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Annual Notice of Securities Sold Pursuant to Rule 24f-2
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
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1. Name and address of issuer:
The Fahnestock Funds
110 Wall Street
New York, New York 10005
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2. Name of each series or class of funds for which this notice is filed:
Hudson Capital Appreciation Fund shares of beneficial
interest, par value $.01 per share
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3. Investment Company Act File Number: 811-6166
Securities Act File Number: 33-36697
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4. Last day of fiscal year for which this notice is filed:
December 31, 1996
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration
N/A
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6. Date of termination of issuer's declaration under Rule 24f-3(a)(1), if
applicable (see Instruction A.6):
N/A
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to Rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning of
the fiscal year:
9,944.177 shares (total offering price of $62,905.04) representing
151,400.835 shares at an estimated offering price of $11.50 per share
(total offering price of $1,741,109.60) registered pursuant to Rule
24e-2 by Post-Effective Amendment No. 5 of the Registration Statement
under the Securities Act of 1933 (Amendment No. 7 of the Registration
Statement under the Investment Company Act of 1940) less 141,456.658
shares (total offering price of $1,678,204.56) sold during the fiscal
year ended December 31, 1995.
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8. Number and amount of securities registered during the fiscal year other
than pursuant to Rule 24f-2:
566,502.585 shares at an estimated offering price of $12.51 per share
(total offering price of $7,086,947.34) representing net redemptions
from prior year(s) and applied in "reduction" of amount to be
registered pursuant to Rule 24e-2 by Post-Effective Amendment No. 6 of
the Registration Statement under the Securities Act of 1933 (Amendment
No. 8 of the Registration Statement under the Investment Company Act
of 1940.)
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9. Number and aggregate sale price of securities sold during the fiscal year:
223,039.232 shares at an aggregate sale price of $2,946,522.33.
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to Rule 24f-2:
None. All shares sold were sold in reliance on registration under Rule
24e-2 (See Items 8 and 9).
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11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
N/A
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal year in
reliance on Rule 24f-2 (from Item 10):
$ -0-
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(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable):
N/A
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(iii) Aggregate price of shares redeemed or repurchase during the fiscal
year (if applicable):
N/A
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(iv) Aggregate price of shares redeemed or repurchased and previously
applied as reduction to filing fees pursuant to Rule 24e-2 (if
applicable):
N/A
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(v) Net aggregate price of securities sold and issued during the
fiscal year in reliance on Rule 24f-2:
N/A
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(vi) Multiplier prescribed by Section 6(b) of the Securities Act of
1933 or other applicable law or regulation (see Instruction C.6)
x 1/3300
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(vii) Fee due [line (i) or line(v) multiplied by line (vi)]:
$ -0-
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Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only
if the form is being filed within 60 days after the close of the
issuer's fiscal year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox depository
as described in Section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a).
N/A
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By /s/ Russell Pollack
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Russell Pollack, Secretary
Date: March 27, 1997
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March 27, 1997
The Fahnestock Funds
110 Wall Street
New York, New York 10005
Attention: Mr. Albert G. Lowenthal
Chairman and Chief Executive Officer
Re: Form 24F-2
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Gentlemen:
You have requested that we, as counsel to The Fahnestock Funds (the
"Company"), render an opinion in connection with the filing by the Company of
the annexed Form 24F-2 (the "Form") pursuant to the Investment Company Act of
1940 (the "Act") for the Company's fiscal year ended December 31, 1996. The Form
states that during the fiscal year ended December 31, 1996, an aggregate of
223,039.232 shares of beneficial interest, $.01 par value per share (the
"Shares"), of the Company were sold for an aggregate public offering price of
$2,946,522.33 (excluding 213,110.755 Shares, with a purchase value of
$2,755,521.88, issued upon automatic reinvestment of dividends). As indicated in
Item 10 of the Form, all of the Shares sold in 1996 had been registered pursuant
to Rule 24e-2 under the Act.
We have examined the Company's Declaration of Trust, its By-Laws,
resolutions adopted by its Board of Trustees, and other records and documents
that we have deemed necessary for the purpose of this opinion. We have also
examined certain other documents, papers, statutes and authorities as we have
deemed necessary to form a basis for the opinion hereinafter expressed.
On the basis of the foregoing, and assuming that all of the Shares
were sold in accordance with the terms of the Company's Prospectus in effect at
the time of sale, we are of the opinion that the Shares were legally issued,
fully paid and non-assessable by the Company.
Very truly yours,
FAITH COLISH
A Professional Corporation
by /s/ Faith Colish
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Faith Colish
