[LOGO]
European Equity Fund
Pacific Basin Equity Fund
SEMI-ANNUAL REPORT
April 30, 1995
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995
(unaudited)
Shares Value
------ ----------
COMMON STOCKS (90.0%)
FRANCE (13.4%)
CONSUMER NON-DURABLES
2,760 Bongrain SA.................................... $ 1,555,800
-----------
FINANCE
14,400 Societe Generale .............................. 1,582,418
-----------
MATERIALS
20,240 Lafarge Coppee................................. 1,577,517
-----------
RETAIL
5,098 Comptoirs Modernes............................. 1,568,615
-----------
SERVICES
13,750 Accor ......................................... 1,578,145
11,570 Canal + ....................................... 1,575,159
5,260 Euro RSCG Worldwide ........................... 579,092
18,350 Havas ......................................... 1,586,300
8,160 Sodexho ....................................... 1,539,341
15,930 Television Francaise 1 ........................ 1,455,549
-----------
8,313,586
-----------
TOTAL FRANCE ................................. 14,597,936
-----------
GERMANY (15.6%)
BANKING
3,670 Bayerische Hypotheken
Wechsel - Bank AG ........................... 976,337
3,920 BHF-Bank....................................... 1,060,377
2,310 Depfa Bank AG ................................. 1,174,746
-----------
3,211,460
-----------
CAPITAL EQUIPMENT
2,230 Buderus AG ................................... 1,201,623
1,276 Rheinelektra AG .............................. 1,040,092
-----------
2,241,715
-----------
CONSUMER NON-DURABLES
2,370 Suedzucker AG ................................ 1,297,576
2,020 Wella AG ..................................... 1,512,486
-----------
2,810,062
-----------
INSURANCE
1,610 Colonia Konzern AG............................ 1,178,785
-----------
MATERIALS
4,530 Bayer AG ..................................... 1,114,283
4,926 Henkel KGaA .................................. 1,893,932
-----------
3,008,215
-----------
MULTI-INDUSTRY
3,580 AGIV AG ...................................... 1,141,427
8,175 Metallgesellschaft............................ 162,167
-----------
1,303,594
-----------
RETAIL
5,870 Kaufhof Holding AG ........................... 2,083,272
-----------
SERVICES
8,800 Lufthansa AG ................................. 1,165,462
-----------
TOTAL GERMANY ............................... 17,002,565
-----------
IRELAND (3.7%)
BANKING
226,300 Allied Irish Banks............................ 1,047,959
270,700 Irish Permanent PLC........................... 1,204,929
-----------
2,252,888
-----------
CONSUMER NON-DURABLES
148,000 Greencore..................................... 1,055,243
-----------
SERVICES
163,000 Independent News.............................. 745,508
-----------
TOTAL IRELAND ................................ 4,053,639
-----------
ITALY (4.3%)
BANKING
113,700 Istituto Mobiliare
Italiano (IMI).............................. 694,680
-----------
CAPITAL EQUIPMENT
95,400 Sirti SpA..................................... 686,701
-----------
INSURANCE
28,350 Assicurazioni Generali SpA.................... 683,041
125,540 Assicurazione Industriale
SAI SpA..................................... 593,701
528,000 Istituto Nazionale
Delle Assicurazioni SpA..................... 711,631
-----------
1,988,373
-----------
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995 (continued)
(unaudited)
Shares Value
------ ---------
ITALY (continued)
RETAIL
113,450 Rinascente.................................... $ 628,201
-----------
TELECOMMUNICATIONS
270,200 Telecom Italia SpA ........................... 721,092
-----------
TOTAL ITALY .................................. 4,719,047
-----------
NETHERLANDS (8.5%)
CONSUMER DURABLES
31,420 Polygram NV .................................. 1,773,334
-----------
FINANCE
37,610 Fortis Amev NV ............................... 1,986,998
-----------
SERVICES
52,200 Ahold NV ..................................... 1,795,941
170,560 Elsevier NV .................................. 1,868,127
22,220 Wolters Kluwer NV ............................ 1,808,122
-----------
5,472,190
-----------
TOTAL NETHERLANDS ........................... 9,232,522
-----------
SPAIN (3.1%)
CONSUMER NON-DURABLES
15,340 Tabacalera SA ................................ 520,158
41,200 Viscofan Envoltura............................ 543,756
-----------
1,063,914
-----------
ENERGY
16,740 Repsol SA .................................... 532,961
-----------
FINANCE
2,474 Banco Pastor SA .............................. 114,331
-----------
MULTI-INDUSTRY
10,520 Corp Fin Alba................................. 532,301
-----------
SERVICES
59,920 Autopistas Cesa SA (Acesa).................... 549,926
43,300 Telefonica De Espana SA....................... 529,271
-----------
1,079,197
-----------
TOTAL SPAIN ................................. 3,322,704
-----------
SWEDEN (3.6%)
CAPITAL EQUIPMENT
6,260 Asea AB (B free).............................. 527,318
36,780 Atlas Copco AB (A free)....................... 506,242
-----------
1,033,560
-----------
CONSUMER DURABLES
10,390 AB Electrolux (B free)........................ 530,562
28,100 AB Volvo (B free)............................. 527,941
-----------
1,058,503
-----------
MATERIALS
9,790 Mo och Domsjo AB (B free)..................... 545,738
46,850 Munksjo AB.................................... 393,356
-----------
939,094
-----------
MULTI-INDUSTRY
18,810 Investor AB (B free)* ........................ 526,865
-----------
SERVICES
24,670 Arjo AB ...................................... 383,702
-----------
TOTAL SWEDEN ................................. 3,941,724
-----------
SWITZERLAND (10.9%)
BANKING
7,000 Swiss Bank Corp............................... 2,301,989
-----------
INSURANCE
4,000 Winterthur Insurance ......................... 2,302,861
-----------
MATERIALS
3,300 Ciba-Geigy AG ................................ 2,251,047
-----------
PHARMACEUTICALS
4,000 Sandoz AG (Registered) ....................... 2,634,334
-----------
SERVICES
1,420 SGS Surveillance Holdings .................... 2,365,841
-----------
TOTAL SWITZERLAND ............................ 11,856,072
-----------
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995 (continued)
(unaudited)
Shares Value
------ ----------
UNITED KINGDOM (26.9%)
ENERGY
350,500 Enterprise Oil ............................... $ 2,318,241
-----------
INSURANCE
247,200 General Accident ............................. 2,295,372
806,600 Guardian Royal Exchange ...................... 2,446,799
438,800 Prudential Corp............................... 2,210,241
-----------
6,952,412
-----------
MATERIALS
569,300 Rentokil Group ............................... 2,363,685
-----------
MULTI-INDUSTRY
413,680 BTR PLC ...................................... 2,183,570
-----------
PHARMACEUTICALS
193,500 Glaxo Wellcome ............................... 2,287,186
45,600 SmithKline Beecham Group
PLC, ADR ................................... 1,772,700
-----------
4,059,886
-----------
RETAIL
475,072 Argyll Group PLC ............................. 2,186,524
1,836,900 ASDA Group ................................... 2,423,975
512,100 Tesco ........................................ 2,303,379
-----------
6,913,878
-----------
SERVICES
801,000 Ladbroke Group PLC ........................... 2,320,245
-----------
TELECOMMUNICATIONS
685,400 Vodafone Group ............................... 2,139,807
-----------
TOTAL UNITED KINGDOM ......................... 29,251,724
-----------
TOTAL INVESTMENTS (identified cost $89,854,629) (a) .... 90.0% $ 97,977,933
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ......... 10.0 10,870,126
------ -------------
NET ASSETS ............................................ 100.0% $108,848,059
------ -------------
- ----------
* non-income producing security.
(a) The aggregate cost for federal income tax purposes is $89,854,629, the
aggregate gross unrealized appreciation is $9,405,809 and the aggregate
gross unrealized depreciation is $1,282,505 resulting in net unrealized
appreciation of $8,123,304.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value (identified cost $89,854,629) (Note 1) ............ $ 97,977,933
Cash (including $9,548,114 in foreign currency)........................................ 13,495,674
Receivables for:
Investments sold .................................................................... 3,066,174
Dividends ........................................................................... 655,419
Foreign tax reclaim ................................................................. 233,211
Capital stock sold .................................................................. 118,225
------------
Total Assets ................................................................... 115,546,636
------------
LIABILITIES:
Payables for:
Investments purchased ............................................................... 5,892,112
Capital stock redeemed .............................................................. 441,872
Foreign withholding taxes ........................................................... 116,828
Investment advisory fee (Note 2) .................................................... 57,377
Shareholder servicing/Eligible institution fees (Note 2) ............................ 22,068
Administrative fee (Note 2).......................................................... 13,241
Directors' fees (Note 2)............................................................. 2,667
Accrued expenses and other liabilities .............................................. 152,412
------------
Total Liabilities .............................................................. 6,698,577
------------
NET ASSETS .................................................................................. $108,848,059
============
Net Assets Consist of:
Paid-in capital ....................................................................... $ 97,437,577
Accumulated undistributed net investment income ....................................... 1,673,741
Accumulated net realized gain ......................................................... 1,558,129
Net unrealized appreciation ........................................................... 8,178,612
------------
Net Assets .................................................................................. $108,848,059
============
Net asset value and offering price per share
($108,848,059 / 3,552,205 shares) ..................................................... $30.64
======
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
STATEMENT OF OPERATIONS
For the six months ended April 30, 1995
(unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding tax of $181,145)............................... $ 1,102,916
Interest............................................................................. 24,109
-------------
Total Income ................................................................... 1,127,025
-------------
Expenses:
Investment advisory fee (Note 2)..................................................... 336,652
Shareholder servicing/Eligible institution fees (Note 2)............................. 129,477
Administrative fee (Note 2).......................................................... 77,686
Custodian fee ....................................................................... 47,021
Directors' fees and expenses (Note 2)................................................ 6,987
Miscellaneous expenses .............................................................. 93,646
-------------
Total Expenses ................................................................. 691,469
-------------
Net Investment Income .......................................................... 435,556
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) (Notes 1 and 3):
Net realized gain on:
Investments.......................................................................... 140,086
Foreign exchange transactions ....................................................... 3,162,685
-------------
3,302,771
-------------
Net change in unrealized appreciation on:
Investments.......................................................................... 1,216,994
Foreign currency translations........................................................ (6,711)
-------------
1,210,283
-------------
Net Realized and Unrealized Gain ............................................... 4,513,054
-------------
Net Increase in Net Assets Resulting from Operations .................................. $ 4,948,610
=============
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six
months ended For the
April 30, 1995 year ended
(unaudited) October 31, 1994
-------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ............................................... $ 435,556 $ 1,324,706
Net realized gain on investments and foreign exchange
transactions ...................................................... 3,302,771 10,791,923
Net change in unrealized appreciation on investments and foreign
currency translations ............................................. 1,210,283 (5,089,115)
-------------- -------------
Net increase in net assets resulting from operations .............. 4,948,610 7,027,514
-------------- -------------
Dividends and distributions declared from (Note 1):
Net investment income ............................................... -- (714,767)
Net realized gains .................................................. (8,414,966) (3,746,831)
-------------- -------------
Total dividends and distributions declared ........................ (8,414,966) (4,461,598)
-------------- -------------
Capital stock transactions (Note 4):
Net proceeds from sales of capital stock ............................ 13,838,290 31,154,810
Net asset value of capital stock issued to shareholders in
reinvestment of dividends and distributions ....................... 706,260 1,592,154
Net cost of capital stock redeemed .................................. (12,861,708) (13,540,971)
-------------- -------------
Net increase in net assets resulting from capital stock
transactions .................................................... 1,682,842 19,205,993
-------------- -------------
Total (decrease) increase in net assets ....................... (1,783,514) 21,771,909
NET ASSETS:
Beginning of period.................................................... 110,631,573 88,859,664
-------------- -------------
End of period (including undistributed net investment income of
$1,673,741 and $1,238,185, respectively) ............................ $ 108,848,059 $110,631,573
============== ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share outstanding
throughout each period
<TABLE>
<CAPTION>
For the six
months ended For the years ended October 31,
April 30, 1995 ---------------------------------------------
(unaudited) 1994 1993 1992 1991
-------------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 31.82 $ 31.17 $ 27.15 $ 25.35 $ 25.00
Income from investment operations:
Net investment income..................... 0.11 0.39 0.21 0.29 0.31
Net realized and unrealized gain.......... 1.12 1.80 6.09 1.74 0.04
Less dividends and distributions (Note 1):
Dividends to shareholders from net
investment income....................... -- (0.25) (0.36) (0.23) --
Distributions to shareholders from net
realized gains.......................... (2.41) (1.29) (1.91) -- --
Distribution to shareholders in excess
of net realized gains................... -- -- (0.01) -- --
---------- --------- -------- -------- --------
Net asset value, end of period.............. $ 30.64 $ 31.82 $ 31.17 $ 27.15 $ 25.35
========== ========= ======== ======== ========
Total investment return..................... 4.93%* 7.35% 24.82% 8.08% 1.40%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted). $108,848 $110,632 $88,860 $27,426 $14,231
Ratio of expenses to average net assets... 1.34%** 1.37% 1.50% 1.50% 1.50%
Ratio of net investment income to
average net assets...................... 0.84%** 1.30% 1.28% 1.71% 1.54%
Portfolio turnover rate................... 29% 124% 37% 50% 58%
<FN>
- ------------------
* Not Annualized
** Annualized
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995
(unaudited)
Shares Value
------ -----------
COMMON STOCKS,
RIGHTS & WARRANTS (84.7%)
AUSTRALIA (7.0%)
BANKING
60,000 National Australia
Bank, Ltd.................................... $ 518,438
109,000 Westpac Banking
Corp., Ltd................................... 401,149
-----------
919,587
-----------
CAPITAL EQUIPMENT
180,000 Pacific BBA, Ltd................................ 349,553
-----------
ENERGY
127,600 Ampolex, Ltd.................................... 368,443
84,000 Broken Hill Proprietary
Co., Ltd...................................... 1,224,351
-----------
1,592,794
-----------
MATERIALS
190,000 Adelaide Brighton
Cement Hldgs., Ltd............................ 198,996
80,000 Amcor, Ltd...................................... 588,843
33,000 CRA, Ltd........................................ 473,794
110,000 Western Mining Corp.
Hldgs., Ltd................................... 622,445
-----------
1,884,078
-----------
MULTI-INDUSTRY
60,000 Mayne Nickless, Ltd............................. 282,784
-----------
REAL ESTATE
52,000 Lend Lease Corp., Ltd........................... 664,136
-----------
SERVICES
45,000 Brambles Industries, Ltd........................ 443,814
185,000 Burns Philp & Co, Ltd........................... 468,252
140,000 Hazelton Airlines, Ltd.......................... 149,684
165,000 Publishing and
Broadcasting, Ltd............................. 474,034
-----------
1,535,784
-----------
TOTAL AUSTRALIA ............................... 7,228,716
-----------
HONG KONG (17.0%)
BANKING
848,672 Dao Heng Bank
Group, Ltd.................................... 2,170,741
-----------
CAPITAL EQUIPMENT
1,155,000 Albatronics Co.................................. 70,127
1,264,000 Alco Hldgs...................................... 184,514
3,344,000 Truly International Hldgs....................... 431,986
361,200 Truly International
Hldgs. (Warrants)............................. 3,733
822,000 Wai Kee Hldgs................................... 128,487
476,000 Wai Kee Hldgs. (Warrants)....................... 3,689
-----------
822,536
-----------
INSURANCE
3,252,000 National Mutual Asia, Ltd....................... 1,900,956
-----------
MATERIALS
3,331,000 M.C. Packaging
(Hong Kong)................................... 1,161,827
-----------
MULTI-INDUSTRY
500,000 Hutchison Whompoa............................... 2,170,262
231,000 Swire Pacific................................... 1,544,277
-----------
3,714,539
-----------
REAL ESTATE
500,000 Cheung Kong Hldgs............................... 2,105,671
767,000 New World
Development Co................................ 1,991,564
305,500 Sun Hung Kai Properties......................... 1,949,580
-----------
6,046,815
-----------
SERVICES
561,000 Wharf Hldgs..................................... 1,681,333
-----------
TOTAL HONG KONG ................................ 17,498,747
-----------
INDIA (5.9%)
CONSUMER DURABLES
55,000 Ashok Leyland, Ltd.............................. 701,250
40,000 Bajaj Auto, Ltd................................. 1,028,000
-----------
1,729,250
-----------
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995 (continued)
(unaudited)
Shares Value
------ -----------
INDIA (continued)
MATERIALS
49,000 Grasim Industries............................... $ 992,250
495,000 Indo Gulf Fertilisers and
Chemicals Corp................................ 1,014,750
64,000 Reliance Industries............................. 1,032,000
41,000 Southern Petrochemical
Industries............... .................... 343,375
-----------
3,382,375
-----------
PHARMACEUTICALS
44,000 Ranbaxy Laboratories, Ltd....................... 990,000
-----------
TOTAL INDIA .................................. 6,101,625
-----------
INDONESIA (2.6%)
BANKING
237,500 Bank Dagang Nasional
Indonesia..................................... 295,147
-----------
CAPITAL EQUIPMENT
105,000 Supreme Cable
Manufacturing Corp............................ 291,536
202,500 Voksel Electric................................. 249,384
-----------
540,920
-----------
CONSUMER NON-DURABLES
550,000 Sinar Mas Agro Resources
& Technology.................................. 455,665
-----------
MATERIALS
728,000 Kurnia Kapuas Utama
Glue Industries............................... 187,461
-----------
MULTI-INDUSTRY
230,000 Centris Multipersada
Pratama....................................... 272,951
-----------
REAL ESTATE
350,000 Dharmala Intiland............................... 203,762
-----------
TEXTILES
1,548,000 PanBrothers Textiles............................ 450,605
348,000 Roda Vivatex.................................... 210,390
-----------
660,995
-----------
TOTAL INDONESIA ............................... 2,616,901
-----------
JAPAN (24.3%)
CAPITAL EQUIPMENT
1,000 ADO Electronic
Industrial Co., Ltd........................... 21,063
6,000 Aucnet, Inc..................................... 349,854
6,000 Autobacs Seven Co., Ltd......................... 626,168
10,500 Fanuc, Ltd...................................... 474,802
102,000 Hitachi, Ltd.................................... 1,037,782
120,000 Ishikawajima Harina
Heavy Industries Co., Ltd. ................... 549,771
33,000 Kandenko........................................ 537,990
10,000 Kyocera Corp.................................... 773,487
45,000 Matsushita Electric
Industrial Co., Ltd........................... 540,846
9,000 Murata Mfg. Co., Ltd............................ 361,992
50,000 NEC Corp........................................ 553,341
40,000 NipponDenso Co., Ltd............................ 804,427
42,000 Sekisui House, Ltd.............................. 554,769
45,000 Shiroki Corp.................................... 242,578
90,000 Stanley Electric Co., Ltd....................... 621,170
-----------
8,050,040
-----------
CONSUMER DURABLES
40,000 Canon, Inc...................................... 661,629
27,000 Fuji Photo Film Co., Ltd........................ 661,867
19,000 TDK Corp........................................ 868,210
-----------
2,191,706
-----------
CONSUMER NON-DURABLES
15,000 Bandai Co., Ltd................................. 473,017
14,000 Ishiguro Homa Corp.............................. 266,556
50,000 Sharp Corp...................................... 821,086
4,800 Sony Music Entertainment
(Japan), Inc.................................. 243,898
27,000 Yamazaki Baking, Ltd............................ 510,859
-----------
2,315,416
-----------
ENERGY
75,000 Cosmo Oil Co.................................... 542,631
-----------
FINANCE
4,000 Japan Associated
Finance Co., Ltd.............................. 490,272
67,000 Nikko Securities Co., Ltd....................... 656,964
30,000 Nomura Securities Co., Ltd...................... 606,890
18,000 Orix Corp....................................... 589,040
7,000 Sanyo Shinpan Finance, Ltd. .................... 572,262
55,000 Tokio Marine &
Fire Insurance Co., Ltd. .................... 654,489
-----------
3,569,917
-----------
MATERIALS
100,000 Daicel Chemical
Industries, Ltd............................... 585,470
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995 (continued)
(unaudited)
Shares Value
------ -----------
JAPAN (continued)
105,000 Dai Nippon Ink & Chemicals...................... $ 524,781
55,000 Sekisui Plastics Co., Ltd....................... 353,424
35,000 Sokkia Co., Ltd................................. 441,483
45,000 Sumitomo Electric
Industries, Ltd............................... 610,460
22,000 Tokai Rubber
Industries, Ltd............................... 277,503
70,000 Tokuyama Corp................................... 433,153
30,000 Tokyo Steel Mfg. Co., Ltd....................... 628,310
-----------
3,854,584
-----------
MULTI-INDUSTRY
16,500 Homewide Corp................................... 177,497
9,600 Nitori Co., Ltd................................. 228,476
-----------
405,973
-----------
PHARMACEUTICALS
24,000 Yamanouchi Pharmaceutical
Co., Ltd...................................... 539,775
-----------
SERVICES
12,000 Kato Denki Co., Ltd............................. 292,735
39,000 Seino Transportation Co., Ltd. ................. 742,548
33,000 Skylark Co., Ltd................................ 553,698
-----------
1,588,981
-----------
TELECOMMUNICATIONS
70 DDI Corp........................................ 616,410
82 Nippon Telegraph &
Telephone Corp................................ 725,007
-----------
1,341,417
-----------
TEXTILES
140,000 Toyobo, Ltd..................................... 561,433
-----------
TOTAL JAPAN .................................... 24,961,873
-----------
MALAYSIA (12.5%)
BANKING
470,000 Commerce Asset-Hldgs. Bhd....................... 2,053,398
76,666 Commerce Asset-Hldgs.
Bhd. (Rights) *.............................. 142,663
-----------
2,196,061
-----------
FINANCE
1,577,000 Public Finance Bhd.............................. 2,870,752
-----------
REAL ESTATE
1,618,000 Bolton Properties Bhd........................... 1,963,592
591,000 IOI Properties Bhd.............................. 2,139,745
1,639,000 Lion Land....................................... 1,889,624
200,000 Negara Properties (M) Bhd....................... 817,152
-----------
6,810,113
-----------
SERVICES
441,000 Berjaya Leisure Bhd............................. 355,012
488,000 Berjaya Sports Toto Bhd......................... 659,353
-----------
1,014,365
-----------
TOTAL MALAYSIA ................................. 12,891,291
-----------
NEW ZEALAND (0.5%)
SERVICES
108,000 Telecom Corp. of New Zealand ................... 453,507
-----------
PAKISTAN (0.2%)
BANKING
12,500 Muslim Commercial Bank.......................... 19,868
-----------
ENERGY
18,720 Pakistan State Oil.............................. 183,380
-----------
TEXTILES
34,655 Crescent Textile Mills.......................... 27,259
14,655 Crescent Textile Mills
(Rights) .................................... 0
-----------
27,259
-----------
TOTAL PAKISTAN ................................. 230,507
-----------
SINGAPORE (8.3%)
BANKING
251,500 Development Bank of
Singapore.................................... 2,689,164
130,000 Overseas Chinese
Banking Corp.................................. 1,418,012
225,000 Overseas Union Bank............................. 1,299,785
-----------
5,406,961
-----------
ENERGY
376,000 DBS Land........................................ 1,036,125
-----------
REAL ESTATE
580,000 Hotel Properties................................ 1,082,167
606,000 Wing Tai Hldgs.................................. 1,026,308
-----------
2,108,475
-----------
TOTAL SINGAPORE ................................ 8,551,561
-----------
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995 (continued)
(unaudited)
Shares Value
------ -----------
SOUTH KOREA (1.6%)
BANKING
27,844 Bank of Seoul................................... $ 261,876
-----------
CAPITAL EQUIPMENT
11,979 Samsung Electronics Co.,
Ltd., GDR..................................... 589,966
1,124 Samsung Electronics
Co., Ltd., 144-A (New)........................ 55,357
-----------
645,323
-----------
ENERGY
11,000 Korea Electric Power Corp....................... 402,571
-----------
MATERIALS
9,647 LG Chemicals.................................... 270,802
6,500 Yukong, Ltd..................................... 74,750
-----------
345,552
-----------
TOTAL SOUTH KOREA ............................. 1,655,322
-----------
TAIWAN (4.8%)
CAPITAL EQUIPMENT
19,470 Yageo Corp...................................... 394,267
-----------
CONSUMER DURABLES
25,307 President Enterprises, GDR. .................... 468,180
-----------
MATERIALS
21,000 China Steel Corp., GDR.......................... 414,750
-----------
MULTI-INDUSTRY
27,800 Formosa Fund.................................... 2,627,100
41,000 The Formosa Growth
Fund, Ltd..................................... 645,750
-----------
3,272,850
-----------
TEXTILES
27,991 Tuntex Distinct Corp............................ 321,897
-----------
TOTAL TAIWAN ................................... 4,871,944
-----------
TOTAL COMMON STOCKS,
RIGHTS & WARRANTS
(cost $89,952,575).............................. $87,061,994
-----------
Principal
Amount
- ----------
CONVERTIBLE
BONDS (3.0%)
INDIA (2.5%)
FINANCE
$1,510,000 Industrial Credit &
Investment Corp.
2.50%, 4/3/00................................... $ 1,151,375
-----------
MATERIALS
1,225,000 Essar Gujurat, Ltd.
5.50%, 8/5/98................................... 1,414,875
-----------
TOTAL INDIA ................................... 2,566,250
-----------
TAIWAN (0.5%)
CAPITAL EQUIPMENT
290,000 Kinpo Electronics
3.00%, 7/21/01.................................. 219,675
-----------
SERVICES
300,000 Yangming Marine
Transportation Corp.
2.00%, 10/6/01.................................. 308,250
-----------
TOTAL TAIWAN .................................. 527,925
-----------
TOTAL CONVERTIBLE
BONDS
(cost $3,725,908)............................... $ 3,094,175
-----------
TOTAL INVESTMENTS (identified cost $93,678,483) (a) . 87.7% $ 90,156,169
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ...... 12.3 12,662,536
----- -------------
NET ASSETS .......................................... 100.0% $102,818,705
===== =============
- ------------
* non-income producing security.
(a) The aggregate cost for federal income tax purposes is $93,678,483, the
aggregate gross unrealized appreciation is $6,261,497 and the aggregate
gross unrealized depreciation is $9,783,811 resulting in net unrealized
depreciation of $3,522,314.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value (identified cost $93,678,483) (Note 1)............. $ 90,156,169
Cash (including $12,328,801 in foreign currency)....................................... 13,554,059
Receivables for:
Dividends............................................................................ 309,954
Capital stock sold................................................................... 280,821
Spot foreign currency exchange contracts sold (Notes 1 and 5)....................... 170,421
Investments sold..................................................................... 98,658
Interest............................................................................. 63,813
-------------
Total Assets .................................................................. 104,633,895
-------------
LIABILITIES:
Payables for:
Investments purchased................................................................ 973,550
Capital stock redeemed............................................................... 441,482
Spot foreign currency exchange contracts sold, at value (Notes 1 and 5).............. 171,780
Investment advisory fee (Note 2)..................................................... 55,485
Foreign withholding taxes ........................................................... 42,965
Shareholder servicing/Eligible institution fees (Note 2)............................. 21,341
Administrative fee (Note 2).......................................................... 12,804
Directors' fees (Note 2)............................................................. 2,212
Accrued expenses and other liabilities............................................... 93,571
-------------
Total Liabilities ............................................................. 1,815,190
-------------
NET ASSETS .................................................................................. $ 102,818,705
=============
Net Assets Consist of:
Paid-in capital........................................................................ $ 110,439,775
Accumulated undistributed net investment income ....................................... 769,212
Accumulated net realized loss.......................................................... (3,870,041)
Distributions in excess of net realized gains (Note 1)................................. (1,754,490)
Net unrealized depreciation............................................................ (2,765,751)
-------------
Net Assets .................................................................................. $102,818,705
============
Net asset value and offering price per share
($102,818,705 / 3,566,945 shares) ..................................................... $28.83
======
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
STATEMENT OF OPERATIONS
For the six months ended April 30, 1995
(unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Income:
Dividends (net of foreign withholding tax of $102,961)............................... $ 869,461
Interest............................................................................. 68,764
---------------
Total Income .................................................................. 938,225
---------------
Expenses:
Investment advisory fee (Note 2)..................................................... 329,158
Shareholder servicing/Eligible institution fees (Note 2)............................. 126,600
Administrative fee (Note 2).......................................................... 75,960
Custodian fee........................................................................ 32,852
Directors fees and expenses (Note 2)................................................ 6,628
Miscellaneous expenses............................................................... 60,176
---------------
Total Expenses ................................................................. 631,374
---------------
Net Investment Income .......................................................... 306,851
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) (Notes 1 and 3):
Net realized gain (loss) on:
Investments.......................................................................... (5,887,519)
Foreign exchange transactions ....................................................... 2,017,478
---------------
(3,870,041)
---------------
Net change in unrealized appreciation on:
Investments.......................................................................... (13,425,606)
Foreign currency translations........................................................ 746,750
---------------
(12,678,856)
---------------
Net Realized and Unrealized Loss ............................................... (16,548,897)
---------------
Net Decrease in Net Assets Resulting from Operations .................................. $ (16,242,046)
===============
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the six
months ended For the
April 30, 1995 year ended
(unaudited) October 31, 1994
-------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income................................................ $ 306,851 $ 449,580
Net realized (loss) gain on investments and foreign exchange
transactions......................................................... (3,870,041) 16,354,172
Net change in unrealized appreciation on investments
and foreign currency translations................................... (12,678,856) (14,361,293)
-------------- --------------
Net (decrease) increase in net assets resulting from operations .... (16,242,046) 2,442,459
-------------- --------------
Dividends and distributions declared (Note 1):
From net investment income............................................ (10,397) (339,931)
From net realized gains............................................... (15,051,535) (3,042,219)
In excess of net realized gains....................................... (1,754,490) --
-------------- --------------
Total dividends and distributions declared.......................... (16,816,422) (3,382,150)
-------------- --------------
Capital stock transactions (Note 4):
Net proceeds from sales of capital stock.............................. 25,983,970 42,763,878
Net asset value of capital stock issued to shareholders in
reinvestment of dividends and distributions......................... 1,433,236 1,225,765
Net cost of capital stock redeemed.................................... (12,009,332) (15,443,461)
-------------- --------------
Net increase in net assets resulting from capital stock
transactions ..................................................... 15,407,874 28,546,182
-------------- --------------
Total (decrease) increase in net assets........................ (17,650,594) 27,606,491
NET ASSETS:
Beginning of period..................................................... 120,469,299 92,862,808
-------------- --------------
End of period (including undistributed net investment
income of $769,212 and $472,758, respectively).........................$ 102,818,705 $120,469,299
============== ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share outstanding
throughout each period
<TABLE>
<CAPTION>
For the six
months ended For the years ended October 31,
April 30, 1995 ---------------------------------------------
(unaudited) 1994 1993 1992 1991
-------------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period..........$ 39.85 $ 39.87 $ 27.53 $ 27.65 $ 25.00
Income from investment operations:
Net investment income....................... 0.06 0.14 0.14 0.12 0.10
Net realized and unrealized (loss) gain..... (5.50) 1.26 13.18 0.33 2.55
Less dividends and distributions (Note 1):
Dividends to shareholders from net
investment income ........................ (0.00)* (0.14) (0.02) (0.18) --
Distributions to shareholders from net
realized gains............................ (5.00) (1.28) (0.96) (0.39) --
Distribution to shareholders in excess of
net realized gains........................ (0.58) -- -- -- --
--------- ----------- --------- -------- ---------
Net asset value, end of period................$ 28.83 $ 39.85 $ 39.87 $ 27.53 $ 27.65
========= =========== ========= ======== =========
Total investment return....................... (13.76)%** 3.48% 50.01% 1.76% 10.60%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted) $102,819 $120,469 $92,863 $31,250 $20,492
Ratio of expenses to average net assets..... 1.25%*** 1.29% 1.50% 1.50% 1.50%
Ratio of net investment income to
average net assets........................ 0.61%*** 0.39% 0.62% 0.43% 0.64%
Portfolio turnover rate..................... 44% 86% 79% 84% 56%
<FN>
- ---------------
* Less than $0.01 per share.
** Not annualized.
*** Annualized.
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. Organization and Significant Accounting Policies. The 59 Wall Street
European Equity Fund and The 59 Wall Street Pacific Basin Equity Fund
(individually the "Fund" or collectively the "Funds") are separate
non-diversified series of The 59 Wall Street Fund, Inc. (the "Corporation")
which is registered under the Investment Company Act of 1940, as amended. The
Corporation is an open-end management investment company organized under the
laws of the State of Maryland on July 16, 1990. The Funds commenced operations
on November 1, 1990.
The following is a summary of significant accounting policies for each
Fund.
A. Valuation of Investments. (1) The value of investments listed on
either a domestic or foreign securities exchange is based on the last sale
price on that exchange prior to the time when assets are valued, or in the
absence of recorded sales, at the average of readily available closing bid
and asked prices on such exchange; (2) unlisted securities are valued at
the average of the quoted bid and asked prices in the over-the-counter
market; (3) securities or other assets for which market quotations are not
readily available are valued at fair value in accordance with procedures
established by and under the general supervision and responsibility of the
Corporation's Board of Directors. Such procedures include the use of
independent pricing services, which use prices based upon yields or prices
of securities of comparable quality, coupon, maturity and type;
indications as to the value from dealers; and general market conditions;
(4) for purposes of calculating net asset value per share, all assets and
liabilities initially expressed in foreign currencies will be converted
into U.S. dollars at the prevailing rates of exchange available at the
time of valuation; and (5) trading in securities on most foreign exchanges
and over-the-counter markets is normally completed before the close of the
New York Stock Exchange and may also take place on days on which the New
York Stock Exchange is closed. If events materially affecting the value of
foreign securities occur between the time when the exchange on which they
are traded closes and the time when a Fund's net asset value is
calculated, such securities will be valued at fair value in accordance
with procedures established by and under the general supervision of the
Corporation's Board of Directors.
B. Foreign Currency Translations. The accounting records of the
Funds are maintained in U.S. dollars. Foreign currency amounts are
translated into U.S. dollars at the current rate of exchange of such
currency against the U.S. dollar to determine the value of investments,
assets and liabilities. Purchases and sales of securities, and income and
expenses are translated at the prevailing rate of exchange on the
respective dates of such transactions. Upon the purchase or sale of a
security denominated in foreign currency, each Fund may enter into forward
foreign currency exchange contracts for the purchase or sale, for a fixed
amount of U.S. dollars, of the amount of foreign currency involved in the
underlying security transaction. The Funds isolate that portion of
realized gain or loss on investments resulting from changes in foreign
exchange rates on investments from the fluctuations arising from changes
in market prices of such investments. Reported net realized and unrealized
gains and losses arise from the sales of portfolio securities, sales of
foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference
between the amounts of dividends, interest and foreign withholding taxes
recorded on the Funds' books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized appreciation or depreciation on
foreign currency translations arise from changes in the value of the
assets and liabilities, excluding investments in securities, at fiscal
year end, arising from changes in the exchange rate.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
(unaudited)
C. Forward Foreign Currency Exchange Contracts. The Funds may enter
into forward foreign currency exchange contracts ("contracts") in
connection with planned purchases or sales of securities, to hedge the
U.S. dollar value of portfolio securities denominated in a particular
currency, or to increase or shift its exposure to a currency other than
U.S. dollars. The Funds have no specific limitation on the percentage of
assets which may be committed to these types of contracts. The Funds could
be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The U.S. dollar values of foreign currency underlying
all contractual commitments held by the Funds are determined using forward
currency exchange rates supplied by a quotation service.
D. Accounting for Investments. Security transactions are accounted
for on the trade date. Realized gains and losses on security transactions
are determined on the identified cost method. Dividend income and other
distributions from portfolio securities are recorded on the ex-dividend
date except that, if the ex-dividend date has passed, certain dividends
from foreign securities are recorded as soon as a Fund is informed of the
ex-dividend date. Dividend income is recorded net of foreign taxes
withheld where recovery of such taxes is not assured. Interest income is
accrued daily.
E. Federal Income Taxes. It is the Corporation's policy to comply
with the requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to its
shareholders. Accordingly, no federal income tax provision is required.
Each Fund files a tax return annually using tax accounting methods
required under provisions of the Internal Revenue Code which may differ
from generally accepted accounting principles, the basis on which these
financial statements are prepared. Accordingly, the amount of net
investment income and net realized gain reported on these financial
statements may differ from that reported on each Fund's tax return due to
certain book-to-tax timing differences such as losses deferred due to
"wash sale" transactions, utilization of capital loss carryforwards and
the recognition of unrealized gains or losses on open forward foreign
currency exchange contracts and passive foreign investment companies at
year-end. These timing differences may result in temporary
over-distributions for financial statement purposes and are classified as
distributions in excess of accumulated net realized gains. As such, the
character of distributions to shareholders reported in the Financial
Highlights table may differ from that reported to shareholders on Form
1099-DIV. These distributions do not constitute a return of capital.
F. Dividends and Distributions to Shareholders. Dividends and
distributions to shareholders are recorded on the ex-dividend date.
2. Transactions with Affiliates.
Investment Advisory Agreement. The Corporation has an investment advisory
agreement with Brown Brothers Harriman & Co. (the "Adviser") for which the
Adviser receives a fee from each Fund calculated daily and paid monthly at an
annual rate equivalent to 0.65% of each Fund`s average daily net assets. For the
six months ended April 30, 1995, the European Equity Fund and the Pacific Basin
Equity Fund incurred $336,652 and $329,158, respectively, for advisory services.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
(unaudited)
Administrative Fee. The Corporation has an administrative agreement with
Brown Brothers Harriman & Co. (the "Administrator") for which the Administrator
receives a fee from each Fund calculated daily and paid monthly at an annual
rate equivalent to 0.15% of each Fund's average daily net assets. The
Administrator has a subadministration services agreement with 59 Wall Street
Administrators, Inc. for which 59 Wall Street Administrators, Inc. receives such
compensation as is from time to time agreed upon, but not in excess of the
amount paid to the Administrator. For the six months ended April 30, 1995, the
European Equity Fund and the Pacific Basin Equity Fund incurred $77,686 and
$75,960, respectively, for administrative services.
Shareholder Servicing/Eligible Institution Agreement. The Corporation has
a shareholder servicing agreement and an eligible institution agreement with
Brown Brothers Harriman & Co. for which Brown Brothers Harriman & Co. receives a
fee from each Fund calculated daily and paid monthly at an annual rate
equivalent to 0.25% of each Fund's average daily net assets. For the six months
ended April 30, 1995, the European Equity Fund and the Pacific Basin Equity Fund
incurred $129,477 and $126,600, respectively, for such services.
Board of Directors' Fees. Each Director receives an annual fee as well as
reimbursement for reasonable out-of-pocket expenses from each Fund. For the six
months ended April 30, 1995, the European Equity Fund and the Pacific Basin
Equity Fund incurred $6,987 and $6,628, respectively, for these fees.
3. Investment Transactions. For the six months ended April 30, 1995, the
cost of purchases and the proceeds of sales of investment securities other than
short-term investments were as follows:
<TABLE>
<CAPTION>
European Pacific Basin
Equity Fund Equity Fund
----------- ------------
<S> <C> <C>
Purchases......................................... $29,174,752 $40,049,343
Sales............................................. 44,652,772 48,458,180
</TABLE>
There were no purchases or sales of U.S. government obligations during the
period. Custody fees for the European Equity Fund and the Pacific Basin Equity
Fund were reduced by $29,000 and $25,000, respectively, as a result of each Fund
directing a portion of its portfolio transactions to certain unaffiliated
brokers.
4. Capital Stock. The Corporation is permitted to issue 2,500,000,000
shares of capital stock, par value $.001 per share, of which 25,000,000 shares
have been classified as shares of each of the Funds. Transactions in shares of
capital stock were as follows:
<TABLE>
<CAPTION>
European Equity Fund Pacific Basin Equity Fund
--------------------------------- --------------------------------
For the six For the year For the six For the year
months ended ended months ended ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994
-------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
Capital stock sold ........................ 498,696 1,007,620 897,577 1,035,936
Capital stock issued in connection with
reinvestment of dividends and
distributions ........................... 26,294 52,871 49,320 30,311
Capital stock repurchased ................. (449,801) (434,472) (402,719) (372,672)
------- ------- ------- --------
Net increase .............................. 75,189 626,019 544,178 693,575
======= ======= ======= ========
</TABLE>
<PAGE>
The 59 Wall Street Fund, Inc.
Investment Adviser and
Administrator
Brown Brothers Harriman & Co.
59 Wall Street
New York, New York 10005
Distributor
59 Wall Street Distributors, Inc.
6 St. James Avenue
Boston, Massachusetts 02116
Shareholder Servicing Agent
Brown Brothers Harriman & Co.
59 Wall Street
New York, New York 10005
(212) 493-8100
This report is submitted for the general information of
shareholders and is not authorized for distribution to
prospective investors unless preceded or accompanied by
an effective prospectus. Nothing herein contained is to be
considered an offer of sale or a solicitation of an offer to
buy shares of the Funds. Such offering is made only by
prospectus, which includes details as to offering price and
other material information.
