EquiFund(R)
THE WRIGHT EQUIFUND
EQUITY TRUST
EquiFund
Logo
Semi-Annual Report
as of June 30, 1997
<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. EquiFund
consists of ten active and nine 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 -- Italian
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 -- Spain
Wright EquiFund -- United States
TABLE OF CONTENTS
Investment Objective...........Inside Front Cover
Report To Shareholders......................... 1
Wright EquiFunds
Dividend Distributions:
Belgium/Luxembourg........................... 5
Britain...................................... 5
Germany.......................................5
Hong Kong.................................... 6
Italian.......................................6
Japan........................................ 6
Mexico....................................... 7
Netherlands.................................. 7
Nordic....................................... 7
Switzerland.................................. 8
Wright EquiFund -- Belgium/Luxembourg
Portfolio of Investments......................9
Wright EquiFund -- Britain
Portfolio of Investments.....................10
Wright EquiFund -- Germany
Portfolio of Investments.....................11
Wright EquiFund -- Hong Kong
Portfolio of Investments.....................12
Wright EquiFund -- Italian
Portfolio of Investments.....................13
Wright EquiFund -- Japan
Portfolio of Investments.....................14
Wright EquiFund -- Mexico
Portfolio of Investments.....................15
Wright EquiFund -- Netherlands
Portfolio of Investments.....................16
Wright EquiFund -- Nordic
Portfolio of Investments.....................17
Wright EquiFund -- Switzerland
Portfolio of Investments.....................18
Statements of Assets & Liabilities.............19
Statements of Operations.......................22
Statements of Changes in Net Assets............25
Financial Highlights...........................29
Notes to Financial Statements..................39
<PAGE>
Report To Shareholders
July 1997
Dear Shareholders :
The dazzling performance of global equity markets during the first half of 1997
surprised even the most ardent bulls. Low global inflation, declining interest
rates and moderate economic growth have propelled global stock market averages
to all-time highs. The Dow Jones Industrial Average led the rest of the world
higher during the first half of 1997, climbing more than 1200 points or 19%.
Elsewhere in the Americas, June saw new market peaks in Canada, Argentina,
Brazil and Chile, while the Mexican market rose to a record level for 1997. New
highs in Europe: France, Germany, Italy, the U.K., the Benelux and Nordic
countries, Spain and Portugal. In Asia, the Hang Seng market index was at a
record level as Hong Kong returned to Chinese rule, while Japanese equities rose
to a 1997 high during June. All but four of the 28 biggest national markets rose
in the first half of 1997.
A worldwide decline in interest rates has contributed to 1997's higher stock
prices. Ten-year government bond yields dropped an average of 24 basis points in
the G-7 countries in June, the third consecutive monthly decline. Bond yields
are down an average of 40 basis points since peaking in March; at an average of
5.8%, yields are at a two-decade low.
Low levels of global inflation have been a key driver behind the strong global
markets. Consumer price increases have averaged only 2% annually in the G-7
countries over the past four years, less than half the 5% inflation rate in
1990. Gold, a traditional inflation indicator, has fallen 20% over the past 17
months to $325 an ounce, a 12-year low. Crude oil prices, a major factor in the
spiraling inflation of the 1970s, have declined 20% in ten months.
Something is happening here beyond the scope of conventional business cycle
analysis. Important secular trends are dampening global inflation pressures.
Substantial investment in computer technology is boosting productivity and
product quality. Corporate restructuring is continuing around the world, and
global competition is limiting the ability of companies to boost prices.
Significant untapped productive resources exist in Europe, Japan and outside the
major economies. On a worldwide scale, the years since the fall of the Berlin
Wall have brought billions of new competitors into labor and product markets.
Inflation is certainly not permanently defeated, but worries about a near-term
resurgence in inflation are clearly premature. For the moment at least, the
development of free markets and ample global capacity have created an inflation
environment that is favorable for the global financial markets.
The paragraphs on the following pages discuss the economic, political and market
factors affecting investment performance in the nations with active EquiFunds
during the first half of 1997 and prospects for the period ahead.
Sincerely,
Peter M. Donovan
President
<PAGE>
BELGIUM/LUXEMBOURG
Belgium's finance minister recently said that Belgium will certainly meet the
criteria for European monetary union. He also said that economic growth could
remain slow for a while. The government is assuming 2.1% GDP growth this year
and 2.5% next in its planning, in line with consensus forecasts. Belgium's
industrial production index was 0.7% lower in April than a year earlier. Real
retail rose 1.9% year over year in the first quarter, and the expectation is
that consumption will remain modest for a while. Consumer price inflation is
expected to remain below 2% for the year. For the first half of 1997, the FT/S&P
Actuaries total return index for Belgium increased 27% in francs and 12% in U.S.
dollars; the dollar index has increased for 12 consecutive months. The Belgian
franc declined almost 12% in value compared with the U.S. dollar in the first
half of 1997. The Belgium/Luxembourg EquiFund has benefited from its big
position in the retail sector in 1997.
BRITAIN
The Bank of England raised its base rate 25 basis points to 6.75% on July 10,
the third increase in three months. After winning control of the government in
May's election, the Labor party gave the BOE greater power to set interest
rates; an accelerating inflation rate suggests that further monetary tightening
may be coming. Economic activity continues to expand. Real GDP is expected to
rise 3.3% in 1997 and 2.7% next year, according to the consensus. Retail sales
were 5.3% higher in May than a year earlier, boosted by low unemployment and
growing incomes.But growth in manufacturing slowed to 1.4% in the year to April
from 1.7% at year end. In the first half of 1997, the FT/S&P Actuaries total
return index for the U.K. increased 11.7% in pounds and 8.7% in U.S. dollar
terms. The pound sterling has declined about 3% in value compared to the U.S.
dollar so far this year. The Britain EquiFund's relative performance was
hampered by an underweighting in financial stocks during the first half of 1997.
GERMANY
Germany's GDP is expected to grow about 2.5% in 1997 and 2.7% in 1998. But
economic growth is too soft to bring down unemployment, which has increased 1.2
percentage points to an 11.4% rate over the past 12 months, swelling the
government's welfare payments. This places in doubt the German government's
ability to meet Maastricht's 3.0% of GDP deficit requirement. Some in the
government believe that European Union membership should be delayed if budget
cuts are too painful to implement. Also, many Germans are wary of accepting a
weak new Euro in place of the traditionally strong D-Mark. The FT/S&P Actuaries
total return index for Germany rose almost 30% in local currency during 1997's
first half, but the D-mark's 12% decline against the U.S. dollar in the
January-June period cut the gain in half, to about 15% in dollar terms. The
German EquiFund's performance lagged during the first half of 1997 due in part
to less-than-market positions in auto and financial stocks.
HONG KONG
China took back control of Hong Kong on July 1, 1997. The new head of Hong
Kong's government has promised an election within 12 months to replace the
legislature installed by China. The extent to which personal and press freedom
will be restricted under the new regime is uncertain. The new government has
announced plans to make more land available for development in order to shrink
Hong Kong's property bubble and make housing more affordable. As the handover
occurred, the Hang Seng stock market index was at a record high. The FT/S&P
Actuaries total return index for Hong Kong jumped more than 19% in the
<PAGE>
April-June period following a weak first quarter. Some of the market's recent
enthusiasm was for "red chips" - companies controlled by mainland Chinese
entities. For the first half of 1997, Hong Kong stocks averaged an 8% return in
both U.S. and Hong Kong dollar terms. In the early days of Chinese control, the
Hong Kong dollar is maintaining its peg to the U.S. dollar. The Hong Kong
EquiFund's underweighting in property and financial stocks hampered relative
performance in 1997's first half.
ITALY
The Bank of Italy cut its discount rate 50 basis points to 6.25% on June 27. It
was the second such reduction this year, dropping the discount rate to its
lowest level since 1975. The BOI cited the benign inflation trend as the reason
for the discount rate reduction. Year over year, the rate of increase in
consumer prices decelerated to 1.8% in May, the slowest pace in nearly three
decades. Lower interest rates will reduce interest payments on Italy's public
debt, making it easier to meet Maastricht requirements for joining the European
Union. Also, business and labor leaders are seeking lower interest rates in
order to revive the sluggish economy. Further interest rate reductions are
likely in the months ahead. The FT/S&P Actuaries total return index for Italy
rose 29.5% in lira and 15.7% in dollars in the first half of 1997. The lira has
depreciated 11% against the dollar so far in 1997. Relatively large cash reserve
holdings and a less-than-benchmark position in energy stocks held down the Italy
EquiFund's comparative performance during the first half of 1997.
JAPAN
Economic activity appears to have slowed in the second quarter of 1997.GDP rose
at a 6.6% annual rate in the first three months of 1997 as consumer spending
surged in anticipation of a two percentage point hike in the value added tax to
5% on April 1. But this increase borrowed sales from the second quarter, and
consumer spending and housing activity have subsequently weakened. Construction
is also slowing due to the government's program of fiscal austerity. Exports
continue to lead the economic expansion, reflecting the yen's previous weakness
and rising foreign demand. Real GDP is expected to rise 2.0% in 1997 and 2.6% in
1998. Consumer prices climbed 1.4% in the year to May. After a weak first
quarter, the FT/S&P Actuaries total return index for Japan rose 14% in yen and
23% in dollars in the second quarter; the yen gained almost 8% in value vs the
dollar for the three months. For the entire first half, Japanese stocks have
returned an average of 7.1% in yen and 8.6% in dollars. The Japan EquiFund had a
better than average return in the first half of 1997 due in part to underweight
positions in the weak financial and property sectors.
MEXICO
In Mexico's mid-term elections on July 6, the PRI party lost its majority in the
lower house of Congress for the first time in about 70 years. With two strong
opposition parties in Congress, consensus on economic reforms is likely to be
more difficult to achieve, but many welcome the increased diversity as a way of
rooting out corruption. Mexican retail sales were up 6.6% in April compared with
a year earlier; this first rise in six months may be a signal that recovery is
starting to trickle down to the level of consumers. Consumer prices rose less
than 0.9% from May to June, the second straight month of less than 1% inflation.
Mexico's stock market was very strong in the first half of 1997: the FT/S&P
Actuaries total return index for Mexico returned 32% in pesos and 31% in
dollars, with relatively little fluctuation in the peso/dollar exchange rate so
far in 1997. EquiFund Mexico lagged the local market index, partly as a result
of holding an underweight position in Telmex, which constitutes over one-third
of Mexican market capitalization.
<PAGE>
NETHERLANDS
The Dutch economy continues to look strong. Industrial production rose 3.3% and
consumer spending increased a stronger than expected 3.7% for the year through
April. The positive trend was confirmed by May's 6.3% year-over-year gain in
retail sales. Exports also remain strong. The consensus expectation is for GDP
to grow about 3% this year and next. In fact, the IMF has warned that the
vigorous economy threatens the Netherlands with an acceleration in wages and
consumer prices. Consumer price inflation was 2.2% for the year to May and is
expected to be a bit higher for all of 1997 (2.3%) and in 1998 (2.6%). The Dutch
stock market continued its string of advances as the FT/S&P Actuaries total
return index rose an impressive 35% in local currency terms during 1997's first
half. The guilder's decline of 12% against the U.S. dollar so far this year has
cut the six-month gain to 19% in dollars. The Dutch EquiFund's underweighting in
Royal Dutch Shell, which totals over 30% of the market index, hurt relative
performance during the first half of 1997.
NORDIC MARKETS
Sweden's first-quarter GDP increased 1.6% on a year-over-year basis. Growth is
expected to pick up in the second half; the consensus expectation is for GDP
growth of about 2.3% this year, along with inflation of less than 1%. In
Finland, GDP was up 4.0% year over year in the first quarter; despite the robust
growth, consumer prices rose just 1.0% in the 12 months through May. In Norway,
where the economy has been stimulated by an oil boom, consumer prices rose more
than expected in both May and June, with year-over-year inflation approaching
3%. Denmark's 1997 inflation is expected to be close to the 2.1% reported in
1996. The FT/S&P Actuaries total return index for the Nordic region rose 28% in
local currencies and 14% in U.S. dollars in 1997's first half, reflecting
advances in each of the four national markets. The Nordic EquiFund had about
half the exposure to financial and real estate stocks as the FT/S&P Nordic
region index; this underweighting and below-market positions in Nokia and
Ericsson detracted from the Fund's relative performance during the first half of
1997.
SWITZERLAND
Swiss GDP increased at a 0.2% annual rate in the first quarter of 1997, its
first quarterly advance in two years. The consensus outlook is for stronger
growth beginning in this year's second half. Among signs that the economy is
pulling out of its six-year recession: an unexpectedly large decline in June's
unemployment rate to 5.2%, the fourth consecutive decrease; better-than-expected
retail sales growth in May; and an increase in the purchasing managers' index
for June to a 27-month high. Forecasts of GDP growth for 1997-98 assume some
further weakening of the Swiss franc to aid the country's foreign trade picture.
Swiss stocks have continued their amazing strength in 1997: the FT/S&P Actuaries
total return index for Switzerland rose 42% in Swiss francs and 31% in U.S.
dollars terms in the first half. The Swiss franc declined 8% against the U.S.
dollar in the first six months of 1997. The Swiss EquiFund is not as
concentrated as the FT/S&P index for Switzerland, which has 65% weight in
pharmaceuticals, banks and insurance companies; relative performance of the Fund
has been negatively impacted by this divergence from market weights.
---------------------
INVESTORS ARE REMINDED THAT PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS
AND THAT INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES MAY
BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST WHEN REDEEMED. ALSO,
INTERNATIONAL INVESTING HAS ADDITIONAL RISKS SUCH AS CURRENCY FLUCTUATIONS.
<PAGE>
Dividend Distributions
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
N.A.V. Distri- Distri- Value 12 Month 5 Year Cum.
Period Per bution bution Shares $1,000 Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment Return Return Return
(Annualized) (Annualized)
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG (unaudited)
- -----------------------------------------------------
2/15/94 $10.00 100.00 $1,000.00
Dec. 96 13.39 1.125 0.085163 111.64 1,494.86 20.99% - 15.01%
Jan. 97 13.64 111.64 1,522.77 18.04% - 15.27%
Feb. 97 13.63 111.64 1,521.65 14.13% - 14.83%
Mar. 97 13.75 111.64 1,535.05 17.67% - 14.72%
Apr. 97 13.78 111.64 1,538.40 15.38% - 14.39%
May 97 14.36 111.64 1,603.15 16.64% - 15.43%
Jun. 97 14.89 111.64 1,662.32 21.12% - 16.28%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BRITAIN (unaudited)
- -------------------------------------------
4/20/95 $10.00 100.00 $1,000.00
Dec. 96 9.09 3.650 0.431952 154.98 1,408.77 23.75% - 22.33%
Jan. 97 8.65 154.98 1,340.58 20.54% - 17.84%
Feb. 97 9.01 154.98 1,396.37 23.77% - 19.64%
Mar. 97 8.88 154.98 1,376.22 18.29% - 17.82%
Apr. 97 8.83 154.98 1,368.47 16.32% - 16.72%
May 97 9.26 154.98 1,435.11 21.54% - 18.64%
Jun. 97 9.49 154.98 1,470.76 24.67% - 19.20%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- GERMANY (unaudited)
- -----------------------------------------
4/19/95 $10.00 100.00 $1,000.00
Dec. 96 10.63 100.55 1,068.85 15.04% - 3.99%
Jan. 97 10.56 100.55 1,061.81 11.75% - 3.41%
Feb. 97 10.87 100.55 1,092.98 12.88% - 4.88%
Mar. 97 11.35 100.55 1,141.24 19.35% - 7.01%
Apr. 97 10.94 100.55 1,100.02 19.04% - 4.80%
May 97 11.43 100.55 1,149.29 18.45% - 6.80%
Jun. 97 11.88 100.55 1,194.53 19.52% - 8.42%
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EquiFund -- Hong Kong (unaudited)
- ---------------------------------------------
6/28/90 $10.00 100.00 $1,000.00
Dec. 96 16.47 0.200 0.012369 118.49 1,951.53 27.96% 11.90% 10.83%
Jan. 97 16.31 118.49 1,932.57 15.39% 10.52% 10.52%
Feb. 97 16.17 118.49 1,915.98 15.12% 9.34% 10.25%
Mar. 97 15.21 118.49 1,802.23 11.42% 7.54% 9.12%
Apr. 97 15.54 118.49 1,841.33 13.26% 6.90% 9.35%
May 97 17.30 118.49 2,049.88 22.99% 6.46% 10.94%
Jun. 97 18.25 118.49 2,162.44 32.06% 7.61% 11.66%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- ITALIAN (unaudited)
- -----------------------------------------
9/9/96 $10.00 100.00 $1,000.00
Dec. 96 10.67 100.00 1,067.00 - - 6.70%
Jan. 97 11.46 100.00 1,146.00 - - 14.60%
Feb. 97 10.41 100.00 1,041.00 - - 4.10%
Mar. 97 10.56 100.00 1,056.00 - - 5.60%
Apr. 97 10.41 100.00 1,041.00 - - 4.10%
May 97 10.42 100.00 1,042.00 - - 4.20%
Jun. 97 11.35 100.00 1,135.00 - - 13.50%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- JAPAN (unaudited)
- ---------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 96 7.98 101.28 808.21 -9.11% - -7.13%
Jan. 97 7.44 101.28 753.52 -14.09% - -9.11%
Feb. 97 7.72 101.28 781.88 -10.23% - -7.78%
Mar. 97 7.68 101.28 777.83 -11.72% - -7.73%
Apr. 97 7.88 101.28 798.09 -15.90% - -6.79%
May 97 8.66 101.28 877.08 -3.56% - -3.91%
Jun. 97 9.07 101.28 918.61 -0.77% - -2.49%
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- MEXICO (unaudited)
- ------------------------------------------
8/02/94 $10.00 100.00 $1,000.00
Dec. 96 5.38 109.09 586.90 27.49% - -19.80%
Jan. 97 5.73 109.09 625.08 19.38% - -17.14%
Feb. 97 5.84 109.09 637.08 30.65% - -16.05%
Mar. 97 5.78 109.09 630.54 16.30% - -15.91%
Apr. 97 5.68 109.09 619.63 9.23% - -16.01%
May 97 6.03 109.09 657.81 13.77% - -13.77%
Jun. 97 6.68 109.09 728.72 29.96% - -10.30%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NETHERLANDS (unaudited)
- -----------------------------------------------
6/28/90 $10.00 100.00 $1,000.00
Dec. 96 8.97 2.610 0.307783 208.51 1,870.33 34.81% 14.69% 10.11%
Jan. 97 8.77 208.51 1,828.63 27.58% 14.02% 9.60%
Feb. 97 9.21 208.51 1,920.38 28.27% 14.88% 10.29%
Mar. 97 9.35 208.51 1,949.57 20.95% 15.25% 10.40%
Apr. 97 9.25 208.51 1,928.72 20.01% 14.88% 10.10%
May 97 9.72 208.51 2,026.72 21.76% 15.05% 10.76%
Jun. 97 10.17 208.51 2,120.55 27.76% 15.86% 11.34%
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NORDIC (unaudited)
- ------------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 96 14.78 0.180 0.012544 105.79 1,563.58 32.09% - 16.68%
Jan. 97 14.83 105.79 1,568.87 31.49% - 16.30%
Feb. 97 14.56 105.79 1,540.30 22.96% - 15.17%
Mar. 97 14.14 0.760 0.055112 111.62 1,578.30 24.03% - 15.63%
Apr. 97 13.46 111.62 1,502.40 15.04% - 13.45%
May 97 14.43 111.62 1,610.67 21.29% - 15.49%
Jun. 97 15.13 111.62 1,688.80 23.58% - 16.70%
<PAGE>
- ----------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- SWITZERLAND (unaudited)
- --------------------------------------------
2/14/94 $10.00 100.00 $1,000.00
Dec. 96 10.85 0.310 0.028545 103.88 1,127.18 5.38% - 4.25%
Jan. 97 11.02 103.89 1,144.84 6.13% - 4.67%
Feb. 97 11.01 103.89 1,143.80 2.02% - 4.52%
Mar. 97 11.14 0.250 0.022645 106.24 1,183.52 1.54% - 5.54%
Apr. 97 11.31 106.24 1,201.58 4.54% - 5.90%
May 97 11.97 106.24 1,271.70 11.13% - 7.58%
Jun. 97 12.68 106.24 1,347.13 14.29% - 9.24%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Belgium/Luxembourg
Portfolio of Investments as of June 30, 1997 (unaudited)
- ----------------------------------------------------------
Shares Description Value
- ------ ----------- ------
BEVERAGES -- 2.1%
6,320 Quilmes Industries S.A. $64,780
----------
CHEMICALS -- 6.8%
240 Solvay Et Cie `A' Npv $ 141,469
1,400 Tessenderlo Chemie 68,899
----------
$ 210,368
----------
CONSTRUCTION -- 3.0%
1,000 Cimenteries Cbr Cementbed $ 91,755
----------
DIVERSIFIED -- 4.6%
45 Ucb Sa $ 142,637
----------
ELECTRONICS -- 3.6%
550 Barco N.V. (Industries) $ 111,482
----------
FINANCIAL -- 13.3%
530 Banque Bruxelles Lambert Ord $ 134,101
350 Generale De Banque Sa 134,782
350 Kredietbank Npv 141,107
----------
$ 409,990
----------
OIL, GAS & COAL - 6.5%
530 Petrofina Sa Npv $ 200,783
----------
REAL ESTATE & OTHER FINANCIALS -- 24.8%
270 Algem Maastch Voor Nijve-Vvpr $ 122,743
2,110 Cie Belge De Paricip Paribas 90,934
905 Fortis Ag 186,961
1,110 Gervaert Photo-Producten Nv 104,317
520 Royal Belge 151,089
11 Socfinasia 32,802
100 Sofina 73,126
----------
$ 761,972
----------
RECREATION -- 3.5%
2,560 Audiofina $ 106,769
----------
RETAILERS -- 9.3%
190 Colruyt Sa $ 92,714
2,150 Delhaize Le Ps 112,983
1,700 G.I.B. Holdings Ltd 81,300
----------
$ 286,997
----------
UTILITIES -- 16.0%
1,020 Electrabel $ 218,660
920 Powerfin Sa 126,366
340 Reunies Electrobel & Tractebel 141,803
390 Tractebel Put Warrants 4,184
----------
$ 491,013
----------
MISCELLANEOUS -- 1.7%
230 Ackermans & Van Haaren $ 52,439
----------
TOTAL INVESTMENTS
(identified cost, $2,414,097)-- 95.2% $ 2,930,985
OTHER ASSETS, LESS LIABILITIES-- 4.8% 148,033
----------
NET ASSETS-- 100.0% $ 3,079,018
==========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Britain
Portfolio of Investments as of June 30, 1997 (unaudited)
- --------------------------------------------------------
Shares Description Value
- ------- ----------- --------
BEVERAGES -- 3.4%
3,446 Cadbury Schweppes Plc $ 30,657
----------
CHEMICALS -- 5.6%
13,000 Allied Colloids Group Plc $ 27,181
2,200 Laporte Plc 23,622
----------
$ 50,803
----------
ELECTRONICS -- 5.9%
1,517 Siebe Plc $ 25,728
2,200 Smiths Industries 28,149
----------
$ 53,877
----------
FINANCIAL -- 6.6%
1,968 Hsbc Holdings Plc $ 60,607
----------
FOOD -- 7.1%
3,430 Unigate Plc $ 27,786
1,300 Unilever Limited 37,425
----------
$ 65,211
----------
MACHINERY & EQUIPMENT -- 8.6%
8,533 Halma Plc $ 23,030
2,600 Powerscreen Int'L 28,415
6,500 Weir Group Plc (The) 26,802
----------
$ 78,247
----------
METAL PRODUCT MANUFACTURERS -- 3.7%
3,500 Johnson Matthey Public Limited $ 33,587
----------
OIL, GAS & COAL -- 10.5%
1,800 Burmah Castrol Plc $ 30,467
9,300 Shell Trnspt & Trdg 65,577
----------
$ 96,044
----------
REAL ESTATE & OTHER FINANCIALS -- 2.9%
2,854 Provident Financial Plc $ 26,627
----------
RECREATION -- 3.1%
4,600 Rank Group $ 28,509
----------
RETAILERS -- 10.7%
4,100 Marks & Spencer Plc Eng $ 34,324
5,700 Tesco Plc 35,136
10,800 Wm Morrison Supermarkets Plc 27,889
----------
$ 97,349
----------
UTILITIES -- 14.1%
3,788 Cable & Wireless $ 35,530
3,400 National Power Plc (New) 29,695
2,741 Thames Water Plc 31,645
6,662 Vodafone Group Plc 32,520
----------
$ 129,390
----------
MISCELLANEOUS -- 9.7%
3,100 Reuters Holdings Plc $ 32,899
3,500 Watson & Philip Plc 25,190
3,833 Wolseley Plc 30,253
----------
$ 88,342
----------
TOTAL INVESTMENTS
(identified cost, $775,203) -- 91.9% $ 839,250
OTHER ASSETS, LESS LIABILITIES -- 8.1% 73,509
----------
NET ASSETS -- 100.0% $ 912,759
==========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Germany
Portfolio of Investments as of June 30, 1997 (unaudited)
- ---------------------------------------------------------
Shares Description Value
- ------ ----------- -------
APPAREL -- 0.9%
20 Boss, Hugo $ 24,490
----------
AUTOMOTIVE -- 3.7%
1,300 Bayerische Motoren Werke AG $ 99,315
----------
CHEMICALS -- 16.9%
3,400 BASF AG German Ord. $ 125,680
3,350 Bayer AG 128,770
1,250 Henkel KGAA 70,976
2,950 Hoechst AG 125,170
----------
$ 450,596
----------
CONSTRUCTION -- 3.0%
85 Dyckerhoff $ 30,713
510 Heidelberger Zement AG German 48,264
----------
$ 78,977
----------
DIVERSIFIED -- 10.1%
170 M.A.N. AG DM50 $ 52,359
2,310 Veba AG 129,839
190 Viag AG 86,415
----------
$ 268,613
----------
DRUGS, COSMETICS & HEALTHCARE -- 7.0%
40 Altana Ind-Aktien DM50 $ 42,672
1,010 Beiersdorf 52,135
600 Schering AG 64,128
40 Wella AG 27,300
----------
$ 186,235
----------
ELECTRONICS -- 9.7%
510 SAP AG $ 105,888
2,350 Siemens AG German Ord. 139,567
250 Vossloh AG 12,618
----------
$ 258,073
----------
FINANCIAL -- 11.9%
3,100 Commerzbank AG $ 87,832
2,220 Deutsche Bank AG 129,746
2,900 Dresdner Bank AG 100,295
----------
$ 317,873
----------
FOOD -- 1.4%
70 Suedzucker Ord. $ 36,615
----------
MACHINERY & EQUIPMENT -- 5.7%
260 Fresenius AG $ 59,052
80 Gea Pref Sares 31,017
80 Linde AG German Ord. 61,254
----------
$ 151,323
----------
METAL PRODUCERS -- 1.8%
910 Degussa AG German Ord. $ 48,174
----------
METAL PRODUCT MANUFACTURERS -- 1.1%
50 Buderus $ 27,530
----------
REAL ESTATE & OTHER FINANCIALS -- 10.7%
800 Allianz AG Holdings Ger. Reg. $ 167,474
60 Muenchener Rueckerver 117,175
----------
$ 284,649
----------
RETAILERS -- 1.6%
640 Douglas Holding AG $ 25,511
200 Hornbach AG 16,977
----------
$ 42,488
----------
UTILITIES -- 4.5%
2,780 RWE AG $ 119,584
----------
MISCELLANEOUS -- 4.3%
70 Friedrich Grohe AG VZ $ 21,680
820 Gehe AG 55,966
220 Leifheit Ord. 9,085
200 Rhoen-Klinikum 26,383
----------
$ 113,114
----------
TOTAL INVESTMENTS
(identified cost, $2,065,842) -- 94.3% $ 2,507,649
OTHER ASSETS, LESS LIABILITIES -- 5.7% 152,944
----------
NET ASSETS -- 100.0% $ 2,660,593
===========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Hong Kong
Portfolio of Investments as of June 30, 1997 (unaudited)
- --------------------------------------------------------
Shares Description Value
- ------ ----------- ------
AEROSPACE -- 1.3%
30,400 Hong Kong Aircraft Engineering Co. $ 110,657
----------
DIVERSIFIED - 4.5%
66,000 New World Development $ 393,587
----------
ELECTRICAL -- 1.6%
47,000 Johnson Electric Holdings-500 $ 140,141
----------
FINANCIAL -- 22.1%
78,864 Bank of East Asia Hong Kong $ 328,803
31,000 Hang Seng Bank 442,160
33,400 HSBC Holdings PLC 1,004,518
26,840 Wing Lung Bank 171,145
----------
$ 1,946,626
----------
REAL ESTATE & OTHER FINANCIALS -- 14.2%
41,000 Cheung Kong $ 404,856
39,000 Guoco Group Ltd. 205,390
122,000 Hang Lung Development Co. Ltd. 223,616
35,000 Sun Hung Kai Properties Ltd. 421,282
----------
$ 1,255,144
----------
RECREATION -- 2.2%
44,000 Television Broadcasts Ltd. $ 197,646
----------
RETAILERS -- 15.2%
39,666 Dickson Concepts Int'l. $ 144,385
77,000 Hutchison Whampoa 665,918
84,000 Jardine Int'l. Motor Holdings 106,258
89,000 Sime Darby Hong Kong Limited 98,797
134,000 Wheelock and Co. Ltd. 329,500
----------
$ 1,344,858
----------
TRANSPORTATION -- 12.9%
168,000 Cathay Pacific Airways Ltd. $ 348,048
9,400 China Motor Bus Company 101,314
56,800 Kowloon Motor Bus Co. (1933) Ltd. 146,634
224,000 Shun Tak Holdings Ltd. 137,340
45,000 Swire Pacific Ltd. "A" 405,146
----------
$ 1,138,482
----------
UTILITIES -- 16.8%
69,000 China Light & Power Co. $ 390,993
167,560 Hong Kong & China Gas 335,241
85,000 Hong Kong Electric Holdings Ltd. 342,317
174,000 Hong Kong Telecom 415,505
----------
$ 1,484,056
----------
MISCELLANEOUS -- 4.6%
65,000 Citic Pacific Ltd. $ 406,082
----------
TOTAL INVESTMENTS
(identified cost, $7,180,149) -- 95.4% $ 8,417,279
OTHER ASSETS, LESS LIABILITIES -- 4.6% 405,473
----------
NET ASSETS -- 100.0% $ 8,822,752
===========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Italian
Portfolio of Investments as of June 30, 1997 (unaudited)
- --------------------------------------------------------
Shares Description Value
- ------ ----------- -----
APPAREL -- 4.8%
3,160 Benetton SpA $ 50,737
----------
AUTOMOTIVE -- 3.1%
13,000 Sogefi $ 33,016
----------
DRUGS, COSMETICS & HEALTHCARE -- 3.2%
11,000 Sorin Biomedical SpA $ 34,263
----------
ELECTRICAL -- 8.8%
2,500 Gewiss SpA $ 42,806
20,000 Pirelli SpA 50,441
----------
$ 93,247
----------
ELECTRONICS -- 1.6%
9,500 Tecnost SpA $ 17,222
----------
FINANCIAL -- 16.1%
6,000 Banca Agricola Mantovana $ 40,644
6,500 Banca Credito Agrario Bresci 42,107
3.000 Banca Popolare Di Bergamo 44,562
2,500 Credito Bergamasco Azione No 43,307
----------
$ 170,620
----------
FOOD - 3.8%
28,000 Parmalat Finanziaria SpA $ 39,882
----------
MACHINERY & EQUIPMENT - 2.4%
8,500 Comau SpA $ 25,080
----------
METAL PRODUCERS -- 2.8%
3,000 Saes Getters SpA $ 29,195
----------
OIL, GAS & COAL - 7.5%
14,000 Eni SpA $ 79,180
----------
REAL ESTATE & OTHER FINANCIALS -- 9.3%
6,100 Alleanza Asicurazioni SpA $ 47,845
2,750 Assicurazione Generali Itl 49,950
----------
$ 97,795
----------
RETAILERS - 3.4%
10,500 Ifil Finanz Di Partecipazoni $ 36,191
----------
UTILITIES -- 22.6%
9,000 Edison SpA $ 44,634
20,000 Sondel-Societa Nordelettrica 32,749
14,000 Stet 81,586
25,000 Telicom Italia SpA 80,268
----------
$ 239,237
----------
MISCELLANEOUS -- 6.5%
24,000 Autostrade-Con E Cost $ 48,861
3,000 Industrie Zignagos Margherita 19,600
----------
$ 68,461
----------
TOTAL INVESTMENTS
(identified cost, $911,014) -- 95.9% $ 1,014,126
OTHER ASSETS, LESS LIABILITIES -- 4.1% 43,333
----------
NET ASSETS -- 100.0% $ 1,057,459
===========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Japan
Portfolio of Investments as of June 30, 1997 (unaudited)
- --------------------------------------------------------
Shares Description Value
- ------- ----------- -------
AUTOMOTIVE - 7.2%
34,000 Honda Motor Co. Ltd. $ 1,023,962
----------
BEVERAGES -- 1.3%
12,000 Mikuni Coca-Cola Bottling $ 178,080
----------
CHEMICALS - 4.9%
30,000 Bridgestone Corp. $ 696,609
----------
CONSTRUCTION -- 7.7%
8,900 Chudenko Corp. $ 238,514
10,000 Danto Corp. 119,593
9,000 Kaneshita Construction 70,316
41,000 Nishimatsu Construction Co. 286,325
24,000 Sumitomo Forestry 263,978
15,700 Taihei Dengyo 108,272
----------
$ 1,086,998
----------
DRUGS, COSMETICS & HEALTHCARE -- 25.0%
24,000 Daiichi Pharmaceutical $ 423,203
11,000 Ono Pharmaceutical 387,936
21,000 Sankyo Co. Ltd. 705,775
12,365 Santen Pharmaceutical 247,181
21,000 Taisho Pharmaceutical Co. Ltd. 566,453
24,000 Takeda Chem Industries Ltd. 674,610
20,000 Yamanouchi Pharmaceutical 537,733
----------
$ 3,542,891
----------
ELECTRONICS -- 12.7%
3,350 Keyence Corp. $ 497,142
9,000 Kyocera Corp. 714,940
15,000 Murata Mfg. Co. Ltd. 591,856
----------
$ 1,803,938
----------
MACHINERY & EQUIPMENT -- 7.9%
25,000 Canon Inc. $ 680,896
13,400 Kurita Water Industries 356,772
10,000 Sansei Yusoki 84,588
----------
$ 1,122,256
----------
OIL, GAS & COAL -- 2.1%
44,000 General Sekiyu K.K. $ 291,912
----------
PRINTING & PUBLISHING -- 6.2%
30,000 Dai Nippon Printing Co. Ltd. $ 678,277
20,000 Kyodo Printing Co. 192,047
----------
$ 870,324
----------
RETAILERS -- 16.4%
7,460 Familymart $ 365,983
14,000 Ito Yokado Co. 812,710
12,120 Seven Eleven Japan Ltd. 916,234
7,000 York-Benimaru Co. Ltd. 219,982
----------
$ 2,314,909
----------
TRANSPORTATION -- 3.8%
68,000 Nippon Express Co. $ 543,145
----------
MISCELLANEOUS -- 1.9%
18,000 Inabata & Co. $ 122,718
13,000 Wakita & Co. 140,718
----------
$ 263,436
----------
TOTAL INVESTMENTS
(identified cost, $13,141,842) -- 97.1% $13,738,460
OTHER ASSETS, LESS LIABILITIES -- 2.9% 410,655
----------
NET ASSETS -- 100.0% $14,149,115
===========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Mexico
Portfolio of Investments as of June 30, 1997 (unaudited)
- ---------------------------------------------------------
Shares Description Value
- ------ ----------- -----
BEVERAGES -- 7.6%
194,000 Fomento Economico Mexicano $ 1,154,413
297,500 Grupo Continental SA-Ser CP 815,762
----------
$ 1,970,175
----------
CONSTRUCTION -- 10.6%
143,000 Apasco SA $ 1,024,004
286,820 Cemex SA - CPO 1,247,515
398,000 Grupo Cementos Chihuahua-B 469,652
----------
$ 2,741,171
----------
DIVERSIFIED -- 18.1%
184,213 Alfa SA-A $ 1,256,420
1,590 Desc S.A. Series C 11,487
145,000 Desc Sociedad de Fomento Indl 1,060,262
223,000 Grupo Carso SA* 1,554,702
325,000 Organizacion Soriana Sa-Bcp 817,007
----------
$ 4,699,878
----------
FOOD -- 11.0%
200,850 Gruma SA $ 926,766
160,000 Grupo Industrial Bimbo-Ser A 1,149,773
697,000 Grupo Industrial Maseca B 762,728
----------
$ 2,839,267
----------
METAL PRODUCERS -- 4.7%
321,000 Grupo Mexico SA Ser B* $ 1,207,999
----------
METAL PRODUCT MFRS. -- 3.2%
46,000 Tubos De Acero $ 845,537
----------
PAPER -- 4.9%
314,615 Kimberly-Clark de Mexico-B $ 1,261,316
----------
REAL ESTATES & OTHER FINANCIALS -- 4.5%
455,000 Grupo Financieri Banamex $ 1,170,197
----------
RECREATION -- 4.7%
80,000 Grupo Televisa SA-Ser CPO* $ 1,214,322
----------
RETAILERS -- 8.5%
797,000 Cifra SA de CV B* $ 1,487,090
19,000 Controladora Coml Mexicana 17,678
770,000 Controladora Coml Mexicana B* 693,116
----------
$ 2,197,884
----------
TOBACCO -- 4.5%
221,000 Empressa La Moderna Ser ACP $ 1,177,162
----------
UTILITIES -- 11.8%
1,283,000 Telefonos de Mexico $ 3,066,778
----------
MISCELLANEOUS -- 1.6%
659,000 Grupo Posadas Sa De CV $ 407,098
----------
TOTAL INVESTMENTS
(identified cost, $19,285,006) -- 95.7% $24,798,784
OTHER ASSETS, LESS LIABILITIES -- 4.3% 1,117,743
----------
NET ASSETS -- 100.0% $25,916,527
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Netherlands
Portfolio of Investments as of June 30, 1997 (unaudited)
- ---------------------------------------------------------
Shares Description Value
- ------ ----------- -----
BEVERAGES -- 4.9%
4,550 Grolsch N.V. $ 157,936
3,340 Heineken N.V. 570,314
----------
$ 728,250
----------
CHEMICALS -- 4.0%
4,300 Akzo Dutch Ord. $ 589,582
----------
CONSTRUCTION -- 3.0%
735 Hollandesche Beton Groep N.V. $ 167,725
6,682 Koninklijke Boskalis 131,126
5,164 Volker Wessels Stevin 145,031
----------
$ 443,882
----------
DIVERSIFIED -- 1.8%
1,263 Atag Hlding N.V. $ 69,076
5,000 Stork N.V. 203,884
----------
$ 272,960
----------
ELECTRONICS -- 7.9%
9,266 Getronics N.V. $ 299,436
12,150 Philips Electronics NV 870,732
----------
$ 1,170,168
----------
FINANCIAL -- 4.6%
36,384 ABN Amro Holdings $ 678,758
----------
FOOD -- 14.0%
5,590 CSM N.V. Cert. $ 280,369
2,423 Nutricia Verenidge Bedrijven 382,858
6,720 Unilever N.V. 1,415,314
----------
$ 2,078,541
----------
MACHINERY & EQUIPMENT -- 2.1%
2,418 Oce-Van Der Grinten $ 312,064
----------
METAL PRODUCT MANUFACTURERS -- 2.4%
2,650 Hunter Douglas N.V. $ 225,572
2,286 Twentsche Kabel Holding N.V. 124,094
----------
$ 349,666
----------
OIL, GAS & COAL -- 12.8%
36,600 Royal Dutch Petroleum Co. $ 1,904,715
----------
PRINTING & PUBLISHING -- 12.1%
38,000 Elsevier $ 635,303
10,090 Telegraaf (Holdingsmij) - CVA 218,062
17,350 Verenigde Nederlandse 383,807
4,583 Wolters Kluwer N.V. 558,303
----------
$ 1,795,475
----------
REAL ESTATE & OTHER FINANCIALS -- 12.9%
9,213 Aegon N.V. $ 643,346
12,290 Fortis Amev N.V. 547,503
15,724 ING Groep N.V. 725,306
----------
$ 1,916,155
----------
RECREATION -- 4.2%
12,000 Polygram $ 630,002
----------
RETAILERS -- 5.0%
8,763 Koninklijke Ahold N.V. $ 739,667
----------
TEXTILES -- 0.8%
2,100 Gamma Holding N.V. $ 112,926
----------
MISCELLANEOUS -- 4.9%
8,102 Hagemeyer N.V. $ 418,749
4,050 IHC Caland N.V. 221,502
1,500 Sligro Beheer 94,041
----------
$ 734,292
----------
TOTAL INVESTMENTS
(identified cost, $11,869,631) -- 97.4% $14,457,103
OTHER ASSETS, LESS LIABILITIES -- 2.6% 393,137
----------
NET ASSETS -- 100.0% $14,850,240
===========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Nordic
Portfolio of Investments as of June 30, 1997 (unaudited)
- --------------------------------------------------------
Shares Description Value
- ------- ----------- -----
BEVERAGES -- 2.7%
1,990 Carlsberg AS - B $ 109,718
----------
CHEMICALS -- 10.9%
7,600 AGA AB B Free $ 101,219
1,810 Cheminova A/S- "B" 43,353
400 Christian Hansen Holding - B 46,458
3,550 Norsk Hydro 193,306
3,550 Perstorp AB - B Shs 62,887
----------
$ 447,223
----------
CONSTRUCTION -- 5.2%
150 Icopal $ 33,725
2,950 Skanska B Free 130,455
2,100 Superfos AS 51,564
----------
$ 215,744
----------
DIVERSIFIED -- 4.9%
1,550 Kvaerner Asa A-Shs $ 93,814
1,610 Orkla A/S-B-Aksjer 109,201
----------
$ 203,015
----------
DRUGS, COSMETICS & HEALTHCARE -- 16.2%
1,866 Astra AB A-F $ 34,745
16,166 Astra AB B Free Shares 285,331
830 Coloplast B A/S 55,389
1,550 Novo-Nordisk AS 169,049
2,200 Orion A/S-B 82,846
750 Radiometer A/S -"B" 38,639
----------
$ 665,999
----------
ELECTRICAL -- 8.0%
14,000 Abb Ba $ 195,508
1,650 Electrolux 119,050
975 Granges AB 12,922
----------
$ 327,481
----------
ELECTRONICS -- 18.4%
8,950 Ericsson AB- B Free $ 352,390
1,540 Incentive AB-B 140,784
3,500 Nokia AB-K Shares 264,950
----------
$ 758,124
----------
FINANCIAL -- 4.0%
5,190 Svenska Handelsbanken - "A" $ 165,088
----------
FOOD -- 2.4%
1,600 Danisco A/S $ 97,856
----------
MACHINERY & EQUIPMENT -- 7.0%
4,830 Atlas Copco AB A Free $ 126,157
5,700 Sandvik AB B Fria 161,779
----------
$ 287,936
----------
OIL, GAS & COAL -- 2.3%
5,000 Saga Petroleum A/S-A Shs $ 94,848
----------
REAL ESTATE & OTHER FINANCIALS -- 1.1%
1,450 Om Gruppa AB Free $ 44,998
----------
RETAILERS -- 3.5%
4,150 Hennes & Mauritz AB B-F $ 145,959
----------
UTILITIES -- 6.3%
3,760 Graningeverkens $ 65,634
4,480 Gullspangs Kraft - "B" Free 67,776
5,200 Sydkraft AB - A Free 127,753
----------
$ 261,163
----------
MISCELLANEOUS -- 2.7%
753 Sophus Berendsen $ 108,895
----------
TOTAL INVESTMENTS
(identified cost, $3,404,831) -- 95.6% $ 3,934,047
OTHER ASSETS, LESS LIABILITIES -- 4.4% 180,489
----------
NET ASSETS -- 100.0% $ 4,114,536
===========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Wright EquiFund - Switzerland
Portfolio of Investments as of June 30, 1997 (unaudited)
- ---------------------------------------------------------
Shares Description Value
- ------ ----------- -------
CHEMICALS -- 4.2%
24 Ems-Chemie Holding AG $ 106,860
30 Sarna Kunsstof Hldg AG-Reg. 29,798
30 Siegfried AG-R 33,394
----------
$ 170,052
----------
CONSTRUCTION -- 5.3%
170 Holderbank Finan Glaris-B $ 160,585
180 Sika Finanz AG-Bearer 56,472
----------
$ 217,057
----------
DIVERSIFIED -- 3.8%
150 Alusuise-Lonza Holdings $ 153,612
----------
DRUGS, COSMETICS & HEALTHCARE -- 24.6%
350 Novartis AG-Reg $ 559,578
49 Roche Holding AG-Genuschein 443,227
----------
$ 1,002,805
----------
ELECTRICAL -- 6.5%
125 ABB AG $ 189,232
105 Hilti AG-PC 75,521
----------
$ 264,753
----------
ELECTRONICS -- 0.8%
200 Logitech International-Reg $ 33,291
----------
FINANCIAL -- 15.8%
1,350 Credit Suisse Group-Reg $ 173,391
60 Julius Baer Holdings 91,859
720 Schweizerische Bankverein-Reg 192,595
165 UBS (Schw. Bank Gesellschaft) 188,752
----------
$ 646,597
----------
FOOD -- 5.8%
25 Lindt & Spruengli AG-PC $ 46,238
145 Nestle 191,300
----------
$ 237,538
----------
MACHINERY & EQUIPMENT - 2.1%
60 Nokia Maillefersa SA Bearer $ 28,359
20 Schweiz Ind. Gesselschaft 60,623
----------
$ 88,982
----------
REAL ESTATE & OTHER FINANCIALS -- 15.0%
110 Intershop Holdings-Br $ 62,842
135 Schw Rueckversicherungs-Reg 190,961
190 Winterthur Schweiz Vers-R 167,373
485 Zurich Versicherungs-Reg 193,023
----------
$ 614,199
----------
RETAILERS -- 1.5%
280 Valora Holding AG $ 59,458
----------
TEXTILES -- 1.2%
110 Forbo Holdings AG-R $ 47,471
----------
UTILITIES -- 1.0%
180 Elek-Gesellsc Laufenbourg $ 38,840
----------
MISCELLANEOUS -- 4.3%
70 Kardex B $ 21,098
60 Keramik Holding AG Laufen BR 35,963
890 S.M.H. Ag-Reg. 10SFR 120,558
----------
$ 177,619
----------
TOTAL INVESTMENTS
(identified cost, $3,264,277) -- 91.9% $ 3,752,274
OTHER ASSETS, LESS LIABILITIES -- 8.1% 330,954
----------
NET ASSETS -- 100.0% $ 4,083,228
==========
See notes to financial statements
<PAGE>
- -------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1997 (unaudited)
- --------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- -------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C>
Investments --
Identified cost................................. $ 2,414,097 $ 775,203 $ 2,065,842
Unrealized appreciation......................... 516,888 64,047 441,807
----------- ------------ -------------
Total value (Note 1A)......................... $ 2,930,985 $ 839,250 $ 2,507,649
Cash.............................................. -- 29,422 --
Foreign cash...................................... -- 308 8,842
Receivable for investments sold................... 785,177 -- 842,381
Receivable for Fund shares sold................... -- 2,001 5,000
Receivable from Investment Adviser................ -- 31,280 --
Dividends receivable.............................. 9,145 6,706 4,221
Tax reclaim receivable............................ 12,226 2,685 8,497
Receivable for open forward foreign currency
exchange contracts (Notes 1I & 7)............. 2,634 -- 8,285
Deferred organization expenses (Note 1F).......... 3,547 8,214 8,204
----------- ---------- ------------
Total Assets.................................. $ 3,743,714 $ 919,866 $ 3,393,079
----------- ----------- ------------
LIABILITIES:
Cash overdraft.................................... $ 344,645 $ -- $ 712,185
Payable for investments purchased................. 311,727 -- 11,626
Trustees fees payable............................. 225 225 225
Accrued expenses.................................. 8,099 6,882 8,450
----------- ----------- -----------
Total Liabilities............................. $ 664,696 $ 7,107 $ 732,486
----------- ----------- -----------
NET ASSETS.......................................... $ 3,079,018 $ 912,759 $ 2,660,593
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ -- $ 453,397 $ 417,783
Accumulated undistributed net realized gain
on investment and foreign currency transactions
(computed on the basis of identified cost)......... -- 567,858 1,800,892
Accumulated undistributed net realized gain
on investment and foreign currency transactions (computed on the basis of
identified cost), less excess of shares of beneficial interest redeemed over
proceeds
from subscriptions of shares of beneficial interest 2,571,080 -- --
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 513,425 64,316 440,530
Undistributed (distributions in excess of)
net investment income.............................. (5,487) (172,812) 1,388
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 3,079,018 $ 912,759 $ 2,660,593
============ ============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING........... 206,771 96,205 223,985
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (Note 8).................... $14.89 $9.49 $11.88
============ ============= ===========
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1997 (unaudited)
- --------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG ITALIAN JAPAN MEXICO
SERIES SERIES SERIES SERIES
- ----------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C> <C>
Identified cost................................. $ 7,180,149 $ 911,014 $ 13,141,842 $ 19,285,006
Unrealized appreciation......................... 1,237,130 103,112 596,618 5,513,778
----------- ----------- ------------ ----------
Total value (Note 1A)......................... $ 8,417,279 $ 1,014,126 $ 13,738,460 $ 24,798,784
Cash.............................................. 412,329 -- 3,500 937,594
Foreign cash...................................... 4,299 8,323 38,836 229,629
Receivable for investments sold................... -- 264,080 431,284 835,003
Receivable for Fund shares sold................... 2,000 -- 38,859 68,821
Receivable for open forward foreign currency
exchange contracts (Notes 1I & 7).............. -- 2,378 2,504 --
Dividends receivable.............................. 19,874 3,772 4,572 65,904
Tax reclaim receivable............................ -- 971 -- --
Deferred organization expenses (Note 1F).......... -- 15,091 3,024 7,258
----------- ----------- ----------- -----------
Total Assets.................................. $ 8,855,781 $ 1,308,741 $ 14,261,039 $ 26,942,993
----------- ----------- ----------- -----------
LIABILITIES:
Cash overdraft.................................... $ -- $ 243,257 $ -- $ --
Payable for investments purchased................. -- -- -- 998,661
Payable for Fund shares reacquired................ 24,062 -- 109,533 --
Payable for open forward foreign currency
exchange contracts (Notes 1I & 7)................ -- -- -- 31
Trustees fees payable............................. 225 225 225 225
Accrued expenses.................................. 8,742 7,800 2,166 27,549
----------- ----------- ------------ ----------
Total Liabilities............................. $ 33,029 $ 251,282 $ 111,924 $ 1,026,466
----------- ----------- ----------- -----------
NET ASSETS.......................................... $ 8,822,752 $ 1,057,459 $ 14,149,115 $ 25,916,527
============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 8,075,165 $ 216,957 $ 16,145,011 $ 24,187,199
Accumulated undistributed net realized gain (loss)
on investments and foreign currency transactions
(computed on the basis of identified cost)......... (646,954) 765,006 (2,529,948) (3,838,558)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 1,237,113 103,290 599,518 5,513,681
Undistributed (distributions in excess of)
net investment income.............................. 157,428 (27,794) (65,466) 54,205
----------- ----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 8,822,752 $ 1,057,459 $ 14,149,115 $ 25,916,527
============ ============ ============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING........... 483,518 93,129 1,560,033 3,876,976
============ ============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (Note 8).................... $18.25 $11.35 $9.07 $6.68
============ ============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1997 (unaudited)
- --------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- ----------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost................................. $ 11,869,631 $ 3,404,831 $ 3,264,277
Unrealized appreciation......................... 2,587,472 529,216 487,997
----------- ----------- -----------
Total value (Note 1A)......................... $ 14,457,103 $ 3,934,047 $ 3,752,274
Cash.............................................. 325,443 71,456 265,340
Foreign cash...................................... 440 -- --
Receivable for investment sold.................... -- 169,658 105,580
Receivable for Fund shares sold................... 23,379 17,852 5,000
Receivable from Investment Adviser................ -- 12,856 12,000
Dividends receivable.............................. 44,360 1,000 --
Tax reclaim receivable............................ 2,645 792 41,473
Receivable for open forward foreign currency
exchange contracts (Notes 1I & 7).............. -- 444 --
Deferred organization expenses (Note 1F).......... -- 3,024 3,500
----------- ----------- -----------
Total Assets.................................. $ 14,853,370 $ 4,211,129 $ 4,185,167
----------- ----------- -----------
LIABILITIES:
Cash overdraft.................................... $ -- $ 77,408 $ 94,667
Payable for investments purchased................. -- 10,106 --
Payable for Fund shares reacquired................ 250 -- --
Trustees fees payable............................. 225 225 --
Investment Adviser fee payable.................... -- -- 1,540
Accrued expenses.................................. 2,655 8,854 5,732
----------- ----------- -----------
Total Liabilities............................. $ 3,130 $ 96,593 $ 101,939
----------- ----------- -----------
NET ASSETS.......................................... $ 14,850,240 $ 4,114,536 $ 4,083,228
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 12,266,618 $ 2,725,616 $ 3,292,916
Accumulated undistributed net realized gain (loss) on
investment and foreign currency transactions
(computed on the basis of identified cost)......... (9,805) 828,344 316,258
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 2,586,121 528,897 480,939
Undistributed (distributions in excess of)
net investment income.............................. 7,306 31,679 (6,885)
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 14,850,240 $ 4,114,536 $ 4,083,228
============ ============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING........... 1,460,886 271,922 322,026
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (Note 8).................... $10.17 $15.13 $12.68
============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1997 (unaudited)
- ---------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C>
Dividends...................................... $ 91,505 $ 29,697 $ 65,707
Less: Foreign taxes........................... (12,535) (4,769) (6,571)
----------- ----------- -----------
Total investment income........................ $ 78,970 $ 24,928 $ 59,136
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 40,141 $ 7,513 $ 47,624
Administrator fee (Note 2)..................... 5,352 1,002 6,350
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator...... 685 674 659
Custodian fee (Note 1E)........................ 30,477 23,477 31,702
Transfer & dividend disbursing agent fees...... 1,662 147 1,851
Shareholder communication expense.............. 2,444 1,078 1,312
Distribution expenses (Note 3)................. 13,380 2,504 15,875
Audit fees..................................... 13,600 10,500 10,500
Legal services................................. 349 580 465
Registration costs............................. 4,000 7,790 7,840
Amortization of organization expense (Note 1F). 1,081 1,784 1,785
Printing....................................... 545 1,729 1,801
Miscellaneous.................................. 609 -- --
----------- ----------- -----------
Total expenses............................... $ 114,325 $ 58,778 $ 127,764
----------- ----------- -----------
Deduct --
Preliminary reduction of Investment Adviser fee
(Note 2).................................... $ -- $ 3,182 $ --
Preliminary allocation of expenses to Investment
Adviser (Note 2)............................ -- 31,280 --
Preliminary reduction of distribution expense by
Principal Underwriter (Note 3).............. -- 1,081 --
Reduction of custodian fee (Note 1E)......... 9,462 3,161 20,093
----------- ----------- -----------
Total deducted............................. $ 9,462 $ 38,704 $ 20,093
----------- ----------- -----------
Net expenses................................. $ 104,863 $ 20,074 $ 107,671
----------- ----------- -----------
Net investment income (loss)............... $ (25,893) $ 4,854 $ (48,535)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign
currency transactions (identified cost basis)... $ 3,518,039 $ 570,366 $ 2,585,473
Change in unrealized depreciation of investments
and translation of assets and liabilities in
foreign currencies.............................. (3,087,902) (623,761) (1,852,711)
----------- ----------- -----------
Net realized and unrealized gain (loss)...... $ 430,137 $ (53,395) $ 732,762
----------- ----------- -----------
Net increase (decrease) in net assets
from operations............................ $ 404,244 $ (48,541) $ 684,227
============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1997 (unaudited)
- --------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG ITALIAN JAPAN MEXICO
SERIES SERIES SERIES SERIES
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C> <C>
Dividends...................................... $ 187,117 $ 29,740 $ 55,237 $ 268,742
Less: Foreign taxes............................ -- (4,344) (8,286) --
----------- ----------- ----------- -----------
Total investment income........................ $ 187,117 $ 25,396 $ 46,951 $ 268,742
----------- ----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 68,080 $ 22,629 $ 53,081 $ 96,602
Administrator fee (Note 2)..................... 9,077 3,017 7,077 12,880
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator....... 674 674 659 674
Custodian fee (Note 1E)........................ 29,788 18,624 35,920 44,004
Transfer & dividend disbursing agent fees...... 3,597 896 2,415 4,510
Shareholder communication expense.............. 6,405 158 3,080 5,232
Distribution expenses (Note 3)................. 22,693 7,543 17,694 32,200
Audit fees..................................... 14,500 -- 13,850 14,000
Legal services................................. 465 465 1,115 465
Registration costs............................. 9,352 8,060 4,420 8,839
Amortization of organization expense (Note 1F). -- 1,785 917 1,683
Printing....................................... 215 215 215 2,071
Miscellaneous.................................. 1,599 1,096 1,580 234
----------- ----------- ----------- -----------
Total expenses............................... $ 166,445 $ 65,162 $ 142,023 $ 223,394
Deduct --
Reduction of custodian fee (Note 1E)......... $ 21,218 $ 11,729 $ 29,782 $ 8,963
----------- ----------- ----------- -----------
Total deducted............................ $ 21,218 $ 11,729 $ 29,782 $ 8,963
----------- ----------- ----------- -----------
Net expenses................................. $ 145,227 $ 53,433 $ 112,241 $ 214,431
----------- ----------- ----------- -----------
Net investment income (loss)............... $ 41,890 $ (28,037) $ (65,290) $ 54,311
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investment and foreign
currency transactions (identified cost basis)... $ 4,664,952 $ 907,220 $ (805,372) $ 1,870,719
Change in unrealized appreciation (depreciation) of
investments and translation of assets and liabilities
in foreign currencies........................... (5,089,501) (804,740) 2,135,943 3,097,566
----------- ----------- ----------- -----------
Net realized and unrealized gain (loss) ....... $ (424,549) $ 102,480 $ 1,330,571 $ 4,968,285
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
operations.................................... $ (382,659) $ 74,443 $ 1,265,281 $ 5,022,596
============ ============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1997 (unaudited)
- -------------------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C>
Dividends...................................... $ 156,640 $ 61,934 $ 35,615
Less: Foreign taxes........................... (23,496) (9,290) (4,889)
----------- ----------- -----------
Total investment income........................ $ 133,144 $ 52,644 $ 30,726
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 40,232 $ 19,869 $ 16,051
Administrator fee (Note 2)..................... 5,364 2,649 2,140
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator...... 685 674 674
Custodian fee (Note 1E)........................ 30,777 32,948 26,378
Transfer & dividend disbursing agent fees...... 2,043 887 1,168
Shareholder communication expense.............. 4,383 2,369 1,518
Distribution expenses (Note 3)................. 13,412 6,623 5,351
Audit fees..................................... 10,750 10,500 10,800
Legal services................................. 401 465 465
Registration costs............................. 5,620 4,495 4,370
Amortization of organization expense (Note 1F). -- 917 1,067
Printing....................................... 1,179 215 215
Miscellaneous.................................. 1,601 1,751 1,287
----------- ----------- -----------
Total expenses............................... $ 116,447 $ 84,362 $ 71,484
----------- ----------- -----------
Deduct --
Preliminary reduction of Investment Adviser fee
(Note 2).................................... $ -- $ 7,396 $ 4,693
Preliminary allocation of expenses to Investment
Adviser (Note 2)............................ -- 12,856 12,000
Preliminary reduction of distribution expense by
Principal Underwriter (Note 3).............. -- 6,623 2,078
Reduction of custodian fee (Note 1E)......... 12,995 4,502 9,909
----------- ----------- -----------
Total deducted............................. $ 12,995 $ 31,377 $ 28,680
----------- ----------- -----------
Net expenses................................. $ 103,452 $ 52,985 $ 42,804
----------- ----------- -----------
Net investment income (loss)............... $ 29,692 $ (341) $ (12,078)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investment and foreign
currency transactions (identified cost basis)... $ (4,992) $ 841,867 $ 341,445
Change in unrealized appreciation (depreciation) of
investments and translation of assets and liabilities
in foreign currencies........................... 1,461,858 (628,296) 272,072
----------- ------------ ----------
Net realized and unrealized gain............. $ 1,456,866 $ 213,571 $ 613,517
----------- ------------ ----------
Net increase in net assets
from operations............................ $ 1,486,558 $ 213,230 $ 601,439
============ ============ ============
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Changes in Net Assets
- ------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/LUXEMBOURG SERIES BRITAIN SERIES GERMANY SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
1997(1) 1996 1997(1) 1996 1997(1) 1996
- ----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ (25,893) $ 209,146 $ 4,854 $ 175,467 $ (48,535) $ (16,369)
Net realized gain (loss)........... 3,518,039 1,491,743 570,366 1,028,628 2,585,473 (551,241)
Change in unrealized appreciation
(depreciation)................... (3,087,902) 1,531,687 (623,761) 90,482 (1,852,711) 3,446,304
---------- ---------- ---------- ---------- ---------- ----------
Increase (decrease) in net assets
from operations................ $ 404,244 $ 3,232,576 $ (48,541) $ 1,294,577 $ 684,227 $ 2,878,694
Distributions to shareholders from
net investment income.............. -- (131,084) -- (21,078) -- --
Distributions to shareholders from
net realized gains................. -- (1,343,612) -- (1,142,102) -- --
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ (76,131) 34,371 (30,631) (107,867) (1,315) 20,883
Net increase (decrease) from Fund share
transactions (exclusive of amounts
allocated to net investment income)
(Note 4)........................... (16,434,244) 2,640,023 (2,816,794) (10,146,831) (21,159,950) 3,819,094
---------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net assets....................... $(16,106,131) $ 4,432,274 $(2,895,966) $(10,123,301)$(20,477,038)$ 6,718,671
NET ASSETS:
At beginning of period............... 19,185,149 14,752,875 3,808,725 13,932,026 23,137,631 16,418,960
---------- ---------- ---------- ---------- ----------- ----------
At end of period..................... $ 3,079,018 $ 19,185,149 $ 912,759 $ 3,808,725 $ 2,660,593 $23,137,631
========== ========== ========== ========== ========= ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS........ $ (5,486) $ 96,537 $ (172,812) $ (147,035) $ 1,388 $ 51,238
========== ========== ========== ========== ========= ===========
(1) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Changes in Net Assets
- -----------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG SERIES ITALIAN SERIES
Year Ended Dec. 31 Year Ended Dec. 31
1997(1) 1996 1997(1) 1996(2)
- --------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income (loss)....... $ 41,890 $ 508,415 $ (28,037) $ (42,324)
Net realized gain (loss)........... 4,664,952 566,477 907,220 (151,782)
Change in unrealized appreciation
(depreciation).................. (5,089,501) 6,216,698 (804,740) 908,030
----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................ $ (382,659) $ 7,291,590 $ 74,443 $ 713,924
Distributions to shareholders from
net investment income.............. -- (411,362) -- --
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)........ (595,769) (78,279) 243 --
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4).................. (24,565,068) 2,164,968 (9,879,638) 10,148,487
----------- ----------- ----------- -----------
Net increase (decrease) in net assets $(25,543,496) $8,966,917 $(9,804,952) $10,862,411
NET ASSETS:
At beginning of period............... 34,366,248 25,399,331 10,862,411 --
----------- ----------- ----------- -----------
At end of period..................... $ 8,822,752 $34,366,248 $1,057,459 $10,862,411
============ =========== =========== ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS........ $ 157,428 $ 711,307 $ (27,794) $ --
============ =========== =========== ===========
(1) For the six months ended June 30, 1997 (unaudited).
(2) For the period from the start of business, September 9, 1996, to December 31,1996.
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Changes in Net Assets
- -----------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
JAPAN SERIES MEXICO SERIES
Year Ended Dec. 31 Year Ended Dec. 31
1997(1) 1996 1997(1) 1996
- ----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income (loss)....... $ (65,290) $ (202,496) $ 54,311 $ (41,951)
Net realized gain (loss)........... (805,372) 12,609 1,870,719 3,797,417
Change in unrealized appreciation
(depreciation)................... 2,135,943 (1,695,909) 3,097,566 2,713,474
----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................ $ 1,265,281 $(1,885,796) $ 5,022,596 $ 6,468,940
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ $ 424 -- (106) --
Net decrease from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4).................. (4,157,529) (2,704,248) (1,133,627) (16,934,318)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets $(2,891,824) $(4,590,044) $ 3,888,863 $(10,465,378)
NET ASSETS:
At beginning of period............... 17,040,939 21,630,983 22,027,664 32,493,042
----------- ----------- ----------- -----------
At end of period..................... $14,149,115 $17,040,939 $25,916,527 $22,027,664
============ =========== ============ ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS......... $ (65,466) $ (600) $ 54,205 $ --
============ =========== ============ ===========
(1) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Statements of Changes in Net Assets
- ------------------------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS SERIES NORDIC SERIES SWITZERLAND SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
1997(1) 1996 1997(1) 1996 1997(1) 1996
- -------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ 29,692 $ 57,762 $ (341) $ (27,521) $ (12,078) $ (1,334)
Net realized gain (loss)........... (4,992) 1,625,807 841,867 639,128 341,445 279,574
Change in unrealized appreciation
(depreciation).................... 1,461,858 596,237 (628,296) 774,974 272,072 (224,621)
----------- ----------- ----------- ----------- ----------- -----------
Increase in net assets
from operations................. $ 1,486,558 $ 2,279,806 $ 213,230 $ 1,386,581 $ 601,439 $ 53,619
Distributions to shareholders
from net realized gains............ -- (1,604,679) (291,602) (85,095) (98,919) (175,251)
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... 3,666 (18,321) 1,812 8,773 787 (3,843)
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 5,793,988 (308,315) (2,839,880) 2,216,412 (2,528,582) (1,394,277)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in net assets................... $ 7,284,212 $ 348,491 $(2,916,440) $ 3,526,671 $(2,025,275)$ (1,519,752)
NET ASSETS:
At beginning of period............... 7,566,028 7,217,537 7,030,976 3,504,305 6,108,503 7,628,255
----------- ----------- ----------- ----------- ----------- -----------
At end of period..................... $14,850,240 $ 7,566,028 $ 4,114,536 $ 7,030,976 $ 4,083,228 $ 6,108,503
============ =========== ============ =========== ============ ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS......... $ 7,306 $ (26,052) $ 31,679 $ 30,208 $ (6,885) $ 4,406
============ =========== ============ =========== ============ ===========
(1) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/LUXEMBOURG SERIES
Year Ended December 31
-------------------------------------------------------
1997(6) 1996 1995 1994(1)
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 13.390 $ 12.010 $ 10.240 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment income............................. $ (0.094) $ 0.171 $ 0.156 $ 0.106
Net realized and unrealized gain.................. 1.594 2.334 1.904 0.174
-------- -------- -------- --------
Total income from investment operations......... $ 1.500 $ 2.505 $ 2.060 $ 0.280
-------- -------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.100) $ (0.050) $ (0.040)
From net realized gains on investments............ -- (1.025) (0.240) --
-------- -------- -------- --------
Total distributions............................. $ -- $ (1.125) $ (0.290) $ (0.040)
-------- -------- -------- --------
Net asset value -- end of period.................... $ 14.890 $ 13.390 $ 12.010 $ 10.240
========= ========= ========= =========
Total Return(3)..................................... 11.20% 20.99% 20.28% 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 3,079 $ 19,185 $ 14,753 $ 11,437
Ratio of net expenses to average net assets....... 2.15%(2)(4) 1.68%(4) 1.76%(4) 1.62%(2)
Ratio of net investment income (loss) to average
net assets...................................... (0.49%)(2) 1.20% 1.52% 0.95%(2)
Portfolio Turnover Rate........................... 3% 34% 38% 26%
Average commission rate paid(5) .................. $ 0.3364 $ 0.4536 -- --
(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 1E). 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 1.98%,
1.55% and 1.53% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BRITAIN SERIES
Year Ended December 31
---------------------------------------------
1997(7) 1996 1995(2)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 9.090 $ 10.400 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income............................. $ 0.162 $ 0.101 $ 0.213
Net realized and unrealized gain(8)............... 0.238 2.369 0.892
-------- -------- --------
Total income from investment operations......... $ 0.400 $ 2.470 $ 1.105
-------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.020) $ (0.150)
From net realized gains on investments............ (3.760) (0.555)
-------- -------- --------
Total distributions............................. $ -- $ (3.780) $ (0.705)
-------- -------- --------
Net asset value -- end of period.................... $ 9.490 $ 9.090 $ 10.400
========= ========= =========
Total Return(3)..................................... 4.40% 26.67% 11.10%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 913 $ 3,809 $ 13,932
Ratio of net expenses to average net assets(1).... 2.34%(4)(5) 2.34%(5) 1.56%(4) (5)
Ratio of net investment income to average net assets(1) 0.49%(4) 2.46% 2.77%(4)
Portfolio Turnover Rate........................... 37% 93% 42%
Average commission rate paid(6) .................. $ 0.0237 $ 0.2000 --
(1) During the six months ended June 30, 1997 and the year ended December 31,
1996, 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 income
(loss) per share and the ratios would have been as follows:
1997(7) 1996
Net investment income (loss) per share.............. $ (1.018) $ 0.098
========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 5.91% (4) 2.42%
========= =========
Net investment income (loss)...................... (3.08%)(4) 2.38%
========= =========
(2) For the period from start of business, April 20, 1995, to December 31, 1995.
(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) Annualized.
(5) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 1E). 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 2.02%,
2.00% and 1.24% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(7) For the six months ended June 30, 1997 (unaudited).
(8) For the period ended June 30, 1997, 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.
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
GERMANY SERIES
Year Ended December 31
---------------------------------------------
1997(6) 1996 1995(1)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of period.............. $ 10.630 $ 9.240 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ (0.017) $ (0.001) $ 0.073
Net realized and unrealized gain (loss)........... 1.267 1.391 (0.783)
-------- -------- --------
Total income (loss) from investment operations.. $ 1.250 $ 1.390 $ (0.710)
Less Distributions:
From net investment income........................ -- -- (0.050)
-------- -------- --------
Net asset value -- end of period.................... $ 11.880 $ 10.630 $ 9.240
========= ========= =========
Total Return(2)..................................... 11.76% 15.04% (7.09%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 2,661 $ 23,138 $ 16,419
Ratio of net expenses to average net assets....... 2.03%(3)(4) 1.68%(4) 1.59%(3) (4)
Ratio of net investment income (loss) to average net
assets.......................................... (0.77%)(3) (0.08%) 0.91%(3)
Portfolio Turnover Rate........................... 0% 77% 18%
Average commission rate paid(5) .................. $ 0.2474 $ 0.0198 --
(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 1E). 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 1.71%,
1.57% and 1.29% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30,1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- -----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG SERIES
Year Ended December 31
----------------------------------------------------------------------------
1997(6) 1996 1995 1994 1993 1992
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 16.470 $ 13.030 $ 13.020 $ 20.990 $ 11.770 $ 10.270
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)....... $ (0.015) $ 0.182 $ 0.368 $ 0.678 $ 0.426 $ 0.330
Net realized and unrealized
gain loss)(3)..................... 1.795 3.458 (0.158) (8.448) 9.394 1.355
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ 1.780 $ 3.640 $ 0.210 $ (7.770) $ 9.820 $ 1.685
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.200) $ (0.200) $ (0.200) $ (0.254) $ (0.170)
From net realized gains on investments -- -- -- -- (0.346) (0.015)
-------- ----------- -------- -------- -------- --------
Total distributions................. $ -- $ (0.200) $ (0.200) $ (0.200) $ (0.600) $ (0.185)
-------- ----------- -------- -------- -------- --------
Net asset value -- end of period........ $ 18.250 $ 16.470 $ 13.030 $ 13.020 $ 20.990 $ 11.770
========= ========= ========= ========= ========= =========
Total Return(2) ........................ 10.81% 27.96% 1.63% (37.03%) 84.32% 16.33%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 8,823 $ 34,366 $ 25,399 $ 19,679 $ 16,210 $ 3,545
Ratio of net expenses to average
net assets ........................ 1.85%(4)(7) 1.62%(4) 1.59%(4) 1.41% 2.00% 2.00%
Ratio of net investment income to
average net assets.................. 0.47%(7) 1.81% 3.26% 3.93% 3.01% 3.13%
Portfolio Turnover Rate............... 11% 65% 100% 131% 76% 39%
Average commission rate paid(5) ...... $ 0.0134 $ 0.0095 -- -- -- --
(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 per share and the ratios
would have been as follows:
1993 1992
Net investment income per share..................... $ 0.419 $ 0.093
========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.05% 4.25%
========= =========
Net investment income............................. 2.96% 0.88%
========= =========
(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 period ended June 30,1997 and 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 1E). 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 1.61%,
1.43% and 1.34% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30, 1997 (unaudited).
(7) Annualized.
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
ITALIAN SERIES
Year Ended December 31
-----------------------------------
1997(6) 1996(1)
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of period.. $ 10.670 $ 10.000
-------- --------
Income from Investment Operations:
Net investment loss................... $ (0.298) $ (0.042)
Net realized and unrealized gain
on investments....................... 0.978 0.712
-------- --------
Total income
from investment operations........ $ 0.680 $ 0.670
-------- --------
Net asset value, end of period.......... $ 11.350 $ 10.670
========= =========
Total Return(3)......................... 6.37% 6.70%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 1,057 $ 10,862
Ratio of net expenses to average net assets....... 2.18%(2)(4) 1.98%(2)(4)
Ratio of net investment loss to average net assets (0.94%)(2) (1.43%)(2)
Portfolio Turnover Rate........................... 1% 24%
Average commission rate paid(5)................... $ 0.0100 $ 0.0145
(1) For the period from the start of business, September 9, 1996 to December 31, 1996.
(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 1E). 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 1.79%
and 1.43% for the six months ended June 30, 1997 and for the year ended
December 31, 1996, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
JAPAN SERIES
Year Ended December 31
-------------------------------------------------
1997(6) 1996 1995 1994(1)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 7.980 $ 8.780 $ 9.660 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.042) $ (0.095) $ (0.045) $ (0.050)
Net realized and unrealized gain (loss)........... 1.132 (0.705) (0.835) (0.170)
-------- -------- -------- --------
Total income (loss) from investment operations.. $ 1.090 $ (0.800) $ (0.880) $ (0.220)
Less Distributions:
From net realized gains on investments............ -- -- -- (0.120)
-------- -------- -------- --------
Net asset value -- end of period.................... $ 9.070 $ 7.980 $ 8.780 $ 9.660
========= ========= ========= =========
Total Return(3)..................................... 13.66% (9.11%) (9.11%) (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 14,149 $ 17,041 $ 21,631 $ 8,653
Ratio of net expenses to average net assets....... 2.01%(2)(4) 1.75%(4) 1.81%(4) 1.83% (2)
Ratio of net investment loss to average net assets (0.92%)(2) (1.05%) (0.67%) (0.66%)(2)
Portfolio Turnover Rate........................... 47% 56% 112% 48%
Average commission rate paid(5) .................. $ 0.1115 $ 0.0917 -- --
(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 1E). 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 1.59%,
1.65% and 1.49% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
MEXICO SERIES
Year Ended December 31
-------------------------------------------------
1997(6) 1996 1995 1994(1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 5.380 $ 4.220 $ 6.480 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ 0.016 $ (0.012) $ (0.012) $ (0.040)
Net realized and unrealized gain (loss)........... 1.284 1.172 (2.175) (2.970)
-------- -------- -------- --------
Total income (loss) from investment operations.. $ 1.300 $ 1.160 $ (2.187) $ (3.010)
-------- -------- -------- --------
Less Distributions:
From net realized gains on investments............ $ -- $ -- $ (0.030) $ (0.510)
In excess of net realized gains on investments.... -- -- (0.043) --
-------- -------- -------- --------
Total distributions............................. $ -- $ -- $ (0.073) $ (0.510)
-------- -------- -------- --------
Net asset value -- end of period.................... $ 6.680 $ 5.380 $ 4.220 $ 6.480
========= ========= ========= =========
Total Return(3)..................................... 24.16% 27.49% (33.37%) (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 25,917 $ 22,028 $ 32,493 $ 13,422
Ratio of net expenses to average net assets....... 1.66%(2)(4) 1.59%(4) 1.72%(4) 1.38% (2)
Ratio of net investment income (loss) to average net
assets.......................................... 0.49%(2) (0.14%) (0.41%) (0.98%)(2)
Portfolio Turnover Rate........................... 27% 63% 110% 85%
Average commission rate paid(5) .................. $ 0.0104 $ 0.0045 -- --
(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 1E). 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 1.59%,
1.41% and 1.39% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS SERIES
Year Ended December 31
--------------------------------------------------------------------------
1997(6) 1996 1995 1994 1993(2) 1992
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period.. $ 8.970 $ 8.590 $ 8.100 $ 10.020 $ 8.460 $ 9.420
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)....... $ 0.036 $ 0.047 $ (0.004) $ (0.060) $ (0.015) $ 0.108
Net realized and unrealized gain (loss) 1.164 2.943 1.490 1.150 1.655 (0.958)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ 1.200 $ 2.990 $ 1.486 $ 1.090 $ 1.640 $ (0.850)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ -- $ -- $ (0.020) $ (0.080) $ (0.110)
From net realized gains on investments -- (2.610) (0.996) (2.990) -- --
-------- -------- -------- -------- -------- --------
Total distributions................... $ -- $ (2.610) $ (0.996) $ (3.010) $ (0.080) $ (0.110)
-------- -------- -------- -------- -------- --------
Net asset value -- end of period........ $ 10.170 $ 8.970 $ 8.590 $ 8.100 $ 10.020 $ 8.460
========= ========= ========= ========= ========= =========
Total Return(3) ........................ 13.38% 36.56% 18.84% 11.68% 19.52% (9.18%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 14,850 $ 7,566 $ 7,218 $ 3,951 $ 8,753 $ 165
Ratio of net expenses to average
net assets(1)...................... 2.17%(4)(7) 2.22%(4) 2.26%(4) 1.93% 2.00% 2.00%
Ratio of net investment income (loss) to
average net assets(1)............... 0.55%(7) 0.83% (0.13%) 0.13% (0.16%) 1.26%
Portfolio Turnover Rate............... 3% 124% 87% 101% 47% 69%
Average commission rate paid(5) ...... $ 0.1950 $ 0.1882 -- -- -- --
(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:
1996 1995 1993(2) 1992
------ ------- --------- --------
Net investment income (loss) per share.. $ 0.038 $ (0.018) $ (0.085) $ (2.481)
========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.............................. 2.38% 2.45% 2.75% 32.21%
========= ========= ========= =========
Net investment income (loss).......... 0.67% (0.58%) (0.91%) (28.95%)
========= ========= ========= =========
(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 1E). 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 1.93%,
1.99% and 2.00% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(5) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(6) For the six months ended June 30, 1997 (unaudited).
(7) Annualized.
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ----------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NORDIC SERIES
Year Ended December 31
--------------------------------------------------
1997(7) 1996 1995 1994(2)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 14.780 $ 11.330 $ 9.500 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)................... $ 0.053 $ (0.064) $ 0.072 $ (0.012)
Net realized and unrealized gain (loss)........... 1.057 3.694 1.808 (0.118)
-------- -------- -------- --------
Total income (loss)
from investment operations.................... $ 1.110 $ 3.630 $ 1.880 $ (0.130)
-------- -------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ -- $ (0.050) $ --
In excess of net realized gain on investments..... (0.760) (0.180) -- (0.366)
From paid-in capital.............................. -- -- -- (0.004)
-------- -------- -------- --------
Total distributions............................... $ (0.760) $ (0.180) $ (0.050) $ (0.370)
-------- -------- -------- --------
Net asset value -- end of period.................... $ 15.130 $ 14.780 $ 11.330 $ 9.500
========= ========= ========= =========
Total Return(4)..................................... 7.87% 32.09% 19.80% (1.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 4,115 $ 7,031 $ 3,504 $ 8,712
Ratio of net expenses to average net assets(1).... 2.17%(3)(5) 2.21%(5) 2.24%(5) 1.78% (3)
Ratio of net investment income (loss) to average net assets(1) (0.01%)(3) (0.55%) 0.15% (0.35%)(3)
Portfolio Turnover Rate........................... 24% 78% 94% 33%
Average commission rate paid(6) .................. $ 0.1203 $ 0.1131 -- --
(1) During the six months ended June 30,1997 and the years ended December 31,
1996 and 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:
1997(7) 1996 1995
------- ------ ------
Net investment loss per share....................... $ (0.052) $ (0.130) $ (0.523)
========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.18% (3) 2.78% 3.25%
========= ========= =========
Net investment loss............................... (1.03%)(3) (1.12%) (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 1E). 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%,
1.99% and 2.00% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(7) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
Financial Highlights
- ---------------------------
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
SWITZERLAND SERIES
Year Ended December 31
-------------------------------------------------
1997(7) 1996 1995 1994(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- beginning of period.............. $ 10.850 $ 11.100 $ 9.430 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)................... $ (0.029) $ (0.006) $ 0.060 $ 0.075
Net realized and unrealized gain (loss)................ 2.109 0.066 1.660 (0.595)
-------- -------- -------- --------
Total income (loss) from investment operations.. $ 2.080 $ 0.060 $ 1.720 $ (0.520)
Less Distributions:
From net realized gains on investments............ (0.250) (0.310) (0.050) (0.050)
-------- -------- -------- --------
Net asset value -- end of period.................... $ 12.680 $ 10.850 $ 11.100 $ 9.430
========= ========= ========= =========
Total Return(4)..................................... 19.49% 0.54% 18.35% (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 4,083 $ 6,109 $ 7,628 $ 3,813
Ratio of net expenses to average net assets(1).... 2.46%(3)(5) 2.08%(5) 2.26%(5) 2.00%(3)
Ratio of net investment income (loss) to average net
assets(1)....................................... (0.56%)(3) (0.02%) 0.72% 0.49%(3)
Portfolio Turnover Rate........................... 58% 55% 95% 94%
Average commission rate paid(6) .................. $ 1.9352 $ 1.8608 -- --
(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 (loss) per share and the ratios would
have been as follows:
1997(7) 1996 1995 1994(2)
------- ------ ------ --------
Net investment income (loss) per share.............. $ (0.083) $ (0.045) $ 0.027 $ 0.063
========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.34% 2.21% 2.39% 2.08%(3)
========= ========= ========= =========
Net investment income (loss)...................... (1.45%) (0.15%) 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 1E). 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%,
2.00% and 2.00% for the six months ended June 30, 1997 and for the years
ended December 31, 1996 and 1995, respectively.
(6) Average commission rate paid is computed by dividing the total dollar
amount of commissions paid during the fiscal year by the total number of
shares purchased and sold during the fiscal year on which commissions were
charged. For fiscal years beginning on or after September 1, 1995, a Fund
is required to disclose its average commission rate per share for security
trades on which commissions are charged.
(7) For the six months ended June 30, 1997 (unaudited).
See notes to financial statements
</TABLE>
<PAGE>
- ---------------------------------
Notes to Financial Statements
- ---------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright EquiFund Equity Trust (the Trust) is registered under the
Investment Company Act of 1940, as amended, as an open-end, management
investment company. The Trust presently consists of ten active diversified
series (Funds), Wright EquiFund - Belgium/Luxembourg (Belgium/Luxembourg
series); Wright EquiFund - Britain (Britain series); Wright EquiFund - Germany
(Germany series); Wright EquiFund - Hong Kong (Hong Kong series); Wright
EquiFund - Italian (Italian series); Wright EquiFund - Japan (Japan series);
Wright EquiFund - Mexico (Mexico series); Wright EquiFund - Netherlands
(Netherlands series); Wright EquiFund - Nordic (Nordic series); and Wright
EquiFund - Switzerland (Switzerland series). The Trust also has nine inactive
series. The following is a summary of significant accounting policies
consistently followed by the Trust in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles.
A. Investment Valuations - Securities, including foreign securities, listed on
securities exchanges or in the NASDAQ National Market are valued at closing sale
prices, if those prices are deemed to be representative of market values at the
close of business. Securities traded on more than one U.S. or foreign securities
exchange are valued at the last sale price on the exchange representing the
principal market for such securities, if those prices are deemed to be
representative of market values at the close of business. Securities traded
over-the-counter, unlisted securities and listed securities for which closing
sale prices are not available are valued at the mean between latest bid and
asked prices or, if such bid and asked prices are not available, at prices
supplied by a pricing agent, unless such prices are deemed not to be
representative of market values at the close of business. Securities for which
market quotations are unavailable or deemed not to be representative of market
values at the close of business and other assets are appraised at their fair
value as determined in good faith according to guidelines established by the
Trustees of the Trust. Short-term obligations with remaining maturities of sixty
days or less are valued at amortized cost, which approximates market value.
B. Foreign Currency Translation - Investment security valuations, other assets,
and liabilities initially expressed in foreign currencies are translated each
business day into U.S. dollars based upon current exchange rates. Purchases and
sales of foreign investment securities and income and expenses are translated
into U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. The Trust does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
C. Taxes - The Trust's policy is to comply with the provisions of the Internal
Revenue Code (the Code) available to regulated investment companies and
distribute to shareholders each year all of its taxable income, including any
net realized gain on investments. Accordingly, no provision for federal income
tax is necessary. At December 31, 1996, the Trust, for federal income tax
purposes, had a capital loss carryover of $767,352 for the Germany series,
$5,243,895 for the Hong Kong series, $5,516,594 for the Mexico series and
$1,460,778 for the Japan series, which will reduce taxable income arising from
future net realized gain on investments, if any, to the extent
<PAGE>
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 Japan
- ------------------------------------------------------
2002 -- $666,114 -- --
2003 $27,166 $4,577,781 $5,516,594 $1,460,778
2004 $740,186 -- -- --
- ------------------------------------------------------
At December 31, 1996, net capital losses of $137,703 for the Italian series
and $83,100 for Mexico series attributable to security transactions incurred
after October 31, 1996 are treated as arising on the first day of the Fund's
next taxable year.
Withholding taxes on foreign dividends have been provided for in accordance
with the Trust's understanding of the applicable country's tax rules and rates.
D. Equalization -- The Trust follows the accounting practice known as
equalization by which a portion of the proceeds from sales and costs of
redemptions of Fund shares, on a per-share basis, equivalent to the amount of
undistributed net investment income on the date of the transaction is credited
or charged to undistributed net investment income. As a result, undistributed
net investment income per share is unaffected by sales or redemptions of Fund
shares.
E. Expense Reduction -- The Fund has entered into an arrangement with its
custodian agent whereby interest earned on uninvested cash balances are used to
offset custodian fees. All significant reductions are reported as a reduction of
expenses in the Statements of Operations.
F. Deferred Organization Expenses -- Costs incurred by the Trust in connection
with its organization, including registration costs, are being amortized on the
straight-line basis over five years from commencement of operations of each
series.
G. Other -- Investment transactions areaccounted for on the date the investments
are purchased or sold. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. However, if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as the Fund is informed
of the ex-dividend date. Interest income is recorded on the accrual basis.
H. Distributions -- Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
only temporary overdistributions for financial statement purposes, are
classified as distributions in excess of net investment income or accumulated
net realized gains. Distributions in excess of tax basis earnings and profits
are reported in the financial statements as a return of capital. Permanent
differences between book and tax accounting for certain items may result in
reclassification of these items.
I. Forward Foreign Currency Exchange Contracts -- The Trust may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
<PAGE>
of a foreign currency relative to the U.S. dollar. The Trust will enter into
forward contracts for hedging purposes in connection with purchases and sales of
securities denominated in foreign currencies. The forward foreign currency
exchange contracts are adjusted by the daily forward exchange rate of the
underlying currency and any gains or losses are recorded for financial statement
purposes as unrealized until such time as the contracts have been closed or
offset.
J. Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expense during the reporting period. Actual results could differ
from those estimates.
K. Interim Financial Information -- The interim financial statements relating to
June 30,1997 and for the six month period then ended have not been audited by
independent certified public accountants, but in the opinion of the Trust's
management, reflect all adjustments, consisting only of normally recurring
adjustments, necessary for the fair presentation of the financial statements.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service (Wright) to perform
investment management, investment advisory, and other services. For its
services, Wright is compensated based upon a percentage of each series' average
daily net assets which rate is adjusted as average daily net assets exceed
certain levels. For the six months ended June 30, 1997, the effective annual
rate was 0.75% for all Series. To enhance the net income of the Britain, Nordic
and Switzerland Series, Wright reduced its management fee by $3,182, $7,396 and
$4,693, respectively. In addition, $31,280, $12,856, and $12,000 of expenses of
the Britain, Nordic, and Switzerland Series, respectively, was allocated to the
investment adviser. 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
six months ended June 30, 1997, the effective annual rate was 0.10% for all
series.
Certain of the Trustees and officers of the Trust are directors/trustees
and/or officers of the above organizations. Except as to Trustees of the Trust
who are not affiliated with Eaton Vance or Wright, Trustees and officers receive
remuneration for their services to the Trust out of the fees paid to Eaton Vance
and Wright.
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
Funds will pay Wright Investors' Service Distributors Inc. (Principal
Underwriter), a subsidiary of Wright, an annual rate of 0.25% of each series'
average daily net assets for activities primarily intended to result in the sale
of each series' shares. For the six months ended June 30,1997, the Principal
Underwriter reduced its fees to the Britain, Nordic and Switzerland Series by
$1,081, $6,623 and $2,078, respectively.
<PAGE>
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Trust shares for the periods ended were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1997 (unaudited) December 31, 1996
---------------------------- -----------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES
<S> <C> <C> <C> <C>
Sales 79,963 $ 1,102,433 584,173 $ 7,619,405
Issued to shareholders in payment
of distributions declared -- -- 111,259 1,453,384
Redemptions (1,306,265) (17,536,677) (490,375) (6,432,766)
----------- ------------- ---------- ------------
Net Increase (Decrease) (1,226,302) $(16,434,244) 205,057 $ 2,640,023
=========== ============= ========== =============
BRITAIN SERIES
Sales 73,573 $ 661,024 264,652 $ 2,847,337
Issued to shareholders in payment
of distributions declared -- -- 126,746 1,051,808
Redemptions (396,556) (3,477,818) (1,312,055) (14,045,976)
--------- ------------ ------------ ------------
Net Decrease (322,983) $ (2,816,794) (920,657) $(10,146,831)
========== ============= ============ =============
GERMANY SERIES
Sales 178,063 $ 1,959,274 1,125,043 $ 10,956,494
Issued to shareholders in payment
of distributions declared -- -- 1 12
Redemptions (2,129,729) (23,119,224) (726,070) (7,137,412)
--------- ------------ --------- ------------
Net Increase (Decrease) (1,951,666) $(21,159,950) 398,974 $ 3,819,094
=========== ============= ========== =============
HONG KONG SERIES
Sales 336,574 $ 5,463,724 2,956,048 $ 40,005,914
Issued to shareholders in payment
of distributions declared -- -- 24,389 384,612
Redemptions (1,939,973) (30,028,792) (2,843,413) (38,225,558)
------------ ------------ ----------- ------------
Net Increase (Decrease) (1,603,399) $(24,565,068) 137,024 $ 2,164,968
=========== ============= ============ ===========
ITALIAN SERIES
Sales 53,421 $ 591,818 1,129,779 $ 11,292,719
Redemptions (978,084) (10,471,456) (111,987) (1,144,232)
--------- ------------ --------- ------------
Net Increase (Decrease) (924,663) $ (9,879,638) 1,017,792 $ 10,148,487
========== ============= =========== ============
<PAGE>
JAPAN SERIES
Sales 1,538,150 $ 12,623,569 1,936,498 $ 16,962,898
Issued to shareholders in payment
of distributions declared -- -- -- --
Redemptions (2,113,136) (16,781,098) (2,264,122) (19,667,146)
----------- -------------- ------------ ------------
Net Decrease (574,986) $ (4,157,529) (327,624) $ (2,704,248)
========== ============== ============= ============
MEXICO SERIES
Sales 2,119,694 $ 12,373,055 8,030,684 $ 40,764,497
Issued to shareholders in payment
of distributions declared -- -- 27 177
Redemptions (2,336,509) (13,515,682) (11,639,808) (57,698,992)
----------- ------------ ------------ ------------
Net Decrease (216,815) $ (1,142,627) (3,609,097) $(16,934,318)
========== ============= ============ ============
NETHERLANDS SERIES
Sales 967,080 $ 9,010,159 957,002 $ 9,673,567
Issued to shareholders in payment
of distributions declared 322 2,720 178,364 1,503,615
Redemptions (350,293) (3,218,891) (1,131,432) (11,485,497)
--------- ------------ ------------ ------------
Net Increase (Decrease) 617,109 $ 5,793,988 3,934 $ (308,315)
========== ============= ============= ============
NORDIC SERIES
Sales 220,083 $ 3,171,711 538,936 $ 7,070,054
Issued to shareholders in payment
of distributions declared 9 130 5,676 81,338
Redemptions (424,026) (6,011,721) (378,056) (4,934,980)
--------- ------------- ----------- ------------
Net Increase (Decrease) (203,934) $ (2,839,880) 166,556 $ 2,216,412
========== ============= =========== ============
SWITZERLAND SERIES
Sales 254,444 $ 2,964,861 325,732 $ 3,661,015
Issued to shareholders in payment
of distributions declared 8,506 93,903 15,805 171,326
Redemptions (504,123) (5,587,346) (465,629) (5,226,618)
--------- ------------ ----------- ------------
Net Decrease (241,173) $ (2,528,582) (124,092) $ (1,394,277)
========== ============ ============ ============
</TABLE>
<PAGE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the six months ended June 30, 1997, were as
follows:
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Belgium/Luxembourg $ 315,166 $16,436,766 Japan 6,165,494 $10,342,149
Britain 649,619 3,154,368 Mexico 6,674,189 8,790,730
Germany 11,741 20,824,241 Netherlands 6,242,141 338,533
Hong Kong 1,818,409 26,004,603 Nordic 1,243,578 4,271,702
Italian 48,126 9,345,198 Switzerland 2,289,176 5,086,950
- ------------------------------------------------------------------------------------------
</TABLE>
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and gross and net unrealized appreciation/depreciation of the
investment securities owned at June 30, 1997, as computed on a federal income
tax basis, are as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
SERIES Cost Appreciation -- Depreciation = Appreciation
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIUM/LUXEMBOURG $ 2,414,097 $ 538,095 -- $ 21,207 = $ 516,888
============== ==============
BRITAIN $ 775,203 $ 76,416 -- $ 12,369 = $ 64,047
============== ==============
GERMANY $ 2,065,842 $ 447,985 -- $ 6,178 = $ 441,807
============== ==============
HONG KONG $ 7,180,149 $ 1,294,175 -- $ 57,045 = $ 1,237,130
============== ==============
ITALIAN $ 911,014 $ 148,103 -- $ 44,991 = $ 103,112
============== ==============
JAPAN $ 13,141,842 $ 1,227,153 -- $ 630,535 = $ 596,618
============== ==============
MEXICO $ 19,285,006 $ 5,820,341 -- $ 306,563 = $ 5,513,778
============== ==============
NETHERLANDS $ 11,869,631 $ 2,689,297 -- $ 101,825 = $ 2,587,472
============== ==============
NORDIC $ 3,404,831 $ 587,595 -- $ 58,379 = $ 529,216
============== ==============
SWITZERLAND $ 3,264,277 $ 504,592 -- $ 16,595 = $ 487,997
============== ==============
</TABLE>
<PAGE>
(7) FINANCIAL INSTRUMENTS
The Funds regularly trade financial instruments with off-balance sheet risk
in the normal course of their investing activities in order to manage exposure
to market risks such as interest rates and foreign currency exchange rates.
These financial instruments include forward foreign currency exchange contracts.
The notional or contractual amounts of these instruments represent the
investment the Funds have in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
As of June 30, 1997, the Belgium, Germany, Italian, Japan, Mexico, and
Nordic Series had the following forward foreign currency exchange contracts
open:
<TABLE>
<CAPTION>
SALES
Net Unrealized
Settlement Contracts In Exchange For Contracts Appreciation
Date to Deliver (in U. S. Dollars) at Value (Depreciation)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/15/97 Belgian Franc 27,214,843 $ 757,509 $ 761,949 $ 4,440
7/ 1/97 Danish Krone 320,454 48,277 48,665 388
7/ 1/97 Deutsche Mark 1,468,734 842,447 850,848 8,401
7/ 1/97 Italian Lira 448,671,618 264,070 266,448 2,378
7/ 1/97 Japanese Yen 49,405,780 431,352 433,856 2,504
7/ 1/97 Mexican Peso 113,362 14,292 14,261 (31)
7/ 1/97 Swedish Krona 285,647 36,937 37,074 137
----------- ----------- ---------- ----------
TOTAL 527,480,438 $ 2,394,884 $ 2,413,101 $18,217
========== ========== ========= =========
PURCHASES
Net
Settlement Contracts In Exchange For Contracts Unrealized
Date to Receive (in U. S. Dollars) at Value Depreciation
- -------------------------------------------------------------------------------------------------------------------
7/15/97 Belgian Franc 11,211,415 $ 312,063 $ 313,869 $ (1,806)
7/ 1/97 Danish Krone 67,084 10,106 10,187 (81)
7/ 1/97 Deutsche Mark 20,271 11,627 11,743 (116)
----------- ----------- ---------- ----------
TOTAL 11,298,770 $ 333,796 $ 335,799 $ (2,003)
========== ========== ========= =========
</TABLE>
At June 30, 1997, the Belgium, German, Italian, Japan, Mexico and Nordic Series
had sufficient cash and/or securities to cover any commitments under these
contracts.
(8) CONTINGENT DEFERRED
SALES CHARGE (CDSC)
Effective January 1, 1996, shares that are redeemed in the first 30 days
after purchase will be subject to a contingent deferred sales charge at the rate
of one-and-one-half percent of redemption proceeds exclusive of all
reinvestments and capital appreciation in the account. This redemption fee will
be paid by the redeeming shareholder to, and retained by, the respective Fund.
No contingent deferred sales charge is imposed on exchanges for shares of other
funds in the Wright EquiFund Equity Trust which are distributed with a
contingent deferred sales charge. For the six months ended June 30, 1997, the
following amounts of CDSC were paid by shareholders to the Funds:
Fund CDSC Fee
Belgium/Luxembourg $ -
Britain -
Germany -
Hong Kong 13,641
Italy 91
Japan 15,990
Mexico 24,681
Netherlands 3,506
Nordic 4,895
Switzerland 723
(9) RISKS ASSOCIATED WITH FOREIGN
INVESTMENTS
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less publicly
available information about foreign companies, particularly those not subject to
the disclosure and reporting requirements of the U.S. securities laws. Foreign
issuers are generally not bound by uniform accounting, auditing, and financial
reporting requirements and standards of practice comparable to those applicable
to domestic issuers. Investments in foreign securities also involve the risk of
possible adverse changes in investment or exchange control regulations,
expropriation or confiscatory taxation, limitation on the removal of funds or
other assets of the Trust, political or financial instability or diplomatic and
other developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
Settlement of securities transactions in foreign countries may be delayed
and is generally less frequent than in the United States, which could affect the
liquidity of the Trust's assets. The Trust may be unable to sell securities
where the registration process is incomplete and may experience delays in
receipt of dividends.
EquiFund
THE WRIGHT EQUIFUND
EQUITY TRUST
Semi-Annual Report
Officers and Trustees of the Funds
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President
Winthrop S. Emmet, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
Richard E. Taber, 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
200 Clarendon Street
Boston, Massachusetts 02116
Transfer and Dividend Disbursing Agent
First Data Investor Services Group
Wright Managed Investment Funds
P.O. Box 5156
Westborough, Massachusetts 01581-9698
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
Fund's current prospectus.
