EQUI-SELECT SERIES TRUST
SEMI-ANNUAL
REPORT
JUNE 30, 1997
PRIMELITE
VARIABLE ANNUITY
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 contracts.
Equi-Select Series Trust
Semi-Annual Report
For the Period Ending June 30, 1997
Table of Contents
Letter to Contract Owners
Management's Discussion and Analysis
Equi-Select Series Trust Financial Statements
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Trustees and Executive Officers
LETTER TO CONTRACT OWNERS
Dear Contract Owners:
We are pleased to present this Semi-Annual Report on behalf of the Equi-
Select Series Trust (the "Trust").
The following report provides information about the performance and financial
position of the portfolios in the Trust. Please note that individual
portfolio returns reflect expenses associated with the portfolio, 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
performance relative to its benchmark index.
The Trust continued to grow at a rapid pace. During the first half of 1997,
net assets increased by $228 million to end the period at $522 million. This
growth contributes to investment performance by reducing the impact of
operating expenses. As net assets increase, the Trust obtains economies of
scale on some of its operating expenses. All of the Trust's equity
portfolios have experienced significant reductions in their expense ratios
during 1997.
Equitable Investment Services, Inc. ("EISI") also ensures that expense levels
are reasonable in each of the fixed income portfolios. During the first half
of the year, EISI reimbursed some of the operating expenses of the Money
Market, Mortgage-Backed Securities, International Fixed Income and Advantage
Portfolios. These reimbursements improved the overall investment performance
of these portfolios.
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,
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
JUNE 30, 1997
The Money Market Portfolio (the "Portfolio") seeks to achieve maximum current
income, consistent with the preservation of capital and the maintenance of
liquidity. During the first six months of 1997, the Portfolio had a total
return of 2.43%. The IBC Average of All Taxable Money Market Funds was 2.46%
over the same period.
Money market rates exhibited considerable volatility during the first two
quarters of the year. Although some of this volatility is attributed to
actions taken by the Federal Reserve Board (the "Fed"), changing market
expectations also had a strong influence on rates.
Economic growth accelerated during the fourth quarter of 1996 and the first
quarter of 1997. On March 25, the Fed raised the Federal Funds rate by 25
basis points (.25%) because they were concerned about inflationary pressures.
Investors had anticipated this action, and short-term interest rates had
risen throughout the first quarter. The 3-month Treasury bill yield started
the year at 5.15%, and finished the first quarter at 5.35%.
During the second quarter, economic data indicated that the economy was
slowing down. Although there was no change in the Federal Funds rate, short-
term interest rates declined from late-April through the end of the quarter.
At the end of the second quarter, the yield on the 3-month Treasury bill was
5.15%.
Throughout the six-month period, the Portfolio invested primarily in high
quality ("first tier") commercial paper. The Portfolio Manager responded to
changes in the interest rate environment by reducing or extending the average
maturity of the Portfolio.
A fairly conservative stance was maintained throughout the first half of the
year. The average maturity of the Portfolio was between 60 and 70 days
during January and February. In March, the average maturity was reduced to
protect the Portfolio from the effects of rising interest rates. This
strategy was followed until the end of the second quarter. As of June 30,
1997, the Portfolio had an average maturity of approximately 45 days.
At the end of the second quarter, the Portfolio Manager started to extend the
average maturity of the Portfolio. This shift will position the Portfolio
for an environment of stable or declining interest rates. This strategy may
be modified if there are any significant changes in the economic outlook.
Equitable Investment Services, Inc.
AVERAGE ANNUAL TOTAL RETURN
1 Year 4.93%
Since Inception* 4.95%
* The Portfolio commenced operations on October 4, 1994.
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
January 31, 1997 $11,190 $11,244
February 28, 1997 $11,231 $11,285
March 31, 1997 $11,277 $11,332
April 30, 1997 $11,322 $11,378
May 31, 1997 $11,369 $11,426
June 30, 1997 $11,416 $11,473
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
Nestle Capital Corporation 4.9%
Schering Corporation 4.8%
PHH Corporation 4.8%
Kingdom of Sweden 4.7%
Philip Morris Companies Inc. 4.6%
Goldman Sachs Group LP 4.3%
Toronto Dominion Holdings 4.2%
Motorola Credit Corporation 4.2%
Transamerica Finance Group 4.0%
Eksportfinans A S 3.9%
MORTGAGE-BACKED SECURITIES PORTFOLIO
JUNE 30, 1997
The Mortgage-Backed Securities Portfolio ("the Portfolio") seeks to obtain a
high current return, consistent with safety of principal. During the first
six months of the year, the Portfolio had a total return of 2.88%. The
Lehman Brothers Mortgage-Backed Securities Index had a total return of 3.92%
over the same period.
Bond market yields increased early in the year because of surprisingly robust
economic growth during the first quarter, upward pressure on wages, and the
threat of higher inflation. All of this culminated in a 25 basis point
(.25%) increase in the Federal Funds rate on March 25, with a continuing fear
that the Federal Reserve Board (the "Fed") would raise rates two more times
before the end of the summer.
Against this backdrop, bond yields climbed from 6.64% at the beginning of the
year to a high of 7.17% on April 11. At the end of the first quarter, the
Portfolio Manager positioned the Portfolio for a rising interest rate
environment by reducing its effective maturity.
The interest rate environment changed significantly during the second
quarter. The economy appeared to slow down, and inflationary pressures
subsided. The Fed did not increase rates, and bond rates fell.
During the first half of the year, the Portfolio underperformed its benchmark
index for two reasons. First, the Portfolio was positioned conservatively
during the second quarter of the year. As bond rates declined, the Portfolio
generated weaker returns because it had a shorter effective maturity than the
benchmark index.
Second, approximately 30% of the Portfolio, on average, was invested in non-
mortgage-related securities, mainly U.S. Treasury securities. These
investments are held to ensure compliance with portfolio diversification
requirements. During the first six months of the year, mortgage-backed
securities produced higher returns than other investment-grade fixed income
securities. The benchmark index produced higher returns because it only
contains mortgage-backed securities.
At the end of the period, the Portfolio Manager extended the effective
maturity of the Portfolio. This move will position the Portfolio for a flat
or declining interest rate environment during the second half of the year.
This positioning may be adjusted, however, if economic conditions change.
Equitable Investment Services, Inc.
AVERAGE ANNUAL TOTAL RETURN
1 Year 7.37%
Since Inception* 8.14%
* The Portfolio commenced operations on October 4, 1994.
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
January 31, 1997 $12,103 $12,450
February 28, 1997 $12,130 $12,491
March 31, 1997 $12,012 $12,373
April 30, 1997 $12,180 $12,571
May 31, 1997 $12,280 $12,694
June 30, 1997 $12,392 $12,842
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.
DISTRIBUTION BY ISSUER
as a Percentage of Investments
Fed. Home Loan Mortgage Corp. 31.5%
Fed. National Mortgage Assoc. 13.3%
Govt. National Mortgage Assoc. 26.1%
Country Wide Funding Corp. 5.3%
U.S. Treasuries 6.4%
Short Term Investments 17.4%
INTERNATIONAL FIXED INCOME PORTFOLIO
JUNE 30, 1997
The International Fixed Income Portfolio (the "Portfolio") seeks to provide a
high total return. During the first six months of 1997, the Portfolio had a
total return of -0.33%. The J. P. Morgan Global Government Bond Index (the
"benchmark index") had a total return of -1.09% over the same period.
The Portfolio outperformed the benchmark index by 76 basis points (0.76%).
Most of this excess performance is attributable to an overweight U.S. dollar
currency position relative to the benchmark index. The U.S. dollar
strengthened against the core European currencies, particularly at the
beginning of the year. The Portfolio's U.S. dollar currency exposure has
subsequently been brought into alignment with the benchmark index.
Overall exposure to the core European currencies was underweighted relative
to the benchmark index. However, exposure to the British pound and the high
yielding European currencies was kept close to the index. This was
beneficial, as these currencies strengthened against the core European
currencies.
Asset allocation decisions also made a small contribution to relative
performance. Portfolio performance benefited from an overweight position in
the United Kingdom and an underweight position in Japan.
Bond markets in the United Kingdom had strong performance during the first
half of the year. Returns were also strong in the high yielding markets of
Italy and Spain.
Performance of the Japanese bond market was disappointing. Nominal yields
were very low, and higher interest rates were expected because of gradual
economic recovery.
Duration strategy had a negative impact on relative performance. During the
first quarter, the Portfolio's average duration was shorter than the
benchmark index for defensive reasons. The Portfolio Manager believed that
bond markets were vulnerable, after their strong performance in 1995 and
1996.
Bond markets continued to perform well because of slow economic growth, low
inflation, and high levels of real yield. As the bond markets rallied, the
Portfolio's shorter duration caused it to trail the benchmark index. The
Portfolio's duration was subsequently adjusted to be longer than the
benchmark index.
Credit Suisse Asset Management Limited
AVERAGE ANNUAL TOTAL RETURN
1 Year 4.57%
Since Inception* 7.68%
* The Portfolio commenced operations on October 4, 1994.
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 $10,196
November 30, 1994 $10,074 $10,068
December 31, 1994 $10,101 $10,091
January 31, 1995 $10,267 $10,295
February 28, 1995 $10,454 $10,561
March 31, 1995 $10,672 $11,098
April 30, 1995 $10,813 $11,275
May 31, 1995 $11,101 $11,589
June 30, 1995 $11,102 $11,661
July 31, 1995 $11,202 $11,716
August 31, 1995 $11,187 $11,396
September 30, 1995 $11,286 $11,652
October 31, 1995 $11,412 $11,767
November 30, 1995 $11,562 $11,898
December 31, 1995 $11,697 $12,046
January 31, 1996 $11,710 $11,922
February 29, 1996 $11,619 $11,853
March 31, 1996 $11,588 $11,835
April 30, 1996 $11,634 $11,791
May 31, 1996 $11,629 $11,803
June 30, 1996 $11,712 $11,906
July 31, 1996 $11,815 $12,125
August 31, 1996 $11,840 $12,176
September 30, 1996 $11,947 $12,243
October 31, 1996 $12,149 $12,485
November 30, 1996 $12,358 $12,664
December 31, 1996 $12,288 $12,575
January 31, 1997 $12,130 $12,260
February 28, 1997 $12,078 $12,176
March 31, 1997 $11,942 $12,083
April 30, 1997 $11,873 $12,015
May 31, 1997 $12,148 $12,298
June 30, 1997 $12,247 $12,438
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.
DISTIBUTION BY COUNTRY
as a Percentage of Investments
United States 31.3%
Canada 4.6%
Other Countries 23.9%
United Kingdom 12.5%
Denmark 4.8%
Japan 5.7%
Germany 17.2%
OTC PORTFOLIO
JUNE 30, 1997
The primary objective of the OTC Portfolio (the "Portfolio") is to seek to
obtain long-term growth of capital. During the first six months of 1997, the
Portfolio had a total return of 8.56%. The Russell 2000 Index had a total
return of 10.20% over the same period.
The Portfolio had weak performance during the first quarter, but it rebounded
sharply during the second quarter of the year. Performance during the second
quarter was driven by a strong recovery in our technology and healthcare
holdings.
The Portfolio Manager increased exposure to the technology sector after
prices dropped in the first quarter of the year. Most technology companies
performed well during the second quarter, including Cable Design Technologies
Corp., Synopsis Inc., Gemstar International Group Ltd., Oracle Systems Corp.,
Edify Corp., Microsoft Corp., and Electronic Arts Inc.
Healthcare information stocks were very strong, including HCIA Inc.,
Transition Systems Inc., HPR Inc., Cerner Corp., and HBO & Co. Drug
distribution companies like Rite Aid Corp. and Smith's Food & Drug Centers
Inc. also had solid performance. In the nursing home industry, Mariner
Health Group Inc. had exceptionally strong performance.
Franklin Resources Inc. had a strong second quarter. It is the Portfolio's
largest position in the financial sector. Semiconductors performed well, as
did recently purchased wireless holdings (Aerial Communications Inc. and
United States Cellular Corp.).
Despite the overall strong performance, a number of technology issues did
detract from performance. Ascend Communications Inc. fell 24%. Retailing
companies were also a drag on performance. Gymboree Corp., Viking Office
Products Inc. and Ann Taylor Stores Corp. all had negative returns. Two
other disappointing holdings were Uromed Corp. and Spectrum Holobyte Inc.
At the end of the period, exposure to the technology sector was reduced.
Exposure to the business services and financial sectors was increased.
Massachusetts Financial Services Company
AVERAGE ANNUAL TOTAL RETURN
1 Year 10.32%
Since Inception* 22.76%
* The Portfolio commenced operations on October 4, 1994.
The following performance graph provides comparative cummulative total
returns of the OTC Portfolio versus the Russell 2000 Index.
OTC Russell 2000
Portfolio Index
October 4, 1994 $10,000 $10,000
October 31, 1994 $10,339 $9,960
November 30, 1994 $10,153 $9,557
December 31, 1994 $10,359 $9,813
January 31, 1995 $10,182 $9,689
February 28, 1995 $10,427 $10,092
March 31, 1995 $11,132 $10,265
April 30, 1995 $10,498 $10,493
May 31, 1995 $11,022 $10,674
June 30, 1995 $11,772 $11,228
July 31, 1995 $12,685 $11,874
August 31, 1995 $13,204 $12,120
September 30, 1995 $13,308 $12,336
October 31, 1995 $12,801 $11,785
November 30, 1995 $13,335 $12,280
December 31, 1995 $13,387 $12,604
January 31, 1996 $13,515 $12,590
February 29, 1996 $14,505 $12,983
March 31, 1996 $14,521 $13,247
April 30, 1996 $16,030 $13,955
May 31, 1996 $16,658 $14,505
June 30, 1996 $15,899 $13,910
July 31, 1996 $14,199 $12,695
August 31, 1996 $14,952 $13,432
September 30, 1996 $16,006 $13,957
October 31, 1996 $15,285 $13,742
November 30, 1996 $15,990 $14,308
December 31, 1996 $16,156 $14,683
January 31, 1997 $16,828 $14,976
February 28, 1997 $15,945 $14,613
March 31, 1997 $14,684 $13,923
April 30, 1997 $15,108 $13,961
May 31, 1997 $17,471 $15,515
June 30, 1997 $17,539 $16,180
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.
DISTRIBUTION BY INDUSTRY
as a Percentage of Investments
Short Term Investments 1.8%
Other Equity Securities 47.4%
Computer Software-Systems 6.1%
Broadcasting 7.2%
Retail 7.8%
Drugs & Health Care Services 7.9%
Computer Software 21.8%
RESEARCH PORTFOLIO
JUNE 30, 1997
The Research Portfolio (the "Portfolio") seeks long-term growth of capital
and future income. During the first six months of 1997, the Portfolio had a
total return of 12.78%. The Standard & Poors 500 Index (the "benchmark
index") had a total return of 20.61% over the same period.
The Portfolio's underperformance can be attributed to four sectors: energy,
health care, retailing, and transportation. Although the Portfolio's
positions in these sectors performed well during the period, they were unable
to keep pace with the equivalent sectors in the benchmark index.
During the past six months, the Portfolio outperformed the benchmark index in
the basic materials and utilities & communications sectors. Several
companies in the chemicals industry produced strong returns, including E.I.
DuPont De Nemours & Company, Praxair Inc., and Air Products & Chemicals Inc.
These companies have achieved strong stock performance through focused cost
savings efforts and the introduction of higher-margin products and services
which complement their existing product lines.
During the six-month period, the Portfolio Manager increased exposure to the
financial services sector. Slow economic growth and low inflation allowed
select banks and insurance companies to flourish during the first half of
1997.
Exposure to the technology sector was also increased during the period.
Several stocks in this sector made positive contributions to performance,
including Microsoft Corp., Compuware Corp., Compaq Computer Corp., and Lucent
Technologies Inc. These companies have developed strong competitive
positions in their industries, and this has translated into successful stock
performance. The earnings outlook for many technology companies remains
strong.
The Portfolio remains underweighted in energy, autos & housing, and utilities
& communications. The earnings outlook remains bleak for many of the
companies in these sectors. Exposure to the leisure and transportation
sectors was also reduced because of an uncertain profit picture.
Massachusetts Financial Services Company
AVERAGE ANNUAL TOTAL RETURN
1 Year 23.23%
Since Inception* 24.91%
* The Portfolio commenced operations on October 4, 1994.
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 $10,242
November 30, 1994 $9,677 $9,870
December 31, 1994 $9,678 $10,016
January 31, 1995 $9,697 $10,275
February 28, 1995 $10,069 $10,675
March 31, 1995 $10,381 $10,990
April 30, 1995 $10,559 $11,313
May 31, 1995 $10,930 $11,764
June 30, 1995 $11,306 $12,037
July 31, 1995 $12,002 $12,436
August 31, 1995 $12,029 $12,468
September 30, 1995 $12,392 $12,993
October 31, 1995 $12,459 $12,947
November 30, 1995 $12,890 $13,515
December 31, 1995 $13,218 $13,775
January 31, 1996 $13,494 $14,243
February 29, 1996 $14,082 $14,376
March 31, 1996 $14,090 $14,514
April 30, 1996 $14,664 $14,728
May 31, 1996 $15,142 $15,107
June 30, 1996 $14,925 $15,165
July 31, 1996 $14,148 $14,495
August 31, 1996 $14,591 $14,801
September 30, 1996 $15,507 $15,634
October 31, 1996 $15,659 $16,065
November 30, 1996 $16,565 $17,278
December 31, 1996 $16,308 $16,936
January 31, 1997 $16,895 $17,994
February 28, 1997 $16,806 $18,135
March 31, 1997 $15,863 $17,390
April 30, 1997 $16,563 $18,428
May 31, 1997 $17,721 $19,550
June 30, 1997 $18,392 $20,426
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%
Insurance 6.8%
Retail 5.9%
Aerospace 4.9%
Finance & Banking 4.8%
Drugs & Health Care Services 4.5%
Electronics 4.2%
Chemicals 3.8%
Consumer Goods & Services 3.8%
Financial Services 3.6%
TOTAL RETURN PORTFOLIO
JUNE 30, 1997
The Total Return Portfolio (the "Portfolio") seeks above-average income
(compared to a portfolio entirely invested in equity securities) consistent
with the prudent employment of capital. During the first six months of 1997,
the Portfolio had a total return of 11.09%. The Lipper Balanced Fund Index
had a total return of 11.15% over the same period.
In selecting stocks for the Portfolio, the Portfolio Manager searches for
companies that are expected to have stable earnings growth. He seeks to pay
a price for those securities that is low relative to the rest of the market.
During the period, the Portfolio Manager believed that stocks in the
financial services and industrial goods & services sectors had these
characteristics. Both of these sectors had strong performance.
The performance of aerospace and defense stocks has been disappointing, in
part because the market is beginning to fear the industry is in for a period
of slow growth. The Portfolio Manager, however, continues to believe these
companies can continue to produce solid earnings over the long term.
Another disappointment came in the utility sector. The pace of deregulation
continues to pick up, bringing uncertainty and placing lower values on the
sector.
The Portfolio continues to be underweighted in the technology and the
consumer nondurable goods sectors. While there are many fine companies in
both of these sectors, the Portfolio Manager doesn't think their valuations
have been compelling in recent months.
The Portfolio's asset allocation remains conservative. At the end of June,
57% of the portfolio was invested in stocks, preferred stocks, and convertible
bonds. Bonds represented 33% of the Portfolio, with two-thirds in the
corporate sector and one-third in U.S. Treasury securities. Over the six-
month period, the average duration of the bond component was approximately
5.4 years.
The Portfolio Manager has maintained a conservative equity posture because,
in his view, equity securities are not cheap by historical standards. Given
where equity valuations are today, he feels comfortable with the current
composition of the Portfolio. However, if the stock market experiences a
correction, he would be looking to buy additional stocks.
Massachusetts Financial Services Company
AVERAGE ANNUAL TOTAL RETURN
1 Year 20.71%
Since Inception* 17.34%
* The Portfolio commenced operations on October 4, 1994.
The following performance graph provides comparative cummulative total
returns of the Total Return Portfolio versus the Lipper Balanced Fund Index.
Total Return Lipper Balanced
Portfolio Fund Index
October 4, 1994 $10,000 $10,000
October 31, 1994 $10,073 $10,051
November 30, 1994 $9,742 $9,817
December 31, 1994 $9,853 $9,911
January 31, 1995 $9,978 $10,034
February 28, 1995 $10,196 $10,327
March 31, 1995 $10,349 $10,509
April 30, 1995 $10,568 $10,706
May 31, 1995 $10,935 $11,049
June 30, 1995 $11,019 $11,245
July 31, 1995 $11,149 $11,482
August 31, 1995 $11,266 $11,572
September 30, 1995 $11,588 $11,848
October 31, 1995 $11,538 $11,818
November 30, 1995 $11,990 $12,186
December 31, 1995 $12,269 $12,378
January 31, 1996 $12,492 $12,601
February 29, 1996 $12,486 $12,607
March 31, 1996 $12,635 $12,654
April 30, 1996 $12,683 $12,738
May 31, 1996 $12,755 $12,869
June 30, 1996 $12,837 $12,911
July 31, 1996 $12,585 $12,579
August 31, 1996 $12,764 $12,777
September 30, 1996 $13,167 $13,250
October 31, 1996 $13,474 $13,531
November 30, 1996 $14,109 $14,161
December 31, 1996 $13,949 $13,988
January 31, 1997 $14,309 $14,415
February 28, 1997 $14,462 $14,469
March 31, 1997 $14,147 $14,048
April 30, 1997 $14,544 $14,471
May 31, 1997 $15,085 $15,063
June 30, 1997 $15,496 $15,547
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.
DISTRIBUTION BY ASSET TYPE
as a Percentage of Investments
Common Stock 53.5%
Other Investments 2.6%
Corporate Bonds 17.6%
U.S. Treasury Securities 9.0%
Short-Term Investments 14.1%
Mortgage-Backed Securities 3.2%
ADVANTAGE PORTFOLIO
JUNE 30, 1997
The Advantage Portfolio (the "Portfolio") seeks current income with a very
low degree of share-price fluctuation. During the first six months of 1997,
the Portfolio had a total return of 2.90%. The Salomon Brothers 1-Year
Treasury Index (the "benchmark index") had a total return of 2.99% over the
same period.
On March 25, the Federal Reserve Board (the "Fed") raised the Federal Funds
rate by .25%. This move indicated that they were concerned about possible
inflationary pressures. Financial markets anticipated this action, and
investors prepared for at least two more rate increases by the Fed. Bond
rates rose throughout the first quarter, and this had a negative impact on
Portfolio returns. (As bond rates increase, bond prices decrease.)
During the second quarter, economic data indicated that the economy was
slowing down, and inflation did not appear to be a threat. This information
has allowed the Fed to remain on the sidelines. Bond rates fell during the
second quarter, and this produced higher returns for the Portfolio.
The Portfolio Manager took a conservative stance during the first quarter of
the year. He decreased the duration and increased the credit quality of the
portfolio. In addition, floating rate notes were purchased as a hedge
against increasing interest rates.
The Portfolio maintained this conservative stance through the end of April.
This positioning was beneficial for most of the month, as rates increased.
However, rates dropped sharply during the final days of April. During those
few days, Portfolio returns trailed the returns of the benchmark index by a
significant margin.
Since May, the Portfolio Manager has positioned the Portfolio for a flat or
declining interest rate environment. The duration of the Portfolio has been
extended. (Currently, the duration of the Portfolio is slightly longer than
the benchmark index.) In addition, credit exposure has been extended to the
Portfolio's allowable limits. If interest rates remain stable during the
second half of the year, the Portfolio should produce strong returns relative
to the benchmark index.
Equitable Investment Services, Inc.
AVERAGE ANNUAL TOTAL RETURN
1 Year 5.89%
Since Inception* 6.99%
* The Portfolio commenced operations on October 4, 1994.
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
January 31, 1997 $11,759 $11,560
February 28, 1997 $11,815 $11,602
March 31, 1997 $11,845 $11,633
April 30, 1997 $11,879 $11,704
May 31, 1997 $11,953 $11,778
June 30, 1997 $12,032 $11,848
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.
DISTRIBUTION BY ASSET TYPE
as a Percentage of Investments
Corporate Bonds 58.8%
Other Investments 4.9%
Commercial Paper 24.7%
U.S. Treasury Securities 4.5%
Govt. Agency Securities 7.1%
VALUE + GROWTH PORTFOLIO
JUNE 30, 1997
The objective of the Value + Growth Portfolio (the "Portfolio") is capital
appreciation. During the first six months of 1997, the Portfolio had a total
return of 15.31%. The Standard & Poors 500 Index had a total return of
20.61% over the same period.
The financial services, technology, and health care sectors are important
components of the Portfolio. Each of these areas made positive contributions
to performance during the six-month period.
In the financial services sector, banks and investment management firms
generated strong returns. Exposure to this sector was increased during the
second quarter, as interest rates stabilized and inflation remained low.
In the health care sector, HMOs, hospitals, pharmaceutical companies and
medical service firms produced the strongest returns. The Portfolio Manager
believes that HMOs and pharmaceutical companies will benefit from the aging
of the U.S. population and the need to contain health care costs.
Although there was a market correction during the period, the technology
sector still contributed positively to performance. The following industries
provided the strongest returns: computer hardware and components,
telecommunications equipment and services, and consumer technology. The
Portfolio Manager believes that the growth rate in the technology sector is
still healthy. He sees growth potential in the global wireless (cellular
phone) business, and he believes that U.S. technology firms will benefit from
this trend.
Intel Corp. is one of the largest holdings in the Portfolio. Intel announced
disappointing second quarter revenues, but the Portfolio Manager believes the
company still has strong growth potential. New technologies like MMX and the
Pentium II should generate higher volume in the second half of 1997 and into
1998 as they are adopted by businesses.
Despite the positive overall contribution of the technology sector, several
individual investments detracted from performance. Some banks and
pharmaceutical companies also produced weak returns. Despite these
disappointments, the Portfolio Manager remains committed to the large-scale
trends that provide a long-term framework for the Portfolio.
Robertson, Stephens & Company
Investment Management, L.P.
AVERAGE ANNUAL TOTAL RETURN
1 Year 30.21%
Since Inception* 25.77%
* The Portfolio commenced operations on April 1, 1996.
The following performance graph provides comparative cummulative total
returns of the Value + Growth Portfolio versus the S&P 500 Index.
Value + Growth S&P 500
Portfolio Index
April 1, 1996 $10,000 $10,000
April 30, 1996 $10,488 $10,147
May 31, 1996 $10,670 $10,409
June 30, 1996 $10,227 $10,448
July 31, 1996 $9,644 $9,987
August 31, 1996 $10,033 $10,198
September 30, 1996 $10,875 $10,771
October 31, 1996 $10,815 $11,068
November 30, 1996 $11,854 $11,904
December 31, 1996 $11,549 $11,668
January 31, 1997 $12,369 $12,397
February 28, 1997 $12,174 $12,494
March 31, 1997 $11,379 $11,981
April 30, 1997 $12,010 $12,696
May 31, 1997 $13,325 $13,469
June 30, 1997 $13,317 $14,073
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.
DISTRIBUTION BY INDUSTRY
as a Percentage of Investments
Other Equity Securities 40.1%
Computer Software 14.0%
Semiconductors 13.8%
Drugs & Health Care Services 9.2%
Financial Services 8.2%
Computer Hardware 7.6%
Telecommunications Equipment/Services 7.1%
GROWTH & INCOME PORTFOLIO
JUNE 30, 1997
The Growth & Income Portfolio (the "Portfolio") seeks long-term total return.
During the first six months of 1997, the Portfolio had a total return of
9.21%. The Standard & Poors 500 Index (the "benchmark index") had a total
return of 20.61% over the same period.
The underperformance of the Portfolio can be attributed to both asset
allocation decisions and the performance of individual securities.
The Portfolio contains a number of convertible bonds and preferred stocks.
The Portfolio Manager views these holdings, as well as the Portfolio's short
positions, as risk management tools. They reduce the volatility of the
Portfolio and protect against a market downturn. Although these holdings had
positive overall performance during the second quarter, they did not perform
as well as the stocks in the benchmark index.
A number of individual holdings had a negative impact on performance during
the period. This included not only equity securities, but also some of the
Portfolio's convertible bonds and short positions. The companies were
located in a number of different industries, including transportation,
telecommunications equipment and services, medical services, business
services, precious metals, environmental services, and manufacturing.
Volatility in the energy services sector also hurt performance early in the
year. The Portfolio had an overweighted position in this sector, and
performance suffered when oil prices fell. These holdings, however, ended
the second quarter with strong performances.
The transportation, retail and financial services sectors made a positive
contribution to performance during the period. Financial service companies
benefited from the low inflation and stable interest rates which prevailed
during the first half of the year.
The Portfolio Manager maintains his long-term strategy of investing in stocks
that he believes have a catalyst for growth, selling stocks if they fail to
meet his fundamental performance standards, and using convertible bonds and
preferred stocks to protect capital in the event of a market downturn.
Robertson, Stephens & Company
Investment Management, L.P.
AVERAGE ANNUAL TOTAL RETURN
1 Year 24.08%
Since Inception* 29.27%
* The Portfolio commenced operations on April 1, 1996.
The following performance graph provides comparative cummulative total
returns of the Growth & Income Portfolio versus the S&P 500 Index.
Growth & Income S&P 500
Portfolio Index
April 1, 1996 $10,000 $10,000
April 30, 1996 $10,724 $10,147
May 31, 1996 $11,480 $10,409
June 30, 1996 $11,107 $10,448
July 31, 1996 $10,294 $9,987
August 31, 1996 $11,034 $10,198
September 30, 1996 $11,742 $10,771
October 31, 1996 $11,848 $11,068
November 30, 1996 $12,504 $11,904
December 31, 1996 $12,619 $11,668
January 31, 1997 $13,047 $12,397
February 28, 1997 $12,764 $12,494
March 31, 1997 $12,314 $11,981
April 30, 1997 $12,183 $12,696
May 31, 1997 $13,314 $13,469
June 30, 1997 $13,781 $14,073
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.
DISTRIBUTION BY INDUSTRY
as a Percentage of Investments
Other Equity Securities 44.1%
Petroleum Services 12.2%
Real Estate 8.0%
Computer Software 5.6%
Drugs & Health Care Services 5.5%
Telecommunications Equipment/Services 4.4%
Other Investments 20.2%
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY SECURITIES - 1.1%
GOVERNMENT AGENCY - 1.1%
Federal Farm Credit Bank
5.290%, 10/21/1997 $155,000 $152,449
Federal National Mortgage Association
5.490%, 10/07/1997 190,000 187,161
------------
TOTAL U.S. GOVERNMENT AGENCY
SECURITIES - (Cost $339,610) 339,610
SHORT TERM INVESTMENTS - 94.9%
COMMERCIAL PAPER - 94.9%
AGRICULTURAL PRODUCTS - 2.0%
Cargill Incorporated
5.540%, 07/03/1997 639,000 638,803
AUTOMOBILES - 6.7%,
Daimler Benz North America,
5.260%, 08/04/1997 1,000,000 995,032
Ford Motor Credit Company,
5.320%, 08/01/1997 1,120,000 1,114,869
------------
2,109,901
BROKERAGE FIRMS - 4.1%
Goldman Sachs Group LP
5.500%, 07/07/1997 1,300,000 1,298,808
CHEMICALS - 2.8%
Dupont E I De Nemours & Company,
5.500%, 07/17/1997 767,000 765,125
5.310%, 07/21/1997 120,000 119,646
------------
884,771
COMPUTERS & BUSINESS EQUIPMENT - 2.0%
IBM Credit Corporation
5.530%, 08/18/1997 618,000 613,443
CONSUMER GOODS & SERVICES - 4.4%
Philip Morris Companies Incorporated
5.550%, 07/24/1997 1,393,000 1,388,061
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
COMMERCIAL PAPER (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 4.6%
Schering Corporation,
5.310%, 07/22/1997 $650,000 $647,987
5.530%, 09/09/1997 815,000 806,236
------------
1,454,223
ELECTRONICS - 7.6%
Motorola Credit Corporation
5.500%, 09/04/1997 1,268,000 1,255,408
Xerox Corporation
5.570%, 08/11/1997 1,142,000 1,134,756
------------
2,390,164
FINANCIAL SERVICES - 22.2%
American General Finance Corporation
5.590%, 09/03/1997 1,113,000 1,101,939
General Electric Capital Corporation
5.620%, 07/23/1997 1,150,000 1,146,050
Household Finance Corporation
5.570%, 07/10/1997 1,032,000 1,030,563
Nestle Capital Corporation
5.470%, 10/09/1997 1,500,000 1,477,208
Pitney Bowes Credit Corporation
5.220%, 07/21/1997 25,000 24,928
5.520%, 08/21/1997 933,000 925,704
Toronto Dominion Holdings,
5.580%, 12/23/1997 1,300,000 1,264,738
------------
6,971,130
FOREIGN - 4.8%
Kingdom of Sweden,
5.310%, 07/29/1997 623,000 620,427
5.600%, 12/05/1997 816,000 796,072
------------
1,416,499
FOREST PRODUCTS - 2.5%
Weyerhaeuser Company,
5.540%, 08/06/1997 785,000 780,651
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
COMMERCIAL PAPER (CONTINUED)
INSURANCE - 3.8%
Transamerica Finance Group Incorporated
5.330%, 07/15/1997 $1,200,000 $1,197,513
LEISURE TIME - 4.9%
Disney (Walt) Company
5.310%, 07/14/1997 900,000 898,274
Harley Davidson
5.630%, 07/09/1997 637,000 636,203
------------
1,534,477
MANUFACTURING - 3.2%
Allied Signal Incorporated
5.490%, 07/01/1997 1,000,000 1,000,000
MORTGAGE BANKING - 4.6%
PHH Corporation
5.570%, 07/21/1997 1,450,000 1,445,513
NONDEPOSITORY INSTITUTION - 3.8%
Eksportfinans A S
5.530%, 07/24/1997 558,000 556,029
5.650%, 07/28/1997 630,000 627,330
------------
1,183,359
RETAIL - 3.1%
Toys R Us, Incorporated
5.500%, 07/02/1997 975,000 974,851
SECURITY AND COMMODITY BROKERS - 2.8%
Merrill Lynch & Company Incorporated,
5.720%, 09/02/1997 895,000 886,041
TELEPHONE - 5.3%
American Telephone & Telegraph Company,
5.430%, 07/02/1997 134,000 133,980
5.260%, 07/22/1997 517,000 515,413
Bell Atlantic Network Funding,
5.500%, 07/08/1997 1,000,000 998,931
------------
1,648,324
------------
</TABLE>
See accompanying notes
EQUI-SELECT SERIES TRUST
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
TOTAL SHORT TERM INVESTMENTS
- (Cost $29,816,532) $29,816,532
------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE
- (Cost $30,156,142) - 96.0% $30,156,142
OTHER ASSETS LESS LIABILITIES - 4.0% 1,244,147
------------
NET ASSETS - 100.0% $31,400,289
============
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the net
assets of the portfolio.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 5.3%
COLLATERALIZED MORTGAGE OBLIGATIONS - 5.3%
Country Wide Funding Corporation,
Mortgage Certificate 1995-4, Class A-4
7.500%, 11/25/2025 $700,000 $707,766
------------
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $702,297) 707,766
U.S. GOVERNMENT AND AGENCY SECURITIES - 76.9%
MORTGAGE-BACKED OBLIGATIONS - 70.6%
Federal Home Loan Mortgage Corporation
7.000%, 10/01/2010 830,936 832,058
6.500%, 04/01/2011 484,477 477,209
7.500%, 04/01/2011 444,206 451,353
7.000%, 06/01/2024 65,716 64,854
7.000%, 07/01/2024 188,285 185,815
7.000%, 08/01/2024 598,217 589,806
9.000%, 09/01/2024 492,109 520,593
9.000%, 01/01/2025 553,345 585,622
8.000%, 09/01/2026 488,579 500,549
Federal National Mortgage Association
6.500%, 01/01/2024 391,560 376,877
6.500%, 02/01/2024 311,577 299,893
6.500%, 06/01/2024 212,099 204,145
8.000%, 04/01/2025 448,074 458,993
8.500%, 12/01/2025 426,794 443,063
Government National Mortgage Association
6.000%, 12/15/2008 230,505 224,309
6.000%, 01/15/2009 212,292 206,586
8.000%, 05/15/2017 500,110 518,519
8.000%, 06/15/2017 199,195 206,527
8.000%, 07/15/2017 98,302 101,921
7.500%, 01/15/2024 356,579 358,918
7.000%, 03/15/2026 456,575 448,156
7.000%, 03/15/2026 495,810 486,667
8.500%, 07/15/2026 442,811 460,107
9.000%, 12/15/2026 459,907 486,062
------------
9,488,602
U.S. TREASURIES - 6.3%
United States Treasury Bond
11.625%, 11/15/2004 660,000 855,109
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
MORTGAGE-BACKED SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
TOTAL U.S. GOVERNMENT AND AGENCY
SECURITIES - (Cost $10,219,785) $10,343,711
SHORT TERM INVESTMENTS - 17.3%
INVESTMENT COMPANY - 3.1%
Merrill Lynch Governmental Fund,
5.320% * $418,181 418,181
U.S. GOVERNMENT AND AGENCY SECURITIES - 14.2%
Federal Farm Credit Bank Consolidated Discount Note
5.400%, 07/02/1997 705,000 704,894
5.450%, 07/02/1997 55,000 54,992
5.410%, 07/07/1997 20,000 19,982
5.300%, 08/11/1997 25,000 24,849
Federal Home Loan Bank Consolidated Discount Note
5.410%, 07/09/1997 795,000 794,044
5.390%, 07/23/1997 310,000 308,979
------------
1,907,740
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $2,325,921) 2,325,921
------------
TOTAL INVESTMENTS - (Cost $13,248,003) - 99.5% $13,377,398
OTHER ASSETS LESS LIABILITIES - 0.5% 66,288
------------
NET ASSETS - 100.0% $13,443,686
============
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the net
assets of the portfolio.
* The interest rate shown reflects the rate in effect
on June 30, 1997
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
GOVERNMENT BONDS - 97.7% (AUD)
AUSTRALIA - 3.5%
Commonwealth of Australia
6.750%, 11/15/2006 $550,000 $408,401
CANADA - 4.5% (CAD)
Government of Canada
7.000%, 12/01/2006 700,000 531,735
DENMARK - 4.6% (DKK)
Kingdom of Denmark
7.000%, 12/15/2004 3,400,000 547,798
FRANCE - 4.5% (FRF)
Government of France
7.000%, 10/12/2000 2,000,000 370,276
Obligation Assimilable du Tresor
5.500%, 04/25/2004 900,000 156,440
------------
526,716
GERMANY - 16.8% (DEM)
Bundesrepublik
6.750%, 07/15/2004 500,000 311,049
German Federal Republic
5.750%, 05/28/1999 1,500,000 894,714
5.125%, 11/21/2000 875,000 517,525
5.250%, 02/21/2001 150,000 88,988
6.000%, 01/05/2006 300,000 176,652
------------
1,988,928
ITALY - 4.4% (ITL)
Republic of Italy
10.500%, 04/01/2000 300,000,000 194,820
6.250%, 03/01/2002 250,000,000 147,625
10.000%, 08/01/2003 250,000,000 171,367
------------
513,812
JAPAN - 5.5% (JPY)
Japan Government
2.600%, 03/20/2007 75,000,000 654,618
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
GOVERNMENT BONDS (CONTINUED)
NETHERLANDS - 4.5% (NLG)
Dutch Government
6.000%, 01/15/2006 $1,000,000 $526,012
SPAIN - 2.3% (ESP)
Government of Spain
7.900%, 02/28/2002 37,000,000 274,907
SWEDEN - 4.3% (SEK)
Kingdom of Sweden
6.000%, 02/09/2005 1,000,000 126,326
6.500%, 10/25/2006 3,000,000 385,263
------------
511,589
UNITED KINGDOM - 12.2% (GBP)
U.K. Treasury
7.000%, 06/07/2002 350,000 581,398
7.500%, 12/07/2006 500,000 854,508
------------
1,435,906
UNITED STATES - 30.6% (USD)
United States Treasury Note
6.125%, 09/30/2000 150,000 149,297
5.500%, 12/31/2000 500,000 487,266
7.250%, 08/15/2004 1,000,000 1,042,188
7.000%, 07/15/2006 1,200,000 1,234,312
6.500%, 10/15/2006 700,000 696,828
------------
3,609,891
------------
TOTAL GOVERNMENT BONDS
- (Cost $11,679,293) 11,530,313
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
INTERNATIONAL FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $11,679,293) - 97.7% $11,530,313
OTHER ASSETS LESS LIABILITIES - 2.3% 275,910
------------
NET ASSETS - 100.0% $11,806,223
============
<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
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 98.1%
BROADCASTING - 7.2%
Cox Communications Incorporated New, (a) 3,100 $74,400
Gemstar International Group, Limited, (a) 195,923 3,600,085
Heritage Media Corporation, (a) 54,800 1,034,350
Lin Television Corporation, (a) 13,000 573,625
U.S. West Incorporated, (a) 5,600 113,400
------------
5,395,860
BUSINESS SERVICES - 4.6%
ADT Limited, (a) 47,800 1,577,400
HCIA Incorporated, (a) 55,800 1,869,300
Pierce Leahy Corporation, (a) 500 9,000
------------
3,455,700
CHEMICALS - 0.4%
Cambrex Corporation 7,600 302,100
COMPUTER HARDWARE - 1.5%
Quantum Corporation, (a) 47,200 958,750
Seagate Technology, (a) 4,200 147,788
------------
1,106,538
COMPUTER SOFTWARE - 21.8%
Activision Incorporated New, (a) 11,000 158,125
BDM International Incorporated, (a) 16,100 370,300
Cadence Design Systems Incorporated, (a) 53,620 1,796,270
Computer Associates International Incorporated 7,500 417,656
DST Systems Incorporated Delaware, (a) 9,200 306,475
Edify Corporation, (a) 173,200 2,554,700
Electronic Arts Incorporated, (a) 41,400 1,392,075
Genesys Telecommunications Laboratory, (a) 100 2,775
HPR Incorporated, (a) 38,200 706,700
Microsoft Corporation, (a) 9,900 1,251,112
Oracle Systems Corporation, (a) 53,600 2,700,100
Pure Atria Corporation, (a) 18,800 265,550
Spectrum Holobyte Incorporated, (a) 242,700 1,183,163
Synopsys Incorporated, (a) 65,750 2,416,312
Transition Systems Incorporated, (a) 44,900 816,619
------------
16,337,932
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - SYSTEMS - 6.1%
Adobe Systems Incorporated 25,400 $890,587
Aris Corporation, (a) 200 4,375
BMC Software Incorporated, (a) 12,100 670,038
Cerner Corporation, (a) 9,600 201,600
Claremont Technology Group Incorporated, (a) 40,600 964,250
Great Plains Software Incorporated, (a) 100 2,700
HBO & Company 13,000 895,375
IDX Systems Corporation, (a) 16,700 576,150
RWD Technologies Incorporated, (a) 100 1,725
Technology Solutions Company, (a) 9,800 387,100
------------
4,593,900
CONSUMER GOODS & SERVICES - 0.0%
800 Junior Cigar Incorporated, (a) 200 4,150
DATA PROCESSING - 0.2%
Affiliated Computer Services Incorporated, (a) 6,300 176,400
DIVERSIFIED - 1.0%
Keystone International Incorporated 21,400 742,313
DOMESTIC OIL - 0.3%
Carbo Ceramics Incorporated 7,400 201,650
DRUGS & HEALTH CARE SERVICES - 7.9%
AmeriSource Health Corporation, (a) 19,600 977,550
Apache Medical Systems Incorporated, (a) 25,700 195,962
Health Management Associates Incorporated, (a) 8,000 228,000
Mariner Health Group Incorporated, (a) 157,100 2,425,231
Regency Health Services, (a) 8,100 124,538
Renal Treatment Centers Incorporated, (a) 11,500 309,062
Safeguard Health Enterprises, (a) 10,300 109,438
Trigon Healthcare Incorporated, (a) 26,500 642,625
Uromed Corporation, (a) 256,500 897,750
------------
5,910,156
ELECTRICAL EQUIPMENT - 5.5%
Cable Design Technologies Corporation, (a) 85,600 2,519,850
Kulicke & Soffa Industries Incorporated, (a) 48,800 1,584,475
------------
4,104,325
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ELECTRONICS - 3.3%
Actel Corporation, (a) 21,200 $361,725
Analog Devices Incorporated, (a) 22,500 597,656
Atmel Corporation, (a) 8,100 226,800
Intel Corporation 4,600 652,338
KLA Instruments Corporation, (a) 10,600 516,750
LSI Logic Corporation, (a) 4,400 140,800
------------
2,496,069
ENTERTAINMENT - 0.3%
Harrahs Entertainment Incorporated, (a) 13,900 253,675
FINANCE & BANKING - 1.7%
Compass Bancshares Incorporated 12,700 427,037
First Hawaiian Incorporated 12,200 416,325
Onbancorp Incorporated 9,100 464,100
------------
1,307,462
FINANCIAL SERVICES - 3.3%
Advanta Corporation, Class B 13,600 485,350
Delta Financial Corporation, (a) 200 3,825
Franklin Resources Incorporated 27,600 2,002,725
------------
2,491,900
FOOD & BEVERAGES - 1.4%
Earthgrains Company 700 45,894
Smith's Food & Drug Centers Incorporated 18,000 965,250
------------
1,011,144
FOOD PROCESSING - 0.9%
McCormick & Company Incorporated 27,200 686,800
GAS EXPLORATION - 0.8%
Apache Corporation 10,000 325,000
Diamond Offshore Drilling Incorporated, (a) 3,000 234,375
Snyder Oil Corporation 750 13,781
------------
573,156
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
OTC PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
HEALTH MAINTENANCE ORGANIZATIONS - 1.0%
CRA Managed Care Incorporated, (a) 5,300 $276,594
United Healthcare Corporation 9,489 493,428
------------
770,022
HOTELS & RESTAURANTS - 0.8%
Applebees International Incorporated 10,500 280,875
Prime Hospitality Corporation, (a) 13,300 262,675
Promus Hotel Corporation, (a) 2,100 81,375
------------
624,925
INDUSTRIAL MACHINERY - 0.8%
AGCO Corporation 7,400 265,938
Greenfield Industries Incorporated 12,700 342,900
------------
608,838
INSURANCE - 1.3%
Arm Financial Incorporated, (a) 300 6,000
Compdent Corporation, (a) 27,600 581,325
Conseco Incorporated 8,900 329,300
Hartford Life Incorporated, (a) 600 22,500
------------
939,125
MEDICAL SUPPLIES - 4.4%
Acuson Corporation, (a) 11,700 269,100
Mentor Corporation 15,100 447,337
Nellcor Puritan Bennett Incorporated 24,100 436,813
St Jude Medical Incorporated, (a) 54,300 2,117,700
------------
3,270,950
MINING - 0.2%
Southern Africa Minerals Corporation, (a) 368,500 146,765
PETROLEUM SERVICES - 1.2%
Cooper Cameron Corporation, (a) 8,000 374,000
Global Industries Incorporated, (a) 15,400 359,734
Hanover Compressor Company, (a) 300 5,850
National-Oilwell Incorporated, (a) 2,600 149,500
Santa Fe International Corporation, (a) 1,100 37,400
------------
926,484
</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)
POLLUTION CONTROL - 0.0%
Waste Industries Incorporated, (a) 200 $3,525
RAILROADS & EQUIPMENT - 3.1%
Kansas City Southern Industries Incorporated 7,800 503,100
Wisconsin Central Transportation Corporation, (a) 47,900 1,784,275
------------
2,287,375
RETAIL - 7.8%
Ann Taylor Stores Corporation, (a) 21,000 409,500
Gymboree Corporation, (a) 96,950 2,326,800
Polo Ralph Lauren Corporation, (a) 1,100 30,113
Rite Aid Corporation 25,500 1,271,812
Viking Office Products Incorporated, (a) 94,400 1,793,600
------------
5,831,825
TELECOMMUNICATIONS - 3.9%
Aerial Communications Incorporated, (a) 73,300 623,050
Airtouch Communications, (a) 21,900 599,513
Cascade Communications Corporation 24,300 671,287
Qwest Communications International Incorporated, (a) 400 10,900
Rogers Communications Incorporated, Class B, (a) 58,000 358,875
United States Cellular Corporation, (a) 22,500 666,562
------------
2,930,187
TELECOMMUNICATION EQUIPMENT - 4.7%
Ascend Communications Incorporated, (a) 70,700 2,783,812
Aspect Telecommunications Corporation, (a) 33,300 740,925
------------
3,524,737
TELEPHONE - 0.7%
Telephone & Data Systems Incorporated 14,100 534,919
------------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $66,949,756) 73,550,907
</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>
SHORT TERM INVESTMENTS - 1.8%
FEDERAL AGENCIES - 1.8%
Federal Home Loan Mortgage Discount Notes
5.500%, 07/01/1997 $1,350,000 $1,350,000
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $1,350,000) 1,350,000
------------
TOTAL INVESTMENTS - (Cost $68,299,756) - 99.9% $74,900,907
OTHER ASSETS LESS LIABILITIES - 0.1% 77,755
------------
NET ASSETS - 100.0% $74,978,662
============
<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
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 97.0%
AEROSPACE - 5.0%
General Dynamics Corporation 11,700 $877,500
Lockheed Martin Corporation 22,500 2,330,156
Newport News Shipbuilding Incorporated, 59,500 1,156,531
United Technologies Corporation 38,500 3,195,500
-------------
7,559,687
BROADCASTING - 1.0%
Clear Channel Communications Incorporated, (a) 13,700 842,550
Jacor Communications Incorporated, (a) 17,900 684,675
-------------
1,527,225
BUSINESS SERVICES - 2.3%
Accustaff Incorporated, (a) 26,600 630,088
ADT Limited, (a) 28,500 940,500
First Data Corporation 42,400 1,862,950
-------------
3,433,538
CHEMICALS - 4.0%
Air Products & Chemicals Incorporated 27,200 2,210,000
Du Pont, E I De Nemours & Company 29,300 1,842,238
Ferro Corporation 12,900 478,106
Praxair Incorporated 25,200 1,411,200
-------------
5,941,544
COMPUTER HARDWARE - 1.4%
Compaq Computer Corporation, (a) 21,700 2,153,725
COMPUTER SOFTWARE - 8.1%
Cadence Design Systems Incorporated, (a) 27,700 927,950
Computer Associates International Incorporated 26,850 1,495,209
Compuware Corporation, (a) 21,700 1,036,175
DST Systems Incorporated Delaware, (a) 8,600 286,488
Electronic Arts Incorporated, (a) 34,400 1,156,700
Microsoft Corporation, (a) 29,300 3,702,787
Oracle Systems Corporation, (a) 57,400 2,891,525
Synopsys Incorporated, (a) 18,200 668,850
-------------
12,165,684
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - SYSTEMS - 3.3%
Adobe Systems Incorporated 25,500 $894,094
BMC Software Incorporated, (a) 22,900 1,268,087
HBO & Company 25,000 1,721,875
Sun Microsystems Incorporated, (a) 21,600 803,925
Sybase Incorporated, (a) 20,800 309,400
-------------
4,997,381
CONGLOMERATES - 0.6%
Wharf Holdings 209,000 906,432
CONSUMER GOODS & SERVICES - 3.9%
Gillette Company 30,100 2,851,975
Philip Morris Cos Incorporated 12,100 536,937
Procter & Gamble Company 17,100 2,415,375
-------------
5,804,287
COSMETICS & TOILETRIES - 1.3%
Lauder Estee Companies Incorporated 18,500 929,625
Revlon Incorporated, (a) 20,500 1,062,156
-------------
1,991,781
DIVERSIFIED - 1.0%
Keystone International Incorporated 42,100 1,460,344
DRUGS & HEALTH CARE SERVICES - 4.6%
Cardinal Health Incorporated 11,900 681,275
Healthsouth Corporation, (a) 21,000 523,688
Horizon Cms Halthcare Corporation,(a) 39,900 800,494
Integrated Health Services Incorporated 8,100 311,850
Novartis AG 1,256 2,007,879
Pacificare Health Systems, (a) 10,900 660,131
Pacificare Health Systems, (a) 1,400 89,425
Tenet Healthcare Corporation, (a) 28,900 854,356
Uromed Corporation, (a) 55,300 193,550
Vencor Incorporated, (a) 18,200 768,950
-------------
6,891,598
ELECTRONICS - 4.4%
Analog Devices Incorporated, (a) 24,400 648,125
Intel Corporation 22,200 3,148,237
Sony Corporation 22,300 1,943,614
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ELECTRONICS - 4.4% (CONTINUED)
TDK Corporation 11,000 $807,102
-------------
6,547,078
ENVIRONMENTAL CONTROL - 0.6%
Browning Ferris Industries Incorporated 25,200 837,900
FEDERAL AGENCIES - 0.8%
Federal National Mortgage Association 26,000 1,134,250
FINANCE & BANKING - 4.9%
BankBoston Corporation 10,340 745,126
Chase Manhattan Corporation 23,276 2,259,227
Comerica Incorporated 23,700 1,611,600
Fleet Financial Group Incorporated 21,100 1,334,575
Union Planters Corporation 26,862 1,393,466
-------------
7,343,994
FINANCIAL SERVICES - 3.7%
Advanta Corporation, Class B 29,900 1,067,056
Allstate Corporation 18,700 1,365,100
American Express Company 11,000 819,500
Dean Witter Discover & Company 11,400 490,913
Franklin Resources Incorporated 11,550 838,097
Household International Incorporated 7,000 822,062
ReliaStar Financial Corporation 2,500 182,813
-------------
5,585,541
FOOD & BEVERAGES - 2.3%
Coca Cola Company 42,600 2,875,500
Earthgrains Company 8,600 563,838
-------------
3,439,338
FOOD PROCESSING - 1.1%
Huhtamaki OY 2,400 103,298
McCormick & Company Incorporated 34,300 866,075
Tyson Foods Incorporated Delaware 35,300 675,112
-------------
1,644,485
FOREST PRODUCTS - 1.5%
Kimberly Clark Corporation 46,100 2,293,475
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
GAS EXPLORATION - 0.7%
Apache Corporation 16,100 $523,250
Diamond Offshore Drilling Incorporated, (a) 7,200 562,500
-------------
1,085,750
GAS & PIPELINE UTILITIES - 1.1%
Coastal Corporation 31,600 1,680,725
HEALTH MAINTENANCE ORGANIZATIONS - 1.7%
United Healthcare Corporation 48,500 2,522,000
HOTELS & RESTAURANTS - 3.5%
Doubletree Corporation, (a) 3,500 143,938
HFS Incorporated, (a) 39,400 2,285,200
Hilton Hotels Corporation 14,900 395,781
Host Marriott Corporation, (a) 95,500 1,701,094
Jarvis Hotels * 254,900 590,035
Promus Hotel Corporation, (a) 3,750 145,312
-------------
5,261,360
HOUSEHOLD PRODUCTS - 2.2%
Colgate Palmolive Company 49,800 3,249,450
INDUSTRIAL MACHINERY - 0.7%
Case Corporation 16,200 1,115,775
INSURANCE - 7.0%
Arm Financial Incorporated, (a) 700 14,000
Chubb Corporation 17,100 1,143,562
Cigna Corporation 9,500 1,686,250
Conseco Incorporated 48,600 1,798,200
Hartford Financial Services Group 18,800 1,555,700
Hartford Life Incorporated, (a) 300 11,250
Penncorp Financial Group Incorporated 36,300 1,397,550
Security Connecticut Corporation 13,000 715,813
Travelers Incorporated 24,100 1,519,806
Union Assured Federal 5,700 670,223
-------------
10,512,354
MEDICAL SUPPLIES - 1.4%
St. Jude Medical Incorporated, (a) 51,750 2,018,250
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
OFFICE FURNISHINGS & SUPPLIES - 1.1%
Canon Incorporated 60,000 $1,633,223
OIL & GAS - 2.8%
British Petroleum PLC, ADR 28,200 2,111,475
Burlington Resources Incorporated 22,000 970,750
Chevron Corporation 15,000 1,109,062
-------------
4,191,287
PAPER - 0.3%
Stone Container Corporation 32,800 469,450
PHARMACEUTICALS - 1.9%
Bristol Myers Squibb Company 35,000 2,835,000
POLLUTION CONTROL - 0.4%
Waste Management Incorporated 20,700 664,988
RAILROADS & EQUIPMENT - 2.4%
Burlington Northern Santa Fe 16,600 1,491,925
Wisconsin Central Transportation Corporation, (a) 54,600 2,033,850
-------------
3,525,775
REAL ESTATE - 0.3%
DBS Land Limited 143,000 452,095
RENTAL AUTO/EQUIPMENT - 0.0%
Hertz Corporation Cl.A, (a) 1,200 43,200
RETAIL - 6.1%
AnnTaylor Stores Corporation, (a) 21,200 413,400
Gucci Group N.V. 15,600 1,004,250
Gymboree Corporation, (a) 36,000 864,000
Hollywood Entertainment Corporation, (a) 6,700 153,263
Home Depot Incorporated 17,800 1,227,087
Kwik Fit Holdings 170,300 762,886
Lowes Cos Incorporated 19,900 738,788
Reebok International Limited 28,500 1,332,375
Rite Aid Corporation 30,600 1,526,175
Staples Incorporated, (a) 31,800 739,350
Storehouse PLC 107,200 336,064
-------------
9,097,638
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
RETAIL GROCERY - 1.3%
Safeway Incorporated, (a) 41,500 $1,914,188
TELECOMMUNICATIONS - 3.5%
Intermedia Communications Incorporated, (a) 2,100 67,988
Loral Space & Communications, (a) 59,300 889,500
Lucent Technologies Incorporated 16,600 1,196,237
MCI Communications Corporation 25,000 957,031
Qwest Communications International Incorporated, (a) 900 24,525
Worldcom Incorporated, (a) 65,800 2,105,600
-------------
5,240,881
TELECOMMUNICATION EQUIPMENT - 1.0%
Aspect Telecommunications Corporation, (a) 66,900 1,488,525
TELEPHONE - 1.0%
Sprint Corporation 29,800 1,568,225
TOYS & AMUSEMENTS - 0.8%
Tyco International Ltd 16,200 1,126,913
-------------
TOTAL COMMON STOCK AND OTHER EQUITY
INTERESTS - (Cost $127,933,086) 145,356,339
-------------
Principal
Amount
------------
SHORT TERM INVESTMENTS - 6.2%
FEDERAL AGENCIES - 6.2%
Federal Home Loan Mortgage Association
Discount Note
5.500%, 07/01/1997 $5,650,000 5,650,000
5.410%, 07/17/1997 2,000,000 1,995,191
Federal National Mortgage Association,
Discount Note
5.400%, 07/07/1997 1,600,000 1,598,560
-------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $9,243,751) 9,243,751
-------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
RESEARCH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $137,176,837) - 103.2% $154,600,090
OTHER ASSETS LESS LIABILITIES - (3.2)% (4,776,675)
-------------
NET ASSETS - 100.0% $149,823,415
=============
<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
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 0.3%
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%
BCF LLC
Mortgage Pass-thru Certificate Series 1996 R1
7.750%, 09/25/2026 * $98,835 $95,190
Continental Airlines Incorporated
Pass-thru Certificate Series 1996 2CsX
10.220%, 07/02/2014 24,303 28,556
Time Warner Incorporated
Mortgage Pass-thru Certificate Series 144AsX
6.100%, 12/30/2001 * 250,000 239,470
-------------
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $358,320) 363,216
Shares
------------
COMMON STOCK AND OTHER EQUITY INTERESTS - 54.0%
AEROSPACE - 2.2%
General Dynamics Corporation 6,400 480,000
Lockheed Martin Corporation 2,200 227,837
Raytheon Company 11,500 586,500
United Technologies Corporation 12,400 1,029,200
-------------
2,323,537
ALUMINUM - 0.5%
Aluminum Company of America 6,800 512,550
APPAREL & TEXTILES - 0.4%
VF Corporation 5,700 483,075
AUTO PARTS - 0.4%
Dana Corporation 10,400 395,200
AUTOMOBILES - 0.7%
Ford Motor Company 16,300 615,325
General Motors Corporation 1,500 83,531
Volvo AB, Rights 3,900 122
Volvo Aktiebolaget, ADR 3,900 104,325
-------------
803,303
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
CHEMICALS - 2.2%
Air Products & Chemicals Incorporated 4,500 $365,625
Akzo Nobel 3,700 507,056
Dow Chemical Company 2,200 191,675
DuPont, E I De Nemours & Company 10,200 641,325
Nalco Chemical Company 5,400 208,575
Rohm & Haas Company 3,200 288,200
Witco Corporation 4,200 159,337
-------------
2,361,793
COMPUTERS & BUSINESS EQUIPMENT - 1.1%
Digital Equipment Corporation, (a) 8,500 301,219
International Business Machines 9,300 838,743
-------------
1,139,962
CONGLOMERATES - 0.2%
Eastern Enterprises 4,000 138,750
Tenneco Incorporated 900 40,669
-------------
179,419
CONSUMER GOODS & SERVICES - 1.2%
Philip Morris Companies Incorporated 24,850 1,102,719
Service Corp International 6,741 221,610
-------------
1,324,329
DIVERSIFIED - 0.1%
Fortune Brands Incorporated 3,500 130,594
DRUGS & HEALTH CARE SERVICES - 2.4%
American Home Products Corporation 9,700 742,050
Astra AB 1 19
Novartis AG 418 668,227
Smithkline Beecham PLC, ADR 12,400 1,136,150
-------------
2,546,446
ELECTRICAL EQUIPMENT - 1.3%
General Electric Company 17,800 1,163,675
Honeywell Incorporated 2,450 185,894
-------------
1,349,569
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
ELECTRIC UTILITIES - 2.0%
DPL Incorporated 3,000 $73,875
Duke Energy Corporation 10,388 497,994
FPL Group Incorporated 9,200 423,775
GPU Incorporated 7,800 279,825
PacifiCorp 4,200 92,400
Pinnacle West Capital Corporation 13,800 414,862
Portland General Corporation 4,400 174,625
Texas Utilities Company 3,700 127,419
-------------
2,084,775
ENVIRONMENTAL CONTROL - 0.6%
Browning Ferris Industries Incorporated 20,900 694,925
FEDERAL AGENCIES - 0.9%
Federal Home Loan Mortgage Corporation 9,600 330,000
Federal National Mortgage Association 14,800 645,650
-------------
975,650
FINANCE & BANKING - 4.1%
Bank of New York Incorporated 14,600 635,100
BankBoston Corporation 3,400 245,013
BB&T Corporation, (a) 10,700 481,500
Chase Manhattan Corporation 6,228 604,505
Crestar Financial Corporation 4,000 155,500
Fleet Financial Group Incorporated 12,700 803,275
Nationsbank Corporation 14,000 903,000
PNC Bank Corporation 13,000 541,125
-------------
4,369,018
FINANCIAL SERVICES - 4.9%
Allstate Corporation 5,000 365,000
American Express Company 11,300 841,850
Edwards A.G. Incorporated 12,000 513,000
Franklin Resources Incorporated 4,900 355,556
Grand Metropolitan Finance Corporation 66,800 642,980
National City Corporation 17,500 918,750
Nationwide Financial Services Incorporated 10,500 278,906
Northern Trust Corporation 11,200 541,800
Norwest Corporation 14,100 793,125
-------------
5,250,967
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
FOOD & BEVERAGES - 0.7%
Anheuser Busch Companies Incorporated 1,400 $58,713
General Mills Incorporated 3,400 221,425
Pepsico Incorporated 11,200 420,700
-------------
700,838
FOOD PROCESSING - 0.1%
McCormick & Company Incorporated 4,300 108,575
FOREST PRODUCTS - 0.7%
Weyerhaeuser Company 13,600 707,200
GAS EXPLORATION - 1.1%
Occidental Petroleum Corporation 13,200 330,825
Repsol S.A., ADR 7,700 326,769
USX-Marathon Group 18,600 537,075
-------------
1,194,669
GAS & PIPELINE UTILITIES - 1.0%
Coastal Corporation 12,800 680,800
Pacific Enterprises 1,700 57,162
Williams Companies Incorporated 7,740 338,625
-------------
1,076,587
HEALTH MAINTENANCE ORGANIZATION - 0.4%
United Healthcare Corporation 7,800 405,600
HOUSEHOLD PRODUCTS - 0.6%
Colgate Palmolive Company 5,000 326,250
Rubbermaid Incorporated 10,700 318,325
-------------
644,575
INSURANCE - 4.1%
Chubb Corporation 11,100 742,313
Cigna Corporation 6,000 1,065,000
Lincoln National Corporation 5,000 321,875
Provident Companies Incorporated 10,000 535,000
St. Paul Cos. Incorporated 6,600 503,250
Torchmark Incorporated 9,000 641,250
Travelers Incorporated 9,333 588,562
-------------
4,397,250
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
MACHINE DIVERSIFIED - 0.8%
Deere & Company 14,600 $801,175
Stanley Works 1,800 72,000
-------------
873,175
MANUFACTURING - 1.8%
Allied Signal Incorporated 12,600 1,058,400
Cooper Industries Incorporated 10,600 527,350
Dexter Corporation 9,000 288,000
-------------
1,873,750
MEDICAL PRODUCTS AND SERVICES - 0.1%
Columbia/HCA Healthcare Corporation 2,300 90,419
MEDICAL SUPPLIES - 0.1%
Baxter International Incorporated 2,700 141,075
METALS - 0.1%
Phelps Dodge Corporation 1,000 85,188
OIL & GAS - 5.5%
Amoco Corporation 4,000 347,750
Atlantic Richfield Company 6,800 479,400
British Petroleum PLC, ADR 17,420 1,304,323
Chevron Corporaiton 6,300 465,806
Exxon Corporation 15,700 965,550
Mobil Corporation 5,400 377,325
Royal Dutch Petroleum Company 14,000 761,250
Sun Incorporated 1,200 37,200
Texaco Incorporated 8,300 902,625
Union Pacific Resources Group Incorporated 6,800 169,150
-------------
5,810,379
PETROLEUM SERVICES - 0.1%
Ultramar Corporation 2,000 65,250
PHARMACEUTICALS - 1.3%
Bristol Myers Squibb Company 15,700 1,271,700
Rhone Poulenc Rorer Incorporated 1,400 127,225
-------------
1,398,925
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
PHOTOGRAPHY - 0.7%
Eastman Kodak Company 9,300 $713,775
POLLUTION CONTROL - 0.7%
Waste Management Incorporated 22,200 713,175
RAILROADS & EQUIPMENT - 1.3%
Burnington Northern Santa Fe 4,600 413,425
Canadian National Railway Company 1,200 52,572
Illinois Central Corporation 13,200 461,175
Norfolk Southern Corporation 4,300 433,225
-------------
1,360,397
REAL ESTATE - 1.0%
Arden Reality Group Incorporated 4,500 117,000
Boston Properties Incorporated, (a) 7,800 214,500
Hospitality Properties Trust 8,000 245,000
Meditrust Corporation 4,800 191,400
TriNet Corporate Realty Trust Incorporated 7,600 251,275
-------------
1,019,175
RENTAL AUTO/EQUIPMENT - 0.1%
Hertz Corporation Class A, (a) 2,000 72,000
RETAIL - 1.7%
J.C. Penney Incorporated 5,800 302,688
May Department Stores Company 3,300 155,925
Rite Aid Corporation 17,900 892,762
Sears, Roebuck & Company 6,100 327,875
York International Corporation 3,000 138,000
-------------
1,817,250
TELECOMMUNICATIONS - 1.5%
Alcatel Alsthom, ADR 3 75
GTE Corporation 19,400 851,175
MCI Communications Corporation 7,100 271,797
SBC Communications Incorporated 7,033 435,167
-------------
1,558,214
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
TELEPHONE - 1.0%
Sprint Corporation 15,600 $820,950
Telephone & Data Systems Incorporated 5,400 204,863
-------------
1,025,813
TIRES & RUBBER - 0.7%
BF Goodrich Company 18,600 805,613
TOBACCO - 0.1%
Dimon Incorporated 3,600 95,400
Gallaher Group PLC, ADR (a) 3,500 64,531
-------------
159,931
TOYS & AMUSEMENTS - 0.4%
Tyco International Limited 5,500 382,594
UTILITIES - 1.2%
Bellsouth Corporation 10,900 505,487
Carolina Power & Light Company 8,100 290,587
CMS Energy Corporation 7,000 246,750
Public Service Company of Colorado 900 37,350
UGI Corporation New 8,100 179,213
-------------
1,259,387
-------------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS
- (Cost $47,446,320) 57,385,891
Principal
Amount
------------
CORPORATE BONDS AND NOTES - 17.8%
AEROSPACE - 0.2%
Jet Equipment
9.410%, 06/15/2010 * $50,000 57,213
8.640%, 11/01/2012 * 48,101 52,313
10.690%, 05/01/2015 * 10,000 12,042
Northrop Grumman Corporation
9.375%, 10/15/2024 100,000 109,747
-------------
231,315
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
AIRLINES - 0.6%
Continental Airlines, Incorporated
9.500%, 12/15/2001 $150,000 $155,625
9.500%, 10/15/2013 98,039 110,200
Delta Air Lines Incorporated
8.500%, 03/15/2002 100,000 105,570
9.750%, 05/15/2021 200,000 239,760
-------------
611,155
AUTOMOBILES - 0.1%
Ford Motor Company
7.700%, 05/15/2097 90,000 90,706
BROADCASTING - 0.8%
Continental Cablevision Incorporated
11.000%, 06/01/2007 250,000 281,113
News Corporation Limited
0.000%, 06/15/1999 100,000 87,924
Tele-Communications Incorporated
7.385%, 08/27/2001 525,000 526,664
-------------
895,701
BUILDING CONSTRUCTION - 0.0%
Owens Corning Fiberglass Corporation
8.875%, 06/01/2002 10,000 10,757
CHEMICALS - 0.1%
PT Polysindo Eka Perkasa
13.000%, 06/15/2001 55,000 62,356
COMMERCIAL SERVICES - 0.2%
Loewen Group Interest,
7.500%, 04/15/2001 220,000 222,200
COMPUTERS & BUSINESS EQUIPMENT - 0.1%
International Business Machines
7.125%, 12/01/2096 100,000 94,238
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 0.1%
Tenet Healthcare Corporation
8.000%, 01/15/2005 $100,000 $100,250
10.125%, 03/01/2005 35,000 38,238
8.625%, 01/15/2007 15,000 15,300
-------------
153,788
ELECTRIC UTILITIES - 3.1%
Comed Financing II
8.500%, 01/15/2027 * 300,000 298,932
Commonwealth Edison Company
6.400%, 10/15/2005 200,000 187,062
Connecticut Light & Power Company
7.750%, 06/01/2002 * 100,000 99,570
El Paso Electric Company
8.900%, 02/01/2006 50,000 53,206
Empresa Electrica Delaware Norte SA
7.750%, 03/15/2006 * 50,000 49,100
Empresa Nacional de Electricidad
7.325%, 02/01/2037 100,000 100,289
Enersis S.A.
6.900%, 12/01/2006 95,000 92,272
First PV Funding Corporation
10.300%, 01/15/2014 214,000 225,676
10.150%, 01/15/2016 30,000 31,621
Hidroelectrica
8.375%, 03/15/1999 * 100,000 101,000
Korea Electric Power Corporation
7.000%, 02/01/2027 100,000 98,041
Long Island Lighting Company
8.900%, 07/15/2019 100,000 104,227
9.000%, 11/01/2022 650,000 711,763
Louisiana Power & Light Company
10.670%, 01/02/2017 10,000 10,650
10.670%, 01/02/2017 10,000 10,649
Midland Funding Corporation II
11.750%, 07/23/2005 10,000 11,640
Niagara Mohawk Power Corporation
6.875%, 03/01/2001 100,000 97,928
North Atlantic Energy Corporation
9.050%, 06/01/2002 451,000 456,268
System Enregy Resources Incorporated
7.800%, 08/01/2000 100,000 100,604
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
ELECTRIC UTILITIES - 3.1% (CONTINUED)
Texas-New Mexico Power Company
12.500%, 01/15/1999 $100,000 $107,237
Utilicorp United Incorporated
8.450%, 11/15/1999 10,000 10,376
Waterford 3 Funding Corporation
8.090%, 01/02/2017 300,000 300,000
-------------
3,258,111
ELECTRONICS - 0.9%
Harman International Industries Incorporated
7.320%, 07/01/2007 1,000,000 1,000,000
ENTERTAINMENT - 0.4%
Circus Circus Enterprises Incorporated
6.700%, 11/15/2096 100,000 96,721
Time Warner Incorporated
9.150%, 02/01/2023 315,000 347,914
-------------
444,635
FINANCE & BANKING - 1.5%
Banco Commercial S.A.
8.250%, 02/05/2007 220,000 221,298
Capital One Bank
6.970%, 02/04/2002 100,000 98,596
Colonial Capital II
8.920%, 01/15/2027 100,000 101,745
Dao Heng Bank Limited
7.750%, 01/24/2007 * 100,000 100,269
First Empire Capital Trust I
8.234%, 02/01/2027 100,000 100,252
Korea Development Bank
6.750%, 12/01/2005 100,000 96,892
MBNA Capital I
8.278%, 12/01/2026 600,000 580,578
Riggs National Corporation
8.500%, 02/01/2006 100,000 104,000
Washington Mutual Capital I
8.375%, 06/01/2027 200,000 203,214
-------------
1,606,844
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
FINANCIAL SERVICES - 2.7%
AFC Capital Trust I
8.207%, 02/03/2027 * $100,000 $101,947
App International Finance Company
10.250%, 10/01/2000 300,000 310,500
Beaver Valley II Funding Corporation
8.625%, 06/01/2007 60,000 61,333
8.250%, 06/01/2003 164,000 165,935
Capital One Financial Corporation
7.250%, 12/01/2003 100,000 97,047
Conseco Finance Trust II
8.796%, 04/01/2027 100,000 103,401
ContiFinancial Corporation
8.375%, 08/15/2003 150,000 154,125
Equitable Life Assured Society
7.700%, 12/01/2015 * 80,000 79,582
Financiera Energetica
9.375%, 06/15/2006 * 50,000 53,500
First USA Capital Trust I
9.330%, 01/15/2027 65,000 76,212
9.330%, 01/15/2027 65,000 65,000
Humpuss Funding Corporation
7.720%, 12/15/2009 * 100,000 98,410
Indah Kiat Finance Mautitius Limited
10.000%, 07/01/2007 * 300,000 298,041
Industrial Finance Corporation
7.375%, 01/14/2007 * 100,000 97,707
Lehman Brothers Holdings Incorporated
6.400%, 12/27/1999 100,000 99,467
7.125%, 09/15/2003 100,000 99,846
7.500%, 08/01/2026 100,000 102,765
Providian Capital I
9.525%, 02/01/2027 * 100,000 103,976
Salton Sea Funding Corporation
7.370%, 05/30/2005 20,000 19,877
7.840%, 05/30/2010 100,000 99,840
Southern Company Capital Trust I
8.190%, 02/01/2037 * 100,000 101,259
St George Funding Company
8.485%, 12/31/2049 * 200,000 203,506
State Street Institutional Capital A,
7.940%, 12/30/2026 * 100,000 99,517
Travelers Capital II
7.750%, 12/01/2036 150,000 145,506
-------------
2,838,299
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
FOREST PRODUCTS - 1.4%
Boise Cascade Corporation
7.430%, 10/10/2005 $100,000 $100,442
Georgia Pacific Corportion
9.875%, 11/01/2021 10,000 11,080
9.500%, 05/15/2022 1,000,000 1,079,050
P T Indah Kiat Pulp & Paper
8.875%, 11/01/2000 * 300,000 299,949
-------------
1,490,521
GAS EXPLORATION - 0.2%
Enserch Exploration Incorporated
7.540%, 01/02/2009 * 100,000 99,018
Transocean Offshore Incorporated
8.000%, 04/15/2027 100,000 103,361
-------------
202,379
HOTEL & RESTAURANTS - 0.1%
Hilton Hotels Corporation
7.950%, 04/15/2007 100,000 102,461
INDUSTRIALS - 0.3%
Clark Oil & Refining Corporation
10.500%, 12/01/2001 300,000 309,000
INSURANCE - 0.1%
Fairfax Financial Holdings Limited
8.300%, 04/15/2026 15,000 15,570
Liberty Mutual Insurance Company
8.200%, 05/04/2007 * 20,000 21,304
Nationwide Mutual Life
7.500%, 02/15/2024 * 100,000 94,510
-------------
131,384
OIL & GAS - 2.4%
Chesapeake Energy Corporation
7.875%, 03/15/2004 100,000 97,000
7.875%, 03/15/2004 300,000 285,750
Coastal Corporation
7.420%, 02/15/2037 170,000 162,919
Gulf Canada Resources Limited
8.250%, 03/15/2017 100,000 102,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
OIL & GAS - 2.4% (CONTINUED)
Louisiana Land & Exploration Company
7.625%, 04/15/2013 $100,000 $100,862
NGC Corporation Capital Trust I
8.316%, 06/01/2027 * 500,000 517,050
Oryx Energy Company
10.000%, 04/01/2001 100,000 109,076
8.375%, 07/15/2004 100,000 104,209
Ras Laffan Liquefied Natural Gas
8.294%, 03/15/2014 * 100,000 104,000
Tennessee Gas Pipeline Company
7.625%, 04/01/2037 1,000,000 989,410
-------------
2,572,776
PRECIOUS METALS & MINERALS - 0.1%
Freeport McMoran Copper & Gold
7.500%, 11/15/2006 70,000 69,497
RAILROADS & EQUIPMENT - 0.2%
Norfolk Southern Corporation
7.800%, 05/15/2027 60,000 61,626
7.050%, 05/01/2037 100,000 101,494
-------------
163,120
TELECOMMUNICATIONS - 0.7%
360 Communications
7.500%, 03/01/2006 133,000 132,676
Jasmine Submarine Telecommunications Limited
8.483%, 05/30/2011 * 100,000 101,822
Paramount Communications Incorporated
7.500%, 01/15/2002 335,000 335,616
TCI Communications Financing Incorporated
9.650%, 03/31/2027 100,000 105,701
Total Access Communication
8.375%, 11/04/2006 * 50,000 49,095
-------------
724,910
TOBACCO - 0.3%
RJR Nabisco Incorporated
8.500%, 07/01/2007 300,000 303,375
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
TRANSPORTATION - 0.3%
Federal Express Corporation
7.650%, 01/15/2014 $300,000 $305,031
UTILITIES - 0.9%
California Energy Incorporated
10.250%, 01/15/2004 75,000 80,640
Cleveland Electric Illuminating Company
9.250%, 07/29/1999 100,000 104,366
9.375%, 03/01/2017 100,000 104,289
9.000%, 07/01/2023 100,000 104,569
Commonwealth Edison Company
7.625%, 01/15/2007 100,000 100,254
Niagara Mohawk Power Corporation
8.770%, 01/01/2018 500,000 504,500
-------------
998,618
-------------
TOTAL CORPORATE BONDS AND NOTES
- (Cost $18,707,960) 18,893,177
Shares
------------
PREFERRED STOCK - 1.9%
AEROSPACE - 0.2%
Loral Space and Communications Limited 3,200 160,000
CHEMICALS - 0.4%
Henkel KGaA 8,200 465,455
FINANCIAL SERVICES - 0.4%
Finova Finance Trust 1,900 109,250
Mckesson Financing Trust * 5,000 305,000
-------------
414,250
HOTELS & RESTAURANTS - 0.3%
Host Marriott Financial Trust * 6,400 371,200
HOUSEHOLD PRODUCTS - 0.0%
Corning Delaware LP 500 43,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
PREFERRED STOCK (CONTINUED)
INDUSTRIAL MACHINERY - 0.4%
Case Corporation 2,300 $378,637
OIL & GAS - 0.1%
Enron Corporation 5,800 110,925
STEEL - 0.1%
Timex Capital Trust I * 1,900 100,225
-------------
TOTAL PREFERRED STOCK
- (Cost $1,839,403) 2,044,192
Principal
Amount
------------
FOREIGN GOVERNMENT BONDS - 0.6%
GOVERNMENT AGENCY - 0.6%
Argentina Republic
9.250%, 02/23/2001 $60,000 62,775
Colombia Republic
7.625%, 02/15/2007 100,000 97,600
8.700%, 02/15/2016 60,000 60,375
Ministry of Finance Russia
10.000%, 06/26/2007 100,000 99,650
Republic of Panama
7.875%, 02/13/2002 * 100,000 99,750
United Mexican States
9.875%, 01/15/2007 100,000 105,500
11.375%, 09/15/2016 100,000 112,500
-------------
TOTAL FOREIGN GOVERNMENT BONDS
- (Cost $623,249) 638,150
U.S. GOVERNMENT AND AGENCY SECURITIES - 12.0%
MORTGAGE-BACKED OBLIGATIONS - 2.9%
Federal National Mortgage Association
8.000%, 12/01/2026 697,247 712,711
7.000%, 30 year, TBA 1,000,000 997,810
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS - 2.9% (CONTINUED)
Government National Mortgage Association
7.500%, 04/15/2008 $217,882 $222,648
8.000%, 06/15/2017 277,454 288,116
8.000%, 06/20/2025 300,000 308,718
8.500%, 09/15/2026 487,353 506,389
-------------
3,036,392
U.S. TREASURIES - 9.1%
United States Treasury Bond
9.875%, 11/15/2015 120,000 157,800
6.500%, 11/15/2026 17,000 16,304
6.625%, 02/15/2027 2,450,000 2,397,178
United States Treasury Note
9.250%, 08/15/1998 55,000 56,968
9.125%, 05/15/1999 1,900,000 2,000,643
7.500%, 11/15/2001 270,000 281,348
6.625%, 04/30/2002 3,750,000 3,784,575
7.250%, 05/15/2004 50,000 52,117
6.500%, 10/15/2006 225,000 224,051
6.250%, 02/15/2007 702,000 686,865
6.625%, 05/15/2007 40,000 40,331
-------------
9,698,180
-------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
- (Cost $12,673,374) 12,734,572
-------------
SHORT TERM INVESTMENTS - 14.3%
FEDERAL AGENCIES - 14.3%
Federal Home Loan Mortgage Association
Discount Note
5.500%, 07/01/1997 5,170,000 5,170,000
5.410%, 07/24/1997 3,000,000 2,989,631
Federal National Mortgage Association
Discount Note
5.400%, 07/11/1997 2,700,000 2,695,950
5.410%, 07/18/1997 4,300,000 4,289,015
-------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $15,144,595) 15,144,596
-------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
TOTAL RETURN PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ -------------
<S> <C> <C>
TOTAL INVESTMENTS - (Cost $96,793,221) - 100.9% $107,203,794
OTHER ASSETS LESS LIABILITIES - (0.9)% (994,313)
-------------
NET ASSETS - 100.0% $106,209,481
=============
<FN>
The percentage shown for each investment category is the
total value of that category as a percentage of the
net assets of the portfolio.
* Securities exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may
be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(a) Non-income producing securities.
ADR - American Depositary Receipts.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
MORTGAGE PASS-THROUGHS - 1.2%
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%
Morgan Stanley Capital 1 Incorporated,
Series 86 C Class C-4,
9.000%, 05/01/2016 $202,922 $205,943
------------
TOTAL MORTGAGE PASS-THROUGHS
- (Cost $208,249) 205,943
CORPORATE BONDS AND NOTES - 58.1%
AIRLINES - 2.8%
Delta Air Lines Incorporated,
8.050%, 07/01/1997 500,000 501,250
BROADCASTING - 2.9%
Heritage Media Corporation
11.000%, 06/15/2002 500,000 530,625
BROKERAGE FIRMS - 7.0%
Lehman Brothers Incorporated
7.375%, 08/15/1997 345,000 345,545
Paine Webber Group Incorporated
6.406%, 07/24/2003 * 350,000 349,434
Salomon Incorporated
8.800%, 02/17/1998 550,000 559,516
------------
1,254,495
ENTERTAINMENT - 5.8%
United Artists Theatre Circuits Incorporated
11.500%, 05/01/2002 1,000,000 1,048,750
FINANCE & BANKING - 12.0%
Advanta National Bank
6.090%, 11/10/1997 500,000 496,250
Chase Capital II
6.359%, 02/01/2027 * 700,000 680,966
MBNA Global Capital Securities
6.659%, 02/01/2027 * 500,000 495,802
NTC Capital I
6.336%, 01/15/2027 * 500,000 495,640
------------
2,168,658
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
FINANCIAL SERVICES - 1.9%
Household Finance Corporation,
6.700%, 08/08/1997 $340,000 $340,390
GAMING - 2.3%
Caesars World Incorporated
8.875%, 08/15/2002 400,000 414,000
GAS EXPLORATION - 2.5%
Occidental Petroleum Corporation,
9.500%, 08/15/1997 450,000 452,044
INDUSTRIALS - 7.0%
California Hotel Finance Corporation
11.000%, 12/01/2002 700,000 741,125
Clark Oil & Refining Corporation
10.500%, 12/01/2001 500,000 518,750
------------
1,259,875
MEDIA - 2.4%
Time Warner Incorporated
6.773%, 08/15/2000 * 225,000 225,290
Viacom International Incorporated
8.750%, 05/15/2001 * 195,000 199,192
------------
424,482
REAL ESTATE - 1.7%
Taubman Realty Group Limited,
Medium Term Note
6.551%, 07/30/1998 * 300,000 300,479
RETAIL - 5.0%
Cole National Group Incorporated
11.250%, 10/01/2001 813,000 894,300
UTILITIES - 4.8%
Consumers Energy Company
8.750%, 02/15/1998 500,000 506,749
Texas Utilities Electric Company,
Floating-Rate Notes Series B
6.258%, 05/01/1999 * 350,000 350,503
------------
857,252
------------
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE BONDS AND NOTES (CONTINUED)
TOTAL CORPORATE BONDS AND NOTES
- (Cost $10,433,363) $10,446,600
U.S. GOVERNMENT AND AGENCY SECURITIES - 6.4%
ADJUSTABLE RATE MORTGAGE-BACKED OBLIGATIONS - 1.9%
Federal Home Loan PC
7.546%, 03/01/2021 * $176,645 184,683
Federal National Mortgage Association
7.928%, 12/01/2017 * 161,081 168,329
------------
353,012
U.S. TREASURIES - 4.5%
United States Treasury Note
6.375%, 04/30/1999 800,000 804,500
------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
- (Cost $1,150,089) 1,157,512
SHORT TERM INVESTMENTS - 33.1%
U.S. GOVERNMENT AND AGENCY SECURITIES - 5.0%
Federal Farm Credit Bank
5.650%, 11/10/1997 25,000 24,482
Federal National Mortgage Association
Discount Note
5.310%, 12/11/1997 905,000 883,242
------------
907,724
COMMERCIAL PAPER - 24.5%
AUTOMOBILES - 2.7%
Ford Motor Credit Company,
5.600%, 07/08/1997 485,000 484,472
CONSUMER GOODS & SERVICES - 2.8%
Philip Morris Companies Incorporated
5.800%, 07/07/1997 500,000 499,517
FINANCE & BANKING - 4.0%
CIT Group Holdings, Incorporated
5.430%, 07/03/1997 724,000 723,781
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
ADVANTAGE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT TERM INVESTMENTS (CONTINUED)
COMMERCIAL PAPER - 24.5% (CONTINUED)
FOOD & BEVERAGE - 3.4%
Pepsico, Incorporated
5.470%, 07/02/1997 $604,000 $603,908
SECURITY AND COMMODITY BROKERS - 3.6%
Merrill Lynch & Company Incorporated
5.560%, 07/02/1997 650,000 649,900
TELEPHONE - 8.0%
American Telephone & Telegraph Company,
5.470%, 07/03/1997 593,000 592,820
Bell Atlantic Network Funding
5.550%, 07/01/1997 843,000 843,000
------------
1,435,820
SENIOR NOTES - 3.6%
MEDIA - 3.6%
Blockbuster Entertainment Corporation
6.625%, 02/15/1998 655,000 655,871
TOTAL SHORT TERM INVESTMENTS
- (Cost $5,960,993) 5,960,993
------------
TOTAL INVESTMENTS - (Cost $17,752,694) - 98.8% $17,771,048
OTHER ASSETS LESS LIABILITIES - 1.2% 215,718
------------
NET ASSETS - 100.0% $17,986,766
============
<FN>
The percentage shown for each investment category is
the total value of that category as a percentage of
the net assets of the portfolio.
* The interest rate shown reflects the rate
in effect on June 30, 1997.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 100.1%
AEROSPACE - 1.4%
BE Aerospace Incorporated, (a) 16,700 $528,138
AIRLINES - 1.7%
Delta Air Lines Incorporated 4,700 385,400
UAL Corporation, (a) 3,700 264,781
------------
650,181
COMMUNICATIONS EQUIPMENT - 1.9%
Cisco Systems Incorporated, (a) 11,000 738,375
COMPUTER HARDWARE - 7.6%
Compaq Computer Corporation, (a) 15,300 1,518,525
Dell Computer Corporation, (a) 12,300 1,444,481
------------
2,963,006
COMPUTER SOFTWARE - 14.0%
BMC Software Incorporated, (a) 16,100 891,537
Compuware Corporation, (a) 15,000 716,250
Electronic Arts Incorporated, (a) 20,000 672,500
Microsoft Corporation, (a) 4,000 505,500
Oracle Systems Corporation, (a) 21,900 1,103,212
Parametric Technology Corporation, (a) 20,200 859,763
Synopsys Incorporated, (a) 19,000 698,250
------------
5,447,012
COMPUTER SOFTWARE - SYSTEMS - 2.9%
HBO & Company 16,500 1,136,438
CONSUMER SPECIALTY RETAIL - 6.7%
Compusa Incorporated, (a) 36,732 789,738
Inacom Corporation, (a) 16,175 503,447
Ross Stores Incorporated 19,000 621,062
Walgreen Company 4,500 241,313
Williams Sonoma Incorporated, (a) 11,000 470,250
------------
2,625,810
DATA PROCESSING - 1.0%
Computer Sciences Corporation, (a) 5,500 396,688
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
DRUGS & HEALTH CARE SERVICES - 9.2%
Cardinal Health Incorporated 4,000 $229,000
Lilly Eli & Company 8,833 965,557
McKesson Corporation 2,500 193,750
Merck & Company Incorporated 12,600 1,304,100
Pfizer Incorporated 7,400 884,300
------------
3,576,707
ELECTRONICS - 1.0%
Adaptec Incorporated, (a) 11,000 382,250
FINANCE & BANKING - 6.4%
BankBoston Corporation 6,000 432,375
Chase Manhattan Corporation 5,000 485,312
First Chicago NBD Corporation 7,000 423,500
Nationsbank Corporation 11,000 709,500
State Street Corporation 9,500 439,375
------------
2,490,062
FINANCIAL SERVICES - 8.2%
Franklin Resources Incorporated 7,400 536,963
Household International Incorporated 6,300 739,856
MBNA Corporation 20,450 748,981
Merrill Lynch & Company Incorporated 15,960 951,615
Schwab Charles Corporation 5,803 236,110
------------
3,213,525
HEALTH MAINTENANCE ORGANIZATIONS - 5.5%
Oxford Health Plans Incorporated, (a) 13,500 968,625
United Healthcare Corporation 22,400 1,164,800
------------
2,133,425
HOTELS & RESTAURANTS - 1.1%
Prime Hospitality Corporation, (a) 21,000 414,750
INSURANCE - 1.0%
Aetna Life & Casualty Company 4,000 409,500
MEDICAL PRODUCTS AND SERVICES - 1.3%
Columbia/HCA Healthcare Corporation 13,350 524,822
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
VALUE + GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
NETWORK SYSTEMS - 3.0%
3Com Corporation, (a) 26,100 $1,174,500
SEMICONDUCTORS - 13.8%
Altera Corporation, (a) 16,100 813,050
Intel Corporation 7,055 1,000,487
LSI Logic Corporation, (a) 11,000 352,000
Micron Technology Incorporated 26,700 1,066,332
National Semiconductor Corporation, (a) 8,000 245,000
Texas Instruments Incorporated 9,250 777,578
Xilinx Incorporated, (a) 22,899 1,123,482
------------
5,377,929
SEMICONDUCTOR EQUIPMENT - 5.3%
Applied Materials Incorporated, (a) 21,400 1,515,387
Teradyne Incorporated, (a) 14,000 549,500
------------
2,064,887
TELECOMMUNICATIONS EQUIPMENT/SERVICES - 7.1%
LM Ericson 10,000 394,931
Motorola Incorporated 15,500 1,178,000
Northern Telecom Limited 11,200 1,019,200
Worldcom Incorporated, (a) 5,000 160,000
------------
2,752,131
------------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS
- (Cost $32,681,751) 39,000,136
------------
TOTAL INVESTMENTS - (Cost $32,681,751) - 100.1% $39,000,136
OTHER ASSETS LESS LIABILITIES - (0.1)% (55,579)
------------
NET ASSETS - 100.0% $38,944,557
============
<FN>
The percentage shown for each investment category is
the total value of that category as a percentage of
the net assets of the portfolio.
(a) Non-income producing securities.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS - 79.5%
ALUMINUM - 0.7%
Kaiser Aluminium Corporation, (a) 42,500 $520,625
APPAREL & TEXTILES - 1.2%
Nautica Enterprises Incorporated, (a) 35,000 925,313
AUTO PARTS - 1.5%
Cooper Tire & Rubber Company 28,500 627,000
MotivePower Industries Incorporated, (a) 31,000 496,000
------------
1,123,000
AUTOMOBILES - 0.9%
Ford Motor Company 18,000 679,500
BIOTECHNOLOGY - 1.5%
Genentech Incorporated, (a) 13,000 766,188
Intercardia Incorporated, (a) 16,000 368,000
------------
1,134,188
CHEMICALS - 1.9%
Crompton & Knowles Corporation 40,000 890,000
Imperial Chemical Industries PLC 10,000 568,750
------------
1,458,750
COMMERCIAL SERVICES - 0.7%
Superior Services Incorporated, (a) 24,000 570,000
COMMUNICATION SERVICES - 1.7%
Comsat Corporation 32,000 762,000
Tele Communications Incorporated, (a) 22,500 534,375
------------
1,296,375
COMPUTERS & BUSINESS EQUIPMENT - 0.8%
Iomega Corporation, (a) 33,000 655,875
COMPUTER SOFTWARE - 5.6%
Adobe Systems Incorporated 15,000 525,937
BMC Software Incorporated, (a) 10,000 553,750
Compuware Corporation, (a) 15,000 716,250
Data Dimensions Incorporated, (a) 20,000 440,000
Data General Corporation, (a) 25,000 650,000
Discreet Logic Incorporated, (a) 18,000 297,000
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
COMPUTER SOFTWARE - 5.6% (CONTINUED)
Legato Systems Incorporated, (a) 18,000 $333,000
Tandem Computers Incorporated, (a) 40,000 810,000
------------
4,325,937
CONSUMER GOODS & SERVICES - 0.7%
Philip Morris Companies Incorporated 12,500 554,688
DRUGS & HEALTH CARE SERVICES - 5.5%
ADAC Laboratories 35,000 826,875
Coventry Corporation, (a) 50,000 756,250
Healthcare Compare Corporation, (a) 14,000 733,250
McKesson Corporation 10,000 775,000
Morrison Health Care Incorporated 40,000 637,500
Novoste Corporation, (a) 30,000 491,250
------------
4,220,125
ELECTRICAL EQUIPMENT - 1.2%
Fisher Scientific International Incorporated 20,000 950,000
ELECTRONICS - 0.1%
Spectran Corporation, (a) 3,300 64,350
ENTERTAINMENT - 0.2%
Ascent Entertainment Group Incorporated, (a) 15,642 142,730
FEDERAL AGENCIES - 0.8%
Federal National Mortgage Association 15,000 654,375
FINANCE & BANKING - 3.2%
Bank Plus Corportion, (a) 42,500 462,187
BB&T Corporation, (a) 18,000 810,000
Cape Cod Bank & Trust Company 11,900 339,150
TCF Financial Corporation 18,000 888,750
------------
2,500,087
FINANCIAL SERVICES - 0.4%
Matrix Capital Corporation, (a) 20,000 280,000
FOOD & BEVERAGE - 0.9%
International Multifoods Corporation 28,000 703,500
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
GAS EXPLORATION - 2.4%
Edge Petroleum Corporation, (a) 45,000 $663,750
Louisiana Land and Exploration Company 10,000 571,250
Oryx Energy Company, (a) 30,000 633,750
------------
1,868,750
GAS & PIPELINE UTILITIES - 0.3%
Transcanada Pipeline Limited 10,000 201,250
HOUSEHOLD APPLIANCES & HOME FURNISHING - 1.8%
Furniture Brands International Incorporated, (a) 13,900 269,312
Sunbeam Corporation 30,000 1,132,500
------------
1,401,812
INDUSTRIAL MACHINERY - 1.0%
SPX Corporation 12,000 777,750
INSURANCE - 2.4%
Everest Reinsurance Holdings 18,000 713,250
Hartford Life Incorporated, (a) 10,000 375,000
Mid Ocean Limited 15,000 786,562
------------
1,874,812
LEISURE TIME - 1.0%
Harley Davidson Incorporated 16,000 767,000
MANUFACTURING - 1.8%
Coachmen Industries Incorporated 20,000 342,500
Stewart & Stevenson Services Incorporated 27,500 715,000
Walter Industries Incorporated, (a) 20,000 335,000
------------
1,392,500
MEDIA - 1.6%
Metromedia International Group, (a) 50,000 634,375
Westinghouse Electric Corporation 27,500 635,938
------------
1,270,313
MEDICAL PRODUCTS AND SERVICES - 1.4%
Bard (C.R.) Incorporated 15,000 544,688
Cardio Thoracic Sytems Incorporated, (a) 40,000 560,000
------------
1,104,688
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
NETWORK SYSTEMS - 1.8%
3Com Corporation, (a) 14,000 $630,000
Network Computing Devices Incorporated, (a) 30,000 348,750
PairGain Technologies Incorporated, (a) 25,000 387,500
------------
1,366,250
PAPER - 0.8%
International Paper Company 12,000 582,750
PETROLEUM SERVICES - 12.1%
Baker Hughes Incorporated 7,500 290,156
Camco International Incorporated 17,500 958,125
Drilex International Incorporated, (a) 25,000 393,750
ENSCO International Incorporated, (a) 10,000 527,500
Input/Output Incorporated, (a) 37,500 679,687
Key Energy Group, (a) 50,000 890,625
McDermott International Incorporated 28,500 831,844
Nabors Industries Incorporated, (a) 46,000 1,150,000
Noble Drilling Corporation, (a) 40,000 902,500
Parker and Parsley Petroleum Company 5,000 176,875
Santa Fe International Corporation, (a) 28,700 975,800
Seitel Incorporated, (a) 17,500 665,000
Smith International Incorporated, (a) 15,000 911,250
------------
9,353,112
REAL ESTATE - 8.0%
Crescent Operating Incorporated, (a) 2,000 24,000
Crescent Real Estate Equities Incorporated 20,000 635,000
Criimi Mae Incorporated 75,100 1,201,600
Health and Retirement Property Trust 25,000 470,313
JP Realty Incorporated 22,500 610,312
LTC Properties Incorporated 25,000 453,125
Prentiss Properties Trust 15,000 384,375
Prime Retail Incorporated 45,000 604,687
Redwood Trust Incorporated 10,000 467,500
Storage Trust Reality 20,000 530,000
Walden Residential Properties Incorporated 30,000 768,750
------------
6,149,662
RETAIL - 2.8%
Pier 1 Imports Incorporated 30,000 795,000
Vans Incorporated, (a) 90,000 1,361,250
------------
2,156,250
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
COMMON STOCK AND OTHER EQUITY INTERESTS (CONTINUED)
SEMICONDUCTERS - 0.6%
Cypress Semiconductor Corporation, (a) 30,000 $435,000
TELECOMMUNICATIONS - 3.3%
General Instrument Corporation, (a) 20,000 500,000
LM Ericsson, ADR 10,000 393,750
Qualcomm Incorporated, (a) 15,000 763,125
Worldcom Incorporated, (a) 27,500 880,000
------------
2,536,875
TELECOMMUNICATIONS EQUIPMENT/SERVICES - 4.4%
ANTEC Corporation, (a) 30,000 352,500
Corning Incorporated 8,500 472,812
Motorola Incorporated 8,000 608,000
Scientific-Atlanta Incorporated 55,000 1,203,125
Tele-Communications Incorporated 50,000 743,750
------------
3,380,187
TOBACCO - 0.8%
RJR Nabisco Holdings Corporation 18,000 594,000
TRANSPORTATION - 1.7%
Consolidated Freightways Corporation, (a) 45,000 736,875
Hvide Marine Incorporated, (a) 27,500 608,438
------------
1,345,313
------------
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS
- (Cost $52,902,545) 61,317,692
Principal
Amount
------------
U.S. GOVERNMENT AND AGENCY SECURITIES - 1.3%
U.S. TREASURIES - 1.3%
United States Treasury Strip
Zero Coupon, 11/15/2017 $3,900,000 955,422
------------
TOTAL U.S. GOVERNMENT SECURITIES
- (Cost $890,809) 955,422
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CONVERTIBLE BONDS - 7.4%
COMMUNICATION SERVICES - 0.2%
Midcom Communications Incorporated,
Convertible Subordinated Note
8.250%, 08/15/2003 * $200,000 $134,000
COMPUTER HARDWARE - 0.8%
EMC Corporation
3.250%, 03/15/2002 * 600,000 650,250
CONSTRUCTION - 0.4%
Empresas ICA Sociedad Controladora,
Convertible Subordinated Note
5.000%, 03/15/2004 350,000 276,500
DRUGS & HEALTH CARE SERVICES - 0.2%
Phymatrix Corporation
6.750%, 06/15/2003 200,000 181,500
INDUSTRIALS - 1.2%
Hybridon Incorporated
9.000%, 04/01/2004 * 500,000 500,000
Offshore Logistics Incorporated,
Convertible Subordinated Note
6.000%, 12/15/2003 * 400,000 430,000
------------
930,000
MEDICAL SERVICES - 0.6%
Renal Treatment Centers Incorporated
5.625%, 07/15/2006 500,000 495,625
RETAIL - 1.3%
Charming Shoppes Incorporated
7.500%, 07/15/2006 500,000 497,500
Sports Authority Incorporated
5.250%, 09/15/2001 500,000 467,500
------------
965,000
SEMICONDUCTORS - 0.4%
Cirrus Logic Incorporated
6.000%, 12/15/2003 * 400,000 293,000
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Security Description Amount Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CONVERTIBLE BONDS (CONTINUED)
STEEL - 1.2%
Mascotech Incorporated,
Convertible Subordinated Debenture
4.500%, 12/15/2003 $1,000,000 $920,000
UTILITY EQUIPMENT - 1.1%
Itron Incorporated
6.750%, 03/31/2004 * 675,000 860,625
------------
TOTAL CONVERTIBLE BONDS
- (Cost $5,287,158) 5,706,500
------------
Shares
------------
PREFERRED STOCK - 8.0%
AIRLINES - 0.8%
Transport World Airlines Incorporated, (a) 20,000 510,000
Transport World Airlines Incorporated, (a)
* 5,000 127,500
------------
637,500
BROADCASTING - 0.5%
Cablevision Systems Corporation 14,500 393,313
FINANCE & BANKING - 0.7%
Excel Reality Trust Incorporated 19,600 534,100
GAS EXPLORATION - 0.5%
Mesa Incorporated 58,977 394,411
LEISURE TIME - 1.0%
Royal Caribbean Cruises Limited 12,000 741,000
MINING - 0.8%
Coer D Alene Mines Corporation Idaho 35,000 586,250
NON-FERROUS METALS - 0.7%
Inco Limited 10,000 515,000
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
GROWTH & INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Security Description Shares Value
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
PREFERRED STOCK (CONTINUED)
STEEL - 1.7%
Timet Capital Trust I, * (a) 10,000 $527,500
WHX Corporation, Series A 22,000 826,375
------------
1,353,875
TELECOMMUNICATIONS - 1.3%
IXC Communications Incorporated, * (a) 8,450 983,550
------------
TOTAL PREFERRED STOCK
- (Cost $5,755,544) 6,138,999
------------
Principal
Amount
------------
SHORT TERM INVESTMENTS - 3.5%
REPURCHASE AGREEMENT - 3.5%
Agreement with State Street Bank and Trust
Company, dated 06/30/1997, bearing 5.500%,
to be repurchased at $2,725,416 on 07/01/1997
(secured by $2,360,000 par value U.S.
Treasury Notes, 8.125%, due 08/15/2021, with
a value of $2,784,033) $2,725,000 2,725,000
------------
TOTAL SHORT TERM INVESTMENTS
- (Cost $2,725,000) 2,725,000
------------
TOTAL INVESTMENTS (Cost $67,561,056) - 99.7% $76,843,613
OTHER ASSETS LESS LIABILITIES - 0.3% 249,971
------------
NET ASSETS - 100.0% $77,093,584
============
<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
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $30,156,142
Cash, including foreign currency, at value 491
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable --
Dividends receivable --
Receivable for fund shares sold 1,266,997
Receivable from Investment Adviser (Note 3) 804
Foreign income tax reclaim receivable --
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 31,430,823
LIABILITIES
Payable due to custodian --
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable to Investment Adviser (Note 3) 9,283
Accounts payable and accrued expenses 21,251
______________
TOTAL LIABILITIES 30,534
______________
NET ASSETS $31,400,289
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $31,403,188
Undistributed net investment income (Note 2) --
Accumulated net realized loss on investments and
foreign currency transactions (2,899)
Net unrealized appreciation of:
Investments --
Foreign currency translations --
______________
NET ASSETS $31,400,289
==============
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 31,403,188
(a) Investments in securities and repurchase agreements, at cost $30,156,142
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Mortgage-Backed
Securities
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $13,377,398
Cash, including foreign currency, at value 1,234
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 75,191
Dividends receivable --
Receivable for fund shares sold 12,886
Receivable from Investment Adviser (Note 3) 2,934
Foreign income tax reclaim receivable --
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 13,476,032
LIABILITIES
Payable due to custodian --
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable to Investment Adviser (Note 3) 8,191
Accounts payable and accrued expenses 24,155
______________
TOTAL LIABILITIES 32,346
______________
NET ASSETS $13,443,686
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $12,955,991
Undistributed net investment income (Note 2) 364,617
Accumulated net realized loss on investments and
foreign currency transactions (6,317)
Net unrealized appreciation of:
Investments 129,395
Foreign currency translations --
______________
NET ASSETS $13,443,686
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.90
Total shares outstanding at end of period 1,233,482
(a) Investments in securities and repurchase agreements, at cost $13,248,003
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $11,530,313
Cash, including foreign currency, at value 38,505
Receivable for securities sold 151,512
Receivable for forward currency contracts (Note 6) 34,965
Receivable for currency sold --
Interest receivable 234,954
Dividends receivable --
Receivable for fund shares sold 17,543
Receivable from Investment Adviser (Note 3) 1,964
Foreign income tax reclaim receivable --
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 12,016,145
LIABILITIES
Payable due to custodian 110,541
Payable for securities purchased --
Payable for forward currency contracts (Note 6) 55,176
Payable for currency purchased --
Payable for fund shares repurchased 8,771
Payable to Investment Adviser (Note 3) 8,406
Accounts payable and accrued expenses 27,028
______________
TOTAL LIABILITIES 209,922
______________
NET ASSETS $11,806,223
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $11,466,373
Undistributed net investment income (Note 2) 338,203
Accumulated net realized gain on investments and
foreign currency transactions 175,569
Net unrealized depreciation of:
Investments (148,980)
Foreign currency translations (24,942)
______________
NET ASSETS $11,806,223
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.84
Total shares outstanding at end of period 1,088,794
(a) Investments in securities and repurchase agreements, at cost $11,679,293
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $74,900,907
Cash, including foreign currency, at value 21,685
Receivable for securities sold 653,028
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable --
Dividends receivable 11,185
Receivable for fund shares sold 181,308
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 75,774,502
LIABILITIES
Payable due to custodian --
Payable for securities purchased 722,253
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable to Investment Adviser (Note 3) 47,535
Accounts payable and accrued expenses 26,052
______________
TOTAL LIABILITIES 795,840
______________
NET ASSETS $74,978,662
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $67,494,175
Undistributed net investment loss (Note 2) (136,391)
Accumulated net realized gain on investments and
foreign currency transactions 1,019,727
Net unrealized appreciation of:
Investments 6,601,151
Foreign currency translations --
______________
NET ASSETS $74,978,662
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $15.01
Total shares outstanding at end of period 4,996,672
(a) Investments in securities and repurchase agreements, at cost $68,299,756
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $154,600,090
Cash, including foreign currency, at value 72,834
Receivable for securities sold 2,138,790
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold 508,599
Interest receivable --
Dividends receivable 150,749
Receivable for fund shares sold 937,686
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable 14,330
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 158,429,467
LIABILITIES
Payable due to custodian --
Payable for securities purchased 7,969,975
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 509,357
Payable for fund shares repurchased --
Payable to Investment Adviser (Note 3) 92,456
Accounts payable and accrued expenses 34,264
______________
TOTAL LIABILITIES 8,606,052
______________
NET ASSETS $149,823,415
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $127,398,638
Undistributed net investment income (Note 2) 177,992
Accumulated net realized gain on investments and
foreign currency transactions 4,823,680
Net unrealized appreciation (depreciation) of:
Investments 17,423,253
Foreign currency translations (148)
______________
NET ASSETS $149,823,415
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $17.40
Total shares outstanding at end of period 8,609,123
(a) Investments in securities and repurchase agreements, at cost $137,176,837
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $107,203,794
Cash, including foreign currency, at value 99,530
Receivable for securities sold 2,203,510
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold 139,180
Interest receivable 515,578
Dividends receivable 108,721
Receivable for fund shares sold 643,598
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable 4,184
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 110,924,484
LIABILITIES
Payable due to custodian --
Payable for securities purchased 4,484,625
Payable for forward currency contracts (Note 6) --
Payable for currency purchased 139,134
Payable for fund shares repurchased 13
Payable to Investment Adviser (Note 3) 66,354
Accounts payable and accrued expenses 24,877
______________
TOTAL LIABILITIES 4,715,003
______________
NET ASSETS $106,209,481
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $93,077,011
Undistributed net investment income (Note 2) 1,330,728
Accumulated net realized gain on investments and
foreign currency transactions 1,391,245
Net unrealized appreciation (depreciation) of:
Investments 10,410,573
Foreign currency translations (76)
______________
NET ASSETS $106,209,481
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $14.61
Total shares outstanding at end of period 7,269,652
(a) Investments in securities and repurchase agreements, at cost $96,793,221
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $17,771,048
Cash, including foreign currency, at value 638
Receivable for securities sold --
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 193,567
Dividends receivable --
Receivable for fund shares sold 41,355
Receivable from Investment Adviser (Note 3) 4,032
Foreign income tax reclaim receivable --
Prepaid insurance 825
Deferred organization costs 5,564
______________
TOTAL ASSETS 18,017,029
LIABILITIES
Payable due to custodian --
Payable for securities purchased --
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable to Investment Adviser (Note 3) 7,408
Accounts payable and accrued expenses 22,855
______________
TOTAL LIABILITIES 30,263
______________
NET ASSETS $17,986,766
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $17,491,667
Undistributed net investment income (Note 2) 480,613
Accumulated net realized loss on investments and
foreign currency transactions (3,868)
Net unrealized appreciation of:
Investments 18,354
Foreign currency translations --
______________
NET ASSETS $17,986,766
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $10.71
Total shares outstanding at end of period 1,679,371
(a) Investments in securities and repurchase agreements, at cost $17,752,694
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Value +
Growth
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $39,000,136
Cash, including foreign currency, at value --
Receivable for securities sold 1,247,568
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable --
Dividends receivable 19,086
Receivable for fund shares sold 184,225
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 984
Deferred organization costs 5,722
______________
TOTAL ASSETS 40,457,721
LIABILITIES
Payable due to custodian 243,825
Payable for securities purchased 1,113,161
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased 91,986
Payable to Investment Adviser (Note 3) 33,903
Accounts payable and accrued expenses 30,289
______________
TOTAL LIABILITIES 1,513,164
______________
NET ASSETS $38,944,557
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $32,521,023
Undistributed net investment loss (Note 2) (87,637)
Accumulated net realized gain on investments and
foreign currency transactions 192,786
Net unrealized appreciation of:
Investments 6,318,385
Foreign currency translations --
______________
NET ASSETS $38,944,557
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $13.18
Total shares outstanding at end of period 2,955,098
(a) Investments in securities and repurchase agreements, at cost $32,681,751
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio
______________
<S> <C>
ASSETS
Investments in securities, at value (a) $76,843,613
Cash, including foreign currency, at value 492
Receivable for securities sold 160,237
Receivable for forward currency contracts (Note 6) --
Receivable for currency sold --
Interest receivable 84,645
Dividends receivable 79,863
Receivable for fund shares sold 253,613
Receivable from Investment Adviser (Note 3) --
Foreign income tax reclaim receivable --
Prepaid insurance 984
Deferred organization costs 5,722
______________
TOTAL ASSETS 77,429,169
LIABILITIES
Payable due to custodian --
Payable for securities purchased 260,108
Payable for forward currency contracts (Note 6) --
Payable for currency purchased --
Payable for fund shares repurchased --
Payable to Investment Adviser (Note 3) 58,113
Accounts payable and accrued expenses 17,364
______________
TOTAL LIABILITIES 335,585
______________
NET ASSETS $77,093,584
==============
NET ASSETS CONSIST OF:
Paid-in capital (Note 5) $67,038,809
Undistributed net investment income (Note 2) 486,735
Accumulated net realized gain on investments and
foreign currency transactions 285,483
Net unrealized appreciation of:
Investments 9,282,557
Foreign currency translations --
______________
NET ASSETS $77,093,584
==============
NET ASSET VALUE PER SHARE
Offering and redemption price per share (based on shares of
beneficial interest outstanding) $13.75
Total shares outstanding at end of period 5,608,017
(a) Investments in securities and repurchase agreements, at cost $67,561,056
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Mortgage-
Money Backed
Market Securities
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $789,870 $440,818
Dividend income -- --
Foreign taxes withheld -- --
______________ ______________
TOTAL INVESTMENT INCOME 789,870 440,818
EXPENSES
Investment adviser fee (Note 3) 53,577 45,721
Administration fee 9,264 9,264
Audit fee 4,360 4,360
Custodian fees and expenses 25,268 25,919
Trustee's fees (Note 3) 1,993 1,993
Legal fee 3,537 3,537
Insurance expense 1,577 1,577
Transfer agent expense 2,233 2,724
Amortization of organization expense 1,225 1,225
Miscellaneous expense 150 150
______________ ______________
Total operating expenses before reimbursement 103,184 96,470
Expenses reimbursed by the Investment
Adviser (Note 3) (6,764) (20,269)
______________ ______________
NET EXPENSES 96,420 76,201
______________ ______________
NET INVESTMENT INCOME 693,450 364,617
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized loss on:
Investments (2,899) (6,049)
Foreign currency transactions -- --
Change in unrealized appreciation of:
Investments -- 9,748
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAIN (LOSS) (2,899) 3,699
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $690,551 $368,316
============== ==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
International
Fixed Income OTC
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $341,637 $118,290
Dividend income -- 43,647
Foreign taxes withheld (2,620) (260)
______________ ______________
TOTAL INVESTMENT INCOME 339,017 161,677
EXPENSES
Investment adviser fee (Note 3) 47,803 232,250
Administration fee 9,264 9,264
Audit fee 4,360 4,360
Custodian fees and expenses 31,909 41,233
Trustee's fees (Note 3) 1,993 1,993
Legal fee 3,537 3,537
Insurance expense 1,577 1,577
Transfer agent expense 2,724 2,479
Amortization of organization expense 1,225 1,225
Miscellaneous expense 150 150
______________ ______________
Total operating expenses before reimbursement 104,542 298,068
Expenses reimbursed by the Investment
Adviser (Note 3) (14,560) --
______________ ______________
NET EXPENSES 89,982 298,068
______________ ______________
NET INVESTMENT INCOME (LOSS) 249,035 (136,391)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments (19,054) 646,848
Foreign currency transactions 180,216 (222)
Change in unrealized appreciation
(depreciation) of:
Investments (426,837) 5,468,623
Foreign currency translations (13,915) --
______________ ______________
NET REALIZED AND UNREALIZED GAIN (LOSS) (279,590) 6,115,249
______________ ______________
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ($30,555) $5,978,858
============== ==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Total
Research Return
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $140,911 $1,146,238
Dividend income 570,563 571,255
Foreign taxes withheld (14,665) (4,001)
______________ ______________
TOTAL INVESTMENT INCOME 696,809 1,713,492
EXPENSES
Investment adviser fee (Note 3) 416,798 311,167
Administration fee 9,816 9,264
Audit fee 4,360 4,360
Custodian fees and expenses 77,055 52,492
Trustee's fees (Note 3) 1,993 1,993
Legal fee 3,537 3,537
Insurance expense 1,577 1,577
Transfer agent expense 2,233 2,233
Amortization of organization expense 1,225 1,225
Miscellaneous expense 150 150
______________ ______________
Total operating expenses before reimbursement 518,744 387,998
Expenses reimbursed by the Investment
Adviser (Note 3) -- --
______________ ______________
NET EXPENSES 518,744 387,998
______________ ______________
NET INVESTMENT INCOME 178,065 1,325,494
NET REALIZED AND UNREALIZED GAIN FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments 3,971,491 1,131,873
Foreign currency transactions (944) (3,072)
Change in unrealized appreciation
(depreciation) of:
Investments 10,404,269 6,223,990
Foreign currency translations (671) (29)
______________ ______________
NET REALIZED AND UNREALIZED GAIN 14,374,145 7,352,762
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $14,552,210 $8,678,256
============== ==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Value +
Advantage Growth
Portfolio Portfolio
______________ ______________
<S> <C> <C>
INVESTMENT INCOME
Interest income $543,529 $33,900
Dividend income -- 80,158
Foreign taxes withheld -- (334)
______________ ______________
TOTAL INVESTMENT INCOME 543,529 113,724
EXPENSES
Investment adviser fee (Note 3) 42,128 140,478
Administration fee 9,265 9,258
Audit fee 4,360 4,360
Custodian fees and expenses 26,746 37,030
Trustee's fees (Note 3) 1,993 1,988
Legal fee 3,537 3,529
Insurance expense 1,577 1,577
Transfer agent expense 2,233 2,235
Amortization of organization expense 1,225 756
Miscellaneous expense 150 150
______________ ______________
Total operating expenses before reimbursement 93,214 201,361
Expenses reimbursed by the Investment
Adviser (Note 3) (25,810) --
______________ ______________
NET EXPENSES 67,404 201,361
______________ ______________
NET INVESTMENT INCOME (LOSS) 476,125 (87,637)
NET REALIZED AND UNREALIZED GAIN FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments (6,651) 288,072
Foreign currency transactions -- --
Change in unrealized appreciation of:
Investments 19,388 4,515,892
Foreign currency translations -- --
______________ ______________
NET REALIZED AND UNREALIZED GAIN 12,737 4,803,964
______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $488,862 $4,716,327
============== ==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF OPERATIONS
For the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio
______________
<S> <C>
INVESTMENT INCOME
Interest income $307,146
Dividend income 531,838
Foreign taxes withheld (1,832)
______________
TOTAL INVESTMENT INCOME 837,152
EXPENSES
Investment adviser fee (Note 3) 293,929
Administration fee 9,258
Audit fee 4,360
Custodian fees and expenses 32,635
Trustee's fees (Note 3) 1,988
Legal fee 3,529
Insurance expense 1,577
Transfer agent expense 2,235
Amortization of organization expense 756
Miscellaneous expense 150
______________
Total operating expenses before reimbursement 350,417
Expenses reimbursed by the Investment
Adviser (Note 3) --
______________
NET EXPENSES 350,417
______________
NET INVESTMENT INCOME 486,735
NET REALIZED AND UNREALIZED GAIN FROM
INVESTMENTS AND FOREIGN CURRENCY
Net realized loss on:
Investments (190,536)
Foreign currency transactions --
Change in unrealized appreciation of:
Investments 5,689,098
Foreign currency translations --
______________
NET REALIZED AND UNREALIZED GAIN 5,498,562
______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $5,985,297
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $615,473
Net realized gain on:
Investments --
Foreign currency transactions --
Change in unrealized appreciation 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 in excess of 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 $ --
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Money
Market
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $693,450
Net realized loss on:
Investments (2,899)
Foreign currency transactions --
Change in unrealized appreciation of:
Investments --
Foreign currency translations --
______________
Net increase in net assets resulting from operations 690,551
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (693,450)
FUND SHARE TRANSACTIONS (Note 5) 12,250,856
______________
TOTAL INCREASE IN NET ASSETS 12,247,957
NET ASSETS:
Beginning of period 19,152,332
______________
END OF PERIOD (a) $31,400,289
==============
(a) Including undistributed net investment income $ --
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $603,801
Net realized gain on:
Investments 31,785
Foreign currency transactions --
Change in unrealized 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 in excess of 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 $ --
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $364,617
Net realized loss on:
Investments (6,049)
Foreign currency transactions --
Change in unrealized appreciation of:
Investments 9,748
Foreign currency translations --
______________
Net increase in net assets resulting from operations 368,316
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 1,937,682
______________
TOTAL INCREASE IN NET ASSETS 2,305,998
NET ASSETS:
Beginning of period 11,137,688
______________
END OF PERIOD (a) $13,443,686
==============
(a) Including undistributed net investment income $364,617
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $470,966
Net realized gain 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 in excess of 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 $89,168
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
International
Fixed Income
Portfolio
______________
<S> <C>
DECREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $249,035
Net realized gain (loss) on:
Investments (19,054)
Foreign currency transactions 180,216
Change in unrealized depreciation of:
Investments (426,837)
Foreign currency translations (13,915)
______________
Net decrease in net assets resulting from operations (30,555)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 1,089,997
______________
TOTAL INCREASE IN NET ASSETS 1,059,442
NET ASSETS:
Beginning of period 10,746,781
______________
END OF PERIOD (a) $11,806,223
==============
(a) Including undistributed net investment income $338,203
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment loss ($145,833)
Net realized gain (loss) on:
Investments 2,735,463
Foreign currency transactions (146)
Change in unrealized appreciation 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 in excess of net realized loss 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 loss $ --
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
OTC
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment loss ($136,391)
Net realized gain (loss) on:
Investments 646,848
Foreign currency transactions (222)
Change in unrealized appreciation of:
Investments 5,468,623
Foreign currency translations --
______________
Net increase in net assets resulting from operations 5,978,858
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 25,678,224
______________
TOTAL INCREASE IN NET ASSETS 31,657,082
NET ASSETS:
Beginning of period 43,321,580
______________
END OF PERIOD (a) $74,978,662
==============
(a) Including undistributed net investment loss ($136,391)
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $18,374
Net realized gain on:
Investments 2,825,747
Foreign currency transactions 32,712
Change in unrealized appreciation 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 in excess of 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 loss ($73)
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Research
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $178,065
Net realized gain (loss) on:
Investments 3,971,491
Foreign currency transactions (944)
Change in unrealized appreciation (depreciation) of:
Investments 10,404,269
Foreign currency translations (671)
______________
Net increase in net assets resulting from operations 14,552,210
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 60,092,363
______________
TOTAL INCREASE IN NET ASSETS 74,644,573
NET ASSETS:
Beginning of period 75,178,842
______________
END OF PERIOD (a) $149,823,415
==============
(a) Including undistributed net investment income $177,992
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $1,112,609
Net realized gain on:
Investments 694,215
Foreign currency transactions 4,984
Change in unrealized appreciation 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 in excess of 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 $5,234
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Total
Return
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $1,325,494
Net realized gain (loss) on:
Investments 1,131,873
Foreign currency transactions (3,072)
Change in unrealized appreciation (depreciation) of:
Investments 6,223,990
Foreign currency translations (29)
______________
Net increase in net assets resulting from operations 8,678,256
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 40,229,262
______________
TOTAL INCREASE IN NET ASSETS 48,907,518
NET ASSETS:
Beginning of period 57,301,963
______________
END OF PERIOD (a) $106,209,481
==============
(a) Including undistributed net investment income $1,330,728
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $550,836
Net realized loss on:
Investments (2,371)
Foreign currency transactions --
Change in unrealized 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 in excess of 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 $4,488
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Advantage
Portfolio
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $476,125
Net realized loss on:
Investments (6,651)
Foreign currency transactions --
Change in unrealized appreciation of:
Investments 19,388
Foreign currency translations --
______________
Net increase in net assets resulting from operations 488,862
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 3,009,314
______________
TOTAL INCREASE IN NET ASSETS 3,498,176
NET ASSETS:
Beginning of period 14,488,590
______________
END OF PERIOD (a) $17,986,766
==============
(a) Including undistributed net investment income $480,613
==============
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Value + Growth
Portfolio *
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment loss ($76,276)
Net realized gain on:
Investments 181,947
Foreign currency transactions --
Change in unrealized appreciation 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 in excess of 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 $ --
==============
<FN>
* The Value + Growth Portfolio commenced investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Value + Growth
Portfolio *
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment loss ($87,637)
Net realized gain on:
Investments 288,072
Foreign currency transactions --
Change in unrealized appreciation of:
Investments 4,515,892
Foreign currency translations --
______________
Net increase in net assets resulting from operations 4,716,327
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 14,506,366
______________
TOTAL INCREASE IN NET ASSETS 19,222,693
NET ASSETS:
Beginning of period 19,721,864
______________
END OF PERIOD (a) $38,944,557
==============
(a) Including undistributed net investment loss ($87,637)
==============
<FN>
* The Value + Growth Portfolio commenced investment operations on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio *
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED DECEMBER 31, 1996
Net investment income $50,453
Net realized gain on:
Investments 528,810
Foreign currency transactions --
Change in unrealized appreciation 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 in excess of 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 $ --
==============
<FN>
* 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 period ended December 31, 1996 and
the period ended June 30, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
Growth &
Income
Portfolio *
______________
<S> <C>
INCREASE IN NET ASSETS FROM OPERATIONS FOR THE PERIOD
ENDED JUNE 30, 1997
Net investment income $486,735
Net realized loss on:
Investments (190,536)
Foreign currency transactions --
Change in unrealized appreciation of:
Investments 5,689,098
Foreign currency translations --
______________
Net increase in net assets resulting from operations 5,985,297
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
FUND SHARE TRANSACTIONS (Note 5) 28,707,479
______________
TOTAL INCREASE IN NET ASSETS 34,692,776
NET ASSETS:
Beginning of period 42,400,808
______________
END OF PERIOD (a) $77,093,584
==============
(a) Including undistributed net investment income $486,735
==============
<FN>
* The Growth & Income Portfolio commenced investment operations on April 1,
1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
MONEY MARKET PORTFOLIO**
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
____________ ____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $1.00 $1.00
____________ ____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.02 0.05
Net realized and unrealized gain on investments -- --
____________ ____________
Total from investment operations 0.02 0.05
____________ ____________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.02) (0.05)
Net capital gains distributions -- --
____________ ____________
Total distributions (0.02) (0.05)
____________ ____________
Net asset value, end of period $1.00 $1.00
============ ============
Total Return (2) 2.43% 4.84%
============ ============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $31,400,289 $19,152,332
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 0.68% 0.68%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 0.72% 1.11%
Ratio of net investment income to average net
assets (3) 4.85% 4.76%
Net investment income (without
reimbursement)(1)(3) $0.02 $0.04
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
** BEA Associates become the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
MONEY MARKET PORTFOLIO**
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ _____________
<S> <C> <C>
Net asset value, beginning of period $1.00 $1.00
_____________ _____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.05 0.01
Net realized and unrealized gain on investments -- --
_____________ _____________
Total from investment operations 0.05 0.01
_____________ _____________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.05) (0.01)
Net capital gains distributions -- --
_____________ _____________
Total distributions (0.05) (0.01)
_____________ _____________
Net asset value, end of period $1.00 $1.00
============= =============
Total Return (2) 5.19% 1.06%
============= =============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $5,742,264 $446,684
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 0.72% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 2.59% 23.22%
Ratio of net investment income to average net
assets (3) 5.11% 4.66%
Net investment income (loss)(without
reimbursement)(1)(3) $0.04 ($0.03)
<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 noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** BEA Associates become the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
MORTGAGE BACKED SECURITIES PORTFOLIO**
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
____________ ____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $10.59 $10.84
____________ ____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.30 0.58
Net realized and unrealized gain (loss) on investments 0.01 (0.22)
____________ ____________
Total from investment operations 0.31 0.36
____________ ____________
LESS DISTRIBUTIONS:
Distributions from net investment income -- (0.58)
Net capital gains distributions -- (0.03)
____________ ____________
Total distributions -- (0.61)
____________ ____________
Net asset value, end of period $10.90 $10.59
============ ============
Total Return (2) 2.88% 3.39%
============ ============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $13,443,686 $11,137,688
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.25% 1.25%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.58% 1.67%
Ratio of net investment income to average net
assets (3) 5.98% 5.69%
Net investment income (without
reimbursement)(1)(3) $0.28 $0.54
Portfolio turnover rate (4) 13% 19%
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
** BEA Associates become the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
MORTGAGE BACKED SECURITIES PORTFOLIO**
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ _____________
<S> <C> <C>
Net asset value, beginning of period $9.90 $10.00
_____________ _____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.52 0.15
Net realized and unrealized gain (loss) on investments 1.05 (0.10)
_____________ _____________
Total from investment operations 1.57 0.05
_____________ _____________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.52) (0.15)
Net capital gains distributions (0.11) --
_____________ _____________
Total distributions (0.63) (0.15)
_____________ _____________
Net asset value, end of period $10.84 $9.90
============= =============
Total Return (2) 15.92% 0.50%
============= =============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $8,655,378 $4,976,609
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 0.90% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.99% 2.43%
Ratio of net investment income to average net
assets (3) 6.26% 6.33%
Net investment income (without
reimbursement)(1)(3) $0.43 $0.11
Portfolio turnover rate (4) 34% 52%
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** BEA Associates become the sub-advisor to the Portfolio in April, 1995.
EISI took over management of the Portfolio in June, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
INTERNATIONAL FIXED INCOME PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
____________ ____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $10.88 $11.09
____________ ____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.22 0.53
Net realized and unrealized gain (loss) on investments (0.26) 0.02
____________ ____________
Total from investment operations (0.04) 0.55
____________ ____________
LESS DISTRIBUTIONS:
Distributions from net investment income -- (0.58)
Net capital gains distributions -- (0.18)
____________ ____________
Total distributions -- (0.76)
____________ ____________
Net asset value, end of period $10.84 $10.88
============ ============
Total Return (2) (0.33)% 5.05%
============ ============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $11,806,223 $10,746,781
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.60% 1.60%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.86% 1.94%
Ratio of net investment income to average net
assets (3) 4.43% 4.73%
Net investment income (without
reimbursement)(1)(3) $0.21 $0.49
Portfolio turnover rate (4) 44% 113%
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
INTERNATIONAL FIXED INCOME PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ _____________
<S> <C> <C>
Net asset value, beginning of period $10.02 $10.00
_____________ _____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.41 0.15
Net realized and unrealized gain (loss) on investments 1.24 (0.05)
_____________ _____________
Total from investment operations 1.65 0.10
_____________ _____________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.47) (0.08)
Net capital gains distributions (0.11) --
_____________ _____________
Total distributions (0.58) (0.08)
_____________ _____________
Net asset value, end of period $11.09 $10.02
============= =============
Total Return (2) 15.81% 1.01%
============= =============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $8,556,253 $5,062,830
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.00% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 2.13% 2.53%
Ratio of net investment income to average net
assets (3) 5.94% 5.93%
Net investment income (without
reimbursement)(1)(3) $0.31 $0.10
Portfolio turnover rate (4) 89% 6%
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
OTC PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
____________ ____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $13.82 $12.08
____________ ____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (1) (0.03) (0.03)
Net realized and unrealized gain on investments 1.22 2.52
____________ ____________
Total from investment operations 1.19 2.49
____________ ____________
LESS DISTRIBUTIONS:
Distributions from net investment income -- --
Net capital gains distributions -- (0.75)
____________ ____________
Total distributions -- (0.75)
____________ ____________
Net asset value, end of period $15.01 $13.82
============ ============
Total Return (2) 8.57% 20.68%
============ ============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $74,978,662 $43,321,580
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.03% 1.35%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.03% 1.35%
Ratio of net investment loss to average
net assets (3) (0.47)% (0.63)%
Net investment loss (without
reimbursement) (1)(3) ($0.03) ($0.03)
Portfolio turnover rate (4) 76% 122%
Average commission rate paid (5) $.0437 $.0402
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average assets in equity security transactions for
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
OTC PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ ______________
<S> <C> <C>
Net asset value, beginning of period $10.36 $10.00
_____________ ______________
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (1) (0.02) --
Net realized and unrealized gain on investments 3.07 0.36
_____________ ______________
Total from investment operations 3.05 0.36
_____________ ______________
LESS DISTRIBUTIONS:
Distributions from net investment income -- --
Net capital gains distributions (1.33) --
_____________ ______________
Total distributions (1.33) --
_____________ ______________
Net asset value, end of period $12.08 $10.36
============= ==============
Total Return (2) 29.23% 3.59%
============= ==============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $9,054,622 $1,695,685
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.07% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 2.52% 7.10%
Ratio of net investment income (loss)
to average net assets (3) (0.22)% 0.16%
Net investment income (loss) (without
reimbursement)(1)(3) $0.10 ($0.12)
Portfolio turnover rate (4) 111% 6%
Average commission rate paid (5) -- --
<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 noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average assets in equity security transactions for
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
RESEARCH PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
_____________ ____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $15.43 $12.88
_____________ ____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.02 --
Net realized and unrealized gain
on investments 1.95 3.00
_____________ ____________
Total from investment operations 1.97 3.00
_____________ ____________
LESS DISTRIBUTIONS:
Distributions from net investment income -- 0.00 **
Net capital gains distributions -- (0.45)
_____________ ____________
Total distributions -- (0.45)
_____________ ____________
Net asset value, end of period $17.40 $15.43
============= ============
Total Return (2) 12.78% 23.37%
============= ============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $149,823,415 $75,178,842
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.00% 1.31%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.00% 1.31%
Ratio of net investment income
to average net assets (3) 0.34% 0.05%
Net investment income (without
reimbursement) (1)(3) $0.02 --
Portfolio turnover rate (4) 44% 68%
Average commission rate paid (5) $0.0413 $0.0281
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average assets in equity security transactions for
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
** Amount is less than $0.003 per share
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
RESEARCH PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ ______________
<S> <C> <C>
Net asset value, beginning of period $9.59 $10.00
_____________ ______________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.03 0.09
Net realized and unrealized gain on investments 3.48 (0.41)
_____________ ______________
Total from investment operations 3.51 (0.32)
_____________ ______________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.03) (0.09)
Net capital gains distributions (0.19) --
_____________ ______________
Total distributions (0.22) (0.09)
_____________ ______________
Net asset value, end of period $12.88 $9.59
============= ==============
Total Return (2) 36.58% (3.22)%
============= ==============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $16,185,802 $1,626,521
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.12% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 2.48% 7.48%
Ratio of net investment income to average net asset 0.58% 4.65%
Net investment loss (without reimbursement) ($0.04) ($0.04)
Portfolio turnover rate (4) 83% 85%
Average commission rate paid (5) -- --
<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 loss per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average assets in equity security transactions for
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
TOTAL RETURN PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
_____________ _____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $13.15 $11.90
_____________ _____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.18 0.26
Net realized and unrealized gain
on investments 1.28 1.37
_____________ _____________
Total from investment operations 1.46 1.63
_____________ _____________
LESS DISTRIBUTIONS:
Distributions from net investment income -- (0.26)
Net capital gains distributions -- (0.12)
_____________ _____________
Total distributions -- (0.38)
_____________ _____________
Net asset value, end of period $14.61 $13.15
============= =============
Total Return (2) 11.09% 13.70%
============= =============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $106,209,481 $57,301,963
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.00% 1.25%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.00% 1.25%
Ratio of net investment income
to average net assets (3) 3.41% 3.29%
Net investment income (without
reimbursement)(1)(3) $0.18 $0.26
Portfolio turnover rate (4) 51% 131%
Average commission rate paid (5) $.0536 $.0510
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average assets in equity security transactions for
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
TOTAL RETURN PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ ______________
<S> <C> <C>
Net asset value, beginning of period $9.76 $10.00
_____________ ______________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.21 0.09
Net realized and unrealized gain
(loss) on investments 2.19 (0.24)
_____________ ______________
Total from investment operations 2.40 (0.15)
_____________ ______________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.21) (0.09)
Net capital gains distributions (0.05) --
_____________ ______________
Total distributions (0.26) (0.09)
_____________ ______________
Net asset value, end of period $11.90 $9.76
============= ==============
Total Return (2) 24.51% (1.47)%
============= ==============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $15,502,907 $1,298,365
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.11% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 2.36% 8.31%
Ratio of net investment income
to average net assets (3) 3.88% 4.58%
Net investment income (loss)(without
reimbursement) (1)(3) $0.14 ($0.06)
Portfolio turnover rate (4) 89% 45%
Average commission rate paid (5) -- --
<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 noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
(5) The average commission rate paid is applicable for Portfolios that invest
greater than 10% of average assets in equity security transactions for
which commissions are charged. This disclosure is required for fiscal
periods beginning on or after September 1, 1995.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
ADVANTAGE PORTFOLIO**
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/97 12/31/96
_____________ _____________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $10.41 $10.18
_____________ _____________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.28 0.40
Net realized and unrealized gain on investments 0.02 0.22
_____________ _____________
Total from investment operations 0.30 0.62
_____________ _____________
LESS DISTRIBUTIONS:
Distributions from net investment income -- (0.38)
Net capital gains distributions -- (0.01)
_____________ _____________
Total distributions -- (0.39)
_____________ _____________
Net asset value, end of period $10.71 $10.41
============= =============
Total Return (2) 2.90% 6.06%
============= =============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $17,986,766 $14,488,590
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 0.80% 0.80%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.11% 1.55%
Ratio of net investment income to average
net assets (3) 5.65% 5.86%
Net investment income (without
reimbursement)(1)(3) $0.27 $0.35
Portfolio turnover rate (4) 42% 85%
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
** Strong Capital Management, Inc. because the sub-advisor to the Portfolio in
October, 1994. EISI took over management of the Portfolio on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
ADVANTAGE PORTFOLIO**
(For a share of beneficial interest outstanding throughout each period)
(CONTINUED)
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/95 12/31/94*
_____________ ______________
<S> <C> <C>
Net asset value, beginning of period $9.98 $10.00
_____________ ______________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.71 0.12
Net realized and unrealized gain (loss) on investments 0.20 (0.02)
_____________ ______________
Total from investment operations 0.91 0.10
_____________ ______________
LESS DISTRIBUTIONS:
Distributions from net investment income (0.71) (0.12)
Net capital gains distributions -- --
_____________ ______________
Total distributions (0.71) (0.12)
_____________ ______________
Net asset value, end of period $10.18 $9.98
============= ==============
Total Return (2) 9.18% 0.99%
============= ==============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $5,990,065 $3,449,166
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 0.77% 0.75%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 2.13% 3.06%
Ratio of net investment income to average
net assets (3) 8.56% 5.32%
Net investment income (without
reimbursement) (1)(3) $0.60 $0.07
Portfolio turnover rate (4) 166% 94%
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
* For the period October 4, 1994 (commencement of investment operations)
through December 31, 1994.
** Strong Capital Management, Inc. because the sub-advisor to the Portfolio in
October, 1994. EISI took over management of the Portfolio on April 1, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
VALUE + GROWTH PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Period Ended
6/30/97 12/31/96*
_____________ ______________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $11.43 $10.00
_____________ ______________
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (1) (0.03) (0.04)
Net realized and unrealized gain on investments 1.78 1.59
_____________ ______________
Total from investment operations 1.75 1.55
_____________ ______________
LESS DISTRIBUTIONS:
Distributions from net investment income -- --
Net capital gains distributions -- (0.12)
_____________ ______________
Total distributions -- (0.12)
_____________ ______________
Net asset value, end of period $13.18 $11.43
============= ==============
Total Return (2) 15.31% 15.49%
============= ==============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $38,944,557 $19,721,864
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.36% 1.70%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.36% 1.90%
Ratio of net investment loss to average
net assets (3) (0.59)% (0.90)%
Net investment loss (without
reimbursement)(1)(3) ($0.03) ($0.05)
Portfolio turnover rate (4) 102% 143%
Average commission rate paid $.0552 $.0523
<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 loss per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
* For the period April 1, 1996 (commencement of investment operations)
through December 31, 1996.
</TABLE>
See accompanying notes.
EQUI-SELECT SERIES TRUST
FINANCIAL HIGHLIGHTS
GROWTH & INCOME PORTFOLIO
(For a share of beneficial interest outstanding throughout each period)
<TABLE>
<CAPTION>
Period Ended Period Ended
6/30/97 12/31/96*
_____________ ______________
(Unaudited)
<S> <C> <C>
Net asset value, beginning of period $12.59 $10.00
_____________ ______________
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (1) 0.09 0.02
Net realized and unrealized gain on investments 1.07 2.61
_____________ ______________
Total from investment operations 1.16 2.63
_____________ ______________
LESS DISTRIBUTIONS:
Distributions from net investment income -- (0.02)
Net capital gains distributions -- (0.02)
_____________ ______________
Total distributions -- (0.04)
_____________ ______________
Net asset value, end of period $13.75 $12.59
============= ==============
Total Return (2) 9.21% 26.19%
============= ==============
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period $77,093,584 $42,400,808
Ratio of operating expenses (with reimbursement)
to average net assets (1)(3) 1.13% 1.64%
Ratio of operating expenses (without
reimbursement) to average net assets (1)(3) 1.13% 1.64%
Ratio of net investment loss to average
net assets (3) 1.57% 0.38%
Net investment income (without
reimbursement)(1)(3) $0.09 $0.02
Portfolio turnover rate (4) 110% 115%
Average commission rate paid $.0569 $.0551
<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 per share and ratio of operating
expenses to average net assets would have been as noted above.
(2) Total return figures are not annualized for periods less than one year.
Total returns 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.
(3) Annualized for periods less than one year.
(4) Portfolio turnover rates are not annualized.
* 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
June 30, 1997 (Unaudited)
NOTE 1 - ORGANIZATION
Equi-Select Series Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company. The Trust is managed by Equitable Investment Services, Inc. ("EISI")
which is a wholly-owned subsidiary of Equitable of Iowa Companies ("Equitable
of Iowa"). 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.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements.
ESTIMATES - The preparation of the financial statements in conformity with
generally accepted accounting principles may require management to make
certain estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of these financial statements and the reported
amounts of income and expenses during the reporting period. Actual results
could differ from those estimates.
VALUATION OF INVESTMENTS - For all Portfolios except the Money Market
Portfolio, portfolio securities traded on a national securities exchange or
quoted on the NASDAQ National Market System are valued at the last reported
sale price on the principal exchange or reported by NASDAQ or, if there is no
reported sale, and in the case of over-the-counter securities not included on
NASDAQ, at a bid price. Debt securities, including zero-coupon securities,
and certain foreign securities are valued by a pricing service. Securities
for which current market quotations are not readily available are valued at
fair value as determined in good faith by the Trustees, or by an individual
acting under the direction of the Trustees. Prices for securities primarily
traded in foreign markets are expressed in the local currency's value and are
translated into U.S. dollars at the current rate of exchange. Short-term
securities, including all securities in the Money Market Portfolio and debt
securities with a remaining maturity of 60 days or less, are valued at their
amortized cost, which approximates market value.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
REPURCHASE AGREEMENTS - In connection with transactions in repurchase
agreements, the Trust's custodian takes possession of the underlying
collateral securities, the value of which is at least equal to the principal
amount, including interest, of the repurchase agreement. To the extent that
the term of any repurchase agreement exceeds one business day, the value of
the collateral is marked-to-market on a daily basis to ensure the adequacy of
the collateral. In the event of default of the obligation to repurchase, the
Trust has the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation. Under certain circumstances, in the event of
default or bankruptcy by the other party to the agreement, realization and/or
retention of the collateral or proceeds may be subject to legal proceedings.
INVESTMENT TRANSACTIONS - Investment security transactions are recorded on a
trade date basis. Realized gains and losses from security transactions are
determined on the basis of identified cost.
INVESTMENT INCOME - Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed are recorded as income when the Trust 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 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
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
risk if a counterparty is unable to meet the terms of the contract or if the
value of the currency changes unfavorably. The Portfolio may enter into
Forwards in connection with planned purchases and sales of securities, to
hedge specific receivables or payables against changes in future exchange
rates or to hedge the U.S. dollar value of portfolio securities denominated
in a foreign currency.
CURRENCY CALL AND PUT OPTIONS - A call option written by a Portfolio
obligates the Portfolio to sell specified currency to the option holder at a
specified price at any time before the expiration date. A put option written
by a Portfolio obligates the Portfolio to purchase specified currency from
the option holder at a specified price at any time before the expiration
date. These transactions involve a risk that a Portfolio may, upon exercise
of the option, be required to sell currency at a price that is less than its
market value or be required to purchase currency at a price that exceeds its
market value. A Portfolio may also realize gains or losses by entering into
closing purchase transactions identical to call or put options that have been
written by the Portfolio in order to terminate its obligation under a call or
put option. In determining the amount of gain or loss realized, the option
premium paid and related transactions costs are added to the exercise price.
DOLLAR ROLL TRANSACTIONS - A Portfolio may enter into dollar roll
transactions, in which a Portfolio sells securities for delivery in the
current month and simultaneously contracts to repurchase substantially
similar (same type, same or similar interest rate and maturity) securities on
a specified future date. During the roll period the Portfolio forgoes
principal and interest paid on the securities. The Portfolios account for
such dollar rolls as financing transactions, and are compensated by the
interest earned on the cash proceeds of the initial sale and by the lower
repurchase price at the future date. To the extent that a Portfolio has
commitments under dollar roll transactions, liquid, high grade debt
securities are segregated in an amount equivalent to these obligations.
There were no dollar roll commitments outstanding at June 30, 1997.
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.
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
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
and certain other amounts during the calendar year, the Portfolios will not
be subject to a federal excise tax.
NOTE 3 - AGREEMENTS AND FEES
The Trust has entered into an Investment Advisory Agreement (the "Agreement")
with Equitable Investment Services, Inc. ("EISI"), under which EISI manages
the business and affairs of the Portfolios and the Trust. Under the
Agreement, each Portfolio pays EISI a monthly fee at the annual rate based on
the average daily net assets of each Portfolio as follows:
<TABLE>
<CAPTION>
Advisory Fees
_________________________
<S> <C> <C>
Advantage Portfolio 0.50% of first $100 million
0.35% in excess of $100 million
International Fixed Income Portfolio 0.85% of first $200 million
0.75% of next $300 million
0.60% of next $500 million
0.55% of next $1 billion
0.40% in excess of $2 billion
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.
NOTE 3 - AGREEMENTS AND FEES (CONTINUED)
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, .75% of the average daily
net assets of the International Fixed Income, and .40% of the average daily
net assets of the OTC, Total Return, Research, Value + Growth and Growth &
Income Portfolios (changed from .75% of the average daily net assets effective
February 3, 1997). This undertaking is subject to termination at any time
without notice to shareholders. For the period ended June 30, 1997, EISI had
agreed to reimburse the Trust $67,403 for expenses in excess of the voluntary
expense limitations, of which $9,734 was owed to the Trust as of June 30,
1997.
Each Trustee of the Trust who is not an interested person of the Trust or
Adviser or Sub-Adviser receives an annual fee of $6,000 and an additional fee
of $1,500 for each Trustees' meeting attended.
NOTE 4 - INVESTMENT TRANSACTIONS
Purchases and proceeds from sales and maturities of investments, excluding
Money Market Portfolio and all short-term securities for the Trust, for the
period ended June 30, 1997, were as follows:
<TABLE>
<CAPTION>
Non-U.S. U.S. Non-U.S. U.S.
Government Government Government Government
Purchases Purchases Sales Sales
____________ ____________ ____________ _____________
<S> <C> <C> <C> <C>
Mortgage-Backed Securities $ -- $2,120,058 $ -- $1,394,563
International Fixed Income 5,852,992 394,813 3,580,687 911,625
OTC 64,833,664 -- 42,247,453 --
Research 101,029,779 1,071,524 45,197,569 --
Total Return 43,015,457 22,291,074 16,558,249 18,907,941
Advantage 7,100,656 802,188 4,762,711 528,499
Value + Growth 44,464,335 -- 29,285,281 --
Growth & Income 91,783,367 1,098,450 65,421,934 198,089
</TABLE>
NOTE 4 - INVESTMENT TRANSACTIONS (CONTINUED)
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 June 30, 1997 were as follows:
<TABLE>
<CAPTION>
Net
Gross Gross Unrealized
Identified Unrealized Unrealized Appreciation
Cost Appreciation Depreciation (Depreciation)
____________ ____________ ____________ _____________
<S> <C> <C> <C> <C>
Money Market $30,156,142 $ -- $ -- $ --
Mortgage-Backed Securities 13,248,003 200,264 70,869 129,395
International Fixed Income 11,679,293 105,413 254,393 (148,980)
OTC 68,299,756 9,233,252 2,632,101 6,601,151
Research 137,176,837 19,155,667 1,732,414 17,423,253
Total Return 96,793,221 10,638,381 227,808 10,410,573
Advantage 17,752,694 39,305 20,951 18,354
Value + Growth 32,681,751 6,638,797 320,412 6,318,385
Growth & Income 67,561,056 10,212,486 929,929 9,282,557
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS:
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Money Market Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 47,823,732 $47,823,732 43,299,625 $43,299,625
Shares issued to share-
holders in reinvestment
of dividends 693,450 693,450 615,473 615,473
Shares redeemed (36,266,326) (36,266,326) (30,505,030) (30,505,030)
____________ ____________ ____________ ____________
Net increase 12,250,856 $12,250,856 13,410,068 $13,410,068
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Mortgage-Backed Securities Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 304,338 $3,246,182 723,505 $7,834,453
Shares issued to share-
holders in reinvestment
of dividends 60,265 635,860 46,370 502,728
Shares redeemed (182,398) (1,944,360) (517,091) (5,597,343)
____________ ____________ ____________ ____________
Net increase 182,205 $1,937,682 252,784 $2,739,838
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
International Fixed Income Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 319,073 $3,422,944 451,977 $5,052,351
Shares issued to share-
holders in reinvestment
of dividends 65,017 702,668 39,922 443,273
Shares redeemed (283,090) (3,035,615) (275,956) (3,081,899)
____________ ____________ ____________ ____________
Net increase 101,000 $1,089,997 215,943 $2,413,725
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
OTC Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 1,919,224 $26,441,417 2,338,803 $32,591,217
Shares issued to share-
holders in reinvestment
of dividends 159,887 2,207,145 87,570 1,086,357
Shares redeemed (216,652) (2,970,338) (41,713) (553,591)
____________ ____________ ____________ ____________
Net increase 1,862,459 $25,678,224 2,384,660 $33,123,983
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Research Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 3,953,268 $63,560,223 3,696,388 $54,264,879
Shares issued to share-
holders in reinvestment
of dividends 131,719 2,011,939 29,426 392,354
Shares redeemed (347,939) (5,479,799) (110,466) (1,745,200)
____________ ____________ ____________ ____________
Net increase 3,737,048 $60,092,363 3,615,348 $52,912,033
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Total Return Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 2,842,249 $39,370,963 3,064,004 $38,670,842
Shares issued to share-
holders in reinvestment
of dividends 118,087 1,544,130 33,017 397,108
Shares redeemed (48,239) (685,831) (41,981) (532,619)
____________ ____________ ____________ ____________
Net increase 2,912,097 $40,229,262 3,055,040 $38,535,331
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Advantage Portfolio
Period Ended Year Ended
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 623,334 $6,572,741 1,254,663 $13,234,277
Shares issued to share-
holders in reinvestment
of dividends 52,370 545,170 41,159 419,439
Shares redeemed (388,281) (4,108,597) (492,025) (5,157,748)
____________ ____________ ____________ ____________
Net increase 287,423 $3,009,314 803,797 $8,495,968
============ ============ ============ ============
</TABLE>
NOTE 5 - SHAREHOLDER TRANSACTIONS (CONTINUED):
Transactions in shares and dollars were as follows:
<TABLE>
<CAPTION>
Value + Growth Portfolio
Period Ended April 1, 1996* to
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 2,066,034 $25,112,210 1,745,712 $18,222,782
Shares issued to share-
holders in reinvestment
of dividends 18,045 200,957 -- --
Shares redeemed (854,505) (10,806,801) (20,188) (208,125)
____________ ____________ ____________ ____________
Net increase 1,229,574 $14,506,366 1,725,524 $18,014,657
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Growth & Income Portfolio
Period Ended April 1, 1996* to
June 30, 1997 December 31, 1996
_________________________ _________________________
Shares Dollars Shares Dollars
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Shares sold 3,049,928 $39,094,549 3,387,238 $38,559,796
Shares issued to share-
holders in reinvestment
of dividends 8,307 103,244 -- --
Shares redeemed (818,482) (10,490,314) (18,974) (228,466)
____________ ____________ ____________ ____________
Net increase 2,239,753 $28,707,479 3,368,264 $38,331,330
============ ============ ============ ============
<FN>
*Date of commencement of investment operations.
</TABLE>
NOTE 6 - FORWARD FOREIGN CURRENCY CONTRACTS
At June 30, 1997, 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
Currency Currency Settlement Origination Current Unrealized
Purchased Sold Date Date Value Depreciation
__________ _________ ____________ ____________ ____________ ______________
<S> <C> <C> <C> <C> <C>
DEM USD 09/15/1997 $621,958 $609,964 ($11,994)
DEM USD 09/15/1997 320,387 317,902 (2,485)
FRF USD 07/29/1997 128,331 125,378 (2,953)
JPY USD 09/16/1997 1,075,513 1,053,255 (22,258)
JPY USD 09/16/1997 276,518 274,845 (1,673)
____________ ____________ ______________
$2,422,707 $2,381,344 ($41,363)
</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>
AUD USD 08/27/1997 $146,734 $142,808 $3,926
CAD USD 08/27/1997 157,329 155,040 2,289
DKK USD 09/03/1997 416,462 402,603 13,859
DKK USD 09/03/1997 126,508 125,293 1,215
GBP USD 09/24/1997 583,600 592,176 (8,576)
GBP USD 09/24/1997 337,791 341,503 (3,712)
JPY USD 09/16/1997 223,369 222,688 681
NLG USD 08/06/1997 250,344 244,029 6,315
NLG USD 08/06/1997 138,711 133,844 4,867
NLG USD 08/06/1997 164,316 162,748 1,568
SEK USD 09/15/1997 256,120 257,645 (1,525)
SEK USD 09/15/1997 134,085 133,840 245
____________ ____________ ______________
$2,935,369 $2,914,217 $21,152
<FN>
GLOSSARY OF TERMS
_____________________
AUD - Australian Dollar
CAD - Canadian Dollar
DEM - Deutsche Mark
DKK - Danish Kroner
FRF - French Franc
GBP - Great British Pound
JPY - Japanese Yen
NLG - Dutch Guilder
SEK - Swedish Krona
USD - United States Dollar
</TABLE>
NOTE 7 - SUBSEQUENT EVENTS
On July 7, 1997, Equitable of Iowa entered into a definitive agreement and
plan of merger under which it will merge with PFHI Holdings, Inc., a Delaware
corporation, and will become a wholly owned subsidiary of the ING Groep N.V. a
global financial services holding company based in The Netherlands. Total
consideration is approximately $2.2 billion in and stock plus the assumption
of approximately $400 million in debt. The transaction, which is subject to
customary closing conditions and regulatory approvals, is expected to close
during the fourth quarter of 1997.
THIS PAGE INTENTIONALLY LEFT BLANK
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
____________________
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 contracts.
The PrimElite Variable Annuity is distributed by Equitable of Iowa Securities
Network, Inc., an affiliate of Equitable Life Insurance Company of Iowa.
EQUI-SELECT SERIES TRUST
909 LOCUST STREET, DES MOINES, IOWA 50309-2899
EQUI-SELECT Bulk Rate
SERIES TRUST U.S. Postage
909 LOCUST STREET PAID
DES MOINES, IA 50309-2899 Des Moines, IA
Permit No. 3361
