EquiFund(R)
THE WRIGHT EQUIFUND
EQUITY TRUST
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Description of art work on front cover of the report.
EquiFund logo in center of page with a globe underneath it, all of which is
set on a blue background.
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Annual Report
as of December 31, 1997
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/China
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........................... 7
Britain...................................... 7
Germany.......................................7
Hong Kong/China.............................. 8
Italian.......................................8
Japan........................................ 8
Mexico....................................... 9
Netherlands.................................. 9
Nordic....................................... 9
Switzerland................................. 10
Wright EquiFund -- Belgium/Luxembourg
Portfolio of Investments.....................11
Wright EquiFund -- Britain
Portfolio of Investments.....................12
Wright EquiFund -- Germany
Portfolio of Investments.....................13
Wright EquiFund -- Hong Kong/China
Portfolio of Investments.....................14
Wright EquiFund -- Italian
Portfolio of Investments.....................15
Wright EquiFund -- Japan
Portfolio of Investments.....................16
Wright EquiFund -- Mexico
Portfolio of Investments.....................17
Wright EquiFund -- Netherlands
Portfolio of Investments.....................18
Wright EquiFund -- Nordic
Portfolio of Investments.....................19
Wright EquiFund -- Switzerland
Portfolio of Investments.....................20
Statements of Assets & Liabilities.............21
Statements of Operations.......................24
Statements of Changes in Net Assets............27
Financial Highlights...........................31
Notes to Financial Statements..................41
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Report To Shareholders
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January 1998
Dear Shareholders :
The year 1997 capped several years of spectacular stock market performance
around the world. In the U.S., the S&P 500 Composite rose more than 20% for the
third consecutive year. Since the end of 1994, the total rise in the S&P 500 is
111%. European markets generally followed the U.S. lead, with some markets
posting even better dollar returns, such as 44% in Italy and 45% in Switzerland.
In the Americas, Mexico (54%) and Brazil(27%) were strong markets. During
December, new highs were reached in Denmark, Italy, Portugal and Switzerland.
In Asia, however, what started out as a run on the Thai baht last July developed
into a full-blown international crisis during the second half of 1997. For all
of 1997, market declines in Asia ranged from a low of 5% (in U.S. dollars) in
Taiwan to roughly 25% in Japan and Hong Kong to 60%-75% in Indonesia, South
Korea, Malaysia and Thailand. The IMF, the U.S. and a consortium of central
banks and big private banks have come to Asia's aid. Determined to stanch the
crisis and restore confidence, they have offered massive financial support, at
the same time requiring that remedial economic and market reforms be adopted.
In retrospect, most central banks were blind-sided by the developments in Asia,
having pursued tight monetary policies early in 1997. Germany, Britain and the
U.S. raised interest rates in preemptive strikes against inflation, and Canada
has recently tightened as well. Japanese policy makers made the unmitigated
mistake of increasing taxes, which they must now try to undo. Inflation, as
measured by consumer prices, was only 2% on average in the G-7 industrial
countries last year. Gold prices, a leading inflation indicator, tumbled 22%
during 1997, and oil prices fell almost one-third. Government bond yields fell
an average of 85 basis points in the G-7 markets last year; yields dropped in
eight of the final nine months of 1997.
Deflation emanating from Asia is constraining global inflation and interest
rates. Downward revisions in forecasts of economic growth and in estimates for
corporate earnings are in order. While the enormity of the Asian crisis has
surpassed even the most dire predictions, however, one should not underestimate
the recuperative powers of the Asian economies and markets. Long-term investors
can only be encouraged by the low inflation/high productivity trends that remain
the driving force in the world economies as the millennium approaches.
The paragraphs on the following pages discuss the economic, political and market
factors affecting the investment performance of the Wright EquiFund Equity
Trust during 1997 and prospects for 1998.
Sincerely,
/s/Peter M. Donovan
Peter M. Donovan
President
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BELGIUM/LUXEMBOURG
Belgium's economy grew 2.9% through the third quarter of 1997 due to rising
exports and increased consumption. The consensus expectation is for growth of
2.8% in 1998. Belgium's central bank believes that the Asian crisis will have
little effect on the economy; exports to that region account for less than 2% of
Belgium/Luxembourg's total. Higher tax receipts due to strong economic growth,
along with low interest rates, helped reduce the budget deficit to around 2.4%
of GDP in 1997, and it will probably decline further in 1998. Ten-year
government bond yields have declined around 50 basis points over the past year.
Belgium's inflation rate for the 12 months to January 1998 was 0.4%, a 35-year
low. Belgium's stock market underperformed the European average during 1997: the
Bel 20 Index total return index for Belgium increased 11% in terms of U.S.
dollars last year versus a 24% return for the FT/S&P Europe index. During 1997,
the Belgium/Luxembourg EquiFund's position in banking stocks was reduced, while
holdings in real estate and other financial stocks were increased materially;
utility stock holdings were scaled back to a position moderately above benchmark
weight.
BRITAIN
After a year of strong growth, economic activity appeared to be slowing as 1997
was ending. Real GDP growth moderated to 3.1% in the fourth quarter of 1997 from
3.7% in the third. The consensus expectation is for GDP growth of 2.4% in 1998.
Growth in the service sector slowed, and Asian turmoil combined with the strong
pound resulted in weakness in exports. The decreasing likelihood of further
interest rate hikes by the Bank of England, which tightened five times during
1997, and several announced corporate mergers lent support to investor
confidence, boosting stock prices to record levels near year-end 1997. The pound
sterling, while one of Europe's strongest currencies over the past year, lost
almost 4% against the dollar in 1997. For all of 1997, the FT/S&P total return
index for the U.K. increased 21%, slightly below the 24% total return indicated
for Europe. At December 31,1997, major Fund positions were held in utilities
(19%vs 12% for the FT/S&P U.K. benchmark), oil and gas (16% vs 10%) and
retailers(14% vs 8%).
GERMANY
German stocks had a relatively good showing during 1997, reflecting an
improving economy and falling interest rates. Following GDP growth estimated at
2.4% for 1997, the consensus expectation for real GDP growth in 1998 is 2.6%,
although this forecast was starting to look optimistic in late-1997 and
early-1998. Factory orders dropped 0.9% in December from November, the fourth
consecutive decline. Export orders were beginning to slow, and domestic demand
remained weak, with the number of unemployed at a postwar high. Inflation
remains low, just 1.3% for the year through January 1998, so there appears to be
room for the central bank to cut interest rates in order to stimulate demand.
German stock market indices were at or close to record levels in early 1998. The
FT/S&P Actuaries total return index for Germany rose 23% in U.S. dollar terms
during 1997; the deutsche mark (D-mark) return was 43%, but the D-mark
depreciated 14% against the dollar over the course of 1997. The German EquiFund
ended 1997 with major positions in the following industries: chemicals (17% vs
12% for the FT/S&P German index), banking (13% vs 19%), and real estate and
other fiancials (12% vs 17%).
HONG KONG/CHINA
In the face of tremendous currency weakness throughout the rest of Asia, Hong
Kong and China government officials vow that the Hong Kong dollar's peg to the
U.S. dollar is unbreakable. But, the cost of maintaining the peg with high
interest rates is mounting, although the Hong Kong economy is not expected to
suffer as much as Korea's and Indonesia's. The Hong Kong stock market rose to
record highs early in 1997 on expectations of a smooth transfer of power from
Britain to China on July 1. But during the second half of the year, it suffered
along with the rest of Asia. The FT/S&P Actuaries total return index for Hong
Kong lost 27% for all of 1997, as compared with a 26% decline for the FT/S&P
Japan index and a 34% loss for the FT/S&P Pacific ex Japan index. The economic
<PAGE>
effects of 1997's market weakness and currency pressures were beginning to be
seen in early 1998: in an economy not used to unemployment, 1000 jobs were lost
in the securities industry in January; hotel, retail and airline employees are
also being let go. Tourism continues to slump. Property prices, down as much as
40% already, continue to drop, threatening the profits of Hong Kong companies,
seven in ten of which invest in real estate. Banking (23% vs 10% for the FT/S&P
Hong Kong/China benchmark), utilities (19% vs 23%) and real estate and other
financials (12% vs 56%) were important industries for the Hong Kong/China
EquiFund at year-end 1997.
ITALY
Inflation has fallen to a three-decade low in Italy. Low inflation and progress
in reducing the budget deficit gave the Bank of Italy room to reduce its
discount rate by 75 basis points to 5.5% in December. For the entire year 1997,
short-term interest rates declined by more than one percentage point, while
ten-year bond yields fell nearly two percentage points. The economic expansion
continued at a moderate pace over the past 12 months, helped by rising export
demand, especially from Italy's European trading partners. Investor confidence
has also been boosted by the increasing chances that Italy will be a founding
member of the European Monetary Union in 1999; this has been made possible by
Italy's success in reducing its budget deficit. Stock prices rose significantly
during 1997, as indicated by the 67% total return for the FT/S&P Actuaries index
for Italy (44% in U.S. dollars). Over the past year, the lira depreciated 14% in
value against the dollar, in line with the D-mark's 1997 decline. As a
proportion of total portfolio holdings, EquiFund Italian's positions increased
in banks (to 18% at 12/31/97 from 9% at 12/31/96), in electrical stocks (to 9%
from 2%), and in oil and gas issues (to 15% from 7%) over the course of 1997;
positions were reduced in utilities (to 12% from 31%) and in real estate and
other financial stocks (to 10% from 12%).
JAPAN
Japan's economy appeared to be sliding from stagnation to contraction as 1997
came to an end. Exports slowed because of reduced demand from Asia. In fact,
were it not for the even greater weakness in imports, Japan's trade surplus
would be shrinking. Domestic demand has been restrained by tax increases, a bank
credit crunch, and worries over Asia's crisis. The consensus forecast for real
GDP growth in 1998 has slipped to 0.4% from the 1.0% expected previously.
Despite the weakening economy, the Finance Ministry appears determined to pursue
a contractionary fiscal policy in order to reduce the budget deficit. The FT/S&P
Actuaries total return index for Japan declined 17% in yen; the yen's decline of
11% in value compared to the U.S. dollar brought the loss to 26% in dollar
terms. Over the course of 1997, EquiFund Japan reduced its holdings in the
construction industry (to 1% from 11%), in drug stocks (to 17% from 29%) and in
retailers (to 5% from 18%); new positions were established in the automotive
industry (12%) and in real estate and other financial stocks (10%); and holdings
were increased in the electronics sector (to 21% from 13%).
MEXICO
The Mexican stock market was one of the world's strongest during 1997; the
FT/S&P total return index for Mexico surged 53% in pesos and 50% in U.S. dollar
terms last year. Early in 1998, however, the Mexican stock market was hit hard
by falling oil prices, weakness in the peso, and concern about fallout from the
Asian crisis. Oil accounts for about 20% of Mexico's exports and 40% of
government revenues. Declining oil prices helped make Mexico's December trade
deficit the widest in three years and prompted the government to cut $1.85
billion from its 1998 spending plans. The government has shaved its forecast of
1998 GDP growth to 5.0%, compared to 7.0% growth estimated for 1997. The central
bank is targeting 1998 inflation at 12% compared to 16% in 1997, but this may be
difficult to hit if the peso stays weak (it declined only 2% against the dollar
during 1997 but was off another 5% in January 1998). At 12/31/97, EquiFund
Mexico had significant positions in retailers (16% vs 8% one year earlier), in
beverage stocks (12% vs 7%), and in construction stocks (11% vs 14%). Telefonos
de Mexico represented 12% of the portfolio, as compared with 19% in the FT/S&P
Mexico benchmark.
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NETHERLANDS
Inflation in the Netherlands moderated over the last few months of 1997. With
the help of a mild winter, productivity gains and moderate wage increases,
consumer price inflation eased to 1.8% year-over-year in January, down from 2.5%
in the year to November 1997. The consensus forecast for full-year 1998
inflation has been shaved to 2.5% from 2.8% recently, even though GDP growth is
expected to pick up to 3.3% this year from 2.9% over the latest 12 months.
Unemployment is under 5%, but wages increased just 3.2% for the year through
November. For all of 1997, the FT/S&P Actuaries total return index for the
Netherlands rose 46% in guilders and 25% in U.S. dollars. The guilder declined
14% in value compared with the U.S. dollar last year, keeping just about even
with the German mark. At December31, 1997, EquiFund Netherlands had important
positions in financial stocks (17% vs 25% for the FT/S&P benchmark), in oil and
gas stocks (13% vs 32%) and in printing and publishing (13% vs 8%).
NORDIC MARKETS
Norway's GDP grew 4.4% in 1997, adding to fears that the economy is overheating.
The unemployment rate is at 3.0%; some unions are demanding wage increases of
close to 5% compared to the government's target of 3.5%. The Finnish central
bank, which last year warned of a tighter monetary policy in 1998, recently said
that tightening is on hold because it expects Asia's problems to help ease
Finland's inflationary pressures. Sweden's consumer price inflation held under
2% for the year through December 1997, raising hopes that future tightening by
the Riksbank, which boosted rates 25 basis points in December, will be limited.
Over the 12 months ended December 31, 1997, the FT/S&P Actuaries total return
index for the Nordic region rose 35% in local currency terms, but the strength
of the U.S. dollar trimmed that gain to 16% in dollar terms. Drugs (19% of
portfolio value at 12/31/97 vs 18% at 12/31/96), electronics (15% vs 7%) and
machinery (12% vs 8%) were the largest industry positions in the Nordic EquiFund
at year-end 1997.
SWITZERLAND
The Swiss government expects the economy to grow 1.7% in 1998, up from the
0.6% growth estimated for 1997. Retail sales rose 5% in the year to December
1997, the strongest showing since early 1994. Switzerland's fourth-quarter trade
surplus was the largest in nine years. Despite Asia's crisis, Swiss companies
expect exports to increase again in 1998, in part due to increasing productivity
and improved competitiveness. The January 1998 Swiss purchasing managers' survey
showed industrial activity expanding for the first time in four months. Consumer
prices were unchanged during 1997. The Swiss stock market was strong this past
year, with the FT/S&P Actuaries total return index increasing 57% in terms of
Swiss francs and 45% in dollars. The Swiss franc was one of Europe's strongest
currencies last year, but it still lost 8% in value compared to the U.S. dollar
in 1997. EquiFund Switzerland ended 1997 with significant positions in health
care (29% vs 23% one year earlier), banking (18% vs 16%), real estate and other
financials (14% vs 15%) and chemical stocks (9% vs 4%).
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INVESTORS ARE REMINDED THAT PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS
AND THAT INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN
INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. THERE ARE ADDITIONAL RISKS ASSOCIATED WITH INTERNATIONAL INVESTING SUCH AS
CURRENCY FLUCTUATIONS AND POTENTIAL POLITICAL INSTABILITY.
<PAGE>
THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - BELGIUM/LUXEMBOURG
Growth of $10,000 invested 2/1/94* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquiFund-Belgium/Luxembourg +11.4% +13.9%
Bel 20 Index +9.2% +11.3%
FT-World Ex U.S. Index +0.8% +4.4%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
BELGIUM/LUXEMBOURG at inception on 2/1/94 would have grown to $16,658 by
December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Bel 20 FT-World
Belgium/Luxembourg Index ex US Index
02/01/94 $10,000 $10,000 $10,000
12/31/94 $10,281 $10,165 $9,993
12/31/95 $12,366 $12,346 $11,037
12/31/96 $14,949 $13,914 $11,755
12/31/97 $16,658 $15,192 $11,849
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - BRITAIN
Growth of $10,000 invested 5/1/95* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquiFund - Britain +13.3% +19.5%
FT-SE-A All-Share +19.1% +22.1%
FT-World Ex U.S. Index +0.8% +4.7%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND BRITAIN
at inception on 5/1/95 would have grown to $16,089 by December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund FT SE-A FT-World
Britain All-Share Index ex US Index
05/01/95 $10,000 $10,000 $10,000
12/31/95 $11,200 $11,259 $10,523
12/31/96 $14,201 $14,320 $11,206
12/31/97 $16,089 $17,058 $11,296
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - GERMANY
Growth of $10,000 invested 5/1/95* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquiFund - Germany +9.9% +5.8%
Deutscher AktienIndex(DAX) +26.0% +19.9%
FT-World Ex U.S. Index +0.8% +4.7%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND GERMANY
at inception on 5/1/95 would have grown to $11,616 by December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Deutsche Aktien FT-World
Germany Index (DAX) ex US Index
05/01/95 $10,000 $10,000 $10,000
12/31/95 $9,190 $10,787 $10,523
12/31/96 $10,572 $12,896 $11,206
12/31/97 $11,616 $16,250 $11,296
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - HONG KONG/CHINA
Growth of $10,000 invested 7/1/90* through 12/31/97
Annual Total Return
Lst 1 Yr Lst 5 yr Since Incept*
EquiFund - Hong Kong/China - 27.2% +1.9% +4.8%
Hang Seng Index -17.4% +18.8% +21.9%
FT-World ex US Index +0.8% +11.2% +5.3%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND - HONG
KONG/CHINA inception on 7/1/90 would have grown to $14,207 by December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Hang Sen FT-World
Hong Kong/China Index ex US Index
07/01/90 $10,000 $10,000 $10,000
12/31/90 $8,280 $9,374 $8,813
12/31/91 $11,123 $13,861 $9,987
12/31/92 $12,929 $18,642 $8,682
12/31/93 $23,830 $41,893 $11,483
12/31/94 $15,005 $29,788 $12,443
12/31/95 $15,250 $38,336 $13,743
12/31/96 $19,515 $53,305 $14,637
12/31/97 $14,207 $44,039 $14,754
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - ITALIAN
Growth of $10,000 invested 10/1/96* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquiFund - Italian +19.3% +19.4%
Banca Commerciale Italiana +39.3% +36.6%
FT-World ex US Index +0.8% +1.8%
The cumulative total return of a U.S. $10,000 investment in EQUIFUND-ITAIAN
from inception on 10/1/96 would have grown to $12,482 by December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Banca Commerciale FT-World
Italian Italiana ex US Index
10/01/96 $10,000 $10,000 $10,000
12/31/96 $10,461 $10,599 $10,143
12/31/97 $12,482 $14,768 $10,225
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - JAPAN
Growth of $10,000 invested 2/1/94* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquiFund - Japan -14.2% -8.9%
Tokyo SE Index -28.3% -11.6%
FT-World ex US Index +0.8% +4.4%
The cumulative total return of a U.S. $10,000 investment in EQUIFUND - JAPAN
at inception on 2/1/94 would have declined to $6,937 by December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Tokyo SE FT-World
Japan Index ex US Index
02/01/94 $10,000 $10,000 $10,000
12/31/94 $9,783 $10,409 $9,993
12/31/95 $8,892 $10,244 $11,037
12/31/96 $8,082 $8,601 $11,755
12/31/97 $6,937 $6,168 $11,849
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - MEXICO
Growth of $10,000 invested 8/1/94* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquuiFund - Mexico +42.4% -5.1
Mexican Bolsa IPC Index +51.5% -3.5%
FT-World ex US Index +0.8% +4.5%
The cumulative total return of a U.S. $10,000 investment in EQUIFUND -
MEXICO at inception on 8/1/94 would have declined to $8,356 by December 31,1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund Mexican Bolsa FT-World
Mexico IPC Index ex US Index
08/01/94 $10,000 $10,000 $10,000
12/31/94 $6,909 $6,603 $9,812
12/31/95 $4,604 $4,958 $10,837
12/31/96 $5,869 $5,849 $11,541
12/31/97 $8,356 $8,859 $11,634
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - NETHERLANDS
Growth of $10,000 invested 7/1/90* through 12/31/97
Annual Total Return
Lst 1 Yr Lst 5 yr Since Incept*
EquiFund - Netherlands +15.4% +20.1% +10.8%
CBS Total Return General +24.5% +26.9% +19.2%
FT-World ex US Index +0.8% +11.2% +5.3%
The cumulative total return of a U.S. $10,000 investment in EQUIFUND
NETHERLANDS at inception on 7/1/90 would have grown to $21,592 by December 31,
1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund CBS Total Retun FT-World
Netherlands General Index ex US Index
07/01/90 $10,000 $10,000 $10,000
12/31/90 $8,570 $9,548 $8,813
12/31/91 $9,427 $11,197 $9,987
12/31/92 $8,654 $11,340 $8,682
12/31/93 $10,344 $15,636 $11,483
12/31/94 $11,552 $17,898 $12,443
12/31/95 $13,728 $23,150 $13,743
12/31/96 $18,704 $30,004 $14,637
12/31/97 $21,592 $37,350 $14,754
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - NORDIC
Growth of $10,000 invested 2/1/94* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
Nordic EquiFund +5.2% +13.6%
FT-Nordic +15.7% +19.7%
FT-World ex US Index +0.8% +4.4%
The cumulative total return of a U.S. $10,000 investment in EQUIFUND -
NORDIC at inception on 2/1/94 would have grown to $16,451 by December 31, 1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund FT-Nordic FT-World
Nordic Index ex US Index
02/01/94 $10,000 $10,000 $10,000
12/31/94 $9,881 $10,402 $9,993
12/31/95 $11,837 $13,011 $11,037
12/31/96 $15,636 $17,497 $11,755
12/31/97 $16,451 $20,251 $11,849
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THE WRIGHT EQUIFUND EQUITY TRUST
WRIGHT EQUIFUND - SWITZERLAND
Growth of $10,000 invested 2/1/94* through 12/31/97
Annual Total Return
Lst 1 Yr Since Incept*
EquiFund - Switzerland +22.7% +8.6%
FT-Swiss Index +44.7% +20.5%
FT-World ex US Index +0.8% +4.4%
The cumulative total return of a U.S. $10,000 investment in the EQUIFUND -
SWITZERLAND at inception on 2/1/94 would have grown to $13,827 by December 31,
1997.
The following plotting points are used for comparison in the total investment
return mountain chart.
Date EquiFund FT-Swiss FT-World
Switzerland Index ex US Index
02/01/94 $10,000 $10,000 $10,000
12/31/94 $9,481 $9,613 $9,993
12/31/95 $11,222 $13,982 $11,037
12/31/96 $11,272 $14,359 $11,755
12/31/97 $13,827 $20,771 $11,849
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NOTES: *: For comparison with other averages, the investment results are shown
from the closest month end since each Fund's inception. The investment results
of EquiFund are net of all fees and expenses including withheld dividend taxes
charged to the Fund. No fees, expenses or taxes have been deducted from the
other averages. The Total Investment Return is the % return of an initial U.S.
$10,000 investment made at the beginning of the period to the ending redeemable
value assuming all dividends and distributions are reinvested. Past performance
is not predictive of future performance.
<PAGE>
Dividend Distributions
===============================================================================
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Value 12 Month 5 Year Cum.
Period Per bution bution Shares $1,000 Investment Investment Investment
Ending Share $ P/S in Shares Owned Investment Return Return Return
(Annualized) (Annualized)
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BELGIUM/LUXEMBOURG
- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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%
Jul. 97 15.04 111.64 1,679.06 20.54% - 16.18%
Aug. 97 13.97 111.64 1,559.61 11.63% - 13.38%
Sep. 97 14.99 111.64 1,673.48 19.34% - 15.28%
Oct. 97 14.45 111.64 1,613.20 12.33% - 13.77%
Nov. 97 14.38 111.64 1,605.38 7.62% - 13.31%
Dec. 97 9.54 5.330 0.564021 174.61 1,665.75 11.43% - 14.08%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- BRITAIN
- --------------------------------
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%
Jul 97 9.88 154.97 1,531.14 31.97% - 20.54%
Aug. 97 9.62 154.97 1,490.84 22.99% - 18.39%
Sep. 97 10.40 154.97 1,611.72 30.29% - 21.53%
Oct. 97 9.83 154.97 1,523.39 15.57% - 18.08%
Nov. 97 10.18 154.97 1,577.63 15.97% - 19.05%
Dec. 97 8.98 1.310 0.146861 177.73 1,596.04 13.30% - 18.91%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- GERMANY
- -------------------------------
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%
Jul. 97 12.63 100.55 1,269.95 28.62% - 11.03%
Aug. 97 11.49 100.55 1,155.32 14.90% - 6.29%
Sep. 97 12.54 100.55 1,260.90 24.65% - 9.92%
Oct. 97 11.18 100.55 1,124.15 10.37% - 4.72%
Nov. 97 11.25 100.55 1,131.19 7.35% - 4.82%
Dec. 97 11.68 100.55 1,174.42 9.88% - 6.13%
- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
WRIGHT EQUIFUND -- HONG KONG/CHINA
- ---------------------------------------
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%
Jul. 97 19.20 118.49 2,274.99 43.03% 9.90% 12.31%
Aug. 97 16.76 118.49 1,985.87 20.51% 8.32% 10.05%
Sep. 97 17.72 118.49 2,099.62 20.80% 9.49% 10.78%
Oct. 97 12.38 118.49 1,466.89 -18.67% 0.13% 5.36%
Nov. 97 11.94 118.49 1,414.76 -27.14% 0.25% 4.79%
Dec. 97 11.99 118.49 1,420.68 -27.20% 1.90% 4.79%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- ITALIAN
- --------------------------------
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%
Jul. 97 11.69 100.00 1,169.00 - - 16.90%
Aug. 97 11.67 100.00 1,167.00 - - 16.70%
Sep. 97 12.87 100.00 1,287.00 26.18% - 28.70%
Oct. 97 12.46 100.00 1,246.00 26.50% - 21.30%
Nov. 97 12.35 100.00 1,235.00 17.62% - 18.87%
Dec. 97 11.04 1.670 0.153211 115.32 1,273.14 19.32% - 20.31%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- JAPAN
- ------------------------------
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%
Jul. 97 9.13 101.28 924.64 2.01% - -2.24%
Aug. 97 8.05 101.28 815.27 -4.62% - -5.60%
Sep. 97 8.36 101.28 846.66 -3.80% - -4.49%
Oct. 97 7.85 101.28 795.01 -2.73% - -6.00%
Nov. 97 7.27 101.28 736.27 -11.66% - -7.76%
Dec. 97 6.85 101.28 693.74 -14.16% - -9.00%
- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
WRIGHT EQUIFUND -- MEXICO
- ---------------------------------
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%
Jul. 97 7.50 109.09 818.17 53.69% - -6.48%
Aug. 97 7.07 109.09 771.26 31.41% - -8.09%
Sep. 97 8.16 109.09 890.17 50.55% - -3.61%
Oct. 97 6.70 109.09 730.90 34.81% - -9.20%
Nov. 97 7.24 109.09 789.81 37.38% - -6.84%
Dec. 97 7.66 109.09 835.63 42.38% - -5.12%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NETHERLANDS
- ------------------------------------
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%
Jul. 97 10.71 208.51 2,233.18 35.46% 17.50% 12.02%
Aug. 97 9.88 208.51 2,060.12 21.21% 15.66% 10.61%
Sep. 97 10.66 208.51 2,222.76 28.61% 17.56% 11.65%
Oct. 97 10.24 208.51 2,135.18 23.09% 19.35% 10.90%
Nov. 97 10.26 208.51 2,139.35 17.08% 19.39% 10.80%
Dec. 97 9.80 0.550 0.056643 220.32 2,159.18 15.44% 20.06% 10.81%
- ---------------------------------------------------------------------------------------------------------------------------------
WRIGHT EQUIFUND -- NORDIC
- -------------------------------
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%
Jul. 97 15.32 111.62 1,710.01 29.08% - 16.68%
Aug. 97 14.78 111.62 1,649.73 19.44% - 15.09%
Sep. 97 16.34 111.62 1,823.86 29.21% - 17.93%
Oct. 97 15.15 111.62 1,691.03 15.61% - 15.13%
Nov. 97 14.98 111.62 1,672.06 10.14% - 14.44%
Dec. 97 12.68 2.070 0.162353 129.74 1,645.12 5.22% - 13.63%
- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
WRIGHT EQUIFUND -- SWITZERLAND
- ---------------------------------
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%
Jul. 97 12.53 106.24 1,331.19 16.12% - 8.62%
Aug. 97 11.56 106.24 1,228.14 4.19% - 5.97%
Sep. 97 12.64 106.24 1,342.88 17.97% - 8.47%
Oct. 97 12.32 106.24 1,308.88 16.53% - 7.53%
Nov. 97 12.59 106.24 1,337.57 16.27% - 7.97%
Dec. 97 11.99 1.020 0.085499 115.32 1,382.73 22.67% - 8.72%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Wright EquiFund - Belgium/Luxembourg
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- -------------------------------------------------------------------------------
BEVERAGES -- 2.7%
3,870 Quilmes Industries S.A. $ 41,603
----------
CHEMICALS -- 3.6%
1,000 Tessenderlo Chemie $ 55,264
----------
CONSTRUCTION -- 3.8%
650 Cimenteries Cbr Cementbed $ 58,350
----------
DIVERSIFIED -- 4.3%
20 Ucb Sa $ 65,939
----------
ELECTRONICS -- 3.7%
305 Barco N.V. (Industries) $ 55,911
----------
FINANCIAL -- 8.7%
150 Generale De Banque Sa $ 65,204
160 Kredietbank Npv 67,071
----------
$ 132,275
----------
OIL, GAS & COAL - 7.2%
300 Petrofina Sa Npv $ 110,594
----------
REAL ESTATE & OTHER FINANCIALS -- 27.1%
1,410 Nijver Almanij Parts Soc $ 71,080
2,193 Nijver Almanij Strip VVPR* 177
1,500 Cie Belge De Parcip Paribas 68,136
535 Fortis Ag 111,485
250 Royal Belge 71,101
10 Socfinasia 33,671
75 Sofina 55,600
----------
$ 411,250
----------
RECREATION -- 4.4%
1,660 Audiofina $ 67,035
----------
RETAILERS -- 12.1%
110 Colruyt Sa $ 56,119
1,300 Delhaize Le Ps 65,885
1,250 G.I.B. Holdings Ltd 60,655
----------
$ 182,659
----------
UTILITIES -- 12.6%
550 Electrabel SA $ 127,065
715 Tractebel SA 62,258
390 Tractebel SA* 999
----------
$ 190,322
----------
MISCELLANEOUS -- 3.3%
180 Ackermans & Van Haaren $ 49,980
----------
TOTAL INVESTMENTS
(identified cost, $1,053,461)-- 93.5% $1,421,182
OTHER ASSETS, LESS LIABILITIES-- 6.5% 99,121
----------
NET ASSETS-- 100.0% $1,520,303
==========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Britain
Portfolio of Investments as of December 31, 1997
===============================================================================
Shares Description Value
- -------------------------------------------------------------------------------
BEVERAGES -- 3.4%
2,346 Cadbury Schweppes Plc $ 23,823
----------
CHEMICALS -- 2.8%
7,000 Allied Colloids Group Plc $ 19,203
----------
ELECTRONICS -- 7.7%
1,417 Siebe Plc $ 27,983
1,800 Smiths Industries 25,224
----------
$ 53,207
----------
FINANCIAL -- 10.7%
2,882 Hsbc Holdings Plc $ 74,297
----------
FOOD -- 6.2%
1,230 Unigate Plc $ 12,216
3,600 Unilever Limited 31,156
----------
$ 43,372
----------
MACHINERY & EQUIPMENT -- 2.2%
700 Powerscreen Int'L $ 7,067
1,800 Weir Group Plc (The) 7,913
----------
$ 14,980
----------
METAL PRODUCT MANUFACTURERS -- 2.8%
2,200 Johnson Matthey Public Limited $ 19,814
----------
OIL, GAS & COAL -- 15.6%
1,200 Burmah Castrol Plc $ 20,267
12,500 Shell Trnspt & Trdg 88,205
----------
$ 108,472
----------
PRINTING & PUBLISHING -- 2.8%
1,500 Pearson Plc* $ 19,608
----------
REAL ESTATE & OTHER FINANCIALS -- 2.8%
1,454 Provident Financial Plc $ 19,222
----------
RETAILERS -- 13.9%
2,000 Boots Company (The) Plc* $ 28,969
2,900 Marks & Spencer Plc Eng 28,706
3,130 Tesco Plc 25,604
3,600 Wm Morrison Supermarkets Plc 13,683
----------
$ 96,962
----------
UTILITIES -- 19.7%
2,846 Cable & Wireless Plc $ 25,350
3,300 National Power Plc (New) 32,666
4,100 Scottish Power Plc 36,452
1,041 Thames Water Plc 15,595
3,662 Vodafone Group Plc 26,566
----------
$ 136,629
----------
MISCELLANEOUS -- 10.3%
1,700 Kwik-Fit Holdings Plc* $ 9,875
2,600 Reuters Holdings Plc 28,573
700 Watson & Philip Plc 5,934
3,433 Wolseley Plc 27,453
----------
$ 71,835
----------
TOTAL INVESTMENTS
(identified cost, $611,209) -- 100.9% $ 701,424
OTHER ASSETS, LESS LIABILITIES -- (0.9%) (6,207)
----------
NET ASSETS -- 100.0% $ 695,217
==========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Germany
Portfolio of Investments as of December 31, 1997
===============================================================================
Shares Description Value
- -------------------------------------------------------------------------------
APPAREL -- 0.9%
10 Boss, Hugo $ 12,931
----------
AUTOMOTIVE -- 4.0%
75 Bayerische Motoren Werke AG $ 56,104
----------
CHEMICALS -- 16.5%
1,700 BASF AG German Ord. $ 60,275
1,700 Bayer AG 63,537
800 Henkel KGAA 50,501
1,600 Hoechst AG 56,062
----------
$ 230,375
----------
CONSTRUCTION -- 4.0%
50 Buderus AG $ 22,414
45 Dyckerhoff 11,888
311 Heidelberger Zement AG German 22,140
----------
$ 56,442
----------
DIVERSIFIED -- 11.0%
110 M.A.N. AG DM50 $ 31,874
910 Veba AG 61,999
110 Viag AG 59,283
----------
$ 153,156
----------
DRUGS, COSMETICS & HEALTHCARE -- 5.4%
140 Fresenius AG $ 25,773
350 Schering AG 33,774
20 Wella AG 15,184
----------
$ 74,731
----------
ELECTRONICS -- 12.4%
250 SAP AG $ 81,827
1,300 Siemens AG German Ord. 77,002
250 Vossloh AG 13,974
----------
$ 172,803
----------
FINANCIAL -- 13.3%
1,500 Commerzbank AG $ 59,066
970 Deutsche Bank AG 68,515
1,250 Dresdner Bank AG 57,703
----------
$ 185,284
----------
FOOD -- 2.0%
60 Suedzucker Ord. $ 28,198
----------
MACHINERY & EQUIPMENT -- 3.8%
50 Gea Pref Sares $ 16,170
60 Linde AG German Ord. 36,641
----------
$ 52,811
----------
METAL PRODUCERS -- 2.0%
560 Degussa AG German Ord. $ 28,031
----------
REAL ESTATE & OTHER FINANCIALS -- 11.5%
400 Allianz AG Holdings Ger. Reg. $ 103,671
150 Muenchener Rueckerver 56,563
----------
$ 160,234
----------
RETAILERS -- 2.4%
640 Douglas Holding AG $ 19,328
200 Hornbach AG 13,849
----------
$ 33,177
----------
UTILITIES -- 4.1%
1,080 RWE AG $ 57,964
----------
MISCELLANEOUS -- 4.5%
70 Friedrich Grohe AG VZ $ 16,974
520 Gehe AG 26,029
200 Rhoen-Klinikum 19,578
----------
$ 62,581
----------
TOTAL INVESTMENTS
(identified cost, $1,094,742) -- 97.8% $1,364,822
OTHER ASSETS, LESS LIABILITIES -- 2.2% 30,203
----------
NET ASSETS -- 100.0% $1,395,025
===========
See notes to financial statements
<PAGE>
Wright EquiFund - Hong Kong/China
Portfolio of Investments as of December 31, 1997
===============================================================================
Shares Description Value
- --------------------------------------------------------------------------------
AEROSPACE -- 1.8%
52,000 Hong Kong Aircraft Engineering Co. $ 128,096
----------
DIVERSIFIED - 11.3%
40,000 Hutchison Whampoa Ltd. $ 250,903
78,000 New World Development 269,799
48,000 Swire Pacific Ltd. 263,294
----------
$ 783,996
----------
ELECTRICAL -- 3.3%
79,400 Johnson Electric Holdings-500 $ 228,526
----------
FINANCIAL -- 22.9%
117,004 Bank of East Asia Hong Kong $ 274,087
86,000 Guoco Group Ltd. 210,338
26,900 Hang Seng Bank 259,522
26,455 HSBC Holdings PLC 652,156
41,640 Wing Lung Bank 199,386
----------
$ ,595,489
----------
PRINTING & PUBLISHING -- 3.4%
340,000 South China Morning Pos
(Hold.) Ltd.* $ 239,158
----------
REAL ESTATE & OTHER FINANCIALS -- 11.9%
42,000 Cheung Kong $ 275,103
60,000 Henderson Land Devel. Co. Ltd. 282,654
39,000 Sun Hung Kai Properties Ltd. 271,812
----------
$ 829,569
----------
RETAILERS -- 4.5%
79,666 Dickson Concepts Int'l. $ 116,188
196,000 Jardine Int'l. Motor Holdings 106,247
173,000 Sime Darby Hong Kong Limited 84,848
----------
$ 307,283
----------
TRANSPORTATION -- 4.1%
354,000 Cathay Pacific Airways Ltd. $ 287,842
----------
UTILITIES -- 18.9%
50,000 China Light & Power Co. $ 277,491
140,560 Hong Kong & China Gas 272,121
70,000 Hong Kong Electric Holdings Ltd. 266,069
242,490 Hong Kong Telecom 499,189
----------
$1,314,870
----------
MISCELLANEOUS -- 3.8%
66,000 Citic Pacific Ltd. $ 262,364
----------
TOTAL INVESTMENTS
(identified cost, $6,842,966) -- 85.9% $5,977,193
OTHER ASSETS, LESS LIABILITIES -- 14.1% 980,360
----------
NET ASSETS -- 100.0% $6,957,553
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Italian
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- -------------------------------------------------------------------------------
APPAREL -- 4.9%
1,660 Benetton SpA $ 26,958
----------
AUTOMOTIVE -- 2.5%
5,500 Sogefi $ 13,999
----------
DRUGS, COSMETICS & HEALTHCARE -- 4.1%
5,000 Sorin Biomedical SpA $ 22,598
----------
ELECTRICAL -- 9.3%
1,500 Gewiss SpA $ 28,422
8,500 Pirelli SpA* 22,543
----------
$ 50,965
----------
ELECTRONICS -- 2.6%
7,000 Tecnost SpA $ 14,214
----------
FINANCIAL -- 17.8%
2,500 Banca Agricola Mantovana $ 25,803
1,000 Banca Popolare Di Bergamo 17,445
3,000 Banca Credito Agrario Bresci 26,798
1,500 Credito Bergamasco Azione No 28,083
----------
$ 98,129
----------
FOOD - 3.4%
13,000 Parmalat Finanziaria SpA $ 18,559
----------
MACHINERY & EQUIPMENT - 4.0%
8,500 Comau SpA $ 22,212
----------
METAL PRODUCERS -- 3.5%
2,000 Saes Getters SpA $ 19,094
----------
OIL, GAS & COAL - 14.5%
14,000 Eni SpA $ 79,993
----------
REAL ESTATE & OTHER FINANCIALS -- 10.3%
2,600 Alleanza Asicurazioni SpA $ 26,066
1,250 Assicurazione Generali Itl 30,777
----------
$ 56,843
----------
RETAILERS - 3.6%
5,500 Ifil Finanz Di Partecipazoni $ 20,009
----------
UTILITIES -- 12.3%
4,000 Edison SpA $ 23,946
10,000 Sondel-Societa Nordelettrica 18,993
3,888 Telecom Italia SpA 24,885
----------
$ 67,824
----------
MISCELLANEOUS -- 1.4%
1,000 Industrie Zignagos Margherita $ 7,732
----------
TOTAL INVESTMENTS
(identified cost, $448,418) -- 94.2% $ 519,129
OTHER ASSETS, LESS LIABILITIES -- 5.8% 31,757
----------
NET ASSETS -- 100.0% $ 550,886
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Japan
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- --------------------------------------------------------------------------------
AUTOMOTIVE -- 11.6%
12,000 Honda Motor Co. Ltd. $ 440,224
----------
BEVERAGES -- 2.6%
8,000 Mikuni Coca-Cola Bottling $ 99,870
----------
CHEMICALS -- 4.0%
7,000 Bridgestone Corp. $ 151,719
----------
CONSTRUCTION -- 0.7%
5,000 Kaneshita Construction $ 22,593
700 Taihei Dengyo 2,171
----------
$ 24,764
----------
DRUGS, COSMETICS & HEALTHCARE -- 17.2%
9,365 Santen Pharmaceutical $ 107,586
7,000 Taisho Pharmaceutical Co. Ltd. 178,525
13,000 Takeda Chem Industries Ltd. 370,376
----------
$ 656,487
----------
ELECTRONICS -- 21.5%
6,000 Aiwa Co., Ltd. $ 151,183
3,000 Hirose Electronics Co., Ltd. 153,251
1,050 Keyence Corp. 155,204
4,000 Kyocera Corp. 181,359
7,000 Murata Mfg. Co. Ltd. 177,453
----------
$ 818,450
----------
MACHINERY & EQUIPMENT -- 5.8%
7,000 Canon Inc. $ 162,978
7,000 Tsukishima Kikai Co., Ltd. 56,828
----------
$ 219,806
----------
OIL, GAS & COAL -- 3.3%
30,000 General Sekiyu K.K. $ 126,599
----------
PAPER - 4.6%
5,000 Uni-Charm Corporation $ 176,917
----------
PRINTING & PUBLISHING -- 3.9%
8,000 Dai Nippon Printing Co. Ltd. $ 150,111
----------
RECREATION -- 4.9%
1,900 Nintendo Co., Ltd. $ 187,715
----------
REAL ESTATE & OTHER FINANCIALS -- 9.9%
3,500 Promise Co., Ltd. $ 194,072
600 Shohkoh Fund & Co., Ltd.* 182,890
----------
$ 376,962
----------
RETAILERS -- 5.3%
5,660 Familymart $ 202,870
----------
MISCELLANEOUS -- 3.3%
3,000 Autobacs Seven Co., Ltd. $ 86,161
11,000 Inabata & Co., Ltd. 34,541
----------
$ 120,702
----------
TOTAL INVESTMENTS
(identified cost, $4,069,827) -- 98.6% $3,753,196
OTHER ASSETS, LESS LIABILITIES -- 1.4% 53,962
----------
NET ASSETS -- 100.0% $3,807,158
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Mexico
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- --------------------------------------------------------------------------------
BEVERAGES -- 12.1%
150,000 Fomento Economico Mexicano $ 1,199,260
342,500 Grupo Continental SA-Ser CP 1,212,801
32,600 Panamerican Beverages Inc. 1,047,274
----------
$ 3,459,335
----------
CONSTRUCTION -- 11.1%
179,000 Apasco SA $ 1,225,725
274,820 Cemex SA - CPO* 1,237,622
570,000 Grupo Cementos Chihuahua-B 693,424
----------
$ 3,156,771
----------
DIVERSIFIED -- 12.3%
157,213 Alfa SA-A $ 1,053,259
131,000 Desc Sociedad de Fomento Indl. 1,234,843
182,000 Grupo Carso SA* 1,210,339
----------
$ 3,498,441
----------
FOOD -- 7.9%
137,000 Grupo Industrial Bimbo-Ser A $ 1,318,445
913,000 Grupo Industrial Maseca B 937,219
----------
$ 2,255,664
----------
METAL PRODUCERS -- 4.2%
335,000 Grupo Mexico SA Ser B* $ 1,198,643
-----------
METAL PRODUCT MFRS. -- 3.9%
52,000 Tubos De Acero* $ 1,109,932
----------
REAL ESTATE & OTHER FINANCIALS -- 4.3%
415,000 Grupo Financieri Banamex* $ 1,236,552
----------
RECREATION -- 4.4%
65,000 Grupo Televisa SA-Ser CPO* $ 1,253,486
----------
RETAILERS -- 16.4%
882,189 Cifra SA de CV B* $ 2,157,309
982,000 Controladora Coml Mexicana 1,274,601
278,000 Organizacion Soriana SA de CV* 1,224,503
----------
$ 4,656,413
----------
TOBACCO -- 4.2%
226,000 Empressa La Moderna Ser ACP* $ 1,201,801
----------
UTILITIES -- 12.3%
1,247,000 Telefonos de Mexico $ 3,492,523
----------
MISCELLANEOUS -- 2.1%
854,000 Grupo Posadas Sa De CV* $ 590,056
----------
TOTAL INVESTMENTS
(identified cost, $19,636,108) -- 95.2% $27,109,617
OTHER ASSETS, LESS LIABILITIES -- 4.8% 1,358,508
----------
NET ASSETS -- 100.0% $28,468,125
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Netherlands
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- --------------------------------------------------------------------------------
BEVERAGES -- 4.0%
2,940 Heineken N.V. $ 512,124
----------
CHEMICALS -- 4.7%
3,500 Akzo Nobel N.V. $ 603,800
----------
CONSTRUCTION -- 2.7%
5,740 Hollandsche Beton Groep N.V. $ 106,784
6,182 Koninklijke Boskalis 109,821
4,414 Volker Wessels Stevin 137,223
----------
$ 353,828
----------
DIVERSIFIED -- 1.9%
1,063 Atag Holding N.V.* $ 66,198
5,400 Stork N.V.* 186,529
----------
$ 252,727
----------
ELECTRONICS -- 6.3%
8,516 Getronics N.V. $ 271,470
9,000 Philips Electronics NV 540,044
----------
$ 811,514
----------
FINANCIAL -- 4.6%
30,318 ABN Amro Holdings $ 590,950
----------
FOOD -- 13.9%
5,567 CSM N.V. Cert.* $ 247,239
10,981 Nutricia Verenigde Bedrijven 333,250
19,880 Unilever N.V. 1,226,252
----------
$ 1,806,741
----------
MACHINERY & EQUIPMENT -- 1.7%
2,029 Oce-Van Der Grinten $ 221,273
----------
METAL PRODUCT MANUFACTURERS -- 2.9%
7,564 Hunter Douglas N.V. $ 265,011
2,036 Twentsche Kabel Holding N.V. 100,971
----------
$ 365,982
----------
OIL, GAS & COAL -- 12.6%
29,800 Royal Dutch Petroleum Co. $ 1,636,684
----------
PRINTING & PUBLISHING -- 13.3%
36,950 Elsevier $ 598,056
8,390 Telegraaf (Holdingsmij) - CVA 158,153
16,750 Verenigde Nederlandse 472,786
3,883 Wolters Kluwer N.V. 501,830
----------
$ 1,730,825
----------
REAL ESTATE & OTHER FINANCIALS -- 12.8%
6,535 Aegon N.V. $ 582,071
11,668 Fortis Amev N.V. 508,982
13,564 ING Groep N.V. 571,609
----------
$ 1,662,662
----------
RECREATION -- 3.7%
10,100 Polygram $ 483,444
----------
RETAILERS -- 4.1%
20,472 Koninklijke Ahold N.V. $ 534,404
----------
TEXTILES -- 0.7%
1,850 Gamma Holding N.V. $ 94,029
----------
UTILITIES -- 4.7%
14,713 Koninklijke PTT Nederland NV $ 614,221
----------
MISCELLANEOUS -- 4.5%
7,480 Hagemeyer N.V. $ 312,635
3,664 IHC Caland N.V. 190,206
1,300 Sligro Beheer* 81,471
----------
$ 584,312
----------
TOTAL INVESTMENTS
(identified cost, $10,716,896) -- 99.1% $12,859,520
OTHER ASSETS, LESS LIABILITIES -- 0.9% 115,332
----------
NET ASSETS -- 100.0% $12,974,852
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Nordic
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- -------------------------------------------------------------------------------
CHEMICALS -- 7.9%
1,710 Cheminova Holdings* $ 40,194
300 Christian Hansen Holding - B 35,521
2,750 Norsk Hydro 134,101
----------
$ 209,816
----------
CONSTRUCTION -- 8.6%
200 Icopal $ 42,923
3,200 Skanska B Free 131,281
2,100 Superfos AS 53,102
----------
$ 227,306
----------
DIVERSIFIED -- 10.3%
1,750 Kvaerner Asa A-Shs $ 89,130
1,410 Orkla A/S-B-Aksjer 109,630
4,050 Perstorp AB 72,485
----------
$ 271,245
----------
DRUGS, COSMETICS & HEALTHCARE -- 18.7%
11,966 Astra AB B Free Shares* $ 207,374
830 Coloplast B A/S 64,224
1,000 Novo-Nordisk AS 143,076
3,080 Orion A/S-B 79,223
----------
$ 493,897
----------
ELECTRICAL -- 9.1%
11,250 Abb AB $ 132,576
1,550 Electrolux 107,643
----------
$ 240,219
----------
ELECTRONICS -- 15.5%
1,850 Nokia AB-K Shares* $ 132,466
7,350 Ericsson AB B Free 276,524
----------
$ 408,990
----------
FINANCIAL -- 4.3%
3,290 Svenska Handelsbanken - "A" $ 113,826
----------
FOOD -- 3.8%
1,800 Danisco A/S $ 99,861
----------
MACHINERY & EQUIPMENT -- 11.9%
4,030 Atlas Copco AB A Free $ 120,380
2,800 Metra OY* 65,801
4,450 Sandvik AB B Fria 127,318
----------
$ 313,499
----------
METAL PRODUCERS -- 1.7%
1,500 Hoganas AB* $ 45,941
----------
PAPER -- 1.9%
6,300 Metsa-Serla Oyj* $ 49,158
----------
REAL ESTATE & OTHER FINANCIALS -- 2.4%
1,750 Om Gruppen AB Free $ 63,744
----------
UTILITIES -- 7.7%
3,760 Graningeverkens $ 63,029
5,200 Sydkraft AB - A Free 140,911
----------
$ 203,940
----------
TOTAL INVESTMENTS
(identified cost, $2,443,912) -- 103.8% $ 2,741,442
OTHER ASSETS, LESS LIABILITIES -- (3.8%) (101,052)
----------
NET ASSETS -- 100.0% $ 2,640,390
===========
* Non-income producing security.
See notes to financial statements
<PAGE>
Wright EquiFund - Switzerland
Portfolio of Investments as of December 31, 1997
================================================================================
Shares Description Value
- --------------------------------------------------------------------------------
CHEMICALS -- 9.3%
14 Ems-Chemie Holding AG* $ 68,748
20 Sarna Kunststoff Hldg AG-Reg. 26,126
20 Siegfried AG-R 24,484
----------
$ 119,358
----------
CONSTRUCTION -- 8.2%
80 Holderbank Finan Glaris-B $ 65,219
125 Sika Finanz AG-Bearer 39,668
----------
$ 104,887
----------
DIVERSIFIED -- 4.5%
60 Alusuisse-Lonza Holdings $ 57,162
----------
DRUGS, COSMETICS & HEALTHCARE -- 29.2%
120 Novartis AG-Reg $ 194,508
18 Roche Holding AG-Genuschein 178,566
----------
$ 373,074
----------
ELECTRICAL -- 8.7%
55 ABB AG $ 69,025
70 Hilti AG-PC 42,656
----------
$ 111,681
----------
ELECTRONICS -- 1.4%
115 Logitech International-Reg* $ 17,697
----------
FINANCIAL -- 18.2%
400 Credit Suisse Group-Reg $ 61,827
25 Julius Baer Holdings 46,336
190 Schweizerische Bankverein-Reg 58,995
45 UBS (Schw. Bank Gesellschaft) 65,000
----------
$ 232,158
----------
FOOD -- 6.7%
15 Lindt & Spruengli AG-PC $ 26,161
40 Nestle 59,884
----------
$ 86,045
----------
MACHINERY & EQUIPMENT - 3.2%
15 Schweiz Ind. Gesselschaft $ 41,035
----------
REAL ESTATE & OTHER FINANCIALS -- 13.6%
65 Intershop Holdings-Br $ 30,585
40 Schw Rueckversicherungs-Reg 74,739
145 Zurich Versicherungs-Reg 69,022
----------
$ 174,346
----------
RETAILERS -- 2.6%
155 Valora Holding AG $ 32,651
----------
TEXTILES -- 2.9%
90 Forbo Holdings AG-R $ 36,747
----------
UTILITIES -- 2.3%
150 Elek-Gesellsc Laufenbourg $ 29,238
----------
MISCELLANEOUS -- 6.5%
90 Kardex B $ 24,314
430 S.M.H. Ag-Reg. 10SFR 57,935
----------
$ 82,249
----------
TOTAL INVESTMENTS
(identified cost, $1,389,135) -- 117.3% $ 1,498,328
OTHER ASSETS, LESS LIABILITIES -- (17.3%) (220,865)
----------
NET ASSETS -- 100.0% $ 1,277,463
==========
* Non-income producing security.
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
December 31, 1997
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost.................................$ 1,053,461 $ 611,209 $ 1,094,742
Unrealized appreciation......................... 367,721 90,215 270,080
----------- ----------- -----------
Total value (Note 1A).........................$ 1,421,182 $ 701,424 $ 1,364,822
Cash.............................................. 16,736 644 --
Foreign cash...................................... -- 60,560 --
Receivable for investments sold................... 74,127 -- 17,875
Receivable for Fund shares sold................... -- -- 10,050
Receivable from Investment Adviser................ 21,500 30,280 6,650
Dividends receivable.............................. -- 2,382 --
Tax reclaim receivable........................... 8,870 2,166 3,398
Deferred organization expenses (Note 1F).......... 2,449 6,400 6,390
----------- ----------- -----------
Total Assets..................................$ 1,544,864 $ 803,856 $ 1,409,185
----------- ----------- -----------
LIABILITIES:
Cash overdraft....................................$ -- $ -- $ 3,083
Payable for investments purchased................. 13,113 60,549 --
Payable for Fund shares reacquired................ 4,632 -- 5,908
Investment Adviser fee payable.................... 155 -- --
Trustee fee payable............................... 225 225 225
Accrued expenses.................................. 6,436 2,865 4,944
Line of Credit (Note 10).......................... -- 45,000 --
----------- ----------- -----------
Total Liabilities.............................$ 24,561 $ 108,639 $ 14,160
----------- ----------- -----------
NET ASSETS..........................................$ 1,520,303 $ 695,217 $ 1,395,025
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital.....................................$ 985,060 $ 781,918 $ 1,139,914
Accumulated undistributed net realized gain
on investment and foreign currency transactions
(computed on the basis of identified cost)......... 187,727 (959) (8,771)
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 367,026 90,357 269,641
Distributions in excess of net investment income.... (19,510) (176,099) (5,759)
----------- ----------- -----------
Net assets applicable to outstanding shares...... $ 1,520,303 $ 695,217 $ 1,395,025
============ ============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING.......... 159,398 77,470 119,402
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (Note 8).................... $9.54 $8.97 $11.68
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
December 31, 1997
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG/CHINA ITALIAN JAPAN MEXICO
SERIES SERIES SERIES SERIES
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C> <C>
Identified cost................................. $ 6,842,966 $ 448,418 $ 4,069,827 $ 19,636,108
Unrealized appreciation (depreciation).......... (865,773) 70,711 (316,631) 7,473,509
----------- ----------- ----------- -----------
Total value (Note 1A)......................... $ 5,977,193 $ 519,129 $ 3,753,196 $ 27,109,617
Cash.............................................. 352 7,943 193,467 1,087,571
Receivable for investments sold................... 838,044 -- -- --
Receivable for Fund shares sold................... 451,067 2,500 15,500 277,131
Receivable from Investment Adviser................ -- 16,600 -- --
Dividends receivable.............................. 10,323 -- 1,650 --
Tax reclaim receivable............................ -- 135 101 --
Deferred organization expenses (Note 1F).......... -- 13,277 2,091 5,547
----------- ----------- ----------- -----------
Total Assets.................................. $ 7,276,979 $ 559,584 $ 3,966,005 $ 28,479,866
----------- ----------- ----------- -----------
LIABILITIES:
Payable for Fund shares reacquired................ $ 7,025 $ 3,977 $ 154,813 $ --
Payable for open forward foreign currency
exchange contracts (Notes 1I & 7)................ 89 -- -- --
Trustee fee payable............................... 225 225 225 225
Accrued expenses.................................. 3,087 4,496 3,809 11,516
Line of Credit (Note 10).......................... 309,000 -- -- --
----------- ----------- ----------- -----------
Total Liabilities............................. $ 319,426 $ 8,698 $ 158,847 $ 11,741
----------- ----------- ----------- -----------
NET ASSETS.......................................... $ 6,957,553 $ 550,886 $ 3,807,158 $ 28,468,125
============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 8,838,452 $ 463,822 $ 7,337,509 $ 24,001,833
Accumulated undistributed net realized loss
on investments and foreign currency transactions
(computed on the basis of identified cost)......... (1,166,345) 14,957 (3,183,635) (2,940,991)
Unrealized appreciation (depreciation) of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... (865,753) 70,710 (316,635) 7,473,509
Undistributed (distributions in excess of)
net investment income.............................. 151,199 1,397 (30,081) (66,226)
----------- ----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 6,957,553 $ 550,886 $ 3,807,158 $ 28,468,125
============ ============ ============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING........... 580,627 49,931 556,407 3,714,425
============ ============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (Note 8).................... $11.98 $11.03 $6.84 $7.66
============ ============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
December 31, 1997
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost................................. $ 10,716,896 $ 2,443,912 $ 1,389,135
Unrealized appreciation......................... 2,142,624 297,530 109,193
----------- ----------- -----------
Total value (Note 1A)......................... $ 12,859,520 $ 2,741,442 $ 1,498,328
Cash.............................................. 123,929 450 719
Foreign cash...................................... -- -- 4,228
Receivable for Fund shares sold................... 12,579 191 16,100
Receivable from Investment Adviser................ -- 12,182 25,150
Tax reclaim receivable............................ 752 654 17,960
Deferred organization expenses (Note 1F).......... -- 2,091 2,414
----------- ----------- -----------
Total Assets.................................. $ 12,996,780 $ 2,757,010 $ 1,564,899
----------- ----------- -----------
LIABILITIES:
Payable for Fund shares reacquired................ $ 20,128 $ 40,896 $ 14,649
Trustee fee payable............................... 225 225 225
Accrued expenses.................................. 1,575 3,499 3,562
Line of Credit (Note 10).......................... -- 72,000 269,000
----------- ----------- -----------
Total Liabilities............................. $ 21,928 $ 116,620 $ 287,436
----------- ----------- -----------
NET ASSETS.......................................... $ 12,974,852 $ 2,640,390 $ 1,277,463
============ ============ ============
NET ASSETS CONSIST OF:
Paid in capital..................................... $ 10,775,867 $ 2,282,644 $ 1,144,430
Accumulated undistributed net realized gain on
investment and foreign currency transactions
(computed on the basis of identified cost)......... 80,533 30,889 34,834
Unrealized appreciation of investments and
translation of assets and liabilities in foreign currencies
(computed on the basis of identified cost)......... 2,142,484 297,532 106,089
Distributions in excess of net investment income.... (24,032) 29,325 (7,890)
----------- ----------- -----------
Net assets applicable to outstanding shares....... $ 12,974,852 $ 2,640,390 $ 1,277,463
============ ============ ============
SHARES OF BENEFICIAL INTEREST OUTSTANDING........... 1,322,354 208,240 106,586
============ ============ ============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST (Note 8).................... $9.81 $12.68 $11.99
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
For the Year Ended December 31, 1997
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/
LUXEMBOURG BRITAIN GERMANY
SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C>
Dividends...................................... $ 99,723 $ 38,243 $ 72,477
Less Foreign taxes............................. (13,508) (5,836) (7,248)
----------- ----------- -----------
Total investment income...................... $ 86,215 $ 32,407 $ 65,229
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 48,012 $ 10,263 $ 55,204
Administrator fee (Note 2)..................... 6,402 1,373 7,360
Compensation of Trustees not affiliated with the
Investment Adviser or Administrator (Note 2). 1,107 1,192 1,167
Custodian fee (Note 1E)........................ 50,930 38,076 50,833
Transfer & dividend disbursing agent fees...... 4,434 2,240 4,319
Distribution expenses (Note 3)................. 16,005 3,421 18,401
Audit fees..................................... 14,212 11,112 11,112
Legal services................................. 1,065 1,031 1,189
Registration costs............................. 9,369 8,990 10,600
Amortization of organization expense (Note 1F). 2,179 3,599 3,599
Interest Expense............................... 2,978 380 1,437
Printing....................................... 1,087 1,980 1,980
Miscellaneous.................................. 8,434 3,718 8,833
----------- ----------- -----------
Total expenses............................... $ 166,214 $ 87,375 $ 176,034
----------- ----------- -----------
Deduct --
Reduction of Investment Adviser fee
(Note 2).................................... $ 4,318 $ 861 $ 908
Allocation of expenses to Investment
Adviser (Note 2)............................ 21,500 55,280 6,650
Reduction of distribution expense by
Principal Underwriter (Note 3).............. 1,492 287 302
Reduction of custodian fee (Note 1E)......... 7,888 3,272 21,008
----------- ----------- -----------
Total deducted............................. $ 35,198 $ 59,700 $ 28,868
----------- ----------- -----------
Net expenses................................. $ 131,016 $ 27,675 $ 147,166
----------- ----------- -----------
Net investment income (loss)............... $ (44,801) $ 4,732 $ (81,937)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign
currency transactions (identified cost basis)... $ 3,686,662 $ 601,884 $ 2,869,651
Change in unrealized appreciation (depreciation) of investments
and translation of assets and liabilities in
foreign currencies.............................. (3,234,301) (597,720) (2,023,600)
----------- ----------- -----------
Net realized and unrealized gain............. $ 452,361 $ 4,164 $ 846,051
----------- ----------- -----------
Net increase in net assets
from operations............................ $ 407,560 $ 8,896 $ 764,114
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
For the Year Ended December 31, 1997
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG/CHINA ITALIAN JAPAN MEXICO
SERIES SERIES SERIES SERIES
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C> <C>
Dividends...................................... $ 307,068 $ 32,695 $ 74,118 $ 423,559
Less Foreign taxes............................. -- (4,787) (11,118) --
----------- ----------- ----------- -----------
Total investment income...................... $ 307,068 $ 27,908 $ 63,000 $ 423,559
----------- ----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 97,167 $ 25,549 $ 79,721 $ 229,596
Administrator fee (Note 2)..................... 12,954 3,406 10,629 30,613
Compensation of Trustees not affiliated with the
Investment Adviser or Administrator (Note 2).. 954 925 988 1,002
Custodian fee (Note 1E)........................ 50,046 29,536 52,428 82,154
Transfer & dividend disbursing agent fees...... 17,262 4,845 14,647 17,446
Distribution expenses (Note 3)................. 32,389 8,516 26,574 76,532
Audit fees..................................... 15,112 412 14,462 14,612
Legal services................................. 1,378 1,378 2,028 1,189
Registration costs............................. 16,827 11,410 11,280 12,299
Amortization of organization expense (Note 1F). -- 3,599 1,851 3,394
Interest Expense............................... 3,134 721 5,095 13,368
Printing....................................... 848 3,705 848 1,980
Miscellaneous.................................. 4,440 4,399 6,624 8,070
----------- ----------- ----------- -----------
Total expenses............................... $ 252,511 $ 98,401 $ 227,175 $ 492,255
----------- ----------- ----------- -----------
Deduct --
Reduction of Investment Adviser fee
(Note 2).................................... $ -- $ 1,725 $ -- $ --
Allocation of expenses to Investment
Adviser (Note 2)............................ -- 16,600 -- --
Reduction of distribution expense by
Principal Underwriter (Note 3).............. -- 575 -- --
Reduction of custodian fee (Note 1E)......... 31,045 11,398 32,827 49,430
----------- ----------- ----------- -----------
Total deducted............................ $ 31,045 $ 30,298 $ 32,827 $ 49,430
----------- ----------- ----------- -----------
Net expenses................................. $ 221,466 $ 68,103 $ 194,348 $ 442,825
----------- ----------- ----------- -----------
Net investment income (loss)............... $ 85,602 $ (40,195) $ (131,348) $ (19,266)
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investment and foreign
currency transactions (identified cost basis)... $ 4,142,003 $ 1,051,828 $ (1,503,496) $ 2,649,772
Change in unrealized appreciation (depreciation) of
investments and translation of assets and liabilities
in foreign currencies........................... (7,192,367) (837,320) 1,219,790 5,057,394
----------- ----------- ----------- -----------
Net realized and unrealized gain (loss) ....... $ (3,050,364) $ 214,508 $ (283,706) $ 7,707,166
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
operations.................................... $ (2,964,762) $ 174,313 $ (415,054) $ 7,687,900
============ ============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
For the Year Ended December 31, 1997
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS NORDIC SWITZERLAND
SERIES SERIES SERIES
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Income --
<S> <C> <C> <C>
Dividends...................................... $ 240,932 $ 64,000 $ 49,947
Less Foreign taxes............................. (36,140) (9,741) (5,473)
----------- ----------- -----------
Total investment income...................... $ 204,792 $ 54,259 $ 44,474
----------- ----------- -----------
Expenses --
Investment Adviser fee (Note 2)................ $ 92,173 $ 33,550 $ 22,863
Administrator fee (Note 2)..................... 12,289 4,474 3,047
Compensation of Trustees not affiliated with the
Investment Adviser or Administrator (Note 2). 1,132 1,003 1,027
Custodian fee (Note 1E)........................ 53,830 47,078 47,144
Transfer & dividend disbursing agent fees...... 9,470 11,006 8,860
Distribution expenses (Note 3)................. 30,726 11,184 7,621
Audit fees..................................... 11,362 11,112 11,762
Legal services................................. 1,116 1,378 1,378
Registration costs............................. 8,629 10,605 6,357
Amortization of organization expense (Note 1F). -- 1,851 2,154
Interest expense............................... 73 500 --
Printing....................................... 1,733 848 --
Miscellaneous.................................. 6,756 6,077 --
----------- ----------- -----------
Total expenses............................... $ 229,289 $ 140,666 $ 112,213
----------- ----------- -----------
Deduct --
Reduction of Investment Adviser fee
(Note 2).................................... $ -- $ 21,515 $ 13,045
Allocation of expenses to Investment
Adviser (Note 2)............................ -- 12,182 25,150
Reduction of distribution expense by
Principal Underwriter (Note 3).............. -- 11,184 4,348
Reduction of custodian fee (Note 1E)......... 17,824 6,373 8,719
----------- ----------- -----------
Total deducted............................. $ 17,824 $ 51,254 $ 51,262
----------- ----------- -----------
Net expenses................................. $ 211,465 $ 89,412 $ 60,951
----------- ----------- -----------
Net investment loss........................ $ (6,673) $ (35,153) $ (16,477)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investment and foreign
currency transactions (identified cost basis)... $ 789,108 $ 1,059,282 $ 743,525
Change in unrealized appreciation (depreciation) of
investments and translation of assets and liabilities
in foreign currencies........................... 1,018,221 (859,661) (102,778)
----------- ----------- -----------
Net realized and unrealized gain............. $ 1,807,329 $ 199,621 $ 640,747
----------- ----------- -----------
Net increase in net assets
from operations............................ $ 1,800,656 $ 164,468 $ 624,270
============ ============ ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/LUXEMBOURG SERIES BRITAIN SERIES GERMANY SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
----------------------- ------------------- -------------------
1997 1996 1997 1996 1997 1996
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ (44,801) $ 209,146 $ 4,732 $ 175,467 $ (81,937) $ (16,369)
Net realized gain (loss)........... 3,686,662 1,491,743 601,884 1,028,628 2,869,651 (551,241)
Change in unrealized appreciation
(depreciation)................... (3,234,301) 1,531,687 (597,720) 90,482 (2,023,600) 3,446,304
----------- ----------- ----------- ----------- ----------- -----------
Increase in net assets
from operations................ $ 407,560 $ 3,232,576 $ 8,896 $ 1,294,577 $ 764,114 $ 2,878,694
Distributions to shareholders from
net investment income.............. -- (131,084) -- (21,078) -- --
Distributions to shareholders from
net realized gains................. (548,401) (1,343,612) (102,882) (1,142,102) -- --
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ (71,622) 34,371 (30,631) (107,867) (1,532) 20,883
Net increase (decrease) from Fund share
transactions (exclusive of amounts
allocated to net investment income)
(Note 4)........................... (17,452,383) 2,640,023 (2,988,891) (10,146,831) (22,505,188) 3,819,094
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in
net assets....................... $(17,664,846) $ 4,432,274 $(3,113,508) $(10,123,301)$(21,742,606) $6,718,671
NET ASSETS:
At beginning of year................. 19,185,149 14,752,875 3,808,725 13,932,026 23,137,631 16,418,960
----------- ----------- ----------- ----------- ----------- -----------
At end of year....................... $ 1,520,303 $ 19,185,149 $ 695,217 $ 3,808,725 $ 1,395,025 $23,137,631
=========== =========== =========== =========== =========== ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS........ $ (19,510) $ 96,537 $ (176,099) $ (147,035) $ (5,759) $ 51,238
=========== =========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
===============================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG/CHINA SERIES ITALIAN SERIES
Year Ended Dec. 31 Year Ended Dec. 31
------------------- -------------------
1997 1996 1997 1996(1)
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income (loss)....... $ 85,602 $ 508,415 $ (40,195) $ (42,324)
Net realized gain (loss)........... 4,142,003 566,477 1,051,828 (151,782)
Change in unrealized appreciation
(depreciation).................. (7,192,367) 6,216,698 (837,320) 908,030
----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................ $(2,964,762) $ 7,291,590 $ 174,313 $ 713,924
Distributions to shareholders from
net investment income.............. -- (411,362) -- --
Distributions to shareholders from
net realized gains................. -- -- (73,278) --
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)........ (559,687) (78,279) 1,397 --
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4).................. (23,884,246) 2,164,968 (10,413,957) 10,148,487
----------- ----------- ----------- -----------
Net increase (decrease) in net assets $(27,408,695) $ 8,966,917 $(10,311,525) $ 10,862,411
NET ASSETS:
At beginning of year................. 34,366,248 25,399,331 10,862,411 --
----------- ----------- ----------- -----------
At end of year....................... $ 6,957,553 $34,366,248 $ 550,886 $10,862,411
============ =========== =========== ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS........ $ 151,199 $ 711,307 $ 1,397 $ --
============ =========== =========== ===========
(1) For the period from the start of business, September 9, 1996, to December
31,1996.
</TABLE>
See notes to financial statements
<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 1996 1997 1996
- ----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment loss................ $ (131,348) $ (202,496) $ (19,266) $ (41,951)
Net realized gain (loss)........... (1,503,496) 12,609 2,649,772 3,797,417
Change in unrealized appreciation
(depreciation)................... 1,219,790 (1,695,909) 5,057,394 2,713,474
----------- ----------- ----------- -----------
Increase (decrease) in net assets
from operations................ $ (415,054) $(1,885,796) $ 7,687,900 $ 6,468,940
Undistributed net investment
income (loss) included in price of shares
sold and redeemed (Note 1D)........ (17,450) -- 18,637 --
Net decrease from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4).................. (12,801,277) (2,704,248) (1,266,076) (16,934,318)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets $(13,233,781) $(4,590,044) $ 6,440,461$ (10,465,378)
NET ASSETS:
At beginning of year................. 17,040,939 21,630,983 22,027,664 32,493,042
----------- ----------- ----------- -----------
At end of year....................... $ 3,807,158 $17,040,939 $28,468,125 $22,027,664
============ =========== ============ ===========
DISTRIBUTIONS IN EXCESS OF
NET INVESTMENT INCOME INCLUDED
IN NET ASSETS......................... $ (30,081) $ (600) $ (66,226) $ --
============ =========== ============ ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS SERIES NORDIC SERIES SWITZERLAND SERIES
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
------------------- ---------------------- ----------------------
1997 1996 1997 1996 1997 1996
- -----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss)....... $ (6,673) $ 57,762 $ (35,153) $ (27,521) $ (16,477) $ (1,334)
Net realized gain.................. 789,108 1,625,807 1,059,282 639,128 743,525 279,574
Change in unrealized appreciation
(depreciation).................... 1,018,221 596,237 (859,661) 774,974 (102,778) (224,621)
----------- ----------- ----------- ----------- ----------- -----------
Increase in net assets
from operations................. $ 1,800,656 $ 2,279,806 $ 164,468 $ 1,386,581 $ 624,270 $ 53,619
Distributions to shareholders
from net realized gains............ (698,428) (1,604,679) (708,452) (85,095) (222,424) (175,251)
Undistributed net investment income
(loss) included in price of shares
sold and redeemed (Note 1D)......... 3,359 (18,321) (1,021) 8,773 6,100 (3,843)
Net increase (decrease) from Fund
share transactions (exclusive of
amounts allocated to net investment
income) (Note 4)................... 4,303,237 (308,315) (3,845,581) 2,216,412 (5,238,986) (1,394,277)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in net assets................... $ 5,408,824 $ 348,491 $(4,390,586) $ 3,526,671 $(4,831,040) $(1,519,752)
NET ASSETS:
At beginning of year................. 7,566,028 7,217,537 7,030,976 3,504,305 6,108,503 7,628,255
----------- ----------- ----------- ----------- ----------- -----------
At end of year....................... $12,974,852 $ 7,566,028 $ 2,640,390 $ 7,030,976 $ 1,277,463 $ 6,108,503
============ =========== ============ =========== ============ ===========
UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET ASSETS......... $ (24,032) $ (26,052) $ 29,325 $ 30,208 $ (7,890) $ 4,406
============ =========== ============ =========== ============ ===========
</TABLE>
See notes to financial statements
<PAGE>
Financial Highlights
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
BELGIUM/LUXEMBOURG SERIES
Year Ended December 31
-------------------------------------------------
1997(7) 1996 1995 1994(2)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value -- beginning of year................ $ 13.390 $ 12.010 $ 10.240 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)...................... $ (0.090) $ 0.171 $ 0.156 $ 0.106
Net realized and unrealized gain.................. 1.570 2.334 1.904 0.174
-------- -------- -------- --------
Total income from investment operations......... $ 1.480 $ 2.505 $ 2.060 $ 0.28
-------- -------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.100) $ (0.050) $ (0.040)
From net realized gains on investments............ (5.330) (1.025) (0.240) --
-------- -------- -------- --------
Total distributions............................. $ (5.330) $ (1.125) $ (0.290) $ (0.040)
-------- -------- -------- --------
Net asset value -- end of year...................... $ 9.540 $ 13.390 $ 12.010 $ 10.240
========= ========= ========= =========
Total Return(4)..................................... 11.43% 20.99% 20.28% 2.81%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 1,520 $ 19,185 $ 14,753 $ 11,437
Ratio of net expenses to average net assets(1) ... 2.17% (5) 1.68%(5) 1.76%(5) 1.62%(3)
Ratio of net investment income (loss) to average
net assets...................................... (0.70%) 1.20% 1.52% 0.95%(3)
Portfolio Turnover Rate........................... 8% 34% 38% 26%
Average commission rate paid(6) .................. $ 0.1749 $ 0.4536 -- --
(1) During the year ended December 31, 1997, 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
Net investment loss per share....................... $ (0.145)
=========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.60%
=========
Net investment loss............................... (1.13%)
=========
(2) For the period from start of business, February 15, 1994, to December 31,
1994.
(3) Annualized.
(4) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
(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%,
1.55% and 1.53% for the years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<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 year................ $ 9.090 $ 10.400 $ 10.000
-------- -------- --------
Income from Investment Operations:
Net investment income............................. $ 0.032 $ 0.101 $ 0.213
Net realized and unrealized gain.................. 1.158 2.369 0.892
-------- -------- --------
Total income from investment operations......... $ 1.190 $ 2.470 $ 1.105
-------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ (0.020) $ (0.150)
From net realized gains on investments............ (1.310) (3.760) (0.555)
-------- -------- --------
Total distributions............................. $ (1.310) $ (3.780) $ (0.705)
-------- -------- --------
Net asset value -- end of year...................... $ 8.970 $ 9.090 $ 10.400
========= ========= =========
Total Return(3)..................................... 13.30% 26.67% 11.10%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 695 $ 3,809 $ 13,932
Ratio of net expenses to average net assets(1) ... 2.26%(5) 2.34%(5) 1.56%(4)(5)
Ratio of net investment income to average net assets(1) 0.35% 2.46% 2.77%(4)
Portfolio Turnover Rate........................... 78% 93% 42%
Average commission rate paid(6) .................. $ 0.0230 $ 0.2000 --
(1) During the years ended December 31, 1997 and 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 1996
Net investment income (loss) per share.............. $ (0.346) $ 0.098
========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 6.39% 2.42%
========= =========
Net investment income (loss)...................... (3.78%) 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 2.00%,
2.00% and 1.24% for the years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<PAGE>
Financial Highlights
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
GERMANY SERIES
Year Ended December 31
-------------------------------------
1997(7) 1996 1995(2)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value -- beginning of year................ $ 10.630 $ 9.240 $ 10.000
-------- -------- --------
Income (loss) from Investment Operations:
Net investment income (loss)...................... $ (0.118) $ (0.001) $ 0.073
Net realized and unrealized gain (loss)........... 1.168 1.391 (0.783)
-------- -------- --------
Total income (loss) from investment operations.. $ 1.050 $ 1.390 $ (0.710)
-------- -------- --------
Less Distributions:
From net investment income........................ -- -- (0.050)
-------- -------- --------
Net asset value -- end of year...................... $ 11.68 $ 10.630 $ 9.240
========= ========= =========
Total Return(3)..................................... 9.88% 15.04% (7.09%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 1,395 $ 23,138 $ 16,419
Ratio of net expenses to average net assets(1) ... 2.28% (5) 1.68%(5) 1.59%(4) (5)
Ratio of net investment income (loss) to average net
assets.......................................... (1.11%) (0.08%) 0.91%(3)
Portfolio Turnover Rate........................... 8% 77% 18%
Average commission rate paid(6) .................. $ 0.2522 $ 0.0198 --
(1) During the year ended December 31, 1997, 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
Net investment loss per share....................... $ (0.130)
=========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.39%
=========
Net investment loss............................... (1.22%)
=========
(2) For the period from start of business, April 19, 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 2.00%,
1.57% and 1.29% for the years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<PAGE>
Financial Highlights
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
HONG KONG/CHINA SERIES
Year Ended December 31
----------------------------------------------------------------
1997(6) 1996 1995 1994 1993
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of year.... $ 16.470 $ 13.030 $ 13.020 $ 20.990 $ 11.770
-------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income(1).............. $ 0.110 $ 0.182 $ 0.368 $ 0.678 $ 0.426
Net realized and unrealized gain (loss)(3) (4.600) 3.458 (0.158) (8.448) 9.394
-------- -------- -------- -------- --------
Total income (loss)
from investment operations........ $ (4.490) $ 3.640 $ 0.210 $ (7.770) $ 9.820
-------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ (0.200) $ (0.200) $ (0.200) $ (0.254)
From net realized gains on investments -- -- -- -- (0.346)
-------- -------- -------- -------- --------
Total distributions................. $ -- $ (0.200) $ (0.200) $ (0.200) $ (0.600)
-------- -------- -------- -------- --------
Net asset value -- end of year.......... $ 11.980 $ 16.470 $ 13.030 $ 13.020 $ 20.990
========= ========= ========= ========= =========
Total Return(2) ........................ (27.20%) 27.96% 1.63% (37.03%) 84.32%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 6,958 $ 34,366 $ 25,399 $ 19,679 $ 16,210
Ratio of net expenses to average net assets 1.96%(4) 1.62%(4) 1.59%(4) 1.41% 2.00%
Ratio of net investment income to
average net assets.................. 0.66% 1.81% 3.26% 3.93% 3.01%
Portfolio Turnover Rate............... 56% 65% 100% 131% 76%
Average commission rate paid(5) ...... $ 0.0118 $ 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
Net investment income per share..................... $ 0.419
=========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.05%
=========
Net investment income............................. 2.96%
=========
(2) Total investment return is calculated assuming a purchase at the net
asset value on the first day and a sale at the net asset value on the last
day of each period reported. Dividends and distributions, if any, are
assumed to be invested at the net asset value on the record date.
(3) For the years ended December 31, 1997, 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 1.72%,
1.43% and 1.34% for the years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<PAGE>
Financial Highlights
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
ITALIAN SERIES
Year Ended December 31
--------------------------
1997(7) 1996(2)
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value -- beginning of year................ $ 10.670 $ 10.000
-------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.126) $ (0.042)
Net realized and unrealized gain
on investments................................... 2.156 0.712
-------- --------
Total income
from investment operations.................... $ 2.030 $ 0.670
-------- --------
Less Distributions:
From net realized gains on investments............ (1.670) --
-------- --------
Net asset value, end of year........................ $ 11.030 $ 10.670
========= =========
Total Return(4) .................................... 19.32% 6.70%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 551 $ 10,862
Ratio of net expenses to average net assets(1) ... 2.34% (5) 1.98% (3)(5)
Ratio of net investment loss to average net assets (1.18%) (1.43%)(3)
Portfolio Turnover Rate........................... 10% 24%
Average commission rate paid(6) .................. $ 0.0107 $ 0.0145
(1) During the year ended December 31, 1997, 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
Net investment loss per share....................... $ (0.185)
=========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 2.89%
=========
Net investment loss............................... (1.73%)
=========
(2) For the period from the start of business, September 9, 1996 to December
31, 1996.
(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%
and 1.43% for the years ended December 31, 1997 and 1996, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<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 year................ $ 7.980 $ 8.780 $ 9.660 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.100) $ (0.095) $ (0.045) $ (0.050)
Net realized and unrealized loss.................. (1.040) (0.705) (0.835) (0.170)
-------- -------- -------- --------
Total loss from investment operations........... $ (1.140) $ (0.800) $ (0.880) $ (0.220)
-------- -------- -------- --------
Less Distributions:
From net realized gains on investments............ -- -- -- (0.120)
-------- -------- -------- --------
Net asset value -- end of year...................... $ 6.840 $ 7.980 $ 8.780 $ 9.660
========= ========= ========= =========
Total Return(3)..................................... (14.16%) (9.11%) (9.11%) (2.17%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 3,807 $ 17,041 $ 21,631 $ 8,653
Ratio of net expenses to average net assets....... 2.15% (4) 1.75% (4) 1.81% (4) 1.83% (2)
Ratio of net investment loss to average net assets (1.24%) (1.05%) (0.67%) (0.66%)(2)
Portfolio Turnover Rate........................... 112% 56% 112% 48%
Average commission rate paid(5) .................. $ 0.1309 $ 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 1.84%,
1.65% and 1.49% for the years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<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 year................ $ 5.380 $ 4.220 $ 6.480 $ 10.000
-------- -------- -------- --------
Income from Investment Operations:
Net investment loss............................... $ (0.000)+ $ (0.012) $ (0.012) $ (0.040)
Net realized and unrealized gain (loss)........... 2.280 1.172 (2.175) (2.970)
-------- -------- -------- --------
Total income (loss) from investment operations.. $ 2.280 $ 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 year...................... $ 7.660 $ 5.380 $ 4.220 $ 6.480
========= ========= ========= =========
Total Return(3)..................................... 42.38% 27.49% (33.37%) (30.91%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 28,468 $ 22,028 $ 32,493 $ 13,422
Ratio of net expenses to average net assets....... 1.61%(4) 1.59%(4) 1.72%(4) 1.38% (2)
Ratio of net investment loss to average net assets (0.06%) (0.14%) (0.41%) (0.98%)(2)
Portfolio Turnover Rate........................... 113% 63% 110% 85%
Average commission rate paid(5) .................. $ 0.0101 $ 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 1.45%,
1.41% and 1.39% for the years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
(+) Amount represents less than 0.001 per share.
</TABLE>
See notes to financial statements
<PAGE>
Financial Highlights
================================================================================
<TABLE>
<CAPTION>
THE WRIGHT EQUIFUND EQUITY TRUST
NETHERLANDS SERIES
Year Ended December 31
--------------------------------------------------------------
1997(2) 1996 1995 1994 1993(2)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of year.... $ 8.970 $ 8.590 $ 8.100 $ 10.020 $ 8.460
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income (loss)(1)....... $ (0.006) $ 0.047 $ (0.004) $ (0.060) $ (0.015)
Net realized and unrealized gain...... 1.396 2.943 1.490 1.150 1.655
-------- -------- -------- -------- --------
Total income
from investment operations........ $ 1.390 $ 2.990 $ 1.486 $ 1.090 $ 1.640
-------- -------- -------- -------- --------
Less Distributions:
From net investment income............ $ -- $ -- $ -- $ (0.020) $ (0.080)
From net realized gains on investments (0.550) (2.610) (0.996) (2.990) --
-------- -------- -------- -------- --------
Total distributions................... $ (0.550) $ (2.610) $ (0.996) $ (3.010) $ (0.080)
-------- -------- -------- -------- --------
Net asset value -- end of year.......... $ 9.810 $ 8.970 $ 8.590 $ 8.100 $ 10.020
========= ========= ========= ========= =========
Total Return(3) ........................ 15.44% 36.56% 18.84% 11.68% 19.52%
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted). $ 12,975 $ 7,566 $ 7,218 $ 3,951 $ 8,753
Ratio of net expenses to average net assets(1) 1.86%(4) 2.22%(4) 2.26%(4) 1.93% 2.00%
Ratio of net investment income (loss) to
average net assets(1)............... (0.05%) 0.83% (0.13%) 0.13% (0.16%)
Portfolio Turnover Rate............... 29% 124% 87% 101% 47%
Average commission rate paid(5) ...... $ 0.1749 $ 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)
- ------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) per share.. $ 0.038 $ (0.018) $ (0.085)
========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.............................. 2.38% 2.45% 2.75%
========= ========= =========
Net investment income (loss).......... 0.67% (0.58%) (0.91%)
========= ========= =========
(2) Certain per share amounts 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 1.72%,
1.99% and 2.00% for the years ended December 31, 1997, 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.
</TABLE>
See notes to financial statements
<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 year................ $ 14.780 $ 11.330 $ 9.500 $ 10.000
-------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income (loss)(1)................... $ (0.120) $ (0.064) $ 0.072 $ (0.012)
Net realized and unrealized gain (loss)........... 0.850 3.694 1.808 (0.118)
-------- -------- -------- --------
Total income (loss)
from investment operations.................... $ 0.730 $ 3.630 $ 1.880 $ (0.130)
-------- -------- -------- --------
Less Distributions:
From net investment income........................ $ -- $ -- $ (0.050) $ --
From net realized gain on investments............. (2.830) (0.180) -- (0.366)
From paid-in capital.............................. -- -- -- (0.004)
-------- -------- -------- --------
Total distributions............................... $ (2.830) $ (0.180) $ (0.050) $ (0.370)
-------- -------- -------- --------
Net asset value -- end of year...................... $ 12.680 $ 14.780 $ 11.330 $ 9.500
========= ========= ========= =========
Total Return(4)..................................... 5.22% 32.09% 19.80% (1.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 2,640 $ 7,031 $ 3,504 $ 8,712
Ratio of net expenses to average net assets(1).... 2.15% (5) 2.21% (5) 2.24%(5) 1.78% (3)
Ratio of net investment income (loss) to average net assets(1) (0.79%) (0.55%) 0.15% (0.35%)(3)
Portfolio Turnover Rate........................... 48% 78% 94% 33%
Average commission rate paid(6) .................. $ 0.1098 $ 0.1131 -- --
(1) During the years ended December 31, 1997, 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 1996 1995
- --------------------------------------------------------------------------------------------------------------
Net investment loss per share....................... $ (0.272) $ (0.130) $ (0.523)
========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.15% 2.78% 3.25%
========= ========= =========
Net investment loss............................... (1.79%) (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 years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
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 year................ $ 10.850 $ 11.100 $ 9.430 $ 10.000
-------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income (loss)(1)................... $ (0.063) $ (0.006) $ 0.060 $ 0.075
Net realized and unrealized gain (loss)................ 2.473 0.066 1.660 (0.595)
-------- -------- -------- --------
Total income (loss) from investment operations.. $ 2.410 $ 0.060 $ 1.720 $ (0.520)
-------- -------- -------- --------
Less Distributions:
From net realized gains on investments............ (1.270) (0.310) (0.050) (0.050)
-------- -------- -------- --------
Net asset value -- end of year...................... $ 11.990 $ 10.850 $ 11.100 $ 9.430
========= ========= ========= =========
Total Return(4)..................................... 22.67% 0.54% 18.35% (5.19%)
Annualized Ratios/Supplemental Data:
Net assets, end of year (000 omitted)............. $ 1,277 $ 6,109 $ 7,628 $ 3,813
Ratio of net expenses to average net assets(1).... 2.28% (5) 2.08% (5) 2.26%(5) 2.00%(3)
Ratio of net investment income (loss) to average net
assets(1)....................................... (0.54%) (0.02%) 0.72% 0.49%(3)
Portfolio Turnover Rate........................... 112% 55% 95% 94%
Average commission rate paid(6) .................. $ 2.0418 $ 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 1996 1995 1994(2)
- --------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) per share.............. $ (0.226) $ (0.045) $ 0.027 $ 0.063
========= ========= ========= =========
Annualized Ratios (As a percentage of average net assets):
Expenses.......................................... 3.68% 2.21% 2.39% 2.08%(3)
========= ========= ========= =========
Net investment income (loss)...................... (1.94%) (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 years ended December 31, 1997, 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) Certain per share amounts are based on average shares outstanding.
</TABLE>
See notes to financial statements
<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/China (Hong Kong/China 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) applicable 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, 1997, the Trust, for federal income tax
purposes, had a capital loss carryover of $165,578 for the Hong Kong series,
$2,323,550 for the Mexico series and $2,726,369 for the Japan series, which will
reduce taxable income arising from future net realized gain on investments, if
any, to the extent permitted by the Code, and thus will reduce the amount of the
distribution to shareholders which would otherwise be necessary to relieve the
respective Fund of any liability for federal income or excise tax. Pursuant to
the Code, such capital loss carryovers will expire as follows:
<PAGE>
Dec. Hong Kong/China Mexico Japan
- -------------------------------------------------------------------------------
2002 -- -- --
2003 $165,578 $2,323,550 $1,460,778
2004 -- -- --
2005 -- -- $1,265,591
- -------------------------------------------------------------------------------
At December 31, 1997, net capital losses of $948 for the Britain series,
$297,432 for the Hong Kong/China series, $4,191 for the Italian series, $184,705
for the Japan series, and $90,042 for Mexico series attributable to security
transactions incurred after October 31, 1997 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 is 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 are accounted for on the date the
investments are purchased or sold. Dividend income and distributions to
shareholders are recorded on the ex-dividend date. However, if the ex-dividend
date has passed, certain dividends from foreign securities are recorded as the
Fund is informed of the ex-dividend date. Interest income is recorded on the
accrual basis.
H. Distributions -- Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
only temporary overdistributions for financial statement purposes, are
classified as distributions in excess of net investment income or accumulated
net realized gains. Distributions in excess of tax basis earnings and profits
are reported in the financial statements as a return of capital. Permanent
differences between book and tax accounting for certain items may result in
reclassification of these items.
During the year ended December 31,1997, the following amounts were
reclassed due to differences between book and tax accounting created primarily
by equalization accounting, the unavailability of a tax benefit for operating
loss and character reclassifications between net investment income and net
realized capital gains.
Accumulated Undistrib-
uted Net Realized Gain
(Loss) on Investment Undistributed
Paid-In and Foreign Currency Net Investment
Capital Transactions Income (Loss)
- -------------------------------------------------------------------------------
Belgium 2,933,835 (2,934,211) 376
Britain 500,618 (497,453) (3,165)
Germany 2,067,370 (2,093,842) 26,472
Hong Kong/China 82,465 3,558 (86,023)
Italian 781,183 (821,378) 40,195
Japan (163,754) 44,437 119,317
Mexico (52,917) 118,514 (65,597)
Netherlands -- (5,334) 5,334
Nordic 562,729 (598,020) 35,291
Switzerland 561,918 (559,999) (1,919)
- -------------------------------------------------------------------------------
These changes had no effect on the net asset value per share.
<PAGE>
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
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.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged The Winthrop Corporation ("Winthrop") to act as
investment adviser to the Funds pursuant to the respective Investment Advisory
contracts. Pursuant to a service agreement between Winthrop and its wholly-owned
subsidiary, Wright Investors' Service, Inc. ("Wright"), Wright furnishes each
Fund with investment management, investment advisory, and other services. For
its services, Wright is compensated based upon a percentage of each series'
average daily net assets which rate is adjusted as average daily net assets
exceed certain levels. For the year ended December 31, 1997, the effective
annual rate was 0.75% for all Series. To enhance the net income of the
Belgium/Luxembourg, Britain, Germany, Italian, Nordic and Switzerland Series,
Wright reduced its management fee by $4,318, $861, $908, $1,725, $21,515 and
$13,045, respectively. In addition, $21,500, $55,280, $6,650, $16,600, $12,182,
and $25,150 of expenses of the Belgium/Luxembourg, Britain, Germany, Italian,
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 year ended
December 31, 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 wholly-owned subsidiary of Winthrop, an annual rate of 0.25% of
each series' average daily net assets for activities primarily intended to
result in the sale of each series' shares. For the year ended December 31,1997,
the Principal Underwriter reduced its fees to the Belgium/Luxembourg, Britain,
Germany, Italian, Nordic and Switzerland Series by $1,492, $287, $302, $575,
$11,184 and $4,348, 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>
Year Ended Year Ended
December 31, 1997 December 31, 1996
--------------------------------------------------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------
BELGIUM/LUXEMBOURG SERIES
<S> <C> <C> <C> <C>
Sales 110,942 $ 1,529,132 584,173 $ 7,619,405
Issued to shareholders in payment
of distributions declared 53,671 507,194 111,259 1,453,384
Redemptions (1,438,288) (19,488,709) (490,375) (6,432,766)
--------- ------------ --------- ------------
Net Increase (Decrease) (1,273,675) $(17,452,383) 205,057 $ 2,640,023
=========== ============= ========== ============
BRITAIN SERIES
Sales 112,883 $ 1,058,477 264,652 $ 2,847,337
Issued to shareholders in payment
of distributions declared 10,757 95,952 126,746 1,051,808
Redemptions (465,358) (4,143,320) (1,312,055) (14,045,976)
--------- ------------ --------- ------------
Net Decrease (341,718) $ (2,988,891) (920,657) $(10,146,831)
========== ============= ========== ============
GERMANY SERIES
Sales 550,922 $ 6,225,006 1,125,044 $ 10,956,506
Redemptions (2,607,171) (28,730,194) (726,070) (7,137,412)
------------- ------------ --------- ------------
Net Increase (Decrease) (2,056,249) $(22,505,188) 398,974 $ 3,819,094
========== ============= ========== ============
HONG KONG/CHINA SERIES
Sales 1,590,805 $ 21,714,438 2,956,048 $ 40,005,914
Issued to shareholders in payment
of distributions declared -- -- 24,389 384,612
Redemptions (3,097,095) (45,598,684) (2,843,413) (38,225,558)
--------- ------------ --------- ------------
Net Increase (Decrease) (1,506,290) $(23,884,246) 137,024 $ 2,164,968
========== ============ ========== ============
ITALIAN SERIES
Sales 65,094 $ 729,604 1,129,779 $ 11,292,719
Issued to shareholders in payment
of distributions declared 6,509 70,947 -- --
Redemptions (1,039,464) (11,214,508) (111,987) (1,144,232)
--------- ------------ --------- ------------
Net Increase (Decrease) (967,861) $(10,413,957) 1,017,792 $ 10,148,487
========== ============ ========== ============
<PAGE>
JAPAN SERIES
Sales 2,111,367 $ 17,100,885 1,936,498 $ 16,962,898
Redemptions (3,689,979) (29,902,162) (2,264,122) (19,667,146)
--------- ------------ --------- ------------
Net Decrease (1,578,612) $(12,801,277) (327,624) $ (2,704,248)
========== ============= =========== ============
MEXICO SERIES
Sales 7,149,107 $ 49,729,759 8,030,711 $ 40,764,674
Redemptions (7,528,473) (50,995,835) (11,639,808) (57,698,992)
------------ ------------ --------- ------------
Net Decrease (379,366) $ (1,266,076) (3,609,097) $(16,934,318)
========== ============= =========== ============
NETHERLANDS SERIES
Sales 1,342,976 $ 12,946,759 957,002 $ 9,673,567
Issued to shareholders in payment
of distributions declared 68,767 662,588 178,364 1,503,615
Redemptions (933,166) (9,306,110) (1,131,432) (11,485,497)
--------- ------------ ------------ ------------
Net Increase (Decrease) 478,577 $ 4,303,237 3,934 $ (308,315)
========== ============ ============ =============
NORDIC SERIES
Sales 256,463 $ 3,776,244 538,936 $ 7,070,054
Issued to shareholders in payment
of distributions declared 51,150 673,306 5,676 81,338
Redemptions (575,229) (8,295,131) (378,056) (4,934,980)
--------- ------------ --------- ------------
Net Increase (Decrease) (267,616) $ (3,845,581) 166,556 $ 2,216,412
========== ============= ========== =============
SWITZERLAND SERIES
Sales 374,115 $ 4,462,079 325,732 $ 3,661,015
Issued to shareholders in payment
of distributions declared 18,525 207,517 15,805 171,326
Redemptions (849,253) (9,908,582) (465,629) (5,226,618)
--------- ------------ --------- ------------
Net Decrease (456,613) $ (5,238,986) (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 year ended December 31, 1997, were as
follows:
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Belgium/Luxembourg $ 476,671 $18,154,078 Japan $ 11,043,557 $23,602,290
Britain 965,309 3,665,092 Mexico 32,755,518 35,396,475
Germany 578,533 22,650,759 Netherlands 7,258,826 3,304,620
Hong Kong/China 6,826,226 30,818,489 Nordic 2,069,506 6,281,413
Italian 316,798 10,222,644 Switzerland 3,120,730 8,220,060
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and gross and net unrealized appreciation/depreciation of the
investment securities owned at December 31, 1997, as computed on a federal
income tax basis, are as follows:
<TABLE>
<CAPTION>
Gross Gross Net Unrealized
Aggregate Unrealized Unrealized Appreciation
SERIES Cost Appreciation -- Depreciation = (Depreciation)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BELGIUM/LUXEMBOURG $ 1,097,791 $ 359,494 -- $ 36,103 = $ 323,391
============== ==============
BRITAIN $ 612,387 $ 90,602 -- $ 1,565 = $ 89,037
============== ==============
GERMANY $ 1,156,132 $ 229,903 -- $ 21,213 = $ 208,690
============== ==============
HONG KONG/CHINA $ 7,546,301 $ 231,503 -- $ 1,800,611 = $ (1,569,108)
============== ==============
ITALIAN $ 457,435 $ 67,603 -- $ 5,909 = $ 61,694
============== ==============
JAPAN $ 4,355,236 $ 161,887 -- $ 763,927 = $ (602,040)
============== ==============
MEXICO $ 20,163,506 $ 7,087,606 -- $ 141,495 = $ 6,946,111
============== ==============
NETHERLANDS $ 10,719,100 $ 2,345,382 -- $ 204,962 = $ 2,140,420
============== ==============
NORDIC $ 2,451,504 $ 340,815 -- $ 50,877 = $ 289,938
============== ==============
SWITZERLAND $ 1,418,612 $ 109,044 -- $ 29,328 = $ 79,716
============== ==============
</TABLE>
<PAGE>
(7) FINANCIAL INSTRUMENTS
The Funds regularly trade financial instruments with off-balance sheet risk
in the normal course of their investing activities in order to manage exposure
to market risks such as interest rates and foreign currency exchange rates.
These financial instruments include forward foreign currency exchange contracts.
The notional or contractual amounts of these instruments represent the
investment the Funds have in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
As of December 31, 1997, the Hong Kong/China 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>
1/5/98 Hong Kong Dollar 6,423,279 $828,757 $828,846 $ (89)
1/5/98 Hong Kong Dollar 69,884 9,017 9,017 --
----------- ----------- ---------- ----------
TOTAL 6,493,163 $837,774 $837,863 $ (89)
========== ========== ========= =========
</TABLE>
At December 31, 1997, the Hong Kong/China 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 year ended December 31, 1997, the
following amounts of CDSC were paid by shareholders to the Funds:
Fund CDSC Fee
---- ---------
Belgium/Luxembourg $ 129
Britain 652
Germany 1,342
Hong Kong/China 22,870
Italy 91
Japan 12,467
Mexico 30,144
Netherlands 3,562
Nordic 6,766
Switzerland 1,107
<PAGE>
(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.
(10) LINE OF CREDIT
The Funds participate with other funds managed by Wright in a committed $20
million unsecured line of credit agreement with a bank. The Funds may
temporarily borrow from the line of credit to satisfy redemption requests or
settle investment transactions. Interest is charged to each fund based on its
borrowings at an amount above the federal funds rate. In addition, a fee
computed at an annual rate of 0.10% on the average daily unused portion of the
$20 million line of credit, is allocated among the participating funds at the
end of each quarter. The Funds did not have significant borrowings or allocated
fees during the period ended December 31, 1997.
<PAGE>
Independent Auditors' Report
===============================================================================
To the Trustees and Shareholders of
The Wright EquiFund Equity Trust:
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of The Wright EquiFund Equity Trust
(the Trust) (comprising, respectively, of Belgium/Luxembourg, Britain, Germany,
Hong Kong/China, Italian, Japan, Mexico, Netherlands, Nordic, and Switzerland
Series) as of December 31, 1997 and the related statements of operations for the
year then ended, and the statements of changes in net assets for the years ended
December 31, 1997 and 1996 and the financial highlights for each of the years in
the five-year period ended December 31, 1997. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned at
December 31, 1997, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of each of the
respective Series constituting The Wright EquiFund Equity Trust as of December
31, 1997, the results of their operations, the changes in their net assets, and
their financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 30, 1998
<PAGE>
EquiFund
THE WRIGHT EQUIFUND
EQUITY TRUST
Annual Report
Officers and Trustees of the Funds
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President and Trustee
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
Independent Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, Massachusetts 02110
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
Fund's current prospectus.
