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<PAGE> PAGE 2
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements as of December 31, 1998.
</LEGEND>
<CIK> 0001062715
<NAME> CONGRESS STREET ASSOCIATES, L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 10175665
<INVESTMENTS-AT-VALUE> 10455703
<RECEIVABLES> 44285
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2446101
<TOTAL-ASSETS> 12946089
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 327928
<TOTAL-LIABILITIES> 327928
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12316395
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 23490
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (65)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 278341
<NET-ASSETS> 12618161
<DIVIDEND-INCOME> 25823
<INTEREST-INCOME> 18926
<OTHER-INCOME> 0
<EXPENSES-NET> (21259)
<NET-INVESTMENT-INCOME> 23490
<REALIZED-GAINS-CURRENT> (65)
<APPREC-INCREASE-CURRENT> 278341
<NET-CHANGE-FROM-OPS> 301766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12618161
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21259
<AVERAGE-NET-ASSETS> 12467278
<PER-SHARE-NAV-BEGIN> 0
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<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 2.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B: Accountant's report on internal
control.
EXHIBIT B:
Attachment to item 77H: Changes in control of Registrant.
EXHIBIT C:
Attachment to item 77Q2: Any information called for by
instructions to sub-item 77Q2
- ------------------------------------------------------------
EXHIBIT A:
Report of Independent Auditors
Directors
Congress Street Associates, L.P.
In planning and performing our audit of the financial
statements of Congress Street Associates, L.P. for the
period from December 1, 1998 (commencement of operations) to
December 31, 1998, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of Congress Street Associates, L.P. is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control would not
necessarily disclose all matters in the internal control
that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control
components does not reduce to a relatively low level the
risk that errors or fraud in amounts that would be material
in relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving the
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use
of the directors and management of Congress Street
Associates, L.P. and the Securities and Exchange Commission,
and is not intended to be and should not be used by anyone
other than these specified parties.
ERNST & YOUNG LLP
New York, New York
February 19, 1999
EXHIBIT B:
As of December 31, 1998, Congress Street Management, L.L.C.
("Congress Street Management"), the general partner and manager
of the Partnership, owned 83.65% of the voting securities of
Congress Street Associates, L.P. (the "Fund"). Congress Street
Management acquired all of these securities on December 1, 1998
as its initial capital contribution to the Fund.
EXHIBIT C:
Robert T. Discolo, the Fund's principal accounting
officer, filed his initial Form 3 with the Securities and
Exchange Commission after the date on which it was due. No
transactions were required to be reported.
