft - "B" Free 117,474
5,450 Sydkraft AB - A Free 120,678
------------
$ 380,073
------------
MISCELLANEOUS -- 8.2%
6,650 ISS Int'l. Service System-B $ 149,452
1,230 Sophus Berendsen 138,215
------------
$ 287,667
------------
TOTAL INVESTMENTS
(identified cost, $3,076,400) -- 98.7% $ 3,458,503
OTHER ASSETS, LESS LIABILITIES -- 1.3% 45,802
------------
NET ASSETS -- 100.0% $ 3,504,305
===========
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT EQUIFUND -- SWITZERLAND
PORTFOLIO OF INVESTMENTS AS OF DECEMBER 31, 1995
- -------------------------------------------------
<TABLE>
Shares Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS -- 16.1%
360 Ciba Geigy AG-B $ 314,889
70 Ems-Chemie Holding AG 319,795
290 Sarna Kunsstof Hldg AG-Reg. 312,990
360 Siegfried AG-R 280,872
------------
$ 1,228,546
------------
CONSTRUCTION -- 3.3%
1,030 Sika Finanz AG-Bearer $ 250,011
------------
DRUGS -- 8.0%
320 Sandoz AG-Reg. $ 292,939
40 Roche Holding AG-Genuschein 316,415
------------
$ 609,354
------------
ELECTRICAL -- 4.6%
440 Hilti AG-PC $ 350,535
------------
FINANCIAL -- 11.5%
260 Baer Hldg. AG-(Br) $ 288,501
260 Schweiz Bankgesellschaft B 281,739
750 Schweizerischer Bankverein 306,229
------------
$ 876,469
------------
FOOD -- 8.6%
230 Lindt & Spruengli AG-PC $ 334,966
290 Nestle 320,532
------------
$ 655,498
------------
MACHINERY & EQUIPMENT -- 11.5%
480 Nokia-Maillefer S.A. $ 250,912
290 Schindler Holding AG-Regd 311,733
150 Schweiz Ind. Gesselschaft 313,380
------------
$ 876,025
------------
REAL ESTATE & OTHER FINANCIALS -- 4.0%
535 Intershop Holdings-Br $ 306,099
------------
RETAILERS -- 9.7%
1,000 Fust (Dipl. Ong AG) $ 251,398
390 Magazine Glob-R 240,042
1,130 Merkur Holding AG 248,815
------------
$ 740,255
------------
TEXTILES -- 3.9%
700 Forbo Holdings AG-R $ 299,163
------------
UTILITIES -- 4.0%
1,500 Elektricite de Laufenbourg $ 305,578
------------
MISCELLANEOUS -- 16.6%
1,130 Kardex B $ 355,100
1,760 Rentsch (W) Holding AG 286,836
2,400 S.M.H. Ag-Reg. 10SFR 314,161
900 SGS Soc. Gen. Surveillance-R 308,179
----------
$ 1,264,276
----------
TOTAL INVESTMENTS
(identified cost, $7,328,686) -- 101.8% $ 7,761,809
OTHER ASSETS, LESS LIABILITIES -- (1.8%) (133,554)
------------
NET ASSETS -- 100.0% $ 7,628,255
===========
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
- --------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $12,710,191 $12,521,140 $17,511,208
Unrealized appreciation (depreciation).......... 2,070,531 597,343 (1,152,342)
----------- ----------- -----------
Total value (Note 1A)......................... $14,780,722 $13,118,483 $16,358,866
Cash.............................................. 10,684 732,173 96,623
Receivable for Fund shares sold................... 31,718 28,621 45,290
Dividends receivable.............................. 5,294 94,790 --
Tax reclaim receivable............................ 47,198 4,126 35,097
Deferred organization expenses (Note 1E).......... 6,837 15,486 15,476
----------- ----------- -----------
Total Assets.................................. $14,882,453 $13,993,679 $16,551,352
----------- ----------- -----------
LIABILITIES:
Payable for Fund shares reacquired................ $ 57,402 $ 56,260 $ 122,725
Loans payable (Note 8)............................ 65,000 -- --
Trustees fees payable............................. 114 114 114
Custodian fee payable (Note 2).................... 3,011 -- 4,200
Accrued Interest.................................. 67 -- --
Accrued expenses.................................. 3,984 5,279 5,353
----------- ----------- -----------
Total Liabilities............................. $ 129,578 $ 61,653 $ 132,392
----------- ----------- -----------
NET ASSETS.......................................... $14,752,875 $13,932,026 $16,418,960
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $12,645,616 $13,238,183 $17,777,513
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (24,774) 114,839 (235,322)
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 2,069,640 597,595 (1,153,063)
Undistributed net investment income (loss).......... 62,393 (18,591) 29,832
----------- ----------- -----------
Net assets applicable to outstanding shares....... $14,752,875 $13,932,026 $16,418,960
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,228,016 1,339,845 1,776,677
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 9).................... $12.01 $10.40 $ 9.24
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
- -------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------------------
HONG KONG JAPAN MEXICO
SERIES SERIES SERIES
- ------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $23,955,880 $21,134,213 $27,700,973
Unrealized appreciation (depreciation).......... 109,903 159,839 (295,513)
----------- ----------- -----------
Total value (Note 1A)......................... $24,065,783 $21,294,052 $27,405,460
Cash.............................................. 1,182,642 250,927 4,650,838
Receivable for investments sold................... -- -- 1,265,320
Receivable for Fund shares sold................... 304,523 178,098 339,732
Dividends receivable.............................. 54,250 34,297 --
Receivables for open forward foreign currency exchange
contracts (Notes 1H & 7)........................ -- -- 2,755
Deferred organization expenses (Note 1E).......... -- 5,797 12,345
----------- ----------- -----------
Total Assets.................................. $25,607,198 $21,763,171 $33,676,450
-
----------- ----------- -----------
LIABILITIES:
Payable for investments purchased................. $ -- $ -- $ 554,713
Payable for Fund shares reacquired................ 200,313 125,974 622,055
Payable to dividend disbursing agent.............. -- -- 1,876
Trustees fees payable............................. 114 114 114
Custodian fee payable (Note 2).................... 150 1,500 --
Accrued expenses.................................. 7,290 4,600 4,650
----------- ----------- -----------
Total Liabilities............................. $ 207,867 $ 132,188 $ 1,183,408
----------- ----------- -----------
NET ASSETS.......................................... $25,399,331 $21,630,983 $32,493,042
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $30,379,524 $23,219,432 $42,386,102
Accumulated undistributed net realized loss on
investment and foreign currency transactions (computed
on the basis of identified cost)................... (5,879,695) (1,748,903) (9,578,811)
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 109,916 159,484 (297,359)
Undistributed net investment income (loss).......... 789,586 970 (16,890)
----------- ----------- -----------
Net assets applicable to outstanding shares....... $25,399,331 $21,630,983 $32,493,042
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,949,893 2,462,643 7,702,888
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 9).................... $13.03 $ 8.78 $ 4.22
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
- ------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
-------------------------------------------------
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $ 6,582,888 $ 3,076,400 $ 7,328,686
Unrealized appreciation......................... 527,691 382,103 433,123
----------- ----------- -----------
Total value (Note 1A)......................... $ 7,110,579 $ 3,458,503 $ 7,761,809
Cash.............................................. 115,412 27,489 14,280
Receivable for Fund shares sold................... 23,294 15,486 27,493
Tax reclaim receivable............................ 8,429 2,021 38,695
Deferred organization expenses (Note 1E).......... -- 5,797 6,727
Receivable from Investment Adviser................ -- 13,004 --
Dividend Receivable............................... -- 980 --
----------- ----------- -----------
Total Assets.................................. $ 7,257,714 $ 3,523,280 $ 7,849,004
----------- ----------- -----------
LIABILITIES:
Payable for Fund shares reacquired................ $ 23,568 $ 12,356 $ 27,320
Investment Adviser fee payable (Note 2)........... 11,617 -- 3,949
Loans payable (Note 8)............................ -- -- 180,000
Trustees fees payable............................. 114 114 114
Custodian fee payable (Note 2).................... 2,100 3,405 4,000
Distribution fee payable (Note 3)................. -- -- 1,652
Payable to Dividend Disbursing Agent.............. -- -- 100
Accrued interest.................................. -- -- 170
Accrued expenses.................................. 2,778 3,100 3,444
----------- ----------- -----------
Total Liabilities............................. $ 40,177 $ 18,975 $ 220,749
----------- ----------- -----------
NET ASSETS.......................................... $ 7,217,537 $ 3,504,305 $ 7,628,255
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 6,714,019 $ 3,382,161 $ 7,217,307
Accumulated undistributed (overdistributed) net realized
gain (loss) on investment and foreign currency transactions
(computed on the basis of identified cost)......... (18,425) (281,633) (32,131)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 528,026 382,219 433,488
Undistributed net investment income (loss).......... (6,083) 21,558 9,591
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 7,217,537 $ 3,504,305 $ 7,628,255
============ ============ ============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 839,843 309,300 687,291
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (NOTE 9).................... $ 8.59 $11.33 $11.10
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- ------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------------------
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES(1) SERIES(2)
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Income --
Dividends...................................... $ 487,722 $ 528,656 $ 269,541
Less: Foreign taxes........................... (68,261) (77,996) (26,954)
----------- ----------- -----------
Total investment income........................ $ 419,461 $ 450,660 $ 242,587
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 103,043 $ 83,324 $ 82,313
Administrator fee (Note 2)..................... 13,739 11,110 10,975
Audit fees..................................... 5,342 2,809 2,809
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator...... 987 462 432
Custodian fee (Note 2)......................... 45,460 37,392 38,188
Transfer & dividend disbursing agent fees...... 6,671 3,836 4,392
Shareholder communication expense.............. 3,472 861 250
Distribution expenses (Note 3)................. 34,348 27,775 27,438
Legal services................................. 9,292 297 228
Registration costs............................. 11,042 1,486 1,525
Amortization of organization expense (Note 1E). 2,161 2,514 2,524
Printing....................................... 3,079 2,081 2,936
Interest expense............................... 1,110 -- --
Miscellaneous.................................. 2,121 1,869 1,638
----------- ----------- -----------
Total expenses................................. $ 241,867 $ 175,816 $ 175,648
Deduct --
Reduction of custodian fee (Note 2).......... 32,069 36,870 33,588
----------- ----------- -----------
Net expenses................................. $ 209,798 $ 138,946 $ 142,060
----------- ----------- -----------
Net investment income...................... $ 209,663 $ 311,714 $ 100,527
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investment and foreign
currency transactions (identified cost basis)... $ 357,022 $ 812,736 $ (234,821)
Change in unrealized appreciation (depreciation) of
investments and translation of assets and liabilities in
foreign currencies.............................. 1,933,707 597,595 (1,153,063)
----------- ----------- -----------
Net realized and unrealized gain (loss)
on investments............................... $ 2,290,729 $ 1,410,331 $(1,387,884)
----------- ----------- -----------
Net increase (decrease) in net assets
from operations.............................. $ 2,500,392 $ 1,722,045 $(1,287,357)
============ ============ ============
<FN>
(1)From the start of business, April 20, 1995, to December 31, 1995.
(2)From the start of business, April 19,1995, to December 31, 1995.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- ------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------
HONG KONG JAPAN MEXICO
SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Income --
Dividends...................................... $ 1,479,089 $ 154,248 $ 219,276
Less: Foreign taxes............................ -- (23,137) --
----------- ----------- -----------
Total investment income........................ $ 1,479,089 $ 131,111 $ 219,276
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 241,428 $ 120,678 $ 167,535
Administrator fee (Note 2)..................... 32,190 16,090 22,338
Audit fees..................................... 14,542 12,042 5,209
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 760 882 918
Custodian fee (Note 2)......................... 80,807 67,334 73,145
Transfer & dividend disbursing agent fees...... 8,121 7,453 7,575
Shareholder communication expense.............. 13,259 3,903 2,034
Distribution expenses (Note 3)................. 80,476 40,226 55,845
Legal services................................. 419 359 9,706
Registration costs............................. 16,715 11,023 10,489
Amortization of organization expense (Note 1E). 3,795 1,856 3,404
Printing....................................... 1,554 3,067 3,097
Interest expense............................... 14,813 4,349 17,595
Miscellaneous.................................. 2,263 2,054 5,673
----------- ----------- -----------
Total expenses................................. $ 511,142 $ 291,316 $ 384,563
Deduct --
Reduction of custodian fee (Note 2).......... 80,807 51,686 73,145
----------- ----------- -----------
Net expenses................................. $ 430,335 $ 239,630 $ 311,418
----------- ----------- -----------
Net investment income (loss)............... $ 1,048,754 $ (108,519) $ (92,142)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investment and foreign
currency transactions (identified cost basis)... $ (3,864,758) $ (1,732,840) $(9,414,919)
Change in unrealized appreciation of
investments and translation of assets and liabilities
in foreign currencies........................... 4,520,511 592,836 6,179,863
----------- ----------- -----------
Net realized and unrealized gain (loss)........ $ 655,753 $ (1,140,004) $(3,235,056)
----------- ----------- -----------
Net increase (decrease) in net assets from
operations.................................... $ 1,704,507 $ (1,248,523) $(3,327,198)
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
- -------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------------
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Income --
Dividends...................................... $ 144,040 $ 91,719 $ 218,637
Less: Foreign taxes........................... (21,530) (13,758) (29,129)
----------- ----------- -----------
Total investment income........................ $ 122,510 $ 77,961 $ 189,508
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 49,082 $ 27,207 $ 52,298
Administrator fee (Note 2)..................... 6,544 3,628 6,973
Audit fees..................................... 11,542 12,042 11,542
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 748 778 1,519
Custodian fee (Note 2)......................... 41,455 35,917 44,486
Transfer & dividend disbursing agent fees...... 5,882 5,431 5,327
Shareholder communication expense.............. 1,105 1,493 1,409
Distribution expenses (Note 3)................. 16,361 9,069 17,432
Legal services................................. 347 349 346
Registration costs............................. 13,115 10,640 10,269
Amortization of organization expense (Note 1E). 3,795 1,856 2,159
Printing....................................... 1,583 2,986 2,974
Interest expense............................... 4,944 1,645 6,811
Miscellaneous.................................. 4,107 4,439 3,291
----------- ----------- -----------
Total expenses................................. $ 160,610 $ 117,480 $ 166,836
----------- ----------- -----------
Deduct --
Reduction of Investment Adviser fee (Note 2). $ 2,868 $ 17,776 $ --
Allocation of expenses to
Investment Adviser (Note 2)................. -- 13,004 --
Reduction of distribution expenses
by Principal Underwriter (Note 3)........... 9,853 5,925 9,347
Reduction of custodian fee (Note 2).......... 16,956 8,217 18,000
----------- ----------- -----------
Total deducted............................... $ 29,677 $ 44,922 $ 27,347
----------- ----------- -----------
Net expenses................................. $ 130,933 $ 72,558 $ 139,489
----------- ----------- -----------
Net investment income (loss)............... $ (8,423) $ 5,403 $ 50,019
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign currency
transactions (identified cost basis)............ $ 728,331 $ 84,767 $ 233,699
Change in unrealized appreciation of investments
and transactions of assets and liabilities
in foreign currencies........................... 165,219 433,264 520,123
----------- ----------- -----------
Net realized and unrealized gain............. $ 893,550 $ 518,031 $ 753,822
----------- ----------- -----------
Net increase in net assets
from operations............................. $ 885,127 $ 523,434 $ 803,841
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES BRITAIN SERIES GERMANY SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
------------------------- ----------------------- -------------------
1995 1994(1) 1995(2) 1995(3)
- -----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income.............. $ 209,663 $ 70,506 $ 311,714 $ 100,527
Net realized gain (loss)........... 357,022 (88,661) 812,736 (234,821)
Change in unrealized appreciation
(depreciation).................... 1,933,707 135,933 597,595 (1,153,063)
---------- ---------- ----------- -----------
Increase (decrease) in net assets
from operations.................. $2,500,392 $ 117,778 $ 1,722,045 $(1,287,357)
Distributions to shareholders from
net investment income.............. (60,821) (42,100) (189,522) (89,834)
Distributions to shareholders from
net realized gains................. (291,155) -- (701,234) --
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ (11,411) 45,398 (37,601) 30,450
Net increase from Fund share
transactions (exclusive of amounts
allocated to net investment income)
(Note 4)........................... 1,179,035 11,315,759 13,138,338 17,765,701
---------- ---------- ----------- -----------
Net increase in net assets......... $3,316,040 $11,436,835 $13,932,026 $16,418,960
NET ASSETS:
At beginning of year................. 11,436,835 -- -- --
---------- ---------- ----------- -----------
At end of year....................... $14,752,875 $11,436,835 $13,932,026 $16,418,960
=========== =========== =========== ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS........................... $ 62,393 $ 73,804 $ (18,591) $ 29,832
=========== =========== =========== ===========
<FN>
(1) For the period from the start of business, February 15, 1994, to December
31, 1994. (2) For the period from the start of business, April 20, 1995, to
December 31, 1995. (3) For the period from the start of business, April 19,
1995, to December 31, 1995.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
-----------------------------------------------------------------------
HONG KONG SERIES JAPANESE SERIES MEXICO SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
--------------------- ---------------------- -------------------
1995 1994 1995 1994(1) 1995 1994(2)
- -----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ 1,048,754 $ 926,621 $ (108,519) $ (44,671) $ (92,142) $ (83,369)
Net realized gain (loss)........... (3,864,758) (2,011,071) (1,732,840) 131,722 (9,414,919) 939,626
Change in unrealized appreciation
(depreciation).................... 4,520,511 (8,868,569) 592,836 (433,352) 6,179,863 (6,477,222)
----------- ----------- ----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................ $ 1,704,507 $ (9,953,019) $(1,248,523) $ (346,301) $(3,327,198) $(5,620,965)
Distributions to shareholders from
net investment income.............. (384,817) (297,846) -- -- -- --
Distributions to shareholders
from net realized gains........... -- -- -- (101,597) (67,814) (871,953)
Distributions to shareholders in excess
of net realized gains.............. -- -- -- -- (99,000) --
Undistributed net investment
income included in price of shares
sold and redeemed (Note 1D)........ 71,707 427,406 -- 970 -- --
Net increase from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4).................. 4,329,221 13,291,870 14,226,698 9,099,736 22,564,708 19,915,264
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets......... $ 5,720,618 $ 3,468,411 $12,978,175 $ 8,652,808 $19,070,696 $13,422,346
NET ASSETS:
At beginning of year................. 19,678,713 16,210,302 8,652,808 -- 13,422,346 --
----------- ----------- ----------- ----------- ----------- -----------
At end of year....................... $25,399,331 $ 19,678,713 $21,630,983 $ 8,652,808 $32,493,042 $13,422,346
============ ============ ============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ 789,586 $ 1,404,869 $ 970 $ 970 $ (16,890) $ (27)
============ ============ ============ =========== ============ ===========
<FN>
(1) For the period from the start of business, February 14, 1994, to December
31, 1994. (2) For the period from the start of business, August 2, 1994, to
December 31, 1994.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- -----------------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------------------------------------------
NETHERLANDS SERIES NORDIC SERIES SWITZERLAND SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
--------------------- ------------------- ------------------
1995 1994 1995 1994(1) 1995 1994(1)
- -----------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ (8,423) $ 8,994 $ 5,403 $ (23,500) $ 50,019 $ 24,615
Net realized gain (loss)........... 728,331 1,073,586 84,767 (17,297) 233,699 (252,712)
Change in unrealized appreciation
(depreciation).................... 165,219 (276,745) 433,264 (51,045) 520,123 (86,635)
----------- ----------- ----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................. $ 885,127 $ 805,835 $ 523,434 $ (91,842) $ 803,841 $ (314,732)
Distributions to shareholders from
net investment income............... -- (7,137) (15,844) -- (35,313) (20,218)
Distributions to shareholders
from net realized gains............ (742,515) (1,066,885) -- (315,015) -- --
Distributions to shareholders
from paid-in capital................ -- -- -- (3,414) -- --
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... 1,261 (43,795) 8,785 12,795 (379) 5,573
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 3,123,046 (4,490,841) (5,723,968) 9,109,374 3,047,571 4,141,912
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in net assets................... $ 3,266,919 $ (4,802,823) $(5,207,593) $ 8,711,898 $ 3,815,720 $ 3,812,535
NET ASSETS:
At beginning of year................. 3,950,618 8,753,441 8,711,898 -- 3,812,535 --
----------- ----------- ----------- ----------- ----------- -----------
At end of year....................... $ 7,217,537 $ 3,950,618 $ 3,504,305 $ 8,711,898 $ 7,628,255 $ 3,812,535
============ =========== ============ =========== ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN
NET ASSETS............................ $ (6,083) $ (5,487) $ 21,558 $ 12,796 $ 9,591 $ 9,970
============ =========== ============ =========== ============ ===========
<FN>
(1) For the period from the start of business, February 14, 1994, to December
31, 1994.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------
BELGIUM/LUXEMBOURG SERIES
Year Ended December 31
---------------------------------
1995 1994(1)
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year................ $ 10.240 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income............................. $ 0.156 $ 0.106
Net realized and unrealized gain.................. 1.904 0.174
-------- --------
Total income from investment operations......... $ 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 year...................... $ 12.010 $ 10.240
========= =========
Total Return(3)..................................... 20.28% 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 14,753 $ 11,437
Ratio of net expenses to average net assets....... 1.76%(4) 1.62%(2)
Ratio of net investment income to average net assets 1.52% 0.95%(2)
Portfolio Turnover Rate........................... 38% 26%
<FN>
(1) For the period from start of business, February 15, 1994 to December 31, 1994.
(2) Annualized.
(3)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the 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 1.53%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
BRITAIN SERIES
Year Ended December 31
--------------------------------
1995(1)
- --------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
--------
Income from Investment Operations:
Net investment income............................. $ 0.213
Net realized and unrealized gain.................. 0.892
--------
Total income from investment operations......... $ 1.105
--------
Less Distributions:
From net investment income........................ $ (0.150)
From net realized gains on investments............ (0.555)
--------
Total distributions............................. $ (0.705)
--------
Net asset value -- end of period.................... $ 10.400
=========
Total Return(2)..................................... 11.10%
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 13,932
Ratio of net expenses to average net assets....... 1.56%(3) (4)
Ratio of net investment income to average net assets 2.77%(3)
Portfolio Turnover Rate........................... 42%
<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 1.24%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------
GERMANY SERIES
Year Ended December 31
-------------------------------
1995(1)
- --------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value -- beginning of period.............. $ 10.000
--------
Income from Investment Operations:
Net investment income............................. $ 0.073
Net realized and unrealized loss.................. (0.783)
--------
Total loss from investment operations........... $ (0.710)
Less Distributions:
From net investment income........................ (0.050)
--------
Net asset value -- end of period.................... $ 9.240
=========
Total Return(2)..................................... (7.09%)
Annualized Ratios/Supplemental Data:
Net assets, end of period (000 omitted)........... $ 16,419
Ratio of net expenses to average net assets....... 1.59%(3) (4)
Ratio of net investment income to average net assets 0.91%(3)
Portfolio Turnover Rate........................... 18%
<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 1.29%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------------------------
HONG KONG SERIES
Year Ended December 31
--------------------------------------------------------------
1995 1994 1993 1992 1991
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of year.... $ 13.020 $ 20.990 $ 11.770 $ 10.270 $ 8.360
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income(1).............. $ 0.368 $ 0.678 $ 0.426 $ 0.330 $ 0.266
Net realized and unrealized gain
(loss) (3)........................... (0.158) (8.448) 9.394 1.355 2.474
-------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ 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 year.......... $ 13.030 $ 13.020 $ 20.990 $ 11.770 $ 10.270
========= ========= ========= ========= =========
Total Return(2) ........................ 1.63% (37.03%) 84.32% 16.33% 34.34%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 25,399 $ 19,679 $ 16,210 $ 3,545 $ 235
Ratio of net expenses to average net assets 1.59%(4) 1.41% 2.00% 2.00% 2.00%
Ratio of net investment income to
average net assets.................. 3.26% 3.93% 3.01% 3.13% 2.88%
Portfolio Turnover Rate............... 100% 131% 76% 39% 77%
<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 1.34%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ------------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------
JAPAN SERIES
Year Ended December 31
----------------------------------
1995 1994(1)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year................ $ 9.660 $ 10.000
-------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.045) $ (0.050)
Net realized and unrealized loss.................. (0.835) (0.170)
-------- --------
Total loss from investment operations........... $ (0.880) $ (0.220)
Less Distributions:
From net realized gains on investments............ -- (0.120)
-------- --------
Net asset value -- end of year...................... $ 8.780 $ 9.660
========= =========
Total Return(3)..................................... (9.11%) (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 21,631 $ 8,653
Ratio of net expenses to average net assets....... 1.81%(4) 1.83% (2)
Ratio of net investment loss to average net assets (0.67%) (0.66%)(2)
Portfolio Turnover Rate........................... 112% 48%
<FN>
(1) For the period from the start of business, February 14, 1994 to December 31, 1994.
(2) Annualized.
(3)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the 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 1.49%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ----------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
---------------------------------
MEXICO SERIES
Year Ended December 31
---------------------------------
1995 1994(1)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year................ $ 6.480 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ (0.012) $ (0.040)
Net realized and unrealized loss.................. (2.175) (2.970)
-------- --------
Total loss from investment operations........... $ (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 year...................... $ 4.220 $ 6.480
========= =========
Total Return(3)..................................... (33.37%) (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 32,493 $ 13,422
Ratio of net expenses to average net assets....... 1.72%(4) 1.38% (2)
Ratio of net investment loss to average net assets (0.41%) (0.98%)(2)
Portfolio Turnover Rate........................... 110% 85%
<FN>
(1) For the period from the start of business, August 2, 1994 to December 31, 1994.
(2) Annualized.
(3)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to
be invested at the net asset value on the 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 1.39%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
--------------------------------------------------------------
NETHERLANDS SERIES
Year Ended December 31
--------------------------------------------------------------
1995 1994 1993(2) 1992 1991
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of year.... $ 8.100 $ 10.020 $ 8.460 $ 9.420 $ 8.650
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)....... $ (0.004) $ (0.060) $ (0.015) $ 0.108 $ 0.114
Net realized and unrealized gain
(loss)............................... 1.490 1.150 1.655 (0.958) 0.756
-------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ 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 year.......... $ 8.590 $ 8.100 $ 10.020 $ 8.460 $ 9.420
========= ========= ========= ========= =========
Total Return(3) ........................ 18.84% 11.68% 19.52% (9.18%) 10.00%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 7,218 $ 3,951 $ 8,753 $ 165 $ 134
Ratio of net expenses to average net assets 2.26%(4) 1.93% 2.00% 2.00% 1.69%
Ratio of net investment income (loss) to average
net assets........................... (0.13%) 0.13% (0.16%) 1.26% 1.39%
Portfolio Turnover Rate............... 87% 101% 47% 69% 59%
<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 2.00%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
----------------------------------
NORDIC SERIES
Year Ended December 31
----------------------------------
1995 1994(2)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year................ $ 9.500 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income (loss) (1).................. $ 0.072 $ (0.012)
Net realized and unrealized gain (loss)........... 1.808 (0.118)
-------- --------
Total income (loss)
from investment operations.................... $ 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 year...................... $ 11.330 $ 9.500
========= =========
Total Return(4)..................................... 19.80% (1.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 3,504 $ 8,712
Ratio of net expenses to average net assets....... 2.24%(5) 1.78% (3)
Ratio of net investment income (loss) to average net assets 0.15%
(0.35%)(3)
Portfolio Turnover Rate........................... 94% 33%
<FN>
(1) During 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:
1995
Net investment loss per share....................... $ (0.523)
=========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.25%
=========
Net investment loss............................... (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%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- ---------------------------
<TABLE>
THE WRIGHT EQUIFUND EQUITY TRUST
------------------------------------
SWITZERLAND SERIES
Year Ended December 31
-----------------------------------
1995 1994(2)
----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year................ $ 9.430 $ 10.000
-------- --------
Income from Investment Operations:
Net investment income(1).......................... $ 0.060 $ 0.075
Net realized and unrealized gain (loss)........... 1.660 (0.595)
-------- --------
Total gain (loss) from investment operations.... $ 1.720 $ (0.520)
Less Distributions:
From net investment income........................ (0.050) (0.050)
-------- --------
Net asset value -- end of year...................... $ 11.100 $ 9.430
========= =========
Total Return(4)..................................... 18.35% (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 7,628 $ 3,813
Ratio of net expenses to average net assets....... 2.26%(5) 2.00%(3)
Ratio of net investment income to average net assets 0.72% 0.49%(3)
Portfolio Turnover Rate........................... 95% 94%
<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:
1995 1994(2)
---- ----
Net investment income per share..................... $ 0.027 $ 0.063
========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.39% 2.08%(3)
========= =========
Net investment income............................. 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%.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- ------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright EquiFund Equity Trust (the Trust), formerly EquiFund -- Wright
National Fiduciary Equity Funds, 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), formerly Wright EquiFund --
Belgian/Luxembourg National Fiduciary Equity Fund; Wright EquiFund -- Britain
(Britain series); Wright EquiFund -- Germany (Germany series), formerly Wright
EquiFund -- German National Fiduciary Equity Fund; Wright EquiFund -- Hong Kong
(Hong Kong series), formerly Wright EquiFund -- Hong Kong National Fiduciary
Equity Fund; Wright EquiFund -- Japan (Japan series), formerly Wright EquiFund
- -- Japanese National Fiduciary Equity Fund; Wright EquiFund -- Mexico (Mexico
series), formerly Wright EquiFund -- Mexican National Fiduciary Equity Fund;
Wright EquiFund -- Netherlands (Netherlands series), formerly Wright EquiFund --
Dutch National Fiduciary Equity Fund; Wright EquiFund -- Nordic (Nordic series),
formerly Wright EquiFund -- Nordic National Fiduciary Equity Fund; and Wright
EquiFund -- Switzerland (Switzerland series), formerly Wright EquiFund -- Swiss
National Fiduciary Equity Fund. 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.
<PAGE>
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 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. Deferred Organization Expenses -- Costs incurred by the Trust in connection
with its organization, including registration costs, are being amortized on the
straight-line basis over five years from commencement of operations of each
series.
F. Other -- Investment transactions are accounted for on the date the
investments are purchased or sold. Dividend income and distributions to
shareholders are recorded on the ex-dividend date. However, if the ex-dividend
date has passed, certain dividends from foreign securities are recorded as the
Fund is informed of the ex-dividend date. Interest income is recorded on the
accrual basis.
G. 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.
During the period ending December 31, 1995, the following amounts were
reclassified due to differences between book and tax accounting created
primarily by the unavailability of a tax benefit for operating losses, deferral
of certain losses and character reclassifications between net investment income
and net realized capital gains.
<PAGE>
<TABLE>
Accumulated
Undistributed Undisributed
Net Realized Gain Net
(Loss) on Investmen Investment
Paid-in and Foreign Cur- Income
Capital rency Transactions (Loss)
- ---------------------------------------------------------------
<S> <C> <C> <C>
Belgium/Lux. 150,822 (1,980) (148,842)
Britain 99,845 3,337 (103,182)
Germany 11,812 (501) (11,311)
Hong Kong 1,339,270 11,657 (1,350,927)
Japan (107,002) (1,517) 108,519
Mexico (10,387) (64,892) 75,279
Netherlands 4,376 (10,942) 6,566
Nordic 1,776 (12,194) 10,418
Switzerland 27,824 (13,118) (14,706)
- ----------------------------------------------------------------
</TABLE>
These changes had no effect on the net assets per share.
H. 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 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.
I. 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.
(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 year ended December 31, 1995, the effective annual rate
was 0.75% for all Series. The Trust also has engaged Eaton Vance Management
(Eaton Vance) to act as administrator of the Trust. Under the Administration
Agreement, Eaton Vance is responsible for managing the business affairs of the
Trust and is compensated based upon a percentage of each series' average daily
net assets, which rate is reduced as average daily net assets exceed certain
levels. For the year ended December 31, 1995, the effective annual rate was
0.10% for all series. To enhance the net income of the Netherlands Series,
Wright reduced its management fee by $2,868; for the Nordic Series, Wright
reduced its management fee by $17,776 and was allocated $13,004 of other
expenses.
The custodian fee was paid to Investors Bank & Trust Company (IBT) for its
services as custodian of the Trust. Prior to November 10, 1995, IBT was an
affiliate of Eaton Vance. Pursuant to the custodian agreement, IBT receives a
fee reduced by credits which are determined based on the average daily cash
balances the Trust maintains with IBT. All significant credits are reported as a
reduction of expenses in the Statement of Operations.
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.
<PAGE>
(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 year ended December 31, 1995, The Principal
Underwriter reduced its fees to the Netherlands, Nordic, and Switzerland Series
by $9,853, $5,925, and $9,347, respectively.
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Trust shares for the periods ended were as follows:
<TABLE>
Year Ended Year Ended
December 31, 1995 December 31, 1994
------------------------- ----------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES(1)
<S> <C> <C> <C> <C>
Sales 928,016 $ 10,410,352 1,364,481 $ 13,860,124
Issued to shareholders in payment
of distributions declared 29,949 345,335 4,191 41,912
Redemptions (847,368) (9,576,652) (251,253) (2,586,277)
--------- ------------ --------- ------------
Net Increase 110,597 $ 1,179,035 1,117,419 $ 11,315,759
========== ============= ========== =============
BRITAIN SERIES(2)
Sales 1,951,985 $ 19,839,372
Issued to shareholders in payment
of distributions declared 87,576 883,342
Redemptions (699,716) (7,584,376)
--------- ------------
Net Increase 1,339,845 $ 13,138,338
========== =============
GERMANY SERIES(3)
Sales 2,186,344 $ 21,785,141
Issued to shareholders in payment
of distributions declared 9,849 88,544
Redemptions (419,516) (4,107,984)
--------- ------------
Net Increase 1,776,677 $ 17,765,701
========== =============
HONG KONG SERIES
Sales 11,282,631 $136,417,382 6,415,882 $100,980,326
Issued to shareholders in payment
of distributions declared 28,862 339,619 20,895 255,440
Redemptions (10,873,290) (132,427,780) (5,697,304) (87,943,896)
--------- ------------ --------- ------------
Net Increase 438,203 $ 4,329,221 739,473 $ 13,291,870
========== ============= ========== =============
<FN>
(1) Year ended December 31,1994. Information is for the period from the start of
business, February 15, 1994, to December 31, 1994.
(2) For the period from the start of business, April 20, 1995, to December 31, 1995.
(3) For the period from the start of business, April 19, 1995, to December 31,
1995.
</FN>
</TABLE>
<PAGE>
<TABLE>
Year Ended Year Ended
December 31, 1995 December 31, 1994
------------------------- ----------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------
JAPAN SERIES(1)
<S> <C> <C> <C> <C>
Sales 5,210,094 $ 46,542,960 1,759,740 $ 18,115,761
Issued to shareholders in payment
of distributions declared 121 1,140 10,651 100,226
Redemptions (3,643,659) (32,317,402) (874,304) (9,116,251)
--------- ------------ --------- ------------
Net Increase 1,566,556 $ 14,226,698 896,087 $ 9,099,736
========== ============= ========== =============
MEXICO SERIES(2)
Sales 19,209,779 $ 84,533,525 3,304,755 $ 32,988,324
Issued to shareholders in payment
of distributions declared 40,963 129,034 113,074 862,752
Redemptions (13,619,950) (62,097,851) (1,345,733) (13,935,812)
--------- ------------ --------- ------------
Net Increase 5,630,792 $ 22,564,708 2,072,096 $ 19,915,264
========== ============= ========== =============
NETHERLANDS SERIES
Sales 1,330,209 $ 12,016,616 671,410 $ 7,157,730
Issued to shareholders in payment
of distributions declared 86,191 731,225 132,992 1,049,308
Redemptions (1,064,497) (9,624,795) (1,189,657) (12,697,879)
--------- ------------ --------- ------------
Net Increase (Decrease) 351,903 $ 3,123,046 (385,255) $ (4,490,841)
========== ============= ========== =============
NORDIC SERIES(3)
Sales 474,832 $ 4,958,738 1,290,707 $ 12,817,114
Issued to shareholders in payment
of distributions declared 1,372 15,001 34,769 316,749
Redemptions (1,083,870) (10,697,707) (408,510) (4,024,489)
--------- ------------ --------- ------------
Net Increase (Decrease) (607,666) $ (5,723,968) 916,966 $ 9,109,374
========== ============= ========== =============
SWITZERLAND SERIES(3)
Sales 1,486,951 $ 15,834,863 940,681 $ 9,373,201
Issued to shareholders in payment
of distributions declared 3,123 33,417 2,164 19,866
Redemptions (1,206,939) (12,820,709) (538,689) (5,251,155)
--------- ------------ --------- ------------
Net Increase 283,135 $ 3,047,571 404,156 $ 4,141,912
========== ============= ========== =============
<FN>
(1) Year ended December 31,1994. Information is for the period from the start of
business, February 14, 1994, to December 31, 1994.
(2) Year ended December 31,1994. Information is for the period from the start of business, August 2,
1994, to December 31, 1994.
(3) Year ended December 31,1994. Information is for
the period from the start of business, February 14, 1994, to December 31, 1994.
</FN>
</TABLE>
<PAGE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the year ended December 31, 1995, were as
follows:
<TABLE>
Purchases Sales Purchases Sales
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Belgium/Luxembourg $ 7,072,614 $ 4,985,571 Mexico $41,550,152 $22,308,984
Britain 17,781,675 6,076,609 Netherlands 7,694,204 5,275,662
Germany 20,394,981 2,648,451 Nordic 3,413,052 8,960,428
Hong Kong 33,795,994 29,614,747 Switzerland 9,584,976 6,284,969
Japan 31,260,543 16,732,635
</TABLE>
(6) FEDERAL INCOME TAX BASIS
OF INVESTMENT SECURITIES
The cost and gross and net unrealized appreciation/depreciation of the
investment securities owned at December 31, 1995, as computed on a federal
income tax basis, are as follows:
<TABLE>
Gross Gross Net Unrealized
Aggregate Unrealized Unrealized Appreciation
SERIES Cost Appreciation -- Depreciation = ( Depreciation )
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIUM/LUXEMBOURG $ 12,710,191 $ 2,382,474 -- $ 311,943 = $ 2,070,531
============== ==============
BRITAIN $ 12,521,140 $ 1,162,296 -- $ 564,953 = $ 597,343
============== ==============
GERMANY $ 17,511,208 $ 621,772 -- $ 1,774,114 = $(1,152,342)
============== ==============
HONG KONG $ 23,955,880 $ 1,395,431 -- $ 1,285,528 = $ 109,903
============== ==============
JAPAN $ 21,134,213 $ 907,203 -- $ 747,364 = $ 159,839
============== ==============
MEXICO $ 27,700,973 $ 1,644,936 -- $ 1,940,449 = $ (295,513)
============== ==============
NETHERLANDS $ 6,582,888 $ 766,221 -- $ 238,530 = $ 527,691
============== ==============
NORDIC $ 3,076,400 $ 524,862 -- $ 142,759 = $ 382,103
============== ==============
SWITZERLAND $ 7,328,686 $ 675,822 -- $ 242,699 = $ 433,123
============== ==============
</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 December 31, 1995, the Mexico Series had the following forward
foreign currency exchange contracts open:
<TABLE>
SALES
- -------
Settlement Contracts In Exchange For Contracts Net Unrealized
Date to Deliver (in U. S. Dollars) at Value Appreciation
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
01/02/96 Mexican Pesos 9,787,251 $1,265,320 $1,269,423 $ 4,103
========== ========= ======
PURCHASES
- ----------
Settlement Contracts In Exchange For Contracts Net Unrealized
Date to Receive (in U. S. Dollars) at Value Depreciation
- ------------------------------------------------------------------------------------------------------------------
01/02/96 Mexican Pesos 3,216,079 $ 415,783 $ 417,131 $(1,348)
========== ========= ======
</TABLE>
At December 31,1995, the 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 Belgium/Luxembourg and
Switzerland Series had loans outstanding of $65,000 and $180,000, respectively,
at December 31, 1995.
(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. No contingent deferred
sales charge is imposed on exchanges for shares of other funds in the Wright
EquiFund Equity Trust which are distributed with a contingent deferred sales
charge.
<PAGE>
(10) RISKS ASOCIATED 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.
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of The Wright EquiFund Equity Trust:
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of The Wright EquiFund Equity Trust
(the Trust) (comprising, respectively, of Belgium/Luxembourg, Britain,
Germany, Hong Kong, Japan, Mexico, Netherlands, Nordic, and Switzerland
Series) as of December 31, 1995 and the related statements of operations for
the year then ended, and the statements of changes in net assets for the
years ended December 31, 1995 and 1994 and the financial highlights for each
of the years in the five-year period ended December 31, 1995. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of the
securities owned at December 31, 1995, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of each of
the respective Series constituting The Wright EquiFund Equity Trust as of
December 31, 1995, the results of their operations, the changes in their net
assets, and their financial highlights for the respective stated periods in
conformity with generally accepted accounting principles.
Boston, Massachusetts DELOITTE & TOUCHE LLP
February 2, 1996
<PAGE>
EQUIFUND
THE WRIGHT EQUIFUND
EQUITY TRUST
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
INDEPENDENT AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston, Massachusetts 02110
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
0Fund's current prospectus.
