EQUITABLE LIFE INSURANCE
COMPANY OF IOWA
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
RESEARCH PORTFOLIO
TOTAL RETURN PORTFOLIO
SEMI-ANNUAL
REPORT
JUNE 30, 1996
PRIMELITE
VARIABLE ANNUITY
Equi-Select Series Trust
OTC Portfolio, Research Portfolio and Total Return Portfolio
Semi-Annual Report
For the Period Ended June 30, 1996
Table of Contents
Letter to Contract Owners
Management's Discussion and Analysis
Portfolio Performance Review
Exhibits A-C
Equi-Select Series Trust Financial Statements
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Trustees and Executive Officers
The information contained in this report is intended for general informational
purposes only. This report is not authorized for distribution to prospective
investors unless preceded or accompanied by current Trust and Separate Account
prospectuses which contain important information concerning the Trust, the
Company, and its current public offering of variable annuity contracts.
LETTER TO CONTRACT OWNERS
Dear PrimElite Contract Owners:
Thank you for selecting the PrimElite variable annuity product. We are
pleased to present to you this semi-annual report on behalf of the Equi-
Select Series Trust.
As the PrimElite product is enhanced, we are pleased with the addition of the
OTC Portfolio and Total Return Portfolio as product investment options. The
OTC Portfolio is managed by two well respected portfolio managers, John
Ballen and Mark Regan, and the Total Return Portfolio is managed by David
Calabro's well regarded team of professional money managers.
During the first half of 1996 the stock market continued to reach record
levels and the bond market was slowed due to a better than expected economy.
The strong performance of the OTC, Research, and Total Return Portfolios is
indicative of the strong money managers utilized. In the following pages,
each of our professional managers will discuss how the first half of 1996
impacted the Portfolios and the financial statements illustrate the financial
position of each of these Portfolios.
We are committed to offering you Portfolios which will assist you in meeting
your financial objectives. We look forward to serving you and to the
continued success of the PrimElite product.
Sincerely,
/s/ Paul R. Schlaack
Paul R. Schlaack
President and Chief Executive Officer
Equitable Investment Services, Inc.
President, Chairman, and Principal Executive Officer
Equi-Select Series Trust
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Period January 1, 1996 to June 30, 1996
The purpose of this section is to discuss and analyze the performance of the
OTC, Research and Total Return Portfolios. This analysis should be read in
conjunction with the financial statements and related notes which appear
elsewhere in this report.
PORTFOLIOS MANAGED BY MASSACHUSETTS FINANCIAL SERVICES COMPANY (MFS)
OTC Portfolio
- -------------
For the period January 1, 1996 to June 30, 1996, the total return of the OTC
Portfolio was 18.77 percent. Exhibit A illustrates the growth of a $10,000
investment in the OTC Portfolio in comparison to its benchmarks.
The second quarter of 1996 saw considerable volatility rooted in a continued
lack of stable consensus over prospects for interest rates and economic growth.
Conflicting economic news over the course of the quarter offered no clearer
picture of where the economy is headed. Automotive sales rebounded from the
first quarter, but housing activity has been slow as a result of rising
mortgage rates. While the Federal Reserve Board kept interest rates unchanged,
job growth continued to accelerate, raising inflationary fears and the
possibility of a Federal Reserve interest rate increase later this year.
The Portfolio's performance during the quarter was largely paced by strength
in leisure and technology holdings, areas where the Portfolio was overweighted
to its comparative index. In the technology sector, CU International's buy-
out of both Davidson Associates and Sierra On-Line contributed to the
Portfolio's outperformance. In addition, two large positions within the
technology sector, Synopsis Inc. and Glenayre Technologies, posted returns in
excess of fifty percent for the first half of the year. In the leisure sector,
three holdings enjoyed appreciation in excess of twenty percent year to date:
Bally Entertainment, Starsight Telecast, and Showboat. Bally Entertainment,
in particular, was boosted from its acquisition by Hilton.
Solid performance from the leisure and technology sectors more than compensated
for weakness in the healthcare sector in the quarter, where investors focused
negatively on managed care players such as Healthsource, Pacificare, and
United Healthcare. The fear that enrollment growth may be slowing and medical
costs may be increasing took its toll on the stocks. Despite lackluster
performance thus far in 1996, the portfolio manager continues to believe well-
managed companies within the HMO industry offer substantial long-term growth
potential. At current valuations, the portfolio manager expects the healthcare
holdings to contribute to positive portfolio performance later in the year.
The portfolio manager believes the Portfolio is well-positioned to take
advantage of the current environment and expects no major changes in strategy.
The market is extremely discriminating and is placing a higher-than-normal
premium on earnings predictability. Those companies that fall short of
expectations are being seriously punished by investors, offering the
portfolio manager opportunities to build positions in selected companies whose
valuations have been inordinately reduced relative to their positive longer-
term fundamental prospects. In the past, the portfolio manager has found
uncommon values among this group of stocks.
Research Portfolio
- ------------------
For the period January 1, 1996 to June 30, 1996, the total return of the
Research Portfolio was 12.91 percent. Exhibit B illustrates the growth of a
$10,000 investment in the Research Portfolio in comparison to its benchmark.
The Portfolio's outperformance versus the S&P 500 during 1996 can be attributed
to three factors. First, overweightings in technology and leisure
significantly added to performance. Second, within the consumer staples,
financial services, and retail sectors, analysts uncovered companies which
provided strong earnings growth and price appreciation within the current
market environment. Finally, the stock market continued its positive
direction, further adding to the Portfolio's performance.
The Portfolio has been overweighted in technology for the past eighteen months,
with companies such as Microsoft, Compuware, Cisco Systems, and BMC Software
all benefiting from strong earnings growth. Within the financial services
sector, CIGNA Corp., Chase Manhattan, and Baybanks Inc. also benefited from
strong earnings growth.
The portfolio manager also remains positive regarding the leisure sector.
HFS Inc., MGM Grand, and Jacor Communications all have provided notable gains
over the past six months. HFS Inc., one of the top positions in the Portfolio,
recently made acquisitions in both the real estate (Caldwell Banker) and
rental car (Avis) industries which the portfolio manager believes will
contribute to the company's earnings growth over the next twelve to eighteen
months.
Despite lackluster performance in the healthcare sector thus far this year,
the Portfolio remains overweighted in this sector based on the portfolio
manager's confidence in the long term growth prospects of select companies
within the group. The portfolio manager continues to believe that well
managed companies such as Pacificare and United Healthcare offer substantial
long-term growth potential within the health maintenance organization industry.
The Portfolio is currently underweighted in the utilities, communications,
energy, automotive, and commodity-cyclical sectors as a result of a dismal
earnings outlook for many of the companies in these groups.
Total Return Portfolio
- ----------------------
For the Period January 1, 1996 to June 30, 1996, the total return of the
Total Return Portfolio was 4.63 percent. Exhibit C illustrates the growth of
a $10,000 investment in the Total Return Portfolio in comparison to its
benchmarks.
Over the past six months, the U.S. stock market has continued to climb
steadily, with equities benefiting from several factors including solid
corporate profits, modest inflation, and an increasing demand for stocks as
investors have poured money into mutual funds. These positives propelled the
S&P 500 higher by over ten percent during the six months ended June 30, 1996.
The bond market, on the other hand, has taken a different course. Following a
very prosperous 1995, bond prices have fallen dramatically and yields have
increased. The portfolio manager believes the factors responsible for this
price decline include a stronger than expected U.S. economy, significant price
increases in major commodities, and a shift in investor sentiment regarding
the Federal Reserve's inclination to raise short term interest rates. However,
the portfolio manager believes that the second half of 1996 may be more
favorable than the first half of the year. After getting more defensive with
the bond holdings in February by reducing duration, the portfolio manager has
recently begun to lengthen the Portfolio's duration.
The Portfolio's mix of stocks and bonds has been fairly consistent over the
past six months. As of June 30, 1996, stocks and convertible bonds made up
fifty six percent of the Portfolio, bonds accounted for thirty three percent,
and cash accounted for eleven percent. This positioning is somewhat
conservative as the enthusiasm for equities continues to be tempered by high
valuations. On the bond side, continued confusion about the direction of the
economy may produce more volatility.
Within the equity area, the portfolio manager continues to find value in
sectors such as energy, financial services, telephone utilities, and specialty
chemicals. The portfolio manager believes that fundamentals are solid and
valuations are fair in these areas.
Performance Graphs
- ------------------
Exhibits A through C illustrate the change of a $10,000 investment in each of
these Portfolios in comparison to its respective market indices. The chart
assumes that an investor starts with $10,000 and shows the changes in that
investment from October 4, 1994 (commencement of operations) to June 30, 1996.
The individual portfolio returns reflect expenses that apply to each respective
portfolio such as advisory, custodian, transfer agent, and legal fees. The
returns do not include expenses that apply to the separate account or related
variable insurance contracts. The benchmarks (except the Lipper Balanced Fund
Index) do not include expenses. In general, the inclusion of a portfolio's
expenses reduces the total return figures in comparison to its respective
benchmark which does not include expenses.
EXHIBIT A
COMPARISON OF $10,000
OTC PORTFOLIO vs RUSSELL 2000 INDEX and
S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the OTC Portfolio versus the Russell 2000 Index and the S&P 500 Index.
PERFORMANCE GRAPH
Russell 2000
OTC Portfolio Index S&P 500 Index
October 4, 1994 $10,000 $10,000 $10,000
October 31, 1994 10,339 9,960 10,225
November 30, 1994 10,153 9,558 9,853
December 31, 1994 10,359 9,814 9,999
January 31, 1995 10,182 9,690 10,258
February 28, 1995 10,427 10,093 10,658
March 31, 1995 11,132 10,266 10,972
April 30, 1995 10,498 10,494 11,296
May 31, 1995 11,022 10,674 11,748
June 30, 1995 11,772 11,228 12,020
July 31, 1995 12,685 11,875 12,419
August 31, 1995 13,204 12,121 12,450
September 30, 1995 13,308 12,338 12,976
October 31, 1995 12,801 11,786 12,929
November 30, 1995 13,335 12,281 13,496
December 31, 1995 13,387 12,605 13,757
January 31, 1996 13,515 12,592 14,230
February 29, 1996 14,502 12,984 14,367
March 31, 1996 14,521 13,253 14,505
April 30, 1996 16,030 13,962 14,718
May 31, 1996 16,658 14,508 15,087
June 30, 1996 15,899 13,912 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
OTC Portfolio 58.99% 3.59% 29.23% 18.77%
Russell 2000 Index 39.12% -1.86% 28.45% 10.36%
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT B
COMPARISON OF $10,000
RESEARCH PORTFOLIO vs S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the Research Portfolio versus the S&P 500 Index.
PERFORMANCE GRAPH
Research Portfolio S&P 500 Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,197 10,225
November 30, 1994 9,677 9,853
December 31, 1994 9,678 9,999
January 31, 1995 9,697 10,258
February 28, 1995 10,069 10,658
March 31, 1995 10,381 10,972
April 30, 1995 10,559 11,296
May 31, 1995 10,930 11,748
June 30, 1995 11,306 12,020
July 31, 1995 12,002 12,419
August 31, 1995 12,029 12,450
September 30, 1995 12,392 12,976
October 31, 1995 12,459 12,929
November 30, 1995 12,890 13,496
December 31, 1995 13,218 13,757
January 31, 1996 13,493 14,230
February 29, 1996 14,081 14,367
March 31, 1996 14,089 14,505
April 30, 1996 14,663 14,718
May 31, 1996 15,142 15,087
June 30, 1996 14,925 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Research Portfolio 49.24% -3.22% 36.58% 12.91%
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT C
COMPARISON OF $10,000
TOTAL RETURN PORTFOLIO vs LIPPER BALANCED FUND INDEX,
SHEARSON LEHMAN BROTHERS GOVERNMENT/CORPORATE INDEX, AND S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the Total Return Portfolio versus the Lipper Balanced Fund Index, the
Shearson Lehman Brothers Government/Corporate Index and the S&P 500 Index.
PERFORMANCE GRAPH
Shearson Lehman
Lipper Brothers
Balanced Government/
Total Return Fund Corporate S&P 500
Portfolio Index Index Index
October 4, 1994 $10,000 $10,000 $10,000 $10,000
October 31, 1994 10,073 10,036 9,989 10,225
November 30, 1994 9,742 9,795 9,971 9,853
December 31, 1994 9,853 9,877 10,037 9,999
January 31, 1995 9,978 9,998 10,230 10,258
February 28, 1995 10,196 10,289 10,467 10,658
March 31, 1995 10,349 10,469 10,537 10,972
April 30, 1995 10,568 10,662 10,683 11,296
May 31, 1995 10,935 11,006 11,131 11,748
June 30, 1995 11,019 11,204 11,220 12,020
July 31, 1995 11,149 11,442 11,176 12,419
August 31, 1995 11,266 11,531 11,319 12,450
September 30, 1995 11,588 11,808 11,435 12,976
October 31, 1995 11,538 11,779 11,603 12,929
November 30, 1995 11,990 12,141 11,794 13,496
December 31, 1995 12,268 12,308 11,968 13,757
January 31, 1996 12,492 12,536 12,042 14,230
February 29, 1996 12,486 12,542 11,787 14,367
March 31, 1996 12,635 12,590 11,688 14,505
April 30, 1996 12,683 12,673 11,607 14,718
May 31, 1996 12,754 12,820 11,587 15,087
June 30, 1996 12,836 12,862 11,743 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Total Return Portfolio 28.37% -1.47% 24.51% 4.63%
Lipper Balanced Fund Index*** 28.62% -1.23% 24.61% 4.50%
Shearson Lehman Brothers
Government/Corporate Index 17.43% 0.37% 19.24% -1.88%
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
*** The Lipper Balanced Fund Index represents porfolios consisting of both
equity and fixed income securities and compares more closely with the
objectives of the Total Return Portfolio.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 92.6%
AEROSPACE - 0.0%
Dassault Systems S A, (a) 200 $4,600
AUTO PARTS - 0.3%
Autozone Incorporated, (a) 2,100 72,975
BUSINESS SERVICES - 0.0%
Transaction Systems Architects
Incorporated, (a) 100 6,700
CHEMICALS - 0.1%
Polymer Group Incorporated, (a) 1,100 19,250
COMMERCIAL SERVICES - 0.1%
Equity Corporation International, (a) 500 13,500
Intelliquest Information Group, (a) 200 6,550
Nova Corporation, (a) 100 3,375
Registry Incorporated, (a) 100 2,925
Western Staff Services Incorporated, (a) 100 1,400
-----------
27,750
COMPUTERS & BUSINESS EQUIPMENT - 1.7%
Digital Equipment Corporation, (a) 8,200 369,000
COMPUTER SOFTWARE - 5.2%
Activision Incorporated New, (a) 7,800 101,400
Autodesk Incorporated 7,500 224,062
Cadence Design Systems Incorporated, (a) 4,000 135,000
Insignia Solutions Plc ADR, (a) 100 850
Intersolv Incorporated, (a) 3,700 34,225
Maxis Incorporated, (a) 10,300 203,425
Spectrum Holobyte Incorporated, (a) 72,900 419,175
Verilink Corporation, (a) 100 2,550
-----------
1,120,687
COMPUTER SOFTWARE - SYSTEMS- 11.8%
Adobe Systems Incorporated 11,400 408,975
BMC Software Incorporated, (a) 3,300 197,175
Cabletron Systems Incorporated, (a) 6,700 459,788
Informix Corporation, (a) 19,400 436,500
Sybase Incorporated, (a) 20,100 474,862
Synopsys Incorporated, (a) 14,350 570,412
-----------
2,547,712
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
CONSUMER GOODS & SERVICES - 0.0%
Sola International Incorporated, (a) 100 $2,875
DOMESTIC OIL - 1.9%
Carbo Ceramics Incorporated, (a) 17,900 393,800
Lomak Petroleum Incorporated 600 8,550
-----------
402,350
DRUGS & HEALTH CARE SERVICES - 21.9%
Beverly Enterprises Incorporated, (a) 8,800 105,600
Community Health Systems Incorporated, (a) 500 25,875
Coventry Corporation, (a) 12,700 200,025
Foundation Health Corporation, (a) 3,200 114,800
General Nutrition Cos Incorporated, (a) 14,000 245,000
Healthsource Incorporated, (a) 10,500 183,750
Owen Healthcare Incorporated, (a) 10,400 144,300
Pacificare Health Systems Incorporated,
Class A, (a) 15,100 996,600
Pacificare Health Systems Incorporated,
Class B, (a) 600 40,650
Regency Health Services, (a) 13,700 155,838
Safeguard Health Enterprises, (a) 1,900 33,963
United Healthcare Corporation 6,589 332,757
Uromed Corporation, (a) 60,500 831,875
Ventritex Incorporated, (a) 45,500 779,187
Zoll Medical Corporation, (a) 33,200 531,200
-----------
4,721,420
ELECTRICAL EQUIPMENT - 0.9%
Cable Design Technologies Corporation, (a) 6,000 196,500
ELECTRONICS -1.4%
Altera Corporation, (a) 1,300 49,400
Dupont Photomasks Incorporated, (a) 100 2,050
Intel Corporation 1,200 88,125
LSI Logic Corporation, (a) 5,800 150,800
Thermospectra Corporation, (a) 100 1,575
-----------
291,950
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ENTERTAINMENT - 10.3%
Bally Entertainment Group, (a) 8,400 $231,000
Harrahs Entertainment Incorporated, (a) 9,100 257,075
MGM Grand Incorporated, (a) 1,300 51,837
Showboat Incorporated 25,200 759,150
Starsight Telecast Incorporated, (a) 100,200 914,325
-----------
2,213,387
FINANCIAL SERVICES - 3.8%
Advanta Corporation, Class B 1,500 67,875
Corestates Financial Corporation 2,450 94,325
Countrywide Credit Incorporated 6,900 170,775
Credit Acceptance Corporation, (a) 4,700 98,700
Green Tree Financial Corporation 1,900 59,375
Medallion Financial Corporation, (a) 10,800 135,000
National Auto Credit Incorporated, (a) 17,450 198,494
-----------
824,544
GAS EXPLORATION - 0.4%
Apache Corporation 500 16,437
Newfield Exploration Company, (a) 1,600 62,200
Snyder Oil Corporation 750 7,594
-----------
86,231
HOTELS & RESTAURANTS - 0.5%
Applebees International Incorporated 3,300 106,013
INDUSTRIAL MACHINERY - 0.5%
Agco Corporation 4,000 111,000
INSURANCE - 0.7%
Amerin Corporation, (a) 300 8,025
Riscorp Incorporated, (a) 8,100 147,825
-----------
155,850
JEWELRY - 0.0%
Mark Brothers Jewelers Incorporated, (a) 100 2,275
LEISURE TIME - 3.1%
Argosy Gaming Corporation, (a) 80,700 595,162
Yes Entertainment Corporation, (a) 5,600 82,600
-----------
677,762
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
LODGING - 0.3%
Interstate Hotels Company, (a) 300 $6,675
Promus Hotel Corporation, (a) 1,700 50,363
-----------
57,038
MEDICAL SUPPLIES - 2.7%
Nobelpharma, (a) 7,000 130,058
Oncogene Science Incorporated, (a) 13,800 138,000
St Jude Medical Incorporated, (a) 9,100 304,850
-----------
572,908
MINING - 0.3%
Southern Africa Minerals Corporation, (a) 53,400 35,201
Titanium Metals Corporation, (a) 1,100 28,463
-----------
63,664
OIL & GAS - 2.1%
Belco Oil & Gas Corporation, (a) 9,900 351,450
Seacor Holdings Incorporated, (a) 2,400 107,400
-----------
458,850
PUBLISHING - 0.4%
Pulitzer Publishing Company 1,250 74,063
RAILROADS & EQUIPMENT - 1.6%
Kansas City Southern Industries
Incorporated 3,500 150,062
Wisconsin Central Transportation
Corporation, (a) 6,000 195,000
-----------
345,062
RETAIL - 3.0%
Eastbay Incorporated, (a) 300 4,500
Giordano International 219,000 212,187
Gymboree Corporation, (a) 9,500 289,750
Office Depot Incorporated, (a) 6,800 138,550
-----------
644,987
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
SOFTWARE - 6.0%
Cisco Systems Incorporated, (a) 1,100 $62,288
Electronic Arts, (a) 20,100 537,675
Microsoft Corporation, (a) 2,600 312,325
Oracle Systems Corporation, (a) 9,900 390,431
-----------
1,302,719
TELECOMMUNICATIONS - 7.0%
Airtouch Communications, (a) 4,000 113,000
Echostar Communications Corporation, (a) 1,900 53,675
Excel Communication Incorporated, (a) 400 10,800
Glenayre Technologies Incorporated, (a) 8,200 410,000
Mcleod Incorporated, (a) 300 7,200
Pagemart Wireless Incorporated, (a) 300 3,000
Pilipino Telephone, (a) 29,900 45,649
Rogers Cantel Mobile Incorporated,
Class B, (a) 36,800 860,200
-----------
1,503,524
TELEPHONE - 4.6%
MCI Communications Corporation 29,000 743,125
Telephone & Data Systems Incorporated 5,300 238,500
-----------
981,625
TEXTILES - 0.0%
Designer Holdings Ltd, (a) 300 7,988
TRANSPORTATION - 0.0%
Trico Marine Services Incorporated, (a) 100 2,225
-----------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $19,020,861) 19,975,484
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
WARRANTS - 0.0%
BROADCASTING - 0.0%
American Media Incorporated, (a) 41,700 $2,606
-----------
TOTAL WARRANTS - (Cost $21,501) 2,606
-----------
TOTAL INVESTMENTS - (Cost $19,042,362) - 92.6% 19,978,090
OTHER ASSETS LESS LIABILITIES - 7.4% 1,593,505
-----------
NET ASSETS - 100.0% $21,571,595
===========
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 96.5%
AEROSPACE - 6.1%
General Dynamics Corporation 7,200 $446,400
Lockheed Martin Corporation 6,300 529,200
McDonnell Douglas Corporation 15,400 746,900
United Technologies Corporation 5,300 609,500
-----------
2,332,000
AUTOMOBILES - 0.4%
Volvo AB 7,100 161,946
BANKS - 2.3%
Baybanks Incorporated 3,800 409,450
Chase Manhattan Corporation 6,476 457,367
-----------
866,817
BROADCASTING - 0.7%
Jacor Communications Incorporated, (a) 8,800 271,700
BUSINESS SERVICES - 1.7%
Ceridian Corporation, (a) 9,200 464,600
Interim Services Incorporated, (a) 1,200 51,600
Technology Solutions Company, (a) 3,400 117,725
-----------
633,925
CHEMICALS - 3.5%
Air Products & Chemicals Incorporated 6,800 392,700
Hanna M.A. Company 5,350 111,681
Polymer Group Incorporated, (a) 2,600 45,500
Praxair Incorporated 9,900 418,275
Uniroyal Chemical Corporation, (a) 7,900 117,513
W.R. Grace & Company 3,600 255,150
-----------
1,340,819
COMMERCIAL SERVICES - 0.6%
ISS International 10,900 243,731
COMPUTERS & BUSINESS EQUIPMENT - 1.4%
Digital Equipment Corporation, (a) 5,300 238,500
Gateway 2000 Incorporated, (a) 9,100 309,400
-----------
547,900
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - 2.3%
Amisys Managed Care Systems
Incorporated, (a) 10,300 $265,225
Cadence Design Systems Incorporated 15,400 519,750
Olivetti Spa, (a) 133,300 71,993
-----------
856,968
COMPUTER SOFTWARE - SYSTEMS - 5.1%
Adobe Systems Incorporated 7,000 251,125
Affiliated Computer Services Incorporated,
Class A, (a) 3,800 178,600
BMC Software Incorporated, (a) 4,400 262,900
Cabletron Systems Incorporated, (a) 5,500 377,437
Sun Microsystems Incorporated, (a) 8,300 488,662
Sybase Incorporated, (a) 5,900 139,388
Synopsys Incorporated, (a) 5,700 226,575
-----------
1,924,687
CONGLOMERATES - 1.1%
Lasalle Re Holdings Ltd 4,800 108,000
Wharf Holdings 84,000 300,589
-----------
408,589
CONSUMER GOODS & SERVICES - 5.7%
Gillette Company 8,100 505,237
Nike Incorporated 3,900 400,725
Philip Morris Companies Incorporated 6,700 696,800
Procter & Gamble Company 6,200 561,875
-----------
2,164,637
COSMETICS & TOILETRIES - 0.9%
Lauder Estee Cos Incorporated 3,800 160,550
Revlon Incorporated, (a) 5,700 166,013
-----------
326,563
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 8.4%
Astra AB 11,700 $510,763
Coventry Corporation, (a) 4,500 70,875
Guidant Corporation 5,900 290,575
Living Centers of America
Incorporated, (a) 4,200 144,375
Mariner Health Group Incorporated, (a) 3,900 71,662
Pacificare Health Systems Incorporated,
Class A, (a) 1,600 105,600
Pacificare Health Systems Incorporated,
Class B, (a) 4,200 284,550
St Jude Medical Incorporated, (a) 14,350 480,725
United Healthcare Corporation 7,900 398,950
Uromed Corporation, (a) 34,700 477,125
Ventritex Incorporated, (a) 14,200 243,175
Zoll Medical Corporation, (a) 6,300 100,800
-----------
3,179,175
ELECTRONICS - 1.6%
Analog Devices Incorporated, (a) 5,500 140,250
ESS Technology Incorporated, (a) 100 1,850
LSI Logic Corporation, (a) 2,700 70,200
Xilinx Incorporated, (a) 12,300 390,525
-----------
602,825
ENTERTAINMENT - 3.2%
Harrahs Entertainment Incorporated, (a) 8,900 251,425
MGM Grand Incorporated, (a) 6,800 271,150
Showboat Incorporated 11,900 358,487
Viacom Incorporated, (a) 8,800 342,100
-----------
1,223,162
FINANCE - 0.8%
Federal Home Loan Mortgage Corporation 3,600 307,800
FINANCIAL SERVICES - 2.3%
Advanta Corporation, Class B 6,200 280,550
Dah Sing Financial 26,800 81,188
Leader Financial Corporation 5,200 232,700
Lloyds Tsb Group 36,900 180,517
Wing Hang Bank Ltd 24,000 95,184
-----------
870,139
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
FOOD PROCESSING - 1.2%
Huhtamaki Oy 5,500 $184,062
Tyson Foods Incorporated Delaware 10,500 287,437
-----------
471,499
FOREST PRODUCTS - 1.5%
Kimberly Clark Corporation 7,300 563,925
GAS EXPLORATION - 0.5%
Newfield Exploration Company, (a) 4,800 186,600
GAS & PIPELINE UTILITIES - 1.0%
Coastal Corporation 9,100 379,925
HOTELS & RESTAURANTS - 0.7%
Sonic Corporation, (a) 11,150 270,388
HOUSEHOLD PRODUCTS - 1.7%
Colgate Palmolive Company 7,600 644,100
INDUSTRIAL MACHINERY - 2.1%
Agco Corporation 15,400 427,350
Case Corporation 7,600 364,800
-----------
792,150
INSURANCE - 4.6%
Amerin Corporation, (a) 4,000 107,000
Chartwell Re Corporation 4,100 90,713
Cigna Corporation 5,100 601,162
Everest Reinsurance Holdings 9,300 240,637
IPC Holdings Ltd 1,900 38,238
Penncorp Financial Group Incorporated 18,900 600,075
Sphere Drake Holdings Ltd 6,600 67,650
-----------
1,745,475
LODGING - 3.3%
HFS Incorporated, (a) 9,300 651,000
Host Marriott Corporation, (a) 25,500 334,688
Jarvis Hotels, (a) 66,300 177,102
Promus Hotel Corporation, (a) 3,650 108,131
-----------
1,270,921
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
MACHINE DIVERSIFIED - 1.2%
Stanley Works 15,600 $464,100
MEDICAL SUPPLIES - 0.5%
Nobelpharma 10,800 200,662
MISCELLANEOUS - 1.0%
TV Francaise 1,500 171,475
Union Assured Federal 1,600 197,527
-----------
369,002
NEWSPAPERS - 0.5%
New Straits Times 39,000 203,247
OIL & GAS - 3.0%
Belco Oil & Gas Corporation, (a) 5,200 184,600
Mobil Corporation 4,400 493,350
Panenergy Corporation 8,900 292,587
Seacor Holdings Incorporated, (a) 3,700 165,575
-----------
1,136,112
PAPER - 0.7%
Singapore Press Hd 14,000 274,841
PHARMACEUTICALS - 1.1%
Pfizer Incorporated 3,700 264,087
Rhone Poulenc Rorer Incorporated 2,300 154,388
-----------
418,475
RAILROADS & EQUIPMENT - 2.4%
CSX Corporation 7,500 361,875
Wisconsin Central Transportation
Corporation, (a) 16,600 539,500
-----------
901,375
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
RETAIL - 7.2%
Alco Standard Corporation 7,300 $330,325
Compusa Incorporated, (a) 9,900 337,838
Giordano International 192,000 186,027
Gymboree Corporation, (a) 10,300 314,150
Hollywood Entertainment Corporation, (a) 8,200 127,100
Home Depot Incorporated 4,800 259,200
Kwik Fit Holdings 51,100 180,941
Lowes Cos Incorporated 5,400 195,075
Micro Warehouse Incorporated, (a) 6,100 122,000
Safeway Incorporated, (a) 9,700 320,100
Staples Incorporated, (a) 8,600 167,700
York International Corporation 3,400 175,950
-----------
2,716,406
SOFTWARE - 6.8%
Cisco Systems Incorporated, (a) 7,500 424,688
Computer Associates International
Incorporated 3,300 235,125
Compuware Corporation, (a) 7,600 300,200
Electronic Arts, (a) 9,700 259,475
Microsoft Corporation, (a) 4,600 552,575
Oracle Systems Corporation, (a) 20,300 800,581
-----------
2,572,644
TELECOMMUNICATIONS - 3.0%
Glenayre Technologies Incorporated, (a) 8,900 445,000
Korea Mobile Telecomm ADR 11,200 191,800
Lucent Technologies Incorporated 5,400 204,525
MCI Communications Corporation 6,200 158,875
Pilipino Telephone, (a) 88,000 134,351
-----------
1,134,551
TIRES & RUBBER - 0.5%
BF Goodrich Company 4,900 183,138
TOBACCO - 1.0%
UST Incorporated 11,100 380,175
TOYS & AMUSEMENTS - 1.2%
Tyco International Ltd 11,200 456,400
TRANSPORTATION - 0.8%
Burlington Northern Santa Fe 3,900 315,413
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
UTILITIES - 0.9%
Ericsson LM Telephone 9,100 $196,568
Telecom Italia Mobile 102,200 139,493
-----------
336,061
-----------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $33,383,708) 36,650,968
Principal
SHORT TERM INVESTMENTS - 2.6% Amount
U.S. GOVERNMENT AGENCY - 2.6% ___________
Federal Home Loan Bank Consolidated
Discount Note, 5.260%, 07/01/1996 $1,000,000 1,000,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $1,000,000) 1,000,000
-----------
TOTAL INVESTMENTS - (Cost $34,383,708) - 99.1% 37,650,968
OTHER ASSETS LESS LIABILITIES - 0.9% 325,654
-----------
NET ASSETS - 100.0% $37,976,622
===========
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 52.7%
AEROSPACE - 2.0%
Raytheon Company 4,400 $227,150
United Technologies Corporation 3,800 437,000
-----------
664,150
ALUMINUM - 0.3%
Aluminum Company of America 1,500 86,063
APPAREL & TEXTILES - 0.4%
VF Corporation 2,300 137,138
AUTO PARTS - 0.3%
Dana Corporation 3,200 99,200
AUTOMOBILES - 1.5%
Ford Motor Company 4,700 152,163
General Motors Corporation 4,900 256,637
Volvo Aktiebolaget ADR 3,900 87,750
-----------
496,550
BANKS - 2.0%
Bank of Boston Corporation 4,300 212,850
Bank of New York Incorporated 4,300 220,375
Nationsbank Corporation 2,800 231,350
-----------
664,575
BUILDING MATERIALS - 0.2%
Sherwin Williams Company 1,100 51,150
CHEMICALS - 2.5%
Dow Chemical Company 2,400 182,400
DuPont, E I De Nemours & Company 2,200 174,075
Hanna M.A. Company 1,200 25,050
Olin Corporation 1,000 89,250
Praxair Incorporated 2,700 114,075
Rohm & Haas Company 1,800 112,950
Witco Corporation 3,200 110,000
-----------
807,800
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTERS & BUSINESS EQUIPMENT - 1.0%
Digital Equipment Corporation 1,500 $67,500
International Business Machines 800 79,200
Xerox Corporation 3,600 192,600
-----------
339,300
CONGLOMERATES - 0.3%
Eastern Enterprises 3,000 99,750
CONSUMER GOODS & SERVICES - 1.5%
Avon Products Incorporated 1,400 63,175
Philip Morris Companies Incorporated 4,050 421,200
-----------
484,375
DOMESTIC OIL - 0.7%
Panenergy Corporation 6,900 226,838
DRUGS & HEALTH CARE SERVICES - 1.7%
American Home Products Corporation 3,400 204,425
Lilly Eli & Company 1,700 110,500
National Health Investments Incorporated 300 9,825
Smithkline Beecham PLC, ADR (a) 4,300 233,812
-----------
558,562
ELECTRICAL EQUIPMENT - 2.0%
General Electric Company 4,700 406,550
Honeywell Incorporated 4,500 245,250
-----------
651,800
ELECTRIC UTILITIES - 2.6%
DPL Incorporated 3,000 73,125
FPL Group Incorporated 3,700 170,200
Peco Energy Company 4,600 119,600
Pinnacle West Capital Corporation 4,300 130,612
Portland General Corporation 6,200 191,425
Texas Utilities Company 3,400 145,350
-----------
830,312
ELECTRONICS - 0.1%
Analog Devices Incorporated 1,300 33,150
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ENVIRONMENTAL CONTROL - 0.3%
Browning Ferris Industries Incorporated 3,100 $89,900
FEDERAL AGENCIES - 0.7%
Federal Home Loan Mortgage Corporation 2,500 213,750
FINANCE & BANKING - 2.4%
Chase Manhattan Corporation New 5,228 369,227
Comerica Incorporated 1,400 62,475
Fleet Financial Group Incorporated 2,200 95,700
Southern National Corporation Carolina 7,800 247,650
-----------
775,052
FINANCIAL SERVICES - 2.1%
Allstate Corporation 2,400 109,500
American Express Company 2,500 111,562
Associates First Capital Corporation, (a) 800 30,100
National City Corporation 8,700 305,587
Northern Trust Corporation 1,200 69,300
Travelers Incorporated 1,500 68,438
-----------
694,487
FOOD & BEVERAGES - 1.3%
Anheuser Busch Companies Incorporated 700 52,500
General Mills Incorporated 3,500 190,750
Kellogg Company 800 58,600
Lion Nathan Ltd 8,400 22,019
McCormick & Company Incorporated 1,400 30,975
Pepsico Incorporated 2,000 70,750
-----------
425,594
FOREST PRODUCTS - 0.2%
Weyerhaeuser Company 1,900 80,750
GAS EXPLORATION - 1.3%
Occidental Petroleum Corporation 4,500 111,375
Repsol S.A. ADR 2,800 97,300
USX-Marathon Group 10,800 217,350
-----------
426,025
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
GAS & PIPELINE UTILITIES - 2.5%
British Petroleum PLC 2,300 $245,812
Coastal Corporation 4,800 200,400
Pacific Enterprises 1,700 50,363
Sonat Incorporated 3,200 144,000
Williams Companies Incorporated 3,200 158,400
-----------
798,975
HOUSEHOLD PRODUCTS - 0.6%
Colgate Palmolive Company 1,100 93,225
Rubbermaid Incorporated 3,300 89,925
-----------
183,150
INSURANCE - 2.0%
Aetna Life & Casualty Company 1,300 92,950
Cigna Corporation 1,900 223,962
St Paul Companies, Incorporated 3,200 171,200
Torchmark Incorporated 3,800 166,250
-----------
654,362
MACHINE DIVERSIFIED - 1.6%
Deere & Company 5,300 212,000
Ingersoll Rand Company 3,200 140,000
Stanley Works 5,500 163,625
-----------
515,625
MANUFACTURING - 1.0%
Allied Signal Incorporated 4,500 257,063
American Brands Incorporated 1,800 81,675
-----------
338,738
MEDICAL SUPPLIES - 0.9%
Baxter International Incorporated 4,700 222,075
St Jude Medical Incorporated, (a) 2,000 67,000
-----------
289,075
METALS - 0.3%
Phelps Dodge Corporation 1,300 81,088
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
OIL & GAS - 0.9%
Atlantic Richfield Company 1,600 $189,600
Sun Incorporated 3,000 91,125
-----------
280,725
OILS - 2.8%
Amoco Corporation 3,400 246,075
Exxon Corporation 1,600 139,000
Mobil Corporation 1,800 201,825
Royal Dutch Petroleum Company 2,000 307,500
-----------
894,400
PETROLEUM SERVICES - 0.7%
Schlumberger Ltd 1,800 151,650
Ultramar Corporation 3,100 89,900
-----------
241,550
PHARMACEUTICALS - 0.8%
Ciba Geigy AG 150 182,971
Rhone Poulenc Rorer Incorporated 700 46,987
Warner Lambert Company 800 44,000
-----------
273,958
PHOTOGRAPHY - 1.0%
Eastman Kodak Company 4,000 311,000
POLLUTION CONTROL - 0.4%
WMX Technologies Incorporated 3,700 121,175
PRINTING - 0.8%
DeLuxe Corporation 1,500 53,250
Dun & Bradstreet Corporation 900 56,250
Tribune Company New 2,000 145,250
-----------
254,750
RAILRAODS & EQUIPMENT - 1.2%
Canadian National Railway Company 1,200 22,050
CSX Corporation 4,000 193,000
Illinois Central Corporation 6,700 190,112
-----------
405,162
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
REAL ESTATE - 0.7%
Hospitality Properties Trust 5,500 $147,125
Meditrust Corporation 2,500 83,438
-----------
230,563
RETAIL - 1.8%
May Department Stores Company 2,300 100,625
Office Depot Incorporated, (a) 1,500 30,563
Sears, Roebuck & Company 3,600 175,050
Wal Mart Stores Incorporated 3,500 88,812
York International Corporation 3,500 181,125
-----------
576,175
TELECOMMUNICATIONS - 1.3%
Alcatel Alsthom, ADR 100 1,762
GTE Corporation 5,400 241,650
Nynex Corporation 2,300 109,250
Telephone & Data Systems Incorporated 1,400 63,000
-----------
415,662
TELEPHONE - 2.3%
Ameritech Corporation 3,700 219,687
AT&T Corporation 5,300 328,600
MCI Communications Corporation 8,400 215,250
-----------
763,537
TIRES & RUBBER - 0.6%
BF Goodrich Company 5,400 201,825
TOBACCO - 0.1%
Dimon Incorporated 1,600 29,600
TRANSPORTATION - 0.4%
Burlington Northern Santa Fe 1,700 137,488
UTILITIES - 0.6%
Bellsouth Corporation 400 16,782
Tenneco Incorporated 900 46,012
UGI Corporation New 6,000 132,000
-----------
194,794
-----------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS -
(Cost $15,550,599) $17,129,648
Principal
Amount
CORPORATE BONDS AND NOTES - 15.4% -----------
AIRLINES - 0.5%
Continental Airlines, 144A
10.220%, 07/02/2014* $25,000 27,899
Quantas Airways Ltd.
7.500%, 06/30/2003 100,000 100,042
US Air Incorporated, 144A
6.760%, 04/15/2008* 20,000 18,957
-----------
146,898
BANKS - 1.7%
Abn Amro Bank NV Chicago Branch
7.550%, 06/28/2006 95,000 96,556
Advanta National Bank
6.800%, 02/28/2001 180,000 176,785
Auburn Hills Trust
12.000%, 05/01/2020 30,000 43,332
Bankers Trust New York Corporation
7.375%, 05/01/2008 95,000 93,424
Capital One Bank
6.875%, 04/24/2000 100,000 99,151
7.000%, 04/30/2001 20,000 19,833
Sovereign Bancorp Incorporated
6.750%, 09/01/2000 10,000 9,685
-----------
538,766
BROADCASTING - 1.8%
Lenfest Communications Incorporated
8.375%, 11/01/2005 50,000 45,625
TCI Communications
7.250%, 06/15/1999 350,000 350,815
Viacom Incorporated
7.750%, 06/01/2005 200,000 195,004
-----------
591,444
BUILDING CONSTRUCTION - 0.0%
Owens Corning Fiberglass Corporation
8.875%, 06/01/2002 10,000 10,689
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 0.0%
Tenet Healthcare Corporation
10.125%, 03/01/2005 $10,000 $10,550
ELECTRIC UTILITIES - 3.4%
Arkansas Power & Light Company
8.750%, 03/01/2026 20,000 19,985
Commonwealth Edison Company
8.375%, 02/15/2023 80,000 78,744
DQU II Funding Corporation
8.700%, 06/01/2016 100,000 103,213
El Paso Electric Company
8.250%, 02/01/2003 100,000 97,000
Empresa Electric Peh
7.300%, 05/01/2003 300,000 298,350
Empresa Electrica Delaware Norte Sa, 144A
7.750%, 03/15/2006* 50,000 49,598
First PV Funding Corporation
10.150%, 01/15/2016 20,000 21,050
Long Island Lighting Company
7.850%, 05/15/1999 10,000 9,945
8.900%, 07/15/2019 100,000 90,736
9.625%, 07/01/2024 10,000 10,251
Louisiana Power & Light Company
10.670%, 01/02/2017 10,000 10,703
10.670%, 01/02/2017 10,000 10,702
8.750%, 03/01/2026 10,000 9,913
Midland Funding Corporation II
11.750%, 07/23/2005 10,000 10,446
Oryx Energy Company
10.000%, 04/01/2001 120,000 130,709
PacifiCorp Holdings PPW, 144A
7.200%, 04/01/2006* 50,000 48,732
Texas-New Mexico Power Company
12.500%, 01/15/1999 100,000 108,309
Utilicorp United Incorporated
8.450%, 11/15/1999 10,000 10,425
-----------
1,118,811
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
ENTERTAINMENT - 1.0%
Time Warner Incorporated
7.450%, 02/01/1998 $250,000 $252,707
8.110%, 08/15/2006 77,000 76,518
-----------
329,225
FINANCE - 0.2%
Financiera Energetica
9.375%, 06/15/2006 50,000 50,188
FINANCIAL SERVICES - 0.9%
Alex Brown Incorporated
7.625%, 08/15/2005 40,000 40,065
Lehman Brothers Holdings Incorporated
8.500%, 05/01/2007 100,000 105,052
Rhg Finance Corporation
8.875%, 10/01/2005 100,000 103,248
Riggs National Corporation
8.500%, 02/01/2006 10,000 9,950
Salton Sea Funding Corporation
7.370%, 05/30/2005 20,000 19,520
-----------
277,835
FOOD & BEVERAGES - 0.8%
Price Costco Incorporated
7.125%, 06/15/2005 100,000 97,278
RJR Nabisco Incorporated
8.750%, 04/15/2004 125,000 124,515
8.750%, 07/15/2007 20,000 19,629
7.550%, 06/15/2015 20,000 19,152
-----------
260,574
FOREST PRODUCTS - 0.3%
Canadian Pacific Forest Products Ltd.
9.250%, 06/15/2002 60,000 63,567
Georgia Pacific Corporation
9.875%, 11/01/2021 10,000 10,831
Laidlaw Incorporated
8.750%, 04/15/2025 10,000 10,641
-----------
85,039
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
GAS EXPLORATION - 0.4%
GGIB Funding Corporation
7.430%, 01/15/2011 $98,532 $93,800
Parker & Parsley Petroleum Company
8.250%, 08/15/2007 20,000 20,858
-----------
114,658
GAS & PIPELINE UTILITIES - 0.4%
Coastal Corporation
7.750%, 10/15/2035 120,000 115,901
INSURANCE - 0.7%
Fairfax Financial Holdings Ltd.
8.300%, 04/15/2026 15,000 14,857
Liberty Mutual Insurance Company, 144A
8.200%, 05/04/2007* 20,000 20,917
Manufacturers Life Insurance Company, 144A
7.875%, 04/15/2005 20,000 20,191
Nationwide Mutual Life, 144A
7.500%, 02/15/2024* 100,000 90,811
Travelers Group
7.875%, 05/15/2025 70,000 70,052
-----------
216,828
MANUFACTURING - 0.4%
Fisher Scientific International Incorporated
7.125%, 12/15/2005 100,000 95,105
Mark IV Industries Incorporated, 144A
7.750%, 04/01/2006* 50,000 47,250
-----------
142,355
METALS - 0.0%
Asarco Incorporated
8.500%, 05/01/2025 13,000 13,386
OIL & GAS - 0.3%
Mitchell Energy & Development Corporation
8.000%, 07/15/1999 75,000 76,178
NGC Corporation
6.750%, 12/15/2005 20,000 19,064
-----------
95,242
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
OTHER - 0.9%
Black & Decker Corporation
8.440%, 11/01/1999 $10,000 $10,480
Cooper Industries
7.050%, 01/01/2015 159,000 170,130
Jet Equipment, Series 1995 A Class B 144A
9.410%, 06/15/2010* 50,000 56,564
8.640%, 11/01/2012* 49,187 52,760
10.690%, 05/01/2015* 10,000 11,725
-----------
301,659
PRINTING - 0.1%
News America Holdings Incorporated
7.600%, 10/11/2015 50,000 46,536
REAL ESTATE - 0.0%
Rouse Company
7.460%, 05/29/2001 10,000 9,920
TELECOMMUNICATIONS - 0.3%
Tele Communications Incorporated
9.250%, 01/15/2023 90,000 88,718
TOBACCO - 0.3%
Philip Morris Cos Incorporated
7.650%, 07/01/2008 100,000 101,491
UTILITIES - 1.0%
Arkla Incorporated
8.850%, 02/01/2001 65,000 68,078
California Energy Incorporated
1.000%, 01/15/2004 75,000 72,000
Cleveland Electric Illuminating Company
7.420%, 08/01/2001 100,000 93,802
Connecticut Light & Power Company
7.875%, 06/01/2001 100,000 101,347
-----------
335,227
-----------
TOTAL CORPORATE BONDS AND NOTES -
(Cost $5,047,469) 5,001,940
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CONVERTIBLE BONDS - 0.4%
CONGLOMERATES - 0.3%
ADT Operations Incorporated
Zero Coupon, 07/06/2010 $105,000 $59,062
Valhi Incorporated
Zero Coupon, 10/20/2007 68,000 29,410
-----------
88,472
ELECTRONICS - 0.1%
Altera Corporation, Convertible 144A
5.750%, 06/15/2002* 25,000 24,938
REAL ESTATE - 0.0%
Liberty Property Limited Partnership
8.000%, 07/01/2001 15,000 15,375
-----------
TOTAL CONVERTIBLE BONDS - (Cost $106,943) 128,785
Shares
-----------
PREFERRED STOCK - 1.7%
CONSTRUCTION & MINING EQUIPMENT - 0.3%
Case Corporation 1,000 118,250
ENVIRONMENTAL CONTROL - 0.2%
Browning Ferris Industries Incorporated 1,900 60,325
FINANCIAL SERVICES - 0.4%
Sci Finance Llc 1,300 125,612
GAS EXPLORATION - 0.1%
Occidental Petroleum Corporation 500 29,938
HOUSEHOLD PRODUCTS - 0.1%
Corning Delaware LP 500 28,563
OIL & GAS - 0.6%
Enron Corporation 2,800 72,450
Unocal Corporation 2,200 124,025
-----------
196,475
-----------
TOTAL PREFERRED STOCK - (Cost $505,501) 559,163
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
FOREIGN GOVERNMENT BOND - 0.3%
GOVERNMENT AGENCY - 0.3%
Argentenia Republic
9.250%, 02/23/2001 $60,000 $57,990
Columbia Republic
8.700%, 02/15/2016 60,000 54,983
-----------
112,973
-----------
TOTAL FOREIGN GOVERNMENT BOND -
(Cost $119,840) 112,973
U.S. GOVERNMENT AND AGENCY SECURITIES - 16.8%
MORTGAGE-BACKED OBLIGATIONS - 1.9%
Federal National Mortgage Association
6.500%, 11/25/2017 358,739 359,019
Government National Mortgage Association
7.500%, 04/15/2008 250,287 252,867
-----------
611,886
U.S. TREASURIES - 14.9%
United States Treasury Bond
12.000%, 08/15/2013 155,000 218,502
7.625%, 02/15/2025 406,000 437,465
6.875%, 08/15/2025 133,000 131,649
6.000%, 02/15/2026 500,000 443,360
United States Treasury Note
5.125%, 02/28/1998 1,000,000 985,310
5.875%, 04/30/1998 92,000 91,640
6.375%, 01/15/1999 100,000 100,328
6.750%, 04/30/2000 20,000 20,209
6.250%, 08/31/2000 410,000 407,118
6.250%, 04/30/2001 1,500,000 1,485,705
6.250%, 02/15/2003 50,000 49,117
7.250%, 05/15/2004 9,000 9,325
6.500%, 08/15/2005 20,000 19,712
6.875%, 05/15/2006 270,000 272,994
6.375%, 08/15/2002 20,000 19,841
7.500%, 11/15/2001 20,000 20,878
8.500%, 02/15/2000 60,000 63,994
6.250%, 05/31/2000 60,000 59,615
-----------
4,836,762
-----------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES -
(Cost $5,499,218) $5,448,648
SHORT TERM INVESTMENTS - 11.1%
FEDERAL AGENCIES - 11.1%
Federal Home Loan Bank Discount Notes,
5.250%, 07/05/1996 $1,900,000 1,898,892
Federal Home Loan Mortgage Discount Notes,
5.280%, 07/10/1996 1,705,000 1,702,749
-----------
3,601,641
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $3,601,641) 3,601,641
-----------
TOTAL INVESTMENTS - (Cost $30,431,211) -
98.4% 31,982,798
OTHER ASSETS LESS LIABILITIES - 1.6% 525,380
-----------
NET ASSETS - 100.0% $32,508,178
===========
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
* Securities exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may
be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $19,978,090
Cash, including foreign currency, at value 1,588,842
Receivable for securities sold 10,966
Receivable for currency sold --
Interest receivable --
Dividends receivable 2,246
Receivable for fund shares sold 266,048
Foreign income tax reclaim receivable --
Prepaid insurance 584
Deferred organization costs 8,031
______________
TOTAL ASSETS 21,854,807
LIABILITIES
Payable for securities purchased 230,917
Payable for currency purchased --
Payable due to Investment Adviser (Note 3) 13,575
Accounts payable and accrued expenses 38,720
______________
TOTAL LIABILITIES 283,212
______________
NET ASSETS $21,571,595
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $19,060,949
Undistributed net investment income (loss) (Note 2) (81,839)
Accumulated net realized gain on investments and
foreign currency transactions 1,656,743
Net unrealized appreciation (depreciation) of:
Investments 935,728
Foreign currency translations 14
______________
NET ASSETS $21,571,595
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $14.35
Total shares outstanding at end of period 1,503,473
(a) Investments in securities and repurchase agreements, at cost $19,042,362
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Research
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $37,650,968
Cash, including foreign currency, at value 496,664
Receivable for securities sold 522,055
Receivable for currency sold 261,501
Interest receivable --
Dividends receivable 28,100
Receivable for fund shares sold 318,225
Foreign income tax reclaim receivable 1,527
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 39,287,655
LIABILITIES
Payable for securities purchased 997,214
Payable for currency purchased 260,564
Payable due to Investment Adviser (Note 3) 23,672
Accounts payable and accrued expenses 29,583
____________
TOTAL LIABILITIES 1,311,033
____________
NET ASSETS $37,976,622
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $33,273,828
Undistributed net investment income (loss) (Note 2) 8,820
Accumulated net realized gain on investments and
foreign currency transactions 1,427,569
Net unrealized appreciation (depreciation) of:
Investments 3,267,260
Foreign currency translations (855)
____________
NET ASSETS $37,976,622
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $14.54
Total shares outstanding at end of period 2,611,643
(a) Investments in securities and repurchase agreements, at cost $34,383,708
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $31,982,798
Cash, including foreign currency, at value 348,345
Receivable for securities sold 462,221
Receivable for currency sold --
Interest receivable 188,198
Dividends receivable 44,541
Receivable for fund shares sold 167,592
Foreign income tax reclaim receivable 931
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 33,203,241
LIABILITIES
Payable for securities purchased 642,402
Payable for currency purchased --
Payable due to Investment Adviser (Note 3) 20,169
Accounts payable and accrued expenses 32,492
____________
TOTAL LIABILITIES 695,063
____________
NET ASSETS $32,508,178
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $30,288,460
Undistributed net investment income (loss) (Note 2) 363,216
Accumulated net realized gain on investments and
foreign currency transactions 304,894
Net unrealized appreciation (depreciation) of:
Investments 1,551,587
Foreign currency translations 21
____________
NET ASSETS $32,508,178
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $12.45
Total shares outstanding at end of period 2,610,058
(a) Investments in securities and repurchase agreements, at cost $30,431,211
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
OTC Research
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $22,361 $46,586
Dividend income 9,602 155,389
Foreign taxes withheld (97) (4,730)
______________ ______________
TOTAL INVESTMENT INCOME 31,866 197,245
EXPENSES
Investment adviser fee (Note 3) 58,686 104,230
Administration fee 6,294 6,294
Audit fee 4,020 4,020
Custodian fees and expenses 41,163 60,322
Trustee's fees (Note 3) 2,805 2,804
Legal fee 5,072 5,072
Insurance expense 1,665 1,665
Transfer agent expense 2,386 2,386
Amortization of organization expense 1,229 1,229
Miscellaneous expense 543 566
______________ ______________
Total operating expenses before waiver
and reimbursement 123,863 188,588
Expenses reimbursed by the Investment
Adviser (Note 3) (10,158) --
______________ ______________
NET EXPENSES 113,705 188,588
______________ ______________
NET INVESTMENT INCOME (LOSS) (81,839) 8,657
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 1,575,162 1,314,796
Foreign currency transactions (110) 6,891
Change in unrealized appreciation
(depreciation) of:
Investments 654,765 1,581,546
Foreign currency translations 14 (657)
______________ ______________
NET REALIZED AND UNREALIZED GAIN 2,229,831 2,902,576
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $2,147,992 $2,911,233
============== ==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INVESTMENT INCOME
Interest income $332,873
Dividend income 197,885
Foreign taxes withheld (3,494)
______________
TOTAL INVESTMENT INCOME 527,264
EXPENSES
Investment adviser fee (Note 3) 92,859
Administration fee 6,294
Audit fee 4,020
Custodian fees and expenses 47,175
Trustee's fees (Note 3) 2,804
Legal fee 5,072
Insurance expense 1,665
Transfer agent expense 2,386
Amortization of organization expense 1,229
Miscellaneous expense 544
______________
Total operating expenses before waiver
and reimbursement 164,048
Expenses reimbursed by the Investment
Adviser (Note 3) --
______________
NET EXPENSES 164,048
______________
NET INVESTMENT INCOME (LOSS) 363,216
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 237,769
Foreign currency transactions (287)
Change in unrealized appreciation
(depreciation) of:
Investments 428,461
Foreign currency translations 70
______________
NET REALIZED AND UNREALIZED GAIN 666,013
______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,029,229
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and
the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) ($11,987)
Net realized gain (loss) on:
Investments 1,098,964
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 230,952
Foreign currency translations --
______________
Net increase in net assets resulting from operations 1,317,929
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
In excess of net investment income --
Distributions in excess of net realized loss on investments (995,427)
FUND SHARE TRANSACTIONS (Note 5) 7,036,435
______________
TOTAL INCREASE IN NET ASSETS 7,358,937
NET ASSETS:
Beginning of period 1,695,685
______________
END OF PERIOD (a) $9,054,622
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) ($81,839)
Net realized gain (loss) on:
Investments 1,575,162
Foreign currency transactions (110)
Change in unrealized appreciation (depreciation) of:
Investments 654,765
Foreign currency translations 14
______________
Net increase in net assets resulting from operations 2,147,992
FUND SHARE TRANSACTIONS (Note 5) 10,368,981
______________
TOTAL INCREASE IN NET ASSETS 12,516,973
NET ASSETS:
Beginning of period 9,054,622
______________
END OF PERIOD (a) $21,571,595
==============
(a) Including undistributed net investment income (loss) ($81,839)
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and
the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) $40,193
Net realized gain (loss) on:
Investments 352,255
Foreign currency transactions 9,912
Change in unrealized appreciation (depreciation) of:
Investments 1,725,239
Foreign currency translations (197)
______________
Net increase in net assets resulting from operations 2,127,402
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (39,939)
In excess of net investment income --
Distributions in excess of net realized loss on investments (234,536)
FUND SHARE TRANSACTIONS (Note 5) 12,706,354
______________
TOTAL INCREASE IN NET ASSETS 14,559,281
NET ASSETS:
Beginning of period 1,626,521
______________
END OF PERIOD (a) $16,185,802
==============
(a) Including undistributed net investment income $163
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $8,657
Net realized gain (loss) on:
Investments 1,314,796
Foreign currency transactions 6,891
Change in unrealized appreciation (depreciation) of:
Investments 1,581,546
Foreign currency translations (657)
______________
Net increase in net assets resulting from operations 2,911,233
FUND SHARE TRANSACTIONS (Note 5) 18,879,587
______________
TOTAL INCREASE IN NET ASSETS 21,790,820
NET ASSETS:
Beginning of period 16,185,802
______________
END OF PERIOD (a) $37,976,622
==============
(a) Including undistributed net investment income (loss) $8,820
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and
the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) $264,737
Net realized gain (loss) on:
Investments 138,883
Foreign currency transactions (1,184)
Change in unrealized appreciation (depreciation) of:
Investments 1,143,979
Foreign currency translations (49)
______________
Net increase in net assets resulting from operations 1,546,366
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (264,737)
In excess of net investment income (1,276)
Distributions in excess of net realized loss on investments (63,682)
FUND SHARE TRANSACTIONS (Note 5) 12,987,871
______________
TOTAL INCREASE IN NET ASSETS 14,204,542
NET ASSETS:
Beginning of period 1,298,365
______________
END OF PERIOD (a) $15,502,907
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $363,216
Net realized gain (loss) on:
Investments 237,769
Foreign currency transactions (287)
Change in unrealized appreciation (depreciation) of:
Investments 428,461
Foreign currency translations 70
______________
Net increase in net assets resulting from operations 1,029,229
FUND SHARE TRANSACTIONS (Note 5) 15,976,042
______________
TOTAL INCREASE IN NET ASSETS 17,005,271
NET ASSETS:
Beginning of period 15,502,907
______________
END OF PERIOD (a) $32,508,178
==============
(a) Including undistributed net investment income (loss) $363,216
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Net
Realized
and
Unrealized
Net Asset Net Gain(Loss)
Value at Investment on
Beginning Income Invest-
of Period (Loss)(1) ments
_____________ _____________ _____________
<S> <C> <C> <C>
OTC PORTFOLIO
Period ended June 30, 1996 $12.08 $(0.05) $2.32
Year ended December 31, 1995 10.36 (0.02) 3.07
Period ended December 31, 1994* 10.00 0.00 0.36
RESEARCH PORTFOLIO
Period ended June 30, 1996 12.88 0.00 1.66
Year ended December 31, 1995 9.59 0.03 3.48
Period ended December 31, 1994* 10.00 0.09 (0.41)
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 11.90 0.14 0.41
Year ended December 31, 1995 9.76 0.21 2.19
Period ended December 31, 1994* 10.00 0.09 (0.24)
<FN>
(1) Net investment income is after reimbursement of certain fees and expenses
by Equitable Investment Services, Inc. ("EISI") (See Note 3 to the finan-
cial statements). Had EISI not undertaken to reimburse expenses related
to the Portfolios, net investment income (loss) per share and ratio of
operating expenses to average net assets would have been as follows for
the period ended June 30, 1996, for the year ended December 31, 1995 and
for the period ended December 31, 1994, respectively: OTC Portfolio,
$(0.06) and 1.69%, $(0.10) and 2.52%, $(0.12) and 7.10%; Research Porfolio,
$0.00 and 1.45%, $(0.04) and 2.48%, $(0.04) and 7.48% and Total Return
Portfolio, $0.14 and 1.41%, $0.14 and 2.36%; $(0.06) and 8.31%.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Total Distributions Net
from from Net Capital
Investment Investment Gains
Operations Income Distributions
_____________ _____________ _____________
<S> <C> <C> <C>
OTC PORTFOLIO
Period ended June 30, 1996 $2.27 $0.00 $0.00
Year ended December 31, 1995 3.05 0.00 (1.33)
Period ended December 31, 1994* 0.36 0.00 0.00
RESEARCH PORTFOLIO
Period ended June 30, 1996 1.66 0.00 0.00
Year ended December 31, 1995 3.51 (0.03) (0.19)
Period ended December 31, 1994* (0.32) (0.09) 0.00
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 0.55 0.00 0.00
Year ended December 31, 1995 2.40 (0.21) (0.05)
Period ended December 31, 1994* (0.15) (0.09) 0.00
<FN>
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Net Asset
Value at
Total End Total
Distribution of Period Return(2)
_____________ _____________ _____________
<S> <C> <C> <C>
OTC PORTFOLIO
Period ended June 30, 1996 $0.00 $14.35 18.77%
Year ended December 31, 1995 (1.33) 12.08 29.23
Period ended December 31, 1994* 0.00 10.36 3.59
RESEARCH PORTFOLIO
Period ended June 30, 1996 0.00 14.54 12.91
Year ended December 31, 1995 (0.22) 12.88 36.58
Period ended December 31, 1994* (0.09) 9.59 (3.22)
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 0.00 12.45 4.63
Year ended December 31, 1995 (0.26) 11.90 24.51
Period ended December 31, 1994* (0.09) 9.76 (1.47)
<FN>
(2) Total return figures are not annualized for periods less than one year.
Total return does not reflect expenses that apply to the separate account
or related variable insurance contracts and inclusion of these charges
would result in reducing the total return figures for the period shown.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Ratio Ratio of Net
of Operating Investment
Net Assets Expenses to Income (Loss)
End Average Net to Average
of Period Assets(1)(3) Net Assets(3)
_____________ _____________ _____________
<S> <C> <C> <C>
OTC PORTFOLIO
Period ended June 30, 1996 $21,571,595 1.55% (1.12)%
Year ended December 31, 1995 9,054,622 1.07 (0.22)
Period ended December 31, 1994* 1,695,685 0.75 0.16
RESEARCH PORTFOLIO
Period ended June 30, 1996 37,976,622 1.45 0.07
Year ended December 31, 1995 16,185,802 1.12 0.58
Period ended December 31, 1994* 1,626,521 0.75 4.65
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 32,508,178 1.41 3.13
Year ended December 31, 1995 15,502,907 1.11 3.88
Period ended December 31, 1994* 1,298,365 0.75 4.58
<FN>
(1) Net investment income is after reimbursement of certain fees and expenses
by Equitable Investment Services, Inc. ("EISI") (See Note 3 to the finan-
cial statements). Had EISI not undertaken to reimburse expenses related
to the Portfolios, net investment income (loss) per share and ratio of
operating expenses to average net assets would have been as follows for
the period ended June 30, 1996, for the year ended December 31, 1995 and
for the period ended December 31, 1994, respectively: OTC Portfolio,
$(0.06) and 1.69%, $(0.10) and 2.52%, $(0.12) and 7.10%; Research Porfolio,
$0.00 and 1.45%, $(0.04) and 2.48%, $(0.04) and 7.48% and Total Return
Portfolio, $0.14 and 1.41%, $0.14 and 2.36%; $(0.06) and 8.31%.
(3) Annualized for periods less than one year.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Portfolio Average
Turnover Commission
Rate(4) Rate(5)
_____________ _____________
<S> <C> <C>
OTC PORTFOLIO
Period ended June 30, 1996 74% $0.0365
Year ended December 31, 1995 111 --
Period ended December 31, 1994* 6 --
RESEARCH PORTFOLIO
Period ended June 30, 1996 41 0.0304
Year ended December 31, 1995 83 --
Period ended December 31, 1994* 85 --
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 74 0.0576
Year ended December 31, 1995 89 --
Period ended December 31, 1994* 45 --
<FN>
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average net assets in equity security transactions on
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO, RESEARCH PORTFOLIO AND TOTAL RETURN PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
NOTE 1 - ORGANIZATION
Equi-Select Series Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended, as a no load, open-end management investment
company. The Trust was organized as a Massachusetts business trust on May
11, 1994, and offers ten portfolios, including the OTC Portfolio, Research
Portfolio and Total Return Portfolio (each "Portfolio" or, collectively,
"Portfolios"). On September 15, 1994, Equitable Life Insurance Company of
Iowa made the initial purchase of shares of beneficial interest in the amount
of 1,000 shares for each of the Portfolios. The shares of the Trust are sold
to certain life insurance companies' separate accounts to fund the benefits
under variable annuity contracts issued by such life insurance companies,
including Equitable Life Insurance Company of Iowa. The Trust began
investment operations on October 4, 1994 with the infusion of working capital
into the Trust by Equitable Life Insurance Company of Iowa.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements.
Estimates - The preparation of the financial statements in conformity with
generally accepted accounting principles may require management to make
certain estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of these financial statements and the reported
amounts of income and expenses during the reporting period. Actual results
could differ from those estimates.
Valuation of Investments - Portfolio securities traded on a national
securities exchange or quoted on the NASDAQ National Market System are valued
at the last reported sale price on the principal exchange or reported by
NASDAQ or, if there is no reported sale, and in the case of over-the-counter
securities not included on NASDAQ, at a bid price. Debt securities,
including zero-coupon securities, and certain foreign securities are valued
by a pricing service. Securities for which current market quotations are not
readily available are valued at fair value as determined in good faith by the
Trustees, or by an individual acting under the direction of the Trustees.
Prices for securities primarily traded in foreign markets are expressed in
the local currency's value and are translated into U.S. dollars at the
current rate of exchange. Short-Term securities, including all debt
securities with a remaining maturity of 60 days or less, are valued at their
amortized cost, which approximates market value.
Repurchase Agreements - In connection with transactions in repurchase
agreements, the Trust's custodian takes possession of the underlying
collateral securities, the value of which is at least equal to the principal
amount, including interest, of the repurchase agreement. To the extent that
the term of any repurchase agreement exceeds one business day, the value of
the collateral is marked-to-market on a daily basis to ensure the adequacy of
the collateral. In the event of default of the obligation to repurchase, the
Trust has the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation. Under certain circumstances, in the event of
default or bankruptcy by the other party to the agreement, realization and/or
retention of the collateral or proceeds may be subject to legal proceedings.
NOTE 2 (CONTINUED)
Investment Transactions - Investment security transactions are recorded on a
trade date basis. Realized gains and losses from security transactions are
determined on the basis of identified cost.
Investment Income - Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed are recorded as income when the Trust is informed of the
dividend. Interest income, which includes accretion of original discount, is
accrued as earned. Investment income is recorded net of foreign taxes
withheld where recovery of such taxes is uncertain.
Foreign Currency Translations - The records of the Trust are maintained in
U.S. dollars. Foreign currency amounts are translated into U.S. dollars at a
current rate of exchange of such currency to determine the value of
investments, other assets and liabilities. Purchases and sales of securities
and income and expenses are converted at the prevailing rate of exchange on
the respective dates of such transactions.
A Portfolio may realize currency gains or losses between the trade and
settlement dates on security transactions. To minimize such currency gains
or losses, the Portfolio may enter into a foreign currency exchange contract
for the purchase or sale, for a fixed amount of U.S. dollars, of an amount of
the foreign currency required to settle the security transaction.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by a Portfolio on each day and the resulting net unrealized
appreciation, depreciation and related net receivable or payable amounts are
determined by using forward currency exchange rates supplied by a quotation
service.
Reported net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on security transactions, and
the difference between the amount of net investment income accrued and the
U.S. dollar amount actually received.
Forward Currency Contracts - A forward foreign currency contract ("Forward")
is an agreement between two parties to buy and sell a currency at a set price
on a future date. The market value of the Forward fluctuates with changes in
currency exchange rates. The Forward is marked-to-market daily and the
change in the market value is recorded by a Portfolio as an unrealized gain
or loss. When the Forward is closed, the Portfolio records a realized gain
or loss equal to the difference between the value at the time it was opened
and the value at the time it was closed. The Portfolio could be exposed to
risk if a counterparty is unable to meet the terms of the contract or if the
value of the currency changes unfavorably. The Portfolio may enter into
Forwards in connection with planned purchases and sales of securities, to
hedge specific receivables or payables against changes in future exchange
rates or to hedge the U.S. dollar value of portfolio securities denominated
in a foreign currency.
Currency Call and Put Options - A call option written by a Portfolio
obligates the Portfolio to sell specified currency to the option holder at a
specified price at any time before the expiration date. A put option written
by a Portfolio obligates the Portfolio to purchase specified currency from
the option holder at a specified price at any time before the expiration
date. These transactions involve a risk that a Portfolio may, upon exercise
of the option, be required to sell currency at a price that is less than its
market value or be required to purchase currency at a price that exceeds its
market value. A Portfolio may also realize gains or losses by entering into
closing purchase transactions identical to call or put options that have been
written by the Portfolio in order to terminate its obligation under a call or
put option. In determining the amount of gain or loss realized, the option
premium paid and related transactions costs are added to the exercise price.
Dollar Roll Transactions - A Portfolio may enter into dollar roll
transactions, in which a Portfolio sells securities for delivery in the
current month and simultaneously contracts to repurchase substantially
similar (same type, same or similar interest rate and maturity) securities on
a specified future date. During the roll period the Portfolio forgoes
principal and interest paid on the securities. The Portfolios account for
such dollar rolls as financing transactions, and are compensated by the
interest earned on the cash proceeds of the initial sale and by the lower
repurchase price at the future date. To the extent that a Portfolio has
commitments under dollar roll transactions, liquid, high grade debt
securities are segregated in an amount equivalent to these obligations.
There were no dollar rolls outstanding at June 30, 1996.
Expenses - Expenses directly attributable to a Portfolio are charged to that
Portfolio. Expenses not directly attributable to a Portfolio are allocated
among the Trust's Portfolios, including the OTC Portfolio, Research Portfolio
and the Total Return Portfolio. Certain costs incurred in connection with
the organization of the Trust and each Portfolio have been deferred and are
being amortized on a straight line basis over a five year period.
Distributions to Shareholders - Each of the Portfolios declares and
distributes dividends from net investment income and distributes its net
realized capital gains, if any, at least annually. All distributions are
paid in shares of the relevant Portfolio at net asset value. Income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments for market
discount, foreign currency transactions, losses deferred due to wash sales,
"post October 31 losses" and excise tax regulations. Distributions are
recorded on the ex-dividend date.
Federal Income Taxes - Each Portfolio is treated as a separate entity for
federal tax purposes. Each Portfolio intends to qualify each year as a
regulated investment company under Subchapter M of the Internal Revenue Code
of 1986. By so qualifying, the Portfolios will not be subject to federal
income taxes to the extent that they distribute all of their taxable income,
including realized capital gains, for the fiscal year. In addition, by
distributing substantially all of their net investment income, capital gains
and certain other amounts during the calendar year, the Portfolios will not
be subject to a federal excise tax.
NOTE 3 - AGREEMENTS AND FEES
The Trust has entered into an Investment Advisory Agreement (the "Agreement")
with Equitable Investment Services, Inc. ("EISI"), under which EISI manages
the business and affairs of the Portfolios and the Trust. Under the
Agreement, each Portfolio pays EISI a monthly advisory fee at the annual rate
based on the average daily net assets of each Portfolio of .80% of the first
$300 million and .55% in excess of $300 million.
EISI has entered into a Sub-Advisory Agreement with Massachusetts Financial
Services Company (MFS) with respect to the Portfolios. MFS under the
supervision of EISI, is responsible for the day-to-day investment management
of the Portfolios. The fees payable to MFS under the Sub-Advisory Agreement
are borne by EISI, and the Portfolios do not bear the direct cost of the sub-
advisory activities.
EISI has agreed to reimburse each Portfolio for all expenses (excluding the
advisory fee) that exceed .75% of the average daily net assets of the
Portfolios. This undertaking is subject to termination at any time without
notice to shareholders. For the period ended June 30, 1996 EISI had agreed
to reimburse the OTC Portfolio $10,158 for expenses in excess of the
voluntary expense limitations.
Each Trustee of the Trust who is not an interested person of the Trust or
Adviser or Sub-Adviser receives an annual fee of $6,000 and an additional fee
of $1,500 for each Trustees' meeting attended.
NOTE 4 - INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities of investments, excluding
all short-term securities for the Portfolios, for the period ended June 30,
1996, were as follows:
<TABLE>
<CAPTION>
Non-U.S. U.S. Non-U.S. U.S.
Government Government Government Government
Purchases Purchases Sales Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
OTC $19,060,824 $10,462,035
Research 28,541,617 10,329,296
Total Return 16,367,930 $13,094,273 5,725,718 $9,177,304
</TABLE>
The identified cost of investments in securities and repurchase agreements
owned by the Portfolios for federal income tax and financial reporting
purposes are the same and their respective gross unrealized appreciation and
depreciation at June 30, 1996 were as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Identified Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Appreciation
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
OTC $19,042,362 $2,100,352 $1,164,624 $935,728
Research 34,383,708 4,053,386 786,126 3,267,260
Total Return 30,431,211 1,844,669 293,082 1,551,587
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS:
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
OTC Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 693,811 $9,632,985 717,249 $8,736,295
Shares issued to share-
holders in reinvestment
of dividends 80,997 995,428 50 509
Shares redeemed (20,888) (259,432) (131,491) (1,700,369)
____________ ____________ ____________ ____________
Net increase 753,920 $10,368,981 585,808 $7,036,435
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Research Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,339,578 $18,686,975 1,204,516 $14,162,794
Shares issued to share-
holders in reinvestment
of dividends 21,272 274,475 1,537 14,626
Shares redeemed (5,935) (81,863) (118,854) (1,471,066)
____________ ____________ ____________ ____________
Net increase 1,354,915 $18,879,587 1,087,199 $12,706,354
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Total Return Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,299,608 $15,886,980 1,280,732 $14,234,048
Shares issued to share-
holders in reinvestment
of dividends 27,643 329,695 1,222 11,922
Shares redeemed (19,708) (240,633) (112,428) (1,258,099)
____________ ____________ ____________ ____________
Net increase 1,307,543 $15,976,042 1,169,526 $12,987,871
============ ============ ============ ============
</TABLE>
EQUI-SELECT SERIES TRUST
____________________
TRUSTEES AND EXECUTIVE OFFICERS
Paul R. Schlaack, Trustee, Principal Executive Officer and President *
Thomas W. Bedell, Trustee
J. Michael Earley, Trustee
R. Barbara Gitenstein, Trustee
Stanley B. Seidler, Trustee
Paul E. Larson, Treasurer and Principal Financial Officer
John A. Merriman, Secretary
David A. Terwilliger, Principal Accounting Officer
Kimberly K. Krumviede, Vice President
* Interested Trustee
____________________
Ernst & Young LLP, Independent Auditors
Blazzard, Grodd & Hasenauer, P.C., Legal Counsel
Equitable Investment Services, Inc., Investment Adviser
The information contained in this report is intended for general informational
purposes only. This report is not authorized for distribution to prospective
investors unless preceded or accompanied by current Trust and Separate Account
prospectuses which contain important information concerning the Trust, the
Company, and its current public offering of variable annuity contracts.
The PrimElite Variable Annuity is distributed by Equitable of Iowa Securities
Network, Inc., an affiliate of Equitable Life Insurance Company of Iowa.
EQUITABLE LIFE OF IOWA
P.O. BOX 9271, DES MOINES, IA 50306-9271
