Wiz 1->2 (DOS) character transfer - no items

So I am playing the DOS versions of Wizardry in DOSBox, and after beating Wiz 1 I thought I'd check out Wiz 2. I transferred my old characters, but none of their items came over. I'm not talking about scenario items like the blue ribbon, I mean all their regular armor, weapons, etc. Their AC still showed the same as when they were equipped, but as soon as I went to the maze, it reset to 10. Is this normal (no item transfer), or is my save/transfer bugged?