EQUI-SELECT
VARIABLE ANNUITY
EQUI-SELECT SERIES TRUST
SEMI-ANNUAL
REPORT
JUNE 30, 1996
Equitable Life Insurance Company of Iowa
Equi-Select Series Trust
Semi-Annual Report
For the Period Ended June 30, 1996
Table of Contents
Letter to Contract Owners
Management's Discussion and Analysis
Portfolio Performance Review
Exhibits A - J Portfolio Performance Graphs
Equi-Select Series Trust Financial Statements
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Trustees and Executive Officers
The information contained in this report is intended for general
informational purposes only. This report is not authorized for distribution
to prospective investors unless preceded or accompanied by current Trust and
Separate Account prospectuses which contain important information concerning
the Trust, the Company, and its current public offering of variable annuity
contracts.
LETTER TO CONTRACT OWNERS
Dear Equi-Select Contract Owners:
Thank you for selecting the Equi-Select variable annuity product. We are
pleased to present to you this semi-annual report on behalf of the Equi-
Select Series Trust.
As we continue to enhance the Equi-Select product, we are pleased with the
addition of two well respected, nationally recognized money managers from
Robertson, Stephens & Company. John Wallace and Ron Elijah manage the Growth
& Income and Value + Growth Portfolios, respectively. Each of these managers
bring successful money management experience to the Equi-Select product.
During the first half of 1996 the stock market continued to reach record
levels and the bond market was slowed due to a better than expected economy.
The strong performance of the Equi-Select Series Trust Portfolios (most
portfolios outperformed their comparable benchmark) is indicative of the
strong money managers utilized in the Equi-Select product. In the following
pages, each of our professional managers will discuss how the first half of
1996 impacted the Portfolios and the financial statements illustrate the
financial position of each of 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/ Paul R. Schlaack
Paul R. Schlaack
President and Chief Executive Officer
Equitable Investment Services, Inc.
President, Chairman, and Principal Executive Officer
Equi-Select Series Trust
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Period January 1, 1996 to June 30, 1996
(For the period April 1, 1996 (Commencement of Operations) to June 30, 1996
for the Growth & Income and Value + Growth Portfolios)
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, 1996 to June 30, 1996, the total return of the
International Fixed Income Portfolio was 0.13 percent. Exhibit A illustrates
the growth of a $10,000 investment in the International Fixed Income
Portfolio in comparison to its benchmark.
The Portfolio's performance relative to the benchmark benefited strongly from
an overweighting in a U.S. Dollar currency position versus the core European
currencies and the Yen, while maintaining a neutral stance in the high
yielding European currencies. Asset allocation decisions also had a positive
impact on relative performance, as the U.S. Dollar and Japanese bond markets
were underweighted in favor of the European bond markets.
The high yielding European bond markets of Italy, Spain, and Sweden
outperformed significantly, with local currency returns of eleven percent,
nine percent, and nearly seven percent, respectively. These bond markets
benefited from weaker growth, falling inflation rates, efforts to tackle
budget deficits, strengthening currencies, lower short-term interest rates
and, in the case of Italy, greater political stability. Continued hopes that
monetary union would progress on schedule also supported yields converging.
Stronger than expected growth and employment data, together with a rising
trend in wages, led to fears of higher interest rates to combat inflationary
pressures. These factors contributed to the poor performance in the U.S.
bond market. The core European bond markets also performed poorly, with the
German market producing a total return of nearly one percent in local
currency terms, as strong money supply growth and signs of a bottoming in the
economy implied that the interest rate cycle was close to its low point.
The Japanese bond market performed poorly on continued signs of sustainable
economic recovery, which heightened expectations of a tightening in monetary
policy. The U.S. Dollar rose by over six percent versus the Yen and the
Deutschemark, as the Japanese trade surplus declined sharply, and as funds
flowed out of the Deutschemark into the high yielding European bond markets
and currencies. The Italian Lira was the strongest currency, gaining three
and one-half percent versus the generally stronger U.S. Dollar.
The outlook in the short term is mixed. The U.S. bond market could suffer a
further setback before offering a buying opportunity, while the Japanese bond
market may remain pressured by fears of higher short-term interest rates.
European bond markets may continue to outperform, as they offer good value
given the steepness in yield curves and the high level of yields compared to
inflation. After its recent setback, the U.S. Dollar may recover versus the
Deutschemark, but remain broadly stable versus the Yen.
PORTFOLIOS MANAGED BY EQUITABLE INVESTMENT SERVICES, INC.
Advantage Portfolio
- -------------------
Equitable Investment Services, Inc. began portfolio management for the
Advantage Portfolio on April 1, 1996; prior to this date, Strong Capital
Management, Inc. provided portfolio management for this Portfolio. The
following information and views expressed are those of Equitable Investment
Services, Inc. and not those of Strong Capital Management, Inc.
For the period January 1, 1996 to June 30, 1996 the total return of the
Advantage Portfolio was 3.05 percent. Exhibit B illustrates the growth of a
$10,000 investment in the Advantage Portfolio in comparison to its benchmark.
Short-term interest rates declined during the first quarter but higher
interest rates across all maturities were evident by the end of June. The
only sectors to post positive results were securities with one year or
shorter maturities.
The economy has shown greater strength during the first half of 1996 than was
expected at the start of the year, with Gross Domestic Product (GDP)
averaging around three percent growth. Sustained growth could prompt the
Federal Reserve to institute an increase in the Federal Funds discount rate,
which may create an interesting opportunistic environment for short-term bond
funds.
Liquidity and income generation were the main priorities in the first half of
1996. The portfolio manager altered the composition of the Portfolio in the
second quarter by selling all small issue floating rate bonds and complex
mortgage-backed securities that were in the Portfolio. The credit quality of
the Portfolio was also improved with new acquisitions. The portfolio manager
emphasized bonds that offered steady income with very little potential for
share price fluctuation, and shortened the average maturity of the Portfolio
to enable the Portfolio to perform better in a rising interest rate
environment.
The interest rate environment became increasingly volatile throughout the
first half of 1996. Therefore, the portfolio manager may maintain a
defensive posture until evidence of an economic deceleration starts to
emerge, and may also look for opportunities in the floating rate note sector
as well as securities that have a potential credit upgrade. The Portfolio
will remain primarily invested in investment grade securities.
Money Market Portfolio
- ----------------------
For the period January 1, 1996 to June 30, 1996, the total return of the
Money Market Portfolio was 2.34 percent. Exhibit C 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.
By June 30, 1996 short-term interest rates (three months to one year
maturities) had risen from their lows in early February 1996. For example,
the interest rate on three month treasury bills increased from 5.00 percent
to 5.30 percent and the interest rate on one year treasury bills increased
from 5.00 percent to 5.50 percent during this time period. This increase has
mainly been prompted by the continuous reporting of strong employment growth
during the first two quarters of 1996. This has been perceived in the market
as excessive economic growth and thus many money managers expect the Federal
Reserve to raise short-term interest rates in the second half of 1996.
However, despite the expectations of a strong economy and increasing yields,
the magnitude of increase such as that experienced in short-term interest
rates in 1994 is not anticipated.
The Portfolio has been in a somewhat cautious posture with the average
maturity of the Portfolio in the lower end of its normal range and the
Portfolio has held several discount note securities to enhance liquidity in
response to difficult market conditions. Short-term interest rates continue
to experience a high degree of volatility. The portfolio manager will
continue to structure the Portfolio to take advantage of this volatility.
Mortgage-Backed Securities Portfolio
- ------------------------------------
For the period January 1, 1996 to June 30, 1996, the total return of the
Mortgage-Backed Securities Portfolio was -0.93 percent. Exhibit D
illustrates the growth of a $10,000 investment in the Mortgage-Backed
Securities Portfolio in comparison to its benchmark.
Underperformance to the Portfolio's benchmark can be attributed to the
Portfolio's overweighting in low coupon mortgage securities and to the
Portfolio's holdings in treasury securities. Performance of these securities
is weaker in a rising yield environment and a steepening yield curve similar
to the environment experienced in the first half of 1996. For instance,
yields on ten year treasuries increased by over one percent and the
difference in yield between two year to ten year treasuries increased to one
percent in the first half of 1996.
In the current interest rate environment, mortgage-backed securities exhibit
strong relative value. The Portfolio will continue to be concentrated in the
low coupon mortgage securities sector to take advantage of the current
flatter yield curve environment. The portfolio manager will maintain the
financial flexibility to adjust the concentration if necessary to capitalize
on changes in interest rates and the yield curve environment.
PORTFOLIOS MANAGED BY MASSACHUSETTS FINANCIAL SERVICES COMPANY (MFS)
OTC Portfolio
- -------------
For the period January 1, 1996 to June 30, 1996, the total return of the OTC
Portfolio was 18.77 percent. Exhibit E illustrates the growth of a $10,000
investment in the OTC Portfolio in comparison to its benchmarks.
The second quarter of 1996 saw considerable volatility rooted in a continued
lack of stable consensus over prospects for interest rates and economic
growth. Conflicting economic news over the course of the quarter offered no
clearer picture of where the economy is headed. Automotive sales rebounded
from the first quarter, but housing activity has been slow as a result of
rising mortgage rates. While the Federal Reserve Board kept interest rates
unchanged, job growth continued to accelerate, raising inflationary fears and
the possibility of a Federal Reserve interest rate increase later this year.
The Portfolio's performance during the quarter was largely paced by strength
in leisure and technology holdings, areas where the Portfolio was
overweighted to its comparative index. In the technology sector, CU
International's buy-out of both Davidson Associates and Sierra On-Line
contributed to the Portfolio's outperformance. In addition, two large
positions within the technology sector, Synopsis Inc. and Glenayre
Technologies, posted returns in excess of fifty percent for the first half of
the year. In the leisure sector, three holdings enjoyed appreciation in
excess of twenty percent year to date: Bally Entertainment, Starsight
Telecast, and Showboat. Bally Entertainment, in particular, was boosted from
its acquisition by Hilton.
Solid performance from the leisure and technology sectors more than
compensated for weakness in the healthcare sector in the quarter, where
investors focused negatively on managed care players such as Healthsource,
Pacificare, and United Healthcare. The fear that enrollment growth may be
slowing and medical costs may be increasing took its toll on the stocks.
Despite lackluster performance thus far in 1996, the portfolio manager
continues to believe well-managed companies within the HMO industry offer
substantial long-term growth potential. At current valuations, the portfolio
manager expects the healthcare holdings to contribute to positive portfolio
performance later in the year.
The portfolio manager believes the Portfolio is well-positioned to take
advantage of the current environment and expects no major changes in
strategy. The market is extremely discriminating and is placing a higher-
than-normal premium on earnings predictability. Those companies that fall
short of expectations are being seriously punished by investors, offering the
portfolio manager opportunities to build positions in selected companies
whose valuations have been inordinately reduced relative to their positive
longer-term fundamental prospects. In the past, the portfolio manager has
found uncommon values among this group of stocks.
Research Portfolio
- ------------------
For the period January 1, 1996 to June 30, 1996, the total return of the
Research Portfolio was 12.91 percent. Exhibit F illustrates the growth of a
$10,000 investment in the Research Portfolio in comparison to its benchmark.
The Portfolio's outperformance versus the S&P 500 during 1996 can be
attributed to three factors. First, overweightings in technology and leisure
significantly added to performance. Second, within the consumer staples,
financial services, and retail sectors, analysts uncovered companies which
provided strong earnings growth and price appreciation within the current
market environment. Finally, the stock market continued its positive
direction, further adding to the Portfolio's performance.
The Portfolio has been overweighted in technology for the past eighteen
months, with companies such as Microsoft, Compuware, Cisco Systems, and BMC
Software all benefiting from strong earnings growth. Within the financial
services sector, CIGNA Corp., Chase Manhattan, and Baybanks Inc. also
benefited from strong earnings growth.
The portfolio manager also remains positive regarding the leisure sector.
HFS Inc., MGM Grand, and Jacor Communications all have provided notable gains
over the past six months. HFS Inc., one of the top positions in the
Portfolio, recently made acquisitions in both the real estate (Caldwell
Banker) and rental car (Avis) industries which the portfolio manager believes
will contribute to the company's earnings growth over the next twelve to
eighteen months.
Despite lackluster performance in the healthcare sector thus far this year,
the Portfolio remains overweighted in this sector based on the portfolio
manager's confidence in the long term growth prospects of select companies
within the group. The portfolio manager continues to believe that well
managed companies such as Pacificare and United Healthcare offer substantial
long-term growth potential within the health maintenance organization
industry. The Portfolio is currently underweighted in the utilities,
communications, energy, automotive, and commodity-cyclical sectors as a
result of a dismal earnings outlook for many of the companies in these
groups.
Total Return Portfolio
- ----------------------
For the Period January 1, 1996 to June 30, 1996, the total return of the
Total Return Portfolio was 4.63 percent. Exhibit G illustrates the growth of
a $10,000 investment in the Total Return Portfolio in comparison to its
benchmarks.
Over the past six months, the U.S. stock market has continued to climb
steadily, with equities benefiting from several factors including solid
corporate profits, modest inflation, and an increasing demand for stocks as
investors have poured money into mutual funds. These positives propelled the
S&P 500 higher by over ten percent during the six months ended June 30, 1996.
The bond market, on the other hand, has taken a different course. Following
a very prosperous 1995, bond prices have fallen dramatically and yields have
increased. The portfolio manager believes the factors responsible for this
price decline include a stronger than expected U.S. economy, significant
price increases in major commodities, and a shift in investor sentiment
regarding the Federal Reserve's inclination to raise short-term interest
rates. However, the portfolio manager believes that the second half of 1996
may be more favorable than the first half of the year. After getting more
defensive with the bond holdings in February by reducing duration, the
portfolio manager has recently begun to lengthen the Portfolio's duration.
The Portfolio's mix of stocks and bonds has been fairly consistent over the
past six months. As of June 30, 1996, stocks and convertible bonds made up
fifty-six percent of the Portfolio, bonds accounted for thirty-three percent,
and cash accounted for eleven percent. This positioning is somewhat
conservative as the enthusiasm for equities continues to be tempered by high
valuations. On the bond side, continued confusion about the direction of the
economy may produce more volatility.
Within the equity area, the portfolio manager continues to find value in
sectors such as energy, financial services, telephone utilities, and
specialty chemicals. The portfolio manager believes that fundamentals are
solid and valuations are fair in these areas.
PORTFOLIOS MANAGED BY ROBERTSON, STEPHENS & COMPANY
Growth & Income Portfolio
- -------------------------
For the period April 1, 1996 to June 30, 1996 the total return of the Growth
& Income Portfolio was 11.07 percent. Exhibit H illustrates the growth of a
$10,000 investment in the Growth & Income Portfolio in comparison to its
benchmark.
Contributing to the Portfolio's positive results were the computer software,
electronic components, manufacturing, energy services, oil/gas drilling,
clothing/retail, and transportation holdings. The building products and
aluminum sectors had a negative impact on the Portfolio in the second
quarter. The portfolio manager believes the key to the Portfolio's long-term
success is a flexible, open-minded approach to equity investing, coupled with
a clearly defined sell discipline.
The portfolio manager's recent Portfolio additions show bias toward larger-
cap holdings with a catalyst for growth. One example is Worldcom Inc., the
fourth-largest long-distance carrier in the United States. The company is
rapidly becoming a major telecommunications player. New product initiatives
(for example, cellular, data, telecommunications, and the Internet), coupled
with declining unit costs, should boost the company's earnings potential
considerably.
The Portfolio was influenced by unanticipated market conditions such as a one
percent rise in long-term interest rates, strong Gross Domestic Product (GDP)
numbers, which are well above the two percent trendline, and a stronger-than-
expected stock market, especially in small cap stocks.
A return to trendline growth with acceptably low inflation is a great
environment for growth stock investing. But if the economic environment
worsens significantly, the portfolio manager will not hesitate to adopt a
more defensive position.
Value + Growth Portfolio
- ------------------------
For the period April 1, 1996 to June 30, 1996, the total return of the Value
+ Growth Portfolio was 2.27 percent. Exhibit I illustrates the growth of a
$10,000 investment in the Value + Growth Portfolio in comparison to its
benchmarks.
Contributing to the Portfolio's positive performance were computer hardware
and software, data telecommunications, recreation, consumer and specialty
retail, and financial services securities. The semi-conductor and semi-
conductor equipment sectors had a negative impact on the Portfolio toward the
end of the second quarter.
The portfolio manager believes that the U.S. economy continues to grow at a
rate that will not stimulate excessive inflationary pressure. With inflation
remaining at three percent or under and the gap between short-term and long-
term interest rates widening, the portfolio manager believes an appealing
environment is in place for financial services companies to prosper.
Therefore, the Portfolio has increased investments in this sector, focusing
on personal finance companies, banks, and investment managers.
The retail sector is another area that is starting to pick up. There appears
to be shrinking square footage in the industry, as well as better management
of inventories. These factors are helping to improve margins and, in the
portfolio manager's opinion, to position retailers to do well in the second
half of the year.
In technology, the personal computer market has been controversial. However,
the price of computer memory has decreased significantly since the end of
last year (from about $10 to $3 per 4 Mbit chip). The portfolio manager
believes this will enable personal computer companies to offer very powerful
computers at very affordable prices in the second half of the year, driving
unit demand.
PORTFOLIO MANAGED BY STRONG CAPITAL MANAGEMENT, INC.
International Stock Portfolio
- -----------------------------
For the period January 1, 1996 to June 30, 1996, the total return of the
International Stock Portfolio was 11.33 percent. Exhibit J illustrates the
growth of a $10,000 investment in the International Stock Portfolio in
comparison to its benchmarks.
In the second quarter of 1996, international markets saw a continuation of
the pattern of the first quarter - a generally firm tone but extremely muted
in terms of performance except on an individual country and stock level. The
overall markets both in Asia and Europe did very little, with the Portfolio's
benchmark rising only one and one-half percent in the second quarter and only
four and one-half percent for the first half of the year. The Portfolio's
capital appreciation has been achievable mainly in selected emerging markets
and in a number of selected investment opportunities relatively
unrepresentative of the broader indices. By pursuing such investments, the
Portfolio performed well relative to the benchmark for the first half of
1996.
The Portfolio's heaviest weightings in Europe at the end of June were in
Italy, the United Kingdom, and Switzerland. Italy and Switzerland
contributed most on the positive side to the Portfolio's performance followed
by France, while some United Kingdom holdings had a negative impact. Leaders
in Europe year to date, in U.S. dollars, have been Sweden, Spain, and
Ireland. Laggards have been the United Kingdom, Belgium, and Finland.
Europe as a whole has gained a modest five to seven percent for the first six
months.
In the Far East the Portfolio's largest positions, excluding Japan, are New
Zealand, Singapore, and Australia. Indonesia and Malaysia added the most to
performance, Hong Kong and China the least. The Far East similarly has been
lackluster, rising about eight percent year to date. Japan, in dollar terms,
is still up only around one percent in 1996, but in Yen terms the Nikkei Dow
Jones is up fifty percent from its low twelve months ago. While economic
growth remains impressive in Asia, averaging around six to seven percent,
some concerns over inflation and overheating have depressed sentiment. The
best performers in the first six months were Taiwan, Philippines, and
Malaysia.
The portfolio manager has made minor adjustments to the country emphasis over
the second quarter, increasing the Philippines, Pakistan, Russia, and Norway
the most and decreasing the United Kingdom and South Africa.
The second half of 1996 could see a more general pickup in international
markets. There are also signs of a gradual trend toward international
diversification among investors which would enhance the appeal of foreign
exposure.
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 for all
Portfolios except the Growth & Income Portfolio and the Value + Growth
Portfolio which commenced operations on April 1, 1996) to June 30, 1996.
The individual portfolio returns reflect expenses that apply to each
respective portfolio such as advisory, custodian, transfer agent, and legal
fees. The returns do not include expenses that apply to the separate account
or related variable insurance contracts. The benchmarks (except the
Donoghue's Average of All Taxable Money Market Funds Index and the Lipper
Balanced Fund Index) do not include expenses. In general, the inclusion of a
portfolio's expenses reduces the total return figures in comparison to its
respective benchmark which does not include expenses.
EXHIBIT A
COMPARISON OF $10,000
INTERNATIONAL FIXED INCOME PORTFOLIO vs JP MORGAN
GLOBAL GOVERNMENT BOND INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the 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
January 31, 1996 11,710 11,867
February 29, 1996 11,619 11,799
March 31, 1996 11,588 11,781
April 30, 1996 11,634 11,737
May 31, 1996 11,629 11,749
June 30, 1996 11,712 11,851
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
International Fixed Income Portfolio 17.12% 1.01% 15.81% 0.13%
JP Morgan Global Government Bond Index 18.51% 0.45% 19.37% -1.17%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT B
COMPARISON OF $10,000
ADVANTAGE PORTFOLIO vs SALOMON BROTHERS 1 YEAR TREASURY
BENCHMARK-ON-THE-RUN INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the 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
January 31, 1996 11,130 10,956
February 29, 1996 11,195 10,969
March 31, 1996 11,211 11,004
April 30, 1996 11,253 11,042
May 31, 1996 11,302 11,087
June 30, 1996 11,363 11,148
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Advantage Portfolio 13.63% 0.99% 9.18% 3.05%
Salomon Brothers 1 Year Treasury 11.48% 0.71% 8.09% 2.41%
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
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT C
COMPARISON OF $10,000
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
June 30, 1996
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
January 31, 1996 10,674 10,714
February 29, 1996 10,713 10,756
March 31, 1996 10,755 10,798
April 30, 1996 10,795 10,840
May 31, 1996 10,838 10,882
June 30, 1996 10,880 10,924
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Money Market Portfolio 8.79% 1.06% 5.19% 2.34%
Donoghue's Average of All Taxable 9.24% 1.14% 5.49% 2.38%
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
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. 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 returns for periods of less than
one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT D
COMPARISON OF $10,000
MORTGAGE-BACKED SECURITIES PORTFOLIO vs SHEARSON LEHMAN BROTHERS
MORTGAGE-BACKED SECURITIES INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the 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
January 31, 1996 11,718 11,818
February 29, 1996 11,570 11,720
March 31, 1996 11,492 11,678
April 30, 1996 11,454 11,646
May 31, 1996 11,408 11,611
June 30, 1996 11,541 11,771
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Mortgage-Backed Securities Portfolio 15.41% 0.50% 15.92% -0.93%
Shearson Lehman Brothers 17.71% 0.43% 16.80% 0.35%
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
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT E
COMPARISON OF $10,000
OTC PORTFOLIO vs RUSSELL 2000 INDEX and
S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the OTC Portfolio versus the Russell 2000 Index and the S&P 500 Index.
PERFORMANCE GRAPH
Russell 2000
OTC Portfolio Index S&P 500 Index
October 4, 1994 $10,000 $10,000 $10,000
October 31, 1994 10,339 9,960 10,225
November 30, 1994 10,153 9,558 9,853
December 31, 1994 10,359 9,814 9,999
January 31, 1995 10,182 9,690 10,258
February 28, 1995 10,427 10,093 10,658
March 31, 1995 11,132 10,266 10,972
April 30, 1995 10,498 10,494 11,296
May 31, 1995 11,022 10,674 11,748
June 30, 1995 11,772 11,228 12,020
July 31, 1995 12,685 11,875 12,419
August 31, 1995 13,204 12,121 12,450
September 30, 1995 13,308 12,338 12,976
October 31, 1995 12,801 11,786 12,929
November 30, 1995 13,335 12,281 13,496
December 31, 1995 13,387 12,605 13,757
January 31, 1996 13,515 12,592 14,230
February 29, 1996 14,502 12,984 14,367
March 31, 1996 14,521 13,253 14,505
April 30, 1996 16,030 13,962 14,718
May 31, 1996 16,658 14,508 15,087
June 30, 1996 15,899 13,912 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
OTC Portfolio 58.99% 3.59% 29.23% 18.77%
Russell 2000 Index 39.12% -1.86% 28.45% 10.36%
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT F
COMPARISON OF $10,000
RESEARCH PORTFOLIO vs S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the Research Portfolio versus the S&P 500 Index.
PERFORMANCE GRAPH
Research Portfolio S&P 500 Index
October 4, 1994 $10,000 $10,000
October 31, 1994 10,197 10,225
November 30, 1994 9,677 9,853
December 31, 1994 9,678 9,999
January 31, 1995 9,697 10,258
February 28, 1995 10,069 10,658
March 31, 1995 10,381 10,972
April 30, 1995 10,559 11,296
May 31, 1995 10,930 11,748
June 30, 1995 11,306 12,020
July 31, 1995 12,002 12,419
August 31, 1995 12,029 12,450
September 30, 1995 12,392 12,976
October 31, 1995 12,459 12,929
November 30, 1995 12,890 13,496
December 31, 1995 13,218 13,757
January 31, 1996 13,493 14,230
February 29, 1996 14,081 14,367
March 31, 1996 14,089 14,505
April 30, 1996 14,663 14,718
May 31, 1996 15,142 15,087
June 30, 1996 14,925 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Research Portfolio 49.24% -3.22% 36.58% 12.91%
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT G
COMPARISON OF $10,000
TOTAL RETURN PORTFOLIO vs LIPPER BALANCED FUND INDEX,
SHEARSON LEHMAN BROTHERS GOVERNMENT/CORPORATE INDEX, AND S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the Total Return Portfolio versus the Lipper Balanced Fund Index, the
Shearson Lehman Brothers Government/Corporate Index and the S&P 500 Index.
PERFORMANCE GRAPH
Shearson Lehman
Lipper Brothers
Balanced Government/
Total Return Fund Corporate S&P 500
Portfolio Index Index Index
October 4, 1994 $10,000 $10,000 $10,000 $10,000
October 31, 1994 10,073 10,036 9,989 10,225
November 30, 1994 9,742 9,795 9,971 9,853
December 31, 1994 9,853 9,877 10,037 9,999
January 31, 1995 9,978 9,998 10,230 10,258
February 28, 1995 10,196 10,289 10,467 10,658
March 31, 1995 10,349 10,469 10,537 10,972
April 30, 1995 10,568 10,662 10,683 11,296
May 31, 1995 10,935 11,006 11,131 11,748
June 30, 1995 11,019 11,204 11,220 12,020
July 31, 1995 11,149 11,442 11,176 12,419
August 31, 1995 11,266 11,531 11,319 12,450
September 30, 1995 11,588 11,808 11,435 12,976
October 31, 1995 11,538 11,779 11,603 12,929
November 30, 1995 11,990 12,141 11,794 13,496
December 31, 1995 12,268 12,308 11,968 13,757
January 31, 1996 12,492 12,536 12,042 14,230
February 29, 1996 12,486 12,542 11,787 14,367
March 31, 1996 12,635 12,590 11,688 14,505
April 30, 1996 12,683 12,673 11,607 14,718
May 31, 1996 12,754 12,820 11,587 15,087
June 30, 1996 12,836 12,862 11,743 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
Total Return Portfolio 28.37% -1.47% 24.51% 4.63%
Lipper Balanced Fund Index 28.62% -1.23% 24.61% 4.50%
Shearson Lehman Brothers
Government/Corporate Index 17.43% 0.37% 19.24% -1.88%
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
*** The Lipper Balanced Fund Index represents porfolios consisting of both
equity and fixed income securities and compares more closely with the
objectives of the Total Return Portfolio.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EXHIBIT H
COMPARISON OF $10,000
GROWTH & INCOME PORTFOLIO vs S&P 500 INDEX
For the Period April 1, 1996 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the Growth & Income Portfolio versus the S&P 500 Index.
PERFORMANCE GRAPH
Growth & Income S&P 500
Portfolio Index
April 1, 1996 $10,000 $10,000
April 30, 1996 10,724 10,147
May 31, 1996 11,480 10,409
June 30, 1996 11,107 10,448
Since
Total Return* Inception
_____________ _________
Growth & Income Portfolio 11.07%
S&P 500 Index 4.48%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period April 1, 1996 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
Total return 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
VALUE + GROWTH PORTFOLIO vs RUSSELL 2000 INDEX and S&P 500 INDEX
For the Period April 1, 1996 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the Value + Growth Portfolio versus the Russell 2000 Index and the S&P
500 Index.
PERFORMANCE GRAPH
Value + Growth Russell 2000 S&P 500
Portfolio Index Index
April 1, 1996 $10,000 $10,000 $10,000
April 30, 1996 10,488 10,535 10,147
May 31, 1996 10,670 10,950 10,409
June 30, 1996 10,227 10,500 10,448
Since
Total Return* Inception
_____________ _________
Value & Growth Portfolio 2.27%
Russell 2000 Index 5.00%
S&P 500 Index 4.48%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period April 1, 1996 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
Total return 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
INTERNATIONAL STOCK PORTFOLIO vs MORGAN STANLEY CAPITAL
INTERNATIONAL EUROPE, ASIA, AND FAR EAST INDEX and S&P 500 INDEX
For the Period October 4, 1994 (Commencement of Investment Operations) to
June 30, 1996
The following performance graph provides comparative cumulative total returns
of the International Stock Portfolio versus the Morgan Stanley Capital
International Europe, Asia, and Far East Index and the S&P 500 Index.
PERFORMANCE GRAPH
Morgan Stanley
International Capital International
Stock Portfolio Index S&P 500 Index
October 4, 1994 $10,000 $10,000 $10,000
October 31, 1994 10,169 10,333 10,225
November 30, 1994 9,847 9,836 9,853
December 31, 1994 9,804 9,898 9,999
January 31, 1995 9,256 9,518 10,258
February 28, 1995 9,314 9,490 10,658
March 31, 1995 9,596 10,082 10,972
April 30, 1995 9,919 10,462 11,296
May 31, 1995 10,069 10,337 11,748
June 30, 1995 9,986 10,156 12,020
July 31, 1995 10,475 10,789 12,419
August 31, 1995 10,365 10,378 12,450
September 30, 1995 10,445 10,580 12,976
October 31, 1995 10,276 10,296 12,929
November 30, 1995 10,272 10,582 13,496
December 31, 1995 10,634 11,008 13,757
January 31, 1996 11,179 11,053 14,230
February 29, 1996 11,311 11,091 14,367
March 31, 1996 11,447 11,326 14,505
April 30, 1996 11,843 11,656 14,718
May 31, 1996 11,766 11,441 15,087
June 30, 1996 11,838 11,505 15,145
Since YTD
Total Return* Inception 1994** 1995 1996
_____________ _________ ____ ______ ____
International Stock Portfolio 18.38% -1.96% 8.47% 11.33%
Morgan Stanley Capital International 15.05% -1.02% 11.22% 4.52%
Europe, Asia, and Far East (EAFE) Index
S&P 500 Index 51.45% -0.01% 37.59% 10.10%
* "Total Return" is calculated including reinvestment of all income dividends
and capital gain distributions. The total return since inception represents
the time period October 4, 1994 (commencement of investment operations) to
June 30, 1996. Results represent past performance and do not indicate
future results. The value of an investment in any of the Portfolios and the
return on the investment both will fluctuate and redemption proceeds may be
higher or lower than an investor's original cost. Total returns for periods
of less than one year are not annualized.
** Total return for 1994 includes the time period since inception (October 4,
1994) through December 31, 1994, and returns are not annualized.
Total return does not reflect expenses that apply to the separate account or
related variable insurance contracts and inclusion of these charges would
result in reducing the total return figures for the period shown.
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- --------------------------------------- ----------- -----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY
SECURITIES - 90.7%
GOVERNMENT AGENCY - 90.7%
Federal Farm Credit Bank Discount Note
5.180%, 07/01/1996 $745,000 $745,000
5.250%, 07/05/1996 210,000 209,878
5.220%, 07/11/1996 575,000 574,166
5.280%, 07/15/1996 505,000 503,963
5.290%, 08/09/1996 580,000 576,676
Federal Home Loan Bank Discount Note
5.290%, 07/22/1996 815,000 812,485
5.230%, 12/17/1996 210,000 204,844
5.270%, 07/05/1996 960,000 959,438
5.180%, 08/20/1996 430,000 426,906
5.180%, 10/21/1996 540,000 531,298
Federal Home Loan Mortgage Discount Note
5.280%, 08/09/1996 530,000 526,968
5.200%, 08/19/1996 700,000 695,046
5.290%, 08/19/1996 175,000 173,740
5.200%, 08/26/1996 500,000 495,956
5.410%, 01/27/1997 175,000 169,477
Federal National Mortgage Association
Discount Note
5.250%, 07/18/1996 495,000 493,773
5.280%, 07/18/1996 200,000 199,501
5.200%, 07/30/1996 635,000 632,340
5.160%, 08/01/1996 500,000 497,778
5.210%, 08/06/1996 600,000 596,874
Student Loan Marketing Discount Note
5.400%, 12/16/1996 755,000 735,974
Tennessee Valley Authority Discount Note
5.190%, 07/08/1996 650,000 649,344
5.250%, 07/12/1996 1,000,000 998,396
4.980%, 07/25/1996 425,000 423,589
-----------
12,833,410
TOTAL U.S. GOVERNMENT AGENCY SECURITIES -
(Cost $12,833,410) 12,833,410
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- --------------------------------------- ----------- -----------
<S> <C> <C>
SHORT TERM INVESTMENTS - 7.2%
COMMERCIAL PAPER - 7.2%
CS First Boston, Inc., 5.320%,
07/09/1996 $350,000 $349,586
Daimler Benz North America, 5.280%,
09/13/1996 350,000 346,202
Hewlett Packard Company, 5.380%,
09/30/1996 330,000 325,512
-----------
1,021,300
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $1,021,300) 1,021,300
-----------
TOTAL INVESTMENTS AT AMORTIZED COST
AND VALUE - 97.9% 13,854,710
OTHER ASSETS LESS LIABILITIES - 2.1% 297,482
-----------
NET ASSETS - 100.0% $14,152,192
===========
<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
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- --------------------------------------- ----------- -----------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 6.3%
COLLATERALIZED MORTGAGE OBLIGATIONS - 6.3%
Country Wide Funding Corporation,
Mortgage Certificate 1995-4, Class A-4,
7.500%, 09/25/2025 $700,000 $683,266
-----------
TOTAL MORTGAGE PASS-THROUGHS -
(Cost $702,297) 683,266
U.S. GOVERNMENT AND AGENCY SECURITIES - 77.3%
MORTGAGE-BACKED OBLIGATIONS - 65.4%
Federal Home Loan Mortgage Corp.
7.000%, 10/01/2010 935,288 924,083
7.000%, 06/01/2024 67,496 65,239
7.000%, 07/01/2024 198,586 191,572
7.000%, 08/01/2024 736,616 710,598
Federal National Mortgage Association
6.500%, 01/01/2024 427,472 402,491
6.500%, 02/01/2024 372,121 350,374
6.500%, 06/01/2024 228,536 214,468
8.000%, 04/01/2025 492,312 496,005
8.500%, 12/01/2025 495,001 507,994
Government National Mortgage Association
6.000%, 12/15/2008 263,752 252,047
6.000%, 01/15/2009 258,017 246,566
8.000%, 05/15/2017 537,489 548,233
8.000%, 06/15/2017 221,257 225,873
8.000%, 07/15/2017 107,978 110,136
7.500%, 01/15/2024 401,186 396,673
7.000%, 08/15/2025 505,765 486,480
7.000%, 03/15/2026 1,017,554 975,580
-----------
7,104,412
U.S. GOVERNMENT - 11.9%
United States Treasury Bond
7.875%, 11/15/2004 400,000 429,936
11.625%, 11/15/2004 660,000 865,530
-----------
1,295,466
TOTAL U.S. GOVERNMENT AND AGENCY
SECURITIES - (Cost $8,406,306) 8,399,878
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- --------------------------------------- ----------- -----------
<S> <C> <C>
SHORT TERM INVESTMENTS - 15.9%
INVESTMENT COMPANY - 1.5%
Merrill Lynch Governmental Fund 5.080%* $159,497 $159,497
U.S. GOVERNMENT AND AGENCY SECURITIES - 14.4%
Federal Farm Credit Bank Discount Note,
5.240%, 07/02/1996 835,000 834,878
Federal Home Loan Bank Cosolidated
Discount Note, 5.290%, 07/18/1996 735,000 733,164
-----------
1,568,042
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $1,727,539) 1,727,539
-----------
TOTAL INVESTMENTS - (Cost $10,836,142) - 99.5% 10,810,683
OTHER ASSETS LESS LIABILITIES - 0.5% 52,918
-----------
NET ASSETS - 100.0% $10,863,601
===========
<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 June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- --------------------------------------- ----------- -----------
<S> <C> <C>
GOVERNMENT BONDS - 80.6%
CANADA - 3.8% (CAD)
Government of Canada
7.500%, 09/01/2000 $500,000 $374,460
DENMARK - 3.5% (DKK)
Kingdom of Denmark
6.000%, 12/10/1999 2,000,000 345,822
FRANCE - 5.8% (FFR)
Government of France
7.000%, 10/12/2000 2,000,000 411,385
Obligation Assimilable du Tresor
5.500%, 04/25/2004 900,000 166,314
-----------
577,699
GERMANY - 10.4% (DEM)
Bundesrepublik
6.750%, 07/15/2004 500,000 336,896
German Federal Republic
5.125%, 11/21/2000 650,000 425,621
Treuhandanstalt
6.125%, 06/25/1998 400,000 272,279
-----------
1,034,796
ITALY - 4.7% (ITL)
Buoni Del Tesoro Poliennali
8.500%, 08/01/1999 400,000,000 261,773
Republic of Italy
10.500%, 04/01/2000 300,000,000 207,536
-----------
469,309
JAPAN - 4.5% (JPY)
Japan Government
3.100%, 03/20/2006 50,000,000 451,028
NETHERLANDS - 2.8% (NLG)
State of Netherlands
7.000%, 08/15/1999 450,000 280,871
SPAIN - 4.0% (ESP)
Government of Spain
8.400%, 04/30/2001 50,000,000 393,656
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- --------------------------------------- ----------- -----------
<S> <C> <C>
SWEDEN - 3.3% (SEK)
Kingdom of Sweden
11.000%, 01/21/1999 $1,000,000 $166,327
10.250%, 05/05/2000 1,000,000 166,870
-----------
333,197
UNITED KINGDOM - 6.9% (GBP)
U.K. Treasury
7.000%, 11/06/2001 450,000 684,234
UNITED STATES - 30.9% (USD)
United States Treasury Note
6.500%, 09/30/1996 500,000 501,328
7.125%, 09/30/1999 750,000 766,406
6.125%, 09/30/2000 300,000 296,485
5.500%, 12/31/2000 500,000 481,719
7.250%, 08/15/2004 1,000,000 1,035,156
-----------
3,081,094
-----------
TOTAL GOVERNMENT BONDS - (Cost $7,828,455) 8,026,166
SHORT TERM INVESTMENTS - 17.7%
REPURCHASE AGREEMENT - 17.7%
Agreement with State Street Bank and Trust
Company, dated 06/28/1996, bearing 4.000%,
to be repurchased at $1,762,587 on 07/01/1996
(secured by $1,850,000 par value U.S. Treasury
Note, 5.25%, due 01/31/01, with a value of
$1,798,124) 1,762,000 1,762,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $1,762,000) 1,762,000
-----------
TOTAL INVESTMENTS - (Cost $9,590,455) - 98.3% 9,788,166
OTHER ASSETS LESS LIABILITIES - 1.7% 168,519
-----------
NET ASSETS - 100.0% $9,956,685
===========
<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
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 92.6%
AEROSPACE - 0.0%
Dassault Systems S A, (a) 200 $4,600
AUTO PARTS - 0.3%
Autozone Incorporated, (a) 2,100 72,975
BUSINESS SERVICES - 0.0%
Transaction Systems Architects
Incorporated, (a) 100 6,700
CHEMICALS - 0.1%
Polymer Group Incorporated, (a) 1,100 19,250
COMMERCIAL SERVICES - 0.1%
Equity Corporation International, (a) 500 13,500
Intelliquest Information Group, (a) 200 6,550
Nova Corporation, (a) 100 3,375
Registry Incorporated, (a) 100 2,925
Western Staff Services Incorporated, (a) 100 1,400
-----------
27,750
COMPUTERS & BUSINESS EQUIPMENT - 1.7%
Digital Equipment Corporation, (a) 8,200 369,000
COMPUTER SOFTWARE - 5.2%
Activision Incorporated New, (a) 7,800 101,400
Autodesk Incorporated 7,500 224,062
Cadence Design Systems Incorporated, (a) 4,000 135,000
Insignia Solutions Plc ADR, (a) 100 850
Intersolv Incorporated, (a) 3,700 34,225
Maxis Incorporated, (a) 10,300 203,425
Spectrum Holobyte Incorporated, (a) 72,900 419,175
Verilink Corporation, (a) 100 2,550
-----------
1,120,687
COMPUTER SOFTWARE - SYSTEMS- 11.8%
Adobe Systems Incorporated 11,400 408,975
BMC Software Incorporated, (a) 3,300 197,175
Cabletron Systems Incorporated, (a) 6,700 459,788
Informix Corporation, (a) 19,400 436,500
Sybase Incorporated, (a) 20,100 474,862
Synopsys Incorporated, (a) 14,350 570,412
-----------
2,547,712
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
CONSUMER GOODS & SERVICES - 0.0%
Sola International Incorporated, (a) 100 $2,875
DOMESTIC OIL - 1.9%
Carbo Ceramics Incorporated, (a) 17,900 393,800
Lomak Petroleum Incorporated 600 8,550
-----------
402,350
DRUGS & HEALTH CARE SERVICES - 21.9%
Beverly Enterprises Incorporated, (a) 8,800 105,600
Community Health Systems Incorporated, (a) 500 25,875
Coventry Corporation, (a) 12,700 200,025
Foundation Health Corporation, (a) 3,200 114,800
General Nutrition Cos Incorporated, (a) 14,000 245,000
Healthsource Incorporated, (a) 10,500 183,750
Owen Healthcare Incorporated, (a) 10,400 144,300
Pacificare Health Systems Incorporated,
Class A, (a) 15,100 996,600
Pacificare Health Systems Incorporated,
Class B, (a) 600 40,650
Regency Health Services, (a) 13,700 155,838
Safeguard Health Enterprises, (a) 1,900 33,963
United Healthcare Corporation 6,589 332,757
Uromed Corporation, (a) 60,500 831,875
Ventritex Incorporated, (a) 45,500 779,187
Zoll Medical Corporation, (a) 33,200 531,200
-----------
4,721,420
ELECTRICAL EQUIPMENT - 0.9%
Cable Design Technologies Corporation, (a) 6,000 196,500
ELECTRONICS -1.4%
Altera Corporation, (a) 1,300 49,400
Dupont Photomasks Incorporated, (a) 100 2,050
Intel Corporation 1,200 88,125
LSI Logic Corporation, (a) 5,800 150,800
Thermospectra Corporation, (a) 100 1,575
-----------
291,950
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ENTERTAINMENT - 10.3%
Bally Entertainment Group, (a) 8,400 $231,000
Harrahs Entertainment Incorporated, (a) 9,100 257,075
MGM Grand Incorporated, (a) 1,300 51,837
Showboat Incorporated 25,200 759,150
Starsight Telecast Incorporated, (a) 100,200 914,325
-----------
2,213,387
FINANCIAL SERVICES - 3.8%
Advanta Corporation, Class B 1,500 67,875
Corestates Financial Corporation 2,450 94,325
Countrywide Credit Incorporated 6,900 170,775
Credit Acceptance Corporation, (a) 4,700 98,700
Green Tree Financial Corporation 1,900 59,375
Medallion Financial Corporation, (a) 10,800 135,000
National Auto Credit Incorporated, (a) 17,450 198,494
-----------
824,544
GAS EXPLORATION - 0.4%
Apache Corporation 500 16,437
Newfield Exploration Company, (a) 1,600 62,200
Snyder Oil Corporation 750 7,594
-----------
86,231
HOTELS & RESTAURANTS - 0.5%
Applebees International Incorporated 3,300 106,013
INDUSTRIAL MACHINERY - 0.5%
Agco Corporation 4,000 111,000
INSURANCE - 0.7%
Amerin Corporation, (a) 300 8,025
Riscorp Incorporated, (a) 8,100 147,825
-----------
155,850
JEWELRY - 0.0%
Mark Brothers Jewelers Incorporated, (a) 100 2,275
LEISURE TIME - 3.1%
Argosy Gaming Corporation, (a) 80,700 595,162
Yes Entertainment Corporation, (a) 5,600 82,600
-----------
677,762
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
LODGING - 0.3%
Interstate Hotels Company, (a) 300 $6,675
Promus Hotel Corporation, (a) 1,700 50,363
-----------
57,038
MEDICAL SUPPLIES - 2.7%
Nobelpharma, (a) 7,000 130,058
Oncogene Science Incorporated, (a) 13,800 138,000
St Jude Medical Incorporated, (a) 9,100 304,850
-----------
572,908
MINING - 0.3%
Southern Africa Minerals Corporation, (a) 53,400 35,201
Titanium Metals Corporation, (a) 1,100 28,463
-----------
63,664
OIL & GAS - 2.1%
Belco Oil & Gas Corporation, (a) 9,900 351,450
Seacor Holdings Incorporated, (a) 2,400 107,400
-----------
458,850
PUBLISHING - 0.4%
Pulitzer Publishing Company 1,250 74,063
RAILROADS & EQUIPMENT - 1.6%
Kansas City Southern Industries
Incorporated 3,500 150,062
Wisconsin Central Transportation
Corporation, (a) 6,000 195,000
-----------
345,062
RETAIL - 3.0%
Eastbay Incorporated, (a) 300 4,500
Giordano International 219,000 212,187
Gymboree Corporation, (a) 9,500 289,750
Office Depot Incorporated, (a) 6,800 138,550
-----------
644,987
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
SOFTWARE - 6.0%
Cisco Systems Incorporated, (a) 1,100 $62,288
Electronic Arts, (a) 20,100 537,675
Microsoft Corporation, (a) 2,600 312,325
Oracle Systems Corporation, (a) 9,900 390,431
-----------
1,302,719
TELECOMMUNICATIONS - 7.0%
Airtouch Communications, (a) 4,000 113,000
Echostar Communications Corporation, (a) 1,900 53,675
Excel Communication Incorporated, (a) 400 10,800
Glenayre Technologies Incorporated, (a) 8,200 410,000
Mcleod Incorporated, (a) 300 7,200
Pagemart Wireless Incorporated, (a) 300 3,000
Pilipino Telephone, (a) 29,900 45,649
Rogers Cantel Mobile Incorporated,
Class B, (a) 36,800 860,200
-----------
1,503,524
TELEPHONE - 4.6%
MCI Communications Corporation 29,000 743,125
Telephone & Data Systems Incorporated 5,300 238,500
-----------
981,625
TEXTILES - 0.0%
Designer Holdings Ltd, (a) 300 7,988
TRANSPORTATION - 0.0%
Trico Marine Services Incorporated, (a) 100 2,225
-----------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $19,020,861) 19,975,484
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
WARRANTS - 0.0%
BROADCASTING - 0.0%
American Media Incorporated, (a) 41,700 $2,606
-----------
TOTAL WARRANTS - (Cost $21,501) 2,606
-----------
TOTAL INVESTMENTS - (Cost $19,042,362) - 92.6% 19,978,090
OTHER ASSETS LESS LIABILITIES - 7.4% 1,593,505
-----------
NET ASSETS - 100.0% $21,571,595
===========
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 96.5%
AEROSPACE - 6.1%
General Dynamics Corporation 7,200 $446,400
Lockheed Martin Corporation 6,300 529,200
McDonnell Douglas Corporation 15,400 746,900
United Technologies Corporation 5,300 609,500
-----------
2,332,000
AUTOMOBILES - 0.4%
Volvo AB 7,100 161,946
BANKS - 2.3%
Baybanks Incorporated 3,800 409,450
Chase Manhattan Corporation 6,476 457,367
-----------
866,817
BROADCASTING - 0.7%
Jacor Communications Incorporated, (a) 8,800 271,700
BUSINESS SERVICES - 1.7%
Ceridian Corporation, (a) 9,200 464,600
Interim Services Incorporated, (a) 1,200 51,600
Technology Solutions Company, (a) 3,400 117,725
-----------
633,925
CHEMICALS - 3.5%
Air Products & Chemicals Incorporated 6,800 392,700
Hanna M.A. Company 5,350 111,681
Polymer Group Incorporated, (a) 2,600 45,500
Praxiar Incorporated 9,900 418,275
Uniroyal Chemical Corporation, (a) 7,900 117,513
W.R. Grace & Company 3,600 255,150
-----------
1,340,819
COMMERCIAL SERVICES - 0.6%
ISS International 10,900 243,731
COMPUTERS & BUSINESS EQUIPMENT - 1.4%
Digital Equipment Corporation, (a) 5,300 238,500
Gateway 2000 Incorporated, (a) 9,100 309,400
-----------
547,900
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - 2.3%
Amisys Managed Care Systems
Incorporated, (a) 10,300 $265,225
Cadence Design Systems Incorporated 15,400 519,750
Olivetti Spa, (a) 133,300 71,993
-----------
856,968
COMPUTER SOFTWARE - SYSTEMS - 5.1%
Adobe Systems Incorporated 7,000 251,125
Affiliated Computer Services Incorporated,
Class A, (a) 3,800 178,600
BMC Software Incorporated, (a) 4,400 262,900
Cabletron Systems Incorporated, (a) 5,500 377,437
Sun Microsystems Incorporated, (a) 8,300 488,662
Sybase Incorporated, (a) 5,900 139,388
Synopsys Incorporated, (a) 5,700 226,575
-----------
1,924,687
CONGLOMERATES - 1.1%
Lasalle Re Holdings Ltd 4,800 108,000
Wharf Holdings 84,000 300,589
-----------
408,589
CONSUMER GOODS & SERVICES - 5.7%
Gillette Company 8,100 505,237
Nike Incorporated 3,900 400,725
Philip Morris Companies Incorporated 6,700 696,800
Procter & Gamble Company 6,200 561,875
-----------
2,164,637
COSMETICS & TOILETRIES - 0.9%
Lauder Estee Cos Incorporated 3,800 160,550
Revlon Incorporated, (a) 5,700 166,013
-----------
326,563
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 8.4%
Astra AB 11,700 $510,763
Coventry Corporation, (a) 4,500 70,875
Guidant Corporation 5,900 290,575
Living Centers of America
Incorporated, (a) 4,200 144,375
Mariner Health Group Incorporated, (a) 3,900 71,662
Pacificare Health Systems Incorporated,
Class A, (a) 1,600 105,600
Pacificare Health Systems Incorporated,
Class B, (a) 4,200 284,550
St Jude Medical Incorporated, (a) 14,350 480,725
United Healthcare Corporation 7,900 398,950
Uromed Corporation, (a) 34,700 477,125
Ventritex Incorporated, (a) 14,200 243,175
Zoll Medical Corporation, (a) 6,300 100,800
-----------
3,179,175
ELECTRONICS - 1.6%
Analog Devices Incorporated, (a) 5,500 140,250
ESS Technology Incorporated, (a) 100 1,850
LSI Logic Corporation, (a) 2,700 70,200
Xilinx Incorporated, (a) 12,300 390,525
-----------
602,825
ENTERTAINMENT - 3.2%
Harrahs Entertainment Incorporated, (a) 8,900 251,425
MGM Grand Incorporated, (a) 6,800 271,150
Showboat Incorporated 11,900 358,487
Viacom Incorporated, (a) 8,800 342,100
-----------
1,223,162
FINANCE - 0.8%
Federal Home Loan Mortgage Corporation 3,600 307,800
FINANCIAL SERVICES - 2.3%
Advanta Corporation, Class B 6,200 280,550
Dah Sing Financial 26,800 81,188
Leader Financial Corporation 5,200 232,700
Lloyds Tsb Group 36,900 180,517
Wing Hang Bank Ltd 24,000 95,184
-----------
870,139
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
FOOD PROCESSING - 1.2%
Huhtamaki Oy 5,500 $184,062
Tyson Foods Incorporated Delaware 10,500 287,437
-----------
471,499
FOREST PRODUCTS - 1.5%
Kimberly Clark Corporation 7,300 563,925
GAS EXPLORATION - 0.5%
Newfield Exploration Company, (a) 4,800 186,600
GAS & PIPELINE UTILITIES - 1.0%
Coastal Corporation 9,100 379,925
HOTELS & RESTAURANTS - 0.7%
Sonic Corporation, (a) 11,150 270,388
HOUSEHOLD PRODUCTS - 1.7%
Colgate Palmolive Company 7,600 644,100
INDUSTRIAL MACHINERY - 2.1%
Agco Corporation 15,400 427,350
Case Corporation 7,600 364,800
-----------
792,150
INSURANCE - 4.6%
Amerin Corporation, (a) 4,000 107,000
Chartwell Re Corporation 4,100 90,713
Cigna Corporation 5,100 601,162
Everest Reinsurance Holdings 9,300 240,637
IPC Holdings Ltd 1,900 38,238
Penncorp Financial Group Incorporated 18,900 600,075
Sphere Drake Holdings Ltd 6,600 67,650
-----------
1,745,475
LODGING - 3.3%
HFS Incorporated, (a) 9,300 651,000
Host Marriott Corporation, (a) 25,500 334,688
Jarvis Hotels, (a) 66,300 177,102
Promus Hotel Corporation, (a) 3,650 108,131
-----------
1,270,921
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
MACHINE DIVERSIFIED - 1.2%
Stanley Works 15,600 $464,100
MEDICAL SUPPLIES - 0.5%
Nobelpharma 10,800 200,662
MISCELLANEOUS - 1.0%
TV Francaise 1,500 171,475
Union Assured Federal 1,600 197,527
-----------
369,002
NEWSPAPERS - 0.5%
New Straits Times 39,000 203,247
OIL & GAS - 3.0%
Belco Oil & Gas Corporation, (a) 5,200 184,600
Mobil Corporation 4,400 493,350
Panenergy Corporation 8,900 292,587
Seacor Holdings Incorporated, (a) 3,700 165,575
-----------
1,136,112
PAPER - 0.7%
Singapore Press Hd 14,000 274,841
PHARMACEUTICALS - 1.1%
Pfizer Incorporated 3,700 264,087
Rhone Poulenc Rorer Incorporated 2,300 154,388
-----------
418,475
RAILROADS & EQUIPMENT - 2.4%
CSX Corporation 7,500 361,875
Wisconsin Central Transportation
Corporation, (a) 16,600 539,500
-----------
901,375
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
RETAIL - 7.2%
Alco Standard Corporation 7,300 $330,325
Compusa Incorporated, (a) 9,900 337,838
Giordano International 192,000 186,027
Gymboree Corporation, (a) 10,300 314,150
Hollywood Entertainment Corporation, (a) 8,200 127,100
Home Depot Incorporated 4,800 259,200
Kwik Fit Holdings 51,100 180,941
Lowes Cos Incorporated 5,400 195,075
Micro Warehouse Incorporated, (a) 6,100 122,000
Safeway Incorporated, (a) 9,700 320,100
Staples Incorporated, (a) 8,600 167,700
York International Corporation 3,400 175,950
-----------
2,716,406
SOFTWARE - 6.8%
Cisco Systems Incorporated, (a) 7,500 424,688
Computer Associates International
Incorporated 3,300 235,125
Compuware Corporation, (a) 7,600 300,200
Electronic Arts, (a) 9,700 259,475
Microsoft Corporation, (a) 4,600 552,575
Oracle Systems Corporation, (a) 20,300 800,581
-----------
2,572,644
TELECOMMUNICATIONS - 3.0%
Glenayre Technologies Incorporated, (a) 8,900 445,000
Korea Mobile Telecomm ADR 11,200 191,800
Lucent Technologies Incorporated 5,400 204,525
MCI Communications Corporation 6,200 158,875
Pilipino Telephone, (a) 88,000 134,351
-----------
1,134,551
TIRES & RUBBER - 0.5%
BF Goodrich Company 4,900 183,138
TOBACCO - 1.0%
UST Incorporated 11,100 380,175
TOYS & AMUSEMENTS - 1.2%
Tyco International Ltd 11,200 456,400
TRANSPORTATION - 0.8%
Burlington Northern Santa Fe 3,900 315,413
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
UTILITIES - 0.9%
Ericsson LM Telephone 9,100 $196,568
Telecom Italia Mobile 102,200 139,493
-----------
336,061
-----------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $33,383,708) 36,650,968
Principal
SHORT TERM INVESTMENTS - 2.6% Amount
U.S. GOVERNMENT AGENCY - 2.6% ___________
Federal Home Loan Bank Consolidated
Discount Note, 5.260%, 07/01/1996 $1,000,000 1,000,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $1,000,000) 1,000,000
-----------
TOTAL INVESTMENTS - (Cost $34,383,708) - 99.1% 37,650,968
OTHER ASSETS LESS LIABILITIES - 0.9% 325,654
-----------
NET ASSETS - 100.0% $37,976,622
===========
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 52.7%
AEROSPACE - 2.0%
Raytheon Company 4,400 $227,150
United Technologies Corporation 3,800 437,000
-----------
664,150
ALUMINUM - 0.3%
Aluminum Company of America 1,500 86,063
APPAREL & TEXTILES - 0.4%
VF Corporation 2,300 137,138
AUTO PARTS - 0.3%
Dana Corporation 3,200 99,200
AUTOMOBILES - 1.5%
Ford Motor Company 4,700 152,163
General Motors Corporation 4,900 256,637
Volvo Aktiebolaget ADR 3,900 87,750
-----------
496,550
BANKS - 2.0%
Bank of Boston Corporation 4,300 212,850
Bank of New York Incorporated 4,300 220,375
Nationsbank Corporation 2,800 231,350
-----------
664,575
BUILDING MATERIALS - 0.2%
Sherwin Williams Company 1,100 51,150
CHEMICALS - 2.5%
Dow Chemical Company 2,400 182,400
DuPont, E I De Nemours & Company 2,200 174,075
Hanna M.A. Company 1,200 25,050
Olin Corporation 1,000 89,250
Praxair Incorporated 2,700 114,075
Rohm & Haas Company 1,800 112,950
Witco Corporation 3,200 110,000
-----------
807,800
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTERS & BUSINESS EQUIPMENT - 1.0%
Digital Equipment Corporation 1,500 $67,500
International Business Machines 800 79,200
Xerox Corporation 3,600 192,600
-----------
339,300
CONGLOMERATES - 0.3%
Eastern Enterprises 3,000 99,750
CONSUMER GOODS & SERVICES - 1.5%
Avon Products Incorporated 1,400 63,175
Philip Morris Companies Incorporated 4,050 421,200
-----------
484,375
DOMESTIC OIL - 0.7%
Panenergy Corporation 6,900 226,838
DRUGS & HEALTH CARE SERVICES - 1.7%
American Home Products Corporation 3,400 204,425
Lilly Eli & Company 1,700 110,500
National Health Investments Incorporated 300 9,825
Smithkline Beecham PLC, ADR (a) 4,300 233,812
-----------
558,562
ELECTRICAL EQUIPMENT - 2.0%
General Electric Company 4,700 406,550
Honeywell Incorporated 4,500 245,250
-----------
651,800
ELECTRIC UTILITIES - 2.6%
DPL Incorporated 3,000 73,125
FPL Group Incorporated 3,700 170,200
Peco Energy Company 4,600 119,600
Pinnacle West Capital Corporation 4,300 130,612
Portland General Corporation 6,200 191,425
Texas Utilities Company 3,400 145,350
-----------
830,312
ELECTRONICS - 0.1%
Analog Devices Incorporated 1,300 33,150
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ENVIRONMENTAL CONTROL - 0.3%
Browning Ferris Industries Incorporated 3,100 $89,900
FEDERAL AGENCIES - 0.7%
Federal Home Loan Mortgage Corporation 2,500 213,750
FINANCE & BANKING - 2.4%
Chase Manhattan Corporation New 5,228 369,227
Comerica Incorporated 1,400 62,475
Fleet Financial Group Incorporated 2,200 95,700
Southern National Corporation Carolina 7,800 247,650
-----------
775,052
FINANCIAL SERVICES - 2.1%
Allstate Corporation 2,400 109,500
American Express Company 2,500 111,562
Associates First Capital Corporation, (a) 800 30,100
National City Corporation 8,700 305,587
Northern Trust Corporation 1,200 69,300
Travelers Incorporated 1,500 68,438
-----------
694,487
FOOD & BEVERAGES - 1.3%
Anheuser Busch Companies Incorporated 700 52,500
General Mills Incorporated 3,500 190,750
Kellogg Company 800 58,600
Lion Nathan Ltd 8,400 22,019
McCormick & Company Incorporated 1,400 30,975
Pepsico Incorporated 2,000 70,750
-----------
425,594
FOREST PRODUCTS - 0.2%
Weyerhaeuser Company 1,900 80,750
GAS EXPLORATION - 1.3%
Occidental Petroleum Corporation 4,500 111,375
Repsol S.A. ADR 2,800 97,300
USX-Marathon Group 10,800 217,350
-----------
426,025
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
GAS & PIPELINE UTILITIES - 2.5%
British Petroleum PLC 2,300 $245,812
Coastal Corporation 4,800 200,400
Pacific Enterprises 1,700 50,363
Sonat Incorporated 3,200 144,000
Williams Companies Incorporated 3,200 158,400
-----------
798,975
HOUSEHOLD PRODUCTS - 0.6%
Colgate Palmolive Company 1,100 93,225
Rubbermaid Incorporated 3,300 89,925
-----------
183,150
INSURANCE - 2.0%
Aetna Life & Casualty Company 1,300 92,950
Cigna Corporation 1,900 223,962
St Paul Companies, Incorporated 3,200 171,200
Torchmark Incorporated 3,800 166,250
-----------
654,362
MACHINE DIVERSIFIED - 1.6%
Deere & Company 5,300 212,000
Ingersoll Rand Company 3,200 140,000
Stanley Works 5,500 163,625
-----------
515,625
MANUFACTURING - 1.0%
Allied Signal Incorporated 4,500 257,063
American Brands Incorporated 1,800 81,675
-----------
338,738
MEDICAL SUPPLIES - 0.9%
Baxter International Incorporated 4,700 222,075
St Jude Medical Incorporated, (a) 2,000 67,000
-----------
289,075
METALS - 0.3%
Phelps Dodge Corporation 1,300 81,088
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
OIL & GAS - 0.9%
Atlantic Richfield Company 1,600 $189,600
Sun Incorporated 3,000 91,125
-----------
280,725
OILS - 2.8%
Amoco Corporation 3,400 246,075
Exxon Corporation 1,600 139,000
Mobil Corporation 1,800 201,825
Royal Dutch Petroleum Company 2,000 307,500
-----------
894,400
PETROLEUM SERVICES - 0.7%
Schlumberger Ltd 1,800 151,650
Ultramar Corporation 3,100 89,900
-----------
241,550
PHARMACEUTICALS - 0.8%
Ciba Geigy AG 150 182,971
Rhone Poulenc Rorer Incorporated 700 46,987
Warner Lambert Company 800 44,000
-----------
273,958
PHOTOGRAPHY - 1.0%
Eastman Kodak Company 4,000 311,000
POLLUTION CONTROL - 0.4%
WMX Technologies Incorporated 3,700 121,175
PRINTING - 0.8%
DeLuxe Corporation 1,500 53,250
Dun & Bradstreet Corporation 900 56,250
Tribune Company New 2,000 145,250
-----------
254,750
RAILRAODS & EQUIPMENT - 1.2%
Canadian National Railway Company 1,200 22,050
CSX Corporation 4,000 193,000
Illinois Central Corporation 6,700 190,112
-----------
405,162
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
REAL ESTATE - 0.7%
Hospitality Properties Trust 5,500 $147,125
Meditrust Corporation 2,500 83,438
-----------
230,563
RETAIL - 1.8%
May Department Stores Company 2,300 100,625
Office Depot Incorporated, (a) 1,500 30,563
Sears, Roebuck & Company 3,600 175,050
Wal Mart Stores Incorporated 3,500 88,812
York International Corporation 3,500 181,125
-----------
576,175
TELECOMMUNICATIONS - 1.3%
Alcatel Alsthom, ADR 100 1,762
GTE Corporation 5,400 241,650
Nynex Corporation 2,300 109,250
Telephone & Data Systems Incorporated 1,400 63,000
-----------
415,662
TELEPHONE - 2.3%
Ameritech Corporation 3,700 219,687
AT&T Corporation 5,300 328,600
MCI Communications Corporation 8,400 215,250
-----------
763,537
TIRES & RUBBER - 0.6%
BF Goodrich Company 5,400 201,825
TOBACCO - 0.1%
Dimon Incorporated 1,600 29,600
TRANSPORTATION - 0.4%
Burlington Northern Santa Fe 1,700 137,488
UTILITIES - 0.6%
Bellsouth Corporation 400 16,782
Tenneco Incorporated 900 46,012
UGI Corporation New 6,000 132,000
-----------
194,794
-----------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS -
(Cost $15,550,599) $17,129,648
Principal
Amount
CORPORATE BONDS AND NOTES - 15.4% -----------
AIRLINES - 0.5%
Continental Airlines, 144A
10.220%, 07/02/2014* $25,000 27,899
Quantas Airways Ltd.
7.500%, 06/30/2003 100,000 100,042
US Air Incorporated, 144A
6.760%, 04/15/2008* 20,000 18,957
-----------
146,898
BANKS - 1.7%
Abn Amro Bank NV Chicago Branch
7.550%, 06/28/2006 95,000 96,556
Advanta National Bank
6.800%, 02/28/2001 180,000 176,785
Auburn Hills Trust
12.000%, 05/01/2020 30,000 43,332
Bankers Trust New York Corporation
7.375%, 05/01/2008 95,000 93,424
Capital One Bank
6.875%, 04/24/2000 100,000 99,151
7.000%, 04/30/2001 20,000 19,833
Sovereign Bancorp Incorporated
6.750%, 09/01/2000 10,000 9,685
-----------
538,766
BROADCASTING - 1.8%
Lenfest Communications Incorporated
8.375%, 11/01/2005 50,000 45,625
TCI Communications
7.250%, 06/15/1999 350,000 350,815
Viacom Incorporated
7.750%, 06/01/2005 200,000 195,004
-----------
591,444
BUILDING CONSTRUCTION - 0.0%
Owens Corning Fiberglass Corporation
8.875%, 06/01/2002 10,000 10,689
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 0.0%
Tenet Healthcare Corporation
10.125%, 03/01/2005 $10,000 $10,550
ELECTRIC UTILITIES - 3.4%
Arkansas Power & Light Company
8.750%, 03/01/2026 20,000 19,985
Commonwealth Edison Company
8.375%, 02/15/2023 80,000 78,744
DQU II Funding Corporation
8.700%, 06/01/2016 100,000 103,213
El Paso Electric Company
8.250%, 02/01/2003 100,000 97,000
Empresa Electric Peh
7.300%, 05/01/2003 300,000 298,350
Empresa Electrica Delaware Norte Sa, 144A
7.750%, 03/15/2006* 50,000 49,598
First PV Funding Corporation
10.150%, 01/15/2016 20,000 21,050
Long Island Lighting Company
7.850%, 05/15/1999 10,000 9,945
8.900%, 07/15/2019 100,000 90,736
9.625%, 07/01/2024 10,000 10,251
Louisiana Power & Light Company
10.670%, 01/02/2017 10,000 10,703
10.670%, 01/02/2017 10,000 10,702
8.750%, 03/01/2026 10,000 9,913
Midland Funding Corporation II
11.750%, 07/23/2005 10,000 10,446
Oryx Energy Company
10.000%, 04/01/2001 120,000 130,709
PacifiCorp Holdings PPW, 144A
7.200%, 04/01/2006* 50,000 48,732
Texas-New Mexico Power Company
12.500%, 01/15/1999 100,000 108,309
Utilicorp United Incorporated
8.450%, 11/15/1999 10,000 10,425
-----------
1,118,811
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
ENTERTAINMENT - 1.0%
Time Warner Incorporated
7.450%, 02/01/1998 $250,000 $252,707
8.110%, 08/15/2006 77,000 76,518
-----------
329,225
FINANCE - 0.2%
Financiera Energetica
9.375%, 06/15/2006 50,000 50,188
FINANCIAL SERVICES - 0.9%
Alex Brown Incorporated
7.625%, 08/15/2005 40,000 40,065
Lehman Brothers Holdings Incorporated
8.500%, 05/01/2007 100,000 105,052
Rhg Finance Corporation
8.875%, 10/01/2005 100,000 103,248
Riggs National Corporation
8.500%, 02/01/2006 10,000 9,950
Salton Sea Funding Corporation
7.370%, 05/30/2005 20,000 19,520
-----------
277,835
FOOD & BEVERAGES - 0.8%
Price Costco Incorporated
7.125%, 06/15/2005 100,000 97,278
RJR Nabisco Incorporated
8.750%, 04/15/2004 125,000 124,515
8.750%, 07/15/2007 20,000 19,629
7.550%, 06/15/2015 20,000 19,152
-----------
260,574
FOREST PRODUCTS - 0.3%
Canadian Pacific Forest Products Ltd.
9.250%, 06/15/2002 60,000 63,567
Georgia Pacific Corporation
9.875%, 11/01/2021 10,000 10,831
Laidlaw Incorporated
8.750%, 04/15/2025 10,000 10,641
-----------
85,039
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
GAS EXPLORATION - 0.4%
GGIB Funding Corporation
7.430%, 01/15/2011 $98,532 $93,800
Parker & Parsley Petroleum Company
8.250%, 08/15/2007 20,000 20,858
-----------
114,658
GAS & PIPELINE UTILITIES - 0.4%
Coastal Corporation
7.750%, 10/15/2035 120,000 115,901
INSURANCE - 0.7%
Fairfax Financial Holdings Ltd.
8.300%, 04/15/2026 15,000 14,857
Liberty Mutual Insurance Company, 144A
8.200%, 05/04/2007* 20,000 20,917
Manufacturers Life Insurance Company, 144A
7.875%, 04/15/2005 20,000 20,191
Nationwide Mutual Life, 144A
7.500%, 02/15/2024* 100,000 90,811
Travelers Group
7.875%, 05/15/2025 70,000 70,052
-----------
216,828
MANUFACTURING - 0.4%
Fisher Scientific International Incorporated
7.125%, 12/15/2005 100,000 95,105
Mark IV Industries Incorporated, 144A
7.750%, 04/01/2006* 50,000 47,250
-----------
142,355
METALS - 0.0%
Asarco Incorporated
8.500%, 05/01/2025 13,000 13,386
OIL & GAS - 0.3%
Mitchell Energy & Development Corporation
8.000%, 07/15/1999 75,000 76,178
NGC Corporation
6.750%, 12/15/2005 20,000 19,064
-----------
95,242
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
OTHER - 0.9%
Black & Decker Corporation
8.440%, 11/01/1999 $10,000 $10,480
Cooper Industries
7.050%, 01/01/2015 159,000 170,130
Jet Equipment, Series 1995 A Class B 144A
9.410%, 06/15/2010* 50,000 56,564
8.640%, 11/01/2012* 49,187 52,760
10.690%, 05/01/2015* 10,000 11,725
-----------
301,659
PRINTING - 0.1%
News America Holdings Incorporated
7.600%, 10/11/2015 50,000 46,536
REAL ESTATE - 0.0%
Rouse Company
7.460%, 05/29/2001 10,000 9,920
TELECOMMUNICATIONS - 0.3%
Tele Communications Incorporated
9.250%, 01/15/2023 90,000 88,718
TOBACCO - 0.3%
Philip Morris Cos Incorporated
7.650%, 07/01/2008 100,000 101,491
UTILITIES - 1.0%
Arkla Incorporated
8.850%, 02/01/2001 65,000 68,078
California Energy Incorporated
1.000%, 01/15/2004 75,000 72,000
Cleveland Electric Illuminating Company
7.420%, 08/01/2001 100,000 93,802
Connecticut Light & Power Company
7.875%, 06/01/2001 100,000 101,347
-----------
335,227
-----------
TOTAL CORPORATE BONDS AND NOTES -
(Cost $5,047,469) 5,001,940
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CONVERTIBLE BONDS - 0.4%
CONGLOMERATES - 0.3%
ADT Operations Incorporated
Zero Coupon, 07/06/2010 $105,000 $59,062
Valhi Incorporated
Zero Coupon, 10/20/2007 68,000 29,410
-----------
88,472
ELECTRONICS - 0.1%
Altera Corporation, Convertible 144A
5.750%, 06/15/2002* 25,000 24,938
REAL ESTATE - 0.0%
Liberty Property Limited Partnership
8.000%, 07/01/2001 15,000 15,375
-----------
TOTAL CONVERTIBLE BONDS - (Cost $106,943) 128,785
Shares
-----------
PREFERRED STOCK - 1.7%
CONSTRUCTION & MINING EQUIPMENT - 0.3%
Case Corporation 1,000 118,250
ENVIRONMENTAL CONTROL - 0.2%
Browning Ferris Industries Incorporated 1,900 60,325
FINANCIAL SERVICES - 0.4%
Sci Finance Llc 1,300 125,612
GAS EXPLORATION - 0.1%
Occidental Petroleum Corporation 500 29,938
HOUSEHOLD PRODUCTS - 0.1%
Corning Delaware LP 500 28,563
OIL & GAS - 0.6%
Enron Corporation 2,800 72,450
Unocal Corporation 2,200 124,025
-----------
196,475
-----------
TOTAL PREFERRED STOCK - (Cost $505,501) 559,163
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
FOREIGN GOVERNMENT BOND - 0.3%
GOVERNMENT AGENCY - 0.3%
Argentenia Republic
9.250%, 02/23/2001 $60,000 $57,990
Columbia Republic
8.700%, 02/15/2016 60,000 54,983
-----------
112,973
-----------
TOTAL FOREIGN GOVERNMENT BOND -
(Cost $119,840) 112,973
U.S. GOVERNMENT AND AGENCY SECURITIES - 16.8%
MORTGAGE-BACKED OBLIGATIONS - 1.9%
Federal National Mortgage Association
6.500%, 11/25/2017 358,739 359,019
Government National Mortgage Association
7.500%, 04/15/2008 250,287 252,867
-----------
611,886
U.S. TREASURIES - 14.9%
United States Treasury Bond
12.000%, 08/15/2013 155,000 218,502
7.625%, 02/15/2025 406,000 437,465
6.875%, 08/15/2025 133,000 131,649
6.000%, 02/15/2026 500,000 443,360
United States Treasury Note
5.125%, 02/28/1998 1,000,000 985,310
5.875%, 04/30/1998 92,000 91,640
6.375%, 01/15/1999 100,000 100,328
6.750%, 04/30/2000 20,000 20,209
6.250%, 08/31/2000 410,000 407,118
6.250%, 04/30/2001 1,500,000 1,485,705
6.250%, 02/15/2003 50,000 49,117
7.250%, 05/15/2004 9,000 9,325
6.500%, 08/15/2005 20,000 19,712
6.875%, 05/15/2006 270,000 272,994
6.375%, 08/15/2002 20,000 19,841
7.500%, 11/15/2001 20,000 20,878
8.500%, 02/15/2000 60,000 63,994
6.250%, 05/31/2000 60,000 59,615
-----------
4,836,762
-----------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES -
(Cost $5,499,218) $5,448,648
SHORT TERM INVESTMENTS - 11.1%
FEDERAL AGENCIES - 11.1%
Federal Home Loan Bank Discount Notes,
5.250%, 07/05/1996 $1,900,000 1,898,892
Federal Home Loan Mortgage Discount Notes,
5.280%, 07/10/1996 1,705,000 1,702,749
-----------
3,601,641
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $3,601,641) 3,601,641
-----------
TOTAL INVESTMENTS - (Cost $30,431,211) -
98.4% 31,982,798
OTHER ASSETS LESS LIABILITIES - 1.6% 525,380
-----------
NET ASSETS - 100.0% $32,508,178
===========
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
* Securities exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may
be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 4.1%
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.1%
Morgan Stanley Capital 1 Incorporated,
Series 86 C Class C4, 9.000%, 05/01/2016 $251,198 $257,387
Ryan Mortgage Acceptance Corporation
Collateralized Mortgage, Series 4,
Class 4-Z, 9.450%, 04/01/2016 88,006 88,133
-----------
345,520
-----------
TOTAL MORTGAGE PASS-THROUGHS -
(Cost $346,238) 345,520
CORPORATE BONDS AND NOTES - 58.4%
AUTO PARTS - 2.5%
Varity Corporation
11.375%, 11/15/1998 210,000 213,823
ENTERTAINMENT - 11.3%
Ceasars World, Incorporated
8.875%, 08/15/2002 280,000 295,400
Harrahs Operating, Incorporated
10.875%, 04/15/2002 230,000 247,250
Time Warner, Incorporated, Floating
Rate Notes 6.210%, 08/15/2000* 225,000 225,959
Viacom International, Incorporated
Reset Notes 8.750%, 05/15/2001* 195,000 198,413
-----------
967,022
FINANCE & BANKING - 9.0%
Advanta Corporation, Notes
5.125%, 11/15/1996 500,000 498,589
MGM Grand Hotel Finance Corporation,
First Mortgage Notes
11.750%, 05/01/1999 250,000 264,375
-----------
762,964
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
INDUSTRIALS - 11.6%
Baxter International, Incorporated
7.500%, 05/01/1997 $300,000 $303,268
Magma Copper Company, Senior
Subordinated Notes 12.000%, 12/15/2001 309,000 334,794
Polaroid Corporation
7.250%, 01/15/1997 350,000 351,894
-----------
989,956
RETAIL - 4.1%
Hook Superx, Incorporated
10.125%, 06/01/2002 330,000 352,698
RETAIL GROCERY - 3.5%
Purity Supreme, Incorporated
11.750%, 08/01/1999 275,000 297,344
TELECOMMUNICATIONS - 7.5%
Cablevision Inds Corporation
10.750%, 01/30/2002 595,000 639,625
TOBACCO - 1.2%
RJR Nabisco, Incorporated Medium Term
Note Bank Ent, Tranche Trust 00031
6.250%, 01/31/1997 100,000 99,803
UTILITIES - 7.7%
System Energy Resources, Incorporated,
1st Mortgage
10.500%, 09/01/1996 300,000 301,957
Texas Utilities Electric Company,
Floating-Rate Notes Series B
6.382%, 05/01/1999* 350,000 351,513
-----------
653,470
-----------
TOTAL CORPORATE BONDS AND NOTES -
(Cost $4,967,906) 4,976,705
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES - 5.0%
MORTGAGE-BACKED OBLIGATIONS - 5.0%
Federal Home Loan PC
7.546%, 07/01/2024 $212,281 $217,693
Federal National Mortgage Association
7.928%, 12/01/2017 194,144 204,026
-----------
421,719
-----------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES -
(Cost $418,844) 421,719
SHORT TERM INVESTMENTS - 31.2%
MORTGAGE-BACKED OBLIGATIONS - 22.6%
Federal Farm Credit Bank, 5.220%,
07/02/1996 700,000 699,899
Federal Home Loan Mortgage, 5.270%,
07/03/1996 545,000 544,840
Federal National Mortgage Association,
5.250%, 07/03/1996 685,000 684,800
-----------
1,929,539
REPURCHASE AGREEMENT - 8.6%
Agreement with First Boston, dated 06/28/1996,
bearing 5.180%, to be repurchased at $731,316
on 07/01/1996 (secured by $549,000 par value
U.S. Treasury Note, 12.00%, due 05/15/05,
with a value of $747,720) 731,000 731,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $2,660,539) 2,660,539
-----------
TOTAL INVESTMENTS - (Cost $8,393,527) - 98.7% 8,404,483
OTHER ASSETS LESS LIABILITIES - 1.3% 113,969
-----------
NET ASSETS - 100.0% $8,518,452
===========
<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 June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 72.2%
ARGENTINA - 0.5%
YPF Sociedad Anonima, ADR 3,250 $73,125
AUSTRALIA - 4.1%
Bank of Melbourne, Ltd. 5,000 29,077
Casinos Austria International, Ltd. (a) 25,000 10,413
Coca-Cola Amatil, Ltd. 4,174 46,349
Coles Myer, Ltd. 12,346 44,824
Lend Lease Corporation, Ltd. 2,000 30,648
Newcrest Mining, Ltd. 11,000 44,086
Normandy Mining, Ltd. 35,480 56,043
Novus Petroleum, Ltd. 30,508 44,353
Resolute Samantha, Ltd. 20,000 46,365
Sydney Aquarium, Ltd. 56,000 134,224
Sydney Aquarium, Ltd. 7,000 16,228
Western Mining Corporation, Ltd. 6,000 42,908
-----------
545,518
AUSTRIA - 0.5%
Wolford AG 300 73,427
BERMUDA - 0.2%
Guoco Group, Ltd. 5,000 23,835
BRAZIL - 0.7%
Cia Vale Do Rio Doce Sponsored, ADR 1,800 35,325
Usinas Siderurgicas De Minas Gerais
Sponsored ADR 5,500 59,482
-----------
94,807
CAYMAN ISLAND - 0.3%
Tingyi Cayman Island, (a) 125,000 34,315
CHILE - 0.3%
Five Arrows Chile Investment Trust, Ltd. 15,000 43,050
CHINA - 1.7%
Ek Chor China Motorcycle Company, Ltd. 3,750 50,625
Inner Mongolia Erdos Cashmere "B" 93,000 45,198
Shandong Huaneng Power Company,
Ltd. ADR 3,800 31,350
The China Fund, Inc. 4,000 49,000
Yizheng Chemical Fibre Company, Ltd. 203,000 44,844
-----------
221,017
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COLOMBIA - 0.2%
Banco Industrial Colombiano ADR 2,000 $33,250
FINLAND - 0.7%
Raison Tehtaat Oy 'V Shares' 1,500 89,710
FRANCE - 1.9%
Chargeurs, (a) 150 6,710
Compagnia Generale Des Eaux 296 33,090
Dassault Systems S A, (a) 1,000 31,000
Lagardere Groupe 1,850 47,728
Pathe, (a) 150 35,228
Remy Cointreau 1,700 49,907
Sabeton SA 330 50,043
-----------
253,706
GHANA - 0.3%
Ashanti Goldfields Company, Ltd. GDR 2,200 43,175
HONG KONG - 1.3%
Asia Satellite Telephone, (a) 12,000 35,578
CDL Hotels International, Ltd. 134,000 73,571
Peregrine Investments Holdings, Ltd. 47,000 67,700
-----------
176,849
INDIA - 0.7%
Bajaj Auto, Ltd. GDR, (a) 1,100 42,075
IS Himalayan Fund NV, (a) 2,000 28,600
The Arvind Mills, Ltd. GDR 3,500 17,325
-----------
88,000
INDONESIA - 3.3%
Bank Bali PT 20,000 42,965
Bank Tiara Asia PT 24,000 27,841
Bukaka Teknik Utam PT IDR 30,000 39,635
Ciputra Development PT 27,000 54,812
Dharmala Intiland PT 34,000 26,294
Jaya Real Property PT 10,000 31,847
Modern Photo Film PT 6,000 25,779
Semen Cibinong PT 26,000 55,854
Tambang Timah PT GDR 7,700 139,755
-----------
444,782
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ITALY - 4.2%
Arnoldo Mondadori Editore Spa 14,000 $106,057
Costa Crociere Spa 30,000 43,494
De Rigo Spa ADR, (a) 1,500 34,313
Gemina, (a) 146,000 62,452
Olivetti, Spa, (a) 75,000 40,506
Pininfarina Spa 7,300 79,615
Simint Spa, (a) 43,000 160,992
Societa' Finanziaria Telefonica P.A. 10,300 34,843
-----------
562,272
JAPAN - 14.1%
Amway Japan, Ltd. Premium Exchangeable
Participating Share Trust 2,500 52,813
Benesse Corporation 600 48,718
C-Cube Corporation 4,000 41,695
Canon Sales Company Incorporated 2,000 55,777
Canon, Inc. 293 6,108
Charle Company 1,000 15,361
Chubu Steel Plate Company, Ltd. 14,000 92,424
Diamond City Company 7,000 65,286
East Japan Railway Company 11 57,834
FamilyMart 1,100 49,083
Heiwa Corporation 2,000 46,267
Higashi Nihon House 4,000 70,224
Hirata Technical Company. Ltd. 2,000 34,380
Hitachi, Ltd. 7,000 65,286
Ishikawajima Harima Heavy Industries
Company, Ltd. 8,000 39,135
Japan Industrial Land Development 1,100 34,499
Marubeni Corporation 12,000 65,835
Mitsubishi Corporation 6,000 79,002
Mitsui Fudosan 3,000 40,598
Mori Seiki Company, Ltd. 1,000 20,116
Nichiha 6,600 133,973
Nippon Felt Company, Ltd. 4,000 30,503
Nippon Shinpan Company 7,000 49,925
Nippon Telegraph & Telephone Corporation 9 66,822
Nomura Securities Company, Ltd. 8,000 156,540
Ohmoto Gumi Company, Ltd. 4,400 89,316
Powdertech Company 2,000 26,882
Salomon & Taylor Made Company, Ltd. 2,000 29,077
Sankyo Company, Ltd. 300 11,521
Shiseido Company, Ltd. 4,000 51,205
Takeda Printing Company, Ltd. 3,000 44,987
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
JAPAN (CONTINUED)
TOC Company, Ltd. 8,000 $95,094
Toho Company 400 70,955
Xebio Company, Ltd. 1,400 52,613
-----------
1,889,854
LUXEMBOURG - 0.4%
Audiofina 1,000 47,921
MALAYSIA - 2.6%
ACP Industries BHD 11,000 60,413
Batu Kawan BHD 7,500 17,438
Highlands & Lowlands 19,000 33,666
IJM Corporation BHD "A" 12,000 20,782
Ketucky Fried Chicken BHD 8,000 43,295
Kumpulan Guthrie 24,000 38,292
Road Builder Holdings BHD 20,000 88,996
Sriwani Holdings BHD, (a) 24,000 41,756
-----------
344,638
MEXICO - 0.8%
Mexico Fund 7,000 106,750
NAMIBIA - 0.6%
Namibia Breweries, (a) 140,300 84,206
NETHERLANDS - 1.0%
Ceteco Holding N.V. 1,616 88,120
Philips Electronics N.V. ADR 900 29,362
Qiagen NV, (a) 1,000 15,125
-----------
132,607
NEW ZEALAND - 5.2%
AFFCO Holdings, Ltd. 79,000 29,893
Air New Zealand, Ltd. Class B 9,000 27,554
CDL Hotels New Zealand, Ltd., (a) 84,000 31,207
Direct Capital Partners, Ltd., (a) 259,500 126,760
Evergreen Forests, Ltd., (a) 150,000 60,888
Fletcher Challenge Energy 15,000 33,230
Fletcher Challenge, Ltd. Forestry
Division 38,412 47,833
Guinness Peat Group PLC 274,312 141,544
Helicopter Line, Ltd. 12,000 23,117
Lane Walker Rudkin Industries, Ltd. 17,000 18,947
Shortland Properties, Ltd. 95,000 53,595
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
NEW ZEALAND (CONTINUED)
Trans Tasman Properties 37,000 $16,801
Tranz Rail Holdings Ltd. ADR, (a) 4,000 55,500
Wrightson, Ltd. 42,000 30,918
-----------
697,787
NORWAY - 2.5%
Alvern Norway AS, (a) 5,000 50,855
I.M. Skaugen AS 84,000 44,012
Schibsted Group AS 18,000 233,006
-----------
327,873
PAKISTAN - 0.5%
Pakistan Investment Fund Incorporated 9,500 64,125
PANAMA - 0.3%
Panamerican Beverages Inc., Class A 800 35,800
PERU - 0.7%
Minsur S.A. 9,742 87,132
PHILIPPINES - 2.9%
Belle Corporation, (a) 400,000 96,183
Benpres Holdings Corporation GDR, (a) 4,500 36,585
Benpres Holdings Corporation Sponsored
GDR, 144A, (a)* 9,120 72,960
Philippine Long Distance, (a) 800 43,600
Philippine National Bank, (a) 4,000 66,794
SM Prime Holdings, Inc. GDR, (a) 6,000 72,000
-----------
388,122
RUSSIA - 0.9%
The Central European Growth Fund PLC 73,000 73,125
The Fleming Russia Securities Fund,
Ltd., (a) 4,100 46,658
-----------
119,783
SINGAPORE - 5.0%
Acma, Ltd. 13,200 38,543
Cosco Investments, Ltd. 35,000 36,216
Dairy Farm International Holdings, Ltd. 31,740 26,820
GB Holdings, Ltd. 51,000 40,843
Hong Kong Land Holdings, Ltd. 33,000 74,250
Jardine Matheson Holdings, Ltd. 4,000 29,400
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
SINGAPORE (CONTINUED)
Jardine Strategic Holdings, Ltd. 13,437 $42,998
Keppel Corporation, Ltd. 12,000 100,354
Robinson & Company, Ltd. 8,000 34,019
Singapore Airlines, Ltd. 4,000 42,240
Singapore Land, Ltd., (a) 9,000 60,914
Singapore Sesdaq Fund, (a) 1,500 28,500
The Development Bank of Singapore, Ltd. 5,000 62,367
United Overseas Land, Ltd. 11,000 19,334
Van Der Horst, Ltd. 7,000 32,743
-----------
669,541
SOUTH AFRICA - 0.4%
Morgan Stanley Africa Investment
Fund, Inc. 3,800 47,975
SOUTH KOREA - 1.1%
Korea Electric Power Corporation ADR 2,100 50,925
Korea Electric Power Corporation 800 27,613
Korean Air Lines Company, Ltd. 1,380 32,152
Ssangyong Investment & Securities
Company, Ltd., (a) 2,300 41,396
-----------
152,086
SPAIN - 1.9%
Construcciones y Auxiliar de Ferrocarriles
S.A. 1,400 53,373
Fomento de Construcciones y
Contratas S.A. 500 41,405
Sotogrande S.A., (a) 23,000 45,998
Telefonica de Espana S.A. 6,400 117,995
-----------
258,771
SWEDEN - 0.5%
Argonaut AB 'B Shares', (a) 13,000 26,903
Rottneros AB 30,000 34,894
-----------
61,797
SWITZERLAND - 3.0%
Adia SA 150 37,674
Financiere Richemont AG CIE Units 14 22,173
Magazine Zum Globus 50 30,395
Nestle AG 70 80,011
Oerlikon Buhrle AG, (a) 1,000 103,983
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
SWITZERLAND (CONTINUED)
SGS (Societe Generale de Surveillance)
Holdings S.A. 47 $112,594
SMH (Suisse Microelectronique et
d'Horologerie) 30 20,877
-----------
407,707
TAIWAN - 1.1%
The R.O.C. Taiwan Fund, (a) 12,700 144,462
THAILAND - 2.1%
Krung Thai Bank Republic Company, Ltd. 6,000 28,127
Land & Houses PCL 2,000 25,212
Loxley PCL 2,400 35,549
Matichon Newspaper PCL 7,900 43,569
Property Perfect PCL 7,000 30,057
Siam Cement Company 600 29,450
Thai Airways International PCL 27,000 57,435
The Ruam Pattana Two Fund 55,000 36,291
-----------
285,690
UNITED KINGDOM - 3.2%
Allied Domecq PLC 9,000 63,317
Amstrad PLC 6,000 17,984
Bluebird Toys PLC 10,000 36,186
Body Shop International 14,000 38,688
British Aerospace 3,000 45,496
British Biotech PLC, (a) 600 23,016
Inchcape PLC 12,000 54,605
Lonrho PLC 21,000 60,336
News International PLC 6,000 38,484
Royal Doulton PLC 13,000 55,117
-----------
433,229
UNITED STATES - 0.5%
Harken Energy Corporation, (a) 16,000 43,000
United International Holdings
Incorporated, (a) 2,200 30,250
-----------
73,250
-----------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $9,063,941) 9,661,944
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CONVERTIBLE BONDS - 0.5%
JAPAN - 0.5%
MBL International Finance Bermuda Trust,
Guaranteed Exchangeable Notes
3.000%, 11/30/2002, (a) $60,000 $69,780
-----------
TOTAL CONVERTIBLE BONDS -
(Cost $60,000) 69,780
Shares
-----------
PREFERRED STOCK - 2.0%
AUSTRALIA - 0.1%
The News Corporation, Ltd., Voting 2,028 9,881
GERMANY - 1.4%
BBS Kraftfahrzeugtechnik AG, (a) 100 23,019
Hornbach Holding AG, (a) 500 43,078
KSB Group Non-Voting 400 51,562
Porsche AG Non-Voting, (a) 100 60,177
-----------
177,836
THAILAND - 0.5%
Thai Prime Fund, Ltd. 4,000 70,400
-----------
TOTAL PREFERRED STOCK - (Cost $217,224) 258,117
RIGHTS - 0.0%
FINLAND - 0.0%
Raision Tehtaat 1,500 0
UNITED KINGDOM - 0.0%
British Biotech PLC, (a) 75 455
-----------
TOTAL RIGHTS - (Cost $0) 455
WARRANTS - 0.9%
AUSTRALIA - 0.0%
Normandy Mining, Ltd. 14,192 6,468
BERMUDA - 0.0%
Peregrine Investment 4,700 583
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
WARRANTS (CONTINUED)
JAPAN - 0.9%
Olympus Optical Company, Ltd. 2,500 $10,000
Tobu Store Company, Ltd. 2,500 29,375
Yodogawa Steel Works 2,500 74,375
-----------
113,750
SINGAPORE - 0.0%
Jardine Strategic Holdings, Ltd. 1,937 601
United O/S Land 1,100 879
-----------
1,480
-----------
TOTAL WARRANTS - (Cost $120,672) 122,281
Pricipal
Amount
-----------
GOVERNMENT BONDS - 1.3%
NEW ZEALAND - 1.3%
New Zealand, Government
8.000%, 11/15/2006, (a) $270,000 176,471
-----------
TOTAL GOVERNMENT BONDS -
(Cost $188,015) 176,471
SHORT TERM INVESTMENTS - 22.1%
REPURCHASE AGREEMENT - 22.1%
Agreement with State Street Bank and Trust
Company, dated 06/28/1996, bearing 4.000%,
to be repurchased at $2,961,987 on 07/01/1996
(secured by $3,110,000 par value U.S.
Treasury Notes, 5.25%, due 01/31/01, with a
value of $3,022,793) 2,961,000 2,961,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $2,961,000) 2,961,000
-----------
TOTAL INVESTMENTS - (Cost $12,610,852) - 99.0% 13,250,048
OTHER ASSETS LESS LIABILITIES - 1.0% 137,378
-----------
NET ASSETS - 100.0% $13,387,426
===========
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<FN>
The percentage shown for each investment category is
the total value of that category as a percentage of
the net assets of the portfolio.
* Securities exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may
be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(a) - Non-income producing securities.
ADR - American Depositary Receipts.
GDR - Global Depositary Receipts.
IDR - International Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
ANALYSIS BY INDUSTRY CLASSIFICATION
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Net
Percent of Industry Assets
- --------------------------------------------- -------
<S> <C>
AGRICULTURAL PRODUCTS 0.8%
AIR TRAVEL 1.7
AUTO PARTS 0.4
AUTOMOBILES 1.4
BANKS 2.7
BROADCASTING 1.5
BEVERAGES 0.6
BUSINESS SERVICES 1.0
BUILDING MATERIALS 0.2
COMPUTERS & BUSINESS EQUIPMENT 0.4
COMPUTER SOFTWARE 0.5
CONGLOMERATES 3.7
CONSTRUCTION 3.6
DRUGS & HEALTH CARE SERVICES 0.5
DIVERSIFIED 0.8
ELECTRICAL EQUIPMENT 0.9
ELECTRIC UTILITIES 0.8
ELECTRONICS 0.2
ENTERTAINMENT 1.8
FINANCIAL SERVICES 3.2
FOOD & BEVERAGES 2.0
FOOD PROCESSING 1.2
FOREST PRODUCTS 1.1
GAS EXPLORATION 0.3
GAS & PIPELINE UTILITIES 0.5
GOLD 0.5
GOVERNMENT 1.4
HOME BUILDERS 0.3
HOTELS & RESTURANTS 1.1
HOUSEHOLD PRODUCTS 0.8
INDUSTRIAL MACHINERY 1.6
INDUSTRIALS 0.1
INSURANCE 0.2
INVESTMENT COMPANY 7.5
LEISURE TIME 1.3
MANUFACTURING 1.5
MEDICAL SUPPLIES 0.3
METALS 2.3
MINING 2.0
MISCELLANEOUS 0.4
OFFICE FURNISHINGS & SUPPLIES 0.9
OILS 1.0
PHARMACEUTICALS 0.1
PRINTING 1.1
PHOTOGRAPHY 0.4
PUBLISHING 2.4
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL STOCK PORTFOLIO
SCHEDULE OF INVESTMENTS
ANALYSIS BY INDUSTRY CLASSIFICATION
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Net
Percent of Industry Assets
- --------------------------------------------- -------
<S> <C>
RAILROADS & EQUIPMENT 0.4
REAL ESTATE 5.3
RETAIL 2.7
RETAIL GROCERY 0.9
STEEL 1.1
TELECOMMUNICATIONS 1.7
TELEPHONE 0.5
TEXTILES 2.7
TOYS & AMUSEMENTS 0.4
TRANSPORTATION 1.5
UTILITIES 0.7
-------
TOTAL INVESTMENTS BY INDUSTRY CLASSIFICATION 76.9
REPURCHASE AGREEMENT 22.1
-------
TOTAL INVESTMENTS 99.0
=======
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 89.8%
AIR LINES - 4.8%
Alaska Air Group Incorporated, (a) 1,900 $52,012
AMR Corporation Delaware, (a) 900 81,900
Continental Airlines Incorporated, (a) 700 43,225
Delta Air Lines Incorporated 1,400 116,200
UAL Corporation, (a) 1,400 75,250
-----------
368,587
BANKS - 5.9%
Bank of America 1,300 98,475
Bank of New York Company Incorporated 1,000 51,250
Citicorp Bank 700 57,838
Mellon Bank Corporation 1,400 79,800
Nationsbank Corporation 900 74,362
Wells Fargo & Company 400 95,550
-----------
457,275
COMPUTERS & BUSINESS EQUIPMENT - 21.9%
3Com Corporation, (a) 8,100 370,575
Cabletron Systems Incorporated, (a) 4,100 281,363
Cisco Systems Incorporated, (a) 8,000 453,000
Compaq Computer Corporation, (a) 5,800 285,650
Dell Computer Corporation, (a) 5,900 300,162
-----------
1,690,750
DRUGS & HEALTH CARE SERVICES - 1.0%
Oxford Health Plans Incorporated, (a) 1,100 45,238
United Healthcare Corporation 700 35,350
-----------
80,588
ELECTRICAL EQUIPMENT - 1.4%
Arrow Electronics Incorporated, (a) 600 25,875
Atmel Corporation, (a) 2,000 60,250
Novellus Systems Incorporated, (a) 700 25,200
-----------
111,325
ELECTRONICS - 15.3%
Adaptec Incorporated, (a) 5,600 265,300
Gateway 2000 Incorporated, (a) 2,700 91,800
Intel Corporation 4,600 337,812
Lam Research Corporation, (a) 700 18,200
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ELECTRONICS (CONTINUED)
LSI Logic Corporation, (a) 7,000 $182,000
Wyle Electronics 700 23,188
Xilinx Incorporated, (a) 8,300 263,525
-----------
1,181,825
FINANCIAL SERVICES - 7.7%
Chase Manhattan Corporation 500 35,313
Household International Incorporated 4,200 319,200
Merrill Lynch & Company Incorporated 3,700 240,962
-----------
595,475
HOTELS & RESTAURANTS - 3.2%
Mirage Resorts Incorporated, (a) 4,600 248,400
RETAIL - 10.3%
CompUSA Incorporated, (a) 9,500 324,187
Dayton Hudson Corporation 700 72,188
Gap Incorporated 3,400 109,225
Nike Incorporated 2,600 267,150
Pep Boys Manny Moe & Jack 700 23,800
-----------
796,550
COMPUTER SOFTWARE - 18.3%
Cadence Design Systems Incorporated, (a) 9,850 332,438
Compuware Corporation, (a) 1,700 67,150
Microsoft Corporation, (a) 3,300 396,412
Oracle Systems Corporation, (a) 8,350 329,303
Parametric Technology Corporation, (a) 6,600 286,275
-----------
1,411,578
-----------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $6,655,933) 6,942,353
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
SHORT TERM INVESTMENTS - 11.3%
REPURCHASE AGREEMENT - 11.3%
Agreement with State Street Bank and Trust
Company, dated 06/28/1996, bearing 4.000%,
to be repurchased at $870,290 on 07/01/1996
(secured by $880,000 par value U.S.
Treasury Note, 5.875%, due 08/15/98, with
a value of $892,019) $870,000 $870,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $870,000) 870,000
-----------
TOTAL INVESTMENTS - (Cost $7,525,933) - 101.1% 7,812,353
OTHER ASSETS LESS LIABILITIES - (1.1)% (86,190)
-----------
NET ASSETS - 100.0% $7,726,163
===========
<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.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 90.9%
AIR LINES - 1.0%
Atlantic Southeast Airlines Incorporated 3,600 $101,700
ALUMINUM - 1.2%
Alumax Incorporated, (a) 1,750 53,156
Kaiser Aluminum Corporation, (a) 5,750 63,250
-----------
116,406
AUTO PARTS - 3.0%
Autozone Incorporated, (a) 1,500 52,125
Boyds Wheels Incorporated, (a) 8,500 109,437
Custom Chrome Incorporated, (a) 3,000 80,625
Strattec Security Corporation, (a) 3,000 53,250
-----------
295,437
BANKS - 4.6%
Commercial Federal Corporation 2,500 95,625
Corestates Financial Corporation 2,500 96,250
First Colorado Bancorp Incorporated 4,000 53,000
GBC Bancorp California 2,500 57,813
Union Planters Corporation 3,000 91,125
United States Bancorp 1,700 61,412
-----------
455,225
BUILDING CONSTRUCTION - 1.1%
BMC West Corporation, (a) 6,500 111,313
BUILDING MATERIALS - 0.6%
Royal Plastics Group Ltd., (a) 4,000 61,500
BUSINESS SERVICES - 7.3%
ADT Ltd., (a) 3,500 66,063
America Online Incorporated, (a) 2,500 109,375
Childrens Comprehensive Services, (a) 2,500 53,750
Mail Boxes Et Cetera, (a) 2,750 62,906
National Education Corporation, (a) 5,000 71,250
National Techteam Incorporated, (a) 5,000 58,125
Nuco2 Incorporated, (a) 2,500 76,875
Vanstar Corporation, (a) 5,000 83,750
Wackenhut Corporation 4,000 73,500
Youth Services Incorporated, (a) 4,000 71,000
-----------
726,594
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
CHEMICALS - 2.0%
Air Products & Chemicals Incorporated 1,200 $69,300
Crompton & Knowles Corporation 3,000 50,250
Monsanto Company 2,500 81,250
-----------
200,800
COMMERCIAL SERVICES - 0.1%
Registry Incorporated, (a) 500 14,625
COMMUNICATION SERVICES - 2.5%
Comsat Corporation 3,500 91,000
Netcom Online Communications, (a) 3,000 81,000
Tele Communications Incorporated New, (a) 3,000 79,500
-----------
251,500
COMPUTERS & BUSINESS EQUIPMENT - 5.8%
Affiliated Computer Services Incorporated,
Class A, (a) 2,000 94,000
Computer Learning Centers
Incorporated, (a) 5,000 107,500
Cylink Corporation, (a) 4,000 69,000
Diebold Incorporated 3,000 144,750
Metatools Incorporated, (a) 2,000 47,000
Psinet Incorporated, (a) 4,000 46,000
UUNET Technologies Incorporated, (a) 1,000 66,250
-----------
574,500
COMPUTER SOFTWARE - 7.5%
Inference Corporation, (a) 2,000 48,000
Open Market Incorporated, (a) 500 12,188
Compuware Corporation, (a) 2,000 79,000
Discreet Logic Incorporated, (a) 10,000 67,500
Eagle Point Software Corporation, (a) 8,000 56,000
Harbinger Corporation, (a) 3,500 97,125
Pinnacle Systems Incorporated, (a) 6,000 124,500
Platinum Technology Incorporated, (a) 4,500 68,063
Software 2000 Incorporated, (a) 4,250 68,531
Sterling Software Incorporated, (a) 1,000 77,000
Walker Interactive Systems, (a) 5,000 50,000
-----------
747,907
CONSTRUCTION & MINING EQUIPMENT - 0.5%
Numar Corporation, (a) 3,000 45,750
DOMESTIC OIL - 1.0%
Tuboscope Vetco International Corporation,
(a) 9,000 100,125
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 8.7%
Allergan Incorporated 2,200 $86,350
Bergen Brunswig Corporation 3,000 83,250
Biosource International Incorporated, (a) 10,000 90,312
Diagnostic Health Services
Incorporated, (a) 15,000 101,250
Meridian Diognostic 6,000 91,875
Nabi Incorporated, (a) 10,000 95,000
Nellcor Puritan Bennett Incorporated, (a) 2,000 97,000
Novoste Corporation, (a) 8,000 79,000
Spine Tech Incorporated, (a) 1,500 43,500
TheraTx Incorporated, (a) 5,000 95,000
-----------
862,537
ELECTRICAL EQUIPMENT - 2.4%
Fisher Scientific International
Incorporated 2,500 93,750
Kuhlman Corporation 4,000 69,500
Ultrak Incorporated, (a) 4,500 77,062
-----------
240,312
ELECTRONICS - 2.4%
Data Translation Incorporated, (a) 7,500 122,812
Sawtek Incorporated, (a) 500 17,250
Scientific Games Holdings
Corporation, (a) 3,500 101,500
-----------
241,562
ENVIRONMENTAL CONTROL - 1.5%
Philip Environmental Incorporated, (a) 10,000 78,750
Tetra Technologies Incorporated, (a) 4,000 69,500
-----------
148,250
FINANCIAL SERVICES - 1.7%
Federal National Mortgage
Association, (a) 5,000 167,500
FOOD & BEVERAGES - 0.6%
Longhorn Steaks Incorporated, (a) 2,500 62,500
GAS EXPLORATION - 0.9%
Giant Industries Incorporated 6,000 87,000
GAS & PIPELINE UTILITIES - 1.0%
El Paso Natural Gas Company 2,500 96,250
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
HOTELS & RESTAURANTS - 2.2%
Buffets Incorporated, (a) 5,000 $61,250
Consolidated Products Incorporated, (a) 3,000 49,500
National Lodging Corporation, (a) 3,000 48,000
Rio Hotel & Casino Incorporated, (a) 4,000 61,500
-----------
220,250
HOUSEHOLD APPLIANCES & HOME FURNISHINGS - 2.3%
American Homestar Corporation, (a) 3,000 78,000
Harman International Industries Incorporated
New 1,750 86,188
LSI Industries Incorporated 4,000 69,000
-----------
233,188
INSURANCE - 2.4%
Berkley W R Corporation 2,500 104,375
Everest Reinsurance Holdings 2,650 68,569
GCR Holdings Ltd. 2,500 66,250
-----------
239,194
MOBILE HOMES - 4.1%
Cavalier Homes Incorporated 2,800 64,750
Coachmen Industries Incorporated 2,000 70,000
Fleetwood Enterprises Incorporated 2,200 68,200
Nobility Homes Incorporated, (a) 5,000 103,750
Skyline Corporation 4,000 100,000
-----------
406,700
PETROLEUM SERVICES - 6.8%
3D Geophysicalinc, (a) 3,000 32,250
Diamond Offshore Drilling
Incorporated, (a) 1,500 85,875
Digicon Incorporated, (a) 6,000 100,500
Global Marine Incorporated, (a) 5,000 69,375
Noble Drilling Corporation, (a) 5,500 76,313
Reading & Bates Corporation, (a) 3,500 77,437
Smith International Incorporated, (a) 3,000 90,375
Ultramar Corporation 2,000 58,000
Varco International Incorporated, (a) 5,000 90,625
-----------
680,750
RAILROADS & EQUIPMENT - 1.0%
Wisconsin Central Transportation
Corporation, (a) 3,000 97,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
REAL ESTATE - 3.6%
Ambassador Apartments Incorporated 4,000 $67,500
Bay Apartment Community Incorporated 2,000 51,750
Bedford Property Investors Incorporated 6,000 81,000
Public Storage Incorporated, (a) 5,000 103,125
Spieker Properties Incorporated 2,000 54,500
-----------
357,875
RETAIL - 5.1%
Adidas, ADR 144A* 1,800 76,050
Rawlings Sporting Goods Company, (a) 10,000 98,750
Sport Haley Incorporated, (a) 10,000 146,250
Vans Incorporated, (a) 7,000 119,000
Wet Seal Incorporated, (a) 3,000 71,437
-----------
511,487
STEEL - 0.8%
Oregon Steel Mills Incorporated 6,000 82,500
TELEPHONE - 2.8%
Genesee & Wyoming Incorporated, (a) 6,000 123,000
Intermedia Communications
Incorporated, (a) 1,000 32,250
Worldcom Incorporated, (a) 2,250 124,594
-----------
279,844
TEXTILES - 0.5%
Designer Holdings Ltd., (a) 2,000 53,250
TRUCKING & FREIGHT FORWARDING - 1.9%
Metrotrans Corporation, (a) 5,000 70,000
Tidewater Incorporated 27,000 118,463
-----------
188,463
-----------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS -
(Cost $8,562,834) 9,060,294
Principal
Amount
-----------
CORPORATE BONDS AND NOTES - 1.4%
OTHER - 1.4%
Healthsource Incorporated, Convertible
Subordinated Note 144A
5.000%, 03/01/2003* $120,000 92,925
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
OTHER (CONTINUED)
Rotech Med Corporation, Subordinated
Debenture Convertible 144A
5.250%, 06/01/2003* $50,000 $47,750
-----------
140,675
-----------
TOTAL CORPORATE BONDS AND NOTES -
(Cost $146,147) 140,675
CONVERTIBLE BONDS - 2.1%
COMPUTER SOFTWARE - 0.8%
Softkey International Incorporated, Senior
Note COnvertible 144A
5.500%, 11/01/2000* 100,000 78,813
ENVIRONMENTAL CONTROL - 0.5%
Molten Metal Technology Incorporated,
Convertible Subordinated Note 144A
5.500%, 05/01/2006* 50,000 49,000
HOMEBUILDERS - 0.8%
Schuler Homes Incorporated
6.500%, 01/15/2003 100,000 80,375
-----------
TOTAL CONVERTIBLE BONDS - (Cost $212,809) 208,188
Shares
-----------
PREFERRED STOCK - 3.7%
AIR LINES - 0.9%
Transport World Airlines Incorporated, (a)
144A* 1,750 85,094
ELECTRICAL EQUIPMENT - 0.8%
Westinghouse Electric, PFD, Series C 4,500 78,187
STEEL - 0.4%
WHX Corporation, Series A 1,000 42,375
TOYS & AMUSEMENTS - 1.1%
Tyco Toys Incorporated, (a) 20,000 112,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------- ----------- -----------
<S> <C> <C>
PREFERRED STOCK (CONTINUED)
UTILITIES - 0.5%
Calenergy Capital Trusy, (a) 1,000 $53,000
-----------
TOTAL PREFERRED STOCK - (Cost $380,898) 371,156
RIGHTS - 0.0%
BUSINESS SERVICES - 0.0%
Integrated Systems Consulting Group, (a) 1 40
-----------
TOTAL RIGHTS - (Cost $0) 40
Principal
Amount
-----------
SHORT TERM INVESTMENTS - 3.9%
REPURCHASE AGREEMENT - 3.9%
Agreement with State Street Bank and Trust
Company, dated 06/28/96, bearing 4.000%,
to be repurchased at $392,131 on 07/01/1996
(secured by $415,000 par value U.S.
Treasury Note, 5.25%, due 01/31/01, with
a value of $403,363) $392,000 392,000
-----------
TOTAL SHORT TERM INVESTMENTS -
(Cost $392,000) 392,000
-----------
TOTAL INVESTMENTS - (Cost $9,694,688) - 102.0% 10,172,353
OTHER ASSETS LESS LIABILITIES - (2.0)% (201,209)
-----------
NET ASSETS - 100.0% $9,971,144
===========
<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.
*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.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Money
Market
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $13,854,710
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 1,265
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable --
Dividends receivable --
Receivable for fund shares sold 311,457
Receivable due from Investment Adviser (Note 3) 4,771
Foreign income tax reclaim receivable --
Prepaid insurance 509
Deferred organization costs 8,031
____________
TOTAL ASSETS 14,180,743
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable due to Investment Adviser (Note 3) 3,678
Accounts payable and accrued expenses 24,873
____________
TOTAL LIABILITIES 28,551
____________
NET ASSETS $14,152,192
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $14,152,192
Undistributed net investment income (loss) (Note 2) --
Accumulated net realized gain (loss) on investments and
foreign currency transactions --
Net unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
____________
NET ASSETS $14,152,192
============
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 14,152,192
(a) Investments in securities and repurchase agreements, at cost $13,854,710
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Mortgage-Backed
Securities
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $10,810,683
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 6,147
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 62,385
Dividends receivable --
Receivable for fund shares sold 16,223
Receivable due from Investment Adviser (Note 3) 5,865
Foreign income tax reclaim receivable --
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 10,909,918
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 8,111
Payable due to Investment Adviser (Note 3) 6,526
Accounts payable and accrued expenses 31,680
____________
TOTAL LIABILITIES 46,317
____________
NET ASSETS $10,863,601
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $10,573,736
Undistributed net investment income (loss) (Note 2) 283,040
Accumulated net realized gain (loss) on investments and
foreign currency transactions 32,284
Net unrealized appreciation (depreciation) of:
Investments (25,459)
Foreign currency translations --
____________
NET ASSETS $10,863,601
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.74
Total shares outstanding at end of period 1,011,639
(a) Investments in securities and repurchase agreements, at cost $10,836,142
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $8,026,166
Repurchase agreements, at value (a) 1,762,000
Cash, including foreign currency, at value 19,297
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) 6,312
Receivable for currency sold --
Interest receivable 203,231
Dividends receivable --
Receivable for fund shares sold 2,057
Receivable due from Investment Adviser (Note 3) 5,771
Foreign income tax reclaim receivable --
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 10,033,449
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) 31,892
Payable for currency purchased --
Payable for fund shares repurchased 1,028
Payable due to Investment Adviser (Note 3) 6,784
Accounts payable and accrued expenses 37,060
____________
TOTAL LIABILITIES 76,764
____________
NET ASSETS $9,956,685
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $9,345,199
Undistributed net investment income (loss) (Note 2) 260,965
Accumulated net realized gain (loss) on investments and
foreign currency transactions 180,316
Net unrealized appreciation (depreciation) of:
Investments 197,711
Foreign currency translations (27,506)
____________
NET ASSETS $9,956,685
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $11.10
Total shares outstanding at end of period 897,061
(a) Investments in securities and repurchase agreements, at cost $9,590,455
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $19,978,090
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 1,588,842
Receivable for securities sold 10,966
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable --
Dividends receivable 2,246
Receivable for fund shares sold 266,048
Receivable due from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 584
Deferred organization costs 8,031
______________
TOTAL ASSETS 21,854,807
LIABILITIES
Payable for securities purchased 230,917
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable due to Investment Adviser (Note 3) 13,575
Accounts payable and accrued expenses 38,720
______________
TOTAL LIABILITIES 283,212
______________
NET ASSETS $21,571,595
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $19,060,949
Undistributed net investment income (loss) (Note 2) (81,839)
Accumulated net realized gain (loss) on investments and
foreign currency transactions 1,656,743
Net unrealized appreciation (depreciation) of:
Investments 935,728
Foreign currency translations 14
______________
NET ASSETS $21,571,595
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $14.35
Total shares outstanding at end of period 1,503,473
(a) Investments in securities and repurchase agreements, at cost $19,042,362
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Research
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $37,650,968
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 496,664
Receivable for securities sold 522,055
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold 261,501
Interest receivable --
Dividends receivable 28,100
Receivable for fund shares sold 318,225
Receivable due from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable 1,527
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 39,287,655
LIABILITIES
Payable for securities purchased 997,214
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 260,564
Payable for fund shares repurchased --
Payable due to Investment Adviser (Note 3) 23,672
Accounts payable and accrued expenses 29,583
____________
TOTAL LIABILITIES 1,311,033
____________
NET ASSETS $37,976,622
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $33,273,828
Undistributed net investment income (loss) (Note 2) 8,820
Accumulated net realized gain (loss) on investments and
foreign currency transactions 1,427,569
Net unrealized appreciation (depreciation) of:
Investments 3,267,260
Foreign currency translations (855)
____________
NET ASSETS $37,976,622
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $14.54
Total shares outstanding at end of period 2,611,643
(a) Investments in securities and repurchase agreements, at cost $34,383,708
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $31,982,798
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 348,345
Receivable for securities sold 462,221
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 188,198
Dividends receivable 44,541
Receivable for fund shares sold 167,592
Receivable due from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable 931
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 33,203,241
LIABILITIES
Payable for securities purchased 642,402
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable due to Investment Adviser (Note 3) 20,169
Accounts payable and accrued expenses 32,492
____________
TOTAL LIABILITIES 695,063
____________
NET ASSETS $32,508,178
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $30,288,460
Undistributed net investment income (loss) (Note 2) 363,216
Accumulated net realized gain (loss) on investments and
foreign currency transactions 304,894
Net unrealized appreciation (depreciation) of:
Investments 1,551,587
Foreign currency translations 21
____________
NET ASSETS $32,508,178
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $12.45
Total shares outstanding at end of period 2,610,058
(a) Investments in securities and repurchase agreements, at cost $30,431,211
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Advantage
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $7,673,483
Repurchase agreements, at value (a) 731,000
Cash, including foreign currency, at value 782
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 117,599
Dividends receivable --
Receivable for fund shares sold 17,516
Receivable due from Investment Adviser (Note 3) 5,867
Foreign income tax reclaim receivable --
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 8,554,862
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 8,758
Payable due to Investment Adviser (Note 3) 3,268
Accounts payable and accrued expenses 24,384
____________
TOTAL LIABILITIES 36,410
____________
NET ASSETS $8,518,452
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $8,302,751
Undistributed net investment income (loss) (Note 2) 211,852
Accumulated net realized gain (loss) on investments and
foreign currency transactions (7,107)
Net unrealized appreciation (depreciation) of:
Investments 10,956
Foreign currency translations --
____________
NET ASSETS $8,518,452
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.50
Total shares outstanding at end of period 811,610
(a) Investments in securities and repurchase agreements, at cost $8,393,527
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
International
Stock
Portfolio
____________
<S> <C>
ASSETS
Investments in securities, at value (a) $10,289,048
Repurchase agreements, at value (a) 2,961,000
Cash, including foreign currency, at value 147,953
Receivable for securities sold 264,263
Receivable for forward currency contracts (Note 6) 6,724
Receivable for currency sold 264,936
Interest receivable 3,050
Dividends receivable 20,793
Receivable for fund shares sold 40,818
Receivable due from Investment Adviser (Note 3) 8,913
Foreign income tax reclaim receivable 4,295
Prepaid insurance 584
Deferred organization costs 8,031
____________
TOTAL ASSETS 14,020,408
LIABILITIES
Payable for securities purchased 289,995
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 265,166
Payable for fund shares repurchased 20,409
Payable due to Investment Adviser (Note 3) 8,609
Accounts payable and accrued expenses 48,803
____________
TOTAL LIABILITIES 632,982
____________
NET ASSETS $13,387,426
============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $11,974,394
Undistributed net investment income (loss) (Note 2) 46,299
Accumulated net realized gain (loss) on investments and
foreign currency transactions 721,859
Net unrealized appreciation (depreciation) of:
Investments 639,196
Foreign currency translations 5,678
____________
NET ASSETS $13,387,426
============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $11.29
Total shares outstanding at end of period 1,185,565
(a) Investments in securities and repurchase agreements, at cost $12,610,852
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Value +
Growth
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $6,942,353
Repurchase agreements, at value (a) 870,000
Cash, including foreign currency, at value 629
Receivable for securities sold 161,088
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 290
Dividends receivable 2,092
Receivable for fund shares sold 69,003
Receivable due from Investment Adviser (Note 3) 2,663
Foreign income tax reclaim receivable --
Prepaid insurance --
Deferred organization costs 7,248
______________
TOTAL ASSETS 8,055,366
LIABILITIES
Payable for securities purchased 303,645
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable due to Investment Adviser (Note 3) 5,543
Accounts payable and accrued expenses 20,015
______________
TOTAL LIABILITIES 329,203
______________
NET ASSETS $7,726,163
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $7,670,040
Undistributed net investment income (loss) (Note 2) (10,361)
Accumulated net realized gain (loss) on investments and
foreign currency transactions (219,936)
Net unrealized appreciation (depreciation) of:
Investments 286,420
Foreign currency translations --
______________
NET ASSETS $7,726,163
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.23
Total shares outstanding at end of period 755,351
(a) Investments in securities and repurchase agreements, at cost $7,525,933
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $9,780,353
Repurchase agreements, at value (a) 392,000
Cash, including foreign currency, at value 156
Receivable for securities sold 144,171
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 6,646
Dividends receivable 7,481
Receivable for fund shares sold 64,553
Receivable due from Investment Adviser (Note 3) 1,572
Foreign income tax reclaim receivable --
Prepaid insurance --
Deferred organization costs 7,248
______________
TOTAL ASSETS 10,404,180
LIABILITIES
Payable for securities purchased 407,025
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable due to Investment Adviser (Note 3) 6,953
Accounts payable and accrued expenses 19,058
______________
TOTAL LIABILITIES 433,036
______________
NET ASSETS $9,971,144
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $9,380,147
Undistributed net investment income (loss) (Note 2) (2,122)
Accumulated net realized gain (loss) on investments and
foreign currency transactions 115,454
Net unrealized appreciation (depreciation) of:
Investments 477,665
Foreign currency translations --
______________
NET ASSETS $9,971,144
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $11.11
Total shares outstanding at end of period 897,759
(a) Investments in securities and repurchase agreements, at cost $9,694,688
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Mortgage-
Money Backed
Market Securities
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $224,321 $345,683
Dividend income -- --
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 224,321 345,683
EXPENSES
Investment adviser fee (Note 3) 15,677 37,586
Administration fee 6,294 6,294
Audit fee 4,020 4,020
Custodian fees and expenses 23,610 31,768
Trustee's fees (Note 3) 2,805 2,805
Legal fee 5,072 5,072
Insurance expense 1,665 1,665
Transfer agent expense 2,386 2,386
Amortization of organization expense 1,229 1,229
Miscellaneous expense 566 565
______________ ______________
Total operating expenses before waiver
and reimbursement 63,324 93,390
Expenses reimbursed by the Investment
Adviser (Note 3) (35,105) (30,747)
______________ ______________
NET EXPENSES 28,219 62,643
______________ ______________
NET INVESTMENT INCOME (LOSS) 196,102 283,040
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments -- 32,087
Foreign capital gains taxes withheld
on investments -- --
Foreign currency transactions -- --
Change in unrealized appreciation
(depreciation) of:
Investments -- (402,163)
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAIN -- (370,076)
______________ ______________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $196,102 ($87,036)
============== ==============
<FN>
*For the period April 1, 1996 (commencement of investment operations) through
June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
International
Fixed Income OTC
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $303,015 $22,361
Dividend income -- 9,602
Foreign taxes withheld (2,620) (97)
______________ ______________
TOTAL INVESTMENT INCOME 300,395 31,866
EXPENSES
Investment adviser fee (Note 3) 39,347 58,686
Administration fee 6,294 6,294
Audit fee 4,020 4,020
Custodian fees and expenses 39,208 41,163
Trustee's fees (Note 3) 2,805 2,805
Legal fee 5,072 5,072
Insurance expense 1,665 1,665
Transfer agent expense 2,386 2,386
Amortization of organization expense 1,229 1,229
Miscellaneous expense 544 543
______________ ______________
Total operating expenses before waiver
and reimbursement 102,570 123,863
Expenses reimbursed by the Investment
Adviser (Note 3) (28,506) (10,158)
______________ ______________
NET EXPENSES 74,064 113,705
______________ ______________
NET INVESTMENT INCOME (LOSS) 226,331 (81,839)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 90,415 1,575,162
Foreign capital gains taxes withheld
on investments -- --
Foreign currency transactions 68,065 (110)
Change in unrealized appreciation
(depreciation) of:
Investments (352,258) 654,765
Foreign currency translations (14,669) 14
______________ ______________
NET REALIZED AND UNREALIZED GAIN (208,447) 2,229,831
______________ ______________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $17,884 $2,147,992
============== ==============
<FN>
*For the period April 1, 1996 (commencement of investment operations) through
June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Total
Research Return
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $46,586 $332,873
Dividend income 155,389 197,885
Foreign taxes withheld (4,730) (3,494)
______________ ______________
TOTAL INVESTMENT INCOME 197,245 527,264
EXPENSES
Investment adviser fee (Note 3) 104,230 92,859
Administration fee 6,294 6,294
Audit fee 4,020 4,020
Custodian fees and expenses 60,322 47,175
Trustee's fees (Note 3) 2,804 2,804
Legal fee 5,072 5,072
Insurance expense 1,665 1,665
Transfer agent expense 2,386 2,386
Amortization of organization expense 1,229 1,229
Miscellaneous expense 566 544
______________ ______________
Total operating expenses before waiver
and reimbursement 188,588 164,048
Expenses reimbursed by the Investment
Adviser (Note 3) -- --
______________ ______________
NET EXPENSES 188,588 164,048
______________ ______________
NET INVESTMENT INCOME (LOSS) 8,657 363,216
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 1,314,796 237,769
Foreign capital gains taxes withheld
on investments -- --
Foreign currency transactions 6,891 (287)
Change in unrealized appreciation
(depreciation) of:
Investments 1,581,546 428,461
Foreign currency translations (657) 70
______________ ______________
NET REALIZED AND UNREALIZED GAIN 2,902,576 666,013
______________ ______________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $2,911,233 $1,029,229
============== ==============
<FN>
*For the period April 1, 1996 (commencement of investment operations) through
June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
International
Advantage Stock
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $239,969 $45,225
Dividend income -- 124,618
Foreign taxes withheld -- (14,829)
______________ ______________
TOTAL INVESTMENT INCOME 239,969 155,014
EXPENSES
Investment adviser fee (Note 3) 17,573 48,346
Administration fee 6,294 6,294
Audit fee 4,020 4,020
Custodian fees and expenses 24,463 63,931
Trustee's fees (Note 3) 2,804 2,805
Legal fee 5,072 5,072
Insurance expense 1,665 1,665
Transfer agent expense 2,386 2,386
Amortization of organization expense 1,229 1,229
Miscellaneous expense 545 586
______________ ______________
Total operating expenses before waiver
and reimbursement 66,051 136,334
Expenses reimbursed by the Investment
Adviser (Note 3) (37,934) (42,622)
______________ ______________
NET EXPENSES 28,117 93,712
______________ ______________
NET INVESTMENT INCOME (LOSS) 211,852 61,302
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments (11,733) 701,493
Foreign capital gains taxes withheld
on investments -- (2,957)
Foreign currency transactions -- (40,830)
Change in unrealized appreciation
(depreciation) of:
Investments 11,252 543,732
Foreign currency translations -- (18,391)
______________ ______________
NET REALIZED AND UNREALIZED GAIN (481) 1,183,047
______________ ______________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $211,371 $1,244,349
============== ==============
<FN>
*For the period April 1, 1996 (commencement of investment operations) through
June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Value + Growth &
Growth Income
Portfolio* Portfolio*
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $8,068 $12,708
Dividend income 7,155 15,359
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 15,223 28,067
EXPENSES
Investment adviser fee (Note 3) 14,298 16,871
Administration fee 2,844 2,844
Audit fee 2,045 2,045
Custodian fees and expenses 10,843 10,883
Trustee's fees (Note 3) 1,189 1,189
Legal fee 2,148 2,148
Insurance expense 707 707
Transfer agent expense 1,213 1,213
Amortization of organization expense 380 380
Miscellaneous expense 229 229
______________ ______________
Total operating expenses before waiver
and reimbursement 35,896 38,509
Expenses reimbursed by the Investment
Adviser (Note 3) (10,312) (8,320)
______________ ______________
NET EXPENSES 25,584 30,189
______________ ______________
NET INVESTMENT INCOME (LOSS) (10,361) (2,122)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments (219,936) 115,454
Foreign capital gains taxes withheld
on investments -- --
Foreign currency transactions -- --
Change in unrealized appreciation
(depreciation) of:
Investments 286,420 477,665
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAIN 66,484 593,119
______________ ______________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $56,123 $590,997
============== ==============
<FN>
*For the period April 1, 1996 (commencement of investment operations) through
June 30, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
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 (decrease) in net assets resulting from operations 177,620
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (177,620)
In excess of net investment income --
Distributions in excess of net realized loss 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 net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $196,102
Net realized gain (loss) on:
Investments --
Foreign capital gains taxes withheld on investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 196,102
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (196,102)
FUND SHARE TRANSACTIONS (Note 5) 8,409,928
______________
TOTAL INCREASE IN NET ASSETS 8,409,928
NET ASSETS:
Beginning of period 5,742,264
______________
END OF PERIOD (a) $14,152,192
==============
(a) Including undistributed net investment income (loss) $ --
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
_____________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
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 (decrease) in net assets resulting from operations 931,545
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (412,255)
In excess of net investment income --
Distributions in excess of net realized loss 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 net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $283,040
Net realized gain (loss) on:
Investments 32,087
Foreign capital gains taxes withheld on investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (402,163)
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations (87,036)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 2,295,259
______________
TOTAL INCREASE IN NET ASSETS 2,208,223
NET ASSETS:
Beginning of period 8,655,378
______________
END OF PERIOD (a) $10,863,601
==============
(a) Including undistributed net investment income (loss) $283,040
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
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 (decrease) in net assets resulting from operations 1,024,104
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (359,188)
In excess of net investment income --
Distributions in excess of net realized loss 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 net investment income $34,634
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $226,331
Net realized gain (loss) on:
Investments 90,415
Foreign capital gains taxes withheld on investments --
Foreign currency transactions 68,065
Change in unrealized appreciation (depreciation) of:
Investments (352,258)
Foreign currency translations (14,669)
______________
Net increase (decrease) in net assets resulting from operations 17,884
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 1,382,548
______________
TOTAL INCREASE IN NET ASSETS 1,400,432
NET ASSETS:
Beginning of period 8,556,253
______________
END OF PERIOD (a) $9,956,685
==============
(a) Including undistributed net investment income (loss) $260,965
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) ($11,987)
Net realized gain (loss) on:
Investments 1,098,964
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 230,952
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 1,317,929
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
In excess of net investment income --
Distributions in excess of net realized loss on investments (995,427)
FUND SHARE TRANSACTIONS (Note 5) 7,036,435
______________
TOTAL INCREASE IN NET ASSETS 7,358,937
NET ASSETS:
Beginning of period 1,695,685
______________
END OF PERIOD (a) $9,054,622
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) ($81,839)
Net realized gain (loss) on:
Investments 1,575,162
Foreign capital gains taxes withheld on investments --
Foreign currency transactions (110)
Change in unrealized appreciation (depreciation) of:
Investments 654,765
Foreign currency translations 14
______________
Net increase (decrease) in net assets resulting from operations 2,147,992
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 10,368,981
______________
TOTAL INCREASE IN NET ASSETS 12,516,973
NET ASSETS:
Beginning of period 9,054,622
______________
END OF PERIOD (a) $21,571,595
==============
(a) Including undistributed net investment income (loss) ($81,839)
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) $40,193
Net realized gain (loss) on:
Investments 352,255
Foreign currency transactions 9,912
Change in unrealized appreciation (depreciation) of:
Investments 1,725,239
Foreign currency translations (197)
______________
Net increase (decrease) in net assets resulting from operations 2,127,402
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (39,939)
In excess of net investment income --
Distributions in excess of net realized loss on investments (234,536)
FUND SHARE TRANSACTIONS (Note 5) 12,706,354
______________
TOTAL INCREASE IN NET ASSETS 14,559,281
NET ASSETS:
Beginning of period 1,626,521
______________
END OF PERIOD (a) $16,185,802
==============
(a) Including undistributed net investment income $163
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $8,657
Net realized gain (loss) on:
Investments 1,314,796
Foreign capital gains taxes withheld on investments --
Foreign currency transactions 6,891
Change in unrealized appreciation (depreciation) of:
Investments 1,581,546
Foreign currency translations (657)
______________
Net increase (decrease) in net assets resulting from operations 2,911,233
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 18,879,587
______________
TOTAL INCREASE IN NET ASSETS 21,790,820
NET ASSETS:
Beginning of period 16,185,802
______________
END OF PERIOD (a) $37,976,622
==============
(a) Including undistributed net investment income (loss) $8,820
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) $264,737
Net realized gain (loss) on:
Investments 138,883
Foreign currency transactions (1,184)
Change in unrealized appreciation (depreciation) of:
Investments 1,143,979
Foreign currency translations (49)
______________
Net increase (decrease) in net assets resulting from operations 1,546,366
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (264,737)
In excess of net investment income (1,276)
Distributions in excess of net realized loss on investments (63,682)
FUND SHARE TRANSACTIONS (Note 5) 12,987,871
______________
TOTAL INCREASE IN NET ASSETS 14,204,542
NET ASSETS:
Beginning of period 1,298,365
______________
END OF PERIOD (a) $15,502,907
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $363,216
Net realized gain (loss) on:
Investments 237,769
Foreign capital gains taxes withheld on investments --
Foreign currency transactions (287)
Change in unrealized appreciation (depreciation) of:
Investments 428,461
Foreign currency translations 70
______________
Net increase (decrease) in net assets resulting from operations 1,029,229
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 15,976,042
______________
TOTAL INCREASE IN NET ASSETS 17,005,271
NET ASSETS:
Beginning of period 15,502,907
______________
END OF PERIOD (a) $32,508,178
==============
(a) Including undistributed net investment income (loss) $363,216
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
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 (decrease) in net assets resulting from operations 433,231
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (417,434)
In excess of net investment income (252)
Distributions in excess of net realized loss 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 net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $211,852
Net realized gain (loss) on:
Investments (11,733)
Foreign capital gains taxes withheld on investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 11,252
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 211,371
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 2,317,016
______________
TOTAL INCREASE IN NET ASSETS 2,528,387
NET ASSETS:
Beginning of period 5,990,065
______________
END OF PERIOD (a) $8,518,452
==============
(a) Including undistributed net investment income (loss) $211,852
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
International
Stock
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
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 (decrease) in net assets resulting from operations 715,416
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (110,088)
In excess of net investment income (61,309)
Distributions in excess of net realized loss 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 net investment income ($15,003)
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) $61,302
Net realized gain (loss) on:
Investments 701,493
Foreign capital gains taxes withheld on investments (2,957)
Foreign currency transactions (40,830)
Change in unrealized appreciation (depreciation) of:
Investments 543,732
Foreign currency translations (18,391)
______________
Net increase (decrease) in net assets resulting from operations 1,244,349
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 2,191,925
______________
TOTAL INCREASE IN NET ASSETS 3,436,274
NET ASSETS:
Beginning of period 9,951,152
______________
END OF PERIOD (a) $13,387,426
==============
(a) Including undistributed net investment income (loss) $46,299
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Value +
Growth
Portfolio*
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) --
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 --
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) --
______________
TOTAL INCREASE IN NET ASSETS --
NET ASSETS:
Beginning of period --
______________
END OF PERIOD (a) --
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) ($10,361)
Net realized gain (loss) on:
Investments (219,936)
Foreign capital gains taxes withheld on investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 286,420
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 56,123
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 7,660,040
______________
TOTAL INCREASE IN NET ASSETS 7,716,163
NET ASSETS:
Beginning of period 10,000
______________
END OF PERIOD (a) $7,726,163
==============
(a) Including undistributed net investment income (loss) ($10,361)
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
and the period ended June 30, 1996* (Unaudited)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio*
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995 (Audited):
Net investment income (loss) --
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 --
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
In excess of net investment income --
Distributions in excess of net realized loss on investments --
FUND SHARE TRANSACTIONS (Note 5) --
______________
TOTAL INCREASE IN NET ASSETS --
NET ASSETS:
Beginning of period --
______________
END OF PERIOD (a) --
==============
(a) Including undistributed net investment income $ --
==============
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1996 (Unaudited):
Net investment income (loss) ($2,122)
Net realized gain (loss) on:
Investments 115,454
Foreign capital gains taxes withheld on investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 477,665
Foreign currency translations --
______________
Net increase (decrease) in net assets resulting from operations 590,997
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 9,370,147
______________
TOTAL INCREASE IN NET ASSETS 9,961,144
NET ASSETS:
Beginning of period 10,000
______________
END OF PERIOD (a) $9,971,144
==============
(a) Including undistributed net investment income (loss) ($2,122)
==============
<FN>
*The Value + Growth Portfolio and the Growth & Income Portfolio commenced
investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
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)
Period ended June 30, 1996 $1.00 $0.02 $0.00
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)
Period ended June 30, 1996 10.84 0.28 (0.38)
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
Period ended June 30, 1996 11.09 0.25 (0.24)
Year ended December 31, 1995 10.02 0.41 1.24
Period ended December 31, 1994* 10.00 0.15 (0.05)
OTC PORTFOLIO
Period ended June 30, 1996 12.08 (0.05) 2.32
Year ended December 31, 1995 10.36 (0.02) 3.07
Period ended December 31, 1994* 10.00 0.00 0.36
RESEARCH PORTFOLIO
Period ended June 30, 1996 12.88 0.00 1.66
Year ended December 31, 1995 9.59 0.03 3.48
Period ended December 31, 1994* 10.00 0.09 (0.41)
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 11.90 0.14 0.41
Year ended December 31, 1995 9.76 0.21 2.19
Period ended December 31, 1994* 10.00 0.09 (0.24)
ADVANTAGE PORTFOLIO (7)
Period ended June 30, 1996 10.18 0.26 0.06
Year ended December 31, 1995 9.98 0.71 0.20
Period ended December 31, 1994* 10.00 0.12 (0.02)
INTERNATIONAL STOCK PORTFOLIO
Period ended June 30, 1996 10.14 0.05 1.10
Year ended December 31, 1995 9.74 0.13 0.70
Period ended December 31, 1994* 10.00 0.06 (0.26)
VALUE + GROWTH PORTFOLIO
Period ended June 30, 1996** 10.00 (0.01) 0.24
GROWTH & INCOME PORTFOLIO
Period ended June 30, 1996** 10.00 0.00 1.11
<FN>
(1) Net investment income is after reimbursement of certain fees and expenses
by Equitable Investment Services, Inc. ("EISI") (See Note 3 to the finan-
cial statements). Had EISI not undertaken to reimburse expenses related
to the Portfolios, net investment income (loss) per share and ratio of
operating expenses to average net assets would have been as follows for
the period ended June 30, 1996, for the year ended December 31, 1995 and
for the period ended December 31, 1994, respectively: Money Market
Portfolio, $0.02 and 1.51%, $0.04 and 2.59%, $(0.03) and 23.22%; Mortgage-
Backed Securities Portfolio, $0.25 and 1.86%, $0.43 and 1.99%, $0.11 and
2.43%; International Fixed Income Portfolio, $0.22 and 2.22%, $0.31 and
2.13%, $0.10 and 2.53%; OTC Portfolio, $(0.06) and 1.69%, $(0.10) and
2.52%, $(0.12) and 7.10%; Research Portfolio, $0.00 and 1.45%, $(0.04) and
2.48%, $(0.04) and 7.48%; Total Return Portfolio, $0.14 and 1.41%, $0.14
and 2.36%, $(0.06) and 8.31%; Advantage Portfolio, $0.21 and 1.88%, $0.60
and 2.13%, $0.07 and 3.06%; International Stock Portfolio, $0.02 and 2.26%,
$(0.02) and 2.88%, $0.00 and 3.31%; Value + Growth Portfolio, $(0.03) and
2.39%; and Growth & Income Portfolio, $(0.01) and 2.17%.
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
(7) EISI took over management of the Portfolio on April 1, 1996.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** For the period April 1, 1996 (commencement of investment operations)
through June 30, 1996.
</TABLE>
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)
Period ended June 30, 1996 $0.02 ($0.02) $0.00
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)
Period ended June 30, 1996 (0.10) 0.00 0.00
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
Period ended June 30, 1996 0.01 0.00 0.00
Year ended December 31, 1995 1.65 (0.47) (0.11)
Period ended December 31, 1994* 0.10 (0.08) 0.00
OTC PORTFOLIO
Period ended June 30, 1996 2.27 0.00 0.00
Year ended December 31, 1995 3.05 0.00 (1.33)
Period ended December 31, 1994* 0.36 0.00 0.00
RESEARCH PORTFOLIO
Period ended June 30, 1996 1.66 0.00 0.00
Year ended December 31, 1995 3.51 (0.03) (0.19)
Period ended December 31, 1994* (0.32) (0.09) 0.00
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 0.55 0.00 0.00
Year ended December 31, 1995 2.40 (0.21) (0.05)
Period ended December 31, 1994* (0.15) (0.09) 0.00
ADVANTAGE PORTFOLIO (7)
Period ended June 30, 1996 0.32 0.00 0.00
Year ended December 31, 1995 0.91 (0.71) 0.00
Period ended December 31, 1994* 0.10 (0.12) 0.00
INTERNATIONAL STOCK PORTFOLIO
Period ended June 30, 1996 1.15 0.00 0.00
Year ended December 31, 1995 0.83 (0.18) (0.25)
Period ended December 31, 1994* (0.20) (0.06) 0.00
VALUE + GROWTH PORTFOLIO
Period ended June 30, 1996** 0.23 0.00 0.00
GROWTH & INCOME PORTFOLIO
Period ended June 30, 1996** 1.11 0.00 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.
(7) EISI took over management of the Portfolio on April 1, 1996.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** For the period April 1, 1996 (commencement of investment operations)
through June 30, 1996.
</TABLE>
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)
Period ended June 30, 1996 ($0.02) $1.00 2.34%
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)
Period ended June 30, 1996 0.00 10.74 (0.93)
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
Period ended June 30, 1996 0.00 11.10 0.13
Year ended December 31, 1995 (0.58) 11.09 15.81
Period ended December 31, 1994* (0.08) 10.02 1.01
OTC PORTFOLIO
Period ended June 30, 1996 0.00 14.35 18.77
Year ended December 31, 1995 (1.33) 12.08 29.23
Period ended December 31, 1994* 0.00 10.36 3.59
RESEARCH PORTFOLIO
Period ended June 30, 1996 0.00 14.54 12.91
Year ended December 31, 1995 (0.22) 12.88 36.58
Period ended December 31, 1994* (0.09) 9.59 (3.22)
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 0.00 12.45 4.63
Year ended December 31, 1995 (0.26) 11.90 24.51
Period ended December 31, 1994* (0.09) 9.76 (1.47)
ADVANTAGE PORTFOLIO (7)
Period ended June 30, 1996 0.00 10.50 3.05
Year ended December 31, 1995 (0.71) 10.18 9.18
Period ended December 31, 1994* (0.12) 9.98 0.99
INTERNATIONAL STOCK PORTFOLIO
Period ended June 30, 1996 0.00 11.29 11.33
Year ended December 31, 1995 (0.43) 10.14 8.47
Period ended December 31, 1994* (0.06) 9.74 (1.96)
VALUE + GROWTH PORTFOLIO
Period ended June 30, 1996** 0.00 10.23 2.27
GROWTH & INCOME PORTFOLIO
Period ended June 30, 1996** 0.00 11.11 11.07
<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.
(7) EISI took over management of the Portfolio on April 1, 1996.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** For the period April 1, 1996 (commencement of investment operations)
through June 30, 1996.
</TABLE>
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)
Period ended June 30, 1996 $14,152,192 0.68% 4.69%
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)
Period ended June 30, 1996 10,863,601 1.25 5.65
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
Period ended June 30, 1996 9,956,685 1.60 4.89
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
Period ended June 30, 1996 21,571,595 1.55 (1.12)
Year ended December 31, 1995 9,054,622 1.07 (0.22)
Period ended December 31, 1994* 1,695,685 0.75 0.16
RESEARCH PORTFOLIO
Period ended June 30, 1996 37,976,622 1.45 0.07
Year ended December 31, 1995 16,185,802 1.12 0.58
Period ended December 31, 1994* 1,626,521 0.75 4.65
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 32,508,178 1.41 3.13
Year ended December 31, 1995 15,502,907 1.11 3.88
Period ended December 31, 1994* 1,298,365 0.75 4.58
ADVANTAGE PORTFOLIO (7)
Period ended June 30, 1996 8,518,452 0.80 6.03
Year ended December 31, 1995 5,990,065 0.77 8.56
Period ended December 31, 1994* 3,449,166 0.75 5.32
INTERNATIONAL STOCK PORTFOLIO
Period ended June 30, 1996 13,387,426 1.55 1.01
Year ended December 31, 1995 9,951,152 1.08 1.44
Period ended December 31, 1994* 5,102,454 0.75 2.43
VALUE + GROWTH PORTFOLIO
Period ended June 30, 1996** 7,726,163 1.70 (0.69)
GROWTH & INCOME PORTFOLIO
Period ended June 30, 1996** 9,971,144 1.70 (0.12)
<FN>
(1) Net investment income is after reimbursement of certain fees and expenses
by Equitable Investment Services, Inc. ("EISI") (See Note 3 to the finan-
cial statements). Had EISI not undertaken to reimburse expenses related
to the Portfolios, net investment income (loss) per share and ratio of
operating expenses to average net assets would have been as follows for
the period ended June 30, 1996, for the year ended December 31, 1995 and
for the period ended December 31, 1994, respectively: Money Market
Portfolio, $0.02 and 1.51%, $0.04 and 2.59%, $(0.03) and 23.22%; Mortgage-
Backed Securities Portfolio, $0.25 and 1.86%, $0.43 and 1.99%, $0.11 and
2.43%; International Fixed Income Portfolio, $0.22 and 2.22%, $0.31 and
2.13%, $0.10 and 2.53%; OTC Portfolio, $(0.06) and 1.69%, $(0.10) and
2.52%, $(0.12) and 7.10%; Research Portfolio, $0.00 and 1.45%, $(0.04) and
2.48%, $(0.04) and 7.48%; Total Return Portfolio, $0.14 and 1.41%, $0.14
and 2.36%, $(0.06) and 8.31%; Advantage Portfolio, $0.21 and 1.88%, $0.60
and 2.13%, $0.07 and 3.06%; International Stock Portfolio, $0.02 and 2.26%,
$(0.02) and 2.88%, $0.00 and 3.31%; Value + Growth Portfolio, $(0.03) and
2.39%; and Growth & Income Portfolio, $(0.01) and 2.17%.
(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.
(7) EISI took over management of the Portfolio on April 1, 1996.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** For the period April 1, 1996 (commencement of investment operations)
through June 30, 1996.
</TABLE>
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Portfolio Average
Turnover Commission
Rate(5) Rate(6)
_____________ _____________
<S> <C> <C>
MONEY MARKET PORTFOLIO (2)
Period ended June 30, 1996 N/A N/A
Year ended December 31, 1995 N/A --
Period ended December 31, 1994* N/A --
MORTGAGE-BACKED SECURITIES
PORTFOLIO (2)
Period ended June 30, 1996 9% N/A
Year ended December 31, 1995 34 --
Period ended December 31, 1994* 52 --
INTERNATIONAL FIXED INCOME
PORTFOLIO
Period ended June 30, 1996 44 N/A
Year ended December 31, 1995 89 --
Period ended December 31, 1994* 6 --
OTC PORTFOLIO
Period ended June 30, 1996 74 $0.0365
Year ended December 31, 1995 111 --
Period ended December 31, 1994* 6 --
RESEARCH PORTFOLIO
Period ended June 30, 1996 41 0.0304
Year ended December 31, 1995 83 --
Period ended December 31, 1994* 85 --
TOTAL RETURN PORTFOLIO
Period ended June 30, 1996 74 0.0576
Year ended December 31, 1995 89 --
Period ended December 31, 1994* 45 --
ADVANTAGE PORTFOLIO (7)
Period ended June 30, 1996 60 N/A
Year ended December 31, 1995 166 --
Period ended December 31, 1994* 94 --
INTERNATIONAL STOCK PORTFOLIO
Period ended June 30, 1996 41 0.0145
Year ended December 31, 1995 102 --
Period ended December 31, 1994* 4 --
VALUE + GROWTH PORTFOLIO
Period ended June 30, 1996** 71 0.0510
GROWTH & INCOME PORTFOLIO
Period ended June 30, 1996** 37 0.0548
<FN>
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over managment of the Portfolio in June, 1995.
(5) Portfolio turnover rates are not annualized.
(6) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average net assets in equity security transactions on
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
(7) EISI took over management of the Portfolio on April 1, 1996.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** For the period April 1, 1996 (commencement of investment operations)
through June 30, 1996.
</TABLE>
EQUI-SELECT SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
NOTE 1 - ORGANIZATION
Equi-Select Series Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended, as a no load, open-end management investment
company. The Trust was organized as a Massachusetts business trust on May
11, 1994, and offers ten portfolios, 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, International Stock
Portfolio, Value + Growth Portfolio and Growth & Income 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 other than the
Value + Growth Portfolio and the Growth & Income Portfolio. The shares of
the Trust are sold to certain life insurance companies' separate accounts to
fund the benefits under variable annuity contracts issued by such life
insurance companies, including Equitable Life Insurance Company of Iowa. All
Portfolios (except the Value + Growth and the Growth & Income Portfolios)
began investment operations on October 4, 1994 and the Value + Growth and the
Growth & Income Portfolios began investment operations on April 1, 1996 with
the infusion of working capital into the Portfolios by Equitable Life
Insurance Company of Iowa. On May 16, 1996 the Government Securities and
Short-Term Bond Portfolios ceased investment operations.
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.
NOTE 2 (CONTINUED)
Forward Currency Contracts - A forward foreign currency contract ("Forward")
is an agreement between two parties to buy and sell a currency at a set price
on a future date. The market value of the Forward fluctuates with changes in
currency exchange rates. The Forward is marked-to-market daily and the
change in the market value is recorded by a Portfolio as an unrealized gain
or loss. When the Forward is closed, the Portfolio records a realized gain
or loss equal to the difference between the value at the time it was opened
and the value at the time it was closed. The Portfolio could be exposed to
risk if a counterparty is unable to meet the terms of the contract or if the
value of the currency changes unfavorably. The Portfolio may enter into
Forwards in connection with planned purchases and sales of securities, to
hedge specific receivables or payables against changes in future exchange
rates or to hedge the U.S. dollar value of portfolio securities denominated
in a foreign currency.
Currency Call and Put Options - A call option written by a Portfolio
obligates the Portfolio to sell specified currency to the option holder at a
specified price at any time before the expiration date. A put option written
by a Portfolio obligates the Portfolio to purchase specified currency from
the option holder at a specified price at any time before the expiration
date. These transactions involve a risk that a Portfolio may, upon exercise
of the option, be required to sell currency at a price that is less than its
market value or be required to purchase currency at a price that exceeds its
market value. A Portfolio may also realize gains or losses by entering into
closing purchase transactions identical to call or put options that have been
written by the Portfolio in order to terminate its obligation under a call or
put option. In determining the amount of gain or loss realized, the option
premium paid and related transactions costs are added to the exercise price.
Dollar Roll Transactions -- A Portfolio may enter into dollar roll
transactions, in which a Portfolio sells securities for delivery in the
current month and simultaneously contracts to repurchase substantially
similar (same type, same or similar interest rate and maturity) securities on
a specified future date. During the roll period the Portfolio forgoes
principal and interest paid on the securities. The Portfolios account for
such dollar rolls as financing transactions, and are compensated by the
interest earned on the cash proceeds of the initial sale and by the lower
repurchase price at the future date. To the extent that a Portfolio has
commitments under dollar roll transactions, liquid, high grade debt
securities are segregated in an amount equivalent to these obligations.
There were no dollar roll commitments outstanding at June 30, 1996.
Expenses - Expenses directly attributable to a Portfolio are charged to that
Portfolio. Expenses not directly attributable to a Portfolio are allocated
among the 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 sales, "post October 31 losses" and excise tax
regulations. Distributions are recorded on the ex-dividend date.
NOTE 2 (CONTINUED)
Federal Income Taxes - Each Portfolio is treated as a separate entity for
federal tax purposes. Each Portfolio intends to qualify each year as a
regulated investment company under Subchapter M of the Internal Revenue Code
of 1986. By so qualifying, the Portfolios will not be subject to federal
income taxes to the extent that they distribute all of their taxable income,
including realized capital gains, for the fiscal year. In addition, by
distributing substantially all of their net investment income, capital gains
and certain other amounts during the calendar year, the Portfolios will not
be subject to a federal excise tax.
NOTE 3 - AGREEMENTS AND FEES
The Trust has entered into an Investment Advisory Agreement (the "Agreement")
with Equitable Investment Services, Inc. ("EISI"), under which EISI manages
the business and affairs of the Portfolios and the Trust. Under the
Agreement, each Portfolio pays EISI a monthly 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
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
Value + Growth Portfolio 0.95% of first $500 million
0.75% in excess of $500 million
Growth & Income Portfolio 0.95% of first $200 million
0.75% in excess of $200 million
</TABLE>
NOTE 3 (CONTINUED)
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, Inc. with respect to the International Stock Portfolio,
Massachusetts Financial Services Company with respect to the OTC, Research
and Total Return Portfolios and Robertson, Stephens & Company Investment
Management, L.P. with respect to the Value + Growth and Growth & Income
Portfolios; each of whom, under the supervision of EISI, is responsible for
the day-to-day investment management of each of the Portfolios. On April 1,
1996 EISI assumed responsibility for the day-to-day investment management of
the Advantage Portfolio from Strong Capital Management. 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, Mortgage-Backed
Securities and Advantage Portfolios.
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 and Advantage Portfolios, .50% of the average daily net assets of the
Mortgage-Backed Securities Portfolio, and .75% of the average daily net
assets of the International Stock, International Fixed Income, OTC, Total
Return, Research, Value + Growth and Growth & Income Portfolios. This
undertaking is subject to termination at any time without notice to
shareholders. For the period ended June 30, 1996, EISI had agreed to
reimburse the Trust $203,704 for expenses in excess of the voluntary expense
limitations, of which $35,422 was owed to the Trust as of June 30, 1996.
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
period ended June 30, 1996, were as follows:
<TABLE>
<CAPTION>
Non-U.S. U.S. Non-U.S. U.S.
Government Government Government Government
Purchases Purchases Sales Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Mortgage-Backed Securities $2,293,799 $757,778
International Fixed Income $3,944,860 -- $3,619,984 --
OTC 19,060,824 -- 10,462,035 --
Research 28,541,617 -- 10,329,296 --
Total Return 16,367,930 13,094,273 5,725,718 9,177,304
Advantage 3,468,316 230,792 3,091,192 169,715
International Stock 4,813,264 -- 4,173,210 --
Value + Growth 10,157,519 -- 3,281,390 --
Growth & Income 11,380,519 -- 2,194,991 --
</TABLE>
NOTE 4 (CONTINUED)
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 and their respective gross unrealized appreciation and
depreciation at June 30, 1996 were as follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Identified Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Money Market $13,854,710
Mortgage-Backed
Securities 10,836,142 $128,804 $154,263 ($25,459)
International Fixed
Income 9,590,455 265,087 67,376 197,711
OTC 19,042,362 2,100,352 1,164,624 935,728
Research 34,383,708 4,053,386 786,126 3,267,260
Total Return 30,431,211 1,844,669 293,082 1,551,587
Advantage 8,393,527 16,204 5,248 10,956
International Stock 12,610,852 1,087,132 447,936 639,196
Value + Growth 7,525,933 404,866 118,446 286,420
Growth & Income 9,694,688 769,125 291,460 477,665
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS:
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Money Market Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 16,201,376 $16,201,376 17,965,244 $17,965,244
Shares issued to share-
holders in reinvestment
of dividends 196,102 196,102 177,620 177,620
Shares redeemed (7,987,550) (7,987,550) (12,847,284) (12,847,284)
____________ ____________ ____________ ____________
Net increase 8,409,928 $8,409,928 5,295,580 $5,295,580
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Mortgage-Backed Securities Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 421,858 $4,534,967 378,821 $4,186,542
Shares issued to share-
holders in reinvestment
of dividends 46,351 502,530 7,811 77,195
Shares redeemed (255,064) (2,742,238) (91,008) (1,013,983)
____________ ____________ ____________ ____________
Net increase 213,145 $2,295,259 295,624 $3,249,754
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
International Fixed Income Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 221,688 $2,441,638 314,299 $3,449,089
Shares issued to share-
holders in reinvestment
of dividends 36,314 402,963 7,389 78,013
Shares redeemed (132,792) (1,462,053) (54,916) (615,656)
____________ ____________ ____________ ____________
Net increase 125,210 $1,382,548 266,772 $2,911,446
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
OTC Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 693,811 $9,632,985 717,249 $8,736,295
Shares issued to share-
holders in reinvestment
of dividends 80,997 995,428 50 509
Shares redeemed (20,888) (259,432) (131,491) (1,700,369)
____________ ____________ ____________ ____________
Net increase 753,920 $10,368,981 585,808 $7,036,435
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Research Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,339,578 $18,686,975 1,204,516 $14,162,794
Shares issued to share-
holders in reinvestment
of dividends 21,272 274,475 1,537 14,626
Shares redeemed (5,935) (81,863) (118,854) (1,471,066)
____________ ____________ ____________ ____________
Net increase 1,354,915 $18,879,587 1,087,199 $12,706,354
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Total Return Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,299,608 $15,886,980 1,280,732 $14,234,048
Shares issued to share-
holders in reinvestment
of dividends 27,643 329,695 1,222 11,922
Shares redeemed (19,708) (240,633) (112,428) (1,258,099)
____________ ____________ ____________ ____________
Net increase 1,307,543 $15,976,042 1,169,526 $12,987,871
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
Advantage Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 485,828 $5,050,790 353,828 $3,714,131
Shares issued to share-
holders in reinvestment
of dividends 41,159 419,439 4,016 40,119
Shares redeemed (303,518) (3,153,213) (115,252) (1,226,810)
____________ ____________ ____________ ____________
Net increase 223,469 $2,317,016 242,592 $2,527,440
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
International Stock Portfolio
Period Ended Year Ended
June 30, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 385,936 $4,196,525 538,701 $5,386,467
Shares issued to share-
holders in reinvestment
of dividends 40,779 415,925 3,498 33,942
Shares redeemed (222,244) (2,420,525) (84,928) (869,980)
____________ ____________ ____________ ____________
Net increase 204,471 $2,191,925 457,271 $4,550,429
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Value + Growth Portfolio
April 1, 1996 to*
June 30, 1996
_________________________
Shares Dollars
____________ ____________
<S> <C> <C>
Shares sold 760,472 $7,722,723
Shares issued to share-
holders in reinvestment
of dividends -- --
Shares redeemed (6,121) (62,683)
____________ ____________
Net increase 754,351 $7,660,040
============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
Growth & Income Portfolio
April 1, 1996 to*
June 30, 1996
_________________________
Shares Dollars
____________ ____________
<S> <C> <C>
Shares sold 900,782 $9,412,935
Shares issued to share-
holders in reinvestment
of dividends -- --
Shares redeemed (4,023) (42,788)
____________ ____________
Net increase 896,759 $9,370,147
============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 6 - FORWARD FOREIGN CURRENCY CONTRACTS
At June 30, 1996, 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
Currency Currency Settlement Origination Current Appreciation/
Purchased Sold Date Date Value (Depreciation)
___________________________________________________________________________
<S> <S> <C> <C> <C> <C>
FRF USD 07/29/1996 $183,837 $185,166 $1,329
JPY USD 07/29/1996 398,662 388,132 (10,530)
JPY USD 07/29/1996 279,147 275,543 (3,604)
____________ ____________ ______________
$861,646 $848,841 ($12,805)
</TABLE>
<TABLE>
<CAPTION>
U.S. Dollar
Cost on U.S. Dollar Unrealized
Currency Currency Settlement Origination Current Appreciation/
Sold Purchased Date Date Value (Depreciation)
___________________________________________________________________________
<S> <S> <C> <C> <C> <C>
DEM USD 09/18/1996 $923,151 $930,426 ($7,275)
DKK USD 09/03/1996 329,337 335,459 (6,122)
ESP USD 08/12/1996 58,951 59,500 (549)
FRF USD 07/29/1996 690,605 690,180 425
JPY DEM 07/29/1996 184,214 182,387 1,827
JPY USD 07/29/1996 276,816 275,543 1,273
NLG USD 08/01/1996 298,129 296,671 1,458
SEK USD 08/05/1996 119,759 123,571 (3,812)
____________ ____________ ______________
$2,880,962 $2,893,737 ($12,775)
</TABLE>
INTERNATIONAL STOCK PORTFOLIO
- ----------------------------------
<TABLE>
<CAPTION>
U.S. Dollar
Cost on U.S. Dollar Unrealized
Currency Currency Settlement Origination Current Appreciation/
Sold Purchased Date Date Value (Depreciation)
___________________________________________________________________________
<S> <S> <C> <C> <C> <C>
JPY USD 08/28/1996 $454,260 $447,536 $6,724
</TABLE>
Glossary of Terms
- ------------------
DEM - Deutsche Mark
DKK - Danish Kroner
ESP - Spanish Peseta
FRF - French Franc
JPY - Japanese Yen
NLG - Dutch Guilder
SEK - Swedish Krona
USD - United States Dollar
EQUI-SELECT SERIES TRUST
____________________
TRUSTEES AND EXECUTIVE OFFICERS
Paul R. Schlaack, Trustee, Principal Executive Officer and President *
Thomas W. Bedell, Trustee
J. Michael Earley, Trustee
R. Barbara Gitenstein, Trustee
Stanley B. Seidler, Trustee
Paul E. Larson, Treasurer and Principal Financial Officer
John A. Merriman, Secretary
David A. Terwilliger, Principal Accounting Officer
Kimberly K. Krumviede, Vice President
* Interested Trustee
____________________
Ernst & Young LLP, Independent Auditors
Blazzard, Grodd & Hasenauer, P.C., Legal Counsel
Equitable Investment Services, Inc., Investment Adviser
The information contained in this report is intended for general
informational purposes only. This report is not authorized for distribution
to prospective investors unless preceded or accompanied by current Trust and
Separate Account prospectuses which contain important information concerning
the Trust, the Company, and its current public offering of variable annuity
contracts.
The Equi-Select Variable Annuity is distributed by Equitable of Iowa Securities
Network, Inc., an affiliate of Equitable Life Insurance Company of Iowa.
EQUITABLE LIFE OF IOWA
P.O. BOX 9271, DES MOINES, IA 50306-9271
