[LOGO]
U.S Equity Fund
ANNUAL REPORT
October 31, 1997
<PAGE>
THE WALL STREET U.S. EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 1997
Shares Value
---------- ---------
COMMON STOCKS (98.1%)
AEROSPACE/DEFENSE (3.6%)
21,028 Boeing Co. ................................. $1,006,716
30,000 Rockwell Intl. Corp. ....................... 1,470,000
----------
2,476,716
----------
APPLIANCES (3.3%) ..........................
50,000 Sunbeam Corp., Inc. ........................ 2,265,625
----------
AUTOMOTIVE (0.3%)
10,000 Meritor Automotive, Inc. ................... 223,125
----------
BANKING (1.8%)
19,000 SunTrust Banks, Inc. ....................... 1,231,438
----------
CHEMICALS (2.1%)
11,000 FMC Corp.* ................................. 888,937
13,000 Praxair, Inc. .............................. 566,313
----------
1,455,250
----------
COMPUTER RELATED (9.4%)
38,000 3Com Corp.* ................................ 1,575,812
20,000 Cisco Systems, Inc.* ....................... 1,640,625
20,000 International Business
Machines Corp. ........................... 1,961,250
38,000 Stratus Computer, Inc.* .................... 1,344,250
----------
6,521,937
----------
COMPUTER SERVICES (3.6%)
19,000 Automatic Data Processing, Inc. ............ 971,375
20,500 Computer Associates
International, Inc. ...................... 1,528,531
----------
2,499,906
----------
COMPUTER SOFTWARE (6.5%)
46,500 Bay Networks, Inc.* ........................ 1,470,563
42,750 Cadence Design
Systems, Inc.* ........................... 2,276,437
20,000 Electronic Data
Systems Corp. ............................ 773,750
----------
4,520,750
----------
COSMETICS & TOILETRIES (1.6%)
17,000 Avon Products, Inc. ........................ 1,113,500
----------
ELECTRICAL EQUIPMENT (2.0%)
21,000 General Electric Co. ....................... 1,355,813
----------
ELECTRIC POWER (0.8%)
17,000 DTE Energy Co. ............................. 522,750
----------
EXPLORATION/DRILLING (3.6%)
54,000 Union Pacific Resources
Group, Inc. .............................. 1,329,750
28,000 Noble Affiliates, Inc. ..................... 1,149,750
----------
2,479,500
----------
FINANCIAL SERVICES (4.4%)
36,000 Fannie Mae ................................. 1,743,750
21,000 PMI Group, Inc. (The) ...................... 1,269,187
----------
3,012,937
----------
FOOD & BEVERAGES (6.9%)
39,000 Heinz (H.J.) Co. ........................... 1,811,062
38,000 PepsiCo, Inc. .............................. 1,398,875
33,000 Quaker Oats Co. ............................ 1,579,875
----------
4,789,812
----------
INSURANCE (1.9%)
35,000 Everest Reinsurance
Holdings., Inc. .......................... 1,316,875
----------
MACHINERY/EQUIPMENT (3.8%)
25,200 Deere & Co. ................................ 1,326,150
24,000 Sundstrand Corp. ........................... 1,305,000
----------
2,631,150
----------
MEDIA (4.1%)
50,000 Cox Communications, Inc.* .................. 1,537,500
22,000 Time Warner, Inc. .......................... 1,269,125
----------
2,806,625
----------
MEDICAL SUPPLIES & SERVICES (6.6%)
32,000 Bausch & Lomb, Inc. ........................ 1,256,000
20,000 Baxter International, Inc. ................. 925,000
30,000 Beckman Instruments, Inc. .................. 1,181,250
28,000 Medtronic, Inc. ............................ 1,218,000
----------
4,580,250
----------
NATURAL GAS (3.4%)
10,000 Consolidated Natural
Gas Co. .................................. 540,625
53,000 MCN Energy Group, Inc. ..................... 1,835,125
----------
2,375,750
----------
<PAGE>
THE WALL STREET U.S. EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 1997 (continued)
Shares Value
---------- ---------
OIL (6.1%)
12,000 Amoco Corp. ................................ $1,100,250
34,000 Halliburton Co. ............................ 2,027,250
14,600 Mobil Corp. ................................ 1,063,063
----------
4,190,563
----------
PAPER/FOREST PRODUCTS (3.3%)
23,000 Bowater, Inc. .............................. 961,688
13,000 Consolidated Papers, Inc. .................. 675,187
20,000 Willamette Industries, Inc. ................ 661,250
----------
2,298,125
----------
PHARMACEUTICALS (2.7%)
28,000 Lilly (Eli) & Co. .......................... 1,872,500
----------
REAL ESTATE (1.5%)
45,000 Security Capital
Pacific Trust* ........................... 1,006,875
----------
RECREATION (1.7%)
14,000 Walt Disney Co. (The) ...................... 1,151,500
----------
RESTAURANT/LODGING (2.0%)
40,000 Hilton Hotels Corp. ........................ 1,232,500
3,800 Tricon Global
Restaurants, Inc.* ....................... 115,188
----------
1,347,688
----------
RETAIL (8 0%)
50,000 Borders Group, Inc.* ....................... 1,296,875
47,000 Costco Companies, Inc.* .................... 1,803,625
25,000 Lowe's Companies, Inc. ..................... 1,040,625
41,000 Toys "R" Us, Inc.* ......................... 1,396,562
----------
5,537,687
----------
STEEL (1.5%)
40,000 Allegheny Teledyne, Inc. ................... 1,052,500
----------
TELECOMMUNICATIONS (1.6%)
33,600 WorldCom, Inc.* ............................ 1,128,750
----------
TOTAL INVESTMENTS (identified cost $45,499,397)(a) ...... 98.1% $67,765,897
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ............ 1.9 1,278,687
----- -----------
NET ASSETS .............................................. 100.0% $69,044,584
===== ===========
- -------------------
* Non-income producing security
(a) The aggregate cost for federal income tax purposes is $45,499,397, the
aggregate gross unrealized appreciation is $22,507,652, and the aggregate
gross unrealized depreciation is $241,152, resulting in net unrealized
appreciation of $22,266,500.
See Notes to Financial Statements
<PAGE>
THE 59 WALL STREET U.S. EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
October 31, 1997
ASSETS:
Investments in securities, at value
(identified cost $45,499,397) (Note 1) ................. $67,765,897
Cash .................................................... 1,257,189
Receivables for:
Investments sold ...................................... 136,093
Dividends ............................................. 32,508
-----------
Total Assets ...................................... 69,191,687
-----------
LIABILITIES:
Payables for:
Capital stock redeemed ................................ 57,281
Investment advisory fee (Note 2) ...................... 40,288
Shareholder servicing/Eligible
institution fees (Note 2) ............................ 15,495
Administrative fee (Note 2) ........................... 9,297
Professional fees ..................................... 16,100
Custody fees .......................................... 8,642
-----------
Total Liabilities ................................. 147,103
-----------
NET ASSETS .................................................... $69,044,584
===========
Net Assets Consist of:
Paid-in capital ......................................... $42,625,806
Accumulated undistributed net investment income ......... 18,153
Accumulated net realized gain on investments ............ 4,134,125
Net unrealized appreciation ............................. 22,266,500
-----------
Net Assets .................................................... $69,044,584
===========
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($69,044,584 / 1,309,479 shares) ........................ $ 52.73
===========
See Notes to Financial Statements
<PAGE>
THE 59 WALL STREET U.S. EQUITY FUND
STATEMENT OF OPERATIONS
For the year ended October 31, 1997
INVESTMENT INCOME:
Income:
Dividends ............................................. $ 872,214
------------
Expenses:
Expense payment fee (Note 2) .......................... 389,793
Investment Advisory fees (Note 2) ..................... 154,392
Administrative fee (Note 2) ........................... 91,737
Shareholder servicing/Eligible institution
fees (Note 2) ........................................ 59,381
Directors' fees and expenses (Note 2) ................. 1,245
Custodian fee ......................................... 12,771
Miscellaneous expenses ................................ 32,724
Amortization of organization expenses ................. 3,260
------------
Total Expenses .................................... 745,303
------------
Fees paid indirectly (Note 3) ................... (12,771)
------------
Net expenses .................................... 732,532
------------
Net Investment Income ............................. 139,682
------------
NET REALIZED AND UNREALIZED GAIN (Notes 1 and 3):
Net realized gain on investments ...................... 4,907,031
Net change in unrealized appreciation on investments .. 10,671,447
------------
Net Realized and Unrealized Gain .................. 15,578,478
------------
Net Increase in Net Assets Resulting from Operations .. $ 15,718,160
============
See Notes to Financial Statements
<PAGE>
THE 59 WALL STREET U. S. EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the years ended October 31,
--------------------------------
1997 1996
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income .............................. $ 139,682 $ 171,797
Net realized gain on investments ................... 4,907,031 1,528,243
Net change in unrealized appreciation
on investments .................................... 10,671,447 5,413,968
------------ ------------
Net increase in net assets resulting
from operations ............................... 15,718,160 7,114,008
------------ ------------
Dividends and distributions declared (Note 1):
From net investment income ......................... (173,313) (199,768)
In excess of net investment income ................. (60,926) --
From net realized gains ............................ (2,197,030) (781,118)
------------ ------------
Total dividends and distributions declared ..... (2,431,269) (980,886)
------------ ------------
Capital stock transactions (Note 4):
Net proceeds from sales of capital stock ........... 14,116,589 20,795,408
Net asset value of capital stock
issued to shareholders
in reinvestment of dividends
and distributions .............................. 1,586,012 662,852
Net cost of capital stock redeemed ................. (10,717,604) (8,818,369)
------------ ------------
Net increase in net assets resulting from capital
stock transactions ............................ 4,984,997 12,639,891
------------ ------------
Total increase in net assets ................. 18,271,888 18,773,013
NET ASSETS:
Beginning of period .................................... 50,772,696 31,999,683
------------ ------------
End of period (including undistributed net investment
income of $18,153 and $33,631, respectively) ...... $ 69,044,584 $ 50,772,696
============ ============
</TABLE>
See Notes to Financial Statements
<PAGE>
THE 59 WALL STREET U. S. EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share outstanding throughout each year
<TABLE>
<CAPTION>
For the years ended October 31,
----------------------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year................... $42.30 $36.46 $29.84 $28.80 $25.77
Income from investment operations:
Net investment income.............................. 0.21 0.16 0.26 0.26 0.28
Net realized and unrealized gain .................. 12.22 6.75 7.15 1.05 3.04
Less dividends and distributions (Note 1):
From net investment income......................... (0.14) (0.20) (0.28) (0.17) (0.29)
In excess of net investment income................. (0.05) -- -- -- --
Net realized gains ................................ (1.81) (0.87) (0.51) (0.10) --
------ ------ ------ ------ ------
Net asset value, end of year......................... $52.73 $42.30 $36.46 $29.84 $28.80
====== ====== ====== ====== ======
Total Return (1) .................................... 30.29% 19.32% 25.50% 4.61% 12.91%
Ratios/Supplemental Data:
Net assets, end of year (000's omitted)............ $69,045 $ 50,773 $ 32,000 $ 22,124 $10,992
Expenses as a percentage of average
net assets(1):
Expenses paid by Fund............................ 1.20% 1.20% 1.20% 1.20% 1.20%
Expense offset arrangement....................... 0.02% n/a n/a n/a n/a
------ ------ ------ ------ ------
Total expenses............................... 1.22% 1.20% 1.20% 1.20% 1.20%
Ratio of net investment income to average
net assets ...................................... 0.23% 0.40% 0.84% 1.06% 1.07%
Portfolio turnover rate............................ 37% 42% 69% 61% 52%
Average commission rate paid per share............. $0.0731 $0.0800 $0.0800 -- --
- -------------
(1) Had the expense payment agreement not been in place, the ratio of expenses
to average net assets and total return would have been as follows:
Ratio of expenses to average net assets.......... 1.16% 1.21% 1.28% 1.46% 2.09%
Total return..................................... 30.33% 19.31% 25.42% 4.35% 12.02%
Furthermore, the ratio of expenses to average net assets for the year ended
October 31, 1997, 1996 and 1995 reflect fees paid with brokerage commission
and fees reduced in connection with specific arrangements. Had these
arrangements not been in place, the ratio would have been 1.18%, 1.30% and
1.38%, respectively.
</TABLE>
See Notes to Financial Statements
<PAGE>
THE 59 WALL STREET U.S. EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
1. Organization and Significant Accounting Policies. The 59 Wall Street
U.S. Equity Fund (the "Fund") is a separate 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 Fund commenced operations on July 23, 1992.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which require management to make certain
estimates and assumptions at the date of the financial statements and are based,
in part, on the following accounting policies. Actual results could differ from
those estimates.
A. Valuation of Investments. (1) The value of investments listed on
a 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) short-term investments
which mature in 60 days or less are valued at amortized cost if their
original maturity was 60 days or less, or by amortizing their value on the
61st day prior to maturity, if their original maturity when acquired by
the Fund was more than 60 days, unless this is determined not to represent
fair value by the Board of Directors.
B. 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. Interest income is accrued daily.
C. Deferred Organization Expenses. Expenses incurred by the Fund in
connection with its organization and initial public offering of its shares
are being amortized on a straight-line basis over a five-year period.
D. 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.
The 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 the Fund's tax return due to
certain book-to-tax differences such as losses deferred due to "wash sale"
transactions and utilization of capital loss carryforwards. These timing
differences may result in temporary over-distributions for financial
statement purposes and are classified as distributions in excess of
accumulated net realized capital gains or net investment income. 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.
E. Dividends and Distributions to Shareholders. Dividends to
shareholders from net investment income are paid semi-annually and are
recorded on the ex-dividend date. Distributions from net capital gains, if
any, are paid annually and are recorded on the ex-dividend date.
<PAGE>
THE 59 WALL STREET U.S. EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
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 the Fund calculated daily and paid monthly at an
annual rate equivalent to 0.65% of the Fund's average daily net assets. For the
period from July 1, 1997 through October 31, 1997, the Fund incurred $154,392
for investment advisory services. Fees for investment advisory services prior to
July 1, 1997 were paid under the Expense Payment Fee agreement.
Administrative Fee. The Corporation has an administrative agreement with
Brown Brothers Harriman & Co. (the "Administrator") for which the Administrator
receives a fee from the Fund calculated daily and paid monthly at an annual rate
equivalent to 0.15% of the 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 year ended October 31, 1997, the Fund incurred $91,737
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 the Fund calculated daily and paid monthly at an annual rate equivalent
to 0.25% of the Fund's average daily net assets. For the period from July 1,
1997 through October 31, 1997, the Fund incurred $59,381 for shareholder
servicing/eligible institution services. Fees for shareholder servicing/eligible
institution services prior to July 1, 1997 were paid under the Expense Payment
Fee agreement.
Expense Payment Fee. 59 Wall Street Administrators, Inc. pays certain
expenses of the Fund and receives a fee from the Fund, computed and paid
monthly, such that after such fee the aggregate expenses will not exceed 1.20%
of the Fund's average daily net assets. For the year ended October 31, 1997, 59
Wall Street Administrators, Inc. incurred approximately $364,722 in expenses,
including investment advisory fees of $243,134 and shareholder
servicing/eligible institution fees of $93,514, on behalf of the Fund. The
Fund's expense payment fee agreement terminated on July 1, 1997.
3. Investment Transactions. For the year ended October 31, 1997, the cost
of purchases and the proceeds of sales of investment securities other than
short-term investments were $21,882,687 and $19,870,502, respectively. For that
same period, the Fund paid brokerage commissions of $21,916 to Brown Brothers
Harriman & Co. for transactions executed on its behalf. Custody fees for the
Fund paid pursuant to the expense payment agreement were reduced by $21,682 as a
result of an expense offset arrangement with the Fund's custodian.
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 the Fund. Transactions in shares of capital
stock were as follows:
For the years ended October 31,
--------------------------------
1997 1996
-------- --------
Capital stock sold .......................... 297,331 528,010
Capital stock issued in connection with
reinvestment of dividends and distributions 35,562 17,456
Capital stock repurchased ................... (223,618) (222,860)
-------- --------
Net increase ................................ 109,275 322,606
======== ========
<PAGE>
INDEPENDENT AUDITORS' REPORT
Board of Directors and Shareholders
The 59 Wall Street U. S. Equity Fund (a series of The 59 Wall Street Fund, Inc.)
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of The 59 Wall Street U. S. Equity Fund
(a series of The 59 Wall Street Fund, Inc.) as of October 31, 1997, the related
statement of operations for the year then ended, the statement of changes in net
assets for the years ended October 31, 1997 and 1996, and the financial
highlights for each of the years in the five-year period ended October 31, 1997.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted audited
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at October
31, 1997 by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of The 59 Wall Street
U. S. Equity Fund at October 31, 1997, the results of its operations, the
changes in its net assets, and its financial highlights for respective stated
periods in conformity with generally accepted accounting principles.
Deloitte & Touche LLP
Boston, Massachusetts
December 12, 1997
<PAGE>
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The following investment management strategies and techniques have
materially affected the Fund's performance for the fiscal year ended October 31,
1997.
U.S. Equity Fund
The U.S. Equity Fund rose 30.29% in the twelve-month period ending October
31, 1997. This performance lagged the total return of the S&P 500 by 181 basis
points.
The major reason for the underperformance was the Fund's general focus on
companies of smaller size than those which comprise such a meaningful part of
the index. Specifically, the Fund for most of the past twelve months held only
seven of the largest twenty-five companies in the S&P 500. Those twenty-five
companies, because they amount to roughly one-third of the index's market
capitalization, exert a powerful influence over the index. For most of the
twelve months, investors have favored the largest companies in the S&P 500.
Failure to increase our exposure to these companies damaged our relative
performance figures this past year.
U.S. Equity Fund Growth of $10,000
[The following table was represented as a line graph in the printed material]
DATE U.S. Equity Fund* S&P 500 Index
---- ----------------- -------------
7/23/92 $10,000 $10,000
7/31/92 $10,320 $10,328
8/31/92 $10,076 $10,105
9/30/92 $10,284 $10,236
10/31/92 $10,336 $10,271
11/30/92 $10,837 $10,620
12/31/92 $10,747 $10,750
1/31/93 $10,872 $10,840
2/28/93 $10,892 $10,988
3/31/93 $11,055 $11,220
4/30/93 $10,615 $10,948
5/31/93 $10,890 $11,241
6/30/93 $10,974 $11,273
7/31/93 $10,893 $11,228
8/31/93 $11,374 $11,653
9/30/93 $11,326 $11,564
10/31/93 $11,670 $11,803
11/30/93 $11,638 $11,690
12/31/93 $11,859 $11,832
1/31/94 $12,042 $12,233
2/28/94 $11,802 $11,902
3/31/94 $11,297 $11,384
4/30/94 $11,382 $11,530
5/31/94 $11,614 $11,718
6/30/94 $11,496 $11,431
7/31/94 $11,844 $11,806
8/31/94 $12,294 $12,289
9/30/94 $12,109 $11,989
10/31/94 $12,208 $12,258
11/30/94 $11,745 $11,812
12/31/94 $11,939 $11,987
1/31/95 $11,977 $12,298
2/28/95 $12,441 $12,777
3/31/95 $13,044 $13,153
4/30/95 $13,332 $13,540
5/31/95 $13,667 $14,080
6/30/95 $14,039 $14,407
7/31/95 $14,582 $14,884
8/31/95 $14,590 $14,921
9/30/95 $15,044 $15,551
10/31/95 $15,321 $15,495
11/30/95 $16,288 $16,175
12/31/95 $16,524 $16,486
1/31/96 $16,921 $17,047
2/29/96 $17,292 $17,205
3/31/96 $17,331 $17,371
4/30/96 $17,249 $17,627
5/31/96 $17,421 $18,081
6/30/96 $17,286 $18,150
7/31/96 $16,253 $17,348
8/31/96 $16,763 $17,714
9/30/96 $17,964 $18,710
10/31/96 $18,280 $19,226
11/29/96 $19,524 $20,696
12/31/96 $19,106 $20,286
1/31/97 $19,786 $21,553
2/28/97 $19,674 $21,722
3/31/97 $19,101 $20,831
4/30/97 $20,041 $22,074
5/30/97 $21,915 $23,417
6/30/97 $22,660 $24,465
7/31/97 $24,377 $26,411
8/31/97 $23,740 $24,933
9/30/97 $24,576 $26,297
10/31/97 $23,817 $25,420
* net of fees and expenses
Past performance is not predictive of future performance.
<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
(800) 625-5759
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.
