EQUI-SELECT
VARIABLE ANNUITY
ANNUAL
REPORT
DECEMBER 31, 1995
Equitable Life Insurance Company of Iowa
Separate Account A
Equi-Select Series Trust
Annual Report
For the Year Ended December 31, 1995
Table of Contents
Letter to Contract Owners
Management's Discussion and Analysis
Portfolio Performance Review
Exhibits A - J Portfolio Performance Graphs
Separate Account A Financial Statements
Report of Independent Auditors
Statements of Net Assets
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Equi-Select Series Trust Financial Statements
Report of Independent Auditors
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 Equi-Select Contract Owners:
Thank you for selecting the Equi-Select Variable Annuity product.
We are pleased to present to you this annual report on behalf of
Equitable Life Insurance Company of Iowa and the Equi-Select
Series Trust. Since its inception in October 1994 and throughout
1995, the Equi-Select product has proven to be one of the fastest
growing products in the industry. The Equi-Select product
combines an exceptional insurance product with top notch
professional money managers.
During 1995 the stock market reached record levels and the bond
market also displayed a strong performance. These market
conditions have resulted in positive returns for each of the Equi-
Select Portfolios. In the following pages, each of our
professional managers will discuss how the 1995 market impacted
the Portfolios and the financial statements illustrate the
financial position of the Separate Account and each of the
Portfolios.
We are committed to offering you attractive product features and
portfolio options to assist you in meeting your financial
objectives. We look forward to serving you and to the continued
success of the Equi-Select product.
Sincerely,
/s/ Fred S. Hubbell /s/ Paul R. Schlaack
Fred S. Hubbell Paul R. Schlaack
President, Chairman and President and Chief Executive Officer
Chief Executive Officer Equitable Investment Services, Inc.
Equitable Life Insurance Company President, Chairman, and Principal
of Iowa Executive Officer
Equi-Select Series Trust
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Year Ended December 31, 1995
The purpose of this section is to discuss and analyze the
performance of each of the Equi-Select Series Trust Portfolios.
This analysis should be read in conjunction with the financial
statements and related notes which appear elsewhere in this
report.
PORTFOLIO MANAGED BY CREDIT SUISSE INVESTMENT MANAGEMENT LTD.
International Fixed Income Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the International Fixed Income Portfolio was 15.81
percent. Exhibit A illustrates the growth of a $10,000
investment in the International Fixed Income Portfolio in
comparison to its benchmark.
1995 was a very good year for the international bond markets.
Early in the year, there were fears that strong growth would
result in higher inflation and interest rates throughout 1995.
However, as the year progressed, it became clear that these fears
were unfounded, as growth in most economies slowed to a moderate
level, and in the majority of cases inflation rates remained
surprisingly low. As a result, interest rate expectations were
consistently revised downward which, together with reductions in
short term interest rates in Japan, the United States, in the
core European markets, and in the United Kingdom, allowed bond
markets to rally sharply. As German economic growth slowed in
the second half of the year, resulting in aggressive cuts in
interest rates by the Bundesbank, the high yielding currencies
recovered versus the Deutschemark, and these markets produced the
best returns for the year. Although the Japanese bond market
performed well until June, it subsequently underperformed due to
the stimulatory monetary and fiscal policies being adopted by the
Bank of Japan, and the Japanese market was the worst performer
for the year as a whole. The U.S. bond market slightly
outperformed the German market on hopes of a budget deficit
reduction deal, but underperformed the higher yielding markets in
Europe. The Canadian and Australian bond markets were among the
top performers, outperforming the U.S. bond market by a margin of
two percent.
The U.S. dollar collapsed during the first quarter to historical
lows versus the Deutschemark and the yen, but recovered during
the second half versus the yen to end the year stronger by 3.3
percent. The dollar's recovery versus the Deutschemark was
limited, however, and the dollar ended the year 8.3 percent
weaker. Portfolio performance relative to the benchmark was weak
during the first quarter due to the overweight U.S. dollar
currency position versus the yen and the Deutschemark, but
recovered strongly during the third and fourth quarters as the
U.S. dollar recovered, particularly against the yen. Due to the
dollar's failure to recover all of its first quarter losses
versus the Deutschemark, performance for the year was slightly
below benchmark performance. The underweight holding in Japanese
bonds had a large positive impact on relative performance, as did
the overweight holdings in the high yielding European bond
markets and the Danish bond market.
The outlook for the European bond markets remains positive, as
the German economy is very weak and further cuts in European
short term interest rates are anticipated. This should allow the
high yielding European bond markets to continue to outperform the
core markets. The Japanese bond market is likely to remain under
pressure due to concern over the level of government bond
issuance that will be necessary to finance the rapidly growing
budget deficit, and the portfolio manager intends to remain
underweighted in Japan. In the United States, Credit Suisse
expects yields to move sideways in early 1996, but to rise
gradually later in the year as we expect the economy to recover.
The Portfolio will remain underweighted in the U.S. dollar bond
market in anticipation of this. Further cuts in European
interest rates should allow the dollar to rally versus the
European currencies, although Credit Suisse anticipates a smaller
rally versus the yen. The portfolio manager intends to maintain
the overweighted U.S. dollar currency position versus the core
European currencies.
PORTFOLIOS MANAGED BY EQUITABLE INVESTMENT SERVICES, INC.
Money Market Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the Money Market Portfolio was 5.19 percent. Exhibit B
illustrates the growth of a $10,000 investment in the Money
Market Portfolio in comparison to its benchmark. An investment
in the Money Market Portfolio is neither insured nor guaranteed
by the U.S. government and there can be no assurance that the
Portfolio will be able to maintain a stable net asset value of
$1.00 per share.
The past year presented a challenging environment for the money
market arena. As the economy started to slow in the second
quarter of 1995 and inflation was remaining subdued, market
interest rates started to decline in anticipation of easing moves
by the Federal Reserve. In fact, short term rates measured by
the Treasury 6 month bill declined by 100 basis points before the
Federal Reserve made its first official easing move in July. The
Federal Reserve has lowered the Federal Funds rate by 75 basis
points since July of 1995. The Federal Reserve may continue to be
supportive to the economy by maintaining lower Federal Funds
levels than last year.
Based upon the market's anticipation of the easing in July and
December, the Portfolio was positioned during the last two
quarters of 1995 to have a longer average maturity and remained
highly liquid. It is anticipated that the Portfolio will
maintain a longer maturity during the first half of 1996.
However, due to the short term nature of the Portfolio's
investments, the Portfolio's positioning may change if conditions
warrant.
Mortgage-Backed Securities Portfolio
For the period ending January 1, 1995 to December 31, 1995, the
total return of the Mortgage-Backed Securities Portfolio was
15.92 percent. Exhibit C illustrates the growth of a $10,000
investment in the Mortgage-Backed Securities Portfolio in
comparison to its benchmark.
1995 provided investors attractive returns in many sectors of the
fixed income and equity markets. The mortgage-backed securities
market participated as bond prices rose when interest rates
declined. The lower rates were due, in part, to a slow pace of
economic activity and a low level of inflation.
While the strong movement downward in interest rates was good for
bond returns, at the same time the reduction in interest rate
levels creates turbulence in the mortgage market. An extended
decline in interest rates creates an opportunity for individual
homeowners to refinance their mortgage. This refinancing
activity causes some parts of the mortgage securities market to
underperform other fixed income investments. In response to
these circumstances a cautious approach was warranted during
1995. This approach resulted in a strategy of investing a
portion of the portfolio in discount coupon mortgage securities
which have lower probability of being refinanced. An intermediate
U.S. Treasury Note holding was also an important part of the
portfolio strategy by providing a high coupon and good price
performance.
PORTFOLIOS MANAGED BY MASSACHUSETTS FINANCIAL SERVICES COMPANY
(MFS)
OTC Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the OTC Portfolio was 29.23 percent. Exhibit D
illustrates the growth of a $10,000 investment in the OTC
Portfolio in comparison to its benchmarks.
The OTC Portfolio is currently focused on three growth sectors;
technology, health care, and leisure. In each area, investment
is driven by fundamental analysis of the company and industry,
leading MFS to believe that these opportunities will exceed the
current expectation of the market. Over the next six to twelve
months MFS expects these sectors to outperform the market.
In technology, the Portfolio is invested primarily in software,
networking, and telecommunications. The overriding thesis
underlying most of these investments is that processing power
will continue to grow exponentially per unit cost. There are two
main beneficiaries to this trend: the software that utilizes the
processing power (for example, Oracle and Sybase) and the network
equipment that allows the more powerful data users to communicate
(for example, Cisco).
In the health care industry, the Portfolio is focused on three
areas: HMO's, nursing homes, and medical equipment and services.
HMO's recovered from the early year concerns regarding regulation
and performed well in the last six months (for example, PHSYB,
UNA, MME). Similarly, the nursing care industry that was
depressed by regulatory fears is showing strong operating
performance. Finally, the several niche medical device companies
that are focused on high-growth medical areas (for example, heart
and diabetes) have performed well and remain large holdings.
The strategy for investment in the leisure sector is to focus on
areas that are beneficiaries of higher disposable income or
growth in consumer free time. Specifically, selective
investments in the entertainment areas, like cable television,
programming, and gaming are growth areas that are attractive.
Overall, the outlook remains positive for smaller-cap stocks
within a stable interest environment. The stocks in the
Portfolio trade at a significant discount to our projected growth
rates.
Research Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the Research Portfolio was 36.58 percent. Exhibit E
illustrates the growth of a $10,000 investment in the Research
Portfolio in comparison to its benchmark.
The Portfolio continues to invest in the "best ideas" of the MFS
Equity Research Department. Using a fundamental bottom-up
approach, MFS analysts have overweighted the following sectors
relative to the S&P 500: technology, health care, consumer
staples, and industrial goods and services.
In technology, the Portfolio is investing in companies with
continued strong earnings growth, such as Cadence Design Systems,
with its computer-aided design (CAD) products and Oracle. The
Portfolio's positions in computer software companies remain the
largest industry weighting within the technology sector due to
the proprietary nature of their products.
The Portfolio is also carrying a sizable weighting in the health
care sector. Even as the United States economy continues its
slowdown, health care companies should continue to show
attractive earnings growth due to new product introductions and
market growth.
Within the consumer staples sector, the analysts are emphasizing
companies with strong international franchises. These companies
rely upon unit volume growth for earnings growth rather than
price increases. Holdings in this sector include Pepsico,
Kimberly Clark, and Gillette, for example.
The analysts are emphasizing two themes within the industrial
goods and services sector. Both of these themes do not rely upon
a steady U.S. economy for earnings growth. The first theme is
farm equipment where the analysts believe the market will remain
strong due to export demand and the strong balance sheet of the
average farmer. The second theme is the consolidation of the
U.S. defense industry, which the analysts believe will continue
to benefit shareholders. Holdings in this industry include
McDonnell Douglas and General Dynamics.
Total Return Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the Total Return Portfolio was 24.51 percent. Exhibit F
illustrates the growth of a $10,000 investment in the Total
Return Portfolio in comparison to its benchmark.
The portfolio manager believes the current environment continues
to warrant a conservative investment posture. Economies in both
the U.S. and Europe remain sluggish and revenue growth for many
major corporations has slowed. Earnings growth, a key driver to
stock prices, also slowed over the past few quarters. In
addition, valuations are on the high side, especially with the
S&P 500 dividend yield at just 2.3 percent.
Therefore, the Portfolio continues to carry a below normal equity
allocation. Common stocks still represent 53.5 percent of the
Portfolio, while preferred and convertible securities represent
3.9 percent. The Portfolio's major concentrations remain in
energy and financial sectors where fundamentals and valuations
appear sound. Some good values are being found in the telephone,
the electric utility, and the defense/aerospace industries.
The bond portion of the Portfolio represents 28.0 percent of the
Portfolio, while the cash allocation is at 14.6 percent. The
bonds' duration remains around six years and corporate bonds
constitute the majority of the bond holdings. However, the
Portfolio has recently been adding more treasury securities.
PORTFOLIOS MANAGED BY STRONG CAPITAL MANAGEMENT, INC.
Effective April 1, 1996 Equitable Investment Services, Inc. will
assume portfolio management responsibilities of the Advantage,
Government Securities, and Short-Term Bond Portfolios.
Advantage Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the Advantage Portfolio was 9.18 percent. Exhibit G
illustrates the growth of a $10,000 investment in the Advantage
Portfolio in comparison to its benchmark.
Fueled by falling long-term rates and spurred by strong corporate
profits, corporate bond prices rallied strongly in 1995. Few
investors anticipated such a rally as the year began, amid
continued strength in the economy and fears of re-emerging
inflation. In fact, the Federal Reserve actually raised the
Federal Funds rate in February. However, unexpectedly weak
economic numbers, particularly in April and May, indicated that
the economy was slowing rather than accelerating. With the
threat of inflation essentially removed, bond prices staged a
powerful rally. This rally continued nearly unabated through the
end of the year, augmented by the Federal Reserve's rate cuts in
July and December.
While longer-maturity bonds made the biggest price gains in 1995,
bonds with ultra-short maturities also appreciated, and helped
the Portfolio post its 9.18 percent total return.
Income generation remained a priority in 1995. As part of this
strategy, the portfolio manager increased the Portfolio's
holdings in callable bonds with high coupons. This was due to
the expectation for lower long-term rates. When rates fall, bond
issuers typically call their higher-yielding bonds so they can
reissue the bonds with a lower coupon and thereby reduce their
debt burden. (Basically, this is the same strategy homeowners
use when they refinance their mortgages.) The reduction in rates
in 1995 prompted callable bonds to trade according to their
upcoming call date rather than their maturity date, giving the
portfolio manager the opportunity to purchase higher-yielding
long bonds and still maintain an ultra-short effective maturity.
In addition, the portfolio manager continued to use careful issue
selection to pursue attractive returns and reduce potential risk.
Through intensive research efforts, the portfolio manager sought
to uncover bonds that it believed were about to experience a
credit upgrade, which usually results in a meaningful increase in
price. The portfolio manager also reduced the Portfolio's
holdings in "asset-backed" securities (issues backed with
consumer loans such as home equity loans), in light of slowing
job and wage growth.
Strong's outlook for the bond market is positive. With the
economy continuing in a slow growth mode and inflation still
subdued, there seems little chance at this point that the Fed
will raise the federal funds rate or that interest rates in
general will move higher.
In fact, Strong thinks it is likely the Federal Reserve will
continue to lower interest rates in an effort to stimulate
somewhat stronger economic growth. If so, money fund yields
would likely move down before ultra-short rates, and to a greater
degree, allowing holders of this Portfolio to reap a sizable
yield advantage over money market funds.
While Strong is comfortable with the Portfolio's current average
credit quality, it might increase the portfolio's average quality
if the economy were to weaken significantly. However, research
suggests that a downturn in the economy would likely be short and
shallow, and readily correctable by Federal Reserve action.
Regardless, the short-term nature of the Portfolio makes it less
susceptible to rate moves and economic trends than longer-term
investments. At the short end of the market, it is active
management and careful research that produce superior results.
Strong believes its investment performance illustrates that it
has been adept at both.
Government Securities Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the Government Securities Portfolio was 17.88 percent.
Exhibit H illustrates the growth of a $10,000 investment in the
Government Securities Portfolio in comparison to its benchmark.
After being buffeted by a turbulent bond market in 1994,
investors with the savvy and patience to stay the course were
rewarded in 1995 with a powerful rally. U.S. government bonds
essentially regained all of 1994's losses in the first quarter of
1995, and prices continued to rise nearly unabated through
October.
While the Portfolio's asset allocation has varied only slightly
during the year, the portfolio manager actively adjusted the
duration of the mortgage and Treasury holdings to maximize the
opportunity presented by falling rates. Through most of 1995,
the portfolio manager kept the Portfolio's overall duration
slightly longer than neutral to make it more sensitive to
interest-rate changes and help the portfolio manager lock in
higher yields for longer periods of time.
At the beginning of the year, the portfolio manager maintained
the Portfolio's long duration by lengthening maturities in the
mortgage portion of the portfolio. As rates continued to fall,
however, the portfolio manager began to reduce the duration of
the mortgage position, since lower rates make it more likely that
mortgages will be called as homeowners take advantage of the
opportunity to refinance. By October, the mortgage holdings were
of fairly short maturity, and the portfolio manager had increased
the duration of the Treasury position in order to maintain a
slightly longer-than-neutral posture for the portfolio overall.
Strong's outlook over the next few quarters is positive. Strong
expects the economy to continue to grow at around a three percent
annual rate, with inflation remaining subdued. Against this
backdrop, Strong looks for interest rates to stay in their
current range with a downward bias which is, overall, a very
favorable environment for bond investors.
Even in such a beneficial environment, shareholders must be
patient and maintain a longer-term outlook. While the market
appears to have settled down in anticipation of a slow-growth
economy, that does not mean a smooth, steady trend. Instead, the
market is likely to be battered occasionally by contradictory
economic data, international events (particularly in Japan), and
political haggling in Washington as the budget debate and
election campaigns kick into high gear.
Such factors are why Strong believes it is important that
investors establish an investment timeline, select the investment
that matches this horizon and then stay the course. In Strong's
experience, investors who have the discipline to look past short-
term turbulence have the greatest chance of reaching their goals.
International Stock Portfolio
For the period January 1, 1995 to December 31, 1995 the total
return of the International Stock Portfolio was 8.47 percent.
Exhibit I illustrates the growth of a $10,000 investment in the
International Stock Portfolio in comparison to its benchmarks.
The last quarter of 1995 saw a continuation of the pattern Strong
has described since the end of the first quarter with the slow
but steady recovery in international markets being overshadowed
by the fireworks on Wall Street.
It is interesting to note that Europe has had the upper hand over
Asia in terms of stock performance as investors have played
Europe's modest cyclical recovery, while remaining slightly
nervous about signs of overheating and a slight increase in
inflation in Asian economies. The United Kingdom has led the way
being perhaps the closest European country behind the U.S. in the
economic cycle, while Germany has also improved thanks to cost
restructuring and the stronger dollar. The poor relation has
continued to be France, struggling with massive strikes as the
government finally attempts to come to grips with the country's
overly generous socialist legacy.
Japan has continued to justify the faith Strong put in it six
months ago when the portfolio manager sharply increased the
Portfolio's weighting at a time when supporters of the market
were a rare breed. The market has now recovered from a low of
around 14,500 to over 20,000 on the Nikkei-Dow Jones Index, while
the Portfolio's position of totally hedging its yen exposure has
paid off as the yen has slipped from 80 yen to the dollar to 105
yen.
Strong remains confident that after a two year "furlough," 1996
will see international markets come back into the spotlight, as
the superior growth rates and attractive valuations of several
markets begin to be appreciated. Reallocation of investors'
assets from domestic to foreign investment will help stimulate
this rally.
Among larger markets, Japan still stands out as offering recovery
potential, while Strong is particularly keen on the outlook for
small to medium size companies and emerging markets. Asia,
Eastern Europe, South America, and even Africa should all attract
investors' attention this year, as both the international and
emerging market components of portfolios are increased.
Short-Term Bond Portfolio
For the period January 1, 1995 to December 31, 1995, the total
return of the Short Term Bond Portfolio was 9.69 percent. Exhibit
J illustrates the growth of a $10,000 investment in the Short
Term Bond Portfolio in comparison to its benchmark.
After enduring an arduous 1994, bond investors enjoyed an
outstanding year in 1995. Those with the patience to remain in
the market from 1994 have been rewarded with substantial price
appreciation as yields declined throughout the year.
The primary catalyst behind bonds' strong performance this year
was a stream of unexpectedly weak economic numbers, particularly
in April and May. Many investors had been cautious of the bond
market early in the year, anticipating continued economic
strength and higher inflation. When that scenario failed to
materialize, investors became more confident that interest rates
had reached a peak, and money poured from the short end of the
market into longer maturity bonds, forcing yields lower and
driving prices higher.
Strong did not think it necessary to significantly alter the
Portfolio's asset allocation or duration through most of 1995.
Essentially, Strong believed the Portfolio featured a solid array
of bonds able to offer an attractive combination of income
generation and relative share price stability.
The Portfolio's usual strategy remained intact; adding value
through active management by trading issues for similar ones
offering an incrementally better yield or better price
appreciation potential. The portfolio manager also maintained a
slightly longer-than-neutral duration, which benefited the
Portfolio as interest rates fell. The Portfolio's asset
allocation has remained relatively unchanged.
It is important for investors to be patient and maintain a longer-
term outlook. To some extent, investors have gotten used to bond
market dramatics, with prices up strongly in 1993, down sharply
in 1994, and up strongly again in 1995. While the market appears
to have settled down in anticipation of a slow-growth economy,
that does not mean a smooth, steady trend. Instead, the market
is likely to be buffeted occasionally by contradictory economic
data, international currency concerns (particularly in Japan),
and political haggling in Washington as the budget is debated and
election campaigns kick into high gear.
Such factors are why Strong believes that successful bond
investing stems from time in the market rather than timing the
market. It has been Strong's experience that investors who
establish an investment timeline, select the fund that matches
this horizon, and then stay the course are the investors who have
the greatest chance of reaching their goal.
Performance Graphs
Exhibits A through J illustrate the change of a $10,000
investment in each of the ten 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 December 31,
1995.
The Portfolio returns reflect expenses that apply to the
Portfolio such as advisory, custodian, transfer agent, or legal
fees. The returns do not include expenses that apply to the
separate account or related variable insurance contracts. The
benchmarks (except the Donoghue's Average of All Taxable Money
Market Funds Index) do not include expenses. In general, the
inclusion of the Portfolio expenses reduces the total return
figures in comparison to their benchmark which does not include
expenses.
EXHIBIT A
COMPARISON OF $10,000
INTERNATIONAL FIXED INCOME PORTFOLIO vs JP MORGAN
GLOBAL GOVERNMENT BOND INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the International Fixed Income Portfolio versus the JP Morgan Global
Government Bond Index.
PERFORMANCE GRAPH
JP Morgan Global
International Fixed Government Bond
Income Portfolio Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,120 10,150
November 30, 1994 10,074 10,022
December 31, 1994 10,101 10,045
January 31, 1995 10,267 10,248
February 28, 1995 10,454 10,512
March 31, 1995 10,672 11,048
April 30, 1995 10,813 11,223
May 31, 1995 11,101 11,536
June 30, 1995 11,102 11,608
July 31, 1995 11,202 11,662
August 31, 1995 11,187 11,344
September 30, 1995 11,286 11,599
October 31, 1995 11,412 11,713
November 30, 1995 11,562 11,844
December 31, 1995 11,697 11,991
Since
Total Return* Inception 1995
_____________ _________ ______
International Fixed Income Portfolio 16.97% 15.81%
JP Morgan Global Government Bond Index 19.91% 19.37%
* "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
December 31, 1995. 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 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
MONEY MARKET PORTFOLIO vs DONOGHUE'S AVERAGE OF ALL
TAXABLE MONEY MARKET FUNDS INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the Money Market Portfolio versus the Donoghue's Average of All Taxable
Money Market Funds Index.
PERFORMANCE GRAPH
Donoghue's Average
of All Taxable
Money Market Portfolio Money
October 4, 1994 $10,000 $10,000
October 31, 1994 10,029 10,035
November 30, 1994 10,065 10,073
December 31, 1994 10,106 10,114
January 31, 1995 10,146 10,158
February 28, 1995 10,186 10,204
March 31, 1995 10,231 10,251
April 30, 1995 10,276 10,298
May 31, 1995 10,321 10,345
June 30, 1995 10,366 10,393
July 31, 1995 10,410 10,439
August 31, 1995 10,454 10,485
September 30, 1995 10,496 10,532
October 31, 1995 10,541 10,578
November 30, 1995 10,585 10,624
December 31, 1995 10,630 10,670
Since
Total Return* Inception 1995
_____________ _________ ______
Money Market Portfolio 6.30% 5.19%
Donoghue's Average of all Taxable 6.70% 5.49%
Money Market Funds Index
* "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
December 31, 1995. 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. An investment in the Money
Market Portfolio is neither insured nor guaranteed by the U.S. government and
there can be no assurance that the Portfolio will be able to maintain a stable
net asset value of $1.00 per share.
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
MORTGAGE-BACKED SECURITIES PORTFOLIO vs SHEARSON LEHMAN BROTHERS
MBS INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the Mortgage-Backed Securities Portfolio versus the Shearson Lehman Brothers
Mortgage-Backed Securities Index.
PERFORMANCE GRAPH
Shearson Lehman
Mortgage-Backed Brothers MBS
Securities Portfolio Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,010 9,994
November 30, 1994 9,982 9,963
December 31, 1994 10,050 10,043
January 31, 1995 10,254 10,258
February 28, 1995 10,508 10,519
March 31, 1995 10,534 10,569
April 30, 1995 10,682 10,719
May 31, 1995 11,040 11,056
June 30, 1995 11,094 11,119
July 31, 1995 11,093 11,138
August 31, 1995 11,204 11,254
September 30, 1995 11,289 11,353
October 31, 1995 11,396 11,454
November 30, 1995 11,520 11,585
December 31, 1995 11,650 11,730
Since
Total Return* Inception 1995
_____________ _________ ______
Mortgage-Backed Securities Portfolio 16.50% 15.92%
Shearson Lehman Brothers 17.30% 16.80%
Mortgage-Backed Securities Index
* "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
December 31, 1995. 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 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 D
COMPARISON OF $10,000
OTC PORTFOLIO vs S&P 500 INDEX and
RUSSELL 2000 INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the OTC Portfolio versus the S&P 500 Index and the Russell 2000 Index.
PERFORMANCE GRAPH
Russell 2000
OTC Portfolio S&P 500 Index Index
October 4, 1994 $10,000 $10,000 $10,000
October 31, 1994 10,339 10,225 9,960
November 30, 1994 10,153 9,853 9,558
December 31, 1994 10,359 9,999 9,814
January 31, 1995 10,182 10,258 9,690
February 28, 1995 10,427 10,658 10,093
March 31, 1995 11,132 10,972 10,266
April 30, 1995 10,498 11,296 10,494
May 31, 1995 11,022 11,748 10,674
June 30, 1995 11,772 12,020 11,228
July 31, 1995 12,685 12,419 11,875
August 31, 1995 13,204 12,450 12,121
September 30, 1995 13,308 12,976 12,338
October 31, 1995 12,801 12,929 11,786
November 30, 1995 13,335 13,496 12,281
December 31, 1995 13,387 13,757 12,605
Since
Total Return* Inception 1995
_____________ _________ ______
OTC Portfolio 33.87% 29.23%
S&P 500 Index 37.57% 37.59%
Russell 2000 Index 26.05% 28.45%
* "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
December 31, 1995. 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 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 E
COMPARISON OF $10,000
RESEARCH PORTFOLIO vs S&P 500 INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
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
Since
Total Return* Inception 1995
_____________ _________ ______
Research Portfolio 32.18% 36.58%
S&P 500 Index 37.57% 37.59%
* "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
December 31, 1995. 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 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 F
COMPARISON OF $10,000
TOTAL RETURN PORTFOLIO vs S&P 500 INDEX and
SHEARSON LEHMAN GOVERNMENT/CORPORATE INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the Total Return Portfolio versus the S&P 500 Index and the Shearson Lehman
Government/Corporate Index.
PERFORMANCE GRAPH
Shearson Lehman
Total Return Government/Corporate
Portfolio S&P 500 Index Index
October 4, 1994 $10,000 $10,000 $10,000
October 31, 1994 10,073 10,225 9,989
November 30, 1994 9,742 9,853 9,971
December 31, 1994 9,853 9,999 10,037
January 31, 1995 9,978 10,258 10,230
February 28, 1995 10,196 10,658 10,467
March 31, 1995 10,349 10,972 10,537
April 30, 1995 10,568 11,296 10,683
May 31, 1995 10,935 11,748 11,131
June 30, 1995 11,019 12,020 11,220
July 31, 1995 11,149 12,419 11,176
August 31, 1995 11,266 12,450 11,319
September 30, 1995 11,588 12,976 11,435
October 31, 1995 11,538 12,929 11,603
November 30, 1995 11,990 13,496 11,794
December 31, 1995 12,268 13,757 11,968
Since
Total Return* Inception 1995
_____________ _________ ______
Total Return Portfolio 22.68% 24.51%
Shearson Lehman Brothers 19.68% 19.24%
Government/Corporate Index
S&P 500 Index 37.57% 37.59%
* "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
December 31, 1995. 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 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 G
COMPARISON OF $10,000
ADVANTAGE PORTFOLIO vs SALOMON BROTHERS 1 YEAR TREASURY
BENCHMARK-ON-THE-RUN INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the Advantage Portfolio versus the Salomon Brothers 1 Year Treasury
Benchmark-on-the-Run Index.
PERFORMANCE GRAPH
Salomon Brothers
Advantage 1 Year Treasury
Portfolio Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,023 10,041
November 30, 1994 10,063 10,035
December 31, 1994 10,099 10,071
January 31, 1995 10,105 10,173
February 28, 1995 10,181 10,262
March 31, 1995 10,213 10,323
April 30, 1995 10,324 10,394
May 31, 1995 10,464 10,487
June 30, 1995 10,547 10,547
July 31, 1995 10,639 10,599
August 31, 1995 10,726 10,651
September 30, 1995 10,797 10,698
October 31, 1995 10,885 10,758
November 30, 1995 10,958 10,822
December 31, 1995 11,026 10,886
Since
Total Return* Inception 1995
_____________ _________ ______
Advantage Portfolio 10.26% 9.18%
Salomon Brothers One Year Treasury 8.86% 8.09%
Benchmark-on-the-Run Index
* "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
December 31, 1995. 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 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 H
COMPARISON OF $10,000
GOVERNMENT SECURITIES PORTFOLIO vs SALOMON
BROTHERS BROAD INVESTMENT GRADE INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the Government Securities Portfolio versus the Salomon Brothers Broad
Investment Grade Index.
PERFORMANCE GRAPH
Salomon Brothers
Government Securities Broad Investment Grade
Portfolio Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,040 9,990
November 30, 1994 10,030 9,963
December 31, 1994 10,151 10,039
January 31, 1995 10,253 10,247
February 28, 1995 10,435 10,486
March 31, 1995 10,455 10,547
April 30, 1995 10,605 10,692
May 31, 1995 11,050 11,116
June 30, 1995 11,169 11,194
July 31, 1995 11,161 11,172
August 31, 1995 11,314 11,300
September 30, 1995 11,437 11,406
October 31, 1995 11,604 11,559
November 30, 1995 11,800 11,739
December 31, 1995 11,966 11,901
Since
Total Return* Inception 1995
_____________ _________ ______
Government Securities Portfolio 19.66% 17.88%
Salomon Brothers Broad Investment 19.01% 18.55%
Grade Index
* "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
December 31, 1995. 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 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 I
COMPARISON OF $10,000
INTERNATIONAL STOCK PORTFOLIO vs S&P 500 INDEX and MORGAN STANLEY
CAPITAL INTERNATIONAL EUROPE, AUSTRALIA, AND FAR EAST INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the International Stock Portfolio versus the S&P 500 Index and the Morgan
Stanley Capital International Europe, Australia, and Far East Index.
PERFORMANCE GRAPH
Morgan Stanley
International Capital International
Stock Portfolio S&P 500 Index Index
October 4, 1994 $10,000 $10,000 $10,000
October 31, 1994 10,169 10,225 10,333
November 30, 1994 9,847 9,853 9,836
December 31, 1994 9,804 9,999 9,898
January 31, 1995 9,256 10,258 9,518
February 28, 1995 9,314 10,658 9,490
March 31, 1995 9,596 10,972 10,082
April 30, 1995 9,919 11,296 10,462
May 31, 1995 10,069 11,748 10,337
June 30, 1995 9,986 12,020 10,156
July 31, 1995 10,475 12,419 10,789
August 31, 1995 10,365 12,450 10,378
September 30, 1995 10,445 12,976 10,580
October 31, 1995 10,276 12,929 10,296
November 30, 1995 10,272 13,496 10,582
December 31, 1995 10,634 13,757 11,008
Since
Total Return* Inception 1995
_____________ _________ ______
International Stock Portfolio 6.34% 8.47%
S&P 500 Index 37.57% 37.59%
Morgan Stanley Capital International 10.08% 11.22%
Europe, Asia, and Far East (EAFE) Index
* "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
December 31, 1995. 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 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 J
COMPARISON OF $10,000
SHORT-TERM BOND PORTFOLIO vs SALOMON BROTHERS 1-3 YEAR
TREASURY/GOVERNMENT SPONSORED/CORPORATE BOND INDEX
For the period October 4, 1994 (Commencement of Investment Operations) to
December 31, 1995
The following performance graph provides comparative cumulative total returns
of the Short-Term Bond Portfolio versus the Salomon Brothers 1-3 Year Treasury/
Government Sponsored/Corporate Bond Index.
PERFORMANCE GRAPH
Short-Term Salomon Brothers
Bond Portfolio Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,094 10,023
November 30, 1994 10,114 9,981
December 31, 1994 10,161 10,002
January 31, 1995 10,100 10,140
February 28, 1995 10,199 10,277
March 31, 1995 10,231 10,334
April 30, 1995 10,351 10,426
May 31, 1995 10,579 10,606
June 30, 1995 10,653 10,663
July 31, 1995 10,695 10,709
August 31, 1995 10,791 10,773
September 30, 1995 10,867 10,823
October 31, 1995 10,954 10,913
November 30, 1995 11,072 11,007
December 31, 1995 11,146 11,090
Since
Total Return* Inception 1995
_____________ _________ ______
Short-Term Bond Portfolio 11.46% 9.69%
Salomon Brothers 1-3 Year Treasury/ 10.90% 10.88%
Government-Sponsored/Corporate Bond Index
* "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
December 31, 1995. 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 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.
Report of Independent Auditors
The Board of Directors
Equitable Life Insurance Company of Iowa
We have audited the accompanying statements of net assets of certain
accounts of Equitable Life Insurance Company of Iowa Separate Account
A (comprising, respectively, the Money Market, Mortgage-Backed
Securities, International Fixed Income, OTC, Research, Total Return,
Advantage, Government Securities, International Stock and Short-Term
Bond Accounts) as of December 31, 1995, and the related statements of
operations for the year ended December 31, 1995 and statements of
changes in net assets for the period from October 7, 1994
(commencement of operations) through December 31, 1994 and for the
year ended December 31, 1995. These financial statements are the
responsibility of the Account's management. Our responsibility is to
express an opinion on these financial statements 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
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
securities owned as of December 31, 1995, by correspondence with the
transfer agent. 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, the financial statements referred to above present
fairly, in all material respects, the financial position of certain
accounts of the Equitable Life Insurance Company of Iowa Separate
Account A at December 31, 1995, and the results of their operations
for the year ended December 31, 1995 and the changes in their net
assets for the period from October 7, 1994 through December 31, 1994
and for the year ended December 31, 1995 in conformity with generally
accepted accounting principles.
/s/ Ernst & Young LLP
Des Moines, Iowa
February 7, 1996
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Money
Market
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694) $5,708,694
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 5,708,694
Accrued investment income 23,527
____________
TOTAL NET ASSETS $5,732,221
============
NET ASSETS REPRESENTED BY:
Units 548,767
Unit Value 10.45
____________
Net Assets $5,732,221
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Mortgage-
Backed
Securites
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777) $4,104,533
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 4,104,533
Accrued investment income 234,987
____________
TOTAL NET ASSETS $4,339,520
============
NET ASSETS REPRESENTED BY:
Units 380,031
Unit Value 11.42
____________
Net Assets $4,339,520
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
International
Fixed
Income
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258) $3,439,156
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
______________
TOTAL INVESTMENTS 3,439,156
Accrued investment income 160,411
______________
TOTAL NET ASSETS $3,599,567
==============
NET ASSETS REPRESENTED BY:
Units 311,689
Unit Value 11.55
______________
Net Assets $3,599,567
==============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
OTC
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055) $9,042,595
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 9,042,595
Accrued investment income 994,102
____________
TOTAL NET ASSETS $10,036,697
============
NET ASSETS REPRESENTED BY:
Units 759,597
Unit Value 13.21
____________
Net Assets $10,036,697
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Research
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800) $16,172,693
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 16,172,693
Accrued investment income 274,255
____________
TOTAL NET ASSETS $16,446,948
============
NET ASSETS REPRESENTED BY:
Units 1,255,752
Unit Value 13.10
____________
Net Assets $16,446,948
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Total
Return
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627) $15,492,400
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 15,492,400
Accrued investment income 329,442
____________
TOTAL NET ASSETS $15,821,842
============
NET ASSETS REPRESENTED BY:
Units 1,312,565
Unit Value 12.05
____________
Net Assets $15,821,842
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Advantage
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548) $3,499,215
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 3,499,215
Accrued investment income 245,022
____________
TOTAL NET ASSETS $3,744,237
============
NET ASSETS REPRESENTED BY:
Units 344,775
Unit Value 10.86
____________
Net Assets $3,744,237
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Government
Securities
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887) $583,367
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
____________
TOTAL INVESTMENTS 583,367
Accrued investment income 77,967
____________
TOTAL NET ASSETS $661,334
============
NET ASSETS REPRESENTED BY:
Units 56,258
Unit Value 11.76
____________
Net Assets $661,334
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
International
Stock
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698) $5,490,993
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138)
______________
TOTAL INVESTMENTS 5,490,993
Accrued investment income 227,777
______________
TOTAL NET ASSETS $5,718,770
==============
NET ASSETS REPRESENTED BY:
Units 541,570
Unit Value 10.56
______________
Net Assets $5,718,770
==============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF NET ASSETS
December 31, 1995
<TABLE>
<CAPTION>
Short-Term
Bond
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
5,708,694 shares at $1.00 per share (cost - $5,708,694)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
378,660 shares at $10.84 per share (cost - $4,182,777)
Equi-Select Series Trust International Fixed Income Portfolio,
310,243 shares at $11.09 per share (cost - $3,405,258)
Equi-Select Series Trust OTC Portfolio,
748,553 shares at $12.08 per share (cost - $9,015,055)
Equi-Select Series Trust Research Portfolio,
1,255,727 shares at $12.88 per share (cost - $14,644,800)
Equi-Select Series Trust Total Return Portfolio,
1,301,515 shares at $11.90 per share (cost - $14,460,627)
Equi-Select Series Trust Advantage Portfolio,
343,572 shares at $10.18 per share (cost - $3,599,548)
Equi-Select Series Trust Government Securities Portfolio,
55,971 shares at $10.42 per share (cost - $603,887)
Equi-Select Series Trust International Stock Portfolio,
541,371 shares at $10.14 per share (cost - $5,412,698)
Equi-Select Series Trust Short-Term Bond Portfolio,
31,925 shares at $10.09 per share (cost - $332,138) $322,215
____________
TOTAL INVESTMENTS 322,215
Accrued investment income 29,396
____________
TOTAL NET ASSETS $351,611
============
NET ASSETS REPRESENTED BY:
Units 32,032
Unit Value 10.98
____________
Net Assets $351,611
============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
Mortgage-
Money Backed
Market Securities
Account Account
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends $173,300 $192,773
Capital gains distributions -- 42,213
Expenses (Note 2):
Annual contract charges (74) (97)
Administrative charges (5,092) (1,928)
Mortality and expense
risk charges (42,199) (15,980)
______________ ______________
Net investment income 125,935 216,981
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain on
investments -- 994
Net unrealized appreciation
(depreciation) of
investments -- (77,915)
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $125,935 $140,060
============== ==============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Fixed
Income OTC Research
Account Account Account
______________ ______________ ______________
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends $139,030 -- $39,906
Capital gains distributions 33,016 $994,102 234,349
Expenses (Note 2):
Annual contract charges (107) (579) (558)
Administrative charges (2,366) (6,510) (8,999)
Mortality and expense
risk charges (19,614) (53,955) (74,579)
______________ ______________ ______________
Net investment income 149,959 933,058 190,119
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain on
investments 4,271 36,066 19,662
Net unrealized appreciation
(depreciation) of
investments 34,190 20,313 1,548,017
______________ ______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $188,420 $989,437 $1,757,798
============== ============== ==============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
Total Government
Return Advantage Securities
Account Account Account
______________ ______________ ______________
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Dividends $265,808 $243,949 $50,921
Capital gains distributions 63,634 1,219 27,115
Expenses (Note 2):
Annual contract charges (737) (174) (18)
Administrative charges (8,853) (2,721) (1,074)
Mortality and expense
risk charges (73,376) (22,550) (8,900)
______________ ______________ ______________
Net investment income 246,476 219,723 68,044
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain on
investments 6,083 15,065 57,031
Net unrealized appreciation
(depreciation) of
investments 1,034,214 (96,273) (20,436)
______________ ______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,286,773 $138,515 $104,639
============== ============== ==============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
International Short-Term
Stock Bond
Account Account
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends $93,741 $26,296
Capital gains distributions 134,583 3,120
Expenses (Note 2):
Annual contract charges (433) (29)
Administrative charges (4,069) (466)
Mortality and expense
risk charges (33,726) (3,860)
______________ ______________
Net investment income 190,096 25,061
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain on
investments 9,684 11,985
Net unrealized appreciation
(depreciation) of
investments 79,172 (9,796)
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $278,952 $27,250
============== ==============
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Money
Market
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $1,504
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations 1,504
Changes from principal transactions:
Purchase payments 947,439
Contract distributions and terminations --
Transfer payments from (to) other Accounts (603,444)
______________
Increase in net assets derived from principal transactions 343,995
______________
Total increase 345,499
______________
NET ASSETS AT DECEMBER 31, 1994 345,499
INCREASE IN NET ASSETS
Operations:
Net investment income 125,935
Net realized gain on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase in net assets resulting from operations 125,935
Changes from principal transactions:
Purchase payments 30,141,356
Contract distributions and terminations (18,210)
Transfer payments from (to) other Accounts (22,930,581)
Transfer payments from (to) Fixed Account and other Funds (1,931,778)
______________
Increase in net assets derived from principal transactions 5,260,787
______________
Total increase 5,386,722
______________
NET ASSETS AT DECEMBER 31, 1995 $5,732,221
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $414
Net realized gain (loss) on investments 3
Net unrealized appreciation (depreciation) of investments (329)
______________
Net increase (decrease) in net assets resulting from operations 88
Changes from principal transactions:
Purchase payments 8,983
Contract distributions and terminations --
Transfer payments from (to) other Accounts 19,751
______________
Increase in net assets derived from principal transactions 28,734
______________
Total increase 28,822
______________
NET ASSETS AT DECEMBER 31, 1994 28,822
INCREASE IN NET ASSETS
Operations:
Net investment income 216,981
Net realized gain on investments 994
Net unrealized appreciation (depreciation) of investments (77,915)
______________
Net increase in net assets resulting from operations 140,060
Changes from principal transactions:
Purchase payments 1,764,376
Contract distributions and terminations (7,691)
Transfer payments from (to) other Accounts 2,246,463
Transfer payments from (to) Fixed Account and other Funds 167,490
______________
Increase in net assets derived from principal transactions 4,170,638
______________
Total increase 4,310,698
______________
NET ASSETS AT DECEMBER 31, 1995 $4,339,520
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Fixed
Income
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $342
Net realized gain (loss) on investments 3
Net unrealized appreciation (depreciation) of investments (292)
______________
Net increase (decrease) in net assets resulting from operations 53
Changes from principal transactions:
Purchase payments 21,572
Contract distributions and terminations --
Transfer payments from (to) other Accounts 29,663
______________
Increase in net assets derived from principal transactions 51,235
______________
Total increase 51,288
______________
NET ASSETS AT DECEMBER 31, 1994 51,288
INCREASE IN NET ASSETS
Operations:
Net investment income 149,959
Net realized gain on investments 4,271
Net unrealized appreciation (depreciation) of investments 34,190
______________
Net increase in net assets resulting from operations 188,420
Changes from principal transactions:
Purchase payments 1,703,537
Contract distributions and terminations (6,355)
Transfer payments from (to) other Accounts 1,593,333
Transfer payments from (to) Fixed Account and other Funds 69,344
______________
Increase in net assets derived from principal transactions 3,359,859
______________
Total increase 3,548,279
______________
NET ASSETS AT DECEMBER 31, 1995 $3,599,567
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
OTC
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) ($908)
Net realized gain (loss) on investments (66)
Net unrealized appreciation (depreciation) of investments 7,227
______________
Net increase (decrease) in net assets resulting from operations 6,253
Changes from principal transactions:
Purchase payments 585,144
Contract distributions and terminations --
Transfer payments from (to) other Accounts 68,709
______________
Increase in net assets derived from principal transactions 653,853
______________
Total increase 660,106
______________
NET ASSETS AT DECEMBER 31, 1994 660,106
INCREASE IN NET ASSETS
Operations:
Net investment income 933,058
Net realized gain on investments 36,066
Net unrealized appreciation (depreciation) of investments 20,313
______________
Net increase in net assets resulting from operations 989,437
Changes from principal transactions:
Purchase payments 4,028,128
Contract distributions and terminations (33,765)
Transfer payments from (to) other Accounts 4,236,805
Transfer payments from (to) Fixed Account and other Funds 155,986
______________
Increase in net assets derived from principal transactions 8,387,154
______________
Total increase 9,376,591
______________
NET ASSETS AT DECEMBER 31, 1995 $10,036,697
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Research
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $4,874
Net realized gain (loss) on investments (3)
Net unrealized appreciation (depreciation) of investments (20,124)
______________
Net increase (decrease) in net assets resulting from operations (15,253)
Changes from principal transactions:
Purchase payments 635,302
Contract distributions and terminations (50)
Transfer payments from (to) other Accounts 52,604
______________
Increase in net assets derived from principal transactions 687,856
______________
Total increase 672,603
______________
NET ASSETS AT DECEMBER 31, 1994 672,603
INCREASE IN NET ASSETS
Operations:
Net investment income 190,119
Net realized gain on investments 19,662
Net unrealized appreciation (depreciation) of investments 1,548,017
______________
Net increase in net assets resulting from operations 1,757,798
Changes from principal transactions:
Purchase payments 8,333,228
Contract distributions and terminations (32,130)
Transfer payments from (to) other Accounts 4,960,660
Transfer payments from (to) Fixed Account and other Funds 754,789
______________
Increase in net assets derived from principal transactions 14,016,547
______________
Total increase 15,774,345
______________
NET ASSETS AT DECEMBER 31, 1995 $16,446,948
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Total
Return
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $2,657
Net realized gain (loss) on investments (37)
Net unrealized appreciation (depreciation) of investments (2,441)
______________
Net increase (decrease) in net assets resulting from operations 179
Changes from principal transactions:
Purchase payments 198,999
Contract distributions and terminations --
Transfer payments from (to) other Accounts 125,747
______________
Increase in net assets derived from principal transactions 324,746
______________
Total increase 324,925
______________
NET ASSETS AT DECEMBER 31, 1994 324,925
INCREASE IN NET ASSETS
Operations:
Net investment income 246,476
Net realized gain on investments 6,083
Net unrealized appreciation (depreciation) of investments 1,034,214
______________
Net increase in net assets resulting from operations 1,286,773
Changes from principal transactions:
Purchase payments 7,285,539
Contract distributions and terminations (72,501)
Transfer payments from (to) other Accounts 6,787,996
Transfer payments from (to) Fixed Account and other Funds 209,110
______________
Increase in net assets derived from principal transactions 14,210,144
______________
Total increase 15,496,917
______________
NET ASSETS AT DECEMBER 31, 1995 $15,821,842
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Advantage
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $4,252
Net realized gain (loss) on investments 166
Net unrealized appreciation (depreciation) of investments (4,060)
______________
Net increase (decrease) in net assets resulting from operations 358
Changes from principal transactions:
Purchase payments 225,148
Contract distributions and terminations --
Transfer payments from (to) other Accounts 233,518
______________
Increase in net assets derived from principal transactions 458,666
______________
Total increase 459,024
______________
NET ASSETS AT DECEMBER 31, 1994 459,024
INCREASE IN NET ASSETS
Operations:
Net investment income 219,723
Net realized gain on investments 15,065
Net unrealized appreciation (depreciation) of investments (96,273)
______________
Net increase in net assets resulting from operations 138,515
Changes from principal transactions:
Purchase payments 1,956,116
Contract distributions and terminations (15,339)
Transfer payments from (to) other Accounts 1,159,684
Transfer payments from (to) Fixed Account and other Funds 46,237
______________
Increase in net assets derived from principal transactions 3,146,698
______________
Total increase 3,285,213
______________
NET ASSETS AT DECEMBER 31, 1995 $3,744,237
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Government
Securities
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $166
Net realized gain (loss) on investments 1
Net unrealized appreciation (depreciation) of investments (84)
______________
Net increase (decrease) in net assets resulting from operations 83
Changes from principal transactions:
Purchase payments 14,453
Contract distributions and terminations --
Transfer payments from (to) other Accounts (100)
______________
Increase in net assets derived from principal transactions 14,353
______________
Total increase 14,436
______________
NET ASSETS AT DECEMBER 31, 1994 14,436
INCREASE IN NET ASSETS
Operations:
Net investment income 68,044
Net realized gain on investments 57,031
Net unrealized appreciation (depreciation) of investments (20,436)
______________
Net increase in net assets resulting from operations 104,639
Changes from principal transactions:
Purchase payments 932,770
Contract distributions and terminations (17,843)
Transfer payments from (to) other Accounts (357,771)
Transfer payments from (to) Fixed Account and other Funds (14,897)
______________
Increase in net assets derived from principal transactions 542,259
______________
Total increase 646,898
______________
NET ASSETS AT DECEMBER 31, 1995 $661,334
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Stock
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $1,275
Net realized gain (loss) on investments (74)
Net unrealized appreciation (depreciation) of investments (877)
______________
Net increase (decrease) in net assets resulting from operations 324
Changes from principal transactions:
Purchase payments 159,544
Contract distributions and terminations (50)
Transfer payments from (to) other Accounts 73,652
______________
Increase in net assets derived from principal transactions 233,146
______________
Total increase 233,470
______________
NET ASSETS AT DECEMBER 31, 1994 233,470
INCREASE IN NET ASSETS
Operations:
Net investment income 190,096
Net realized gain on investments 9,684
Net unrealized appreciation (depreciation) of investments 79,172
______________
Net increase in net assets resulting from operations 278,952
Changes from principal transactions:
Purchase payments 2,770,444
Contract distributions and terminations (57,092)
Transfer payments from (to) other Accounts 2,444,365
Transfer payments from (to) Fixed Account and other Funds 48,631
______________
Increase in net assets derived from principal transactions 5,206,348
______________
Total increase 5,485,300
______________
NET ASSETS AT DECEMBER 31, 1995 $5,718,770
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the period from October 7, 1994* through December 31, 1994
and for the year ended December 31, 1995
<TABLE>
<CAPTION>
Short-Term
Bond
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $129
Net realized gain (loss) on investments 2
Net unrealized appreciation (depreciation) of investments (127)
______________
Net increase (decrease) in net assets resulting from operations 4
Changes from principal transactions:
Purchase payments 11,675
Contract distributions and terminations --
Transfer payments from (to) other Accounts (100)
______________
Increase in net assets derived from principal transactions 11,575
______________
Total increase 11,579
______________
NET ASSETS AT DECEMBER 31, 1994 11,579
INCREASE IN NET ASSETS
Operations:
Net investment income 25,061
Net realized gain on investments 11,985
Net unrealized appreciation (depreciation) of investments (9,796)
______________
Net increase in net assets resulting from operations 27,250
Changes from principal transactions:
Purchase payments 431,525
Contract distributions and terminations (9,551)
Transfer payments from (to) other Accounts (140,954)
Transfer payments from (to) Fixed Account and other Funds 31,762
______________
Increase in net assets derived from principal transactions 312,782
______________
Total increase 340,032
______________
NET ASSETS AT DECEMBER 31, 1995 $351,611
==============
<FN>
* Commencement of operations
</TABLE>
See accompanying notes.
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE 1 - INVESTMENT AND ACCOUNTING POLICIES
Equitable Life Insurance Company of Iowa Separate Account A was
organized by Equitable Life Insurance Company of Iowa (the "Company") in
accordance with the provisions of Iowa Insurance laws and is a part of
the total operations of the Company. The assets and liabilities of the
Equitable Life Insurance Company of Iowa Separate Account A are clearly
identified and distinguished from the other assets and liabilities of
the Company. Equitable Life Insurance Company of Iowa Separate Account A
commenced operations on October 7, 1994 with the initial sale of
contract units to contract owners. Investments are stated at the
closing net asset values per share on December 31, 1995.
Equitable Life Insurance Company of Iowa Separate Account A consists of
fourteen investment accounts, ten of which (the Money Market, Mortgage-
Backed Securities, International Fixed Income, OTC, Research, Total
Return, Advantage, Government Securities, International Stock and Short-
Term Bond) are invested in specified portfolios of the Equi-Select
Series Trust, an open-end series management investment company under the
Investment Company Act of 1940, as directed by eligible contract owners.
Activity in these ten investment accounts is available to contract
owners of the Equi-Select Variable Annuity product. Effective September
22, 1995, contract owners could no longer purchase or transfer funds to
the Government Securities or Short-Term Bond Accounts.
The remaining four investment accounts are invested in specified
portfolios of the Smith Barney/Travelers Series Fund Inc. These four
investment accounts and the Research Account, which invests in the Equi-
Select Series Trust, are available to contract owners of the PrimElite
Variable Annuity product.
The financial statements included herein present only those investment
accounts available to contract owners of the Equi-Select Variable
Annuity product. The financial statements of the remaining investment
accounts and the Research Account available to contract owners of the
PrimElite Variable Annuity product are presented separately.
The average cost method is used to determine realized gains and losses.
Dividends are taken into income on an accrual basis as of the ex-
dividend date.
NOTE 2 - EXPENSES
The Company is compensated for mortality and expense risks and
administrative costs by a charge equivalent to an annual rate of 1.25%
and 0.15%, respectively, of the total net assets of each Account. These
charges amounted to $348,739 and $42,078, respectively, for the year
ended December 31, 1995 ($3,241 and $391, respectively, for the period
ended December 31, 1994).
An annual contract charge of $30 is deducted on each contract
anniversary prior to the maturity date, upon full withdrawal of a
contract's value or upon commencement of annuity payments if such
withdrawal is made or annuity payments commence on a date other than the
contract anniversary. During 1995, annual contract charges amounted to
$2,806. No annual contract charges were assessed in 1994.
NOTE 2 - EXPENSES (continued)
A transfer charge computed as the lesser of 2% of the contract value
transferred or $25 will be imposed on each transfer between Accounts in
excess of twelve in any one calendar year. A withdrawal charge may be
imposed in the event of withdrawal of any portion of the contract value
or upon annuitization. The withdrawal charge is 8% of the amount withdrawn
prior to the first anniversary of the purchase payment and reduces by 1% at
each subsequent purchase payment anniversary.
NOTE 3 - FEDERAL INCOME TAXES
Operations of the Equitable Life Insurance Company of Iowa Separate
Account A form a part of the operations of the Company which is taxed as
a life insurance company under the Internal Revenue Code. Under current
law, no federal income taxes are payable with respect to operations of
Equitable Life Insurance Company of Iowa Separate Account A.
NOTE 4 - PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments
were as follows:
<TABLE>
<CAPTION>
Period From
Year Ended October 7, 1994 to
December 31, 1995 December 31, 1994
_________________________ _________________________
Purchases Sales Purchases Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Money Market Portfolio $18,116,828 $12,751,952 $759,639 $415,821
Mortgage-Backed Securities
Portfolio 4,186,979 33,921 29,782 1,060
International Fixed
Income Portfolio 3,461,113 111,334 52,990 1,785
OTC Portfolio 8,736,489 410,391 654,619 1,662
Research Portfolio 14,168,762 230,594 687,042 69
Total Return Portfolio 14,267,685 137,651 325,895 1,348
Advantage Portfolio 3,718,744 592,976 535,350 76,801
Government Securities
Portfolio 1,537,791 1,005,281 14,453 108
International Stock
Portfolio 5,388,124 218,038 234,384 1,382
Short-Term Bond Portfolio 683,300 374,720 11,675 104
</TABLE>
NOTE 5 - SUMMARY OF CHANGES FROM UNIT TRANSACTIONS
Transactions in units were as follows:
<TABLE>
<CAPTION>
Period From
Year Ended October 7, 1994 to
December 31, 1995 December 31, 1994
_________________________ _________________________
Purchases Sales Purchases Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Money Market Account 2,969,444 2,454,999 101,861 67,539
Mortgage-Backed Securities
Account 380,372 3,227 2,896 10
International Fixed
Income Account 309,796 3,205 5,135 37
OTC Account 705,565 9,749 63,781 --
Research Account 1,196,506 9,931 69,182 5
Total Return Account 1,315,204 35,745 33,106 --
Advantage Account 359,214 59,955 53,240 7,724
Government Securities
Account 224,515 169,685 1,438 10
International Stock
Account 535,682 17,774 23,667 5
Short-Term Bond Account 65,845 34,954 1,151 10
</TABLE>
NOTE 6 - NET ASSETS
Net assets at December 31, 1995 consisted of the following:
<TABLE>
<CAPTION>
Mortgage- International
Money Backed Fixed
Market Securities Income OTC
Account Account Account Account
____________ _____________ ____________ _____________
<S> <C> <C> <C> <C>
Unit transactions $5,708,819 $4,200,698 $3,415,456 $9,076,800
Accumulated net
investment income 23,402 217,066 150,213 932,357
Net unrealized appreciation
(depreciation) of
investments -- (78,244) 33,898 27,540
____________ _____________ ____________ _____________
$5,732,221 $4,339,520 $3,599,567 $10,036,697
============ ============= ============ =============
</TABLE>
<TABLE>
<CAPTION>
Total
Research Return Advantage
Account Account Account
____________ _____________ ____________
<S> <C> <C> <C>
Unit transactions $14,724,226 $14,542,050 $3,620,601
Accumulated net
investment income 194,829 248,019 223,969
Net unrealized appreciation
(depreciation) of
investments 1,527,893 1,031,773 (100,333)
____________ _____________ ____________
$16,446,948 $15,821,842 $3,744,237
============ ============= ============
</TABLE>
<TABLE>
<CAPTION>
Government International Short-Term
Securities Stock Bond
Account Account Account
____________ _____________ ____________
<S> <C> <C> <C>
Unit transactions $636,052 $5,450,703 $343,325
Accumulated net
investment income 45,802 189,772 18,209
Net unrealized appreciation
(depreciation) of
investments (20,520) 78,295 (9,923)
____________ _____________ ____________
$661,334 $5,718,770 $351,611
============ ============= ============
</TABLE>
Report of Independent Auditors
TO THE CONTRACTHOLDERS AND TRUSTEES
EQUI-SELECT SERIES TRUST
We have audited the accompanying statements of assets and
liabilities, including the schedules of investments, of Equi-
Select Series Trust (the "Trust") (comprising, respectively,
the Money Market, Mortgage-Backed Securities, International
Fixed Income, OTC, Research, Total Return, Advantage, Government
Securities, International Stock, and Short-Term Bond Portfolios)
as of December 31, 1995, and the related statements of operations
for the year then ended and the statements of changes in net assets
and financial highlights for the each of the periods indicated
therein. 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
securities owned as of December 31, 1995, by correspondence with
the custodian and brokers, or other appropriate auditing
procedures where replies from brokers were not received. 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, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the respective portfolios
constituting Equi-Select Series Trust at December 31, 1995, the
results of their operations for the year then ended and the changes
in their net assets and financial highlights for each of the periods
indicated therein, in conformity with generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 9, 1996
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES - 86.4%
Government Agency - 86.4%
Federal Farm Credit Bank Discount Note,
5.540%, 02/13/1996 $500,000 $ 496,691
5.470%, 03/01/1996 445,000 440,943
Federal Home Loan Bank Discount Note
5.570%, 01/29/1996 485,000 482,899
5.490%, 02/20/1996 500,000 496,187
Federal Home Loan Mortgage Discount Note
5.470%, 01/10/1996 600,000 599,179
5.320%, 03/18/1996 690,000 682,149
Federal National Mortgage Association Discount Note
5.530%, 01/25/1996 510,000 508,120
5.480%, 02/28/1996 500,000 495,586
Tennessee Valley Authority Discount Note
5.550%, 01/18/1996 250,000 249,345
5.590%, 01/18/1996 510,000 508,654
__________
TOTAL U.S. GOVERNMENT
AGENCY SECURITIES -(Cost $4,959,753) 4,959,753
SHORT TERM INVESTMENTS - 15.2%
Repurchase Agreement - 15.2%
Agreement with First Boston, dated 12/29/1995,
bearing 5.500%, to be repurchased at $873,534
on 01/02/1996 (secured by $870,000 par value
U.S. Treasury Note, 5.75%, due 10/31/00,
with a value of $898,233) 873,000 873,000
__________
TOTAL SHORT TERM INVESTMENTS
- (Cost $873,000) 873,000
__________
TOTAL INVESTMENTS AT AMORTIZED
COST AND VALUE - 101.6% 5,832,753
OTHER ASSETS LESS LIABILITIES - (1.6)% (90,489)
__________
NET ASSETS - 100.0% $5,742,264
==========
<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.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES - 96.0%
Collateralized Mortgage Obligations - 8.2%
Country Wide Funding Corporation,
Mortgage Certificate 1995-4, Class A-4
7.500%, 11/25/2025 $700,000 $ 708,969
Mortgage-Backed Obligations - 75.4%
Federal Home Loan Bank Consolidated
Discount Note
5.450%, 01/08/1996 400,000 399,576
Federal Home Loan Bank,
7.000%, 10/01/2010 992,898 1,011,823
7.000%, 06/01/2024 75,255 75,937
7.000%, 07/01/2024 211,439 213,355
7.000%, 08/01/2024 742,873 749,603
Federal National Mortgage Association
6.500%, 01/01/2024 434,460 429,299
6.500%, 02/01/2024 386,894 382,298
6.500%, 06/01/2024 234,842 232,052
8.000%, 04/01/2025 507,213 525,280
Government National Mortgage Association
6.000%, 12/15/2008 279,194 277,186
6.000%, 01/15/2009 282,993 280,958
8.000%, 05/15/2017 606,848 637,846
8.000%, 06/15/2017 225,123 236,622
8.000%, 07/15/2017 112,763 118,523
7.500%, 01/15/2024 425,357 437,586
7.000%, 08/15/2025 508,374 512,502
__________
6,520,446
U.S. Government - 12.4%
United States Treasury Bond
11.625%, 11/15/2004 760,000 1,075,635
__________
TOTAL U.S. GOVERNMENT
AND AGENCY SECURITIES - (Cost $7,928,346) 8,305,050
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
SHORT TERM INVESTMENTS - 9.1%
Repurchase Agreement - 6.1%
Agreement with First Boston, dated 12/29/1995,
bearing 5.500%, to be repurchased at $532,325
on 01/02/96 (secured by $530,000 par value U.S.
Treasury Note, 5.75%, due 10/31/00,
with a value of $547,199) $532,000 $ 532,000
Investment Company - 3.0%
Merrill Lynch Governmental Fund
5.500% * 258,528 258,528
__________
TOTAL SHORT TERM INVESTMENTS
- (Cost $790,528) 790,528
__________
TOTAL INVESTMENTS - (Cost $8,718,874) - 105.1% 9,095,578
OTHER ASSETS LESS LIABILITIES - (5.1)% (440,200)
__________
NET ASSETS - 100.0% $8,655,378
==========
<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.
*The interest rate shown reflects the rate in effect on December 31, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
GOVERNMENT BONDS -94.4%
Canada - 4.4% (CAD)
Government of Canada
7.500%, 09/01/2000 $ 500,000 $ 379,897
Denmark - 4.3% (DKK)
Kingdom of Denmark
6.000%, 12/10/1999 2,000,000 363,332
France - 9.2% (FFR)
Government of France
7.000%, 10/12/2000 2,000,000 426,996
Obligation Assimilable du Tresor
5.500%, 04/25/2004 1,900,000 361,997
__________
788,993
Germany - 13.3% (DEM)
Bundesrepublik,
6.750%, 07/15/2004 1,150,000 842,158
Treuhandanstalt,
6.125%, 06/25/1998 400,000 292,088
__________
1,134,246
Italy - 5.0% (ITL)
Buoni Del Tesoro Poliennali,
8.500%, 08/01/1999 400,000,000 238,948
Republic of Italy
10.500%, 04/01/2000 300,000,000 190,394
__________
429,342
Japan - 5.8% (JPY)
Japan Government,
3.400%, 03/22/2004 50,000,000 499,080
Netherlands - 3.5% (NLG)
State of Netherlands,
7.000%, 08/15/1999 450,000 301,178
Spain - 5.1% (ESP)
Government of Spain,
10.900%, 08/30/2003 50,000,000 438,335
Sweden - 3.8% (SEK)
Kingdom of Sweden,
11.000%, 01/21/1999 1,000,000 162,101
10.250%, 05/05/2000 1,000,000 161,769
__________
323,870
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
United Kingdom - 8.2% (GBP)
U.K. Treasury,
7.000%, 11/06/2001 $ 450,000 $ 699,523
United States -31.8% (USD)
United States Treasury Note,
6.500%, 09/30/1996 500,000 504,297
7.125%, 09/30/1999 750,000 795,117
6.125%, 09/30/2000 300,000 309,094
7.250%, 08/15/2004 1,000,000 1,112,500
__________
2,721,008
__________
TOTAL GOVERNMENT BONDS
- (Cost $7,528,835) 8,078,804
SHORT TERM INVESTMENTS - 8.4%
Repurchase Agreement - 8.4%
Agreement with State Street Bank and Trust
Company, dated 12/29/1995, bearing 4.250%,
to be repurchased at $715,338 on 01/02/1996
(secured by $450,000 par value U.S. Treasury
Note, 11.25%, due 2/15/15, with a value of
$737,233) 715,000 715,000
__________
TOTAL SHORT TERM INVESTMENTS
- (Cost $715,000) 715,000
__________
TOTAL INVESTMENTS - (Cost $8,243,835) - 102.8% 8,793,804
OTHER ASSETS LESS LIABILITIES - (2.8)% (237,551)
__________
NET ASSETS - 100.0% $8,556,253
==========
<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.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 101.9%
Auto Parts - 0.7%
Autozone Incorporated (a) 2,100 $ 60,638
Beverages - 0.0%
Petes Brewing Company (a) 100 1,400
Business Machines - 0.3%
Exabyte Corporation (a) 2,000 29,250
Business Services - 1.1%
Acclaim Entertainment Incorporated (a) 8,000 99,000
Transaction Systems Architects
Incorporated(a) 100 3,375
_________
102,375
Chemicals - 0.2%
Carbide/Graphite Group Incorporated (a) 100 1,438
Methanex Corporation (a) 2,000 14,625
_________
16,063
Commercial Services - 2.2%
Central Parking Corporation 100 2,875
Franklin Quest Company (a) 10,000 195,000
Learning Tree International Incorporated (a) 100 1,563
Meta Group Incorporated (a) 100 3,062
_________
202,500
Computer Software - 12.0%
Arbor Software Corporation (a) 100 4,725
Autodesk Incorporated 4,100 140,425
Citrix Systems Incorporated (a) 100 3,250
Computron Software Incorporated (a) 100 1,800
Cooper & Chyan Technology Incorporated (a) 100 1,575
Corestaff Incorporated (a) 100 3,650
Electronic Arts (a) 13,000 339,625
HPR Incorporated (a) 100 3,012
IDX Systems Corporation (a) 100 3,475
Insignia Solutions Plc ADR (a) 100 1,175
Logic Works Incorporated (a) 200 2,500
Meta Software Incorporated (a) 100 1,675
Microsoft Corporation (a) 3,600 315,900
Network Appliance Incorporated (a) 100 4,012
Novadigm Incorporated (a) 100 2,838
Objective Systems Integrators Incorporated (a) 100 5,475
On Technology Corporation (a) 100 1,300
Ross Technology Incorporated (a) 100 975
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY
INTERESTS (CONTINUED)
Computer Software (continued)
Scopus Technology (a) 100 $ 2,525
Smith Micro Software Incorporated (a) 100 675
Spectrum Holobyte Incorporated (a) 36,400 236,600
Sync Research Incorporated (a) 100 4,525
Vantive Corporation (a) 100 2,250
_________
1,083,962
Computer Software - Systems - 11.8%
Aspen Technology Incorporated (a) 400 13,500
BMC Software Incorporated (a) 6,100 260,775
Computational Systems Incorporated (a) 100 1,550
Compuware Corporation (a) 6,600 122,100
Oracle Systems Corporation (a) 5,250 222,469
Sierra On-line Incorporated (a) 2,000 57,500
Sybase Incorporated (a) 10,800 388,800
_________
1,066,694
Consumer Goods & Services - 0.0%
Sola International Incorporated (a) 100 2,525
Cosmetics & Toiletries - 0.0%
Lauder Estee Companies Incorporated (a) 100 3,488
Domestic Oil - 0.1%
Lomak Petroleum Incorporated 600 5,850
Drugs & Health Care Services - 21.5%
Beverly Enterprises Incorporated (a) 8,800 93,500
Community Health Systems Incorporated (a) 500 17,813
Healthwise America Incorporated (a) 2,800 109,200
Integrated Health Services Incorporated 500 12,500
Mariner Health Group Incorporated (a) 18,300 306,525
Mid Atlantic Medical Services Incorporated (a) 19,400 470,450
Oxford Health Plans Incorporated (a) 700 51,712
Pacificare Health Systems Incorporated,
Class A (a) 3,900 339,300
Pacificare Health Systems Incorporated,
Class B (a) 3,000 261,000
Physician Corporation America (a) 5,000 85,000
United Dental Care Incorporated (a) 100 4,125
United Healthcare Corporation 3,000 196,500
_________
1,947,625
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Electronics - 1.9%
Accom Incorporated (a) 100 $ 650
Intel Corporation 3,000 170,250
Thermospectra Corporation (a) 100 1,562
_________
172,462
Entertainment - 9.2%
Casino America Incorporated (a) 8,900 54,513
Harrahs Entertainment Incorporated (a) 7,700 186,725
Showboat, Inc 12,900 340,237
Starsight Telecast Incorporated (a) 52,100 253,987
_________
835,462
Financial Services - 1.4%
Jayhawk Acceptance Corporation (a) 100 912
Meridian Bancorp Incorporated 2,000 93,000
Sphere Drake Holdings Ltd. 2,500 35,000
_________
128,912
Gas Exploration - 0.3%
Apache Corporation 500 14,750
Snyder Oil Corporation 750 9,094
_________
23,844
Household Products - 0.0%
USA Detergents Incorporated (a) 100 2,350
Insurance - 0.1%
Amerin Corporation (a) 300 8,025
Leisure Time - 2.1%
Argosy Gaming Corporation (a) 25,000 190,625
Lodging - 0.5%
Bristol Hotel Company (a) 100 2,438
Extended Stay America Incorporated (a) 100 2,750
Promus Hotel Corporation (a) 1,600 35,600
_________
40,788
Machine Diversified - 1.1%
Agco Corporation 2,000 102,000
Medical & Health Products - 6.0%
Uromed Corporation (a) 26,800 345,050
Zoll Medical Corporation (a) 22,000 198,000
_________
543,050
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Medical Supplies - 5.4%
Medisense Incorporated (a) 15,500 $ 490,187
Neuromedical Systems Incorporated (a) 100 2,013
_________
492,200
Mining - 0.3%
Southern Africa Minerals Corporation (a) 43,400 27,016
Publishing - 0.0%
Desktop Data Incorporated (a) 100 2,450
Retail - 1.9%
Corporate Express Incorporated (a) 800 24,100
Eastbay Incorporated (a) 300 5,925
Henry Schein Incorporated (a) 100 2,950
MSC Industrial Direct Incorporated (a) 100 2,750
Office Depot Incorporated (a) 6,800 134,300
_________
170,025
Semiconducters - 3.6%
ESS Technology Incorporated (a) 100 2,300
LSI Logic Corporation (a) 5,000 163,750
National Semiconductor Corporation (a) 7,000 155,750
_________
321,800
Steel - 2.1%
J & L Specialty Steel Incorporated 10,000 187,500
Telecommunications - 10.9%
Airtouch Communications (a) 4,000 113,000
Cisco Systems Incorporated (a) 2,000 149,250
Rogers Cantel Mobile Incorporated,
Class B (a) 19,000 503,500
Rogers Communications Incorporated,
Class B (a) 12,200 136,335
Tellabs Incorporated (a) 2,300 85,100
_________
987,185
Telephone - 4.3%
MCI Communications Corporation 15,000 391,875
Telephone Save Holdings Incorporated (a) 100 1,387
_________
393,262
Transportation - 0.9%
Wisconsin Central Transportation Corporation (a) 1,200 78,900
_________
TOTAL COMMON STOCK AND OTHER
EQUITY INTERESTS - (Cost $8,926,365) 9,230,226
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES - 0.1%
Computer Software - 0.1%
Spectrum Holobyte Incorporated, Subordinated
Note Convertible 144A *
6.500%, 09/15/2002 10,000 $ 7,300
_________
TOTAL CORPORATE BONDS
AND NOTES - (Cost $10,000) 7,300
WARRANTS - 0.0%
Broadcasting - 0.0%
American Media Incorporated 41,700 1,303
_________
TOTAL WARRANTS - (Cost $21,501) 1,303
SHORT TERM INVESTMENTS - 8.3%
Federal Agencies - 8.3%
Federal Home Loan Mortgage Discount Notes
5.750%, 01/02/1996 750,000 749,880
__________
TOTAL SHORT TERM INVESTMENTS
- (Cost $749,880) 749,880
__________
TOTAL INVESTMENTS - (Cost $9,707,746) - 110.3% 9,988,709
OTHER ASSETS LESS LIABILITIES - (10.3)% (934,087)
__________
NET ASSETS - 100.0% $9,054,622
==========
<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.
*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 Depository Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 96.0%
Aerospace - 4.8%
General Dynamics Corporation 2,800 $ 165,550
Lockheed Martin Corporation 2,400 189,600
McDonnell Douglas Corporation 3,600 331,200
United Technologies Corporation 900 85,387
__________
771,737
Banks - 2.4%
Baybanks Incorporated (a) 1,300 127,725
Chase Manhattan Corporation 3,000 181,875
Northern Trust Corporation 1,400 78,400
__________
388,000
Broadcasting - 0.4%
Heritage Media Corporation 2,700 69,188
Business Services - 1.6%
Ceridian Corporation (a) 4,300 177,375
Interim Services Incorporated (a) 1,200 41,700
Technology Solutions Company (a) 1,900 37,050
__________
256,125
Chemicals - 1.9%
Air Products & Chemicals Incorporated 1,700 89,675
Hanna M.A. Company 1,700 47,600
Uniroyal Chemical Corporation (a) 7,100 58,575
W. R. Grace & Company 1,900 112,338
__________
308,188
Computers & Business Equipment - 0.9%
International Business Machines 1,500 137,625
Computer Software - 0.6%
Amisys Managed Care Systems Incorporated (a) 5,200 98,800
Computer Software - Systems - 3.9%
Affiliated Computer Services Incorporated,
Class A (a) 1,800 67,500
BMC Software Incorporated (a) 2,500 106,875
Cabletron Systems Incorporated (a) 2,700 218,700
Compaq Computer Corporation (a) 2,400 115,200
Sybase Incorporated (a) 3,300 118,800
__________
627,075
Conglomerates - 0.4%
Lasalle Re Holdings Limited (a) 2,800 64,050
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Consumer Goods & Services - 10.4%
Colgate Palmolive Company 3,500 $ 245,875
Duracell International Incorporated 3,700 191,475
Gillette Company 3,900 203,287
Nike Incorporated 3,200 222,800
Philip Morris Companies Incorporated 2,700 244,350
Procter & Gamble Company 3,000 249,000
Service Corp International 3,100 136,400
Stanley Works 3,700 190,550
__________
1,683,737
Containers & Glass - 0.8%
Intertape Polymer Group Incorporated 4,300 134,913
Domestic Oil - 2.5%
Coastal Corporation 4,700 175,075
Mobil Corporation 2,000 224,000
__________
399,075
Drugs & Health Care Services - 7.9%
Astra Ab (a) 5,700 225,778
Community Health Systems Incorporated (a) 2,800 99,750
Living Centers of America Incorporated (a) 1,900 66,500
Mariner Health Group Incorporated (a) 1,000 16,625
Pacificare Health Systems Incorporated (a) 100 8,700
Pacificare Health Systems Incorporated,
Class B (a) 1,600 139,200
St Jude Medical Incorporated (a) 4,250 182,750
United Healthcare Corporation 4,100 268,550
Uromed Corporation (a) 19,300 248,488
Zoll Medical Corporation (a) 3,300 29,700
__________
1,286,041
Electronics - 5.2%
ESS Technology Incorporated (a) 100 2,300
Intel Corporation 4,600 261,050
Loral Corporation 8,300 293,612
LSI Logic Corp (a) 1,200 39,300
National Semiconductor Corporation (a) 2,900 64,525
Xilinx Incorporated (a) 5,800 176,900
__________
837,687
Entertainment - 2.2%
Aztar Corporation (a) 20,300 162,400
Harrahs Entertainment Incorporated (a) 5,600 135,800
Showboat, Inc. 2,200 58,025
__________
356,225
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Environmental Control - 1.2%
Tomra Systems As (a) 1,300 $ 10,262
WMX Technologies Incorporated 6,100 182,237
__________
192,499
Finance - 0.6%
Federal Home Loan Mortgage Corporation 1,100 91,850
Financial Services - 2.3%
Advanta Corporation, Class B 2,900 105,488
First Interstate Bancorp 1,000 136,500
Integra Financial Corporation 2,000 126,000
__________
367,988
Food & Beverages - 2.7%
Kellogg Company 1,900 146,775
Pepsico Incorporated 3,600 201,150
Universal Foods Corporation 2,400 96,300
__________
444,225
Food Processing - 2.2%
Campbell Soup Company 2,900 174,000
Nabisco Holdings Corporation 5,400 176,175
__________
350,175
Forest Products - 1.9%
Fort Howard Corporation New (a) 1,700 38,250
Kimberly Clark Corporation 3,300 273,075
__________
311,325
Gas Exploration - 1.6%
Enron Corporation 3,900 148,687
Union Pacific Resources Group Incorporated 4,100 104,038
__________
252,725
Hotels & Restaurants - 0.7%
Quantum Restaurant Group Incorporated (a) 600 6,750
Sonic Corporation (a) 5,750 109,250
__________
116,000
Industrial Machinery - 3.1%
Agco Corporation 4,000 204,000
Case Corporation 6,500 297,375
__________
501,375
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Insurance - 7.7%
Aflac Incorporated 2,400 $ 104,100
American Re Corporation 2,000 81,750
Amerin Corporation (a) 2,500 66,875
Cigna Corporation 1,600 165,200
GCR Holdings Limited (a) 3,300 74,250
MBIA Incorporated 2,200 165,000
Penncorp Financial Group Incorporated 9,100 267,312
Prudential Reinsurance Holdings Incorporated 5,300 123,888
Sphere Drake Holdings Ltd. 5,100 71,400
Travelers Incorporated 2,100 132,037
__________
1,251,812
Lodging - 0.9%
HFS Incorporated 1,000 81,750
Promus Hotel Corporation (a) 2,850 63,413
__________
145,163
Medical Supplies - 2.8%
Medisense Incorporated (a) 11,100 351,037
Neuromedical Systems Incorporated 5,300 106,663
__________
457,700
Miscellaneous - 0.6%
Tv Francaise 900 96,488
Newspapers - 0.9%
New Straits Times 45,000 150,608
Oil & Gas - 0.3%
Seacor Holdings Incorporated (a) 1,900 51,300
Paper - 0.3%
Singapore Press Hd 3,000 53,022
Pharmaceuticals - 1.1%
Johnson & Johnson 900 77,063
Pfizer Incorporated 1,700 107,100
__________
184,163
Railroads & Equipment - 2.1%
CSX Corporation 3,400 155,125
Wisconsin Central Transportation Corporation (a) 2,700 177,525
__________
332,650
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Retail - 6.0%
Alco Standard Corporation 3,700 $ 168,812
Circuit City Stores Incorporated 1,500 41,438
Giordano International 44,000 37,556
Gymboree Corporation (a) 6,900 142,312
Hennes & Mauritz 900 50,153
Hollywood Entertainment Corporation (a) 2,600 21,775
Home Depot Incorporated 1,900 90,963
Lowes Cos Incorporated 2,100 70,350
Micro Warehouse Incorporated (a) 3,200 138,400
Nine West Group Incorporated (a) 700 26,250
Office Depot Incorporated (a) 5,200 102,700
York International Corporation 1,600 75,200
__________
965,909
Software - 8.4%
Adobe Systems Incorporated 2,600 161,200
Cadence Design Systems Incorporated (a) 6,600 277,200
Cisco Systems Incorporated (a) 1,900 141,787
Computer Associates International Incorporated 2,300 130,813
Compuware Corporation (a) 3,500 64,750
Electronic Arts (a) 4,600 120,175
Microsoft Corporation (a) 2,200 193,050
Oracle Systems Corporation (a) 6,500 275,437
__________
1,364,412
Telecommunications - 0.4%
Telephone & Data Systems Incorporated 1,600 63,200
Toys & Amusements - 1.2%
Tyco International Ltd 5,500 195,938
Utilities - 1.1%
Ericsson Lm Telephone (a) 3,400 66,569
Tele Danmark, ADR 2,300 63,537
Telecom Italia Mobile 42,800 45,007
__________
175,113
__________
TOTAL COMMON STOCK AND OTHER
EQUITY INTERESTS - (Cost $13,848,392) 15,534,106
__________
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
SHORT TERM INVESTMENTS - 5.2%
Federal Agencies - 5.2%
Federal Home Loan Mortgage Discount Notes
5.750%, 01/02/1996 $ 850,000 $ 849,864
___________
TOTAL SHORT TERM INVESTMENTS - (Cost $849,864) 849,864
___________
TOTAL INVESTMENTS - (Cost $14,698,256) - 101.2% 16,383,970
OTHER ASSETS LESS LIABILITIES - (1.2)% (198,168)
___________
NET ASSETS - 100.0% $16,185,802
===========
<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 Depository Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 53.5%
Aerospace - 2.0%
Loral Corporation 3,600 $ 127,350
Raytheon Company 1,800 85,050
United Technologies Corporation 1,000 94,875
___________
307,275
Auto Parts - 0.3%
Dana Corporation 1,400 40,950
Automobiles - 1.1%
Daimler Benz AG, ADR 300 15,263
Ford Motor Company 1,300 37,700
General Motors Corporation 2,300 121,612
___________
174,575
Banks - 2.7%
Bank New York Incorporated 2,700 131,625
Bank of Boston Corporation 1,400 64,750
Bankamerica Corporation 1,000 64,750
Citicorp 800 53,800
Nationsbank Corporation 1,500 104,437
___________
419,362
Chemicals - 1.0%
Dow Chemical Company 900 63,338
DuPont, E I De Nemours & Company 1,200 83,850
___________
147,188
Computers & Business Equipment - 0.6%
Xerox Corporation 700 95,900
Conglomerates - 1.0%
Eastern Enterprises 3,000 105,750
Textron Incorporated 700 47,250
___________
153,000
Consumer Goods & Services - 1.3%
Avon Products Incorporated 700 52,763
Philip Morris Companies Incorporated 1,700 153,850
___________
206,613
Domestic Oil - 0.8%
USX-Marathon Group 6,400 124,800
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Drugs & Health Care Services - 2.4%
American Home Products Corporation 1,300 $ 126,100
Lilly Eli & Company 2,000 112,500
National Health Investments Incorporated 300 9,937
Smithkline Beecham PLC, ADR 2,200 122,100
___________
370,637
Electrical Equipment - 1.9%
General Electric Company 2,100 151,200
Honeywell Incorporated 3,100 150,737
___________
301,937
Electric Utilities - 2.9%
American Electric Power Incorporated 1,300 52,650
FPL Group Incorporated 1,100 51,013
National Power Corporation (a) 1,700 4,066
Peco Energy Company 3,700 111,462
Pinnacle West Capital Corporation 1,100 31,625
Portland General Corporation 4,000 116,500
Unicom Corporation 2,300 75,325
___________
442,641
Federal Agencies - 0.5%
Federal Home Loan Mortgage Corporation 1,000 83,500
Finance & Banking - 1.6%
Chase Manhattan Corporation 2,300 139,437
Comerica Incorporated 1,400 56,175
Fleet Financial Group Incorporated 1,200 48,900
___________
244,512
Financial Services - 2.5%
Allstate Corporation 834 34,298
National City Corporation 4,800 159,000
Northern Trust Corporation 1,900 106,400
Travelers Incorporated 1,400 88,025
___________
387,723
Food & Beverages - 2.4%
Anheuser Busch Companies Incorporated 700 46,812
CPC International Incorporated 600 41,175
General Mills Incorporated 1,800 103,950
Kellogg Company 700 54,075
McCormick & Company Incorporated 1,400 33,775
Pepsico Incorporated 1,600 89,400
___________
369,187
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Forest Products - 0.5%
Kimberly Clark Corporation 500 $ 41,375
Weyerhaeuser Company 900 38,925
___________
80,300
Gas Exploration - 0.3%
Occidental Petroleum Corporation 2,500 53,438
Gas & Pipeline Utilities - 3.4%
British Gas PLC, ADR 900 35,213
British Petroleum PLC 1,300 132,762
Coastal Corporation 3,000 111,750
Pacific Enterprises 1,700 48,025
Sonat Incorporated 2,400 85,500
Williams Companies Incorporated 1,900 83,362
YPF Sociedad Anonima, ADR 1,500 32,438
___________
529,050
Household Products - 0.7%
Colgate Palmolive Company 1,400 98,350
Rubbermaid Incorporated 600 15,300
___________
113,650
Industrials - 0.5%
Enron Corporation 2,000 76,250
Insurance - 3.7%
Aetna Life & Casualty Company 1,300 90,025
Cigna Corporation 900 92,925
GCR Holdings Limited (a) 500 11,250
MBIA Incorporated 1,300 97,500
Prudential Reinsurance Holdings Incorporated 1,900 44,412
St Paul Companies, Incorporated 1,200 66,750
Torchmark Incorporated 2,600 117,650
Transport Holdings Incorporated (a) 1 41
UNUM Corporation 900 49,500
___________
570,053
Machine Diversified - 2.2%
Deere & Company 2,700 95,175
Ingersoll Rand Company 2,600 91,325
Stanley Works 1,500 77,250
York International Corporation 1,600 75,200
___________
338,950
Manufacturing - 0.5%
Allied Signal Incorporated 1,700 80,750
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Medical Supplies - 0.7%
Baxter International Incorporated 2,600 $ 108,875
Metals - 0.2%
Phelps Dodge Corporation 600 37,350
Oil & Gas - 0.0%
Union Pacific Resources Group Incorporated 300 7,613
Oils - 3.6%
Amoco Corporation 2,100 150,937
Exxon Corporation 1,300 104,163
Mobil Corporation 1,000 112,000
Royal Dutch Petroleum Company 1,400 197,575
___________
564,675
Petroleum Services - 1.3%
Schlumberger Limited 1,700 117,725
Ultramar Corporation 3,100 79,825
___________
197,550
Pharmaceuticals - 0.3%
Warner Lambert Company 400 38,850
Photography - 0.9%
Eastman Kodak Company 2,100 140,700
Pollution Control - 0.5%
WMX Technologies Incorporated 2,600 77,675
Printing - 0.7%
DeLuxe Corporation 1,500 43,500
Dun & Bradstreet Corporation 900 58,275
___________
101,775
Railroads & Equipment - 0.5%
Canadian National Railway Company 1,200 18,000
Illinois Central Corporation 1,400 53,725
___________
71,725
Real Estate - 0.6%
Beacon Properties Corporation 500 11,500
Hospitality Properties Trust 2,300 61,525
Meditrust Corporation 500 17,438
___________
90,463
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Retail - 1.4%
Dayton Hudson Corporation 700 $ 52,500
May Department Stores Company 1,600 67,600
Sears, Roebuck & Company 2,400 93,600
___________
213,700
Special Products & Services - 0.3%
Minnesota Mining & Manufacturing Company 700 46,375
Telecommunications - 1.7%
Alcatel Alsthom, ADR 500 8,750
GTE Corporation 2,700 118,800
Nynex Corporation 2,100 113,400
SBC Communications Incorporated 500 28,750
___________
269,700
Telephone - 2.3%
Ameritech Corporation 1,800 106,200
AT&T Corporation 2,200 142,450
MCI Communications Corporation 3,900 101,887
___________
350,537
Transportation - 0.8%
CSX Corporation 2,800 127,750
Utilities - 0.9%
Frontier Corporation 3,200 96,000
Tenneco Incorporated 900 44,663
___________
140,663
___________
TOTAL COMMON STOCK AND OTHER
EQUITY INTERESTS - (Cost $7,345,428) 8,298,217
Principal
Amount
_________
CORPORATE BONDS AND NOTES - 15.9%
Aerospace - 0.4%
Loral Corporation
8.375%, 06/15/2024 $40,000 45,933
Raytheon Company
7.375%, 07/15/2025 20,000 20,831
___________
66,764
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
Airlines - 0.8%
Delta Air Lines Incorporated
9.750%, 05/15/2021 $ 50,000 $ 61,687
NWA Trust
9.250%, 06/21/2014 9,754 11,855
Quantas Airways Limited,
7.500%, 06/30/2003 20,000 20,961
United Air Lines Incorporated
10.250%, 07/15/2021 20,000 25,026
__________
119,529
Automobiles - 0.4%
Ford Motor Company
7.125%, 11/15/2025 30,000 31,165
7.750%, 06/15/2043 30,000 33,418
__________
64,583
Banks - 1.2%
Bankers Trust New York Corporation
7.500%, 11/15/2015 100,000 103,503
BCH Cayman Islands
8.250%, 06/15/2004 40,000 43,936
Coastal Bancorp Incorporated
10.000%, 06/30/2002 20,000 20,200
Sovereign Bancorp Incorporated
6.750%, 09/01/2000 10,000 10,050
__________
177,689
Broadcasting - 0.4%
Lenfest Communications Incorporated,
8.375%, 11/01/2005 50,000 50,188
TCI Communications Incorporated
8.750%, 08/01/2015 12,000 13,304
__________
63,492
Building Construction - 0.1%
Owens Corning Fiberglass Corporation,
8.875%, 06/01/2002 10,000 11,202
Diversified - 1.3%
ITT Corporation New
6.750%, 11/15/2005 200,000 203,900
Drugs & Health Care Services - 0.1%
Tenet Healthcare Corporation
10.125%, 03/01/2005 10,000 11,125
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
Electric Utilities - 2.3%
Commonwealth Edison Company
8.375%, 02/15/2023 $ 80,000 $ 86,098
First PV Funding Corporation
10.150%, 01/15/2016 20,000 20,450
Illinois Power Company
8.750%, 07/01/2021 20,000 21,782
Long Island Lighting Company
7.850%, 05/15/1999 10,000 10,103
8.900%, 07/15/2019 100,000 100,959
9.625%, 07/01/2024 10,000 10,180
Louisiana Power & Light Company
10.670%, 01/02/2017 20,000 21,514
Midland Funding Corporation II
11.750%, 07/23/2005 10,000 10,477
Ohio Edison Company
7.375%, 09/15/2002 20,000 21,024
Oryx Energy Company
10.000%, 04/01/2001 20,000 22,201
Texas-New Mexico Power Company,
9.250%, 09/15/2000 20,000 21,423
Utilicorp United Incorporated
8.450%, 11/15/1999 10,000 10,835
__________
357,046
Entertainment - 0.0%
Time Warner Incorporated,
7.750%, 06/15/2005 7,000 7,287
Finance & Banking - 0.1%
Chase Manhattan Corporation,
8.800%, 02/01/2000 10,000 10,326
Financial Services - 1.6%
Alex Brown, Incorporated
7.625%, 08/15/2005 60,000 63,774
Associates Corporation North America
6.375%, 11/15/2005 50,000 50,914
Goldman Sachs Group 144-A
6.200%, 12/15/2000 * 20,000 19,950
Lehman Brothers Incorporated
7.125%, 07/15/2002 20,000 20,678
Rhg Finance Corporation
8.875%, 9/01/2005 35,000 36,545
Riggs National Corporation
8.500%, 02/01/2006 20,000 21,400
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
Salton Sea Funding Corporation, Senior Secured
Note Series B 144A
7.370%, 05/30/2005 * $ 20,000 $ 20,715
Santander Financial Issuances Limited
7.875%, 04/15/2005 10,000 11,038
__________
245,014
Food & Beverages - 0.7%
Anheuser Busch Companies Incorporated
7.250%, 09/15/2015 60,000 63,457
RJR Nabisco Incorporated
8.000%, 01/15/2000 10,000 10,174
8.750%, 07/15/2007 20,000 20,400
7.550%, 06/15/2015 20,000 20,815
__________
114,846
Forest Products - 1.3%
Canadian Pacific Forest Products Limited
9.250%, 06/15/2002 60,000 67,250
Georgia Pacific Corporation,
9.875%, 11/01/2021 10,000 11,581
8.625%, 04/30/2025 10,000 11,008
Laidlaw Incorporated,
8.750%, 04/15/2025 10,000 11,925
Noranda FST Incorporated
6.875%, 11/15/2005 100,000 102,294
__________
204,058
Gas Exploration - 0.3%
Oryx Energy Company,
9.300%, 05/01/1996 20,000 20,195
Panhandle Eastern Corporation,
8.625%, 04/15/2025 10,000 11,134
Parker & Parsley Petroleum Company, Shelf
8.250%, 08/15/2007 20,000 21,624
__________
52,953
Gas & Pipeline Utilities - 1.4%
ANR Pipeline Company,
7.000%, 06/01/2025 20,000 21,018
Coastal Corporation,
10.375%, 10/01/2000 60,000 70,121
7.750%, 10/15/2035 100,000 103,820
Northwest Pipeline Corporation
9.000%, 08/01/2022 20,000 22,195
__________
217,154
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
Insurance - 0.6%
Leucadia National Corporation,
8.250%, 06/15/2005 $ 10,000 $ 10,518
Travelers Group,
7.875%, 05/15/2025 70,000 78,362
__________
88,880
Manufacturing - 0.6%
Fisher Scientific International, Incorporated
7.125%, 12/15/2005 100,000 100,158
Metals - 0.1%
Asarco Incorporated,
8.500%, 05/01/2025 20,000 22,755
Oil & Gas - 0.1%
Noram Energy Corporation
7.500%, 08/01/2000 20,000 20,523
Other - 0.1%
Black & Decker Corporation
8.440%, 11/01/1999 10,000 10,873
Jet Equipment Test, Series 1995 A,
Class C 144A
10.690%, 05/01/2015 * 10,000 11,731
__________
22,604
Printing - 0.9%
News America Holdings Incorporated,
7.500%, 03/01/2000 20,000 21,035
7.600%, 10/11/2015 50,000 51,138
7.750%, 12/01/2045 50,000 50,647
Valassis Inserts Incorporated,
9.375%, 03/15/1999 10,000 10,092
__________
132,912
Real Estate - 0.0%
Rouse Company
8.550%, 03/28/2005 10,000 11,551
Retail - 0.2%
Dayton Hudson Corporation,
9.000%, 10/01/2021 20,000 23,924
Telecommunications - 0.1%
Tele Communications Incorporated,
9.250%, 01/15/2023 8,000 8,733
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
Utilities - 0.8%
Southern Union Company,
7.600%, 02/01/2024 $ 20,000 $ 20,838
Tenneco, Incorporated
6.500%, 12/15/2005 100,000 100,544
___________
121,382
___________
TOTAL CORPORATE BONDS
AND NOTES - (Cost $2,399,491) 2,480,390
CONVERTIBLE BONDS - 0.9%
Conglomerates - 0.5%
ADT Operations Incorporated,
Zero Coupon, 07/06/2010 105,000 49,087
Valhi Incorporated,
Zero Coupon, 10/20/2007 68,000 25,840
___________
74,927
Electronics - 0.2%
Altera Corporation, Convertible 144A
5.750%, 06/15/2002 * 25,000 29,219
Entertainment - 0.1%
Time Warner, Incorporated
8.750%, 01/10/2015 8,200 8,508
Real Estate - 0.1%
Liberty Property Limited Partnership,
8.000%, 07/01/2001 15,000 15,412
___________
TOTAL CONVERTIBLE BONDS
- (Cost $112,622) 128,066
Shares
__________
PREFERRED STOCK - 3.0%
Automobiles - 0.2%
General Motors Corporation 400 29,300
Environmental Control - 0.4%
Browning Ferris Industries Incorporated 1,900 59,612
Financial Services - 0.9%
Allstate Corporation 1,000 41,000
Sci Finance Llc 1,300 96,200
___________
137,200
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ __________ __________
<S> <C> <C>
PREFERRED STOCK (CONTINUED)
Gas Exploration - 0.2%
Occidental Petroleum Corporation (a) 500 $ 27,750
Household Products - 0.2%
Corning Delaware LP 500 25,188
Oil & Gas - 1.0%
Enron Corporation (a) 2,000 48,000
Unocal Corporation (a) 2,000 106,750
___________
154,750
Steel - 0.1%
Alaska Steel Holding Corporation 600 20,100
___________
TOTAL PREFERRED STOCK- (Cost $433,464) 453,900
Principal
Amount
_________
FOREIGN GOVERNMENT BOND - 0.1%
Government Agency - 0.1%
Ontario Province Canada
7.000%, 08/04/2005 $ 20,000 21,123
___________
TOTAL FOREIGN GOVERNMENT BOND
- (Cost $19,993) 21,123
U.S. GOVERNMENT AND AGENCY
SECURITIES - 12.0%
Mortgage-Backed Obligations - 1.7%
Government National Mortgage Association,
TBA 15 year,
7.500%, 01/01/1999 250,000 258,515
U.S. Treasuries - 10.3%
United States Treasury Bond
7.625%, 02/15/2025 279,000 341,164
6.875%, 08/15/2025 100,000 112,781
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ __________ __________
<S> <C> <C>
United States Treasury Note
6.375%, 01/15/1999 $ 100,000 $ 103,109
7.125%, 09/30/1999 71,000 75,282
7.500%, 10/31/1999 60,000 64,415
7.750%, 12/31/1999 100,000 108,516
6.750%, 04/30/2000 20,000 21,047
6.250%, 08/31/2000 410,000 424,157
6.125%, 09/30/2000 20,000 20,600
7.250%, 05/15/2004 9,000 9,990
7.875%, 11/15/2004 13,000 15,048
5.875%, 11/15/2005 # 300,000 306,750
___________
1,602,859
___________
TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES - (Cost $1,808,946) 1,861,374
SHORT TERM INVESTMENTS - 16.8%
Federal Agencies - 16.8%
Federal Home Loan Mortgage Discount Notes
5.750%, 01/02/1996 2,600,000 2,599,585
___________
TOTAL SHORT TERM INVESTMENTS
- (Cost $2,599,585) 2,599,585
___________
TOTAL INVESTMENTS - (Cost $14,719,529) - 102.2% 15,842,655
OTHER ASSETS LESS LIABILITIES - (2.2)% (339,748)
___________
NET ASSETS - 100.0% $15,502,907
===========
<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.
#Segregated as collateral for TBA securities.
TBA - To Be Announced.
ADR - American Depository Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 29.2%
Collateralized Mortgage Obligations - 29.2%
California Federal Bank, A Federal Bank of
Los Angeles, Variable-Rate Mortgage Pass-Thru
Certificates, Series 1988 PAL-1, Class A,
8.659%, 02/25/2018 * $ 118,984 $ 118,686
First Boston Mortgage Securities Corporation,
Certificate Series 1992-4, Class A-5 Note
(I/O),
0.625%, 10/25/2022 21,423,304 150,606
First Boston Mortgage Securities Corporation
Variable Rate Mortgage Pass-Thru Certificates,
Series 1994-MHC1, Class C,
6.975%, 04/25/2011 * 180,000 179,775
Green Tree Securitized Net Interest, Series
1995-A Certificate,
7.250%, 07/15/2005 217,771 220,629
Morgan Stanley Capital 1 Incorporated, Series
86 C Class C 4,
9.000%, 05/01/2016 275,489 284,280
Premier Auto Trust, 1992-5 Asset Backed
Certificate, Class I (I/O),
2.850%, 03/15/1998 2,882,200 0
Prudential Home Mortgage Securities Company,
Pass-Thru Certificate, Series 1992-39,
Class A-13,
7.000%, 12/25/2007 37,237 37,101
RTC Variable Rate Mortgage Pass-Thru Securi-
ties, Incorporated, Series 1992-6, Class B-9,
7.217%, 11/25/2026 * 150,213 149,462
RTC Variable Rate Mortgage Pass-Thru Securi-
ties, Incorporated, Series 1995-1, Class B-5,
6.860%, 10/25/2028 * 231,209 233,089
Ryan Mortgage Acceptance Corporation
Collateralized Mortgage, Series 4, Class 4-Z,
9.450%, 04/01/2016 99,604 99,788
SML Commercial Mortgage Trust Variable Rate
Pass-Thru Certificates, Series 1994-C1, Class
A-1,
6.968%, 09/20/1999 * 150,000 149,906
Western Federal Savings & Loan Association
Marina Del Ray California Variable Rate
Mortgage, Pass-Thru Certificates, Series
1991-4, Class A, Ad,
7.218%, 07/01/2021 * 123,334 124,105
___________
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $1,773,253) 1,747,427
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES - 64.9%
Auto Parts - 3.7%
Varity Corporation
11.375%, 11/15/1998 $ 210,000 $ 219,531
Entertainment - 16.2%
Caesars World, Incorporated
8.875%, 08/15/2002 280,000 298,900
Harrahs Operating, Incorporated
10.875%, 04/15/2002 230,000 247,250
Time Warner, Incorporated, Floating Rate Notes
6.835%, 08/15/2000 * 225,000 225,992
Viacom International, Incorporated, Reset Notes
8.750%, 05/15/2001 * 195,000 200,363
___________
972,505
Finance & Banking - 18.6%
Bankers Life Holding Corporation
13.000%, 11/01/2002 168,000 191,520
MGM Grand Hotel Finance Corporation
11.750%, 05/01/1999 150,000 164,438
12.000%, 05/01/2002 250,000 265,625
NBD Bancorp, Incorporated, Subordinated Floating
Rate Note
6.000%, 12/18/2005 * 240,000 236,577
Okobank
7.387%, 10/29/2049 250,000 254,000
___________
1,112,160
Food & Beverages - 4.3%
Dr. Pepper/Seven Up Companies, Incorporated
0.000%, 11/01/1997 (b) 275,000 259,188
Industrials - 5.0%
Magma Copper Company
12.000%, 12/15/2001 75,000 83,531
Magma Copper Company
11.500%, 01/15/2002 200,000 213,500
___________
297,031
Real Estate - 2.4%
Health & Retirement Properties Trust Senior
Floating-Rate Notes
6.657%, 07/13/1999 * 145,000 144,987
Retail - 4.6%
Hook Superx, Incorporated
10.125%, 06/01/2002 250,000 273,829
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
Retail Grocery - 5.1%
Purity Supreme, Incorporated
11.750%, 08/01/1999 275,000 304,562
Telecommunications - 5.0%
Cablevision Inds Corporation
10.750%, 01/30/2002 275,000 301,125
___________
TOTAL CORPORATE BONDS AND NOTES
- (Cost $3,859,455) 3,884,918
U.S. GOVERNMENT AGENCY SECURITIES - 4.4%
Mortgage-Backed Obligations - 4.4%
FNMA
7.928%, 12/01/2017 213,090 219,616
FNMA Guaranteed REMIC Variable Rate Pass-Thru,
Certificate Series 1991-141, Class SC *
9.804%, 10/25/2021 44,759 44,815
___________
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES - (Cost $264,364) 264,431
SHORT TERM INVESTMENTS - 6.9%
Repurchase Agreement - 6.9%
Agreement with State Street Bank and Trust Company,
dated 12/29/1995, bearing 4.250%, to be
repurchased at $415,196 on 01/02/1996 (secured
by $425,000 par value U.S. Treasury Notes,
5.875%, due 5/31/96, with a value of $427,975) 415,000 415,000
___________
TOTAL SHORT TERM INVESTMENTS
- (Cost $415,000) 415,000
___________
TOTAL INVESTMENTS - (Cost $6,312,072) - 105.4% 6,311,776
OTHER ASSETS LESS LIABILITIES - (5.4)% (321,711)
___________
NET ASSETS - 100.0% $5,990,065
===========
<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.
(b) Step-up security will start to accrue interest on 11/1/1997 at a rate
of 11.50%.
I/O - Interest Only.
* - The interest rate shown reflects the rate in effect on December 31, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GOVERNMENT SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 6.4%
Collateralized Mortgage Obligations - 6.4%
California Federal Bank, A Federal Bank of
Los Angeles, Variable-Rate Mortgage Pass-
Thru Certificates, Series 1988 PAL-1, Class
A, 8.659%, 02/25/2018 * $ 39,661 $ 39,562
First Boston Mortgage Securities Corporation,
Mortgage Pass-Thru Certificate; Series 92-4
Class A-5 Note (I/O), 0.625%, 10/25/2022 7,468,122 52,501
Premier Auto Trust, 1992-5 Asset Backed
Certificate, Series 1992-5, Class I (I/O),
2.850%, 03/15/1998 979,948 0
Prudential Home Mortgage Securities Company,
Pass-Thru Certificate Series 1992-39 Class
A-13, 7.000%, 12/25/2007 11,390 11,348
__________
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $114,272) 103,411
CORPORATE BONDS AND NOTES - 2.6%
Food & Beverages - 2.6%
Coca Cola Enterprises Incorporated,
Note Zero Coupon
0.000%, 06/20/2020 215,000 42,184
__________
TOTAL CORPORATE BONDS AND NOTES
- (Cost $34,893) 42,184
U.S. GOVERNMENT AND AGENCY SECURITIES - 96.0%
Government Agency - 2.5%
Tennessee Valley Authority, Global Bonds,
Series 1995-A
6.375%, 6/15/2005 40,000 41,330
Mortgage-Backed Obligations - 35.6%
Federal National Mortgage Association.,
Guaranteed REMIC Variable-Rate Pass-Thru
Certificates, Series 1991-141 Class SC
9.804%, 10/25/2021 * 13,208 13,224
FHLMC, Participation Certificates
9.000%, 08/01/2009 45,188 47,306
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GOVERNMENT SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
FNMA, Guaranteed REMIC Pass-Thru Certificates
7.090%, 10/14/1997 $ 175,000 $ 180,359
12.500%, 05/01/2015 77,142 89,303
10.000%, 04/01/2020 52,997 58,264
GNMA, Guaranteed Pass-Thru Certificates
9.000%, 11/15/2024 178,847 189,634
__________
578,090
U.S. Government - 57.9%
United States Treasury Bond,
7.500%, 11/15/2024 185,000 222,289
7.625%, 02/15/2025 85,000 103,886
6.875%, 08/15/2025 75,000 84,633
United States Treasury Note,
7.125%, 02/29/2000 150,000 159,796
5.875%, 06/30/2000 275,000 280,757
7.875%, 08/15/2001 80,000 89,475
__________
940,836
__________
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
- (Cost $1,493,955) 1,560,256
SHORT TERM INVESTMENTS - 6.9%
Repurchase Agreement - 6.9%
Agreement with State Street Bank and Trust
Company, dated 12/29/1995, bearing 4.250%,
to be repurchased at $113,053 on 01/02/1996
(secured by $75,000 par value U.S. Treasury
Notes 11.25%, due 12/15/15, with value of
$122,872) 113,000 113,000
__________
TOTAL SHORT TERM INVESTMENTS
- (Cost $113,000) 113,000
__________
TOTAL INVESTMENTS - (Cost $1,756,120) - 111.9% 1,818,851
OTHER ASSETS LESS LIABILITIES - (11.9)% (193,158)
__________
NET ASSETS - 100.0% $1,625,693
==========
<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.
I/O - Interest only.
* - The interest rate shown reflects the rate in effect on December 31, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 81.7%
Argentina - 0.9%
Buenos Aires Embotelladora S.A., ADR 1,000 $ 20,625
YPF Sociedad Anonima, ADR 3,250 70,281
___________
90,906
Australia - 4.4%
Burns, Philp & Company, Ltd. 12,161 27,207
Casinos Austria International, Ltd. (a) 25,000 14,680
Coca-Cola Amatil, Ltd. 7,174 57,215
John Fairfax Holdings, Ltd. 28,000 58,273
Fosters Brewing Group, Ltd. 22,200 36,466
The News Corporation, Ltd. 2,028 9,481
The News Corporation, Ltd. 4,225 22,548
Normandy Mining, Ltd. 35,480 51,424
Novus Petroleum, Ltd.(a) 30,000 36,123
Sydney Aquarium, Ltd. 56,000 108,221
Sydney Aquarium, Ltd.(a) 7,000 11,707
___________
433,345
Austria - 0.4%
Flughafen Wien AG 620 41,832
Brazil - 0.8%
Companhia Vale Do Rio Doce Sponsored, ADR 900 37,238
Telecommunicacoes Brasileras S.A., ADR 930 44,059
___________
81,297
Chile - 1.1%
Banco de A Edward, ADR (a) 700 13,738
Compania De Telefonos Chile, ADR 600 49,725
Five Arrows Chile Investment Trust, Ltd.
15,000 43,800
___________
107,263
China - 1.4%
China Fund Incorporated 4,000 47,000
China Tire Holdings, Ltd. 1,500 12,000
Ek Chor China Motorcycle Company, Ltd.(a) 3,750 43,594
Inner Mongolia Erdos Cashmere "B" (a) 93,000 34,782
___________
137,376
Colombia - 0.3%
Banco Industrial Colombiano, ADR 2,000 32,756
Finland - 0.5%
Pohjola 4,000 51,501
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
France - 3.6%
Alcatel Alstom Cie Gen D'electr 400 $ 34,486
Alcatel Cable 800 57,831
Chargeurs 150 30,080
Compagnia Generale Des Eaux 346 34,543
Lagardere Groupe 1,850 34,000
Salomon S.A. 60 34,919
Skis Rossignol 70 19,183
Zodiac S.A. 700 109,210
___________
354,252
Germany - 0.5%
Adidas AG 900 47,619
Ghana - 0.5%
Ashanti Goldfields Company, Ltd., GDR 400 8,100
Ashanti Goldfields Company, Ltd., GDR 1,800 36,450
___________
44,550
Hong Kong - 2.7%
Amoy Properties, Ltd. 67,000 66,718
CDL Hotels International, Ltd. 134,000 67,585
Hang Lung Development Company, Ltd. 27,000 42,949
Hysan Development Company, Ltd. 11,000 29,092
Peregrine Investments Holdings, Ltd. 47,000 60,782
___________
267,126
India - 0.4%
The Arvind Mills, Ltd., GDR 3,500 14,700
Bajaj Auto, Ltd., GDR 1,100 28,325
___________
43,025
Indonesia - 3.8%
Astra International PT 15,400 31,992
Bank Bali PT 20,000 39,361
Bank Danamon PT 5,000 6,560
Bank Tiara Asia PT 20,000 20,118
Bukaka Teknik Utam PT, IDR (a) 30,000 40,674
Duta Anggada PT 56,000 26,941
Matahari Putra Prima PT 24,000 42,248
P.T. Telekomunikasi Indonesia (Persero) 500 12,625
Semen Cibinong PT 26,000 64,815
Tambang Timah PT, GDR (a) 7,700 93,555
___________
378,889
Ireland - 0.3%
Allied Irish Banks PLC 6,000 32,800
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Italy - 3.8%
Bulgari Spa (a) 5,500 $ 46,909
Costa Crociere Spa 30,000 73,011
De Rigo Spa, ADR (a) 4,000 91,000
Olivetti Spa 21,000 16,833
Pininfarina Spa 7,300 63,433
Simint Spa 43,000 46,841
Societa' Finanziaria Telefonica P.A. 10,300 29,121
Telecom Italia Spa 8,400 14,783
___________
381,931
Japan - 18.1%
Alpine Electronics Incorporated 4,000 67,409
Amway Japan, Ltd.(a) 2,500 48,750
Canon, Inc. 4,293 77,752
Charle Company 1,000 14,625
Chubu Steel Plate Company, Ltd. 14,000 80,678
DDI Corporation 7 54,237
Denyo Company, Ltd. 2,000 22,857
Diamond City Company 7,000 53,966
East Japan Railway Company 11 53,482
FamilyMart Company 1,000 45,133
Fuji Photo Film Company, Ltd. 2,000 57,724
Heiwa Corporation 1,000 26,053
HIS Company, Ltd. 1,100 52,523
Hitachi, Ltd. 7,000 70,508
Ishikawajima Harima Heavy Industries Company,
Ltd. 8,000 33,705
Komori Corporation 3,000 75,545
Marubeni Corporation 12,000 64,969
Mitsubishi Corporation 6,000 73,801
Mitsubishi Motors Corporation 6,000 48,872
Mitsui Fudosan 3,000 36,901
Mori Seiki Company, Ltd. 1,000 22,567
Nichiha 6,000 135,981
Nippon Shinpan Company 7,000 52,881
Nippon Telegraph & Telephone Corporation 9 72,785
Nomura Securities Company, Ltd. 8,000 174,334
Ohmoto Gumi Company, Ltd. 4,000 98,789
Sankyo Company, Ltd. 300 13,947
Sony Corporation 400 23,981
TOC Company, Ltd. 8,000 79,806
Toho Company 400 63,923
___________
1,798,484
Malaysia - 2.5%
ACP Industries BHD 11,000 43,745
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Arab-Malaysian Corporation 15,000 $ 54,337
Batu Kawan BHD 5,000 13,289
IJM Corporation BHD "A" 12,000 19,089
Kuala Lumpur Kepong BHD 14,000 44,375
Road Builder Holdings BHD 20,000 69,300
___________
244,135
Mexico - 1.0%
Mexico Fund Incorporated (a) 7,000 90,125
Netherlands - 2.1%
Ceteco Holding N.V. 1,600 51,150
Ninklijke Boskalis Westminister N.V. 8,000 114,165
Philips Electronics N. V., ADR 1,100 39,463
___________
204,778
New Zealand - 5.9%
Air New Zealand, Ltd. Class B 14,000 47,594
Carter Holt Harvey, Ltd. 18,400 39,697
CDL Hotels New Zealand, Ltd. 84,000 30,753
Direct Capital Partners, Ltd. 259,500 118,757
Evergreen Forests, Ltd. 150,000 63,742
Fletcher Challenge, Ltd. Forestry Division 38,412 54,745
Fletcher Challenge, Ltd. Ordinary Division 6,000 13,847
Guinness Peat Group PLC 225,000 117,678
Helicopter Line, Ltd. 12,000 25,889
Lane Walker Rudkin Industries, Ltd. 22,000 24,451
Trans Tasman Properties, Ltd. 37,000 15,965
Wrightson, Ltd. 42,000 31,851
___________
584,969
Norway - 0.7%
SensoNor AS 8,000 64,413
Peru - 0.4%
Credicorp Limited (a) 974 16,802
Minsur S.A. 3,741 26,227
___________
43,029
Philippines - 2.3%
Benpres Holdings Corporation, GDR (a) 9,120 45,600
Engineering Equipment Inc. 428,000 24,802
Philippine Long Distance Telephone Company, ADR 850 46,006
Philippine National Bank 4,000 44,224
SM Prime Holdings, Inc., GDR (a) 5,000 70,625
___________
231,257
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Russia - 0.7%
The Central European Growth Fund PLC 73,000 $ 43,648
The Fleming Russia Securities Fund, Ltd. (a) 4,100 23,575
___________
67,223
Singapore - 6.1%
Acma, Ltd. 13,200 43,860
Cosco Investments, Ltd. (a) 35,000 48,745
Cycle & Carriage, Ltd. 3,000 29,905
DBS Land, Ltd. 11,000 37,172
Dairy Farm International Holdings, Ltd. 31,740 29,201
The Development Bank of Singapore, Ltd. 5,000 62,213
GB Holdings, Ltd. 51,000 51,559
HongKong Land Holdings, Ltd. 33,000 61,050
Jardine Matheson Holdings, Ltd. 4,000 27,400
Jardine Strategic Holdings, Ltd. 17,437 53,357
Keppel Corporation, Ltd. 12,000 106,893
Singapore Sesdaq Fund 1,500 28,500
United Overseas Land, Ltd. 11,000 20,919
___________
600,774
South Africa - 0.5%
Anglo American Corporation of South Africa 790 47,675
South Korea - 1.8%
Korea Electric Power Corporation 2,100 56,175
Korea Electric Power Corporation 800 31,763
Korean Air Lines Company, Ltd. (a) 1,380 48,387
Ssangyong Investment & Securities Company, Ltd. 2,300 41,508
___________
177,833
Spain - 1.5%
Fomento de Construcciones y Contratas S.A. 500 38,335
Repsol S.A., ADR 800 26,300
Telefonica de Espana S.A. 6,400 88,640
___________
153,275
Sweden - 0.7%
Argonaut AB B Shares 13,000 19,481
Getinge 1,066 48,566
___________
68,047
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
Switzerland - 2.6%
Financiere Richemont AG CIE Units 14 $ 20,997
Nestle` AG 70 77,434
SGG (Societe Generale de Surveillance) Holdings
S.A. 47 93,307
SMH (Suisse Microelectronique et d' Horlogerie) 30 17,945
Sulzer AG 90 51,495
___________
261,178
Taiwan - 1.6%
The R.O.C. Taiwan Fund 14,700 154,350
Thailand - 2.6%
Loxley PCL 2,400 48,781
Matichon Newspaper PCL 6,900 40,814
The Ruam Pattana Two Fund 55,000 33,297
Sahavirya Steel Industries PCL 20,000 26,598
Thai Airways International PCL 27,000 46,626
Thai Prime Fund, Ltd. 4,000 62,800
___________
258,916
United Kingdom - 4.7%
Allied Domecq PLC 9,000 73,241
British Gas PLC 6,000 23,668
Clark Matthew 2,298 23,983
Cordiant PLC, ADR (a) 18,000 72,000
De LA Rue PLC 4,000 40,441
Invesco PLC 8,000 31,496
Ladbroke Group PLC 10,000 22,752
Lonrho PLC 21,000 57,400
News International PLC 6,000 28,234
Pearson PLC 2,000 19,366
Takare PLC 15,000 41,932
The RTZ Corporation PLC 2,000 29,073
___________
463,586
United States - 1.0%
Harken Energy Corporation (a) 16,000 28,000
Teekay Shipping Corporation 3,000 70,875
___________
98,875
___________
TOTAL COMMON STOCK AND OTHER
EQUITY INTERESTS - (Cost $8,040,345) 8,139,390
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Security Description Shares Value
____________________ _________ __________
<S> <C> <C>
CONVERTIBLE BONDS - 0.7%
Japan - 0.7%
The Mitsubishi Bank Ltd. International Finance
Bermuda Trust, 2002 Guaranteed Note Exchangeable
3.000%, 11/30/2002 (a) 60,000 $ 70,725
___________
TOTAL CONVERTIBLE BONDS - (Cost $60,000) 70,725
WARRANTS - 1.1%
Japan - 1.1%
Olympus Optical Company, Ltd.(a) 2,500 11,875
Tobu Store Company, Ltd.(a) 2,500 21,250
Yodogawa Steel Works (a) 2,500 74,375
___________
107,500
Singapore - 0.0%
Jardine Strategic Holdings, Ltd. 1,937 620
___________
TOTAL WARRANTS - (Cost $120,125) 108,120
Prinicpal
Amount
_________
GOVERNMENT BONDS - 1.9%
New Zealand - 1.9%
New Zealand, Government
8.000%, 11/15/2006 $ 270,000 186,066
___________
TOTAL GOVERNMENT BONDS - (Cost $188,367) 186,066
SHORT TERM INVESTMENTS - 17.9%
Repurchase Agreement - 17.9%
Agreement with State Street Bank and Trust
Company, dated 12/29/1995, bearing 4.25% to
be repurchased at $1,778,840 on 01/02/1996
(secured by $1,110,000 par value U.S.
Treasury Notes, 11.25%, due 2/15/15, with
a value of $1,818,507) 1,778,000 1,778,000
___________
TOTAL SHORT TERM INVESTMENTS
- (Cost $1,778,000) 1,778,000
___________
TOTAL INVESTMENTS - (Cost $10,186,837) - 103.3% 10,282,301
OTHER ASSETS LESS LIABILITIES - (3.3)% (331,149)
___________
NET ASSETS - 100.0% $9,951,152
===========
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<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 Depository Receipts.
GDR - Global Depository Receipts.
IDR - International Depository Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
ANALYSIS BY INDUSTRY CLASSIFICATION
December 31, 1995
<TABLE>
<CAPTION>
Percent of
Industry Net Assets
________ __________
<S> <C>
AGRICULTURAL PRODUCTS 0.3%
AIR TRAVEL 1.9
AUTOMOBILES 2.4
BANKS 3.2
BROADCASTING 1.0
BUSINESS SERVICES 0.8
CLOSED-END MUTUAL FUNDS 6.7
COMPUTER SOFTWARE 0.6
CONGLOMERATES 7.1
CONSTRUCTION 3.6
DRUGS & HEALTH CARE SERVICES 0.4
ELECTRICAL EQUIPMENT 0.7
ELECTRIC UTILITIES 0.9
ELECTRONICS 1.3
ENTERTAINMENT 2.6
FINANCIAL SERVICES 3.4
FOOD & BEVERAGES 2.9
FOREST PRODUCTS 1.7
GAS EXPLORATION 0.9
GOLD 0.9
GOVERNMENT 1.9
HOME BUILDERS 0.4
HOTELS & RESTURANTS 1.2
HOUSEHOLD PRODUCTS 0.5
INDUSTRIAL MACHINERY 2.5
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
ANALYSIS BY INDUSTRY CLASSIFICATION
December 31, 1995
<TABLE>
<CAPTION>
Percent of
Industry Net Assets
________ __________
<S> <C>
INSURANCE 0.7
JEWELRY 0.5
LEISURE TIME 2.6
MANUFACTURING 2.3
MEDICAL SUPPLIES 1.5
METALS 1.7
MINING 1.0
MISCELLANEOUS 0.5
NON FERROUS METALS 0.3
OFFICE FURNISHINGS & SUPPLIES 1.3
OILS 1.0
PHOTOGRAPHY 0.6
PRINTING 0.8
PUBLISHING 1.6
RAILROADS & EQUIPMENT 0.5
REAL ESTATE 7.4
RETAIL 2.9
STEEL 0.8
TELECOMMUNICATIONS 2.7
TELEPHONE 1.2
TEXTILES 1.0
TOYS & AMUSEMENTS 0.5
TRANSPORTATION 1.9
UTILITIES 0.3
_________
TOTAL INVESTMENTS BY INDUSTRY
CLASSIFICATION 85.4
REPURCHASE AGREEMENT 17.9
_________
TOTAL INVESTMENTS 103.3
=========
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
SHORT-TERM BOND PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 29.0%
Collateralized Mortgage Obligations - 29.0%
California Federal Bank, A Federal Bank of
Los Angeles, Variable-Rate Mortgage Pass-Thru
Certificates, Series 1988 PAL-1, Class A,
8.659%, 02/25/2018 * $ 39,661 $ 39,562
First Boston Mortgage Securities Corporation,
Mortgage Pass-Thru Certificate; Series 1992-4,
Class A-5 Note, 0.625%, 10/25/2022 6,030,160 42,392
First Boston Mortgage Securities Corporation
Variable-Rate Mortgage Pass-Thru, Series
1994-MHC1, Class C, 6.975%, 04/25/2011 * 90,000 89,887
Mortgage Obligation Structured Trust, Mortgage
Pass-Thru, Series 1993-1, Class A-1, 6.350%,
10/25/2018 43,471 43,036
Premier Auto Trust, 1992-5 Asset Backed
Certificate Class I (I/O), 2.850%, 03/15/1998 979,948 0
Prudential Home Mortgage Securities Company,
Pass-Thru Certificate, Series 1992-39, Class
A-13, 7.000%, 12/25/2007 10,952 10,912
RTC Securities Inc., Variable Rate Mortgage
Pass-Thru, Series 1995-1, Class, 7.217%,
10/25/2028 * 69,363 69,927
SML Commercial Mortgage Trust, Variable Rate
Pass-Thru Series 1994-C1, Class A-1, 6.968%,
09/20/1999 * 50,000 49,969
Western Federal Savings & Loan Association
Marina Del Ray California Variable Rate Mortgage,
Pass-Thru Certificates, Series 1991-4, Class A,
7.218%, 07/01/2021 * 40,437 40,690
__________
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $396,083) 386,375
CORPORATE BONDS AND NOTES - 3.9%
Financial Services - 3.9%
Bankers Life Holding Corporation
13.000%, 11/01/2002 45,000 51,300
__________
TOTAL CORPORATE BONDS AND NOTES
- (Cost $50,657) 51,300
</TABLE
See accompanying notes.
EQUI-SELECT SERIES TRUST
SHORT-TERM BOND PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1995
</TABLE>
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
____________________ _________ __________
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES - 63.2%
Mortgage-Backed Obligations - 6.3%
FNMA Guaranteed, REMIC Variable Rate Pass-Thru
Certificates, Series 1991-141, Class SC
9.804%, 10/25/2021 $ 12,718 $ 12,734
GNMA Guaranteed, Pass-Thru Certificates
12.500%, 04/15/2019 60,656 71,195
__________
83,929
U.S. Treasuries - 56.9%
United States Treasury Note
7.500%, 12/31/1996 50,000 51,125
6.125%, 05/31/1997 320,000 324,099
5.875%, 08/15/1998 40,000 40,637
6.750%, 04/30/2000 240,000 252,675
7.875%, 08/15/2001 80,000 89,475
__________
758,011
__________
TOTAL U.S. GOVERNMENT AND AGENCY
SECURITIES - (Cost $828,881) 841,940
SHORT TERM INVESTMENTS - 12.3%
Repurchase Agreement - 12.3%
Agreement with State Street Bank and Trust
Company, dated 12/29/1995, bearing 4.250%,
to be repurchased at $164,077 on 01/02/1996
(secured by $105,000 par value U.S. Treasury
Notes, 11.25%, due 2/15/15, with a value of
$172,021) 164,000 164,000
__________
TOTAL SHORT TERM INVESTMENTS
- (Cost $164,000) 164,000
__________
TOTAL INVESTMENTS - (Cost $1,439,621) - 108.4% 1,443,615
OTHER ASSETS LESS LIABILITIES - (8.4)% (112,055)
__________
NET ASSETS - 100.0% $1,331,560
==========
<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.
I/O - Interest only.
* - The interest rate shown reflects the rate in effect on December 31, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Money
Market
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $4,959,753
Repurchase agreements, at value (a) 873,000
Cash, including foreign currency, at value 91
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 400
Dividends receivable --
Receivable for fund shares sold --
Receivable due from Investment Adviser (Note 3) 4,616
Foreign income tax reclaim receivable --
Prepaid insurance 1,784
Deferred organization costs 9,260
____________
TOTAL ASSETS 5,848,904
LIABILITIES
Payable for securities purchased --
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 76,438
Distributions payable --
Payable due to Investment Adviser (Note 3) 3,581
Accounts payable and accrued expenses 26,621
____________
TOTAL LIABILITIES 106,640
____________
NET ASSETS $5,742,264
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $5,742,264
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions --
Net unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
____________
NET ASSETS $5,742,264
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $1.00
Total shares outstanding at end of period 5,742,264
(a) Investments in securities and repurchase agreements, at cost $5,832,753
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Mortgage-Backed
Securities
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $8,563,578
Repurchase agreements, at value (a) 532,000
Cash, including foreign currency, at value 172
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 52,870
Dividends receivable --
Receivable for fund shares sold 74,687
Receivable due from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 1,859
Deferred organization costs 9,260
____________
TOTAL ASSETS 9,234,426
LIABILITIES
Payable for securities purchased --
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 37,343
Distributions payable 502,531
Payable due to Investment Adviser (Note 3) 11,407
Accounts payable and accrued expenses 27,767
____________
TOTAL LIABILITIES 579,048
____________
NET ASSETS $8,655,378
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $8,278,477
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 197
Net unrealized appreciation (depreciation) of:
Investments 376,704
Foreign currency translations --
____________
NET ASSETS $8,655,378
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.84
Total shares outstanding at end of period 798,493
(a) Investments in securities and repurchase agreements, at cost $8,718,874
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $8,078,804
Repurchase agreements, at value (a) 715,000
Cash, including foreign currency, at value 314
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) 13,398
Receivable for currency sold --
Interest receivable 193,615
Dividends receivable --
Receivable for fund shares sold 41,314
Receivable due from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 1,859
Deferred organization costs 9,260
____________
TOTAL ASSETS 9,053,564
LIABILITIES
Payable for securities purchased --
Payable due to custodian --
Payable for forward currency contracts (Note 6) 27,754
Payable for currency purchased --
Payable for fund shares repurchased 20,657
Distributions payable 402,963
Payable due to Investment Adviser (Note 3) 13,914
Accounts payable and accrued expenses 32,023
____________
TOTAL LIABILITIES 497,311
____________
NET ASSETS $8,556,253
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $7,962,651
Undistributed (distributions in excess of) net investment
income (Note 2) 34,634
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 21,835
Net unrealized appreciation (depreciation) of:
Investments 549,969
Foreign currency translations (12,836)
____________
NET ASSETS $8,556,253
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $11.09
Total shares outstanding at end of period 771,851
(a) Investments in securities and repurchase agreements, at cost $8,243,835
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $9,988,709
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 168,323
Receivable for securities sold 24,153
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 161
Dividends receivable 425
Receivable for fund shares sold --
Receivable due from Investment Adviser (Note 3) 5,478
Foreign income tax reclaim receivable --
Prepaid insurance 1,859
Deferred organization costs 9,259
______________
TOTAL ASSETS 10,198,367
LIABILITIES
Payable for securities purchased 85,586
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 20,108
Distributions payable 995,428
Payable due to Investment Adviser (Note 3) 12,335
Accounts payable and accrued expenses 30,288
______________
TOTAL LIABILITIES 1,143,745
______________
NET ASSETS $9,054,622
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $8,691,968
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 81,691
Net unrealized appreciation (depreciation) of:
Investments 280,963
Foreign currency translations --
______________
NET ASSETS $9,054,622
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $12.08
Total shares outstanding at end of period 749,553
(a) Investments in securities and repurchase agreements, at cost $9,707,746
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Research
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $16,383,970
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 77,386
Receivable for securities sold 206,785
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold 105,297
Interest receivable --
Dividends receivable 14,027
Receivable for fund shares sold 69,710
Receivable due from Investment Adviser (Note 3) 17,111
Foreign income tax reclaim receivable 415
Prepaid insurance 1,859
Deferred organization costs 9,259
____________
TOTAL ASSETS 16,885,819
LIABILITIES
Payable for securities purchased 226,423
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 143,555
Payable for fund shares repurchased --
Distributions payable 274,475
Payable due to Investment Adviser (Note 3) 18,976
Accounts payable and accrued expenses 36,588
____________
TOTAL LIABILITIES 700,017
____________
NET ASSETS $16,185,802
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $14,394,242
Undistributed (distributions in excess of) net investment
income (Note 2) 163
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 105,882
Net unrealized appreciation (depreciation) of:
Investments 1,685,714
Foreign currency translations (199)
____________
NET ASSETS $16,185,802
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $12.88
Total shares outstanding at end of period 1,256,727
(a) Investments in securities and repurchase agreements, at cost $14,698,256
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Total
Return
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $15,842,655
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 254,106
Receivable for securities sold 18,262
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 72,212
Dividends receivable 27,040
Receivable for fund shares sold 67,673
Receivable due from Investment Adviser (Note 3) 7,077
Foreign income tax reclaim receivable 378
Prepaid insurance 1,859
Deferred organization costs 9,260
____________
TOTAL ASSETS 16,300,522
LIABILITIES
Payable for securities purchased 416,243
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Distributions payable 329,696
Payable due to Investment Adviser (Note 3) 18,281
Accounts payable and accrued expenses 33,395
____________
TOTAL LIABILITIES 797,615
____________
NET ASSETS $15,502,907
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $14,312,418
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 67,412
Net unrealized appreciation (depreciation) of:
Investments 1,123,126
Foreign currency translations (49)
____________
NET ASSETS $15,502,907
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $11.90
Total shares outstanding at end of period 1,302,515
(a) Investments in securities and repurchase agreements, at cost $14,719,529
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Advantage
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $5,896,776
Repurchase agreements, at value (a) 415,000
Cash, including foreign currency, at value 306
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 112,936
Dividends receivable --
Receivable for fund shares sold --
Receivable due from Investment Adviser (Note 3) 6,189
Foreign income tax reclaim receivable --
Prepaid insurance 1,859
Deferred organization costs 9,259
____________
TOTAL ASSETS 6,442,325
LIABILITIES
Payable for securities purchased --
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 6
Distributions payable 419,439
Payable due to Investment Adviser (Note 3) 5,239
Accounts payable and accrued expenses 27,576
____________
TOTAL LIABILITIES 452,260
____________
NET ASSETS $5,990,065
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $5,985,735
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 4,626
Net unrealized appreciation (depreciation) of:
Investments (296)
Foreign currency translations --
____________
NET ASSETS $5,990,065
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.18
Total shares outstanding at end of period 588,141
(a) Investments in securities and repurchase agreements, at cost $6,312,072
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Government
Securities
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $1,705,851
Repurchase agreements, at value (a) 113,000
Cash, including foreign currency, at value 890
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 33,973
Dividends receivable --
Receivable for fund shares sold --
Receivable due from Investment Adviser (Note 3) 7,243
Foreign income tax reclaim receivable --
Prepaid insurance 1,859
Deferred organization costs 9,260
____________
TOTAL ASSETS 1,872,076
LIABILITIES
Payable for securities purchased --
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 51
Distributions payable 217,263
Payable due to Investment Adviser (Note 3) 2,516
Accounts payable and accrued expenses 26,553
____________
TOTAL LIABILITIES 246,383
____________
NET ASSETS $1,625,693
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $1,546,727
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 16,235
Net unrealized appreciation (depreciation) of:
Investments 62,731
Foreign currency translations --
____________
NET ASSETS $1,625,693
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.42
Total shares outstanding at end of period 155,978
(a) Investments in securities and repurchase agreements, at cost $1,756,120
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
International
Stock
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $8,504,301
Repurchase agreements, at value (a) 1,778,000
Cash, including foreign currency, at value --
Receivable for securities sold 210,496
Receivable for forward currency contracts (Note 6) 24,164
Receivable for currency sold 33,688
Interest receivable 2,598
Dividends receivable 8,770
Receivable for fund shares sold 57,061
Receivable due from Investment Adviser (Note 3) 8,857
Foreign income tax reclaim receivable 3,360
Prepaid insurance 1,859
Deferred organization costs 9,260
____________
TOTAL ASSETS 10,642,414
LIABILITIES
Payable for securities purchased 131,299
Payable due to custodian 27,742
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 33,397
Payable for fund shares repurchased 28,531
Distributions payable 415,925
Payable due to Investment Adviser (Note 3) 13,134
Accounts payable and accrued expenses 41,234
____________
TOTAL LIABILITIES 691,262
____________
NET ASSETS $9,951,152
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $9,782,469
Undistributed (distributions in excess of) net investment
income (Note 2) (15,003)
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 64,153
Net unrealized appreciation (depreciation) of:
Investments 95,464
Foreign currency translations 24,069
____________
NET ASSETS $9,951,152
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.14
Total shares outstanding at end of period 981,094
(a) Investments in securities and repurchase agreements, at cost $10,186,837
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Short-Term
Bond
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $1,279,615
Repurchase agreements, at value (a) 164,000
Cash, including foreign currency, at value 492
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 18,392
Dividends receivable --
Receivable for fund shares sold --
Receivable due from Investment Adviser (Note 3) 7,783
Foreign income tax reclaim receivable --
Prepaid insurance 1,859
Deferred organization costs 9,260
______________
TOTAL ASSETS 1,481,401
LIABILITIES
Payable for securities purchased --
Payable due to custodian --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 27
Distributions payable 121,470
Payable due to Investment Adviser (Note 3) 1,613
Accounts payable and accrued expenses 26,731
______________
TOTAL LIABILITIES 149,841
______________
NET ASSETS $1,331,560
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $1,320,187
Undistributed (distributions in excess of) net investment
income (Note 2) --
Accumulated net realized gain (loss) on Investments and
foreign currency transactions 7,379
Net unrealized appreciation (depreciation) of:
Investments 3,994
Foreign currency translations --
______________
NET ASSETS $1,331,560
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.09
Total shares outstanding at end of period 131,929
(a) Investments in securities and repurchase agreements, at cost $1,439,621
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
Mortgage-
Money Backed
Market Securities
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $202,664 $471,824
Dividend income -- --
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 202,664 471,824
EXPENSES
Investment adviser fee (Note 3) 13,049 49,251
Administration fee 4,928 5,616
Audit fee 7,000 7,000
Custodian fees & expenses 39,105 43,836
Trustee's fees (Note 3) 4,750 4,750
Legal fee 10,536 10,536
Insurance expense 3,710 3,636
Transfer agent expense 3,542 3,453
Amortization of organization expense 2,471 2,471
Miscellaneous expense 854 854
______________ ______________
Total operating expenses before waiver
and reimbursement 89,945 131,403
Fees waived by the Investment Adviser
(Note 3) (7,783) (34,013)
Expenses reimbursed by the Investment
Adviser (Note 3) (57,118) (37,821)
______________ ______________
NET EXPENSES 25,044 59,569
______________ ______________
NET INVESTMENT INCOME (LOSS) 177,620 412,255
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments -- 98,177
Foreign currency transactions -- --
Change in unrealized appreciation
(depreciation) of:
Investments -- 421,113
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAINS -- 519,290
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $177,620 $931,545
============== ==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Fixed Income OTC
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $489,624 $34,182
Dividend income -- 11,317
Foreign taxes withheld (4,049) --
______________ ______________
TOTAL INVESTMENT INCOME 485,575 45,499
EXPENSES
Investment adviser fee (Note 3) 59,498 43,113
Administration fee 5,737 5,215
Audit fee 7,000 7,000
Custodian fees & expenses 50,980 54,536
Trustee's fees (Note 3) 4,851 4,750
Legal fee 10,536 10,536
Insurance expense 3,636 3,636
Transfer agent expense 3,491 3,568
Amortization of organization expense 2,471 2,471
Miscellaneous expense 854 854
______________ ______________
Total operating expenses before waiver
and reimbursement 149,054 135,679
Fees waived by the Investment Adviser
(Note 3) (42,182) (26,045)
Expenses reimbursed by the Investment
Adviser (Note 3) (37,057) (52,148)
______________ ______________
NET EXPENSES 69,815 57,486
______________ ______________
NET INVESTMENT INCOME (LOSS) 415,760 (11,987)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 133,236 1,098,964
Foreign currency transactions (73,113) --
Change in unrealized appreciation
(depreciation) of:
Investments 577,134 230,952
Foreign currency translations (28,913) --
______________ ______________
NET REALIZED AND UNREALIZED GAINS 608,344 1,329,916
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,024,104 $1,317,929
============== ==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
Total
Research Return
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $47,638 $220,869
Dividend income 71,217 121,035
Foreign taxes withheld (882) (1,341)
______________ ______________
TOTAL INVESTMENT INCOME 117,973 340,563
EXPENSES
Investment adviser fee (Note 3) 55,590 54,549
Administration fee 5,349 5,260
Audit fee 7,000 7,000
Custodian fees & expenses 78,493 68,184
Trustee's fees (Note 3) 4,750 4,750
Legal fee 10,536 10,536
Insurance expense 3,635 3,636
Transfer agent expense 3,485 3,509
Amortization of organization expense 2,471 2,471
Miscellaneous expense 854 854
______________ ______________
Total operating expenses before waiver
and reimbursement 172,163 160,749
Fees waived by the Investment Adviser
(Note 3) (29,925) (29,862)
Expenses reimbursed by the Investment
Adviser (Note 3) (64,458) (55,061)
______________ ______________
NET EXPENSES 77,780 75,826
______________ ______________
NET INVESTMENT INCOME (LOSS) 40,193 264,737
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 352,255 138,883
Foreign currency transactions 9,912 (1,184)
Change in unrealized appreciation
(depreciation) of:
Investments 1,725,239 1,143,979
Foreign currency translations (197) (49)
______________ ______________
NET REALIZED AND UNREALIZED GAINS 2,087,209 1,281,629
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $2,127,402 $1,546,366
============== ==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
Government
Advantage Securities
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $454,748 $157,679
Dividend income -- --
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 454,748 157,679
EXPENSES
Investment adviser fee (Note 3) 24,385 13,542
Administration fee 5,273 4,658
Audit fee 7,000 7,000
Custodian fees & expenses 41,406 38,135
Trustee's fees (Note 3) 4,750 4,750
Legal fee 10,536 10,536
Insurance expense 3,636 3,636
Transfer agent expense 3,418 3,229
Amortization of organization expense 2,471 2,471
Miscellaneous expense 854 854
______________ ______________
Total operating expenses before waiver
and reimbursement 103,729 88,811
Fees waived by the Investment Adviser
(Note 3) (17,014) (9,897)
Expenses reimbursed by the Investment
Adviser (Note 3) (49,401) (62,941)
______________ ______________
NET EXPENSES 37,314 15,973
______________ ______________
NET INVESTMENT INCOME (LOSS) 417,434 141,706
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 6,581 102,024
Foreign currency transactions -- --
Change in unrealized appreciation
(depreciation) of:
Investments 9,216 50,244
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAINS 15,797 152,268
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $433,231 $293,974
============== ==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
International Short-Term
Stock Bond
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $60,248 $119,479
Dividend income 150,467 --
Foreign taxes withheld (17,957) --
______________ ______________
TOTAL INVESTMENT INCOME 192,758 119,479
EXPENSES
Investment adviser fee (Note 3) 61,236 8,830
Administration fee 5,842 4,566
Audit fee 7,000 7,000
Custodian fees & expenses 114,073 38,102
Trustee's fees (Note 3) 4,750 4,750
Legal fee 10,536 10,536
Insurance expense 3,635 3,635
Transfer agent expense 3,563 3,249
Amortization of organization expense 2,471 2,471
Miscellaneous expense 7,550 854
______________ ______________
Total operating expenses before waiver
and reimbursement 220,656 83,993
Fees waived by the Investment Adviser
(Note 3) (42,670) (6,519)
Expenses reimbursed by the Investment
Adviser (Note 3) (95,316) (66,575)
______________ ______________
NET EXPENSES 82,670 10,899
______________ ______________
NET INVESTMENT INCOME (LOSS) 110,088 108,580
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 400,241 21,458
Foreign currency transactions (41,970) --
Change in unrealized appreciation
(depreciation) of:
Investments 222,999 (1,135)
Foreign currency translations 24,058 --
______________ ______________
NET REALIZED AND UNREALIZED GAINS 605,328 20,323
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $715,416 $128,903
============== ==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $3,170
Net realized gain (loss) on:
Investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 3,170
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (3,170)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 436,684
______________
TOTAL INCREASE IN NET ASSETS 436,684
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $446,684
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $177,620
Net realized gain (loss) on:
Investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
______________
Net increase in net assets resulting from operations 177,620
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (177,620)
In excess of net investment income --
Distributions from net realized gains on investments --
FUND SHARE TRANSACTIONS (Note 5) 5,295,580
______________
TOTAL INCREASE IN NET ASSETS 5,295,580
NET ASSETS:
Beginning of period 446,684
______________
End of period (a) $5,742,264
==============
(a) Including undistributed (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $77,196
Net realized gain (loss) on:
Investments (7,705)
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (44,409)
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 25,082
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (77,196)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 5,018,723
______________
TOTAL INCREASE IN NET ASSETS 4,966,609
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $4,976,609
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $412,255
Net realized gain (loss) on:
Investments 98,177
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 421,113
Foreign currency translations --
______________
Net increase in net assets resulting from operations 931,545
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (412,255)
In excess of net investment income --
Distributions from net realized gains on investments (90,275)
FUND SHARE TRANSACTIONS (Note 5) 3,249,754
______________
TOTAL INCREASE IN NET ASSETS 3,678,769
NET ASSETS:
Beginning of period 4,976,609
______________
End of period (a) $8,655,378
==============
(a) Including undistributed (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $73,011
Net realized gain (loss) on:
Investments 1,620
Foreign currency transactions (13,068)
Change in unrealized appreciation (depreciation) of:
Investments (27,166)
Foreign currency translations 16,077
______________
Net increase (decrease) in net assets resulting from operations 50,474
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (38,849)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 5,041,205
______________
TOTAL INCREASE IN NET ASSETS 5,052,830
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $5,062,830
==============
(a) Including undistributed net investment income $34,162
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $415,760
Net realized gain (loss) on:
Investments 133,236
Foreign currency transactions (73,113)
Change in unrealized appreciation (depreciation) of:
Investments 577,134
Foreign currency translations (28,913)
______________
Net increase in net assets resulting from operations 1,024,104
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (359,188)
In excess of net investment income --
Distributions from net realized gains on investments (82,939)
FUND SHARE TRANSACTIONS (Note 5) 2,911,446
______________
TOTAL INCREASE IN NET ASSETS 3,493,423
NET ASSETS:
Beginning of period 5,062,830
______________
End of period (a) $8,556,253
==============
(a) Including undistributed (distribution in excess of)
net investment income $34,634
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $509
Net realized gain (loss) on:
Investments (9,859)
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 50,011
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 40,661
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (509)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 1,645,533
______________
TOTAL INCREASE IN NET ASSETS 1,685,685
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $1,695,685
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
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
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
In excess of net investment income --
Distributions from net realized gains 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 (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $14,568
Net realized gain (loss) on:
Investments (21,842)
Foreign currency transactions 57
Change in unrealized appreciation (depreciation) of:
Investments (39,526)
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations (46,743)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (14,568)
In excess of net investment income (58)
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 1,677,890
______________
TOTAL INCREASE IN NET ASSETS 1,616,521
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $1,626,521
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
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
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (39,939)
In excess of net investment income --
Distributions from net realized gains 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 (distribution in excess of)
net investment income $163
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $11,922
Net realized gain (loss) on:
Investments (5,329)
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (20,853)
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations (14,260)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (11,922)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 1,314,547
______________
TOTAL INCREASE IN NET ASSETS 1,288,365
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $1,298,365
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
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
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (264,737)
In excess of net investment income (1,276)
Distributions from net realized gains 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 (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $39,786
Net realized gain (loss) on:
Investments 130
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (9,512)
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 30,404
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (39,786)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 3,448,548
______________
TOTAL INCREASE IN NET ASSETS 3,439,166
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $3,449,166
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $417,434
Net realized gain (loss) on:
Investments 6,581
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 9,216
Foreign currency translations --
______________
Net increase in net assets resulting from operations 433,231
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (417,434)
In excess of net investment income (252)
Distributions from net realized gains on investments (2,086)
FUND SHARE TRANSACTIONS (Note 5) 2,527,440
______________
TOTAL INCREASE IN NET ASSETS 2,540,899
NET ASSETS:
Beginning of period 3,449,166
______________
End of period (a) $5,990,065
==============
(a) Including undistributed (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Government
Securities
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $12,918
Net realized gain (loss) on:
Investments (10,232)
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 12,488
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 15,174
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (12,918)
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 1,004,345
______________
TOTAL INCREASE IN NET ASSETS 1,006,601
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $1,016,601
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $141,706
Net realized gain (loss) on:
Investments 102,024
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 50,244
Foreign currency translations --
______________
Net increase in net assets resulting from operations 293,974
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Government
Securities
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (141,706)
In excess of net investment income (139)
Distributions from net realized gains on investments (75,557)
FUND SHARE TRANSACTIONS (Note 5) 532,520
______________
TOTAL INCREASE IN NET ASSETS 609,092
NET ASSETS:
Beginning of period 1,016,601
______________
End of period (a) $1,625,693
==============
(a) Including undistributed (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Stock
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $29,648
Net realized gain (loss) on:
Investments --
Foreign currency transactions 48
Change in unrealized appreciation (depreciation) of:
Investments (127,535)
Foreign currency translations 11
______________
Net increase (decrease) in net assets resulting from operations (97,828)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (29,648)
In excess of net investment income (3,072)
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) 5,223,002
______________
TOTAL INCREASE IN NET ASSETS 5,092,454
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $5,102,454
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $110,088
Net realized gain (loss) on:
Investments 400,241
Foreign currency transactions (41,970)
Change in unrealized appreciation (depreciation) of:
Investments 222,999
Foreign currency translations 24,058
______________
Net increase in net assets resulting from operations 715,416
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
International
Stock
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (110,088)
In excess of net investment income (61,309)
Distributions from net realized gains on investments (245,750)
FUND SHARE TRANSACTIONS (Note 5) 4,550,429
______________
TOTAL INCREASE IN NET ASSETS 4,848,698
NET ASSETS:
Beginning of period 5,102,454
______________
End of period (a) $9,951,152
==============
(a) Including undistributed (distribution in excess of)
net investment income ($15,003)
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Short-Term
Bond
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1994:
Net investment income $12,065
Net realized gain (loss) on:
Investments (1,078)
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 5,129
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 16,116
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (12,065)
In excess of net investment income --
Distributions in excess of net realized loss on investments (110)
FUND SHARE TRANSACTIONS (Note 5) 1,001,571
______________
TOTAL INCREASE IN NET ASSETS 1,005,512
NET ASSETS:
Beginning of period 10,000
______________
End of period (a) $1,015,512
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995:
Net investment income (loss) $108,580
Net realized gain (loss) on:
Investments 21,458
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (1,135)
Foreign currency translations --
______________
Net increase in net assets resulting from operations 128,903
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period ended December 31, 1994* and the year ended December 31, 1995
<TABLE>
<CAPTION>
Short-Term
Bond
Portfolio
______________
<S> <C>
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (108,580)
In excess of net investment income (65)
Distributions from net realized gains on investments (12,891)
FUND SHARE TRANSACTIONS (Note 5) 308,681
______________
TOTAL INCREASE IN NET ASSETS 316,048
NET ASSETS:
Beginning of period 1,015,512
______________
End of period (a) $1,331,560
==============
(a) Including undistributed (distribution in excess of)
net investment income $ --
==============
<FN>
*For the period October 4, 1994 (commencement of investment operations) through
December 31, 1994.
</TABLE>
EQUI-SELECT SERIES TRUST
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>
Money Market Portfolio (2)
Year ended December 31, 1995 $1.00 $0.05 ($0.00)
Period ended December 31, 1994* 1.00 0.01 (0.00)
Mortgage-Backed Securities
Portfolio (2)
Year ended December 31, 1995 9.90 0.52 1.05
Period ended December 31, 1994* 10.00 0.15 (0.10)
International Fixed Income
Portfolio
Year ended December 31, 1995 10.02 0.41 1.24
Period ended December 31, 1994* 10.00 0.15 (0.05)
OTC Portfolio
Year ended December 31, 1995 10.36 (0.02) 3.07
Period ended December 31, 1994* 10.00 0.00 0.36
Research Portfolio
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
Year ended December 31, 1995 9.76 0.21 2.19
Period ended December 31, 1994* 10.00 0.09 (0.24)
Advantage Portfolio
Year ended December 31, 1995 9.98 0.71 0.20
Period ended December 31, 1994* 10.00 0.12 (0.02)
Government Securities Portfolio
Year ended December 31, 1995 10.02 0.91 0.88
Period ended December 31, 1994* 10.00 0.13 0.02
International Stock Portfolio
Year ended December 31, 1995 9.74 0.13 0.70
Period ended December 31, 1994* 10.00 0.06 (0.26)
Short-Term Bond Portfolio
Year ended December 31, 1995 10.04 0.82 0.15
Period ended December 31, 1994* 10.00 0.12 0.04
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<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 year ended December 31, 1995 and the period ended December 31, 1994,
respectively: Money Market portfolio, $0.04 and 2.59%, $(0.03) and 23.22%;
Mortgage-Backed Securities Portfolio, $0.43 and 1.99%, $0.11 and 2.43%;
International Fixed Income Portfolio, $0.31 and 2.13%, $0.10 and 2.53%;
OTC Portfolio, $(0.10) and 2.52%, $(0.12) and 7.10%; Research Portfolio,
$(0.04) and 2.48%, $(0.04) and 7.48%; Total Return Portfolio, $0.14 and
2.36%, $(0.06) and 8.31%; Advantage Portfolio, $0.60 and 2.13%, $0.07
and 3.06%; Government Securities Portfolio, $0.44 and 4.92%; $0.05 and
8.03%; International Stock Portfolio, $(0.02) and 2.88%, $0.00 and 3.31%;
and Short-Term Bond Portfolio, $0.27 and 6.18%, $(0.07) and 7.96%.
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
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>
Money Market Portfolio (2)
Year ended December 31, 1995 $0.05 ($0.05) ($0.00)
Period ended December 31, 1994* 0.01 (0.01) (0.00)
Mortgage-Backed Securities
Portfolio (2)
Year ended December 31, 1995 1.57 (0.52) (0.11)
Period ended December 31, 1994* 0.05 (0.15) (0.00)
International Fixed Income
Portfolio
Year ended December 31, 1995 1.65 (0.47) (0.11)
Period ended December 31, 1994* 0.10 (0.08) (0.00)
OTC Portfolio
Year ended December 31, 1995 3.05 (0.00) (1.33)
Period ended December 31, 1994* 0.36 (0.00) (0.00)
Research Portfolio
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
Year ended December 31, 1995 2.40 (0.21) (0.05)
Period ended December 31, 1994* (0.15) (0.09) (0.00)
Advantage Portfolio
Year ended December 31, 1995 0.91 (0.71) (0.00)
Period ended December 31, 1994* 0.10 (0.12) (0.00)
Government Securities Portfolio
Year ended December 31, 1995 1.79 (0.91) (0.48)
Period ended December 31, 1994* 0.15 (0.13) (0.00)
International Stock Portfolio
Year ended December 31, 1995 0.83 (0.18) (0.25)
Period ended December 31, 1994* (0.20) (0.06) (0.00)
Short-Term Bond Portfolio
Year ended December 31, 1995 0.97 (0.82) (0.10)
Period ended December 31, 1994* 0.16 (0.12) (0.00)
<FN>
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Net Asset
Value at
Total End Total
Distribution of Period Return (3)
_____________ _____________ _____________
<S> <C> <C> <C>
Money Market Portfolio (2)
Year ended December 31, 1995 ($0.05) $1.00 5.19%
Period ended December 31, 1994* (0.01) 1.00 1.06
Mortgage-Backed Securities
Portfolio (2)
Year ended December 31, 1995 (0.63) 10.84 15.92
Period ended December 31, 1994* (0.15) 9.90 0.50
International Fixed Income
Portfolio
Year ended December 31, 1995 (0.58) 11.09 15.81
Period ended December 31, 1994* (0.08) 10.02 1.01
OTC Portfolio
Year ended December 31, 1995 (1.33) 12.08 29.23
Period ended December 31, 1994* (0.00) 10.36 3.59
Research Portfolio
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
Year ended December 31, 1995 (0.26) 11.90 24.51
Period ended December 31, 1994* (0.09) 9.76 (1.47)
Advantage Portfolio
Year ended December 31, 1995 (0.71) 10.18 9.18
Period ended December 31, 1994* (0.12) 9.98 0.99
Government Securities Portfolio
Year ended December 31, 1995 (1.39) 10.42 17.88
Period ended December 31, 1994* (0.13) 10.02 1.51
International Stock Portfolio
Year ended December 31, 1995 (0.43) 10.14 8.47
Period ended December 31, 1994* (0.06) 9.74 (1.96)
Short-Term Bond Portfolio
Year ended December 31, 1995 (0.92) 10.09 9.69
Period ended December 31, 1994* (0.12) 10.04 1.61
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<FN>
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
(3) 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>
See accompanying notes.
EQUI-SELECT SERIES TRUST
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)(4) Net Assets(4)
_____________ _____________ _____________
<S> <C> <C> <C>
Money Market Portfolio (2)
Year ended December 31, 1995 $5,742,264 0.72% 5.11%
Period ended December 31, 1994* 446,684 0.75 4.66
Mortgage-Backed Securities
Portfolio (2)
Year ended December 31, 1995 8,655,378 0.90 6.26
Period ended December 31, 1994* 4,976,609 0.75 6.33
International Fixed Income
Portfolio
Year ended December 31, 1995 8,556,253 1.00 5.94
Period ended December 31, 1994* 5,062,830 0.75 5.93
OTC Portfolio
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
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
Year ended December 31, 1995 15,502,907 1.11 3.88
Period ended December 31, 1994* 1,298,365 0.75 4.58
Advantage Portfolio
Year ended December 31, 1995 5,990,065 0.77 8.56
Period ended December 31, 1994* 3,449,166 0.75 5.32
Government Securities Portfolio
Year ended December 31, 1995 1,625,693 0.89 7.85
Period ended December 31, 1994* 1,016,601 0.75 5.26
International Stock Portfolio
Year ended December 31, 1995 9,951,152 1.08 1.44
Period ended December 31, 1994* 5,102,454 0.75 2.43
Short-Term Bond Portfolio
Year ended December 31, 1995 1,331,560 0.80 7.99
Period ended December 31, 1994* 1,015,512 0.75 4.89
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<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 year ended December 31, 1995 and the period ended December 31, 1994,
respectively: Money Market portfolio, $0.04 and 2.59%, $(0.03) and 23.22%;
Mortgage-Backed Securities Portfolio, $0.43 and 1.99%, $0.11 and 2.43%;
International Fixed Income Portfolio, $0.31 and 2.13%, $0.10 and 2.53%;
OTC Portfolio, $(0.10) and 2.52%, $(0.12) and 7.10%; Research Portfolio,
$(0.04) and 2.48%, $(0.04) and 7.48%; Total Return Portfolio, $0.14 and
2.36%, $(0.06) and 8.31%; Advantage Portfolio, $0.60 and 2.13%, $0.07
and 3.06%; Government Securities Portfolio, $0.44 and 4.92%; $0.05 and
8.03%; International Stock Portfolio, $(0.02) and 2.88%, $0.00 and 3.31%;
and Short-Term Bond Portfolio, $0.27 and 6.18%, $(0.07) and 7.96%.
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
(4) Annualized for periods less than one year.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Portfolio
Turnover
Rate(5)
_____________
<S> <C>
Money Market Portfolio (2)
Year ended December 31, 1995 N/A
Period ended December 31, 1994* N/A
Mortgage-Backed Securities
Portfolio (2)
Year ended December 31, 1995 34%
Period ended December 31, 1994* 52
International Fixed Income
Portfolio
Year ended December 31, 1995 89
Period ended December 31, 1994* 6
OTC Portfolio
Year ended December 31, 1995 111
Period ended December 31, 1994* 6
Research Portfolio
Year ended December 31, 1995 83
Period ended December 31, 1994* 85
Total Return Portfolio
Year ended December 31, 1995 89
Period ended December 31, 1994* 45
Advantage Portfolio
Year ended December 31, 1995 166
Period ended December 31, 1994* 94
Government Securities Portfolio
Year ended December 31, 1995 315
Period ended December 31, 1994* 116
International Stock Portfolio
Year ended December 31, 1995 102
Period ended December 31, 1994* 4
Short-Term Bond Portfolio
Year ended December 31, 1995 208
Period ended December 31, 1994* 88
<FN>
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
(5) Portfolio turnover rates are not annualized.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
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, each having differing investment objectives and policies:
Money Market Portfolio, Mortgage-Backed Securities Portfolio,
International Fixed Income Portfolio, OTC Portfolio, Research
Portfolio, Total Return Portfolio, Advantage Portfolio, Government
Securities Portfolio, International Stock Portfolio, and Short-Term
Bond 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
10,000 shares for the Money Market Portfolio and 1,000 shares for each
of the other Portfolios. The shares of the Trust will be 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. Effective September 22, 1995 the Trust ceased offering the
Government Securities and Short-Term Bond Portfolios to new investors.
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 - For all Portfolios except the Money Market
Portfolio, 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 securities in
the Money Market Portfolio and debt securities with a remaining
maturity of 60 days or less, are valued at their amortized cost, which
approximates market value.
NOTE 2 (CONTINUED)
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.
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
NOTE 2 (CONTINUED)
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 roll
commitments outstanding at December 31, 1995.
Expenses - Expenses directly attributable to a Portfolio are charged to
that Portfolio. Expenses not directly attributable to a Portfolio are
allocated among the affected Portfolios. 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 (except the
Money Market Portfolio) declares and distributes dividends from net
investment income and distributes its net realized capital gains, if
any, at least annually. The Money Market Portfolio declares dividends
daily and distributes monthly. 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
NOTE 2 (CONTINUED)
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. On December 29, 1995 the International Stock and the
Research Portfolios declared a capital gain distribution of $35,466 and
$0.036 per share, and $13,373 and $0.011 per share, respectively.
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 fee at
the annual rate based on the average daily net assets of each Portfolio
as follows:
<TABLE>
<CAPTION>
Advisory Fees
_________________________
<S> <C> <C>
Advantage Portfolio 0.50% of first $100 million
0.35% in excess of $100 million
Government Securities Portfolio 0.75% of first $200 million
0.55% in excess of $200 million
International Fixed Income Portfolio 0.85% of first $200 million
0.75% of next $300 million
0.60% of next $500 million
0.55% of next $1 billion
0.40% in excess of $2 billion
International Stock, OTC, Research & 0.80% of first $300 million
Total Return Portfolios 0.55% in excess of $300 million
Money Market Portfolio 0.375% of first $50 million
0.35% in excess of $50 million
Mortgage-Backed Securities Portfolio 0.75% of first $200 million
0.65% of next $300 million
0.55% of next $500 million
0.50% of next $1 billion
0.40% in excess of $2 billion
Short-Term Bond Portfolio 0.65% of first $100 million
0.50% of next $100 million
0.45% of next $300 million
0.40% in excess of $500 million
</TABLE>
NOTE 3 - (CONTINUED)
EISI has voluntarily agreed to waive its Advisory fees for each of the
Portfolios for the initial twelve months of each portfolio's operations
(until October 6, 1995), or until the net assets of a Portfolio equal
or exceed $25 million, whichever is earlier. For the period of January
1, 1995 through October 5, 1995 such waivers amounted to $245,910.
Effective October 6, 1995 EISI no longer waives its advisory fees.
EISI has entered into Sub-Advisory Agreements with Credit Suisse
Investment Management Limited (formerly CS First Boston Investment
Management, Ltd.) with respect to the International Fixed Income
Portfolio, Strong Capital Management, with respect to the Advantage,
Government Securities, International Stock and Short-Term Bond
Portfolios, and Massachusetts Financial Services Company, with respect
to the OTC, Research and Total Return Portfolios; each of whom, under
the supervision of EISI, is responsible for the day-to-day investment
management of each of the Portfolios. Effective July 1, 1995 EISI
assumed responsibility for the day-to-day investment management of the
Money Market and Mortgage-Backed Securities Portfolios from BEA
Associates. BEA Associates managed the Portfolios from April 1995 to
June 30, 1995. BEA Associates, effective in April 1995, had purchased
certain assets and liabilities of CS First Boston Investment Management
Corporation, sub-advisor of the Portfolios since inception. The fees
payable to the sub-advisors under the Sub-Advisory Agreements are borne
by EISI, and the Trust does not bear the direct cost of the sub-
advisory activities. EISI does not receive sub-advisory fees for the
Money Market and Mortgage-Backed Securities Portfolios.
EISI further agreed to reimburse each Portfolio to the extent necessary
to limit each Portfolio's annual expenses (excluding the advisory fee)
to 0.75% of each Portfolio's average daily net assets through October
5, 1995. Beginning October 6, 1995, EISI has agreed to reimburse each
Portfolio for all expenses (excluding the advisory fee) that exceed
.30% of the average daily net assets for the Money Market, Advantage,
and Short-Term Bond Portfolios, .50% of the average daily net assets of
the Mortgage-Backed Securities and Government Securities Portfolios,
and .75% of the average daily net assets of the International Stock,
International Fixed Income, OTC, Total Return and Research Portfolios.
This undertaking is subject to termination at any time without notice
to shareholders. For the year ended December 31, 1995 EISI had agreed
to reimburse the Trust $577,896 for expenses in excess of the voluntary
expense limitations, of which $64,354 was owed to the Trust as of
December 31, 1995.
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 Money Market Portfolio and all short-term securities for the
Trust, for the year ended December 31, 1995, 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>
Mortgage-Backed Securities $702,297 $5,936,768 $ -- $1,934,391
International Fixed Income 7,366,651 817,516 4,877,162 748,633
OTC 11,856,758 -- 5,449,496 --
Research 17,367,016 91,718 5,407,438 27,150
Total Return 11,644,082 4,138,564 2,342,705 2,451,129
Advantage 10,554,209 589,495 7,551,018 --
Government Securities 1,974,236 4,155,303 1,845,775 3,357,115
International Stock 10,425,245 -- 6,710,385 --
Short-Term Bond 1,490,031 1,455,770 1,669,648 762,718
</TABLE>
The identified cost of investments in securities and repurchase
agreements owned by the Trust for federal income tax and financial
reporting purposes are the same, except for OTC, Research, Government
Securities and International Stock Portfolios and their respective
gross unrealized appreciation and depreciation at December 31, 1995
were as follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Identified Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Money Market $5,832,753 $ -- $ -- $ --
Mortgage-Backed Securities 8,718,874 376,704 -- 376,704
International Fixed Income 8,243,835 563,376 13,407 549,969
OTC 9,717,188 1,289,084 1,017,563 271,521
Research 14,710,261 1,956,967 283,258 1,673,709
Total Return 14,719,529 1,160,956 37,830 1,123,126
Advantage 6,312,072 35,957 36,253 (296)
Government Securities 1,756,500 73,298 10,947 62,351
International Stock 10,232,202 583,198 533,099 50,099
Short-Term Bond 1,439,621 14,080 10,086 3,994
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS:
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Money Market Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 17,965,244 $17,965,244 849,335 $849,335
Shares issued to share-
holders in reinvestment
of dividends 177,620 177,620 3,170 3,170
Shares redeemed (12,847,284) (12,847,284) (415,821) (415,821)
____________ ____________ ____________ ____________
Net increase 5,295,580 $5,295,580 436,684 $436,684
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
<TABLE>
<CAPTION>
Mortgage-Backed Securities Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 378,821 $4,186,542 501,975 $5,019,783
Shares issued to share-
holders in reinvestment
of dividends 7,811 77,195 -- --
Shares redeemed (91,008) (1,013,983) (106) (1,060)
____________ ____________ ____________ ____________
Net increase 295,624 $3,249,754 501,869 $5,018,723
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
International Fixed Income Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 314,299 $3,449,089 504,256 $5,042,990
Shares issued to share-
holders in reinvestment
of dividends 7,389 78,013 -- --
Shares redeemed (54,916) (615,656) (177) (1,785)
____________ ____________ ____________ ____________
Net increase 266,772 $2,911,446 504,079 $5,041,205
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
<TABLE>
<CAPTION>
OTC Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 717,249 $8,736,295 162,914 $1,647,195
Shares issued to share-
holders in reinvestment
of dividends 50 509 -- --
Shares redeemed (131,491) (1,700,369) (169) (1,662)
____________ ____________ ____________ ____________
Net increase 585,808 $7,036,435 162,745 $1,645,533
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Research Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,204,516 $14,162,794 168,535 $1,677,959
Shares issued to share-
holders in reinvestment
of dividends 1,537 14,626 -- --
Shares redeemed (118,854) (1,471,066) (7) (69)
____________ ____________ ____________ ____________
Net increase 1,087,199 $12,706,354 168,528 $1,677,890
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
<TABLE>
<CAPTION>
Total Return Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,280,732 $14,234,048 132,127 $1,315,895
Shares issued to share-
holders in reinvestment
of dividends 1,222 11,922 -- --
Shares redeemed (112,428) (1,258,099) (138) (1,348)
____________ ____________ ____________ ____________
Net increase 1,169,526 $12,987,871 131,989 $1,314,547
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Advantage Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 353,828 $3,714,131 352,169 $3,525,350
Shares issued to share-
holders in reinvestment
of dividends 4,016 40,119 -- --
Shares redeemed (115,252) (1,226,810) (7,620) (76,802)
____________ ____________ ____________ ____________
Net increase 242,592 $2,527,440 344,549 $3,448,548
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
<TABLE>
<CAPTION>
Government Securities Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 142,935 $1,537,544 100,434 $1,004,453
Shares issued to share-
holders in reinvestment
of dividends 1,303 13,057 -- --
Shares redeemed (89,683) (1,018,081) (11) (108)
____________ ____________ ____________ ____________
Net increase 54,555 $532,520 100,423 $1,004,345
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
International Stock Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 538,701 $5,386,467 522,968 $5,224,385
Shares issued to share-
holders in reinvestment
of dividends 3,498 33,942 -- --
Shares redeemed (84,928) (869,980) (145) (1,383)
____________ ____________ ____________ ____________
Net increase 457,271 $4,550,429 522,823 $5,223,002
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
<TABLE>
<CAPTION>
Short-Term Bond Portfolio
Year Ended October 7, 1994*
December 31, 1995 to December 31, 1994
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 65,677 $683,142 100,150 $1,001,674
Shares issued to share-
holders in reinvestment
of dividends 1,220 12,240 -- --
Shares redeemed (36,108) (386,701) (10) (103)
____________ ____________ ____________ ____________
Net increase 30,789 $308,681 100,140 $1,001,571
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 6 - FORWARD FOREIGN CURRENCY CONTRACTS
At December 31, 1995, the outstanding forward exchange currency
contracts, which contractually obligate the Trust to deliver currencies
at a specified date, were as follows:
INTERNATIONAL FIXED INCOME PORTFOLIO
<TABLE>
<CAPTION>
U.S. Dollar
Cost on U.S. Dollar Unrealized
Settlement Origination Current Appreciation/
Currency Purchased Date Date Value (Depreciation)
____________________ ____________ ____________ ____________ ______________
<S> <C> <C> <C> <C>
GBP 01/25/1996 $250,000 $246,182 ($3,818)
JPY 01/23/1996 399,609 382,970 (16,639)
____________ ____________ ______________
$649,609 $629,152 ($20,457)
</TABLE>
<TABLE>
<CAPTION>
U.S. Dollar
Cost on U.S. Dollar Unrealized
Settlement Origination Current Appreciation/
Currency Sold Date Date Value (Depreciation)
____________________ ____________ ____________ ____________ ______________
<S> <C> <C> <C> <C>
DEM 03/18/1996 $1,011,242 $1,012,071 ($829)
DKK 03/01/1996 64,784 64,855 (71)
ESP 02/12/1996 398,920 404,099 (5,179)
FRF 02/29/1996 746,082 745,945 137
GBP 01/30/1996 339,360 334,371 4,989
ITL 03/18/1996 169,918 171,136 (1,218)
NLG 01/31/1996 164,450 159,058 5,392
SEK 02/05/1996 157,654 154,774 2,880
____________ ____________ ______________
$3,052,410 $3,046,309 $6,101
</TABLE>
INTERNATIONAL STOCK PORTFOLIO
<TABLE>
<CAPTION>
U.S. Dollar
Cost on U.S. Dollar Unrealized
Settlement Origination Current Appreciation/
Currency Sold Date Date Value (Depreciation)
____________________ ____________ ____________ ____________ ______________
<S> <C> <C> <C> <C>
JPY 03/27/1996 $500,000 $475,836 $24,164
</TABLE>
Glossary of Terms
DEM - Deutsche Mark
DKK - Danish Kroner
ESP - Spanish Peseta
FRF - French Franc
GBP - Great British Pound
ITL - Italian Lira
JPY - Japanese Yen
NLG - Dutch Guilder
USD - United States Dollar
EQUI-SELECT SERIES TRUST
____________________
TRUSTEES AND 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
* 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 preceeded 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 Equi-Select Variable Annuity is distributed by Equitable of Iowa Securities
Network, Inc., and affiliate of Equitable Life Insurance Company of Iowa.
EQUITABLE LIFE OF IOWA
P.O. BOX 9271, DES MOINES, IA 50306-9271
