EQUI-SELECT
SERIES TRUST
ANNUAL
REPORT
December 31, 1996
Equi-Select Series Trust
Annual Report
For the Period Ending December 31, 1996
Table of Contents
Letter to Contract Owners
Management's Discussion and Analysis
Equi-Select Series Trust Financial Statements
Report of Independent Auditors
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Trustees and Executive Officers
The information contained in this report is intended for general
informational purposes only. This report is not authorized for distribution
to prospective investors unless preceded or accompanied by current Trust and
Separate Account prospectuses which contain important information concerning
the Trust, the Company, and its current public offering of variable annuity
contracts.
LETTER TO CONTRACT OWNERS
Dear Contract Owners:
We are pleased to present this Annual Report on behalf of the Equi-Select
Series Trust ("Trust"), one of the investment vehicles for your variable
annuity and variable life products.
The following report provides detailed information regarding the performance
and year-end financial position of the Portfolios in the Trust. For each
Portfolio, we have also provided the return of a benchmark index. A
benchmark index allows you to compare your Portfolio's return to the market
return of comparable investments over the same time period. Please note that
the Portfolio returns reflect expenses that apply to the Trust, such as
advisory, custodian, transfer agent, and legal fees. Benchmark returns
(except the IBC Average and Lipper Balanced Fund Index) do not include these
expenses. In general, the inclusion of a Portfolio's expenses reduces its
total return in comparison to the return of the benchmark index.
Equity markets performed very well during 1996. For the second consecutive
year, the Standard & Poors 500 Index had a total return of more than twenty
percent. The equity portfolios of the Trust had especially strong
performance during the year, as three of the four equity portfolios
outperformed their primary benchmarks. The Total Return Portfolio, which is
classified as a balanced portfolio, also outperformed its benchmark.
The fixed income portfolios of the Trust also exhibited strong performance
relative to their benchmarks. Returns on the Advantage and International
Fixed Income Portfolios were higher than their benchmark indices. The Money
Market and Mortgage-Backed Securities Portfolios trailed their benchmarks on
an annual basis in 1996, but both Portfolios made steady improvements to
their performance throughout the year.
Assets under management continued to grow during 1996. At the end of 1996,
total net assets were more than 250% higher than at December 31, 1995. This
leads to further efficiencies and economies of scale. As a result, operating
expenses were lower than they have ever been. We are pleased to announce
that, effective February 1, 1997, expense caps on a majority of the Trust's
portfolios will be lowered significantly. Lower expenses translate into
higher returns for you. For additional information regarding these expense
caps, please refer to your prospectus or consult your representative.
We are committed to providing quality products and service to contract
owners, and we look forward to helping you meet your financial objectives.
Thank you for your continued support.
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
Money Market Portfolio
December 31, 1996
During 1996, the total return of the MONEY MARKET PORTFOLIO was 4.84%. This
compares to the IBC Average of All Taxable Money Market Funds, which had a
total return of 4.95% during the year.
The past year was very challenging for money market managers. Money market
rates exhibited considerable volatility throughout the year. This volatility
was caused by changing market expectations, rather than any real change in
monetary status by the Federal Reserve Board. Federal fund rates did not
change after January, when they were lowered by 25 basis points (.25%).
Nonetheless, market expectations changed with every release of economic data
that may have signaled a change in the direction of the economy.
The Money Market Portfolio received a significant amount of new investment
capital during 1996. At the end of 1996, the Portfolio was 3.3 times larger
than it was one year before.
As the Portfolio grew, its investment opportunities and return potential
expanded. By August, the Portfolio had reached a critical mass size which
made investing in commercial paper prudent from the standpoint of liquidity
and the preservation of capital.
The Portfolio did not have any commercial paper at the end of 1995.
Commercial paper represented only 7% of the Portfolio on June 30, 1996. At
the end of 1996, commercial paper represented 84% of the Portfolio's
holdings.
Throughout the year, performance of the Portfolio improved relative to its
benchmark. In the first half of 1996, portfolio returns trailed the
benchmark by more than 8 basis points (.08%). Portfolio returns were less
than 2 basis points (.02%) behind the benchmark in the third quarter, and
less than 1 basis point (.01%) behind the benchmark in the fourth quarter of
1996.
At the end of 1996, the Portfolio was well diversified across industry
groups. The Portfolio is securely positioned to confront the challenges of
the next year. However, due to the short term nature of the Portfolio's
investments, the Portfolio's positioning may change if conditions warrant.
EQUITABLE INVESTMENT SERVICES, INC.
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 4.84% 4.93%
IBC Average 4.95% 5.16%
The following performance graph provides comparative cummulative total
returns of the Money Market Portfolio versus the IBC Average of All Taxable
Money Market Funds.
IBC Average of
Money Market All Taxable Money
Portfolio Market Funds
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 10,411 10,439
August 31, 1995 10,455 10,485
September 30, 1995 10,497 10,532
October 31, 1995 10,542 10,578
November 30, 1995 10,586 10,624
December 31, 1995 10,631 10,670
January 31, 1996 10,675 10,716
February 29, 1996 10,714 10,757
March 31, 1996 10,756 10,801
April 30, 1996 10,796 10,843
May 31, 1996 10,838 10,886
June 30, 1996 10,880 10,929
July 31, 1996 10,924 10,974
August 31, 1996 10,968 11,019
September 30, 1996 11,011 11,062
October 31, 1996 11,055 11,108
November 30, 1996 11,099 11,152
December 31, 1996 11,145 11,198
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
Investment in the Money Market Portfolio (or in any other portfolio) is
neither insured or guaranteed by the U.S. Government. There can be no
assurance that the Money Market Portfolio will be able to maintain a
stable net asset value of $1.00 per share.
TOP TEN ISSUERS
as a Percentage of Investments
Federal Home Loan Bank 10.6%
Ameritech Corporation 5.4%
Merrill Lynch & Company Inc. 5.2%
Pepsico, Inc. 5.0%
Schering Corporation 4.9%
Kingdom of Sweden 4.7%
Federal National Mortgage Assoc. 4.6%
Goldman Sachs Group LP 4.5%
Ford Motor Credit Company 4.2%
Eksportfinans A S 4.2%
Mortgage-Backed Securities Portfolio
December 31, 1996
The MORTGAGE-BACKED SECURITIES PORTFOLIO had a total return of 3.39% during
1996. In comparison, the Lehman Brothers mortgage index had a total return
of 5.35% over the same period.
1996 was a difficult year for the bond market, after 1995's spectacular
returns. During the first six months of the year, yields on 10-year U.S.
Treasury securities and mortgage pass-through securities rose 1.5% and 1.0%,
respectively. (Higher yields translate into lower prices for fixed income
securities.) This occurred because economic data consistently tracked higher
than market expectations.
The Mortgage-Backed Securities Portfolio entered 1996 with a bullish
composition of securities that would have performed well in a flat to lower
interest rate environment. The Portfolio was overweighted in lower coupon
and longer average maturities (as compared to the benchmark index), and
approximately 15% of the Portfolio was invested in 10-year U.S. Treasury
securities. These factors led to an immediate underperformance by the
Portfolio, as rates rose rapidly in February and March of 1996.
The Portfolio finished the first quarter 90 basis points (.90%) behind the
benchmark index. However, performance relative to the benchmark index
improved steadily throughout the year. During the second, third and fourth
quarters of 1996, portfolio returns trailed the benchmark by 37 basis points
(.37%), 33 basis points (.33%) and 27 basis points (.27%), respectively.
The Portfolio held some money market instruments during the year. This asset
sector had a negative impact on the relative performance of the Portfolio.
Holdings of money market instruments were increased in the second half of the
year to approximately 12% of total assets. While money markets performed
well compared to the previous year, they underperformed longer maturity
securities in the second half of the year.
The Portfolio is entering the current year in a more defensive stance with
its holdings in close correlation to the benchmark index. This should allow
the Portfolio to have more stable returns in comparison to the benchmark
index.
EQUITABLE INVESTMENT SERVICES, INC.
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 3.39% 8.62%
Lehman Brothers
MBS Index 5.35% 9.87%
The following performance graph provides comparative cummulative total
returns of the Mortgage-Backed Securities Portfolio versus the Lehman Brothers
MBS Index.
Mortgage-Backed Lehman
Securities Brothers
Portfolio MBS 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 11,719
March 31, 1996 11,492 11,677
April 30, 1996 11,454 11,645
May 31, 1996 11,408 11,611
June 30, 1996 11,541 11,771
July 31, 1996 11,571 11,815
August 31, 1996 11,553 11,815
September 30, 1996 11,740 12,012
October 31, 1996 11,956 12,247
November 30, 1996 12,127 12,422
December 31, 1996 12,045 12,358
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The following shows the distribution by issuer as a percentage of investments
for the Mortgage-Backed Securities Portfolio.
Issuer Percentage
Govt. National Mortgage Assoc. 31.5%
Fed. National Mortgage Assoc. 16.1
Fed. Home Loan Mortgage Corp. 24.0
Short-Term Investments 11.1
U.S. Treasuries 11.3
Country Wide Funding Corp. 6.0
International Fixed Income Portfolio
December 31, 1996
The total return for the INTERNATIONAL FIXED INCOME PORTFOLIO was 5.05%
during 1996. The total return of the JP Morgan Global Government Bond Index
was 4.38% over the same period.
Excess returns were generated by the overweight U.S. dollar currency position
versus the Deutschemark and the Yen. Throughout the year, the Portfolio
maintained an overweight U.S. dollar currency position (compared to the
benchmark index). During 1996, the U.S. dollar gained 7.1% and 11.1%
respectively versus the Deutschemark and the Yen. The strength of the dollar
was attributed to the health of the U.S. economy relative to the weak
European and Japanese economies, where short-term interest rates were cut to
record lows.
The European bond markets, particularly high yielding bonds, produced the
best returns in 1996. This performance is attributable to weak growth and
declining inflation, coupled with a tightening in fiscal policy. A neutral
position in the European markets was maintained (relative to the benchmark
index).
Underweight positions were held in the U.S. and Japanese bond markets in
early 1996 (compared to the benchmark index). This proved beneficial, as
these markets performed poorly until mid-year. Subsequently, however, these
markets recovered, and although U.S. bond holdings were brought into
alignment with the benchmark index, an underweight position was maintained in
Japan. This had a negative impact on relative performance, given that
market's strong recovery by year-end.
In early 1996, the Portfolio Manager took an underweight duration stance in
the European markets, on fears that the selloff in the U.S. market would have
a negative impact on markets elsewhere. The European bond markets remained
independently strong, however, and the defensive duration position had a
negative impact on relative performance. The duration in Europe was
subsequently brought into alignment with the benchmark index.
CREDIT SUISSE ASSET MANAGEMENT LIMITED
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 5.05% 9.59%
JP Morgan Global
Govt. Bond Index 4.38% 10.49%
The following performance graph provides comparative cummulative total
returns of the International Fixed Income Portfolio versus the JP Morgan
Global Govt. Bond Index.
International JP Morgan
Fixed Income Global Govt.
Portfolio Bond 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
July 31, 1996 11,815 12,069
August 31, 1996 11,840 12,120
September 30, 1996 11,947 12,187
October 31, 1996 12,149 12,428
November 30, 1996 12,358 12,606
December 31, 1996 12,288 12,518
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The following shows the distribution by country as a percentage of investments
for the International Fixed Income Portfolio.
Country Percentage
United States 37.1%
Other Countries 19.4
Germany 14.5
United Kingdom 10.3
Short Term Investments 8.7
France 5.3
Italy 4.7
OTC Portfolio
December 31, 1996
During 1996, the OTC PORTFOLIO had a total return of 20.68%. By comparison,
the Russell 2000 Index generated a total return of 16.55%.
The Portfolio's performance was driven by strong performance in the
technology sector. At the end of the year, the technology sector weighting
was more than 40%. This weighting was comprised of quality names from each
of the four main technology industry groups: software, hardware, networking
and semiconductors.
Software companies represent half of the Portfolio's technology holdings. The
Portfolio Manager focuses on companies that dominate a specific product
niche. For example, Electronic Arts dominates entertainment software,
Cadence Design Systems dominates electronic design automation software, and
Oracle Systems dominates the database and application software business.
Networking/telecommunications companies and medical technology companies also
contributed to the performance of the technology sector. Within the medical
technology industry, two large holdings were purchased, at a significant
premium, by larger medical device companies. Medisense was purchased by
Abbott Laboratories, and Ventritex was purchased by St. Jude Medical.
The Portfolio was the beneficiary of several other corporate buyouts, which
are almost always at a premium to the market price at the time the offer is
made. Announced acquisitions that were meaningful to the Portfolio include:
Sierra On-Line and Davidson & Associates by CUC International, Owen
Healthcare by Cardinal Health, Starsight Telecast by Gemstar International
Group, and MCI Communications by British Telecommunications PLC.
Health care is the second largest sector in the Portfolio. During 1996, the
health care sector had a negative impact on the Portfolio. HMO's
dramatically underperformed the market, as companies failed to realize price
increases to offset rising medical costs. Two other health care companies,
Mariner Health Group and Riscorp, were damaged by regulatory changes and
investigations.
MASSACHUSETTS FINANCIAL SERVICES COMPANY
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 20.68% 23.77%
Russell 2000 16.55% 18.65%
S&P 500 22.96% 26.32%
The following performance graph provides comparative cummulative total
returns of the OTC Portfolio versus the Russell 2000 Index and the S&P 500
Index.
OTC Russell 2000 S&P 500
Portfolio Index 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 14,225
February 29, 1996 14,505 12,981 14,357
March 31, 1996 14,521 13,249 14,495
April 30, 1996 16,030 13,962 14,708
May 31, 1996 16,658 14,523 15,088
June 30, 1996 15,899 13,930 15,145
July 31, 1996 14,199 12,714 14,476
August 31, 1996 14,952 13,453 14,782
September 30, 1996 16,006 13,978 15,614
October 31, 1996 15,285 13,760 16,044
November 30, 1996 15,990 14,325 17,257
December 31, 1996 16,156 14,694 16,915
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The following shows the distribution by industry as a percentage of
investments for the OTC Portfolio.
Industry Percentage
Other Equity Securities 36.8%
Computer Software 18.0
Drugs & Health Care Services 17.4
Computer Software/Systems 12.3
Entertainment 6.7
Retail 5.8
Other Investments 3.0
Research Portfolio
December 31, 1996
The total return of the RESEARCH PORTFOLIO was 23.37% for the year ended
December 31, 1996. The S&P 500 Index had a return of 22.96% over the same
period.
Compared to the S&P 500 Index, the Portfolio was overweighted in the
technology, industrial goods & services, consumer staples, and business
services sectors. The Portfolio was underweighted in the energy and
utilities/communications sectors.
Within the technology sector, Microsoft, Compuware, BMC Software and Cisco
Systems all contributed to the Portfolio's performance over the past year.
These companies have developed strong competitive positions within their
industry, which has translated into successful stock performance.
Several companies in the financial services sector also performed well over
the past year. Life insurance companies such as Conseco, Allstate, and ITT
Hartford Group have implemented cost saving initiatives which have
contributed to earnings recently. In addition, several banks have benefited
from recent consolidations. Both Chase Manhattan and Bank of Boston have
proven that a successful merger or acquisition, coupled with a strong
management team, can contribute to earnings much sooner than expected.
Although the Portfolio was underweighted in the energy and
utilities/communications sectors, three companies in these sectors provided
strong returns during 1996. Newfield Exploration Company and PanEnergy
Corporation have been excellent additions to the Portfolio. MCI
Communications appreciated following the announced planned acquisition by
British Telecommunications PLC.
The Portfolio Manager will continue to seek fundamentally strong companies to
add to the Research Portfolio in the year ahead.
MASSACHUSETTS FINANCIAL SERVICES COMPANY
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 23.37% 24.28%
S&P 500 22.96% 26.32%
The following performance graph provides comparative cummulative total
returns of the Research Portfolio versus the S&P 500 Index.
Research S&P 500
Portfolio 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 13,494 14,225
February 29, 1996 14,082 14,357
March 31, 1996 14,090 14,495
April 30, 1996 14,664 14,708
May 31, 1996 15,142 15,088
June 30, 1996 14,925 15,145
July 31, 1996 14,148 14,476
August 31, 1996 14,591 14,782
September 30, 1996 15,507 15,614
October 31, 1996 15,659 16,044
November 30, 1996 16,565 17,257
December 31, 1996 16,308 16,915
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
TOP TEN INDUSTRIES
as a Percentage of Investments
Computer Software 7.9%
Retail 7.3%
Drugs & Health Care Services 7.2%
Aerospace 6.2%
Insurance 5.6%
Consumer Goods & Services 5.0%
Finance & Banking 4.2%
Computer Software - Systems 3.9%
Chemicals 3.8%
Telecommunications 3.8%
Total Return Portfolio
December 31, 1996
For the year ended December 31, 1996, the TOTAL RETURN PORTFOLIO provided a
total return of 13.70%. This compares to a 13.01% return for the Balanced
Fund Index, as reported by Lipper Analytical Services Inc.
Over the past year, the Portfolio held about 55% of its assets in common
stocks, preferred stocks and convertible bonds. This allocation provided the
bulk of the return for the Portfolio as a whole, as the U.S. stock market
posted spectacular gains. For example, the S&P 500 Index had a total return
of 22.96% over the 12-month period.
The remainder of the Portfolio was invested in a blend of corporate bonds and
U.S. treasury bonds, with an overall duration between 5 and 6 years. The
fixed income sector also provided positive returns, but the magnitude was far
less than that of the Portfolio's stock holdings. The Lehman Brothers
Government/Corporate Bond Index, which is fairly representative of the
Portfolio's bond allocation, had a total return of 3.28% during 1996.
During 1996, holdings in the energy and financial services sectors were
increased. Bank stocks had strong performance during the year. The earnings
of many banks have risen steadily, and an increase in merger activity has
made nearly all banks more valuable.
The Portfolio Manager also increased holdings in the health care sector.
Strong earnings and industry consolidation have improved the outlook for the
stocks of many companies in this sector.
During the year, the Portfolio Manager avoided the technology sector. In his
view, many of these stocks have high growth prospects but also have high
valuations, which means they often carry greater risk. The Portfolio was
also underweighted in consumer companies because of their inability to raise
prices. The U.S. consumer continues to demand more value at lower prices.
MASSACHUSETTS FINANCIAL SERVICES COMPANY
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 13.70% 15.95%
Lipper Balanced
Fund Index 13.01% 15.80%
The following performance graph provides comparative cummulative total
returns of the Total Return Portfolio versus the Lipper Balanced Fund Index,
the Lehman Brothers Government/Corporate Bond Index and the S&P 500 Index.
The S&P 500 Index and the Lehman Brothers Government/Corporate Bond Index
will no longer be reported as comparable indices because the investment style
of the Lipper Balanced Fund Index compares more closely to the portfolio.
Lehman Brothers
Total Return Lipper Balanced Government/Corporate S&P 500
Portfolio Fund Index Bond 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 12,491 12,530 12,042 14,225
February 29, 1996 12,485 12,536 11,787 14,357
March 31, 1996 12,634 12,584 11,688 14,495
April 30, 1996 12,682 12,667 11,607 14,708
May 31, 1996 12,754 12,820 11,587 15,088
June 30, 1996 12,836 12,862 11,743 15,145
July 31, 1996 12,584 12,534 11,770 14,476
August 31, 1996 12,763 12,706 11,742 14,782
September 30, 1996 13,167 13,176 11,951 15,614
October 31, 1996 13,474 13,456 12,229 16,044
November 30, 1996 14,109 14,083 12,454 17,257
December 31, 1996 13,949 13,910 12,316 16,915
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The Lipper Balanced Fund Index is the primary benchmark of the Portfolio
because its investment style compares more closely to the Portfolio than
either the S&P 500 Index or the Lehman Government/Corporate Bond Index.
Therefore, the S&P 500 Index and the Lehman Government/Corporate Bond
Index will no longer be reported as comparable indices.
The following shows the distribution by asset type as a percentage of
investments for the Total Return Portfolio.
Asset Type Percentage
Common Stocks 54.8%
Corporate Bonds 16.6
U.S. Treasuries 10.4
Short-Term Investments 7.6
Mortgage-Backed Securities 6.7
Other Investments 3.9
Advantage Portfolio
December 31, 1996
The ADVANTAGE PORTFOLIO had a total return of 6.06% during 1996. In
comparison, the Salomon Brothers 1-Year Treasury Index had a total return of
5.68% over the same period.
A wealth of strong economic reports was released during the first 6 months of
the year. For example, unemployment dropped from 5.8% in January to 5.1% in
August. This information caused long-term bond rates to rise. As long-term
bond rates increased, bond prices fell. Most bond indices reported zero or
negative returns during the first half of the year.
The Advantage Portfolio generated a positive return every month, and it
outperformed its benchmark index during the first six months of the year.
This performance can be attributed to several factors.
First, the Portfolio Manager reduced the average effective maturity and
increased the credit quality of the Portfolio. This made the Portfolio less
susceptible to rate moves and poor economic trends. Short-term rates
remained relatively constant during 1996. Federal fund rates were lowered by
25 basis points (.25%) in January, but they remained at that level for the
rest of the year.
The Portfolio Manager also purchased high coupon callable bonds. These
securities generate current income for the Portfolio, and they perform well
in a flat to slightly higher rate environment. In addition, these securities
usually track to their upcoming call date (rather than their maturity date),
which affords the opportunity to buy higher yielding securities.
Finally, the Portfolio Manager conducted extensive research to identify bonds
that would potentially have their credit rating upgraded. These efforts were
successful on many occasions and, as a result, those investments had higher
returns relative to the benchmark index.
The Portfolio is well positioned for the next year. In addition, it has the
liquidity and the flexibility to meet the challenges of 1997.
EQUITABLE INVESTMENT SERVICES, INC.
*Inception date 10/4/94
AVERAGE ANNUAL TOTAL RETURN
Since
1 Year Inception*
--------- ----------
Portfolio 6.06% 7.20%
Salomon Brothers
1-Yr. Treasury Index 5.68% 6.42%
The following performance graph provides comparative cummulative total
returns of the Advantage Portfolio versus the Salomon Brothers 1 Year
Treasury Index.
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 10,172
February 28, 1995 10,181 10,261
March 31, 1995 10,213 10,322
April 30, 1995 10,324 10,393
May 31, 1995 10,464 10,486
June 30, 1995 10,547 10,547
July 31, 1995 10,639 10,598
August 31, 1995 10,726 10,650
September 30, 1995 10,797 10,697
October 31, 1995 10,885 10,757
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 11,003
April 30, 1996 11,253 11,041
May 31, 1996 11,302 11,086
June 30, 1996 11,363 11,148
July 31, 1996 11,405 11,190
August 31, 1996 11,455 11,245
September 30, 1996 11,527 11,320
October 31, 1996 11,596 11,406
November 30, 1996 11,656 11,464
December 31, 1996 11,694 11,503
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The following shows the distribution by asset type as a percentage of
investments for the Advantage Portfolio.
Asset Type Percentage
Corporate Bonds 65.8%
Commercial Paper 26.7
Mortgage-Backed Securities 4.1
U.S. Treasuries 3.4
Value + Growth Portfolio
December 31, 1996
The VALUE + GROWTH PORTFOLIO returned 15.49% from its launch on April 1, 1996
through December 31, 1996. This performance compares with returns of 16.70%
for the S&P 500 Index and 10.90% for the Russell 2000 Index over the same
time period.
Returns for the Value + Growth Portfolio declined during May, June and July
as many small- and mid-cap stocks went through a market correction. However,
as the market stabilized, the Portfolio produced strong performance through
the second half of 1996.
The Portfolio invests in well-managed growth companies, especially in the
technology, financial services, banking, health care, and retail sectors.
Managed care programs are proliferating as insurers and corporations are
trying to curtail health care costs. Approximately 70 million Americans are
likely to enter such programs over the next 20 years. Over the summer, the
Portfolio purchased several HMO stocks. Oxford Health Plans, Inc. and United
Healthcare Corporation both contributed positively to the performance of the
Portfolio.
The technology sector was volatile in 1996. However, several personal
computer companies introduced new product lines in the second half of 1996,
creating an upgrade cycle as users replaced older computers with faster and
better-equipped ones. This stimulated strong demand from the corporate
sector. In this area, Dell Computer Corporation and Compaq Computer
Corporation both contributed positively to the Portfolio's performance.
Finally, the Portfolio Manager took advantage of continued strength in the
banking area of the financial services sector. While banks have benefited
from a benign interest rate environment, they continued to implement
operating efficiencies that contributed to earnings growth. Citicorp,
Boatmen's Bancshares Inc. and Comerica Inc. all produced strong returns for
the Portfolio.
ROBERTSON, STEPHENS & COMPANY INVESTMENT MANAGEMENT, L.P.
*Inception date 4/1/96
AGGREGATE TOTAL RETURN
Since
Inception*
----------
Portfolio 15.49%
S&P 500 16.70%
Russell 2000 10.90%
The following performance graph provides comparative returns since April 1,
1996 (commencement of investment operations) of the Value + Growth Portfolio
versus the S&P 500 Index and the Russell 2000 Index. Return figures are not
annualized for periods less than one year.
Value + Growth S&P 500 Russell 2000
Portfolio Index Index
April 1, 1996 10,000 10,000 10,000
April 30, 1996 10,488 10,147 10,538
May 31, 1996 10,670 10,409 10,961
June 30, 1996 10,227 10,449 10,514
July 31, 1996 9,644 9,987 9,596
August 31, 1996 10,033 10,198 10,154
September 30, 1996 10,875 10,772 10,550
October 31, 1996 10,815 11,069 10,386
November 30, 1996 11,854 11,906 10,812
December 31, 1996 11,549 11,670 11,090
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The following shows the distribution by industry as a percentage of
investments for the Value + Growth Portfolio.
Industry Percentage
Other Equity Securities 50.1%
Retail 12.1
Financial Services 9.8
Finance & Banking 8.9
Computer Hardware 8.0
Computer Software 6.8
Other Investments 4.3
Growth & Income Portfolio
December 31, 1996
The GROWTH & INCOME PORTFOLIO returned 26.19% from its launch on April 1,
1996 through December 31, 1996. This performance compares with a return of
16.70% for the S&P 500 Index over the same period.
In 1996, the Growth & Income Portfolio was broadly diversified across sectors
and individual securities. In addition, the Portfolio held a good mix of
small-, mid-, and large-cap growth stocks. Diversification and disciplined
risk management contributed to the Portfolio's overall performance.
The Portfolio Manager made strong commitments to the technology and energy
services sectors during 1996. Both of these sectors made positive
contributions to performance during the year.
Technology stocks remained an important component of the Portfolio, as
changes in communication and information access continued at a rapid pace.
Software, networking systems and datacom industries generated strong returns
during the year.
Corporations continued spending to enhance their technology infrastructures,
and positions such as BMC Software, Inc. benefited from this trend. BMC is a
leading vendor of software that manages and enhances the performance of
enterprise-level database and application software.
Positions in the energy and energy services sector included oil/gas drilling
well equipment, as well as oil/gas exploration and production.
Rising oil prices were the surprise of 1996. This occurred even though Iraq
was finally allowed to sell oil again. Prior to 1996, energy and energy
services stocks experienced a long period of underperformance. Oil service
stocks have regained pricing power, and earnings visibility is quite strong.
Within the energy and energy services sector, some of the best-performing
investments include Veritas DGC, Hvide Marine, Inc., and Pride Petroleum
Services.
The Growth and Income Portfolio had a very successful first year, and the
Portfolio Manager is looking forward to the opportunities of the new year.
ROBERTSON, STEPHENS & COMPANY INVESTMENT MANAGEMENT, L.P.
*Inception date 4/1/96
AGGREGATE TOTAL RETURN
Since
Inception*
----------
Portfolio 26.19%
S&P 500 16.70%
The following performance graph provides comparative returns since April 1,
1996 (commencement of investment operations) of the Growth & Income Portfolio
versus the S&P 500 Index. Return figures are not annualized for periods less
than one year.
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 10,449
July 31, 1996 10,294 9,987
August 31, 1996 11,034 10,198
September 30, 1996 11,742 10,772
October 31, 1996 11,848 11,069
November 30, 1996 12,504 11,906
December 31, 1996 12,619 11,670
Total return of the Portfolio includes reinvestment of dividends and
distributions. It does not reflect charges for the variable annuity and
variable life contracts thereunder whose proceeds are invested in the
Portfolio. Inclusion of these charges would result in reducing the total
return figures for the period shown. Results represent past performance
and do not indicate future results.
The following shows the distribution by industry as a percentage of
investments for the Growth & Income Portfolio.
Industry Percentage
Other Equity Securities 45.6%
Other Investments 18.0
Petroleum Services 9.9
Real Estate 9.8
Finance & Banking 6.0
Computer Hardware 5.4
Computer Software 5.3
Report of Independent Auditors
To the Contractholders and Trustees
Equi-Select Series Trust
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of Equi-Select Series Trust (the
"Trust") (comprising, respectively, the Money Market, Mortgage-Backed
Securities, International Fixed Income, OTC, Research, Total Return,
Advantage, Value + Growth, and Growth & Income Portfolios) as of December
31, 1996, and the related statements of operations, statements of changes
in net assets and financial highlights for the periods indicated therein.
These financial statements and financial highlights are the responsibility
of the Trust's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures
included confirmation of securities owned as of December 31, 1996, by
correspondence with the custodian and brokers, or other appropriate
auditing procedures where replies from brokers were not received. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of each of the respective portfolios constituting Equi-Select Series Trust
at December 31, 1996, the results of their operations, the changes in their
net assets, and the financial highlights for each of the periods indicated
therein, in conformity with generally accepted accounting principles.
/s/ ERNST & YOUNG LLP
Boston, Massachusetts
February 6, 1997
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY DISCOUNT NOTES - 15.6%
Federal Home Loan Bank
5.420%, 01/03/1997 $445,000 $444,866
5.250%, 02/13/1997 1,070,000 1,063,290
5.380%, 05/12/1997 530,000 519,624
Federal Home Loan Mortgage
5.410%, 01/27/1997 80,000 79,688
Federal National Mortgage Association
5.250%, 01/21/1997 720,000 717,900
5.430%, 03/06/1997 155,000 153,504
------------
TOTAL U.S. GOVERNMENT AGENCY
DISCOUNT NOTES - (Cost $2,978,872) 2,978,872
SHORT TERM INVESTMENTS - 84.0%
COMMERCIAL PAPER - 84.0%
AUTOMOBILES - 6.8%,
Daimler Benz North America,
5.320%, 03/10/1997 500,000 494,975
Ford Motor Credit Company,
5.770%, 01/06/1997 255,000 254,796
5.350%, 01/28/1997 550,000 547,793
------------
1,297,564
BEVERAGES - 5.0%
Pepsico, Inc.,
5.530%, 01/31/1997 954,000 949,604
CHEMICALS - 6.2%
Dupont E I De Nemours & Company,
5.280%, 03/18/1997 611,000 604,189
Monsanto Company,
5.380%, 01/17/1997 575,000 573,625
------------
1,177,814
DRUGS & HEALTH CARE SERVICES - 4.9%
Schering Corporation,
5.320%, 01/29/1997 515,000 512,869
5.280%, 04/08/1997 435,000 428,811
------------
941,680
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
COMMERCIAL PAPER (CONTINUED)
ELECTRIC UTILITIES - 3.5%
Southern California Edison Company,
5.350%, 01/13/1997 $672,000 $670,802
ELECTRONICS - 2.5%
Motorola Credit Corporation,
5.240%, 02/11/1997 490,000 487,076
ENTERTAINMENT - 3.4%
Disney (Walt) Company,
5.390%, 01/21/1997 658,000 656,030
FINANCIAL SERVICES - 9.1%
Goldman Sachs Group LP,
5.340%, 04/21/1997 880,000 865,641
Toronto Dominion Holdings,
5.330%, 02/07/1997 640,000 636,494
Transamerica Finance Group, Inc.,
5.320%, 03/14/1997 250,000 247,340
------------
1,749,475
FOOD PROCESSING - 3.6%
Philip Morris Companies Incorporated,
5.300%, 01/14/1997 700,000 698,660
FOREIGN - 4.7%
Kingdom of Sweden,
5.340%, 03/27/1997 904,000 892,602
FOREST PRODUCTS - 3.1%
Weyerhaeuser Company,
5.300%, 02/06/1997 600,000 596,820
NONDEPOSITORY INSTITUTION - 4.1%
Eksportfinans A S,
5.350%, 02/10/1997 300,000 298,217
5.400%, 02/18/1997 500,000 496,400
------------
794,617
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
COMMERCIAL PAPER (CONTINUED)
SECURITY AND COMMODITY BROKERS - 11.5%
CS First Boston Incorporated,
5.330%, 02/27/1997 $541,000 $536,434
Dean Witter Discover & Company,
5.310%, 01/10/1997 679,000 678,099
Merrill Lynch & Company Incorporated,
5.330%, 01/06/1997 500,000 499,630
5.280%, 06/30/1997 500,000 486,800
------------
2,200,963
TELECOMMUNICATIONS - 15.6%
American Telephone & Telegraph Company,
5.560%, 01/02/1997 595,000 594,908
Ameritech Corporation,
5.270%, 03/31/1997 1,036,000 1,022,502
Bell Atlantic Financial Services,
5.350%, 01/23/1997 692,000 689,738
Bellsouth Telecommunications,
5.280%, 02/04/1997 680,000 676,609
------------
2,983,757
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $16,097,464) 16,097,464
------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE - 99.6% 19,076,336
OTHER ASSETS LESS LIABILITIES - 0.4% 75,996
------------
NET ASSETS - 100.0% $19,152,332
============
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the net
assets of the portfolio.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<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%, 11/25/2025 $700,000 $698,797
------------
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $702,297) 698,797
U.S. GOVERNMENT AND AGENCY SECURITIES - 86.4%
MORTGAGE-BACKED OBLIGATIONS - 74.7%
Federal Home Loan Mortgage Corporation
7.000%, 10/01/2010 878,914 879,643
6.500%, 04/01/2011 496,919 488,740
7.500%, 04/01/2011 485,708 493,096
7.000%, 06/01/2024 66,549 65,634
7.000%, 07/01/2024 197,138 194,119
7.000%, 08/01/2024 676,489 666,132
Federal National Mortgage Association
6.500%, 01/01/2024 413,699 396,762
6.500%, 02/01/2024 353,305 338,840
6.500%, 06/01/2024 218,485 209,267
8.000%, 04/01/2025 476,217 485,594
8.500%, 12/01/2025 428,424 444,087
Government National Mortgage Association
6.000%, 12/15/2008 247,279 240,170
6.000%, 01/15/2009 229,428 222,832
8.000%, 05/15/2017 531,714 550,319
8.000%, 06/15/2017 206,891 214,130
8.000%, 07/15/2017 101,701 105,260
7.500%, 01/15/2024 380,235 381,660
7.000%, 08/15/2025 502,936 491,776
7.000%, 03/15/2026 458,974 448,931
7.000%, 03/15/2026 505,380 494,323
8.500%, 07/15/2026 485,466 503,064
------------
8,314,379
U.S. GOVERNMENT - 11.7%
United States Treasury Bond
7.875%, 11/15/2004 400,000 436,500
11.625%, 11/15/2004 660,000 871,405
------------
1,307,905
------------
TOTAL U.S. GOVERNMENT AND AGENCY
SECURITIES - (Cost $9,499,137) 9,622,284
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS - 11.6%
INVESTMENT COMPANY - 2.9%
Merrill Lynch Governmental Fund,
5.250%* $320,022 $320,022
U.S. GOVERNMENT AND AGENCY SECURITIES - 8.7%
Federal Farm Credit Bank
Consolidated Discount Note,
5.400%, 01/03/1997 500,000 499,850
5.400%, 01/07/1997 475,000 474,572
------------
974,422
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $1,294,444) 1,294,444
------------
TOTAL INVESTMENTS - (Cost $11,495,878) - 104.3% 11,615,525
OTHER ASSETS LESS LIABILITIES - (4.3)% (477,837)
------------
NET ASSETS - 100.0% $11,137,688
============
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the net
assets of the portfolio.
*The interest rate shown reflects the rate in effect
on December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
GOVERNMENT BONDS - 95.2%
AUSTRALIA - 2.5% (AUD)
Commonwealth of Australia
6.750%, 11/15/2006 $350,000 $266,413
CANADA - 3.7% (CAD)
Government of Canada
7.500%, 09/01/2000 500,000 393,340
DENMARK - 3.3% (DKK)
Kingdom of Denmark
7.000%, 12/15/2004 2,000,000 354,044
FRANCE - 5.5% (FRF)
Government of France
7.000%, 10/12/2000 2,000,000 422,280
Obligation Assimilable du Tresor
5.500%, 04/25/2004 900,000 174,328
------------
596,608
GERMANY - 15.1% (DEM)
Bundesrepublik
6.750%, 07/15/2004 500,000 348,161
German Federal Republic
5.125%, 11/21/2000 875,000 584,143
5.250%, 02/21/2001 150,000 100,403
6.000%, 01/05/2006 900,000 593,059
------------
1,625,766
ITALY - 4.9% (ITL)
Republic of Italy
10.500%, 04/01/2000 300,000,000 219,750
10.000%, 08/01/2003 400,000,000 301,927
------------
521,677
JAPAN - 4.1% (JPY)
Japan Government
2.900%, 12/20/2006 50,000,000 436,670
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
GOVERNMENT BONDS (CONTINUED)
NETHERLANDS - 2.5% (NLG)
State of Netherlands
6.000%, 01/15/2006 $450,000 $266,638
SPAIN - 2.9% (ESP)
Government of Spain
8.400%, 04/30/2001 37,000,000 311,646
SWEDEN - 1.3% (SEK)
Kingdom of Sweden
6.000%, 02/09/2005 1,000,000 141,996
UNITED KINGDOM - 10.7% (GBP)
U.K. Treasury
8.000%, 06/10/2003 650,000 1,148,861
UNITED STATES - 38.7% (USD)
United States Treasury Note
7.125%, 09/30/1999 750,000 770,859
6.125%, 09/30/2000 300,000 300,047
5.500%, 12/31/2000 500,000 488,828
7.250%, 08/15/2004 1,000,000 1,053,125
7.000%, 07/15/2006 1,200,000 1,247,250
6.500%, 10/15/2006 300,000 301,640
------------
4,161,749
------------
TOTAL GOVERNMENT BONDS
- (Cost $9,947,551) 10,225,408
SHORT TERM INVESTMENTS - 9.1%
REPURCHASE AGREEMENT - 9.1%
Agreement with State Street Bank
and Trust Company, dated 12/31/1996,
bearing 4.000%, to be repurchased
at $980,218 on 01/02/1997 (secured by
$930,000 par value U.S. Treasury Notes,
7.000%, due 07/15/2006 with a value
of $1,003,926) 980,000 980,000
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $980,000) 980,000
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $10,927,551) - 104.3% $11,205,408
OTHER ASSETS LESS LIABILITIES - (4.3)% (458,627)
------------
NET ASSETS - 100.0% $10,746,781
============
<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.
GLOSSARY OF TERMS
- ----------------------------------------------------
AUD - Australian Dollar
CAD - Canadian Dollar
DEM - Deutsche Mark
DKK - Danish Kroner
ESP - Spanish Peseta
FRF - French Franc
GBP - Great British Pound
ITL - Italian Lira
JPY - Japanese Yen
NLG - Dutch Guilder
SEK - Swedish Krona
USD - United States Dollar
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 103.1%
AUTO PARTS - 0.1%
Autozone Incorporated, (a) 2,100 $57,750
AUTOMOBILES - 0.0%
United Auto Group Incorporated, (a) 100 2,575
BROADCASTING - 2.1%
American Radio Systems Corporation, (a) 2,100 57,225
Heritage Media Corporation, (a) 47,200 531,000
Lin Television Corporation, (a) 7,200 304,200
Metro Networks Incorporated, (a) 400 10,100
------------
902,525
BUSINESS SERVICES - 2.6%
Forrester Research Incorporated, (a) 100 2,575
HCIA Incorporated, (a) 28,800 993,600
IA Corporation I, (a) 20,700 121,612
Information Management Resources Incorporated, (a) 200 4,225
Sabre Group Holdings Incorporated, (a) 300 8,363
Superior Consultant Incorporated, (a) 100 2,475
Transaction Systems Architects Incorporated, (a) 200 6,650
XLConnect Solutions Incorporated, (a) 100 2,875
------------
1,142,375
COMMERCIAL SERVICES - 3.1%
ADT Ltd., (a) 21,200 484,950
CB Commercial Real Estate Services
Group Incorporated, (a) 1,400 28,000
Loewen Group Incorporated 21,700 849,012
------------
1,361,962
COMPUTERS & BUSINESS EQUIPMENT - 2.2%
Cabletron Systems Incorporated, (a) 28,600 950,950
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - 19.1%
Activision Incorporated, (a) 19,900 $256,212
Cadence Design Systems Incorporated, (a) 12,200 484,950
Compuserve Incorporated, (a) 11,000 108,625
Computer Associates International Incorporated 5,100 253,725
Cooper & Chyan Technology Incorporated, (a) 16,100 527,275
DST Systems Incorporated Delaware, (a) 9,200 288,650
Edify Corporation, (a) 55,000 880,000
Electronic Arts, (a) 50,800 1,520,825
Epic Design Technology Incorporated, (a) 5,500 137,500
Microsoft Corporation, (a) 10,400 859,300
Oracle Systems Corporation, (a) 28,000 1,169,000
SAP AG, Series 1996 144A ADR* 1,500 68,250
Spectrum Holobyte Incorporated, (a) 228,500 1,713,750
Trusted Information Systems Incorporated, (a) 200 2,150
Versatility Incorporated, (a) 300 4,500
------------
8,274,712
COMPUTER SOFTWARE - SYSTEMS - 13.1%
Adobe Systems Incorporated 17,500 654,063
BMC Software Incorporated, (a) 26,100 1,079,887
Cisco Systems Incorporated, (a) 22,600 1,437,925
HBO & Company 7,200 427,500
Sun Microsystems Incorporated, (a) 65,000 1,669,687
Synopsys Incorporated, (a) 8,650 400,063
------------
5,669,125
DOMESTIC OIL - 1.1%
Carbo Ceramics Incorporated, (a) 22,800 478,800
DRUGS & HEALTH CARE SERVICES - 18.5%
Coventry Corporation, (a) 55,800 517,022
General Nutrition Companies Incorporated, (a) 32,900 555,187
Health Management Associates Incorporated, (a) 8,000 180,000
Healthsource Incorporated, (a) 25,800 338,625
Healthsouth Corporation, (a) 3,600 139,050
Mariner Health Group Incorporated, (a) 57,700 483,238
Owen Healthcare Incorporated, (a) 10,400 275,600
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES (CONTINUED)
Pacificare Health Systems Incorporated, (a) 12,600 $1,023,750
Regency Health Services, (a) 8,100 77,963
Safeguard Health Enterprises, (a) 11,600 203,000
United Healthcare Corporation 18,189 818,505
Uromed Corporation, (a) 67,600 659,100
Ventritex Incorporated, (a) 74,700 1,839,487
Zoll Medical Corporation, (a) 84,700 910,525
------------
8,021,052
ELECTRICAL EQUIPMENT - 2.1%
Cable Design Technologies Corporation, (a) 28,700 893,288
ELECTRONICS -5.6%
Atmel Corporation, (a) 9,600 318,000
Intel Corporation 12,900 1,689,094
LSI Logic Corporation, (a) 15,300 409,275
------------
2,416,369
ENTERTAINMENT - 7.1%
Harrahs Entertainment Incorporated, (a) 13,900 276,263
Showboat Incorporated 26,100 450,225
Starsight Telecast Incorporated, (a) 249,700 2,340,937
------------
3,067,425
FINANCIAL SERVICES - 3.9%
Advanta Corporation, Class B 6,300 257,513
Countrywide Credit Incorporated 9,000 257,625
Delta Financial Corporation, (a) 200 3,600
Green Tree Financial Corporation 8,300 320,587
Metris Companies Incorporated, (a) 200 4,800
National Auto Credit Incorporated, (a) 17,450 209,400
United Companies Financial Corporation 24,500 652,312
------------
1,705,837
FOOD & BEVERAGES - 0.1%
Earthgrains Company 700 36,575
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
GAS EXPLORATION - 0.1%
Apache Corporation 500 $17,688
Offshore Energy Development Corporation, (a) 100 1,525
Snyder Oil Corporation 750 13,031
Titan Exploration Incorporated, (a) 1,800 21,600
------------
53,844
HOTELS & RESTAURANTS - 0.8%
Applebees International Incorporated 11,100 305,250
PJ America Incorporated, (a) 100 1,800
Promus Hotel Corporation, (a) 1,800 53,325
------------
360,375
INSURANCE - 1.1%
Compdent Corporation, (a) 9,800 345,450
Riscorp Incorporated, (a) 37,400 135,575
------------
481,025
LEISURE TIME - 0.8%
Argosy Gaming Corporation, (a) 62,500 289,062
Sodak Gaming Incorporated, (a) 4,100 63,038
------------
352,100
MEDICAL SUPPLIES - 0.9%
Nobel Biocare 11,800 207,628
St Jude Medical Incorporated, (a) 3,900 166,237
------------
373,865
MINING - 0.3%
Southern Africa Minerals Corporation, (a) 168,500 123,056
PETROLEUM SERVICES - 0.0%
National-Oilwell Incorporated, (a) 200 6,150
RAILROADS & EQUIPMENT - 1.1%
Kansas City Southern Industries Incorporated 3,500 157,500
Wisconsin Central Transportation Corporation, (a) 8,300 328,888
------------
486,388
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
RETAIL - 6.2%
Ann Taylor Stores Corporation, (a) 18,300 $320,250
Giordano International 280,000 238,929
Gymboree Corporation, (a) 32,500 743,438
Mazel Stores Incorporated, (a) 100 2,250
Nine West Group Incorporated, (a) 3,600 166,950
Office Depot Incorporated, (a) 6,800 120,700
Rite Aid Corporation 7,600 302,100
The Men's Wearhouse Incorporated, (a) 10,000 245,000
Viking Office Products Incorporated, (a) 20,000 533,750
------------
2,673,367
TELECOMMUNICATIONS - 6.1%
Aerial Communications Incorporated, (a) 37,600 305,500
Airtouch Communications, (a) 11,600 292,900
Ascend Communications Incorporated, (a) 3,400 211,225
Glenayre Technologies Incorporated, (a) 43,700 942,281
Pilipino Telephone, (a) 29,900 25,296
Rogers Cantel Mobile Incorporated, Class B, (a) 43,700 846,687
West TeleServices Corporation, (a) 400 9,100
------------
2,632,989
TELEPHONE - 5.0%
MCI Communications Corporation 37,100 1,212,706
Telephone & Data Systems Incorporated 26,000 942,500
------------
2,155,206
------------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $43,531,688) 44,679,685
PREFERRED STOCK - 0.4%
COMPUTER SOFTWARE - 0.4%
SAP AG 1,100 153,691
------------
TOTAL PERFERRED STOCK
- (Cost $174,935) 153,691
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CONVERTIBLE BONDS - 0.0%
MEDICAL SUPPLIES - 0.0%
Ventritex Incorporated, Senior Subordinated Note,
Convertible 5.750%, 08/15/2001 $10,000 $15,775
------------
TOTAL CONVERTIBLE BONDS
- (Cost $10,000) 15,775
SHORT TERM INVESTMENTS - 2.8%
FEDERAL AGENCIES - 2.8%
Federal Home Loan Mortgage Discount Note,
5.370%, 01/14/1997 1,200,000 1,197,673
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $1,197,673) 1,197,673
TOTAL INVESTMENTS - (Cost $44,914,296) - 106.3% 46,046,824
OTHER ASSETS LESS LIABILITIES - (6.3)% (2,725,244)
------------
NET ASSETS - 100.0% $43,321,580
============
<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
Securties 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
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 98.4%
AEROSPACE - 6.6%
General Dynamics Corporation 9,700 $683,850
Lockheed Martin Corporation 12,500 1,143,750
McDonnell Douglas Corporation 19,000 1,216,000
Newport News Shipbuilding Incorporated, (a) 36,400 546,000
United Technologies Corporation 21,000 1,386,000
------------
4,975,600
BROADCASTING - 0.9%
Clear Channel Communications Incorporated, (a) 4,200 151,725
Jacor Communications Incorporated, (a) 19,400 531,075
------------
682,800
BUILDING MATERIALS - 0.9%
Sherwin Williams Company 11,900 666,400
BUSINESS SERVICES - 2.5%
Accustaff Incorporated, (a) 42,800 904,150
First Data Corporation 16,000 584,000
Technology Solutions Company, (a) 8,900 369,350
------------
1,857,500
CHEMICALS - 4.1%
Air Products & Chemicals Incorporated 18,900 1,306,463
Betzdearborn Incorporated 2,500 146,250
Praxair Incorporated 35,500 1,637,437
------------
3,090,150
COMMERCIAL SERVICES - 0.3%
ISS International 7,500 197,342
COMPUTER SOFTWARE - 8.5%
Cadence Design Systems Incorporated, (a) 15,400 612,150
Cisco Systems Incorporated, (a) 11,500 731,687
Computer Associates International Incorporated 9,850 490,038
Compuware Corporation, (a) 5,300 265,663
DST Systems Incorporated Delaware, (a) 17,500 549,063
Electronic Arts, (a) 19,100 571,806
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE (CONTINUED)
Enator AB, (a) 7,700 $197,019
Enator AB, (a) 1,200 30,264
Microsoft Corporation, (a) 15,900 1,313,737
Oracle Systems Corporation, (a) 35,600 1,486,300
TT Tieto OY 1,600 135,270
------------
6,382,997
COMPUTER SOFTWARE - SYSTEMS - 4.2%
Adobe Systems Incorporated 13,900 519,513
Affiliated Computer Services Incorporated,
Class A, (a) 2,400 71,400
BMC Software Incorporated, (a) 17,900 740,612
Cabletron Systems Incorporated, (a) 13,100 435,575
Sun Microsystems Incorporated, (a) 25,300 649,894
Sybase Incorporated, (a) 11,100 185,231
Synopsys Incorporated, (a) 11,700 541,125
------------
3,143,350
CONGLOMERATES - 1.4%
Wharf Holdings 207,000 1,033,060
CONSUMER GOODS & SERVICES - 5.4%
Gillette Company 16,100 1,251,775
Philip Morris Companies Incorporated 13,200 1,486,650
Procter & Gamble Company 12,200 1,311,500
------------
4,049,925
COSMETICS & TOILETRIES - 1.0%
Lauder Estee Companies Incorporated 7,800 396,825
Revlon Incorporated, (a) 11,300 337,588
------------
734,413
DOMESTIC OIL - 1.1%
PanEnergy Corporation 18,100 814,500
DRUGS & HEALTH CARE SERVICES - 7.7%
Astra AB 21,600 1,042,010
Coventry Corporation, (a) 13,400 124,159
Novartis AG, (a) 307 351,221
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES (CONTINUED)
Pacificare Health Systems Incorporated,
Class A, (a) 7,500 $609,375
Pacificare Health Systems Incorporated,
Class B, (a) 4,900 417,725
St Jude Medical Incorporated, (a) 28,950 1,233,994
United Healthcare Corporation 23,700 1,066,500
Uromed Corporation, (a) 34,700 338,325
Ventritex Incorporated, (a) 23,600 581,150
Zoll Medical Corporation, (a) 4,400 47,300
------------
5,811,759
ELECTRONICS - 1.2%
Analog Devices Incorporated, (a) 10,500 355,687
Lattice Semiconductor Corporation, (a) 3,000 138,000
Xilinx Incorporated, (a) 10,400 382,850
------------
876,537
ENTERTAINMENT - 1.7%
MGM Grand Incorporated, (a) 13,800 481,275
Showboat Incorporated 11,900 205,275
Viacom Incorporated, (a) 17,900 624,262
------------
1,310,812
FINANCE & BANKING - 4.6%
Bank of Boston Corporation 9,040 580,820
Chase Manhattan Corporation 12,676 1,131,333
Compass Bancshares Incorporated 1,600 63,600
Crestar Financial Corporation 3,400 252,875
Fleet Financial Group Incorporated 9,300 463,837
Union Planters Corporation 18,762 731,718
Wing Hang Bank Ltd. 44,000 199,677
------------
3,423,860
FINANCIAL SERVICES - 2.1%
Advanta Corporation, Class B 19,500 797,062
Allstate Corporation 13,200 763,950
------------
1,561,012
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
FOOD & BEVERAGES - 0.5%
Pepsico Incorporated 13,600 $397,800
FOOD PROCESSING - 2.8%
Earthgrains Company 8,100 423,225
Huhtamaki OY 10,500 488,478
McCormick & Company Incorporated 18,600 438,263
Tyson Foods Incorporated Delaware 22,200 760,350
------------
2,110,316
FOREST PRODUCTS - 1.9%
Kimberly Clark Corporation 14,800 1,409,700
GAS EXPLORATION - 0.4%
Newfield Exploration Company, (a) 10,000 260,000
GAS & PIPELINE UTILITIES - 1.2%
Coastal Corporation 18,100 884,637
HOUSEHOLD PRODUCTS - 1.8%
Colgate Palmolive Company 14,600 1,346,850
INDUSTRIAL MACHINERY - 1.7%
Case Corporation 23,800 1,297,100
INSURANCE - 6.0%
Amerin Corporation, (a) 7,700 198,275
Chubb Corporation 8,900 478,375
Cigna Corporation 9,100 1,243,288
Conseco Incorporated 6,500 414,375
ITT Hartford Group Incorporated 9,800 661,500
Penncorp Financial Group Incorporated 31,100 1,119,600
Riscorp Incorporated, (a) 5,200 18,850
Union Assured Federal 3,300 407,054
------------
4,541,317
LODGING - 3.5%
HFS Incorporated, (a) 21,100 1,260,725
Host Marriott Corporation, (a) 52,600 841,600
Jarvis Hotels* 147,600 407,120
Promus Hotel Corporation, (a) 3,750 111,094
------------
2,620,539
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
MACHINE DIVERSIFIED - 0.8%
Stanley Works 23,000 $621,000
MEDICAL SUPPLIES - 0.4%
Nobel Biocare 18,600 327,278
OIL & GAS - 3.6%
Barrett Resources Corporation, (a) 11,300 481,662
British Petroleum PLC 6,433 909,465
Mobil Corporation 6,900 843,525
Transocean Offshore Incorporated 7,500 469,688
------------
2,704,340
PHARMACEUTICALS - 2.0%
Pfizer Incorporated 7,400 613,275
Pharmacia & Upjohn Incorporated 13,200 523,050
Rhone Poulenc Rorer Incorporated 5,000 390,625
------------
1,526,950
RAILROADS & EQUIPMENT - 2.4%
Conrail Incorporated 5,127 510,777
Wisconsin Central Transportation Corporation, (a) 32,800 1,299,700
------------
1,810,477
RETAIL - 7.9%
Alco Standard Corporation 15,000 774,375
AnnTaylor Stores Corporation, (a) 21,900 383,250
Compusa Incorporated, (a) 28,100 579,563
Giordano International 416,000 354,981
Gymboree Corporation, (a) 19,400 443,775
Hollywood Entertainment Corporation, (a) 8,200 151,700
Home Depot Incorporated 9,600 481,200
Kwik Fit Holdings 98,100 365,543
Lowes Companies Incorporated 10,800 383,400
Nike Incorporated 6,400 382,400
Reebok International Ltd. 5,300 222,600
Safeway Incorporated, (a) 22,800 974,700
Staples Incorporated, (a) 17,300 312,481
Storehouse PLC 22,700 100,530
------------
5,910,498
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
TELECOMMUNICATIONS - 4.1%
Glenayre Technologies Incorporated, (a) 23,100 $498,094
Korea Mobile Telecomm ADR 23,648 304,468
Loral Space & Communications, (a) 30,100 553,087
Lucent Technologies Incorporated 10,800 499,500
MCI Communications Corporation 26,100 853,144
Ote Greek Telecom 12,000 205,018
Pilipino Telephone, (a) 172,000 145,513
------------
3,058,824
TELECOMMUNICATION EQUIPMENT - 0.2%
Ascend Communications Incorporated, (a) 2,900 180,163
TIRES & RUBBER - 0.5%
BF Goodrich Company 9,600 388,800
TOYS & AMUSEMENTS - 1.0%
Tyco International Ltd 14,700 777,262
TRANSPORTATION - 0.9%
Burlington Northern Santa Fe 8,000 691,000
UTILITIES - 0.6%
Telecom Italia Mobile 332,300 474,245
------------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $66,912,582) 73,951,113
PREFERRED STOCK - 0.1%
COMPUTER SOFTWARE - 0.1%
SAP AG 800 111,775
------------
TOTAL PREFERRED STOCK
- (Cost $131,354) 111,775
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS - 8.8%
FEDERAL AGENCIES - 8.8%
Federal Home Loan Bank,
Discount Note,
5.500%, 01/10/1997 $2,300,000 $2,296,838
Federal Home Loan Mortgage Association,
Discount Note,
5.380%, 01/16/1997 1,328,000 1,325,023
Student Loan Marketing Association,
Discount Note,
6.300%, 01/02/1997 3,000,000 2,999,475
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $6,621,336) 6,621,336
------------
TOTAL INVESTMENTS - (Cost $73,665,272) - 107.3% 80,684,224
OTHER ASSETS LESS LIABILITIES - (7.3)% (5,505,382)
------------
NET ASSETS - 100.0% $75,178,842
============
<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
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 0.2%
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2%
BCF LLC, Mortgage Pass-through
Certificate Series 1996 R1,
7.750%, 09/25/2026* $99,752 $96,666
------------
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $95,482) 96,666
Shares
------------
COMMON STOCK AND OTHER EQUITY INTERESTS - 56.3%
AEROSPACE - 2.9%
General Dynamics Corporation 4,500 317,250
Lockheed Martin Corporation 2,200 201,300
Newport News Shipbuilding Incorporated, (a) 180 2,700
Raytheon Company 6,900 332,062
United Technologies Corporation 12,500 825,000
------------
1,678,312
ALUMINUM - 0.5%
Aluminum Company of America 4,300 274,125
APPAREL & TEXTILES - 0.6%
VF Corporation 5,200 351,000
AUTO PARTS - 0.4%
Dana Corporation 6,500 212,063
AUTOMOBILES - 0.8%
Ford Motor Company 9,000 286,875
General Motors Corporation 1,500 83,625
Volvo Aktiebolaget ADR 3,900 84,825
------------
455,325
BUILDING MATERIALS - 0.4%
Sherwin Williams Company 3,900 218,400
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
CHEMICALS - 2.9%
Air Products & Chemicals Incorporated 2,000 $138,250
Dow Chemical Company 2,200 172,425
DuPont, E I De Nemours & Company 4,100 386,937
Nalco Chemical Company 5,400 195,075
Olin Corporation 3,600 135,450
Praxair Incorporated 3,900 179,888
Rohm & Haas Company 3,800 310,175
Witco Corporation 4,600 140,300
------------
1,658,500
COMPUTERS & BUSINESS EQUIPMENT - 0.9%
Digital Equipment Corporation, (a) 6,600 240,075
International Business Machines 1,800 271,800
------------
511,875
CONGLOMERATES - 0.3%
Eastern Enterprises 4,000 141,500
Tenneco Incorporated, (a) 900 40,613
------------
182,113
CONSUMER GOODS & SERVICES - 1.3%
Avon Products Incorporated 1,400 79,975
Philip Morris Companies Incorporated 6,050 681,381
------------
761,356
DOMESTIC OIL - 0.7%
PanEnergy Corporation 8,800 396,000
DRUGS & HEALTH CARE SERVICES - 3.6%
American Home Products Corporation 5,600 328,300
Astra AB 4,400 215,600
Columbia/HCA Healthcare Corporation 4,900 199,675
National Health Investments Incorporated 300 11,362
Novartis AG, (a) 437 500,852
Smithkline Beecham PLC, ADR 7,400 503,200
United Healthcare Corporation 6,200 279,000
------------
2,037,989
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ELECTRICAL EQUIPMENT - 1.6%
General Electric Company 6,700 $662,462
Honeywell Incorporated 3,450 226,838
------------
889,300
ELECTRIC UTILITIES - 1.9%
Allegheny Power Systems Incorporated 3,400 103,275
DPL Incorporated 3,000 73,500
FPL Group Incorporated 6,200 285,200
Peco Energy Company 3,700 93,425
Pinnacle West Capital Corporation 6,300 200,025
Portland General Corporation 4,900 205,800
Texas Utilities Company 3,700 150,775
------------
1,112,000
ELECTRONICS - 0.1%
Analog Devices Incorporated, (a) 1,300 44,038
ENVIRONMENTAL CONTROL - 0.3%
Browning Ferris Industries Incorporated 5,800 152,250
FEDERAL AGENCIES - 0.6%
Federal Home Loan Mortgage Corporation 3,000 330,375
FINANCE & BANKING - 4.9%
Bank of Boston Corporation 5,400 346,950
Bank of New York Incorporated 11,300 381,375
Chase Manhattan Corporation 6,428 573,699
Comerica Incorporated 1,400 73,325
Crestar Financial Corporation 2,000 148,750
Fleet Financial Group Incorporated 7,700 384,037
Nationsbank Corporation 4,800 469,200
Southern National Corporation 11,600 420,500
------------
2,797,836
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
FINANCIAL SERVICES - 3.3%
Allstate Corporation 6,300 $364,612
American Express Company 6,700 378,550
Associates First Capital Corporation 800 35,300
National City Corporation 10,000 448,750
Northern Trust Corporation 2,400 87,000
Norwest Corporation 7,000 304,500
Travelers Incorporated 6,133 278,285
------------
1,896,997
FOOD & BEVERAGES - 1.1%
Anheuser Busch Companies Incorporated 1,400 56,000
General Mills Incorporated 4,500 285,188
Lion Nathan Limited 7,700 18,454
McCormick & Company Incorporated 4,900 115,456
Pepsico Incorporated 5,000 146,250
------------
621,348
FOREST PRODUCTS - 0.3%
Weyerhaeuser Company 3,600 170,550
GAS EXPLORATION - 1.7%
Occidental Petroleum Corporation 13,600 317,900
Repsol S.A. ADR 5,300 202,062
USX-Marathon Group 19,800 472,725
------------
992,687
GAS & PIPELINE UTILITIES - 1.4%
Coastal Corporation 6,600 322,575
El Paso Natural Gas Company 84 4,227
Pacific Enterprises 1,700 51,637
Sonat Incorporated 4,000 206,000
Williams Companies Incorporated 5,640 211,500
------------
795,939
HOUSEHOLD PRODUCTS - 0.6%
Colgate Palmolive Company 3,100 285,975
Rubbermaid Incorporated 3,300 75,075
------------
361,050
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
INSURANCE - 2.4%
Chubb Corporation 4,300 $231,125
Cigna Corporation 3,300 450,862
St. Paul Companies, Incorporated 6,000 351,750
Torchmark Incorporated 6,600 333,300
------------
1,367,037
MACHINE DIVERSIFIED - 1.0%
Deere & Company 9,300 377,813
Stanley Works 8,200 221,400
------------
599,213
MANUFACTURING - 1.7%
Allied Signal Incorporated 7,200 482,400
American Brands Incorporated 3,700 183,612
Cooper Industries Incorporated 3,700 155,863
Dexter Corporation 5,000 159,375
------------
981,250
MEDICAL SUPPLIES - 0.5%
Baxter International Incorporated 4,300 176,300
St Jude Medical Incorporated, (a) 2,000 85,250
------------
261,550
METALS - 0.1%
Phelps Dodge Corporation 1,000 67,500
OIL & GAS - 6.0%
Amoco Corporation 4,400 354,200
Atlantic Richfield Company 2,400 318,000
British Petroleum PLC 4,927 696,555
Exxon Corporation 4,200 411,600
Mobil Corporation 3,400 415,650
Royal Dutch Petroleum Company 3,300 563,475
Sun Incorporated 1,200 29,250
Texaco Incorporated 4,200 412,125
Union Pacific Resources Group Incorporated 7,200 210,600
------------
3,411,455
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
PETROLEUM SERVICES - 0.8%
Schlumberger Ltd. 3,700 $369,538
Ultramar Corporation 2,000 63,250
------------
432,788
PHARMACEUTICALS - 1.0%
Pharmacia & Upjohn Incorporated 7,900 313,038
Rhone Poulenc Rorer Incorporated 3,600 281,250
------------
594,288
PHOTOGRAPHY - 0.8%
Eastman Kodak Company 5,900 473,475
POLLUTION CONTROL - 0.3%
WMX Technologies Incorporated 5,700 185,963
RAILROADS & EQUIPMENT - 0.8%
Canadian National Railway Company 1,200 45,658
CSX Corporation 3,300 139,425
Illinois Central Corporation 8,700 278,400
------------
463,483
REAL ESTATE - 0.8%
Arden Reality Group Incorporated 2,000 55,500
Hospitality Properties Trust 8,000 232,000
Meditrust Corporation 4,800 192,000
------------
479,500
RETAIL - 1.4%
May Department Stores Company 3,300 154,275
Rite Aid Corporation 1,600 63,600
Sears, Roebuck & Company 6,300 290,587
Wal Mart Stores Incorporated 5,800 132,675
York International Corporation 3,000 167,625
------------
808,762
STEEL - 0.2%
Timet Capital Trust I,* (a) 2,400 130,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
TELECOMMUNICATIONS - 0.9%
GTE Corporation 8,800 $400,400
Telephone & Data Systems Incorporated 2,800 101,500
------------
501,900
TELEPHONE - 1.2%
Ameritech Corporation 3,300 200,062
AT&T Corporation 1,100 47,850
MCI Communications Corporation 13,200 431,475
------------
679,387
TIRES & RUBBER - 0.9%
BF Goodrich Company 12,000 486,000
TOBACCO - 0.1%
Dimon Incorporated 3,600 83,250
TRANSPORTATION - 0.6%
Burlington Northern Santa Fe 4,000 345,500
UTILITIES - 1.7%
Bellsouth Corporation 6,700 270,512
Carolina Power & Light Company 7,100 259,150
CMS Energy Corporation 8,000 269,000
UGI Corporation New 8,100 181,238
------------
979,900
------------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS
- (Cost $28,334,003) 32,234,129
Principal
Amount
CORPORATE BONDS AND NOTES - 16.8% ------------
AEROSPACE - 0.4%
Jet Equipment, Series A-10 144A
9.410%, 06/15/2010* $50,000 57,692
8.640%, 11/01/2012* 48,584 52,709
10.690%, 05/01/2015* 10,000 12,072
Northrop Grumman Corporation
9.375%, 10/15/2024 100,000 110,551
------------
233,024
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
AIRLINES - 0.9%
Continental Airlines, 144A
9.500%, 12/15/2001* $150,000 $153,000
9.500%, 10/15/2013* 100,000 112,491
10.220%, 07/02/2014* 24,995 29,275
Delta Air Lines Incorporated
8.500%, 03/15/2002 100,000 105,881
10.375%, 12/15/2022 50,000 62,944
Quantas Airways Ltd.
7.500%, 06/30/2003* 50,000 51,136
------------
514,727
BROADCASTING - 1.1%
Continental Cablevision Incorporated
8.300%, 05/15/2006 100,000 106,527
Tele-Communications Incorporated
7.385%, 08/27/2001 525,000 530,198
------------
636,725
BUILDING CONSTRUCTION - 0.2%
Owens Corning Fiberglass Corporation
8.875%, 06/01/2002 10,000 10,844
USG Corporation
9.250%, 09/15/2001 100,000 106,500
------------
117,344
COMMERCIAL SERVICES - 0.6%
Loewen Group Interest, 144A
7.500%, 04/15/2001* 220,000 220,275
Stewart Enterprises Incorporated
6.700%, 12/01/2003 100,000 99,019
------------
319,294
COMPUTERS & BUSINESS EQUIPMENT - 0.2%
International Business Machines
7.125%, 12/01/2096 100,000 95,083
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
CONTAINERS & GLASS - 0.2%
Crown Cork & Seal Finance
7.000%, 12/15/2006 $100,000 $99,136
DRUGS & HEALTH CARE SERVICES - 0.1%
Tenet Healthcare Corporation
8.625%, 12/01/2003 40,000 42,200
10.125%, 03/01/2005 10,000 11,075
------------
53,275
ELECTRIC UTILITIES - 2.9%
Arkansas Power & Light Company
8.750%, 03/01/2026 20,000 20,604
El Paso Electric Company
8.900%, 02/01/2006 100,000 104,264
Empresa Electric Peh
7.300%, 05/01/2003 300,000 303,273
Empresa Electrica Del Norte, 144A
7.750%, 03/15/2006* 50,000 50,408
Enersis SA
6.900%, 12/01/2006 95,000 92,719
First PV Funding Corporation
10.300%, 01/15/2014 220,000 234,300
10.150%, 01/15/2016 30,000 31,875
Long Island Lighting Company
8.900%, 07/15/2019 100,000 102,025
9.000%, 11/01/2022 150,000 157,875
9.625%, 07/01/2024 10,000 10,635
Louisiana Power & Light Company
10.670%, 01/02/2017 10,000 10,703
10.670%, 01/02/2017 10,000 10,703
8.750%, 03/01/2026 10,000 10,470
Midland Funding Corporation II
11.750%, 07/23/2005 10,000 11,072
Niagara Mohawk Power Corporation
8.000%, 06/01/2004 150,000 144,102
Oryx Energy Company
10.000%, 04/01/2001 100,000 109,769
PacifiCorp Holdings PPW, 144A
7.200%, 04/01/2006* 50,000 49,587
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
ELECTRIC UTILITIES (CONTINUED)
System Energy Resources Incorporated
7.800%, 08/01/2000 $100,000 $101,208
Texas-New Mexico Power Company
12.500%, 01/15/1999 100,000 108,635
Utilicorp United Incorporated
8.450%, 11/15/1999 10,000 10,461
------------
1,674,688
ENTERTAINMENT - 1.0%
Circus Circus Enterprises Incorporated
6.700%, 11/15/2096 100,000 98,352
Time Warner Incorporated
7.450%, 02/01/1998 250,000 252,753
8.375%, 03/15/2023 200,000 202,774
------------
553,879
FINANCE & BANKING - 1.1%
ABN Amro Bank NV Chicago Branch
7.300%, 12/01/2026 100,000 95,080
Auburn Hills Trust
12.000%, 05/01/2020 15,000 22,739
Bankamerica Capital II
8.000%, 12/15/2026 100,000 101,370
Capital One Bank
6.750%, 11/06/2000 100,000 99,875
Hubco Company, 144A
8.200%, 09/15/2006* 100,000 104,375
MBNA Capital I
8.278%, 12/01/2026 100,000 100,375
NB Capital Trust II
7.830%, 12/15/2026 100,000 99,695
------------
623,509
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
FINANCIAL SERVICES - 2.6%
Advanta Capital Trust I, 144A
8.990%, 12/17/2026* $100,000 $100,155
Advanta Corporation
7.470%, 09/10/2001 100,000 101,724
Alex Brown Incorporated
7.625%, 08/15/2005 40,000 40,810
American Re Corporation, 144A
7.450%, 12/15/2026* 100,000 100,081
Capital One Financial Corporation
7.250%, 12/01/2003 100,000 98,750
ContiFinancial Corporation
8.375%, 08/15/2003 50,000 51,500
Equitable Life Assured Society
7.700%, 12/01/2015 120,000 119,950
Financiera Energetica
9.375%, 06/15/2006 50,000 53,125
First USA Capital Trust I, 144A
9.330%, 01/15/2027* 100,000 99,897
Humpuss Funding Corporation, 144A
7.720%, 12/15/2009* 100,000 98,713
Lehman Brothers Holdings Incorporated
6.400%, 12/27/1999 100,000 99,480
7.125%, 09/15/2003 100,000 99,923
7.500%, 08/01/2026 100,000 101,389
Mellon Capital II
7.995%, 01/15/2027 100,000 100,000
Salton Sea Funding Corporation
7.370%, 05/30/2005 20,000 19,971
7.840%, 05/30/2010 100,000 100,547
State Street Institutional Capital A,
Series A 144A
7.940%, 12/30/2026* 100,000 97,625
------------
1,483,640
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
FOOD & BEVERAGES - 0.6%
Price Costco Incorporated
7.125%, 06/15/2005 $100,000 $100,012
RJR Nabisco Incorporated
8.750%, 04/15/2004 125,000 126,158
8.750%, 07/15/2007 120,000 119,815
7.550%, 06/15/2015 20,000 19,835
------------
365,820
FOREST PRODUCTS - 0.3%
Boise Cascade Corporation
7.430%, 10/10/2005 100,000 101,625
Canadian Pacific Forest Products Ltd.
9.250%, 06/15/2002 50,000 50,799
Georgia Pacific Corporation
9.875%, 11/01/2021 10,000 11,178
------------
163,602
GAS EXPLORATION - 1.2%
Enserch Exploration Incorporated, 144A
7.540%, 01/02/2009* 100,000 98,500
Gulf Canada Resources Ltd.
8.350%, 08/01/2006 100,000 104,250
Husky Oil Ltd.
7.125%, 11/15/2006 240,000 240,010
Petroliam Nasional Berhad, 144A
7.625%, 10/15/2026* 250,000 252,017
------------
694,777
GAS & PIPELINE UTILITIES - 0.3%
Coastal Corporation
7.750%, 10/15/2035 200,000 203,614
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
INSURANCE - 0.2%
Fairfax Financial Holdings Ltd.
8.300%, 04/15/2026 $15,000 $15,651
Liberty Mutual Insurance Company, 144A
8.200%, 05/04/2007* 20,000 21,239
Nationwide Mutual Life, 144A
7.500%, 02/15/2024* 100,000 93,202
------------
130,092
MANUFACTURING - 0.2%
Mark IV Industries Incorporated, 144A
7.750%, 04/01/2006* 125,000 122,813
OIL & GAS - 1.4%
Louis Dreyfus Natural Gas Corporation
9.250%, 06/15/2004 100,000 108,000
Mitchell Energy & Development Corporation
6.750%, 02/15/2004 100,000 93,390
NGC Corporation
7.625%, 10/15/2026 100,000 101,495
Oryx Energy Company
8.000%, 10/15/2003 100,000 101,175
8.375%, 07/15/2004 100,000 103,753
Ras Laffan Liquefied Natural Gas, 144A
8.294%, 03/15/2014* 100,000 100,250
Tosco Corporation
7.625%, 05/15/2006 200,000 206,484
------------
814,547
REAL ESTATE - 0.2%
Taubman Reality Group Ltd. Partner
8.000%, 07/30/2001 100,000 103,213
TELECOMMUNICATIONS - 0.4%
360 Communications
7.500%, 03/01/2006 133,000 131,924
Total Access Communication, 144A
8.375%, 11/04/2006* 100,000 100,331
------------
232,255
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
TOBACCO - 0.2%
Philip Morris Companies Incorporated
7.650%, 07/01/2008 $100,000 $102,127
UTILITIES - 0.5%
California Energy Incorporated
0.000%, 01/15/2004 (b) 75,000 79,031
Cleveland Electric Illuminating Company
9.250%, 07/29/1999 100,000 104,396
9.375%, 03/01/2017 100,000 102,561
------------
285,988
------------
TOTAL CORPORATE BONDS AND NOTES
- (Cost $9,497,973) 9,623,172
CONVERTIBLE BONDS - 0.3%
CONGLOMERATES - 0.2%
ADT Operations Incorporated
Zero Coupon, 07/06/2010 105,000 68,775
Valhi Incorporated
Zero Coupon, 10/20/2007 68,000 32,045
------------
100,820
FINANCIAL SERVICES - 0.1%
National Data Corporation
5.000%, 11/01/2003 40,000 42,500
------------
TOTAL CONVERTIBLE BONDS
- (Cost $109,917) 143,320
Shares
------------
PREFERRED STOCK - 3.0%
CHEMICALS - 0.3%
Henkel KGaA, (a) 3,800 190,889
CONSTRUCTION & MINING EQUIPMENT - 0.5%
Case Corporation 2,300 305,325
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
PREFERRED STOCK (CONTINUED)
FINANCIAL SERVICES - 0.7%
Finova Finance Trust 1,900 $99,750
Salomon Incorporated, (a) 300 18,075
Sci Finance Llc 1,300 122,362
Travelers Capital III 180,000 173,081
------------
413,268
GAS EXPLORATION - 0.0%
Occidental Petroleum Corporation* 500 28,500
HOTELS & RESTAURANTS - 0.6%
Host Marriott Financial Trust,* 6,200 329,375
HOUSEHOLD PRODUCTS - 0.1%
Corning Delaware LP 500 31,813
OIL & GAS - 0.5%
Enron Corporation 4,800 115,200
Unocal Corporation 3,455 196,071
------------
311,271
TELECOMMUNICATIONS - 0.3%
Loral Space & Communications,* (a) 3,200 180,800
------------
TOTAL PREFERRED STOCK
- (Cost $1,637,331) 1,791,241
Principal
Amount
------------
FOREIGN GOVERNMENT BOND - 0.9%
GOVERNMENT AGENCY - 0.9%
Argentenia Republic
9.250%, 02/23/2001 $60,000 60,900
Colombia Republic
8.700%, 02/15/2016 60,000 57,871
Peoples Republic China
7.750%, 07/05/2006 200,000 206,198
Republic of South Africa
8.375%, 10/17/2006 100,000 99,998
United Mexican States
11.375%, 09/15/2016 100,000 105,000
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
FOREIGN GOVERNMENT BOND (CONTINUED)
TOTAL FOREIGN GOVERNMENT BOND
- (Cost $516,780) $529,967
U.S. GOVERNMENT AND AGENCY SECURITIES - 17.4%
MORTGAGE-BACKED OBLIGATIONS - 6.7%
Federal National Mortgage Association
8.000%, 12/01/2026 $3,535,000 3,601,493
Government National Mortgage Association
7.500%, 04/15/2008 233,106 238,074
------------
3,839,567
U.S. TREASURIES - 10.7%
United States Treasury Bond
12.000%, 05/15/2005 90,000 122,203
12.000%, 08/15/2013 155,000 221,723
6.750%, 08/15/2026 859,000 865,442
United States Treasury Note
9.125%, 05/15/1999 1,900,000 2,030,321
6.625%, 06/30/2001 2,000,000 2,032,180
7.500%, 11/15/2001 450,000 473,699
6.500%, 10/15/2006 400,000 402,188
------------
6,147,756
------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
- (Cost $10,027,749) 9,987,323
SHORT TERM INVESTMENTS - 7.8%
FEDERAL AGENCIES - 7.8%
Federal Home Loan Bank
Consolidated Discount Notes,
5.250%, 01/02/1997 2,600,000 2,599,621
Federal Home Loan Bank
Consolidated Discount Notes,
5.500%, 01/09/1997 1,870,000 1,867,714
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $4,467,335) 4,467,335
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $54,686,570) - 102.7% $58,873,153
OTHER ASSETS LESS LIABILITIES - (2.7)% (1,571,190)
------------
NET ASSETS - 100.0% $57,301,963
============
<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.
(b) Step-up security will start to accrue interest on
1/15/1997 at a rate of 10.25%.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 1.6%
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6%
Morgan Stanley Capital 1 Incorporated,
Series 86 C Class C-4,
9.000%, 05/01/2016 $222,686 $227,164
------------
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $228,531) 227,164
CORPORATE BONDS AND NOTES - 67.3%
AIRLINES - 3.5%
Delta Air Lines, Incorporated,
8.050%, 07/01/1997 500,000 505,000
BUILDING CONSTRUCTION - 3.6%
Toll Corporation
10.500%, 03/15/2002 500,000 517,500
ENTERTAINMENT - 7.5%
Caesars World, Incorporated
8.875%, 08/15/2002 400,000 417,000
Harrahs Operating, Incorporated
10.875%, 04/15/2002 230,000 244,375
Time Warner, Incorporated,
Floating Rate Notes
6.460%, 08/15/2000* 225,000 225,041
Viacom International, Incorporated,
Reset Notes
8.750%, 05/15/2001* 195,000 199,767
------------
1,086,183
FINANCE & BANKING - 5.9%
Advanta National Bank
6.090%, 11/10/1997 500,000 500,625
First USA Bank
8.100%, 02/21/1997 350,000 350,961
------------
851,586
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
FINANCIAL SERVICES - 12.8%
Heller Financial, Incorporated
7.750%, 05/15/1997 $250,000 $251,866
Household Finance Corporation,
6.700%, 08/08/1997 340,000 342,054
Lehman Brothers, Incorporated
Senior Subordinated Note
7.375%, 08/15/1997 345,000 347,944
Paine Webber Group, Incorporated,
6.1875%, 07/24/2003* 350,000 348,372
Salomon, Incorporated,
8.800%, 02/17/1998 550,000 565,099
------------
1,855,335
GAS EXPLORATION - 3.2%
Occidental Petroleum Corporation,
9.500%, 08/15/1997 450,000 460,163
INDUSTRIALS - 12.7%
Baxter International, Incorporated
7.500%, 05/01/1997 300,000 301,683
California Hotel Finance Corporation
11.000%, 12/01/2002 400,000 415,000
MGM Grand Hotel Finance Corporation,
First Mortgage Notes
11.750%, 05/01/1999 250,000 260,470
Polaroid Corporation
7.250%, 01/15/1997 350,000 350,128
Trizec Hahn Corporation
10.500%, 12/01/2001 500,000 520,000
------------
1,847,281
PUBLISHING - 3.6%
K-III Communications Corporation
10.625%, 05/01/2002 500,000 528,750
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
REAL ESTATE - 2.1%
Taubman Realty Group Limited,
Medium Term Note, *
6.395%, 07/30/1998 $300,000 $300,238
RETAIL - 2.4%
Hook Superx, Incorporated
10.125%, 06/01/2002 330,000 350,503
TELECOMMUNICATIONS - 6.9%
Cablevision Industries Corporation
10.750%, 01/30/2002 595,000 629,136
Continental Cablevision, Incorporated
10.625%, 06/15/2002 350,000 375,346
------------
1,004,482
TOBACCO - 0.7%
RJR Nabisco, Incorporated,
Medium Term Note
6.250%, 01/31/1997 100,000 100,004
UTILITIES - 2.4%
Texas Utilities Electric Company,
Floating-Rate Notes Series B
6.07812%, 05/01/1999* 350,000 351,059
------------
TOTAL CORPORATE BONDS AND NOTES
- (Cost $9,758,456) 9,758,084
U.S. GOVERNMENT AND AGENCY SECURITIES - 6.1%
U.S. TREASURIES - 3.5%
United States Treasury Note
5.875%, 10/31/1998 500,000 499,531
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
ADJUSTABLE RATE MORTGAGE-BACKED
OBLIGATIONS - 2.6%
Federal Home Loan PC
7.546%, 07/01/2024* $191,927 $198,045
Federal National Mortgage Association
7.928%, 12/01/2017* 178,048 184,947
------------
382,992
------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
- (Cost $881,818) 882,523
SHORT TERM INVESTMENTS - 27.3%
COMMERCIAL PAPER - 27.3%
AUTOMOBILES - 4.3%
Ford Motor Credit Company,
5.520%, 01/09/1997 622,000 621,237
ENTERTAINMENT - 2.9%
Disney (Walt) Company,
5.470%, 01/03/1997 417,000 416,874
FINANCE & BANKING - 4.3%
Weyerhauser Mortgage,
6.000%, 01/08/1997 629,000 628,266
FINANCIAL SERVICES - 9.5%
General Electric Capital Corporation
6.000%, 01/06/1997 688,000 687,427
Merrill Lynch & Company, Incorporated
6.100%, 01/07/1997 690,000 689,298
------------
1,376,725
FOOD & BEVERAGES - 2.3%
Coca Cola Company,
5.900%, 01/06/1997 338,000 337,723
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Pricipal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
COMMERCIAL PAPER (CONTINUED)
TELEPHONE - 4.0%
American Telephone & Telegraph Company,
5.560%, 01/02/1997 $575,000 $574,911
TOTAL SHORT TERM INVESTMENTS
- (Cost $3,955,736) 3,955,736
------------
TOTAL INVESTMENTS - (Cost $14,824,541) - 102.3% 14,823,507
OTHER ASSETS LESS LIABILITIES - (2.3)% (334,917)
------------
NET ASSETS - 100.0% $14,488,590
============
<FN>
The percentage shown for each investment category is
the total value of that category as a percentage of
the net assets of the portfolio.
*The interest rate shown reflects the rate
in effect on December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 96.5%
AEROSPACE - 5.6%
BE Aerospace Incorporated, (a) 1,200 $32,550
Boeing Company 5,100 542,513
Precision Castparts Corporation 4,400 218,350
United Technologies Corporation 4,800 316,800
------------
1,110,213
AIRLINES - 3.4%
AMR Corporation Delaware, (a) 1,800 158,625
Continental Airlines Incorporated, (a) 2,500 70,625
Delta Air Lines Incorporated 3,600 255,150
UAL Corporation, (a) 3,000 187,500
------------
671,900
BIOTECHNOLOGY - 4.8%
Amgen Incorporated, (a) 8,000 435,000
BioChem Pharma Incorporated, (a) 4,800 241,200
Biogen Incorporated, (a) 7,000 271,250
------------
947,450
COMMUNICATION SERVICES - 1.1%
LCI International Incorporated, (a) 9,200 197,800
Univision Communications Incorporated, (a) 500 18,500
------------
216,300
COMMUNICATIONS EQUIPMENT - 5.7%
3Com Corporation, (a) 9,200 675,050
Cabletron Systems Incorporated, (a) 13,678 454,793
------------
1,129,843
COMPUTERS & BUSINESS EQUIPMENT - 5.2%
Cisco Systems Incorporated, (a) 6,292 400,329
Seagate Technology Incorporated, (a) 15,600 616,200
------------
1,016,529
COMPUTER HARDWARE - 8.1%
Compaq Computer Corporation, (a) 12,100 898,425
Dell Computer Corporation, (a) 12,978 689,456
Intelligroup Incorporated, (a) 500 5,500
------------
1,593,381
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - 6.9%
Cadence Design Systems Incorporated, (a) 14,400 $572,400
Microsoft Corporation, (a) 2,500 206,563
Parametric Technology Corporation, (a) 11,300 580,537
------------
1,359,500
COMPUTER SOFTWARE - SYSTEMS - 2.1%
BMC Software Incorporated, (a) 4,200 173,775
HBO & Company 4,000 237,500
------------
411,275
DATA PROCESSING - 1.9%
Computer Sciences Corporation, (a) 4,400 361,350
DRUGS & HEALTH CARE SERVICES - 0.6%
Prime Hospitality Corporation, (a) 7,000 112,875
ELECTRONICS - 1.5%
SCI Systems Incorporated, (a) 5,400 240,975
Solectron Corporation, (a) 1,000 53,375
------------
294,350
FINANCE & BANKING - 8.9%
Bank of America 1,500 149,625
Boatmen's Bancshares Incorporated 3,100 199,950
Chase Manhattan Corporation 1,900 169,575
Citicorp Bank 3,600 370,800
Comerica Incorporated 3,600 188,550
First Bank Systems Incorporated 2,000 136,500
Mellon Bank Corporation 4,000 284,000
Nationsbank Corporation 1,200 117,300
Northern Trust Corporation 4,000 145,000
------------
1,761,300
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
FINANCIAL SERVICES - 9.9%
Aames Financial Corporation 6,400 $229,600
First USA Incorporated 8,600 297,775
Green Tree Financial Corporation 3,400 131,325
Household International Incorporated 3,000 276,750
MBNA Corporation 4,300 178,450
Merrill Lynch & Company Incorporated 6,880 560,720
Schwab Charles Corporation 2,903 92,896
The Money Store Incorporated 6,400 176,800
------------
1,944,316
HEALTH MAINTENANCE ORGANIZATIONS - 5.1%
Oxford Health Plans Incorporated, (a) 10,900 638,331
United Healthcare Corporation 8,200 369,000
------------
1,007,331
INSURANCE - 0.7%
Conseco Incorporated 2,200 140,250
MEDICAL PRODUCTS AND SERVICES - 4.2%
Cardinal Health Incorporated 3,450 200,963
Columbia/HCA Healthcare Corporation 7,050 287,287
Medtronic Incorporated 5,100 346,800
------------
835,050
RETAIL - 12.2%
Abercrombie & Fitch Company, (a) 3,800 62,700
Central Garden and Pet Company, (a) 3,200 67,400
Compusa Incorporated, (a) 34,232 706,035
Dayton Hudson Corporation 2,000 78,500
Meyer Fred Incorporated Delaware, (a) 4,500 159,750
Nike Incorporated 7,600 454,100
Ross Stores Incorporated 5,000 250,000
Staples Incorporated, (a) 800 14,450
Starbucks Corporation, (a) 6,200 177,475
TJX Companies Incorporated 3,200 151,600
Williams Sonoma Incorporated, (a) 7,600 276,450
------------
2,398,460
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
RETAIL GROCERY - 2.1%
Albertsons Incorporated 2,500 $89,063
Safeway Incorporated, (a) 7,800 333,450
------------
422,513
SEMICONDUCTERS - 6.5%
Intel Corporation 6,100 798,719
Micron Technology Incorporated 14,100 410,662
Xilinx Incorporated, (a) 2,000 73,625
------------
1,283,006
------------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS
- (Cost $17,214,699) 19,017,192
Principal
Amount
------------
SHORT TERM INVESTMENTS - 4.3%
REPURCHASE AGREEMENT - 4.3%
Agreement with State Street Bank and Trust
Company, dated 12/31/1996, bearing 5.000%,
to be repurchased at $856,238 on 01/02/1997
(secured by $810,000 par value U.S.
Treasury Notes, 7.000%, due 07/15/2006, with
a value of $874,387) $856,000 856,000
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $856,000) 856,000
------------
TOTAL INVESTMENTS - (Cost $18,070,699) - 100.8% 19,873,192
OTHER ASSETS LESS LIABILITIES - (0.8)% (151,328)
------------
NET ASSETS - 100.0% $19,721,864
============
<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
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 83.7%
AEROSPACE - 0.7%
Loral Space & Communications, (a) 15,000 $275,625
AUTO PARTS - 0.5%
Boyds Wheels Incorporated, (a) 15,000 210,000
BIOTECHNOLOGY - 2.0%
Autoimmune Incorporated, (a) 18,500 284,438
Genzyme Corporation, (a) 14,500 315,375
Intercardia Incorporated, (a) 11,000 236,500
------------
836,313
BROADCASTING - 0.7 %
Lin Television Corporation, (a) 7,500 316,875
BUSINESS SERVICES - 1.9%
ADT Ltd., (a) 10,000 228,750
Mail Boxes Et Cetera, (a) 12,000 270,000
Snyder Communications Incorporated, (a) 500 13,500
Wallace Computer Series Incorporated 8,000 276,000
------------
788,250
CHEMICALS - 0.6%
Monsanto Company 6,000 233,250
COMMERCIAL SERVICES - 1.0%
ICTS International NV, (a) 23,000 232,875
Western Staff Services Incorporated, (a) 20,000 182,500
------------
415,375
COMMUNICATION SERVICES - 2.4%
Comsat Corporation 19,500 480,188
Lucent Technologies Incorporated 3,000 138,750
Tele Communications Incorporated (a) 12,500 357,031
Univision Communications Incorporated (a) 1,500 55,500
------------
1,031,469
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTERS & BUSINESS EQUIPMENT - 1.9%
Cabletron Systems Incorporated, (a) 13,000 $432,250
Digi International Incorporated, (a) 18,500 175,750
Intergraph Corporation, (a) 20,000 205,000
------------
813,000
COMPUTER HARDWARE - 5.5%
Compaq Computer Corporation, (a) 4,500 334,125
Komag Incorporation, (a) 14,000 379,750
Read-Rite Corporation, (a) 17,500 441,875
Scientific Games Holdings Corporation, (a) 15,000 401,250
Sequent Computer Systems Incorporate, (a) 20,000 355,000
Texas Instruments Incorporated 6,500 414,375
------------
2,326,375
COMPUTER SOFTWARE - 5.5%
Adobe Systems Incorporated 10,000 373,750
Autodesk Incorporated 11,000 308,000
Aware Incorporated, (a) 10,000 101,250
Compuware Corporation, (a) 7,500 375,937
Discreet Logic Incorporated, (a) 35,000 231,875
Microsoft Corporation, (a) 3,000 247,875
Midway Games Incorporated, (a) 17,500 354,375
SELECT Software Tools ADR, (a) 17,500 319,375
------------
2,312,437
DATA PROCESSING - 0.2%
Affiliated Computer Services Incorporated,
Class A (a) 3,000 89,250
DRUGS & HEALTH CARE SERVICES - 4.8%
Biosource International Incorporated, (a) 54,000 371,250
Cardinal Health Incorporated 7,000 407,750
Diagnostic Health Services
Incorporated, (a) 30,000 240,000
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES (CONTINUED)
Dynamic Healthcare Technologies
Incorporated, (a) 53,700 $255,075
Guidant Corporation 5,000 285,000
Novoste Corporation, (a) 18,000 238,500
Ventritex Incorporated, (a) 10,000 246,250
------------
2,043,825
ELECTRICAL EQUIPMENT - 2.9%
American Power Conversion Corporation, (a) 21,000 572,250
Fisher Scientific International Incorporated 7,000 329,875
General Electric Company 3,500 346,062
------------
1,248,187
ELECTRONICS - 0.9%
Breed Technologies Incorporated 15,000 390,000
ENVIRONMENTAL CONTROL - 0.7%
Philip Environmental Incorporated, (a) 20,000 290,000
FINANCE & BANKING - 6.1%
Collective Bancorp Incorporated 7,000 245,875
First Chicago NBD Corporation 5,500 295,625
Firstar Corporation 9,000 472,500
Glendale Federal Bank FSB, (a) 17,000 395,250
Great Western Financial Corporation 14,500 420,500
Washington Federal Incorporated 12,000 318,000
Washington Mutual Incorporated 10,000 433,125
------------
2,580,875
FINANCIAL SERVICES - 2.6%
American Express Company 7,500 423,750
Federal National Mortgage Association 10,000 372,500
Matrix Capital Corporation, (a) 20,000 317,500
------------
1,113,750
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
GAS EXPLORATION - 1.3%
Nuevo Energy Company, (a) 2,300 $119,600
Union Pacific Resources Group Incorporated 15,000 438,750
------------
558,350
GAS & PIPELINE UTILITIES - 2.7%
Consolidated Natural Gas Company 8,000 442,000
Questar Corporation 9,000 330,750
Western Gas Resources Incorporated 20,000 385,000
------------
1,157,750
HOTELS & RESTAURANTS - 1.4%
Innkeepers USA Trust 18,000 249,750
Wendy's International Incorporated 17,500 358,750
------------
608,500
HOUSEHOLD APPLIANCES & HOME FURNISHINGS - 1.2%
Furniture Brands International
Incorporated, (a) 35,000 490,000
INSURANCE - 2.6%
Conseco Incorporated 4,500 286,875
Everest Reinsurance Holdings 15,000 431,250
Orion Capital Corporation 6,500 397,313
------------
1,115,438
LEISURE TIME - 0.7%
Sodak Gaming Incorporated, (a) 20,000 307,500
MOBILE HOMES - 1.0%
Coachmen Industries Incorporated 15,000 425,625
OFFICE FURNISHINGS & SUPPLIES - 1.9%
Ennis Business Forms Incorporated 30,000 337,500
Kimball International Incorporated 11,000 455,125
------------
792,625
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
OIL & GAS - 2.7%
Costilla Energy Incorporated, (a) 22,500 $306,563
Gulf Canada Resources Limited, (a) 45,000 331,875
Noble Affiliates Incorporated 6,000 287,250
Petroleum Securities Australia Ltd, (a) 10,000 227,500
------------
1,153,188
PETROLEUM SERVICES - 10.1%
BJ Services Company, (a) 8,000 408,000
Drilex International Incorporated, (a) 21,000 252,000
ENSCO International Incorporated, (a) 10,000 485,000
Marine Drilling Companies Incorporated, (a) 25,000 492,187
National-Oilwell Incorporated, (a) 500 15,375
Noble Drilling Corporation, (a) 20,000 397,500
Precision Drilling Corporation, (a) 12,000 417,000
Pride Petroleum Services Incorporated, (a) 15,000 348,750
Reading & Bates Corporation, (a) 10,000 265,000
Smith International Incorporated, (a) 7,000 314,125
Varco International Incorporated, (a) 10,000 231,250
Veritas DGC Incorporated, (a) 12,500 231,250
Weatherford Enterra Incorporated, (a) 14,500 435,000
------------
4,292,437
REAL ESTATE - 10.0%
Ambassador Apartments Incorporated 10,000 236,250
Apartment Investment & Management Company 12,000 339,000
Bedford Property Investors Incorporated 15,000 262,500
Crescent Real Estate Equities Incorporated 10,000 527,500
Glenborough Reality Trust Incorporated 17,500 308,438
Health and Retirement Property Trust 20,000 387,500
JP Realty Incorporated 10,000 258,750
Prentiss Properties Trust 15,000 375,000
Public Storage Incorporated 12,500 387,500
Simon DeBartolo Group Incorporated 10,000 307,142
TriNet Corporation Realty Trust Incorporated 12,000 426,000
Walden Residential Properties Incorporated 17,500 435,312
------------
4,250,892
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
RETAIL - 3.9%
Brown Group Incorporated 12,000 $220,500
Gap Incorporated 8,000 241,000
Hollywood Entertainment Corporation, (a) 12,000 222,000
Regis Corporation 20,000 325,000
Sport Haley Incorporated, (a) 20,000 251,250
Vans Incorporated, (a) 30,000 375,000
------------
1,634,750
SEMICONDUCTERS - 1.9%
Cypress Semiconductor Corporation, (a) 15,000 211,875
LSI Logic Corporation, (a) 8,000 214,000
Motorola Incorporated 6,000 368,250
------------
794,125
STEEL - 0.6%
Timet Capital Trust I, *(a) 5,000 271,875
TRANSPORTATION - 0.8%
Hvide Marine Incorporated, (a) 15,000 326,250
------------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS
- (Cost $32,149,062) 35,494,161
Principal
Amount
------------
CORPORATE BONDS AND NOTES - 0.8%
DRUGS & HEALTH CARE SERVICES - 0.8%
Healthsource Incorporated,
Convertible Subordinated Note 144A
5.000%, 03/01/2003* $300,000 239,250
Rotech Medical Corporation,
Subordinated Debenture Convertible 144A
5.250%, 06/01/2003* 100,000 99,250
------------
TOTAL CORPORATE BONDS AND NOTES
- (Cost $331,334) 338,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CONVERTIBLE BONDS - 6.6%
COMMUNICATION SERVICES - 0.4%
Midcom Communications Incorporated,
Convertible Subordinated Note 144A
8.250%, 08/15/2003* $200,000 $184,000
COMPUTER SOFTWARE - 0.5%
Softkey International Incorporated,
Senior Note Convertible 144A
5.500%, 11/01/2000* 250,000 207,812
CONSTRUCTION - 0.4%
Empresas ICA Sociedad Controladora,
Convertible Subordinated Note
5.000%, 03/15/2004 250,000 173,750
DRUGS & HEALTH CARE SERVICES - 0.6%
Ventritex Incorporated,
Senior Note Convertible
5.750%, 08/15/2001 150,000 236,625
ENVIRONMENTAL CONTROL - 0.8%
Molten Metal Technology Incorporated,
Convertible Subordinated Note 144A
5.500%, 05/01/2006* 500,000 342,500
INDUSTRIALS - 1.5%
Charming Shoppes Incorporated,
Convertible Subordinated Note
7.500%, 07/15/2006 250,000 248,750
Offshore Logistics Incorporated,
Convertible Subordinated Note 144A
6.000%, 12/15/2003* 200,000 210,000
Phymatrix Corporation,
Subordinated Debenture Convertible 144A
6.750%, 06/15/2003* 200,000 166,000
------------
624,750
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CONVERTIBLE BONDS (CONTINUED)
RETAIL - 0.5%
Sports & Recreation Incorporated,
Convertible Subordinated Note
4.250%, 11/01/2000 $300,000 $219,750
STEEL - 1.0%
Mascotech Incorporated,
Convertible Subordinated Debenture
4.500%, 12/15/2003 450,000 369,000
Platinum Technology Incorporated,
Convertible Subordinated Note
6.750%, 11/15/2001 50,000 60,875
------------
429,875
TELECOMMUNICATIONS - 0.9%
Broadband Technologies Incorporated,
Convertible Subordinated Note
5.000%, 05/15/2001* 200,000 154,000
California Microwave Incorporated,
Convertible Subordinated Note
5.250%, 12/15/2003 250,000 205,000
------------
359,000
------------
TOTAL CONVERTIBLE BONDS
- (Cost $2,789,353) 2,778,062
Shares
------------
PREFERRED STOCK - 5.3%
AEROSPACE - 0.2%
Loral Space & Communications ,(a) 1,400 79,100
AIRLINES - 0.5%
Transport World Airlines Incorporated, (a) 5,000 125,000
Transport World Airlines Incorporated, (a)
144A* 3,500 87,500
------------
212,500
ALUMINUM - 0.5%
Kaiser Aluminum Corporation 20,000 225,000
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
PREFERRED STOCK (CONTINUED)
CONTAINERS & GLASS - 0.9%
Crown Cork & Seal Incorporated 7,500 $390,000
ELECTRICAL EQUIPMENT - 0.3%
Westinghouse Electric, PFD, Series C 7,500 133,125
FINANCE & BANKING - 0.1%
Sakura Finance (Bermuda) Trust* 1 53,044
GAS EXPLORATION - 0.9%
Mesa Incorporated 56,689 361,390
STEEL - 0.9%
WHX Corporation, Series A 10,000 390,000
TOYS & AMUSEMENTS - 1.0%
Tyco Toys Incorporated 40,000 405,000
------------
TOTAL PREFERRED STOCK 2,249,159
- (Cost $2,005,984)
Principal
Amount
------------
U.S. GOVERNMENT AND AGENCY SECURITIES - 0.4%
U.S. TREASURIES - 0.4%
United States Treasury Bond Strip
Zero Coupon, 11/15/2024 $640,000 98,086
United States Treasury Note
7.000%, 07/15/2006 79,000 82,074
------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
- (Cost $170,850) 180,160
SHORT TERM INVESTMENTS - 5.3%
REPURCHASE AGREEMENT - 5.3%
Agreement with State Street Bank and Trust
Company, dated 12/31/1996, bearing 5.000%,
to be repurchased at $2,266,629 on 01/02/1997
(secured by $2,145,000 par value U.S.
Treasury Notes, 7.000 %, due 07/15/2006, with
a value of $2,315,506) 2,266,000 2,266,000
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $2,266,000) 2,266,000
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
December 31, 1996
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $39,712,583) - 102.1% $43,306,042
OTHER ASSETS LESS LIABILITIES - (2.1)% (905,234)
------------
NET ASSETS - 100.0% $42,400,808
============
<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.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $19,076,336
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 712
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable --
Dividends receivable --
Receivable for fund shares sold 94,635
Receivable from Investment Adviser (Note 3) 3,352
Foreign income tax reclaim receivable --
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 19,184,226
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Distributions payable --
Payable for audit fees 4,353
Payable for custody fees 9,466
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 6,394
Accounts payable and accrued expenses 4,893
______________
TOTAL LIABILITIES 31,894
______________
NET ASSETS $19,152,332
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $19,152,332
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 $19,152,332
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
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 19,152,332
(a) Investments in securities and repurchase agreements, at cost $19,076,336
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Mortgage-Backed
Securities
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $11,615,525
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 4,714
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 70,055
Dividends receivable --
Receivable for fund shares sold 211,562
Receivable from Investment Adviser (Note 3) 1,233
Foreign income tax reclaim receivable --
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 11,912,280
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 105,781
Distributions payable 635,860
Payable for audit fees 4,353
Payable for custody fees 10,017
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 7,367
Accounts payable and accrued expenses 4,426
______________
TOTAL LIABILITIES 774,592
______________
NET ASSETS $11,137,688
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $11,018,309
Undistributed net investment income (loss) (Note 2) --
Accumulated net realized gain (loss) on investments and
foreign currency transactions (268)
Net unrealized appreciation (depreciation) of:
Investments 119,647
Foreign currency translations --
______________
NET ASSETS $11,137,688
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Mortgage-Backed
Securities
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.59
Total shares outstanding at end of period 1,051,277
(a) Investments in securities and repurchase agreements, at cost $11,495,878
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $10,225,408
Repurchase agreements, at value (a) 980,000
Cash, including foreign currency, at value 859
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) 22,272
Receivable for currency sold --
Interest receivable 229,863
Dividends receivable --
Receivable for fund shares sold 105,533
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 11,573,126
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) 32,521
Payable for currency purchased --
Payable for fund shares repurchased 52,766
Distributions payable 702,668
Payable for audit fees 4,353
Payable for custody fees 10,501
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 10,149
Accounts payable and accrued expenses 6,599
______________
TOTAL LIABILITIES 826,345
______________
NET ASSETS $10,746,781
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $10,376,376
Undistributed net investment income (loss) (Note 2) 89,168
Accumulated net realized gain (loss) on investments and
foreign currency transactions 14,407
Net unrealized appreciation (depreciation) of:
Investments 277,857
Foreign currency translations (11,027)
______________
NET ASSETS $10,746,781
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.88
Total shares outstanding at end of period 987,794
(a) Investments in securities and repurchase agreements, at cost $10,927,551
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $46,046,824
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 373,946
Receivable for securities sold 163,701
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 208
Dividends receivable 3,474
Receivable for fund shares sold 329,942
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 46,927,286
LIABILITIES
Payable for securities purchased 1,337,759
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 2
Distributions payable 2,207,145
Payable for audit fees 4,353
Payable for custody fees 15,823
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 29,325
Accounts payable and accrued expenses 4,511
______________
TOTAL LIABILITIES 3,605,706
______________
NET ASSETS $43,321,580
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $41,815,951
Undistributed net investment income (loss) (Note 2) --
Accumulated net realized gain (loss) on investments and
foreign currency transactions 373,101
Net unrealized appreciation (depreciation) of:
Investments 1,132,528
Foreign currency translations --
______________
NET ASSETS $43,321,580
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $13.82
Total shares outstanding at end of period 3,134,213
(a) Investments in securities and repurchase agreements, at cost $44,914,296
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $80,684,224
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 393,028
Receivable for securities sold 18,088
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold 156,408
Interest receivable --
Dividends receivable 73,294
Receivable for fund shares sold 437,268
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable 3,591
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 81,775,092
LIABILITIES
Payable for securities purchased 4,326,294
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 156,000
Payable for fund shares repurchased --
Distributions payable 2,011,939
Payable for audit fees 4,353
Payable for custody fees 35,294
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 49,700
Accounts payable and accrued expenses 5,882
______________
TOTAL LIABILITIES 6,596,250
______________
NET ASSETS $75,178,842
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $67,306,275
Undistributed net investment income (loss) (Note 2) (73)
Accumulated net realized gain (loss) on investments and
foreign currency transactions 853,133
Net unrealized appreciation (depreciation) of:
Investments 7,018,984
Foreign currency translations 523
______________
NET ASSETS $75,178,842
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $15.43
Total shares outstanding at end of period 4,872,075
(a) Investments in securities and repurchase agreements, at cost $73,665,272
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $58,873,153
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 144,972
Receivable for securities sold 7,170
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 277,621
Dividends receivable 77,541
Receivable for fund shares sold 628,315
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable 1,263
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 60,019,226
LIABILITIES
Payable for securities purchased 1,098,444
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Distributions payable 1,544,130
Payable for audit fees 4,353
Payable for custody fees 19,754
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 37,989
Accounts payable and accrued expenses 5,805
______________
TOTAL LIABILITIES 2,717,263
______________
NET ASSETS $57,301,963
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $52,847,749
Undistributed net investment income (loss) (Note 2) 5,234
Accumulated net realized gain (loss) on investments and
foreign currency transactions 262,444
Net unrealized appreciation (depreciation) of:
Investments 4,186,583
Foreign currency translations (47)
______________
NET ASSETS $57,301,963
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $13.15
Total shares outstanding at end of period 4,357,555
(a) Investments in securities and repurchase agreements, at cost $54,686,570
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $14,823,507
Repurchase agreements, at value (a) --
Cash, including foreign currency, at value 1,010
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 189,730
Dividends receivable --
Receivable for fund shares sold 37,047
Receivable from Investment Adviser (Note 3) 4,882
Foreign income tax reclaim receivable --
Prepaid insurance 2,402
Deferred organization costs 6,789
______________
TOTAL ASSETS 15,065,367
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Distributions payable 545,170
Payable for audit fees 4,353
Payable for custody fees 10,108
Payable for organization expense 6,788
Payable to Investment Adviser (Note 3) 6,009
Accounts payable and accrued expenses 4,349
______________
TOTAL LIABILITIES 576,777
______________
NET ASSETS $14,488,590
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $14,482,353
Undistributed net investment income (loss) (Note 2) 4,488
Accumulated net realized gain (loss) on investments and
foreign currency transactions 2,783
Net unrealized appreciation (depreciation) of:
Investments (1,034)
Foreign currency translations --
______________
NET ASSETS $14,488,590
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.41
Total shares outstanding at end of period 1,391,938
(a) Investments in securities and repurchase agreements, at cost $14,824,541
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Value +
Growth
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $19,017,192
Repurchase agreements, at value (a) 856,000
Cash, including foreign currency, at value 1,669
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 119
Dividends receivable 6,962
Receivable for fund shares sold 56,933
Receivable from Investment Adviser (Note 3) 16,963
Foreign income tax reclaim receivable --
Prepaid insurance 2,561
Deferred organization costs 6,478
______________
TOTAL ASSETS 19,964,877
LIABILITIES
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Distributions payable 200,957
Payable for audit fees 4,846
Payable for custody fees 11,044
Payable for organization expense 6,479
Payable to Investment Adviser (Note 3) 15,462
Accounts payable and accrued expenses 4,225
______________
TOTAL LIABILITIES 243,013
______________
NET ASSETS $19,721,864
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $18,014,657
Undistributed net investment income (loss) (Note 2) --
Accumulated net realized gain (loss) on investments and
foreign currency transactions (95,286)
Net unrealized appreciation (depreciation) of:
Investments 1,802,493
Foreign currency translations --
______________
NET ASSETS $19,721,864
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Value +
Growth
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $11.43
Total shares outstanding at end of period 1,725,524
(a) Investments in securities and repurchase agreements, at cost $18,070,699
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
<TABLE>
<CAPTION>
Growth &
Income
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $41,040,042
Repurchase agreements, at value (a) 2,266,000
Cash, including foreign currency, at value 18,134
Receivable for securities sold 387,218
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 41,291
Dividends receivable 52,661
Receivable for fund shares sold 376,664
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 2,561
Deferred organization costs 6,478
______________
TOTAL ASSETS 44,191,049
LIABILITIES
Payable for securities purchased 1,624,990
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 2
Distributions payable 103,245
Payable for audit fees 4,846
Payable for custody fees 15,158
Payable for organization expense 6,479
Payable to Investment Adviser (Note 3) 31,124
Accounts payable and accrued expenses 4,397
______________
TOTAL LIABILITIES 1,790,241
______________
NET ASSETS $42,400,808
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $38,331,330
Undistributed net investment income (loss) (Note 2) --
Accumulated net realized gain (loss) on investments and
foreign currency transactions 476,019
Net unrealized appreciation (depreciation) of:
Investments 3,593,459
Foreign currency translations --
______________
NET ASSETS $42,400,808
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio
______________
<S> <C>
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $12.59
Total shares outstanding at end of period 3,368,264
(a) Investments in securities and repurchase agreements, at cost $39,712,583
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended December 31, 1996
<TABLE>
<CAPTION>
Mortgage-
Money Backed
Market Securities
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $702,754 $736,509
Dividend income -- --
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 702,754 736,509
EXPENSES
Investment adviser fee (Note 3) 48,489 79,625
Administration fee 12,564 12,564
Audit fee 8,085 8,085
Custodian fees and expenses 51,514 53,405
Trustee's fees (Note 3) 5,640 5,640
Legal fee 7,405 7,405
Insurance expense 2,590 2,664
Transfer agent expense 4,487 5,282
Amortization of organization expense 2,471 2,471
Miscellaneous expense 601 601
______________ ______________
Total operating expenses before waiver
and reimbursement 143,846 177,742
Expenses reimbursed by the Investment
Adviser (Note 3) (56,565) (45,034)
______________ ______________
NET EXPENSES 87,281 132,708
______________ ______________
NET INVESTMENT INCOME (LOSS) 615,473 603,801
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments -- 31,785
Foreign currency transactions -- --
Change in unrealized appreciation
(depreciation) of:
Investments -- (257,057)
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAIN (LOSS) -- (225,272)
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $615,473 $378,529
============== ==============
<FN>
*For the period April 1, 1996 (commencement of
investment operations) through December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended December 31, 1996
<TABLE>
<CAPTION>
International
Fixed Income OTC
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $635,942 $135,332
Dividend income -- 31,391
Foreign taxes withheld (5,541) (97)
______________ ______________
TOTAL INVESTMENT INCOME 630,401 166,626
EXPENSES
Investment adviser fee (Note 3) 84,700 185,005
Administration fee 12,564 12,565
Audit fee 8,085 8,085
Custodian fees and expenses 63,476 83,378
Trustee's fees (Note 3) 5,640 5,640
Legal fee 7,405 7,405
Insurance expense 2,664 2,664
Transfer agent expense 5,369 4,644
Amortization of organization expense 2,471 2,470
Miscellaneous expense 600 603
______________ ______________
Total operating expenses before waiver
and reimbursement 192,974 312,459
Expenses reimbursed by the Investment
Adviser (Note 3) (33,539) --
______________ ______________
NET EXPENSES 159,435 312,459
______________ ______________
NET INVESTMENT INCOME (LOSS) 470,966 (145,833)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 227,301 2,735,463
Foreign currency transactions 91,817 (146)
Change in unrealized appreciation
(depreciation) of:
Investments (272,112) 851,565
Foreign currency translations 1,809 --
______________ ______________
NET REALIZED AND UNREALIZED GAIN (LOSS) 48,815 3,586,882
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $519,781 $3,441,049
============== ==============
<FN>
*For the period April 1, 1996 (commencement of
investment operations) through December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended December 31, 1996
<TABLE>
<CAPTION>
Total
Research Return
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $131,956 $996,220
Dividend income 429,782 543,980
Foreign taxes withheld (8,648) (6,221)
______________ ______________
TOTAL INVESTMENT INCOME 553,090 1,533,979
EXPENSES
Investment adviser fee (Note 3) 325,527 270,373
Administration fee 12,667 12,564
Audit fee 8,085 8,085
Custodian fees and expenses 165,303 107,224
Trustee's fees (Note 3) 5,640 5,640
Legal fee 7,405 7,405
Insurance expense 2,664 2,664
Transfer agent expense 4,352 4,343
Amortization of organization expense 2,470 2,471
Miscellaneous expense 603 601
______________ ______________
Total operating expenses before waiver
and reimbursement 534,716 421,370
Expenses reimbursed by the Investment
Adviser (Note 3) -- --
______________ ______________
NET EXPENSES 534,716 421,370
______________ ______________
NET INVESTMENT INCOME (LOSS) 18,374 1,112,609
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 2,825,747 694,215
Foreign currency transactions 32,712 4,984
Change in unrealized appreciation
(depreciation) of:
Investments 5,333,270 3,063,457
Foreign currency translations 722 2
______________ ______________
NET REALIZED AND UNREALIZED GAIN (LOSS) 8,192,451 3,762,658
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $8,210,825 $4,875,267
============== ==============
<FN>
*For the period April 1, 1996 (commencement of
investment operations) through December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended December 31, 1996
<TABLE>
<CAPTION>
Value +
Advantage Growth
Portfolio Portfolio*
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $626,054 $27,123
Dividend income -- 40,177
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 626,054 67,300
EXPENSES
Investment adviser fee (Note 3) 47,012 80,234
Administration fee 12,564 9,626
Audit fee 8,085 6,179
Custodian fees and expenses 54,807 48,627
Trustee's fees (Note 3) 5,640 3,594
Legal fee 7,405 5,216
Insurance expense 2,664 2,232
Transfer agent expense 4,818 3,295
Amortization of organization expense 2,470 1,149
Miscellaneous expense 601 387
______________ ______________
Total operating expenses before waiver
and reimbursement 146,066 160,539
Expenses reimbursed by the Investment
Adviser (Note 3) (70,848) (16,963)
______________ ______________
NET EXPENSES 75,218 143,576
______________ ______________
NET INVESTMENT INCOME (LOSS) 550,836 (76,276)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments (2,371) 181,947
Foreign currency transactions -- --
Change in unrealized appreciation
(depreciation) of:
Investments (738) 1,802,493
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAIN (LOSS) (3,109) 1,984,440
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $547,727 $1,908,164
============== ==============
<FN>
*For the period April 1, 1996 (commencement of
investment operations) through December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended December 31, 1996
<TABLE>
<CAPTION>
Growth &
Income
Portfolio*
______________
<S> <C>
INVESTMENT INCOME
Interest income $101,899
Dividend income 168,631
Foreign taxes withheld --
______________
TOTAL INVESTMENT INCOME 270,530
EXPENSES
Investment adviser fee (Note 3) 127,300
Administration fee 9,626
Audit fee 6,179
Custodian fees and expenses 60,791
Trustee's fees (Note 3) 3,594
Legal fee 5,216
Insurance expense 2,232
Transfer agent expense 3,603
Amortization of organization expense 1,149
Miscellaneous expense 387
______________
Total operating expenses before waiver
and reimbursement 220,077
Expenses reimbursed by the Investment
Adviser (Note 3) --
______________
NET EXPENSES 220,077
______________
NET INVESTMENT INCOME (LOSS) 50,453
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 528,810
Foreign currency transactions --
Change in unrealized appreciation
(depreciation) of:
Investments 3,593,459
Foreign currency translations --
______________
NET REALIZED AND UNREALIZED GAIN (LOSS) 4,122,269
______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $4,172,722
==============
<FN>
*For the period April 1, 1996 (commencement of
investment operations) through December 31, 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 December 31, 1996
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) $177,620
Net realized gain (loss) on:
Investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
______________
Net increase in net assets resulting from operations 177,620
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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $615,473
Net realized gain (loss) on:
Investments --
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments --
Foreign currency translations --
______________
Net increase in net assets resulting from operations 615,473
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (615,473)
Distributions from net realized gain on investments --
FUND SHARE TRANSACTIONS (Note 5) 13,410,068
______________
TOTAL INCREASE IN NET ASSETS 13,410,068
NET ASSETS:
Beginning of period 5,742,264
______________
END OF PERIOD (a) $19,152,332
==============
(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 December 31, 1996
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) $412,255
Net realized gain (loss) on:
Investments 98,177
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 421,113
Foreign currency translations --
______________
Net increase in net assets resulting from operations 931,545
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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $603,801
Net realized gain (loss) on:
Investments 31,785
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (257,057)
Foreign currency translations --
______________
Net increase in net assets resulting from operations 378,529
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (603,807)
Distributions from net realized gain on investments (32,250)
FUND SHARE TRANSACTIONS (Note 5) 2,739,838
______________
TOTAL INCREASE IN NET ASSETS 2,482,310
NET ASSETS:
Beginning of period 8,655,378
______________
END OF PERIOD (a) $11,137,688
==============
(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 December 31, 1996
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) $415,760
Net realized gain (loss) on:
Investments 133,236
Foreign currency transactions (73,113)
Change in unrealized appreciation (depreciation) of:
Investments 577,134
Foreign currency translations (28,913)
______________
Net increase in net assets resulting from operations 1,024,104
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 (loss) $34,634
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $470,966
Net realized gain (loss) on:
Investments 227,301
Foreign currency transactions 91,817
Change in unrealized appreciation (depreciation) of:
Investments (272,112)
Foreign currency translations 1,809
______________
Net increase in net assets resulting from operations 519,781
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (565,542)
Distributions from net realized gain on investments (177,436)
FUND SHARE TRANSACTIONS (Note 5) 2,413,725
______________
TOTAL INCREASE IN NET ASSETS 2,190,528
NET ASSETS:
Beginning of period 8,556,253
______________
END OF PERIOD (a) $10,746,781
==============
(a) Including undistributed net investment income (loss) $89,168
==============
<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 December 31, 1996
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) ($11,987)
Net realized gain (loss) on:
Investments 1,098,964
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 230,952
Foreign currency translations --
______________
Net increase in net assets resulting from operations 1,317,929
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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) ($145,833)
Net realized gain (loss) on:
Investments 2,735,463
Foreign currency transactions (146)
Change in unrealized appreciation (depreciation) of:
Investments 851,565
Foreign currency translations --
______________
Net increase in net assets resulting from operations 3,441,049
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
Distributions from net realized gain on investments (2,298,074)
FUND SHARE TRANSACTIONS (Note 5) 33,123,983
______________
TOTAL INCREASE IN NET ASSETS 34,266,958
NET ASSETS:
Beginning of period 9,054,622
______________
END OF PERIOD (a) $43,321,580
==============
(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 December 31, 1996
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) $40,193
Net realized gain (loss) on:
Investments 352,255
Foreign currency transactions 9,912
Change in unrealized appreciation (depreciation) of:
Investments 1,725,239
Foreign currency translations (197)
______________
Net increase in net assets resulting from operations 2,127,402
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 (loss) $163
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $18,374
Net realized gain (loss) on:
Investments 2,825,747
Foreign currency transactions 32,712
Change in unrealized appreciation (depreciation) of:
Investments 5,333,270
Foreign currency translations 722
______________
Net increase in net assets resulting from operations 8,210,825
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (12,458)
Distributions from net realized gain on investments (2,117,360)
FUND SHARE TRANSACTIONS (Note 5) 52,912,033
______________
TOTAL INCREASE IN NET ASSETS 58,993,040
NET ASSETS:
Beginning of period 16,185,802
______________
END OF PERIOD (a) $75,178,842
==============
(a) Including undistributed net investment income (loss) ($73)
==============
<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 December 31, 1996
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) $264,737
Net realized gain (loss) on:
Investments 138,883
Foreign currency transactions (1,184)
Change in unrealized appreciation (depreciation) of:
Investments 1,143,979
Foreign currency translations (49)
______________
Net increase in net assets resulting from operations 1,546,366
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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $1,112,609
Net realized gain (loss) on:
Investments 694,215
Foreign currency transactions 4,984
Change in unrealized appreciation (depreciation) of:
Investments 3,063,457
Foreign currency translations 2
______________
Net increase in net assets resulting from operations 4,875,267
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,110,704)
Distributions from net realized gain on investments (500,838)
FUND SHARE TRANSACTIONS (Note 5) 38,535,331
______________
TOTAL INCREASE IN NET ASSETS 41,799,056
NET ASSETS:
Beginning of period 15,502,907
______________
END OF PERIOD (a) $57,301,963
==============
(a) Including undistributed net investment income (loss) $5,234
==============
<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 December 31, 1996
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
Net investment income (loss) $417,434
Net realized gain (loss) on:
Investments 6,581
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 9,216
Foreign currency translations --
______________
Net increase in net assets resulting from operations 433,231
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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $550,836
Net realized gain (loss) on:
Investments (2,371)
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments (738)
Foreign currency translations --
______________
Net increase in net assets resulting from operations 547,727
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (528,200)
Distributions from net realized gain on investments (16,970)
FUND SHARE TRANSACTIONS (Note 5) 8,495,968
______________
TOTAL INCREASE IN NET ASSETS 8,498,525
NET ASSETS:
Beginning of period 5,990,065
______________
END OF PERIOD (a) $14,488,590
==============
(a) Including undistributed net investment income (loss) $4,488
==============
<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 December 31, 1996
<TABLE>
<CAPTION>
Value + Growth
Portfolio*
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
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 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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Value + Growth
Portfolio*
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) ($76,276)
Net realized gain (loss) on:
Investments 181,947
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 1,802,493
Foreign currency translations --
______________
Net increase in net assets resulting from operations 1,908,164
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
Distributions from net realized gain on investments (200,957)
FUND SHARE TRANSACTIONS (Note 5) 18,014,657
______________
TOTAL INCREASE IN NET ASSETS 19,721,864
NET ASSETS:
Beginning of period --
______________
END OF PERIOD (a) $19,721,864
==============
(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 December 31, 1996
<TABLE>
<CAPTION>
Growth &
Income
Portfolio*
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE YEAR
ENDED DECEMBER 31, 1995
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 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 (loss) $ --
==============
</TABLE>
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 1995 and the period ended December 31, 1996
(Continued)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio*
______________
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income (loss) $50,453
Net realized gain (loss) on:
Investments 528,810
Foreign currency transactions --
Change in unrealized appreciation (depreciation) of:
Investments 3,593,459
Foreign currency translations --
______________
Net increase in net assets resulting from operations 4,172,722
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (50,452)
Distributions from net realized gain on investments (52,792)
FUND SHARE TRANSACTIONS (Note 5) 38,331,330
______________
TOTAL INCREASE IN NET ASSETS 42,400,808
NET ASSETS:
Beginning of period --
______________
END OF PERIOD (a) $42,400,808
==============
(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
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Net
Realized
and
Unrealized
Net Asset Net Gain (Loss)
Value at Investment on
Beginning Income Invest-
of Period (Loss) (1) ments
_____________ _____________ _____________
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO (2)
Year ended December 31, 1996 $1.00 $0.05 $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)
Year ended December 31, 1996 10.84 0.58 (0.22)
Year ended December 31, 1995 9.90 0.52 1.05
Period ended December 31, 1994* 10.00 0.15 (0.10)
INTERNATIONAL FIXED INCOME
PORTFOLIO
Year ended December 31, 1996 11.09 0.53 0.02
Year ended December 31, 1995 10.02 0.41 1.24
Period ended December 31, 1994* 10.00 0.15 (0.05)
OTC PORTFOLIO
Year ended December 31, 1996 12.08 (0.03) 2.52
Year ended December 31, 1995 10.36 (0.02) 3.07
Period ended December 31, 1994* 10.00 0.00 0.36
RESEARCH PORTFOLIO
Year ended December 31, 1996 12.88 0.00 3.00
Year ended December 31, 1995 9.59 0.03 3.48
Period ended December 31, 1994* 10.00 0.09 (0.41)
TOTAL RETURN PORTFOLIO
Year ended December 31, 1996 11.90 0.26 1.37
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)
Year ended December 31, 1996 10.18 0.40 0.22
Year ended December 31, 1995 9.98 0.71 0.20
Period ended December 31, 1994* 10.00 0.12 (0.02)
VALUE + GROWTH PORTFOLIO
Period ended December 31, 1996** 10.00 (0.04) 1.59
GROWTH & INCOME PORTFOLIO
Period ended December 31, 1996** 10.00 0.02 2.61
<FN>
(1) Net investment income is after reimbursement of certain fees and expenses
by Equitable Investment Services, Inc. ("EISI") (See Note 3 to the finan-
cial statements). Had EISI not undertaken to reimburse expenses related
to the Portfolios, net investment income (loss) per share and ratio of
operating expenses to average net assets would have been as follows for
the year ended December 31, 1996, for the year ended December 31, 1995
and for the period ended December 31, 1994, respectively: Money Market
Portfolio, $0.04 and 1.11%, $0.04 and 2.59%, $(0.03) and 23.22%;
Mortgage-Backed Securities Portfolio, $0.54 and 1.67%, $0.43 and 1.99%,
$0.11 and 2.43%; International Fixed Income Portfolio, $0.49 and 1.94%,
$0.31 and 2.13%, $0.10 and 2.53%; OTC Portfolio, $(0.03) and 1.35%,
$(0.10) and 2.52%, $(0.12) and 7.10%; Research Portfolio, $0.00 and
1.31%, $(0.04) and 2.48%, $(0.04) and 7.48%; Total Return Portfolio,
$0.26 and 1.25%, $0.14 and 2.36%, $(0.06) and 8.31%; Advantage Portfolio,
$0.35 and 1.55%, $0.60 and 2.13%, $0.07 and 3.06%; Value + Growth Portfolio,
$(0.05) and 1.90%; and Growth & Income Portfolio, $0.02 and 1.64%.
(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 December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Total Distributions Net
from from Net Capital
Investment Investment Gains
Operations Income Distributions
____________ ____________ _____________
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO (2)
Year ended December 31, 1996 $0.05 ($0.05) $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)
Year ended December 31, 1996 0.36 (0.58) (0.03)
Year ended December 31, 1995 1.57 (0.52) (0.11)
Period ended December 31, 1994* 0.05 (0.15) 0.00
INTERNATIONAL FIXED INCOME
PORTFOLIO
Year ended December 31, 1996 0.55 (0.58) (0.18)
Year ended December 31, 1995 1.65 (0.47) (0.11)
Period ended December 31, 1994* 0.10 (0.08) 0.00
OTC PORTFOLIO
Year ended December 31, 1996 2.49 0.00 (0.75)
Year ended December 31, 1995 3.05 0.00 (1.33)
Period ended December 31, 1994* 0.36 0.00 0.00
RESEARCH PORTFOLIO
Year ended December 31, 1996 3.00 0.00 (8) (0.45)
Year ended December 31, 1995 3.51 (0.03) (0.19)
Period ended December 31, 1994* (0.32) (0.09) 0.00
TOTAL RETURN PORTFOLIO
Year ended December 31, 1996 1.63 (0.26) (0.12)
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)
Year ended December 31, 1996 0.62 (0.38) (0.01)
Year ended December 31, 1995 0.91 (0.71) 0.00
Period ended December 31, 1994* 0.10 (0.12) 0.00
VALUE + GROWTH PORTFOLIO
Period ended December 31, 1996** 1.55 0.00 (0.12)
GROWTH & INCOME PORTFOLIO
Period ended December 31, 1996** 2.63 (0.02) (0.02)
<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.
(8) Amount is less than $0.003 per share.
* 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 December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Net Asset
Value at
Total End Total
Distribution of Period Return (3)
_____________ _____________ _____________
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO (2)
Year ended December 31, 1996 ($0.05) $1.00 4.84%
Year ended December 31, 1995 (0.05) 1.00 5.19
Period ended December 31, 1994* (0.01) 1.00 1.06
MORTGAGE-BACKED SECURITIES
PORTFOLIO (2)
Year ended December 31, 1996 (0.61) 10.59 3.39
Year ended December 31, 1995 (0.63) 10.84 15.92
Period ended December 31, 1994* (0.15) 9.90 0.50
INTERNATIONAL FIXED INCOME
PORTFOLIO
Year ended December 31, 1996 (0.76) 10.88 5.05
Year ended December 31, 1995 (0.58) 11.09 15.81
Period ended December 31, 1994* (0.08) 10.02 1.01
OTC PORTFOLIO
Year ended December 31, 1996 (0.75) 13.82 20.68
Year ended December 31, 1995 (1.33) 12.08 29.23
Period ended December 31, 1994* 0.00 10.36 3.59
RESEARCH PORTFOLIO
Year ended December 31, 1996 (0.45) 15.43 23.37
Year ended December 31, 1995 (0.22) 12.88 36.58
Period ended December 31, 1994* (0.09) 9.59 (3.22)
TOTAL RETURN PORTFOLIO
Year ended December 31, 1996 (0.38) 13.15 13.70
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)
Year ended December 31, 1996 (0.39) 10.41 6.06
Year ended December 31, 1995 (0.71) 10.18 9.18
Period ended December 31, 1994* (0.12) 9.98 0.99
VALUE + GROWTH PORTFOLIO
Period ended December 31, 1996** (0.12) 11.43 15.49
GROWTH & INCOME PORTFOLIO
Period ended December 31, 1996** (0.04) 12.59 26.19
<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 December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period indicated)
<TABLE>
<CAPTION>
Ratio Ratio of Net
of Operating Investment
Net Assets Expenses to Income (Loss)
End Average Net to Average
of Period Assets (1)(4) Net Assets (4)
_____________ _____________ _____________
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO (2)
Year ended December 31, 1996 $19,152,332 0.68% 4.76%
Year ended December 31, 1995 5,742,264 0.72 5.11
Period ended December 31, 1994* 446,684 0.75 4.66
MORTGAGE-BACKED SECURITIES
PORTFOLIO (2)
Year ended December 31, 1996 11,137,688 1.25 5.69
Year ended December 31, 1995 8,655,378 0.90 6.26
Period ended December 31, 1994* 4,976,609 0.75 6.33
INTERNATIONAL FIXED INCOME
PORTFOLIO
Year ended December 31, 1996 10,746,781 1.60 4.73
Year ended December 31, 1995 8,556,253 1.00 5.94
Period ended December 31, 1994* 5,062,830 0.75 5.93
OTC PORTFOLIO
Year ended December 31, 1996 43,321,580 1.35 (0.63)
Year ended December 31, 1995 9,054,622 1.07 (0.22)
Period ended December 31, 1994* 1,695,685 0.75 0.16
RESEARCH PORTFOLIO
Year ended December 31, 1996 75,178,842 1.31 0.05
Year ended December 31, 1995 16,185,802 1.12 0.58
Period ended December 31, 1994* 1,626,521 0.75 4.65
TOTAL RETURN PORTFOLIO
Year ended December 31, 1996 57,301,963 1.25 3.29
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)
Year ended December 31, 1996 14,488,590 0.80 5.86
Year ended December 31, 1995 5,990,065 0.77 8.56
Period ended December 31, 1994* 3,449,166 0.75 5.32
VALUE + GROWTH PORTFOLIO
Period ended December 31, 1996** 19,721,864 1.70 (0.90)
GROWTH & INCOME PORTFOLIO
Period ended December 31, 1996** 42,400,808 1.64 0.38
<FN>
(1) Net investment income is after reimbursement of certain fees and expenses
by Equitable Investment Services, Inc. ("EISI") (See Note 3 to the finan-
cial statements). Had EISI not undertaken to reimburse expenses related
to the Portfolios, net investment income (loss) per share and ratio of
operating expenses to average net assets would have been as follows for
the year ended December 31, 1996, for the year ended December 31, 1995
and for the period ended December 31, 1994, respectively: Money Market
Portfolio, $0.04 and 1.11%, $0.04 and 2.59%, $(0.03) and 23.22%;
Mortgage-Backed Securities Portfolio, $0.54 and 1.67%, $0.43 and 1.99%,
$0.11 and 2.43%; International Fixed Income Portfolio, $0.49 and 1.94%,
$0.31 and 2.13%, $0.10 and 2.53%; OTC Portfolio, $(0.03) and 1.35%,
$(0.10) and 2.52%, $(0.12) and 7.10%; Research Portfolio, $0.00 and
1.31%, $(0.04) and 2.48%, $(0.04) and 7.48%; Total Return Portfolio,
$0.26 and 1.25%, $0.14 and 2.36%, $(0.06) and 8.31%; Advantage Portfolio,
$0.35 and 1.55%, $0.60 and 2.13%, $0.07 and 3.06%; Value + Growth Portfolio,
$(0.05) and 1.90%; and Growth & Income Portfolio, $0.02 and 1.64%.
(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 December 31, 1996.
</TABLE>
See accompanying notes.
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)
Year ended December 31, 1996 N/A N/A
Year ended December 31, 1995 N/A --
Period ended December 31, 1994* N/A --
MORTGAGE-BACKED SECURITIES
PORTFOLIO (2)
Year ended December 31, 1996 19% N/A
Year ended December 31, 1995 34 --
Period ended December 31, 1994* 52 --
INTERNATIONAL FIXED INCOME
PORTFOLIO
Year ended December 31, 1996 113 N/A
Year ended December 31, 1995 89 --
Period ended December 31, 1994* 6 --
OTC PORTFOLIO
Year ended December 31, 1996 122 $.0402
Year ended December 31, 1995 111 --
Period ended December 31, 1994* 6 --
RESEARCH PORTFOLIO
Year ended December 31, 1996 68 .0281
Year ended December 31, 1995 83 --
Period ended December 31, 1994* 85 --
TOTAL RETURN PORTFOLIO
Year ended December 31, 1996 131 .0510
Year ended December 31, 1995 89 --
Period ended December 31, 1994* 45 --
ADVANTAGE PORTFOLIO (7)
Year ended December 31, 1996 85 N/A
Year ended December 31, 1995 166 --
Period ended December 31, 1994* 94 --
VALUE + GROWTH PORTFOLIO
Period ended December 31, 1996** 143 .0523
GROWTH & INCOME PORTFOLIO
Period ended December 31, 1996** 115 .0551
<FN>
(2) BEA Associates became the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
(5) Portfolio turnover rates are not annualized
(6) The average commission rate paid is applicable for Portfolios that
invest greater than 10% of average net assets in equity security
transactions for 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 December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
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 nine 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, 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. On March 28, 1996, Equitable
Life Insurance Company of Iowa made the initial purchase of shares of
beneficial interest in the amount of 1,000 shares for the Value + Growth
Portfolio and 1,000 shares for 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 and variable life
contracts issued by such life insurance companies, including Equitable Life
Insurance Company of Iowa and Golden American Life Insurance Company. 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.
On May 16, 1996, the Government Securities and Short-Term Bond Portfolios
ceased investment operations and on October 15, 1996, the International
Stock Portfolio ceased investment operations. The results of operations,
changes in net assets and financial highlights through those dates are not
presented herein since there were no shareholders at December 31, 1996.
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
NOTE 2 (CONTINUED)
less, are valued at their amortized cost, which approximates market value.
REPURCHASE AGREEMENTS - In connection with transactions in repurchase
agreements, the Trust's custodian takes possession of the underlying
collateral securities, the value of which is at least equal to the
principal amount, including interest, of the repurchase agreement. To the
extent that the term of any repurchase agreement exceeds one business day,
the value of the collateral is marked-to-market on a daily basis to ensure
the adequacy of the collateral. In the event of default of the obligation
to repurchase, the Trust has the right to liquidate the collateral and
apply the proceeds in satisfaction of the obligation. Under certain
circumstances, in the event of default or bankruptcy by the other party to
the agreement, realization and/or retention of the collateral or proceeds
may be subject to legal proceedings.
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 identifies the
dividend. Interest income, which includes accretion of original discount,
is accrued as earned. Investment income is recorded net of foreign taxes
withheld where recovery of such taxes is uncertain.
FOREIGN CURRENCY TRANSLATIONS - The records of the Trust are maintained in
U.S. dollars. Foreign currency amounts are translated into U.S. dollars at
a current rate of exchange of such currency to determine the value of
investments, other assets and liabilities. Purchases and sales of
securities and income and expenses are converted at the prevailing rate of
exchange on the respective dates of such transactions.
A Portfolio may realize currency gains or losses between the trade and
settlement dates on security transactions. To minimize such currency gains
or losses, the Portfolio may enter into a foreign currency exchange
contract for the purchase or sale, for a fixed amount of U.S. dollars, of
an amount of the foreign currency required to settle the security
transaction.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by a Portfolio on each day and the resulting net
unrealized appreciation, depreciation and related net receivable or payable
amounts are determined by using forward currency exchange rates supplied by
a quotation service.
Reported net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of forward
currency contracts, disposition of foreign currencies, currency gains and
losses realized between the trade and settlement dates on security
transactions, and the difference between the amount of net investment
income accrued and the U.S. dollar amount actually received.
FORWARD CURRENCY CONTRACTS - A forward foreign currency contract
("Forward") is an agreement between two parties to buy and sell a currency
at a set price on a future date. The market value of the Forward
fluctuates with changes in currency exchange rates. The Forward is marked-
to-market daily and the change in the market value is recorded by a
Portfolio as an unrealized gain or loss. When the Forward is closed, the
NOTE 2 (CONTINUED)
Portfolio records a realized gain or loss equal to the difference between
the value at the time it was opened and the value at the time it was
closed. The Portfolio could be exposed to risk if a counterparty is unable
to meet the terms of the contract or if the value of the currency changes
unfavorably. The Portfolio may enter into Forwards in connection with
planned purchases and sales of securities, to hedge specific receivables or
payables against changes in future exchange rates or to hedge the U.S.
dollar value of portfolio securities denominated in a foreign currency.
CURRENCY CALL AND PUT OPTIONS - A call option written by a Portfolio
obligates the Portfolio to sell specified currency to the option holder at
a specified price at any time before the expiration date. A put option
written by a Portfolio obligates the Portfolio to purchase specified
currency from the option holder at a specified price at any time before the
expiration date. These transactions involve a risk that a Portfolio may,
upon exercise of the option, be required to sell currency at a price that
is less than its market value or be required to purchase currency at a
price that exceeds its market value. A Portfolio may also realize gains or
losses by entering into closing purchase transactions identical to call or
put options that have been written by the Portfolio in order to terminate
its obligation under a call or put option. In determining the amount of
gain or loss realized, the option premium paid and related transactions
costs are added to the exercise price.
DOLLAR ROLL TRANSACTIONS - A Portfolio may enter into dollar roll
transactions, in which a Portfolio sells securities for delivery in the
current month and simultaneously contracts to repurchase substantially
similar (same type, same or similar interest rate and maturity) securities
on a specified future date. During the roll period the Portfolio forgoes
principal and interest paid on the securities. The Portfolios account for
such dollar rolls as financing transactions, and are compensated by the
interest earned on the cash proceeds of the initial sale and by the lower
repurchase price at the future date. To the extent that a Portfolio has
commitments under dollar roll transactions, liquid, high grade debt
securities are segregated in an amount equivalent to these obligations.
There were no dollar roll commitments outstanding at December 31, 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. As of December 31,
1996, the following Portfolios have elected for Federal income tax purposes
to defer certain current year post October 31 losses as though the losses
were incurred on the first day of the next calendar year as follows:
Mortgage-Backed Securities, $268; OTC, $62,692; Research, $73; Total
Return, $354 and Value + Growth, $44,219. During the fiscal year ended
December 31, 1996, the International Fixed Income, Research, Total Return
and Advantage Portfolios declared a capital gain distribution of $156,563
and $0.161 per share, $385,575 and $0.082 per share, $271,218 and $0.063
per share and $1,970 and $0.001 per share, respectively.
On the Statement of Assets and Liabilities, as a result of permanent book-
to-tax differences, reclassification adjustments have been made between the
paid in capital, undistributed net investment income, and accumulated net
realized gain (loss) on investments and foreign currency translations
accounts. These reclassification adjustments have no impact on the net
asset values of the Portfolios of the Trust.
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
OTC, Research & Total Return 0.80% of first $300 million
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>
EISI has entered into Sub-Advisory Agreements with Credit Suisse Asset
Management Limited (formerly CS First Boston Investment Management Ltd.)
with respect to the International Fixed Income 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 voluntarily 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
NOTE 3 - (CONTINUED)
the average daily net assets of the 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 year ended December 31, 1996, EISI had agreed to
reimburse the Trust $222,949 for expenses in excess of the voluntary
expense limitations, of which $26,430 was owed to the Trust as of December
31, 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
year ended December 31, 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 $ -- $4,328,875 $ -- $1,679,893
International Fixed Income 9,010,165 2,947,836 8,387,707 1,417,766
OTC 58,247,542 -- 26,224,375 --
Research 76,993,927 249,880 26,539,938 373,616
Total Return 46,524,170 30,625,168 17,488,929 22,228,077
Advantage 10,350,371 732,512 5,932,896 68,115
Value + Growth 31,687,187 100,617 14,652,915 102,138
Growth & Income 56,390,153 525,087 20,011,031 --
</TABLE>
The identified cost of investments in securities and repurchase agreements
owned by the Trust for federal income tax purposes and their respective
gross unrealized appreciation and depreciation at December 31, 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 $19,076,336 $ -- $ -- $ --
Mortgage-Backed Securities 11,495,878 196,580 76,933 119,647
International Fixed Income 10,931,299 317,129 43,020 274,109
OTC 45,126,700 3,406,786 2,486,662 920,124
Research 73,696,228 8,355,916 1,367,888 6,988,028
Total Return 54,693,022 4,535,397 355,266 4,180,131
Advantage 14,824,541 18,894 19,928 (1,034)
Value + Growth 18,139,088 2,278,676 544,572 1,734,104
Growth & Income 39,739,841 4,408,112 841,911 3,566,201
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS:
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Money Market Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 43,299,625 $43,299,625 17,965,244 $17,965,244
Shares issued to share-
holders in reinvestment
of dividends 615,473 615,473 177,620 177,620
Shares redeemed (30,505,030) (30,505,030) (12,847,284) (12,847,284)
____________ ____________ ____________ ____________
Net increase 13,410,068 $13,410,068 5,295,580 $5,295,580
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Mortgage-Backed Securities Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 723,505 $7,834,453 378,821 $4,186,542
Shares issued to share-
holders in reinvestment
of dividends 46,370 502,728 7,811 77,195
Shares redeemed (517,091) (5,597,343) (91,008) (1,013,983)
____________ ____________ ____________ ____________
Net increase 252,784 $2,739,838 295,624 $3,249,754
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
International Fixed Income Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 451,977 $5,052,351 314,299 $3,449,089
Shares issued to share-
holders in reinvestment
of dividends 39,922 443,273 7,389 78,013
Shares redeemed (275,956) (3,081,899) (54,916) (615,656)
____________ ____________ ____________ ____________
Net increase 215,943 $2,413,725 266,772 $2,911,446
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
OTC Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 2,338,803 $32,591,217 717,249 $8,736,295
Shares issued to share-
holders in reinvestment
of dividends 87,570 1,086,357 50 509
Shares redeemed (41,713) (553,591) (131,491) (1,700,369)
____________ ____________ ____________ ____________
Net increase 2,384,660 $33,123,983 585,808 $7,036,435
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Research Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 3,696,388 $54,264,879 1,204,516 $14,162,794
Shares issued to share-
holders in reinvestment
of dividends 29,426 392,354 1,537 14,626
Shares redeemed (110,466) (1,745,200) (118,854) (1,471,066)
____________ ____________ ____________ ____________
Net increase 3,615,348 $52,912,033 1,087,199 $12,706,354
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Total Return Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 3,064,004 $38,670,842 1,280,732 $14,234,048
Shares issued to share-
holders in reinvestment
of dividends 33,017 397,108 1,222 11,922
Shares redeemed (41,981) (532,619) (112,428) (1,258,099)
____________ ____________ ____________ ____________
Net increase 3,055,040 $38,535,331 1,169,526 $12,987,871
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED)
<TABLE>
<CAPTION>
Advantage Portfolio
Year Ended Year Ended
December 31, 1996 December 31, 1995
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,254,663 $13,234,277 353,828 $3,714,131
Shares issued to share-
holders in reinvestment
of dividends 41,159 419,439 4,016 40,119
Shares redeemed (492,025) (5,157,748) (115,252) (1,226,810)
____________ ____________ ____________ ____________
Net increase 803,797 $8,495,968 242,592 $2,527,440
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Value + Growth Portfolio
April 1, 1996* to
December 31, 1996
_________________________
Shares Dollars
____________ ____________
<S> <C> <C>
Shares sold 1,745,712 $18,222,782
Shares issued to share-
holders in reinvestment
of dividends -- --
Shares redeemed (20,188) (208,125)
____________ ____________
Net increase 1,725,524 $18,014,657
============ ============
</TABLE>
<TABLE>
<CAPTION>
Growth & Income Portfolio
April 1, 1996* to
December 31, 1996
_________________________
Shares Dollars
____________ ____________
<S> <C> <C>
Shares sold 3,387,238 $38,559,796
Shares issued to share-
holders in reinvestment
of dividends -- --
Shares redeemed (18,974) (228,466)
____________ ____________
Net increase 3,368,264 $38,331,330
============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 6 - FORWARD FOREIGN CURRENCY CONTRACTS
At December 31, 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> <C> <C> <C> <C> <C>
JPY USD 03/13/1997 $611,746 $596,624 ($15,122)
</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> <C> <C> <C> <C> <C>
DEM USD 03/18/1997 $917,130 $919,491 ($2,361)
DEM USD 03/18/1997 343,390 347,033 (3,643)
DKK USD 03/03/1997 342,129 333,231 8,898
FRF USD 01/29/1997 480,563 473,733 6,830
GBP USD 03/24/1997 335,606 347,001 (11,395)
NLG USD 02/03/1997 299,544 293,000 6,544
____________ ____________ ______________
$2,718,362 $2,713,489 $4,873
<FN>
GLOSSARY OF TERMS
_____________________
DEM - Deutsche Mark
DKK - Danish Kroner
FRF - French Franc
GBP - Great British Pound
JPY - Japanese Yen
NLG - Dutch Guilder
USD - United States Dollar
</TABLE>
EQUI-SELECT SERIES TRUST
____________________
TRUSTEES AND EXECUTIVE OFFICERS
Paul R. Schlaack, Trustee, Principal Executive Officer and President*
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.
EQUI-SELECT SERIES TRUST
2000 HUB TOWER 699 WALNUT, DES MOINES, IA 50309
EQUI-SELECT Bulk Rate
SERIES TRUST U.S. Postage
2000 Tub Tower 699 Walnut Street PAID
Des Moines, IA 50309 Des Moines, IA
Permit No. 3361
