<PAGE>
THE PAKISTAN INVESTMENT FUND, INC.
- --------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
Barton M. Biggs William G. Morton, Jr.
CHAIRMAN OF THE BOARD DIRECTOR
OF DIRECTORS
Stefanie V. Chang
Michael F. Klein VICE PRESIDENT
PRESIDENT AND DIRECTOR
Harold J. Schaaff, Jr.
Peter J. Chase VICE PRESIDENT
DIRECTOR
Joseph P. Stadler
John W. Croghan VICE PRESIDENT
DIRECTOR
Valerie Y. Lewis
David B. Gill SECRETARY
DIRECTOR
Joanna M. Haigney
Graham E. Jones TREASURER
DIRECTOR
Belinda A. Brady
John A. Levin ASSISTANT TREASURER
DIRECTOR
- --------------------------------------------------------------------------------
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
Price Waterhouse 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.
- --------------------------------------------------------------------------------
THE
PAKISTAN
INVESTMENT
FUND, INC.
- --------------------------------------------------------------------------------
ANNUAL REPORT
DECEMBER 31, 1997
MORGAN STANLEY ASSET MANAGEMENT INC.
INVESTMENT ADVISER
<PAGE>
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
For the year ended December 31, 1997, The Pakistan Investment Fund, Inc. (the
"Fund") had a total return, based on net asset value per share, of 26.32%
compared to 26.13% for the IFC Global Pakistan Total Return Index (the "Index").
For the period from the Fund's commencement of operations on December 27, 1993
through December 31, 1997, the Fund had a total return, based on net asset value
per share, of -57.11% compared with -36.05% for the Index. On December 31,
1997, the closing price of the Fund's shares on the New York Stock Exchange was
$4 7/8 representing an 18.8% discount to the Fund's net asset value per share.
The Fund's outperformance in 1997 relative to the Index is attributable to
several factors. First, after undergoing an aggressive restructuring in 1996,
the Fund became more liquid as well as significantly skewed towards large cap
blue chips. Second, a relatively more active management stance was adopted to
take advantage of changing economic and regulatory developments as well as stock
market dynamics. For instance, on December 31, 1996, the top four holdings were
Fauji Fertilizer (14.0%), Pakistan State Oil (12.8%), Hub Power (12.0%) and Pak
Telecom (11.8%). On December 31, 1997, Hub Power was 19.5%, Pak Telecom 12.0%,
Pakistan State Oil 11.3% and Lever Brothers (Pak) was 8.3%. Significant changes
in 1997 included reducing overall exposure to the fertilizer and natural gas
sectors as the outlook for both deteriorated in the first half of 1997 while
increasing exposure to banking, textile and food sectors in view of a potential
economic recovery in the medium term. Further, as political developments took
an adverse turn with the constitutional crisis in October 1997 the Fund
increased its cash position to 5% by year end.
With the Asian currency crisis turning into a full blown economic downturn, we
believe that the Pakistan market will remain under pressure for the near term.
The larger than usual cash position thus allows flexibility to gain exposure at
attractive levels in quality stocks which potentially have significant long term
value and growth prospects. Over the medium term, other than the usual top-line
blue chips, we will be looking to increase our already overweight position in
Muslim Commercial Bank, the largest private sector bank due to its ongoing
restructuring program, as well as Nishat Mills, the textile blue chip which is
consolidating its diverse businesses and benefiting already from the weak rupee
through its exports. Lever Brothers, the Unilever subsidiary will also remain
a significant overweight at 8% of the Fund due to its unique potential as the
only Pakistani company able to fully tap into the vast consumption potential of
the country's growing middle class.
Finally, current prices of both Fauji Fertilizer and Engro Chemicals now appear
to fully reflect the deterioration in sector fundamentals that occurred in the
second quarter of 1997. If the recent pick up in fertilizer demand flows
through rest of 1998, both companies could show positive earnings surprise for
fiscal years 1998 and 1999. We would be looking to increase our underweight
position in the sector for 1998.
In 1997, the Pakistan market was the top performer in Asia showing a
year-on-year gain of 25% in U.S. dollar terms. The first re-rating occurred in
February 1997 when Nawaz Sharif's PML(N) and allied parties won a landslide
victory in elections and promised to introduce sweeping economic reforms. After
launching a series of supply side policy initiatives, the June 1997 budget
further slashed import tariffs and corporate tax rates. This caused a second
upward re-rating in the third quarter of 1997. Then came the Asian currency
crisis and the market steadily lost its gains. However, a closed capital
account and partial convertibility of the rupee helped Pakistan, like India,
avoid speculative attacks on the currency. In fact, the sub-continent acted as
a value protector at a time when most Asian markets saw the gains of the last
few years partially or fully destroyed.
For 1998, we believe that the Pakistan market, despite its high volatility,
still offers the potential of good returns when compared to many South East
Asian markets. Overall country risk now figures very prominently in emerging
market investors' asset allocation process. Some of the key factors useful in
determining country risk include the following: foreign exchange reserve
volatility and default risk, devaluation risk, banking system risk, current
account deterioration risk and fiscal imbalance risk.
Pakistan's current risk profile shows weakness in some areas while in others it
fares decidedly better than most South East Asian countries. The domestic
banking system is on the mend. Bank loan to GDP ratio and loan to deposit
ratios in Pakistan are the lowest in Asia while unhedged U.S. dollar liabilities
are negligible. Most private sector listed banks meet BIS capital adequacy
guidelines and the present central bank driven loan recovery drive is likely to
reduce non-performing loans over the next two years. While the fiscal deficit
risk remains, public sector austerity has put a cap on further growth.
Government bank borrowing has, in fact, remained well below the IMF
2
<PAGE>
agreed limit. Tax revenue shortfalls in the first six months of the current
fiscal year suggest that the budget deficit target may not be met. However, the
sharp fall in international petroleum prices has allowed the government to reap
a huge windfall as domestic prices remained pegged to July 1997 levels. This
has mitigated the effects of lower tax collection. We believe that the IMF,
while looking unfavorably at this slippage, is likely to accept it in view of
the fact that the rates of tariffs and taxes have been reduced while below
target industrial growth has negatively affected tax collection in the first six
months.
We also believe that a major devaluation is not in the cards over the next six
months. Pakistan has seen annual devaluation of 10-14% over the last three
years and in the first half of 1998 the rupee has already been devalued by
around 9%. For the balance of the current fiscal year ending in June 1998 we do
not expect a devaluation of more than 8-10%. This pales in significance to the
situation in most Asian countries which have seen 40-50% fall in their
currencies in the last few months and bottom is still not visible. Furthermore,
with inflation likely to fall below 10% for the first time in three years, we
feel that the case for a massive devaluation is weak.
A key area of concern, however, remains the continued weakness of the external
sector. While there are clear signs of improvement during the past six months,
the structural imbalance between exports and imports is large and will require a
concerted long term strategy to rectify. The negative trade balance has
significantly narrowed in the first half of 1997/98 on the back of 7% growth in
exports and a 5% decline in imports. However, the large short term commercial
bank borrowings of the last two years means that U.S. dollar repayments are
likely to continue keeping reserves under pressure. While we believe that there
is no near term danger of default, we also feel that over the next 12-18 months
Pakistan could ask the IMF, World Bank and Aid to Pakistan consortium to
increase long term funding to help swap the shorter term obligations. However,
any such request would only be looked upon favorably if concrete progress on
economic reforms becomes manifest over the coming months.
On the economic front, recovery has been delayed. The government was relying
heavily on agriculture to boost GDP growth in Fiscal Year 1997/98 and was
expecting the private sector to respond strongly to supply side incentives.
Both areas have performed below expectations. Cotton output was hit due to
untimely rains and has dented the forecast for agricultural growth. Industrial
production remained flat due to several reasons. Greater accountability and
stricter central bank audit forced banks to become careful in credit extension.
Second, the demand for loans itself has hit historical lows as the full impact
of recession was felt by businesses in the first six months of Fiscal Year
1997/98. As such, most expansion and growth plans have been pushed forward 6-8
months by the corporate sector. Tight operating margins and slow top line
growth has meant that corporate sector earnings for Fiscal Year 1997/98 are
likely to come out at 15-18% as against original consensus forecasts of 25-30%.
While this means that economic recovery will be delayed into the next fiscal
year, the positive aspect is that falling domestic inflation and interest rates,
coupled with moderate raw materials prices caused by the global disinflation is
likely to benefit corporate margins going forward. As such, we believe that the
medium term outlook for the domestic economy is generally positive.
As far as politics is concerned, the PML (N) and, particularly Prime Minister
Nawaz Sharif, appears to have fully consolidated power in his hands. Both the
judiciary and the president are now of his choosing, by and large. While this
should lead to political stability, it also raises the questions of excessive
power concentrated in the office of the Prime Minister and the potential of its
unchecked use.
Sincerely,
/s/ Michael F. Klein
Michael F. Klein
PRESIDENT AND DIRECTOR
/s/ Landon Thomas
Landon Thomas
PORTFOLIO MANAGER
January 1998
3
<PAGE>
The Pakistan Investment Fund, Inc.
Investment Summary as of December 31, 1997 (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>
One Year -4.63% -4.63% 26.32% 26.32% 26.13% 26.13%
Since Inception* -65.21 -23.13 -57.11 -19.01 -36.05 -10.55
</TABLE>
Past performance is not predictive of future performance.
- -------------------------------------------------------------------------------
RETURNS AND PER SHARE INFORMATION
[CHART]
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31:
1993* 1994 1995 1996 1997
------ ------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value Per Share . . . . . $14.03 $ 11.42 $ 6.57 $ 4.77 $ 6.01
Market Value Per Share . . . . . . $15.50 $ 9.00 $ 5.25 $ 5.13 $ 4.88
Premium/(Discount). . . . . . . . . 10.5% -21.2% -20.1% 7.5% -18.8%
Income Dividends. . . . . . . . . . - $ 0.03 $ 0.00# - $ 0.01
Capital Gains Distributions . . . . - - 0.00# - -
Fund Total Return (2) . . . . . . . -0.50% -18.36% -42.43% -27.40% 26.32%
Index Total Return (3). . . . . . . N/A -8.51% -31.14% -19.46% 26.13%
</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 $0.01 per share.
4
<PAGE>
The Pakistan Investment Fund, Inc.
Portfolio Summary as of December 31, 1997
- --------------------------------------------------------------------------------
DIVERSIFICATION OF TOTAL INVESTMENTS
[CHART]
<TABLE>
<S> <C>
Equity Securities 94.5%
Short-Term Investments 5.5%
</TABLE>
- --------------------------------------------------------------------------------
SECTORS (UNAUDITED)
[CHART]
<TABLE>
<S> <C>
Automobiles 1.8%
Banking 11.4%
Chemicals 10.0%
Energy Sources 15.1%
Forest Products & Paper 1.5%
Health & Personal Care 8.3%
Insurance 1.3%
Telecommunications 12.0%
Textiles & Apparel 6.6%
Utilities Electric & Gas 24.7%
Other 7.3%
</TABLE>
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS*
<TABLE>
<CAPTION>
PERCENT OF
NET ASSETS
----------
<S> <C>
1. Hub Power Co. 19.5%
2. Pakistan Telecommunications Corp. 12.0
3. Pakistan State Oil Co., Ltd. 11.3
4. Lever Brothers 8.3
5. Fauji Fertilizer Co. Ltd. 7.5
6. Muslim Commercial Bank Ltd. 6.4
7. Nishat Mills Ltd. 4.4
8. Sui Northern Gas Co. 2.8
9. Faysal Bank Ltd. 2.7
10. Shell Pakistan Ltd. 2.6
---
77.5%
----
----
</TABLE>
*Excludes short-term investments.
5
<PAGE>
FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
STATEMENT OF NET ASSETS
- -------------------------------------------------------------------------------
DECEMBER 31, 1997
<TABLE>
<CAPTION>
VALUE
SHARES (000)
- -------------------------------------------------------------------------------
<S> <C> <C>
PAKISTANI COMMON STOCKS (93.4%)
(Unless otherwise noted)
- -------------------------------------------------------------------------------
AUTOMOBILES (1.8%)
Pak Suzuki Motor Co., Ltd. 1,579,000 U.S.$ 1,256
---------------
- -------------------------------------------------------------------------------
BANKING (11.4%)
(a) Askari Bank 2,389,137 1,588
Faysal Bank Ltd. 3,510,650 1,911
(a) Muslim Commercial Bank Ltd. 4,968,270 4,459
---------------
7,958
---------------
- -------------------------------------------------------------------------------
BUILDING MATERIALS & COMPONENTS (0.0%)
(a) Dandot Cement Co. (Rights) 62 @
---------------
- -------------------------------------------------------------------------------
CHEMICALS (10.0%)
Engro Chemicals Ltd. 664,748 1,724
Fauji Fertilizer Co. Ltd. 2,749,000 5,263
---------------
6,987
---------------
- -------------------------------------------------------------------------------
ENERGY SOURCES (15.1%)
Pakistan Oilfields Ltd. 471,462 857
Pakistan State Oil Co., Ltd. 925,900 7,880
Shell Pakistan Ltd. 224,200 1,433
(a) Shell Pakistan Ltd. (Rights) 112,100 359
---------------
10,529
---------------
- -------------------------------------------------------------------------------
FINANCIAL SERVICES (0.7%)
Orix Leasing 520,090 520
(a) Trust Modaraba Ltd. 180 @
---------------
520
- -------------------------------------------------------------------------------
FOREST PRODUCTS & PAPER (1.5%)
Century Paper & Board 388,000 132
(a) Packages Ltd. 689,062 908
---------------
1,040
---------------
- -------------------------------------------------------------------------------
HEALTH & PERSONAL CARE (8.3%)
Lever Brothers 187,680 5,822
---------------
- -------------------------------------------------------------------------------
INSURANCE (1.3%)
Adamjee Insurance Co., Ltd. 473,165 931
---------------
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS (12.0%)
Pakistan Telecommunications
Corp. 'A' 11,088,600 8,378
---------------
- -------------------------------------------------------------------------------
TEXTILES & APPAREL (6.6%)
Artistic Denim Mills Ltd. 1,250,000 313
(a) Crescent Textile Mills Ltd. 1,262,184 344
(a) Gadoon Textile Mills 670,000 430
(a) Ibrahim Fibre Ltd. 3,000,000 443
(a) Nishat Mills Ltd. 9,157,911 3,038
(a) Saif Textiles 100 @
---------------
4,568
---------------
- -------------------------------------------------------------------------------
UTILITIES - ELECTRICAL & GAS (24.7%)
(a) Hub Power Co. 10,431,000 U.S.$ 13,582
(a) Nishat Tek Ltd. (Rights) 17 @
(a) Sui Northern Gas Co. 3,197,192 1,955
(a) Sui Southern Gas Co. 2,988,692 1,674
---------------
17,211
---------------
- -------------------------------------------------------------------------------
TOTAL PAKISTANI COMMON STOCKS
(Cost U.S.$78,842) 65,200
---------------
- -------------------------------------------------------------------------------
<CAPTION>
FACE
AMOUNT
(000)
- -------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT (3.8%)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENT (3.8%)
Chase Securities, Inc., 5.95%,
dated 12/31/97, due 1/2/98,
to be repurchased at U.S.$2,668,
collateralized by U.S.$2,695,
United States Treasury Notes, 5.625%,
due 2/15/06, valued at U.S.$2,723
(Cost U.S.$2,667) U.S.$ 2,667 2,667
---------------
- -------------------------------------------------------------------------------
FOREIGN CURRENCY ON DEPOSIT WITH
CUSTODIAN (1.7%)
Pakistani Rupee
(Cost U.S.$1,157) PKR 50,935 1,157
---------------
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (98.9%)
(Cost U.S.$82,666) 69,024
---------------
- -------------------------------------------------------------------------------
OTHER ASSETS (2.5%)
Receivable for Investments Sold U.S.$ 1,173
Dividends Receivable 527
Deferred Organization Costs 17
Other Assets 35 1,752
----------- ---------------
- -------------------------------------------------------------------------------
LIABILITIES (-1.4%)
Payable For:
Investments Purchased (625)
Dividends Declared (130)
U.S. Investment Advisory Fees (58)
Professional Fees (51)
Custodian Fees (42)
Director's Fees and Expenses (32)
Shareholder Reporting Expenses (27)
Pakistani Investment Advisory Fees (22)
Administrative Fees (13)
Other Liabilities (5) (1,005)
----------- ---------------
- -------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
AMOUNT
(000)
- -------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS (100.0%)
Applicable to 11,604,792, issued
and outstanding U.S.$0.01 par
value shares (100,000,000 shares
authorized) U.S.$ 69,771
---------------
---------------
- -------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE U.S.$ 6.01
---------------
---------------
- -------------------------------------------------------------------------------
AT DECEMBER 31, 1997, NET ASSETS
CONSISTED OF:
Common Stock U.S.$ 116
Capital Surplus 163,018
Undistributed Net Investment
Income 76
Accumulated Net Realized Loss (79,796)
Unrealized Depreciation on
Investments and Foreign
Currency Translations (13,643)
- -------------------------------------------------------------------------------
NET ASSETS U.S.$ 69,771
---------------
---------------
- -------------------------------------------------------------------------------
</TABLE>
(a) - Non-income producing
@ - Value is less than U.S.$500.
December 31, 1997 exchange rate -- Pakistani Rupee (PKR) 44.006 -
U.S.$1.00.
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1997
STATEMENT OF OPERATIONS (000)
- ------------------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S.$ 2,306
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Less: Foreign Taxes Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . (332)
- ------------------------------------------------------------------------------------------------------------
Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,007
- ------------------------------------------------------------------------------------------------------------
EXPENSES
Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699
Custodian Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250
Pakistani Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . 210
Administrative Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
Professional Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Shareholder Reporting Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Directors' Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Amortization of Organization Costs . . . . . . . . . . . . . . . . . . . . . . . . . 17
Transfer Agent Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
- ------------------------------------------------------------------------------------------------------------
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,577
- ------------------------------------------------------------------------------------------------------------
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430
- ------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS)
Investment Securities Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,187)
Foreign Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . (225)
- ------------------------------------------------------------------------------------------------------------
Net Realized Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,412)
- ------------------------------------------------------------------------------------------------------------
CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION
Appreciation on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,432
Appreciation on Foreign Currency Translations . . . . . . . . . . . . . . . . . . . . 52
- ------------------------------------------------------------------------------------------------------------
Change in Unrealized Appreciation/Depreciation . . . . . . . . . . . . . . . . . . 25,484
- ------------------------------------------------------------------------------------------------------------
Net Realized Loss and Change in Unrealized Appreciation/Depreciation . . . . . . . . . . . 14,072
- ------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations . . . . . . . . . . . . . . . . U.S.$ 14,502
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996
STATEMENT OF CHANGES IN NET ASSETS (000) (000)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income (Loss). . . . . . . . . . . . . . . . U.S.$ 430 U.S.$ (465)
Net Realized Loss . . . . . . . . . . . . . . . . . . . . . (11,412) (47,272)
Change in Unrealized Appreciation/Depreciation. . . . . . . 25,484 26,917
- ------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Operations . . . . . . . . . . . . . . . . . . . . . 14,502 (20,820)
- ------------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income . . . . . . . . . . . . . . . . . . . (130)
- ------------------------------------------------------------------------------------------------------------
Total Distributions . . . . . . . . . . . . . . . . . . . . (130)
- ------------------------------------------------------------------------------------------------------------
Total Increase (Decrease) . . . . . . . . . . . . . . . . . 14,372 (20,820)
Net Assets:
Beginning of Period . . . . . . . . . . . . . . . . . . . . 55,399 76,219
- ------------------------------------------------------------------------------------------------------------
End of Period (including undistributed net investment
income (loss) of U.S.$76 and U.S.$(36), respectively) . . U.S.$ 69,771 U.S.$ 55,399
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------
PERIOD FROM
DECEMBER 27,
SELECTED PER SHARE DATA AND 1993* TO
RATIOS: 1997 1996 1995 1994 DECEMBER 31, 1993
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD . . . . . . . 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. . . . . . . . . . . . . . . 0.04 (0.04) (0.02) 0.02 (0.00)#
Net Realized and Unrealized Gain
(Loss) on Investments . . . . . . . . . . . . . 1.21 (1.76) (4.83) (2.78) -
- --------------------------------------------------------------------------------------------------------------------------------
Total from Investment Operations . . . . . . 1.25 (1.80) (4.85) (2.76) -
- --------------------------------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income . . . . . . . . . . . . . (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) - (0.00)# (0.03) -
- --------------------------------------------------------------------------------------------------------------------------------
Increase in Net Asset Value due to Shares
Issued through Rights Offering . . . . . . . . - - - 0.19 -
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD . . . . . . . . . . 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.$ 4.88 U.S.$ 5.13 U.S.$ 5.25 U.S.$ 9.00 U.S.$ 15.50
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN:
Market Value. . . . . . . . . . . . . . . . . . (4.63)% (2.38)% (41.63)% (41.76)% 9.93%
Net Asset Value (1) . . . . . . . . . . . . . . 26.32% (27.40)% (42.43)% (18.36)% (0.50)%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS, SUPPLEMENTAL DATA:
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD (THOUSANDS) . . . . . . U.S.$ 69,771 U.S.$ 55,399 U.S.$ 76,219 U.S.$132,483 U.S.$ 177,410
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Ratio of Expenses to Average Net Assets . . . . . 2.25% 2.30% 2.20% 1.93% 2.51%**
Ratio of Net Investment Income to
Average Net Assets. . . . . . . . . . . . . . . 0.61% (0.63)% (0.36)% 0.15% 0.41%**
Portfolio Turnover Rate. . . . . . . . . . . . . . 31% 28% 15% 2% 0%
Average Commission Rate (2):
Per Share . . . . . . . . . . . . . . . . . . . U.S. $0.0072 U.S. $0.0077 N/A N/A N/A
As a Percentage of Trade Amount . . . . . . . . 0.84% 1.02% N/A N/A N/A
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</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.
(2) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose the average commission rate per share it paid for
portfolio trades on which commissions were charged.
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
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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 Pakistan exchange rates
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
10
<PAGE>
well as in options, swaps and structured notes. Consistent 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. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS: The Fund may enter into
forward 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, invested
in by the Fund, generally will have credit risk equivalent to that of the
underlying instruments. Structured Securities are typically sold in private
placement transactions with no active trad-
11
<PAGE>
ing market. Investments in structured 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 .30% of the Fund's average weekly net assets.
D. The Chase Manhattan Bank, through its 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 .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 year ended December 31, 1997, international
custodian fees totaled $238,000 of which $41,000 was payable to the
International Custodian at December 31, 1997. In addition, for the year ended
December 31,1997, the Fund has incurred interest expense of $5,000 on balances
with the International Custodian.
F. During the year ended December 31, 1997, the Fund made purchases and sales
totaling $20,285,000 and $44,677,000, 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
December 31, 1997, the U.S. Federal income tax cost basis of securities was
$81,611,000 and, accordingly, net unrealized depreciation for U.S. Federal
income tax purposes was $13,744,000, of which $9,528,000 related to appreciated
securities and $23,272,000 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. For the year ended December 31, 1997, the Fund intends to elect to
defer to January 1, 1998 for U.S. Federal income tax purposes, post-October
currency losses of $50,000 and post-October capital losses of $1,037,000.
12
<PAGE>
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 Pakistani 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 December
31, 1997 totaled $26,000 and are included in Payable for Directors' Fees and
Expenses on the Statement of Net Assets.
J. During December 1997, the Board declared a distribution of $0.01 per share,
derived from net investment income, payable on January 9, 1998, to shareholders
of record on December 31, 1997.
- --------------------------------------------------------------------------------
FEDERAL INCOME TAX INFORMATION (UNAUDITED):
For the year ended December 31, 1997, the Fund expects to pass through to
shareholders foreign tax credits of approximately $332,000. In addition, for the
year ended December 31, 1997, gross income derived from sources within foreign
countries amounted to $2,339,000.
13
<PAGE>
REPORT OF INDEPENDENT ACCOUTANTS
- -------------------------------------------------------------------------------
To the Shareholders and Board of Directors of
The Pakistan Investment Fund, Inc.
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
The Pakistan Investment Fund, Inc. (the Fund's) at December 31, 1997, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the four years in the period then ended and for the period December
27, 1993 (commencement of operations) through December 31, 1993, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as financial statements') are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1997 by
correspondence with the custodians and brokers and the application of
alternative auditing procedures where confirmations from brokers were not
received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
February 18, 1998
14
<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
15
