<PAGE>
- --------------------------------------------------------------------------------
THE
PAKISTAN
INVESTMENT
FUND, INC.
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
JUNE 30, 1998
MORGAN STANLEY ASSET MANAGEMENT INC.
INVESTMENT ADVISER
THE PAKISTAN INVESTMENT FUND, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
Barton M. Biggs
CHAIRMAN OF THE BOARD
OF DIRECTORS
Michael F. Klein
PRESIDENT AND DIRECTOR
Peter J. Chase
DIRECTOR
John W. Croghan
DIRECTOR
David B. Gill
DIRECTOR
Graham E. Jones
DIRECTOR
John A. Levin
DIRECTOR
William G. Morton, Jr.
DIRECTOR
Stefanie V. Chang
VICE PRESIDENT
Harold J. Schaaff, Jr.
VICE PRESIDENT
Joseph P. Stadler
VICE PRESIDENT
Valerie Y. Lewis
SECRETARY
Joanna M. Haigney
TREASURER
Belinda A. Brady
ASSISTANT TREASURER
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
U.S. INVESTMENT ADVISER
Morgan Stanley Asset Management Inc.
1221 Avenue of the Americas
New York, New York 10020
- --------------------------------------------------------------------------------
PAKISTAN INVESTMENT ADVISER
International Asset Management Company Limited
Nacon House
Maulana Din Mohammed Wafar Road
Karachi, Pakistan
- --------------------------------------------------------------------------------
ADMINISTRATOR
The Chase Manhattan Bank
73 Tremont Street
Boston, Massachusetts 02108
- --------------------------------------------------------------------------------
CUSTODIANS
Morgan Stanley Trust Company
One Pierrepont Plaza
Brooklyn, New York 11201
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 11245
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING AGENT
American Stock Transfer & Trust Company
40 Wall Street
New York, New York 10005
(800) 278-4353
- --------------------------------------------------------------------------------
LEGAL COUNSEL
Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
- --------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
For additional Fund information, including the Fund's net asset value per share
and information regarding the investments comprising the Fund's portfolio,
please call 1-800-221-6726.
<PAGE>
LETTER TO SHAREHOLDERS
- ---------
For the six months ended June 30, 1998, The Pakistan Investment Fund, Inc. (the
"Fund") had a total return, based on net asset value per share, of -51.36%
compared to -56.78% for the IFC Global Pakistan Total Return Index (the
"Index"). For the one year ended June 30, 1998, and for the period from the
Fund's commencement of operations on December 27, 1993 through June 30, 1998,
the Fund had a total return, based on net asset value per share, of -48.67% and
- -79.14%, respectively, compared with -54.78% and -72.36%, respectively, for the
Index. On June 30, 1998, the closing price of the Fund's shares on the New York
Stock Exchange was $2 9/16 representing a 12.0% discount to the Fund's net asset
value per share.
The rebalancing of the Fund's portfolio in the first two quarters of the year
where the Fund went significantly underweight Hub Power Co. (HUBCO) and Pakistan
State Oil Co. (PSO) and overweight Pakistan Telecommunications Corp. (PTCL) and
Lever Brothers relative to the Index played a major role in achieving
outperformance. We are significantly underweight HUBCO as we believe that it no
longer offers the same low-risk/high return profile that was once its hallmark.
The government is bent on renegotiating the IPP tariff downwards simply because
the Water and Power Development Authority (WAPDA) and the government of Pakistan
cannot pay. On the other hand we have a positive outlook on PTCL, which is now
the single largest holding of the Fund, representing 19.5% of the Fund's net
assets as of June 30, 1998. PTCL is one of the cheapest telecommunication
companies both regionally and globally. The recent tariff rebalancing package,
along with increased dollar revenues due to devaluation, improving cash flows
and a strong candidate for complete privatization makes PTCL our top pick in
Pakistan. Other significant outperformers in the Fund in the first half of 1998
included Pak Suzuki, Adamjee Insurance, Nishat Mills and Packages Ltd.
The market outlook in the near-term is precariously balanced between two
scenarios. The optimistic opinion holds that economic sanctions will be eased as
Pakistan signs the Comprehensive Test Ban Treaty ("CTBT") and multilateral
IMF/World Bank support for Pakistan comes through, albeit with some delay. In
the meantime, cash and deferred payment support should be forthcoming from
friendly Middle East countries to provide some breathing space. This will enable
the government to continue servicing its external debt obligations during the
new fiscal year 98-99. We are seeing some of that aid coming already in the
last few weeks. Given this scenario, the market has probably hit its bottom
around the 750 levels and could move up 25% in the medium-term when the IMF
eventually approves release of the next ESAF funding tranche.
The more pessimistic stance is that there is no certainty that sanctions will be
eased or that IMF assistance will come early enough to prevent a possible
default by Pakistan on its external debt servicing obligations. As such, the
market could hover around 700 and even fall below if foreign exchange reserves
fall sharply.
We believe the first scenario to be more likely and that Pakistan will pull
through and stay afloat with the help of the IMF, the U.S. and the Middle East.
However we remain cautious of the longer term outlook on the market and the
economy. Even if IMF/multilateral support comes through, a sustained stock
market rally is impossible as long as the fundamental problem of Pakistan's
economic structural imbalance continues and until its' external debt has to go
in for a debt rescheduling exercise in the third quarter of 1998. Unless there
is comprehensive rescheduling of external debt, accompanied by an earnest reform
initiative, no long-term sustainable economic development is likely to occur and
private sector investment will remain conspicuous by its absence. The
government has unfortunately been foot-dragging on reforms over the past few
months. The need of the hour is for government to press for radical economic
reforms and move on with the privatization of telecommunications and gas
utilities.
Economic outlook remains cloudy over the next two quarters with large scale
industry continuing to stagnate under poor demand and over capacity pressures.
Agriculture should continue to perform robustly. Gross domestic product growth
forecasts are subject to assumptions regarding sanctions and multilateral
support. If external sector problems intensify, the government may have to go
for heavy import compression and credit rationing. This may cause gross
domestic product growth for the current fiscal year to decelerate sharply to
about 1.5% compared to 5.1% in fiscal year 97-98. If IMF/World Bank
assistance continues and sanctions are eased over the coming months, we estimate
gross domestic product growth to be around 3%. The official rupee has been
devalued by 10% so far this year. We forecast a full year devaluation of at
least 20% under the rescheduling scenario.
In terms of our investment strategy, we prefer to be cautious, with stock
selection focused on devaluation
2
<PAGE>
hedged scrips, companies with strong cash flows and positive economic value
added. We have a positive outlook on companies like PTCL, Lever Brothers and
PSO which are market leaders with a strong consumer franchise and are largely
insulated from external shocks such as debt defaults. We are reducing exposure
to the banking sector. The sharp withdrawal of deposits from frozen foreign
currency accounts is expected to lead to contraction of the deposit base. Given
rising funding costs and non-performing loans, earnings for the current year are
likely to disappoint.
With the current portfolio positioning we are optimistic for continued
outperformance over the rest of the year.
Sincerely,
/s/ Michael F. Klein
Michael F. Klein
PRESIDENT AND DIRECTOR
July 1998
- --------------------------------------------------------------------------------
ASHUTOSH SINHA (EFFECTIVE APRIL 1, 1998) AND TIMOTHY D. JENSEN (EFFECTIVE AUGUST
1, 1998) HAVE ASSUMED PRIMARY RESPONSIBILITY FOR THE DAY-TO-DAY MANAGEMENT OF
THE FUND'S ASSETS. TIMOTHY JENSEN JOINED THE ADVISER, MORGAN STANLEY ASSET
MANAGEMENT ("MSAM") IN 1998. HE IS A PRINCIPAL AND A MEMBER OF MSAM'S EMERGING
MARKETS GROUP FOCUSING PRIMARILY ON THE EAST ASIAN MARKETS. PRIOR TO JOINING
MSAM, HE WAS A PARTNER AT ARDSLEY PARTNERS, WHERE HE MANAGED A PORTION OF THE
EMERGING MARKETS ASSETS. PRIOR TO THAT, HE WAS A VICE PRESIDENT AT BANKERS
TRUST, WHERE HE WAS RESPONSIBLE FOR MANAGEMENT OF A LATIN AMERICAN EQUITY
PORTFOLIO. ASHUTOSH SINHA JOINED MSAM IN 1995. HE IS A VICE PRESIDENT AND A
MEMBER OF MSAM'S EMERGING MARKETS GROUP FOCUSING PRIMARILY ON THE EAST ASIAN AND
MIDDLE EASTERN MARKETS. PRIOR TO JOINING MSAM, HE SPENT TWO YEARS AT SBI FUNDS
MANAGEMENT LTD., WHERE HE WAS AN ANALYST FOR THE INDIA MAGNUM FUND. PREVIOUS TO
THAT, HE WORKED FOR THREE YEARS AS A CONSULTANT FOR CITICORP OVERSEAS SOFTWARE
LTD.
3
<PAGE>
The Pakistan Investment Fund, Inc.
Investment Summary as of June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HISTORICAL TOTAL RETURN (%)
INFORMATION ------------------------------------------------------------------------
MARKET VALUE (1) NET ASSET VALUE (2) INDEX (3)
---------------------- ---------------------- ----------------------
AVERAGE AVERAGE AVERAGE
CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL
---------- ------ ---------- ------ ---------- -------
<S> <C> <C> <C> <C> <C> <C>
Fiscal Year to Date -47.19% -- -51.36% -- -56.78% --
One Year -50.84 -50.84% -48.67 -48.67% -54.78 -54.78%
Since Inception* -81.63 -31.32 -79.14 -29.36 -72.36 -24.82
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
- --------------------------------------------------------------------------------
RETURNS AND PER SHARE INFORMATION
[GRAPH]
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, SIX MONTHS
ENDED
JUNE 30,
1993* 1994 1995 1996 1997 1998
---------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value Per Share. . . $ 14.03 $ 11.42 $ 6.57 $ 4.77 $ 6.01 $ 2.91
Market Value Per Share . . . . $ 15.50 $ 9.00 $ 5.25 $ 5.13 $ 4.88 $ 2.56
Premium/(Discount) . . . . . . 10.5% -21.2% -20.1% 7.5% -18.8% -12.0%
Income Dividends . . . . . . . -- $ 0.03 $ 0.00# -- $ 0.01 $ 0.01
Capital Gains Distributions. . -- -- $ 0.00# -- -- --
Fund Total Return (2). . . . . -0.50% -18.36% -42.43% -27.40% 26.32% -51.36%
Index Total Return (3) . . . . N/A -8.51% -31.14% -19.46% 26.13% -56.78%
</TABLE>
(1) Assumes dividends and distributions, if any, were reinvested.
(2) Total investment return based on net asset value per share reflects the
effects of changes in net asset value on the performance of the Fund during
each period, and assumes dividends and distributions, if any, were
reinvested. These percentages are not an indication of the performance of a
shareholder's investment in the Fund based on market value due to
differences between the market price of the stock and the net asset value
per share of the Fund.
(3) The IFC Global Pakistan Total Return Index is an unmanaged index of common
stocks, including dividends.
* The Fund commenced operations on December 27, 1993.
# Amount is less than $0.01 per share.
4
<PAGE>
The Pakistan Investment Fund, Inc.
Portfolio Summary as of June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DIVERSIFICATION OF TOTAL INVESTMENTS
[CHART]
<TABLE>
<CAPTION>
<S> <C>
Equity Securities (83.9%)
Short-Term Investments (10.7%)
</TABLE>
- --------------------------------------------------------------------------------
SECTORS
[CHART]
<TABLE>
<CAPTION>
<S> <C>
Automobiles (3.5%)
Banking (8.0%)
Chemicals (17.0%)
Energy Sources (9.2%)
Forest Products & Paper (1.6%)
Health and Personal Care (11.3%)
Insurance (2.9%)
Telecommunications (19.5%)
Textiles and Apparel (7.8%)
Utilities -- Electrical & Gas (9.5%)
Other (9.7%)
</TABLE>
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS
<TABLE>
<CAPTION>
PERCENT OF
NET ASSETS
----------
<S> <C>
1. Pakistan Telecommunications Corp. 'A' 19.5%
2. Lever Brothers Pakistan Ltd. 11.3
3. Fauji Fertilizer Co., Ltd. 10.4
4. Hub Power Co. 5.6
5. Nishat Mills Ltd. 4.7
6. Muslim Commercial Bank Ltd. 4.6
7. Pakistan State Oil Co., Ltd. 4.2
8. Pak Suzuki Motor Co., Ltd. 3.5
9. Engro Chemicals Ltd. 3.4
10. ICI Pakistan Ltd. 3.3
----
70.5%
----
----
</TABLE>
5
<PAGE>
FINANCIAL STATEMENTS
- -------
STATEMENT OF NET ASSETS (UNAUDITED)
- -------
JUNE 30, 1998
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- -----------------------------------------------------------------------------------
<S> <C> <C>
PAKISTANI COMMON STOCKS (91.3%)
(Unless otherwise noted)
- -----------------------------------------------------------------------------------
AUTOMOBILES (3.5%)
Pak Suzuki Motor Co., Ltd. 1,579,000 U.S.$ 1,190
---------------
- -----------------------------------------------------------------------------------
BANKING (8.0%)
Askari Bank 2,428,592 719
Faysal Bank Ltd. 2,165,150 434
(a)Muslim Commercial Bank Ltd. 3,905,770 1,546
---------------
2,699
---------------
- -----------------------------------------------------------------------------------
BUILDING MATERIALS & COMPONENTS (0.0%)
(a)Dandot Cement Co. (Rights) 62 -- @
---------------
- -----------------------------------------------------------------------------------
CHEMICALS (17.0%)
Engro Chemicals Ltd. 1,063,459 1,130
Fauji Fertilizer Co., Ltd. 3,243,300 3,500
(a)ICI Pakistan Ltd. 4,277,400 1,104
---------------
5,734
---------------
- -----------------------------------------------------------------------------------
ENERGY SOURCES (9.2%)
Pakistan Oilfields Ltd. 471,462 593
Pakistan State Oil Co., Ltd. 885,400 1,402
Shell Pakistan Ltd. 341,800 1,097
---------------
3,092
---------------
- -----------------------------------------------------------------------------------
FINANCIAL SERVICES (1.0%)
Orix Leasing 520,090 339
(a)Trust Modaraba Ltd. 100 -- @
---------------
339
---------------
- -----------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER (1.6%)
(a)Packages Ltd. 689,062 553
---------------
- -----------------------------------------------------------------------------------
HEALTH & PERSONAL CARE (11.3%)
Lever Brothers Pakistan Ltd. 201,180 3,792
---------------
- -----------------------------------------------------------------------------------
INSURANCE (2.9%)
Adamjee Insurance Co., Ltd. 966,456 987
---------------
- -----------------------------------------------------------------------------------
TELECOMMUNICATIONS (19.5%)
Pakistan Telecommunications Corp. 'A' 18,717,600 6,577
---------------
- -----------------------------------------------------------------------------------
TEXTILES & APPAREL (7.8%)
Artistic Denim Mills Ltd. 1,250,000 298
Crescent Textile Mills Ltd. 1,325,192 208
Gadoon Textile Mills Ltd. 670,000 189
(a)Ibrahim Fibre Ltd. 3,390,000 357
Nishat Mills Ltd. 9,157,928 1,589
Saif Textile Mills Ltd. 110 -- @
---------------
2,641
---------------
- -----------------------------------------------------------------------------------
UTILITIES -- ELECTRICAL & GAS (9.5%)
Hub Power Co. 6,936,200 U.S. $1,903
(a)Sui Northern Gas Co. 3,676,770 694
(a)Sui Southern Gas Co. 2,988,692 593
---------------
3,190
---------------
- -----------------------------------------------------------------------------------
TOTAL PAKISTANI COMMON STOCKS
(Cost U.S.$78,589) 30,794
---------------
- -----------------------------------------------------------------------------------
<CAPTION>
FACE
AMOUNT
(000)
- -----------------------------------------------------------------------------------
SHORT-TERM INVESTMENT (2.7%)
- -----------------------------------------------------------------------------------
REPURCHASE AGREEMENT (2.7%)
Chase Securities, Inc. 5.40%,
dated 6/30/98, due 7/1/98,
to be repurchased at U.S.$921,
collateralized by U.S.$820,
United States Treasury Bonds,
6.625%, due 2/15/27, valued
at U.S.$946
(Cost U.S.$921) U.S.$ 921 921
---------------
- -----------------------------------------------------------------------------------
FOREIGN CURRENCY ON DEPOSIT WITH
CUSTODIAN (8.3%)
Pakistani Rupee
(Cost U.S.$2,903) PKR 128,602 2,790
---------------
- -----------------------------------------------------------------------------------
TOTAL INVESTMENTS (102.3%)
(Cost U.S.$82,413) 34,505
---------------
- -----------------------------------------------------------------------------------
OTHER ASSETS (3.5%)
Dividends Receivable U.S.$ 913
Receivable for Investments Sold 206
Deferred Organization Costs 9
Other Assets 48 1,176
--------------- ---------------
- -----------------------------------------------------------------------------------
LIABILITIES (-5.8%)
Payable For:
Investments Purchased (1,492)
Dividends Declared (129)
Custodian Fees (108)
Professional Fees (53)
Directors' Fees and Expenses (36)
U.S. Investment Advisory Fees (35)
Shareholder Reporting Expenses (30)
Bank Overdraft (25)
Administrative Fees (11)
Pakistani Investment Advisory Fees (9)
Other Liabilities (16) (1,944)
--------------- ---------------
- -----------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
AMOUNT
(000)
- ----------------------------------------------------------------------------
<S> <C>
NET ASSETS (100%)
Applicable to 11,604,792, issued and
outstanding U.S.$ 0.01 par value shares
(100,000,000 shares authorized) U.S.$ 33,737
-------------
- ----------------------------------------------------------------------------
NET ASSETS VALUE PER SHARE U.S.$ 2.91
-------------
- ----------------------------------------------------------------------------
AT JUNE 30, 1998, NET ASSETS CONSISTED OF:
- ----------------------------------------------------------------------------
Common Stock U.S.$ 116
Capital Surplus 163,018
Undistributed Net Investment Income 1,910
Accumulated Net Realized Loss (83,412)
Unrealized Depreciation on Investments and
Foreign Currency Translations (47,895)
- ----------------------------------------------------------------------------
NET ASSETS U.S.$ 33,737
-------------
- ----------------------------------------------------------------------------
</TABLE>
(a)-- Non-income producing
@ -- Value is less than U.S.$500.
June 30, 1998 exchange rate-
Pakistani Rupee (PKR) 46.150 = U.S.$1.00.
- ----------------------------------------------------------------------------
FOREIGN CURRENCY EXCHANGE CONTRACT INFORMATION:
Under the terms of foreign currency exchange contracts open
at June 30, 1998, the Fund is obligated to deliver or is to
receive U.S. dollars in exchange for foreign currency as
indicated below:
<TABLE>
<CAPTION>
NET
CURRENCY IN UNREALIZED
TO EXCHANGE GAIN
DELIVER VALUE SETTLEMENT FOR VALUE (LOSS)
(000) (000) DATE (000) (000) (000)
- ----------- ---------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
U.S.$ 123 U.S.$ 123 07/02/98 PKR 5,686 U.S.$ 123 U.S.$ --
---------- ---------- ----------
---------- ---------- ----------
- ---------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
STATEMENT OF OPERATIONS (000)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S.$ 2,989
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Less: Foreign Taxes Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (325)
- -----------------------------------------------------------------------------------------------------------------------
Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,722
- -----------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292
Custodian Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Pakistani Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Administrative Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Professional Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Country Tax Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Shareholder Reporting Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Directors' Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Amortization of Organization Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Transfer Agent Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
- -----------------------------------------------------------------------------------------------------------------------
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 759
- -----------------------------------------------------------------------------------------------------------------------
Net Investment Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963
- -----------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS)
Investment Securities Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,538)
Foreign Currency Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (78)
- -----------------------------------------------------------------------------------------------------------------------
Net Realized Loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,616)
- -----------------------------------------------------------------------------------------------------------------------
CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION
Depreciation on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34,153)
Depreciation on Foreign Currency Translations. . . . . . . . . . . . . . . . . . . . . . . . . . (99)
- -----------------------------------------------------------------------------------------------------------------------
Change in Unrealized Appreciation/Depreciation . . . . . . . . . . . . . . . . . . . . . . . . (34,252)
- -----------------------------------------------------------------------------------------------------------------------
Net Realized Loss and Change in Unrealized Appreciation/Depreciation . . . . . . . . . . . . . . . . (37,868)
- -----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . U.S.$(35,905)
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1998 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1997
STATEMENT OF CHANGES IN NET ASSETS (000) (000)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income. . . . . . . . . . . . . . . . . . . . . . . . . . U.S.$ 1,963 U.S.$ 430
Net Realized Loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,616) (11,412)
Change in Unrealized Appreciation/Depreciation . . . . . . . . . . . . . (34,252) 25,484
- -----------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting from Operations. . . . . (35,905) 14,502
- -----------------------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income. . . . . . . . . . . . . . . . . . . . . . . . . . (129) (130)
- -----------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease). . . . . . . . . . . . . . . . . . . . . . . . (36,034) 14,372
Net Assets:
Beginning of Period. . . . . . . . . . . . . . . . . . . . . . . . . . . 69,771 55,399
- -----------------------------------------------------------------------------------------------------------------------
End of Period (including undistributed net investment income of U.S.$1,910 and
U.S.$76, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . U.S.$ 33,737 U.S.$ 69,771
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS PERIOD FROM
ENDED YEAR ENDED DECEMBER 31, DECEMBER 27,
JUNE 30, 1998 -------------------------------------------------------- 1993* TO
SELECTED PER SHARE DATA AND RATIOS: (UNAUDITED) 1997 1996 1995 1994 DECEMBER 31, 1993
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD . . . U.S.$ 6.01 U.S.$ 4.77 U.S.$ 6.57 U.S.$ 11.42 U.S.$ 14.03 U.S.$ 14.10
- ------------------------------------------------------------------------------------------------------------------------------------
Offering Costs . . . . . . . . . . . . . . -- -- -- -- (0.01) (0.07)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Income. . . . . . . . . . . 0.17 0.04 (0.04) (0.02) 0.02 (0.00)#
Net Realized and Unrealized Gain
(Loss) on Investments . . . . . . . . . (3.26) 1.21 (1.76) (4.83) (2.78) --
- ------------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations . . . (3.09) 1.25 (1.80) (4.85) (2.76) --
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income. . . . . . . . . . (0.01) (0.01) -- (0.00)# (0.02) --
In Excess of Net Investment Income . . . -- -- -- (0.00)# (0.01) --
Net Realized Gain. . . . . . . . . . . . -- -- -- (0.00)# -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total Distributions. . . . . . . . . . (0.01) (0.01) -- (0.00)# (0.03) --
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in Net Asset Value due to
Repurchase of Shares . . . . . . . . . . -- -- -- -- 0.19 --
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD . . . . . . U.S.$ 2.91 U.S.$ 6.01 U.S.$ 4.77 U.S.$ 6.57 U.S.$ 11.42 U.S.$ 14.03
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE MARKET VALUE, END OF PERIOD . . U.S.$ 2.56 U.S.$ 4.88 U.S.$ 5.13 U.S.$ 5.25 U.S.$ 9.00 U.S.$ 15.50
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN:
Market Value . . . . . . . . . . . . . . (47.19)% (4.63)% (2.38)% (41.63)% (41.76)% 9.93%
Net Asset Value (1). . . . . . . . . . . (51.36)% 26.32% (27.40)% (42.43)% (18.36)% (0.50)%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS, SUPPLEMENTAL DATA:
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(THOUSANDS) . . . . . . . . . . . . . . U.S.$33,737 U.S.$69,771 U.S.$55,399 U.S.$76,219 U.S.$132,483 U.S.$177,410
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets. . 2.62%** 2.25% 2.30% 2.20% 1.93% 2.51%**
Ratio of Net Investment Income to
Average Net Assets . . . . . . . . . . . 6.74%** 0.61% (0.63)% (0.36)% 0.15% 0.41%**
Portfolio Turnover Rate . . . . . . . . . 21% 31% 28% 15% 2% 0%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations
** Annualized
# Amount is less than U.S.$0.01 per share.
(1) Total investment return based on net asset value per share reflects the
effects of changes in net asset value on the performance of the Fund during
each period, and assumes dividends and distributions, if any, were
reinvested. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to
differences between the market price of the stock and the net asset value
per share of the Fund.
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 1998
- -----------
The Pakistan Investment Fund, Inc. (the "Fund") was incorporated in
Maryland on January 14, 1992, and is registered as a non-diversified, closed-end
management investment company under the Investment Company Act of 1940, as
amended. The Fund's investment objective is long-term capital appreciation
through investments primarily in equity securities.
A. The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Fund in the preparation of its financial
statements. Generally accepted accounting principles may require management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results may differ from those estimates.
1. SECURITY VALUATION: In valuing the Fund's assets, all listed securities for
which market quotations are readily available are valued at the last sales
price on the valuation date, or if there was no sale on such date, at the
mean between the current bid and asked prices. Securities which are traded
over-the-counter are valued at the average of the mean of current bid and
asked prices obtained from reputable brokers. Short-term securities which
mature in 60 days or less are valued at amortized cost. All other
securities and assets for which market values are not readily available
(including investments which are subject to limitations as to their sale)
are valued at fair value as determined in good faith by the Board of
Directors (the "Board"), although the actual calculations may be done by
others.
2. TAXES: It is the Fund's intention to continue to qualify as a regulated
investment company and distribute all of its taxable income. Accordingly,
no provision for U.S. Federal income taxes is required in the financial
statements. The Fund is subject to withholding taxes on dividends earned.
Such tax is accrued at the time the applicable dividend income is recorded.
Pakistan currently has exempted from capital gains tax, most capital gains
realized on sales of equity securities quoted on any Pakistani exchange.
While this exemption is applicable through 1998, there is no assurance that
it will not be revoked in the future.
3. REPURCHASE AGREEMENTS: In connection with transactions in repurchase
agreements, a bank as custodian for the Fund takes possession of the
underlying securities, with a market value at least equal to the amount of
the repurchase transaction, including principal and accrued interest. To
the extent that any repurchase transaction exceeds one business day, the
value of the collateral is marked-to-market on a daily basis to determine
the adequacy of the collateral. In the event of default on the obligation
to repurchase, the Fund has the right to liquidate the collateral and apply
the proceeds in satisfaction of the obligation. In the event of default or
bankruptcy by the counterparty to the agreement, realization and/or
retention of the collateral or proceeds may be subject to legal
proceedings.
4. FOREIGN CURRENCY TRANSLATION: The books and records of the Fund are
maintained in U.S. dollars. Amounts denominated in Pakistani rupees are
translated into U.S. dollars at the mean of the bid and asked prices of
such currency against U.S. dollars last quoted by a major bank as follows:
- investments, other assets and liabilities at the prevailing rate of
exchange on the valuation date;
- investment transactions and investment income at the prevailing rate
of exchange on the dates of such transactions.
Although the net assets of the Fund are presented at the foreign exchange
rate and market values at the close of the period, the Fund does not
isolate that portion of the results of operations arising as a result of
changes in the foreign exchange rate from the fluctuations arising from
changes in the market prices of the securities held at period end.
Similarly, the Fund does not isolate the effect of changes in the foreign
exchange rate from the fluctuations arising from changes in the market
prices of securities sold during the period. Accordingly, realized and
unrealized foreign currency gains (losses) are included in the reported net
realized and unrealized gains (losses) on investment transactions and
balances.
Net realized gains (losses) on foreign currency transactions represent net
foreign exchange gains (losses) from sales and maturities of foreign
currency exchange contracts, disposition of foreign currency, currency
gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between the amount of
investment income and foreign withholding taxes recorded on the Fund's
books and the U.S. dollar equivalent amounts actually received or paid. Net
unrealized currency gains (losses) from valuing foreign currency
denominated assets and liabilities at period end are reflected as a
component of unrealized appreciation (depreciation) on investments and
foreign currency translations in the Statement of Net Assets. The change in
net unrealized currency gains (losses) for the period is reflected in the
Statement of Operations.
The Fund intends to use derivatives more actively than it has in the past. The
Fund intends to engage in transactions in futures contracts on foreign
currencies, stock indices, as well as in options, swaps and structured notes.
Consistent
10
<PAGE>
with the Fund's investment objectives and policies, the Fund intends to use
derivatives for non-hedging as well as hedging purposes.
Following is a description of derivative instruments and their associated risks
that the Fund intends to utilize:
5. FOREIGN CURRENCY EXCHANGE CONTRACTS: The Fund may enter into foreign
currency exchange contracts generally to attempt to protect securities and
related receivables and payables against changes in future foreign exchange
rates and, in certain situations, to gain exposure to a foreign currency. A
foreign currency exchange contract is an agreement between two parties to
buy or sell currency at a set price on a future date. The market value of
the contract will fluctuate with changes in currency exchange rates. The
contract is marked-to-market daily and the change in market value is
recorded by the Fund as unrealized gain or loss. The Fund records realized
gains or losses when the contract is closed equal to the difference between
the value of the contract at the time it was opened and the value at the
time it was closed. Risk may arise upon entering into these contracts from
the potential inability of counterparties to meet the terms of their
contracts and is generally limited to the amount of unrealized gains on the
contracts, if any, at the date of default. Risks may also arise from
unanticipated movements in the value of a foreign currency relative to the
U.S. dollar.
6. FORWARD COMMITMENTS AND WHEN-ISSUED/DELAYED DELIVERY SECURITIES: The Fund
may make forward commitments to purchase or sell securities. Payment and
delivery for securities which have been purchased or sold on a forward
commitment basis can take place a month or more (not to exceed 120 days)
after the date of the transaction. Additionally, the Fund may purchase
securities on a when-issued or delayed delivery basis. Securities purchased
on a when-issued or delayed delivery basis are purchased for delivery
beyond the normal settlement date at a stated price and yield, and no
income accrues to the Fund on such securities prior to delivery. When the
Fund enters into a purchase transaction on a when-issued or delayed
delivery basis, it either establishes a segregated account in which it
maintains liquid assets in an amount at least equal in value to the Fund's
commitments to purchase such securities or denotes such securities on the
custody statement for its regular custody account. Purchasing securities on
a forward commitment or when-issued or delayed-delivery basis may involve a
risk that the market price at the time of delivery may be lower than the
agreed upon purchase price, in which case there could be an unrealized loss
at the time of delivery.
7. SWAP AGREEMENTS: The Fund may enter into swap agreements to exchange the
return generated by one security, instrument or basket of instruments for
the return generated by another security, instrument or basket of
instruments. The following summarizes swaps which may be entered into by
the Fund:
INTEREST RATE SWAPS: Interest rate swaps involve the exchange of
commitments to pay and receive interest based on a notional principal
amount. Net periodic interest payments to be received or paid are accrued
daily and are recorded in the Statement of Operations as an adjustment to
interest income. Interest rate swaps are marked-to-market daily based upon
quotations from market makers and the change, if any, is recorded as
unrealized appreciation or depreciation in the Statement of Operations.
TOTAL RETURN SWAPS: Total return swaps involve commitments to pay interest
in exchange for a market-linked return based on a notional amount. To the
extent the total return of the security, instrument or basket of
instruments underlying the transaction exceeds or falls short of the
offsetting interest obligation, the Fund will receive a payment from or
make a payment to the counterparty, respectively. Total return swaps are
marked-to-market daily based upon quotations from market makers and the
change, if any, is recorded as unrealized gains or losses in the Statement
of Operations. Periodic payments received or made at the end of each
measurement period, but prior to termination, are recorded as realized
gains or losses in the Statement of Operations.
Realized gains or losses on maturity or termination of interest rate and
total return swaps are presented in the Statement of Operations. Because
there is no organized market for these swap agreements, the value reported
in the Statement of Net Assets may differ from that which would be realized
in the event the Fund terminated its position in the agreement. Risks may
arise upon entering into these agreements from the potential inability of
the counterparties to meet the terms of the agreements and are generally
limited to the amount of net interest payments to be received and/or
favorable movements in the value of the underlying security, instrument or
basket of instruments, if any, at the date of default.
8. STRUCTURED SECURITIES: The Fund may invest in interests in entities
organized and operated solely for the purpose of restructuring the
investment characteristics of sovereign debt obligations. This type of
restructuring involves the deposit with or purchase by an entity of
specified instruments and the issuance by that entity of one or more
classes of securities ("Structured Securities") backed by, or representing
interests in, the underlying instruments. Structured Securities generally
will expose the Fund to credit risks of the underlying instruments as well
as of the issuer of the structured security. Structured Securities are
typically sold in private placement transactions with no active trading
market. Investments in struc-
11
<PAGE>
tured securities may be more volatile than their underlying instruments,
however, any loss is limited to the amount of the original investment.
9. OVER-THE-COUNTER TRADING: Derivative instruments that may be purchased or
sold by the Fund are expected to regularly consist of instruments not
traded on an exchange. The risk of nonperformance by the obligor on such an
instrument may be greater, and the ease with which the Fund can dispose of
or enter into closing transactions with respect to such an instrument may
be less, than in the case of an exchange-traded instrument. In addition,
significant disparities may exist between bid and asked prices for
derivative instruments that are not traded on an exchange. Derivative
instruments not traded on exchanges are also not subject to the same type
of government regulation as exchange traded instruments, and many of the
protections afforded to participants in a regulated environment may not be
available in connection with such transactions.
10. OTHER: Security transactions are accounted for on the date the securities
are purchased or sold. Realized gains and losses on the sale of investment
securities are determined on the specific identified cost basis. Interest
income is recognized on the accrual basis. Dividend income is recorded on
the ex-date (except certain dividends which may be recorded as soon as the
Fund is informed of such dividend) net of applicable withholding taxes
where recovery of such taxes is not reasonably assured. Distributions to
shareholders are recorded on the ex-date.
The amount and character of income and capital gain distributions to be
paid are determined in accordance with Federal income tax regulations which
may differ from generally accepted accounting principles. These differences
are primarily due to differing book and tax treatments for foreign currency
transactions, net operating losses and the timing of the recognition of
losses on securities.
Permanent book and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated net realized gain (loss) and capital
surplus.
Adjustments for permanent book-tax differences, if any, are not reflected
in ending undistributed net investment income (loss) for the purpose of
calculating net investment income (loss) per share in the financial
highlights.
B. Morgan Stanley Asset Management Inc. (the "U.S. Adviser") provides
investment advisory services to the Fund under the terms of an Investment
Advisory and Management Agreement (the "Agreement"). Under the Agreement, the
U.S. Adviser is paid a fee computed weekly and payable monthly at an annual rate
of 1.00% of the Fund's average weekly net assets.
C. International Asset Management Company Limited (the "Pakistani Adviser")
provides investment advice, research and assistance on behalf of the Fund to
Morgan Stanley Asset Management Inc. under terms of a contract. Under the
contract, the Pakistani Adviser is paid a fee computed weekly and paid monthly
at an annual rate of 0.30% of the Fund's average weekly net assets.
D. The Chase Manhattan Bank, through its corporate affiliate Chase Global
Funds Services Company (the "Administrator"), provides administrative services
to the Fund under an Administration Agreement. Under the Administration
Agreement, the Administrator is paid a fee computed weekly and payable monthly
at an annual rate of 0.06% of the Fund's average weekly net assets, plus
$100,000 per annum. In addition, the Fund is charged certain out-of-pocket
expenses by the Administrator. The Chase Manhattan Bank, acts as custodian for
the Fund's assets held in the United States.
E. Morgan Stanley Trust Company (the "International Custodian"), an affiliate
of the Adviser, acts as custodian for the Fund's assets held outside the United
States in accordance with a Custody Agreement. International Custodian fees are
payable monthly based on Fund assets under custody plus an amount for each
transaction effected. For the six months ended June 30, 1998, international
custodian fees totaled $134,000 of which $102,000 was payable to the
International Custodian at June 30, 1998.
F. During the six months ended June 30, 1998, the Fund made purchases and
sales totaling $14,021,000 and $11,037,000, respectively, of investment
securities other than long-term U.S. Government securities and short-term
investments. There were no purchases or sales of long-term U.S. Government
securities. At June 30, 1998, the U.S. Federal income tax cost basis of
securities was $79,510,000 and, accordingly, net unrealized depreciation for
U.S. Federal income tax purposes was $47,795,000, all of which related to
depreciated securities. At December 31, 1997, the Fund had a capital loss
carryforward for U.S. Federal income tax purposes of approximately $78,656,000
available to offset future capital gains of which $11,036,000 will expire on
December 31, 2003, $57,209,000 will expire on December 31, 2004 and $10,411,000
will expire on December 31, 2005. To the extent that capital gains are offset,
such gains will not be distributed to the shareholders.
G. In connection with its organization and initial public offering of shares,
the Fund incurred $89,000 of organization costs. The organization costs are
being amortized on a straight line basis over a five year period beginning
December 27, 1993, the date the Fund commenced operations.
H. A significant portion of the Fund's net assets consist of equity securities
and currency denominated in Paki-
12
<PAGE>
stani rupees. Changes in currency exchange rates will affect the value of and
investment income from such investments. Pakistani securities are subject to
greater price volatility, limited capitalization and liquidity, and higher rates
of inflation than securities of companies based in the United States. In
addition, Pakistani securities may be subject to substantial governmental
involvement in the economy and greater social, economic and political
uncertainty.
I. Each Director of the Fund who is not an officer of the Fund or an
affiliated person as defined under the Investment Company Act of 1940, as
amended, may elect to participate in the Directors' Deferred Compensation Plan
(the "Plan"). Under the Plan, such Directors may elect to defer payment of a
percentage of their total fees earned as a Director of the Fund. These deferred
portions are treated, based on an election by the Director, as if they were
either invested in the Fund's shares or invested in U.S. Treasury Bills, as
defined under the Plan. The deferred fees payable, under the Plan, at June 30,
1998 totaled $28,000 and are included in Payable for Directors' Fees and
Expenses on the Statement of Net Assets.
J. During June 1998, the Board declared a distribution of $0.01 per share,
derived from net investment income, payable on July 15, 1998, to shareholders of
record on June 30, 1998. Also in June, the Board of Directors amended your
Fund's by-laws to require advance notice of any proposals to be made at
stockholders' meetings. For annual meetings the notice must be given to the
Fund's secretary at least 60 days before the anniversary date of the previous
year's annual meeting. This year's annual meeting of stockholders was held on
June 24. This provision was adopted to permit the Fund's stockholders and
Directors to consider every stockholder proposal on an informed basis and in an
organized fashion, taking into account the interests of all affected
constituencies.
K. Supplemental Proxy Information
The Annual Meeting of the Stockholders of The Pakistan Investment Fund, Inc. was
held on June 24, 1998. The following is a summary of each proposal presented
and the total number of shares voted:
<TABLE>
<CAPTION>
VOTES IN VOTES AUTHORITY VOTES
PROPOSAL: FAVOR OF AGAINST WITHHELD ABSTAINED
- --------- -------- ------- -------- ---------
<S> <C> <C> <C> <C>
1. To elect the following Directors: Michael F. Klein. . . . . 7,002,784 -- 945,275 --
Barton M. Biggs . . . . . 7,004,942 -- 943,118 --
John A. Levin . . . . . . 7,004,942 -- 943,118 --
William G. Morton, Jr.. . 7,004,942 -- 943,118 --
2. To ratify the selection of PricewaterhouseCoopers LLP as
independent accountants of the Fund. . . . . . . . . . . . . 7,889,736 37,924 -- 20,398
</TABLE>
13
<PAGE>
DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
Pursuant to the Dividend Reinvestment and Cash Purchase Plan (the "Plan"),
each shareholder will be deemed to have elected, unless American Stock Transfer
& Trust Company (the "Plan Agent") is otherwise instructed by the shareholder in
writing, to have all distributions automatically reinvested in Fund shares.
Participants in the Plan have the option of making additional voluntary cash
payments to the Plan Agent, annually, in any amount from $100 to $3,000, for
investment in Fund shares.
Dividend and capital gain distributions will be reinvested on the
reinvestment date in full and fractional shares. If the market price per share
equals or exceeds net asset value per share on the reinvestment date, the Fund
will issue shares to participants at net asset value. If net asset value is less
than 95% of the market price on the reinvestment date, shares will be issued at
95% of the market price. If net asset value exceeds the market price on the
reinvestment date, participants will receive shares valued at market price. The
Fund may purchase shares of its Common Stock in the open market in connection
with dividend reinvestment requirements at the discretion of the Board of
Directors. Should the Fund declare a dividend or capital gain distribution
payable only in cash, the Plan Agent will purchase Fund shares for participants
in the open market as agent for the participants.
The Plan Agent's fees for the reinvestment of dividends and distributions
will be paid by the Fund. However, each participant's account will be charged a
pro rata share of brokerage commissions incurred on any open market purchases
effected on such participant's behalf. A participant will also pay brokerage
commissions incurred on purchases made by voluntary cash payments. Although
shareholders in the Plan may receive no cash distributions, participation in the
Plan will not relieve participants of any income tax which may be payable on
such dividends or distributions.
In the case of shareholders, such as banks, brokers or nominees, which hold
shares for others who are the beneficial owners, the Plan Agent will administer
the Plan on the basis of the number of shares certified from time to time by the
shareholder as representing the total amount registered in the shareholder's
name and held for the account of beneficial owners who are participating in the
Plan.
Shareholders who do not wish to have distributions automatically reinvested
should notify the Plan Agent in writing. There is no penalty for
non-participation or withdrawal from the Plan, and shareholders who have
previously withdrawn from the Plan may rejoin at any time. Requests for
additional information or any correspondence concerning the Plan should be
directed to the Plan Agent at:
The Pakistan Investment Fund, Inc.
American Stock Transfer & Trust Company
Dividend Reinvestment and Cash Purchase Plan
40 Wall Street
New York, NY 10005
1-800-278-4353
14
