[Graphic Omitted]
European Equity Fund
Pacific Basin Equity Fund
ANNUAL REPORT
October 31, 1999
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 1999
Shares Value
------- -----------
COMMON STOCKS AND WARRANTS (97.5%)
FINLAND (4.1%)
MULTI-INDUSTRY
51,000 Nokia AB..................... $ 5,837,041
------------
TOTAL FINLAND .............. 5,837,041
------------
FRANCE (19.4%)
BANKING
47,700 Banque National de Paris CI.. 4,189,466
------------
CAPITAL EQUIPMENT
26,900 Alcatel Alsthom SA........... 4,201,772
-----------
ENERGY
42,587 Total SA..................... 5,756,174
------------
MEDIA
45,400 Canal Plus................... 3,151,763
------------
PHARMACEUTICALS
74,000 Rhone Poulenc SA............. 4,140,923
------------
SERVICES
17,400 Accor SA..................... 3,916,668
15,000 Suez Lyonn Aise Des Eaux..... 2,421,884
------------
6,338,552
------------
TOTAL FRANCE ............ 27,778,650
------------
GERMANY (8.5%)
BANKING
40,290 Deutsche Pfandbrief-und
Hypothekenbank AG.......... 3,494,151
------------
CAPITAL EQUIPMENT
113,900 SAP AG ADR................... 4,164,469
------------
INSURANCE
14,894 Allianz AG Registered ....... 4,535,380
------------
TOTAL GERMANY ............... 12,194,000
------------
IRELAND (2.6%)
BANKING
92,800 Allied Irish Banks, Plc...... 1,161,579
------------
CONSUMER NON-DURABLES
1,491,763 Waterford Wedgewood, Plc..... 1,584,802
------------
PHARMACEUTICALS
35,600 Elan Corp., Plc. ADR*........ 916,700
------------
TOTAL IRELAND ............. 3,663,081
------------
ITALY (8.2%)
INSURANCE
132,800 Assicurazioni Generali ...... 4,281,366
------------
TELECOMMUNICATIONS
723,200 Telecom Italia Mobile SpA.... 4,529,956
345,000 Telecom Italia SpA........... 2,994,191
------------
7,524,147
------------
TOTAL ITALY ............... 11,805,513
------------
NETHERLANDS (6.5%)
CONSUMER GOODS
64,562 Heineken NV.................. 3,292,933
------------
FINANCE
86,100 Fortis Amev NV............... 2,964,169
------------
SERVICES
100,400 Ahold (Kon) NV............... 3,083,687
------------
TOTAL NETHERLANDS ......... 9,340,789
------------
SPAIN (8.0%)
BANKING
373,058 Banco Santander SA........... 3,872,998
------------
FINANCE
252,900 Banco Bilbao Vizcaya, SA..... 3,399,644
------------
TELECOMMUNICATIONS
260,738 Telefonica Ca.*.............. 4,289,383
------------
TOTAL SPAIN ................ 11,562,025
------------
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
Portfolio of Investments
October 31, 1999 (continued)
Shares Value
------- -----------
SWEDEN (7.0%)
CAPITAL EQUIPMENT
80,200 Atlas Copco.................. $ 2,116,172
111,000 Ericsson (LM) Telephone
Co. Class `B'.............. 4,616,002
------------
6,732,174
------------
CONSUMER DURABLES
166,000 Electrolux AB ............... 3,310,311
------------
TOTAL SWEDEN .............. 10,042,485
------------
SWITZERLAND (6.2%)
BANKING
14,900 Union Bank of Switzerland
AG......................... 4,335,203
------------
PHARMACEUTICALS
3,010 Novartis AG Bearer........... 4,502,264
------------
TOTAL SWITZERLAND .......... 8,837,467
------------
UNITED KINGDOM (27.0%)
ENERGY
634,600 BP Amoco..................... 6,157,581
600,000 Shell Transport & Trading
Co., Plc. ................. 4,599,314
------------
10,756,895
------------
FOOD & BEVERAGES
331,806 Diageo, Plc. ................ 3,353,123
------------
INSURANCE
187,100 Prudential Corp. ............ 2,934,539
------------
MEDIA
158,000 Pearson,Plc. ................ 3,549,080
------------
PHARMACEUTICALS
125,700 Glaxo Wellcome, Plc. ........ 3,709,640
------------
REAL ESTATE
344,800 British Land Co., Plc. (The). 2,478,766
62,700 Land Securities, Plc......... 783,017
------------
3,261,783
------------
SERVICES
220,000 BAA, Plc..................... 1,614,114
308,220 Granada Group................ 2,436,105
121,100 Railtrack Group, Plc......... 2,451,574
------------
6,501,793
------------
TELECOMMUNICATIONS
253,400 British Telecom, Plc......... 4,594,827
---------
TOTAL UNITED KINGDOM ....... 38,661,680
------------
TOTAL COMMON STOCKS
AND WARRANTS
(identified cost
$109,616,732)............. 139,722,731
------------
TIME DEPOSIT (2.1%)
3,047,000 State Street Bank
(Cayman) 4.50%, 11/1/99
(identified cost $3,047,000) 3,047,000
------------
TOTAL INVESTMENTS (identified cost $112,663,732) (a) ... 99.6% $142,769,731
CASH AND OTHER ASSETS in excess of LIABILITIES ....... 0.4 544,828
----- ------------
NET ASSETS ........................................... 100.0% $143,314,559
===== ============
- ------------
* Non-income producing security.
(a) The aggregate cost for federal income tax purposes is $114,548,476, the
aggregate gross unrealized appreciation is $31,278,592, and the aggregate
gross unrealized depreciation is $3,057,337, resulting in net unrealized
appreciation of $28,221,255.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
October 31, 1999
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments in securities, at value (identified cost $112,663,732) (Note 1)............ $142,769,731
Cash (including $653,410 in foreign currency).......................................... 660,653
Receivables for:
Foreign tax reclaim.................................................................. 230,572
Capital stock sold................................................................... 9,000
Dividends and other receivables...................................................... 177,956
------------
Total Assets ................................................................... $143,847,912
------------
LIABILITIES:
Payables for:
Capital stock redeemed............................................................... 237,328
Investment advisory fee (Note 3) .................................................... 76,601
Shareholder servicing/eligible institution fees (Note 2)............................. 29,462
Administrative fee (Note 2).......................................................... 17,677
Accrued expenses and other liabilities............................................... 172,285
------------
Total Liabilities .............................................................. 533,353
------------
Net Assets .......................................................................... $143,314,559
============
Net Assets Consist of:
Paid-in capital........................................................................ $101,590,120
Distributions in excess of net investment income....................................... (9,204)
Accumulated net realized gain.......................................................... 11,632,511
Net unrealized appreciation............................................................ 30,101,132
------------
Net Assets .................................................................................. $143,314,559
============
Net asset value and offering price per share
($143,314,559 / 3,778,953 shares) ...................................................... $37.92
======
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
STATEMENT OF OPERATIONS
October 31, 1999
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Income:
Dividends (net of foreign withholding taxes of $436,913)............................ $ 2,269,003
Interest income..................................................................... 62,116
-----------
Total Income ................................................................... 2,331,119
-----------
Expenses:
Investment advisory fee (Note 2).................................................... 963,214
Shareholder servicing/eligible institution fees (Note 2)............................ 370,467
Custodian fee ...................................................................... 273,938
Administrative fee (Note 2)......................................................... 222,280
Directors' fees and expenses (Note 2)............................................... 15,697
Miscellaneous expenses.............................................................. 131,894
-----------
Total Expenses ............................................................... 1,977,490
-----------
Net Investment Income ................................................................ 353,629
-----------
NET REALIZED AND UNREALIZED GAIN (Notes 1 and 3):
Net realized gain on investments and foreign exchange transactions..................... 17,161,319
Net change in unrealized appreciation on investments and foreign
exchange translations.............................................................. (476,200)
-----------
Net Realized and Unrealized Gain ............................................... 16,685,119
-----------
Net Increase in Net Assets Resulting from Operations .................................. $17,038,748
===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the years ended October 31,
--------------------------------
1999 1998
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............................................ $ 353,629 $ 961,898
Net realized gain on investments and foreign exchange
transactions.................................................. 17,161,319 18,182,740
Net change in unrealized appreciation on investments
and foreign currency translations............................. (476,200) 8,405,926
------------- -------------
Net increase in net assets resulting from operations ......... 17,038,748 27,550,564
------------- -------------
Dividends and distributions declared (Note 1):
From net investment income....................................... (2,459,709) (1,180,532)
In excess of net investment income............................... (21,160) --
From net realized gains........................................ (17,676,237) (19,684,595)
------------ ------------
Total dividends and distributions declared.................... (20,157,106) (20,865,127)
------------ ------------
Capital stock transactions (Note 4):
Net proceeds from sales of capital stock......................... 84,815,753 150,544,385
Net asset value of capital stock issued to shareholders in
reinvestment of distributions................................. 13,820,724 1,850,819
Net cost of capital stock redeemed............................... (107,760,311) (157,702,565)
------------- -------------
Net decrease in net assets resulting from capital
stock transactions......................................... (9,123,834) (5,307,361)
------------ ------------
Total increase (decrease) in net assets.................... (12,242,192) 1,378,076
NET ASSETS:
Beginning of year................................................... 155,556,751 154,178,675
------------- -------------
End of year (including distributions in excess of net investment
income and undistributed net investment income
of $9,204 and $2,106,080, respectively).......................... $ 143,314,559 $ 155,556,751
============= =============
</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 year
<TABLE>
<CAPTION>
For the years ended October 31,
-------------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year............ $39.05 $38.02 $35.02 $31.95 $31.82
Income from investment operations:
Net investment income....................... 0.091 0.42 0.39 0.38(1) 0.45
Net realized and unrealized gain............ 4.15 6.06 5.29 4.08 2.09
Less dividends and distributions (Note 1):
From net investment income.................. (0.65) (0.31) (0.41) -- --
In excess of net investment income.......... (0.01) -- -- -- --
From net realized gains..................... (4.71) (5.14) (2.27) (1.39) (2.41)
------ ------ ------ ------ ------
Net asset value, end of year.................. $37.92 $39.05 $38.02 $35.02 $31.95
====== ====== ====== ====== ======
Total Return.................................. 11.87% 19.34% 17.28% 14.63% 9.42%
Ratios/Supplemental Data:
Net assets, end of year (000's omitted)..... $143,315 $155,557 $154,179 $146,350 $116,955
Expenses as a percentage of average
net assets:
Expenses paid by Fund....................... 1.33% 1.18% 1.32% 1.23% 1.24%
Expenses paid by commissions(2)............. -- 0.01% 0.01% 0.01% 0.05%
Expense offset arrangement.................. -- 0.02% 0.03% 0.09% 0.14%
------ ------- ------ ------ ------
Total expenses........................ 1.33% 1.21% 1.36% 1.33% 1.43%
Ratio of net investment income to
average net assets........................ 0.24% 0.60% 1.02% 1.16% 1.55%
Portfolio turnover rate..................... 37% 56% 82% 42% 72%
</TABLE>
- ---------
(1) Calculated using average shares outstanding for the year.
(2) A portion of the Fund's securities transactions are directed to certain
unaffiliated brokers which in turn use a portion of the commissions they
receive from the Fund to pay other unaffiliated service providers on behalf
of the Fund for services provided for which the Fund would otherwise be
obligated to pay.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 1999
Shares Value
-------- -----------
COMMON STOCKS AND WARRANTS (95.7%)
AUSTRALIA (5.9%)
CONSUMER GOODS
321,800 Coca-Cola Amatil, Ltd. ...... $ 993,225
-----------
SERVICES
96,000 Lend Lease Corp.............. 1,104,578
1,225,000 Pasminco Ltd.* .............. 1,171,773
-----------
2,276,351
-----------
TELECOMMUNICATIONS
654,700 Cable and Wireless Optus*.... 1,498,832
-----------
TOTAL AUSTRALIA ............ 4,768,408
-----------
INDIA (2.9%)
CAPITAL EQUIPMENT
192,000 Reliance Industries ......... 1,038,949
-----------
CONSUMER DURABLES
11,700 Bajaj Auto, Ltd. ............ 118,725
-----------
355,850 Industrial Credit & Investment
Corp. of India, Ltd....... 649,646
-----------
MATERIALS
244,000 Indo Gulf Fertilisers and
Chemicals Corp., Ltd. GDR+. 463,600
6,574 Reliance Industries, Ltd. GDR 35,369
-----------
498,969
-----------
TOTAL INDIA ................ 2,306,289
-----------
JAPAN (69.0%)
BANKING
212,000 Asahi Bank, Ltd.............. 1,882,727
136,000 Dai Ichi Kangyo Bank......... 1,865,158
-----------
3,747,885
-----------
CAPITAL GOODS/DURABLES
338,000 Fuji Electric Co., Ltd.*..... 1,458,713
67,000 Matsushita Electric Industrial
Co. Ltd.................... 1,410,425
420 Matsushita Electric Industrial
Co. Ltd. (Warrants)*....... 278,250
57,000 Matsushita Electric Works.... 552,124
1,110 Matsushita Electric Works
(Warrants)*................ 138,750
346,000 Mitsubishi Heavy Industries . 1,357,188
74,000 Toyoda Auto Loom............. 1,440,683
-----------
6,636,133
-----------
CHEMICALS
39,000 Shin-Etsu Chemical Co........ 1,608,324
-----------
COMPUTER SOFTWARE
33,500 Meitec Corp. ................ 1,256,210
-----------
CONSUMER ELECTRONICS
10,600 Sony Corp. .................. 1,652,978
600 Sony Corp. (Warrants)*....... 352,500
-----------
2,005,478
-----------
CONSUMER GOODS
123,000 Kirin Brewery Co., Ltd. ..... 1,408,478
80,000 Suzuki Motor Corp............ 1,215,306
-----------
2,623,784
-----------
CONSUMER NON-DURABLES
14,000 Nintendo Co., Ltd. .......... 2,222,115
-----------
ELECTRIC COMPONENTS
7,000 Rohm Co., Ltd................ 1,570,922
230 Rohm Co. (Warrants)*......... 370,875
-----------
1,941,797
-----------
FINANCE
13,000 Jafco ....................... 1,458,713
13,000 Orix Corp.................... 1,745,468
-----------
3,204,181
-----------
FOOD & BEVERAGES
181,000 Kikkoman Corp................ 1,487,647
-----------
INSURANCE
232,000 Mitsui Marine & Fire......... 1,537,470
-----------
MATERIALS
34,000 Bridgestone Corp............. 935,840
439,000 Mitsubishi Materials*........ 1,157,811
366,000 Sumitomo Metal & Mining...... 1,105,687
210,000 Tokyo Steel Manufacturing
Co., Ltd................... 807,615
-----------
4,006,953
-----------
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 1999(continued)
Shares Value
- --------- -----------
JAPAN (continued)
MULTI-INDUSTRY
410,000 Prospect Japan Fund*......... $ 3,813,000
4,700 Softbank Corp................ 1,951,760
-----------
5,764,760
-----------
PHARMACEUTICALS
52,000 Kissei Pharmaceutical Co., Ltd. 997,411
43,000 Sankyo Co., Ltd.............. 1,224,801
500,000 Sankyo Co., Ltd. (Warrants)*. 262,415
57,000 Santen Pharmaceutical
Co., Ltd................... 1,287,379
19,000 Yamanouchi Pharmaceutical
Co., Ltd.................. 861,897
240 Yamanouchi Pharmaceutical
Co. Ltd. (Warrant)*........ 327,000
-----------
4,960,903
-----------
PRECISION INSTRUMENTS
18,000 Hoya Corp. .................. 1,294,716
-----------
REAL ESTATE
21,400 Oriental Land Co., Ltd....... 2,027,736
-----------
RETAIL
18,000 Ito-Yokado Co., Ltd.......... 1,439,724
-----------
SERVICES
9,900 Benesse Corp................. 2,117,292
51,000 Credit Saison Co., Ltd....... 1,254,579
93,000 Daikin Industries, Ltd....... 1,025,702
750,000 Kawasaki Kisen Kaisha, Ltd... 1,503,309
3,600 Trans Cosmos, Inc............ 457,466
-----------
6,358,348
-----------
UTILITIES
77,000 Chubu Electric Power
Co., Inc................... 1,313,734
-----------
TOTAL JAPAN ................ 55,437,898
-----------
PAKISTAN (0.0%)
MATERIALS
3 Crescent Textiles Mills, Ltd. --
-----------
SINGAPORE (8.9%)
CONSUMER GOODS
509,000 Fraser & Neave............... 2,172,729
-----------
FINANCE
159,290 DBS Group Holdings........... 1,800,428
-----------
MATERIALS
211,300 Asia Pulp & Paper, Ltd.
ADR*....................... 1,465,894
125,360 Asia Pulp Paper Ltd.
(Warrants)*................ 109,690
-----------
1,575,584
-----------
SERVICES
155,000 Singapore Airlines........... 1,640,113
-----------
TOTAL SINGAPORE ............ 7,188,854
-----------
SOUTH KOREA (9.0%)
ELECTRIC COMPONENTS
21,560 Samsung Electronics Co....... 3,594,831
-----------
MATERIALS
48,400 Pohang Iron & Steel Ltd.,
ADR........................ 1,615,350
-----------
TELECOMMUNICATIONS
157,000 SK Telecom, Ltd. ADR......... 2,050,812
-----------
TOTAL SOUTH KOREA ........... 7,260,993
-----------
TOTAL COMMON STOCKS
AND WARRANTS
(identified cost
$56,738,009).............. 76,962,442
-----------
TIME DEPOSIT (1.2%)
929,000 State Street Bank (Cayman)
4.50%, 11/1/99
(identified cost $929,000). 929,000
-----------
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
PORTFOLIO OF INVESTMENTS
October 31, 1999(continued)
TOTAL INVESTMENTS (identified cost $57,667,009) (a) ..... 96.9% $77,891,442
CASH AND OTHER ASSETS LESS LIABILITIES .................. 3.1 2,519,625
----- -----------
NET ASSETS .............................................. 100.0% $80,411,067
===== ===========
- ----------
* Non-income producing security.
+ Rule 144A security.
(a) The aggregate cost for federal income tax purposes is $62,102,404, the
aggregate gross unrealized appreciation is $17,559,980, and the aggregate
gross unrealized depreciation is $1,680,942, resulting in net unrealized
appreciation of $15,879,038.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN FUND
STATEMENT OF ASSETS AND LIABILITIES
October 31, 1999
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments in securities, at value (identified cost $57,667,009) (Note 1)............. $77,891,442
Cash .................................................................................. 73,058
Receivables for:
Investments sold..................................................................... 1,831,836
Capital stock sold................................................................... 663,235
Dividends............................................................................ 95,022
-----------
Total Assets .................................................................. $80,554,593
-----------
LIABILITIES:
Payables for:
Investment advisory fee (Note 3) .................................................... 43,481
Shareholder servicing/eligible institution fees (Note 2)............................. 16,724
Foreign withholding taxes............................................................ 14,117
Administrative fee (Note 2)......................................................... 10,034
Capital stock redeemed............................................................... 2,106
Accrued expenses and other liabilities............................................... 57,064
-----------
Total Liabilities .............................................................. 143,526
-----------
Net Assets .............................................................................. $80,411,067
===========
Net Assets Consist of:
Paid-in capital........................................................................ $85,924,895
Undistributed net investment income.................................................... 675,496
Accumulated net realized loss.......................................................... (26,412,431)
Net unrealized appreciation............................................................ 20,223,107
-----------
Net Assets .................................................................................. $80,411,067
===========
Net asset value and offering price per share
($80,411,067 / 2,073,868 shares) ....................................................... $38.77
======
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN FUND
STATEMENT OF OPERATIONS
October 31, 1999
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Income:
Dividends (net of foreign withholding taxes of $56,421)............................. $ 385,096
Interest income..................................................................... 46,939
-----------
Total Income ................................................................... 432,035
-----------
Expenses:
Investment advisory fee (Note 2).................................................... 342,621
Shareholder servicing/eligible institution fees (Note 2)............................ 131,777
Custodian fee (Note 3).............................................................. 105,064
Administrative fee (Note 2)......................................................... 79,066
Professional fees................................................................... 42,126
Directors' fees and expenses (Note 2)............................................... 8,804
Miscellaneous expenses.............................................................. 28,327
-----------
Total Expenses ................................................................... 737,785
Fees paid indirectly.............................................................. (2,497)
-----------
Net Expenses .................................................................... 735,288
-----------
Net Investment Loss ................................................................... (303,253)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) (Notes 1 and 3):
Net realized gain on investments and foreign exchange transactions..................... 11,428,050
Net change in unrealized depreciation on investments and foreign
exchange translations.............................................................. 21,794,575
-----------
Net Realized and Unrealized Gain .................................................. 33,222,625
-----------
Net Increase in Net Assets Resulting from Operations .................................. $32,919,372
===========
</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 years ended October 31,
----------------------------------
1999 1998
------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment loss.............................................. $ (303,253) $ (315,697)
Net realized gain (loss) on investments and foreign exchange
transactions.................................................. 11,428,150 (20,966,434)
Net change in unrealized appreciation on investments
and foreign currency translations............................. 21,794,575 15,355,772
------------- -------------
Net increase (decrease) in net assets resulting
from operations ............................................. 32,919,372 (5,926,359)
------------- -------------
Dividends and distributions declared (Note 1):
From net investment income....................................... -- (1,028,455)
In excess of net investment income............................... -- (2,160,330)
------------- -------------
Total dividends and distributions declared.................... -- (3,188,785)
------------- -------------
Capital stock transactions (Note 4):
Net proceeds from sales of capital stock......................... 115,186,849 57,199,326
Net asset value of capital stock issued to shareholders in
reinvestment of distributions................................. -- 147,105
Net cost of capital stock redeemed............................... (100,325,530) (117,907,402)
------------- -------------
Net increase (decrease) in net assets resulting from capital
stock transactions......................................... 14,861,319 (60,560,971)
------------- -------------
Total increase (decrease) in net assets.................... 47,780,691 (69,676,115)
NET ASSETS:
Beginning of year................................................... 32,630,376 102,306,491
------------- -------------
End of year (including undistributed net investment income of
$675,496 and distributions in excess of net investment
income of $489,072, respectively)................................ $ 80,411,067 $ 32,630,376
============= =============
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET PACIFIC BASIN FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share outstanding throughout each year
<TABLE>
<CAPTION>
For the years ended October 31,
-----------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $20.31 $24.52 $30.19 $29.88 $39.85
Income from investment operations:
Net investment income (loss)................ (0.17)(1) (0.20) 0.00(1),(2) 0.051 0.11
Net realized and unrealized gain (loss)..... 18.63 (2.39) (4.69) 1.62 (4.50)
Less dividends and distributions (Note 1):
From net investment income.................. -- (0.52) (0.00)(2) (0.86) (0.00)(2)
In excess of net investment income.......... -- (1.10) (0.25) (0.50) --
From net realized gains..................... -- -- (0.28) -- (5.58)
In excess of net realized gains............. -- -- (0.45) -- --
------ ------ ------ ------- ------
Net asset value, end of period................ $38.77 $20.31 $24.52 $30.19 $29.88
====== ====== ====== ====== ======
Total return.................................. 90.89% (10.78%) (16.03%) 5.65% (10.62%)
Ratios/Supplemental Data:
Net assets, end of period (000's omitted) .. $80,411 $32,630 $102,306 $150,685 $114,932
Expenses as a percentage of average
net assets:
Expenses paid by Fund..................... 1.39% 1.44% 1.19% 1.13% 1.24%
Expenses paid by commissions3 ............ -- -- 0.01% 0.01% 0.05%
Expense offset arrangement................ -- (4) 0.18% 0.06% 0.16% 0.14%
------ ------ ------ ------ ------
Total expenses.......................... 1.39% 1.62% 1.26% 1.30% 1.43%
Ratio of net investment income (loss) to
average net assets....................... (0.58%) (0.73%) 0.00% 0.16% 0.53%
Portfolio turnover rate..................... 97% 91% 63% 58% 82%
</TABLE>
- ---------
(1) Calculated using average shares outstanding for the year.
(2) Less than $0.01 per share.
(3) A portion of the Fund's securities transactions are directed to certain
unaffiliated brokers which in turn use a portion of the commissions they
receive from the Fund to pay other unaffiliated service providers on behalf
of the Fund for services provided for which the Fund would otherwise be
obligated to pay.
(4) Less than 0.01%.
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
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-ended management investment company organized under the
laws of the State of Maryland on July 19, 1990. The Funds commenced operations
on November 1, 1990.
Each 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
either a domestic or foreign securities exchange is based on the last
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 transactions. The Funds do not isolate that portion of
realized gain or loss on investments resulting from changes in foreign
exchange rates on investments from the fluctuations arising from the
changes in market prices of such investments. Such fluctuations are
included with the net realized and unrealized gain or loss from
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 Fund's
books and the U.S. dollar equivalents of the amounts actually received or
paid. Net unrealized appreciation or depreciation on foreign currency
translations arise from
<PAGE>
THE 59 WALL STREET EUROPEAN EQUITY FUND
THE 59 WALL STREET PACIFIC BASIN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS(continued)
changes in the value of the assets and liabilities, excluding investments
in securities, at fiscal year end, arising from changes in the exchange
rate.
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 the portfolio securities are recorded on 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
form generally accepted accounting principles, the basis which these
financial statements are prepared. Accordingly, the amounts of net
investment income an 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 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 differences may result in temporary over-distributions for financial
statement purposes and are classified as distributions in excess of
accumulated net realized gains or net investment income. Permanent
differences are reclassified on the statement of assets and liabilities
based upon their tax classification. 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
year ended October 31, 1999, the European Equity Fund and the Pacific Basin Fund
incurred $963,214 and $342,621, 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)
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 sub administration 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, 1999, the
European Equity Fund and the Pacific Basin Equity Fund incurred $222,280 and
$79,066, 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% if each Fund's average daily net assets. For the year ended
October 31, 1999, the European Equity Fund and the Pacific Basin Equity Fund
incurred $370,467 and $131,777, respectively, for such services.
Board of Directors' Fee. Each Director receives an annual fee as well as
reimbursement for reasonable out-of-pocket expenses from each Fund. For the year
ended October 31, 1999, the European Equity Fund and the Pacific Basin Equity
Fund incurred $15,697 and $8,804, respectively, for these fees.
3. Investment Transactions. For year ended October 31, 1999, the cost of
purchases and the proceeds of sales of investment securities other than
short-term investments were as follows:
European Pacific Basin
Equity Fund Equity Fund
----------- -----------
Purchases......................... $56,331,250 $61,203,908
Sales............................. $54,823,820 $50,678,389
There were no purchases or sales of U.S. government obligations during the
year. Custody fees for the Pacific Basin Equity Fund were further reduced by
$2,497, 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 each of the Funds. Transactions in shares of
capital stock were as follows:
<TABLE>
<CAPTION>
For the years ended October 31,
--------------------------------------------------------
European Equity Fund Pacific Basin Equity Fund
------------------------- -------------------------
1999 1998 1999 1998
--------- -------- ---------- -----------
<S> <C> <C> <C> <C>
Capital stock sold.................................. 2,264,288 3,734,540 3,748,466 2,679,150
Capital stock issued in connection with reinvestment
of dividends and distributions................... 391,411 55,002 -- 7,079
Capital stock redeemed.............................. (2,860,346) (3,861,404) (3,281,480) (5,251,617)
---------- ---------- ---------- ----------
Net increase (decrease)............................. (204,647) (71,862) 466,986 (2,565,388)
========== ========== ========== ==========
</TABLE>
5. Federal Income Tax Status. At October 31, 1999, the Pacific Basin
Equity Fund, for federal income taxes purposes, had a capital loss carryforward
of $25,826,588 which may be applied against any net taxable realized gain of
each succeeding year until the earlier of it utilization or expiration on
October 31, 2006.
6. Subsequent Event. Effective November 1, 1999, each of the European
Equity Fund and the Pacific Basin Equity Fund will invest all of its assets in
the European Equity Portfolio and the Pacific Basin Equity Portfolio,
respectively. Each is an open-ended investment company having the same
investment objective as its corresponding fund.
<PAGE>
INDEPENDENT AUDITORS' REPORT
Board of Directors and Shareholders
The 59 Wall Street Fund, Inc.:
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of The 59 Wall Street European Equity
Fund and The 59 Wall Street Pacific Basin Equity Fund (portfolios of the 59 Wall
Street, Fund, Inc.) as of October 31, 1999, the related statements of operations
for the year then ended, the statements of changes in net assets for the years
ended October 31, 1999, and 1998, and the financial highlights for each of the
years in the five-year period ended October 31, 1999. These financial statements
and financial highlights are the responsibility of the Portfolio'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 auditing
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, 1999 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 respective
portfolios of The 59 Wall Street Fund, Inc. at October 31, 1999, the results of
their operations, the changes in their net assets, and their financial
highlights for the respective stated periods in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 17, 1999
<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,
1999.
European Equity Fund
After a pronounced slowdown in economic growth in the latter half of 1998,
European economies found their footing again early in 1999 and accelerated
gradually throughout the year. This economic rebound, coupled with ongoing
restructuring and reorganization of the European corporate sector, drove
earnings growth of around 17% for the period under review. Although underlying
European equity markets reflected this strong earnings growth, with the MSCI
Europe up 22.4% in local terms, weakness in the euro held back dollar returns to
a more pedestrian 12.5% for the year ended October 1999.
This market performance, though, hides significant returns in certain
sectors of the market. European technology stocks, for example, enjoyed a
massive rally throughout the first nine months of 1999, in line with the Nasdaq
market in the US. The Fund's holdings in mobile communication equipment
manufacturers, software companies and certain media stocks benefited from these
trends throughout the year.
The European Equity Fund realized a dollar-adjusted return of 11.9% during
the period, and since its inception has generated an annualized rate of return
of 12.5%. The investment strategy continues to focus on larger capitalization
companies with leading market positions and superior growth prospects.
European Equity Fund Growth of $10,000
-----------------------------------------------
Total Return
-----------------------------------------------
One Year Five Years Inception
Ended Ended to 10/31/99
10/31/99 10/31/99 (Annualized)
-----------------------------------------------
11.87% 14.45% 12.49%
-----------------------------------------------
[plot points for line chart]
DATE European Equity Fund* MSCI-Europe
10/31/90 $10,000 $10,000
11/30/90 $9,924 $10,100
12/31/90 $9,784 $9,954
1/31/91 $9,964 $10,288
2/28/90 $10,460 $11,188
3/31/91 $9,880 $10,439
4/30/91 $10,004 $10,329
5/31/91 $10,144 $10,634
6/30/91 $9,500 $9,740
7/31/91 $9,996 $10,415
8/31/91 $10,108 $10,605
9/30/91 $10,368 $10,923
10/31/91 $10,160 $10,694
11/30/91 $9,904 $10,442
12/31/91 $10,689 $11,258
1/31/92 $10,746 $11,255
2/29/92 $10,790 $11,299
3/31/92 $10,435 $10,903
4/30/92 $11,073 $11,505
5/31/92 $11,549 $12,160
6/30/92 $11,452 $11,933
7/31/92 $10,972 $11,507
8/31/92 $11,032 $11,469
9/30/92 $10,895 $11,280
10/31/92 $10,960 $10,493
11/30/92 $11,218 $10,488
12/31/92 $11,494 $10,728
1/31/93 $11,340 $10,746
2/28/93 $11,419 $10,868
3/31/93 $11,762 $11,427
4/30/93 $12,082 $11,680
5/31/93 $12,223 $11,806
6/30/93 $11,836 $11,633
7/31/93 $11,871 $11,673
8/31/93 $12,885 $12,698
9/30/93 $12,929 $12,659
10/31/93 $13,680 $13,186
11/30/93 $13,606 $12,902
12/31/93 $14,611 $13,870
1/31/94 $15,322 $14,576
2/28/94 $14,524 $14,060
3/31/94 $13,730 $13,663
4/30/94 $14,071 $14,228
5/31/94 $13,448 $13,623
6/30/94 $13,453 $13,480
7/31/94 $14,094 $14,187
8/31/94 $14,667 $14,637
9/30/94 $14,094 $14,055
10/31/94 $14,685 $14,668
11/30/94 $13,960 $14,106
12/31/94 $14,036 $14,187
1/31/95 $13,906 $14,076
2/28/95 $14,222 $14,396
3/31/95 $14,896 $15,064
4/30/95 $15,409 $15,546
5/31/95 $15,505 $15,864
6/30/95 $15,470 $16,014
7/31/95 $15,998 $16,846
8/31/95 $16,450 $16,198
9/30/95 $16,400 $16,687
10/31/95 $16,068 $16,608
11/30/95 $15,842 $16,726
12/31/95 $16,352 $17,257
1/31/96 $16,404 $17,369
2/29/96 $16,678 $17,685
3/31/96 $17,219 $17,897
4/30/96 $17,630 $18,026
5/31/96 $17,966 $18,165
6/30/96 $17,924 $18,365
7/31/96 $17,445 $18,135
8/31/96 $17,971 $18,674
9/30/96 $18,165 $18,970
10/31/96 $18,418 $19,508
11/29/96 $19,192 $20,497
12/31/96 $19,499 $20,894
1/31/97 $19,317 $20,950
2/28/97 $19,289 $21,227
3/31/97 $19,874 $21,913
4/30/97 $19,465 $21,804
5/30/97 $20,391 $22,735
6/30/97 $21,499 $23,872
7/31/97 $22,237 $24,991
8/31/97 $20,811 $23,563
9/30/97 $22,783 $25,848
10/31/97 $21,601 $24,577
11/30/97 $21,931 $24,955
12/31/97 $22,478 $25,867
1/31/98 $23,429 $26,943
2/28/98 $25,191 $29,050
3/31/98 $27,172 $31,119
4/30/98 $27,839 $31,722
5/31/98 $28,169 $32,365
6/30/98 $28,439 $32,719
7/31/98 $29,060 $33,366
8/31/98 $24,815 $29,169
9/30/98 $24,016 $28,003
10/31/98 $25,779 $30,244
11/30/98 $27,410 $31,853
12/31/98 $27,911 $33,246
01/31/99 $28,101 $33,032
02/28/99 $27,987 $32,194
03/31/99 $28,428 $32,545
04/30/99 $28,892 $33,515
05/31/99 $27,835 $31,905
06/30/99 $28,420 $32,444
07/31/99 $28,420 $32,745
08/31/99 $28,025 $33,078
09/30/99 $27,759 $32,823
10/31/99 $28,839 $34,031
*net of fees and expenses
Past performance is not predictive of future performance.
<PAGE>
Pacific Basin Equity Fund
The twelve months to October 31, 1999 saw a remarkable improvement in the
stock markets and economies of the Pacific region. The MSCI Pacific index
returned 51.6% in US dollars, reversing its 13.9% decline in the prior 12-month
period. Of the five country components to this index, leadership came from three
markets: Japan (+69.7%), Singapore (+66.1%) and Hong Kong (+30.1%). Outside the
index benchmark there were significantly higher returns from Korea (+127.2%),
Indonesia (+122.3%) and the Japan OTC market (+264.6%).
Once again the 59 Wall Street Pacific Fund outperformed its benchmark,
rising by 90.9% to 10/31/99. The excess return relative to the MSCI Pacific
index was achieved by above-benchmark performance of our Japanese holdings,
including exposure to the dynamic small-company segment, and by highly selective
diversification out of Japan, where the Fund had been concentrated for most of
1998, into the markets of Korea, Australia and Singapore. More lately the Fund
has added positions in Hong Kong, and retains a small exposure to India. Since
June 30, 1999 the Fund has not had any currency hedges, having realized a modest
profit on its pre-existing yen position.
While we do not anticipate anything like the returns of the past 12 months
as we head into a new year, the region's economic outlook is considerably
brighter. Improved corporate management in Japan and Korea; a more stable
political outlook in countries such as Indonesia; and appropriate macroeconomic
policies, such as tax cuts in Japan and Hong Kong, are encouraging developments.
Pacific Basin Equity Fund Growth of $10,000
-----------------------------------------------
Total Return
-----------------------------------------------
One Year Five Years Inception
Ended Ended to 10/31/99
10/31/99 10/31/99 (Annualized)
-----------------------------------------------
90.89% 6.21% 10.02%
-----------------------------------------------
[plot points for line chart]
DATE Pacific Basin Equity Fund* MSCI-Pacific
10/31/90 $10,000 $10,000
11/30/90 $9,368 $8,891
12/31/90 $9,580 $9,270
1/31/90 $9,940 $9,559
2/28/90 $10,820 $10,737
3/31/91 $10,912 $10,151
4/30/91 $11,312 $10,412
5/31/91 $11,308 $10,372
6/30/91 $11,008 $9,694
7/31/91 $11,296 $10,021
8/31/91 $10,656 $9,513
9/30/91 $10,936 $10,262
10/31/91 $11,068 $10,698
11/30/91 $10,612 $10,010
12/31/91 $10,886 $10,317
1/31/92 $11,095 $9,918
2/29/92 $10,927 $9,223
3/31/92 $10,457 $8,346
4/30/92 $10,776 $7,964
5/31/92 $11,487 $8,585
6/30/92 $11,013 $7,910
7/31/92 $10,326 $7,800
8/31/92 $11,140 $8,869
9/30/92 $10,760 $8,665
10/31/92 $11,254 $8,360
11/30/92 $11,393 $8,518
12/31/92 $11,556 $8,420
1/31/93 $11,437 $8,404
2/28/93 $11,899 $8,812
3/31/93 $12,377 $9,877
4/30/93 $13,288 $11,450
5/31/93 $13,915 $11,783
6/30/93 $13,470 $11,590
7/31/93 $13,584 $12,275
8/31/93 $14,469 $12,638
9/30/93 $14,787 $12,166
10/31/93 $16,883 $12,436
11/30/93 $16,744 $10,681
12/31/93 $20,211 $11,425
1/31/94 $19,470 $12,748
2/28/94 $18,493 $13,077
3/31/94 $16,892 $12,355
4/30/94 $17,103 $12,889
5/31/94 $17,239 $13,196
6/30/94 $16,656 $13,628
7/31/94 $17,261 $13,335
8/31/94 $17,831 $13,567
9/30/94 $17,524 $13,227
10/31/94 $17,471 $13,562
11/30/94 $16,086 $12,805
12/31/94 $15,866 $12,891
1/31/95 $14,293 $12,076
2/28/95 $14,576 $11,777
3/31/95 $15,124 $12,681
4/30/95 $15,067 $13,220
5/31/95 $15,704 $12,691
6/30/95 $15,464 $12,153
7/31/95 $16,201 $13,030
8/31/95 $15,893 $12,538
9/30/95 $15,992 $12,655
10/31/95 $15,616 $12,040
11/30/95 $15,574 $12,632
12/31/95 $16,421 $13,249
1/31/96 $17,197 $13,271
2/29/96 $16,924 $13,121
3/31/96 $17,399 $13,524
4/30/96 $18,317 $14,213
3/31/96 $17,956 $13,596
6/30/96 $17,885 $13,598
7/31/96 $17,000 $12,973
8/31/96 $16,530 $12,632
9/30/96 $16,978 $13,044
10/31/96 $16,497 $12,438
11/29/96 $16,760 $12,776
12/31/96 $16,304 $12,111
1/31/97 $15,440 $11,092
2/28/97 $15,672 $11,323
3/31/97 $15,033 $10,908
4/30/97 $15,191 $11,135
5/30/97 $16,762 $12,224
6/30/97 $17,576 $12,981
7/31/97 $17,547 $12,670
8/31/97 $15,220 $11,414
9/30/97 $15,287 $11,370
10/31/97 $13,853 $9,989
11/30/97 $13,468 $9,439
12/31/97 $13,023 $9,024
1/31/98 $13,364 $9,513
2/28/98 $13,406 $9,854
3/31/98 $13,102 $9,311
4/30/98 $13,053 $9,126
5/31/98 $13,138 $8,506
6/30/98 $13,017 $8,489
7/31/98 $13,991 $8,341
8/31/98 $12,834 $7,355
9/30/98 $12,456 $7,330
10/31/98 $12,359 $8,599
11/30/98 $13,796 $8,994
12/31/98 $13,662 $9,244
01/31/99 $14,210 $9,311
02/28/99 $14,271 $9,129
03/31/99 $16,330 $10,279
04/30/99 $17,749 $10,966
05/31/99 $17,487 $10,312
06/30/99 $20,405 $11,260
07/31/99 $22,013 $12,117
08/31/99 $22,531 $11,994
09/30/99 $23,140 $12,547
10/31/99 $23,615 $13,032
*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.
21 Milk Street
Boston, Massachusetts 02109
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.
