Tax Free
Short/Intermediate
Fixed Income Fund
ANNUAL REPORT
June 30, 1995
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS & NOTES (91.9%)
ESCROWED TO MATURITY (a) (6.5%)
$ 15,000 Atlanta, Georgia, Water and Sewer Revenue ..................... 1/1/96 5.400% $ 15,093
90,000 Baltimore, Maryland, General Obligation ....................... 4/1/96 7.000 91,965
100,000 Berks County, Pennsylvania, Industrial
Development Authority ....................................... 4/1/98 7.250 107,395
200,000 Chicago, Illinois, Public Building Community Revenue .......... 1/1/97 7.000 207,692
150,000 Chicago, Illinois, Public Building Community Revenue .......... 1/1/97 7.450 157,060
50,000 Chicago, Illinois, Public Building Community Revenue .......... 1/1/98 7.500 53,734
150,000 Chicago, Illinois, Wastewater Transmission Revenue ............ 11/15/98 6.700 160,408
85,000 Clark County, Nevada, General Obligation ...................... 1/1/96 9.000 87,032
10,000 DeKalb County, Georgia, School District ....................... 1/1/96 5.000 10,048
50,000 Delaware Transportation Authority ............................. 7/1/95 8.600 50,006
15,000 Denver, Colorado, City and County
Single Family Mortgage ...................................... 8/1/96 6.700 15,419
165,000 Fairfield, Ohio, Economic Development ......................... 12/1/98 10.500 196,185
25,000 Grapevine and Colleyville, Indiana, School District ........... 5/15/96 9.100 26,046
50,000 Gregg County, Texas, Hospital ................................. 8/15/96 6.125 51,001
20,000 Honolulu, Hawaii, City and County Bonds, Series A ............. 10/1/95 7.700 20,176
650,000 Honolulu, Hawaii, City and County Bonds, Series A ............. 8/1/99 6.100 682,506
30,000 Illinois Educational Facility Authority Revenue ............... 12/1/97 7.100 31,932
100,000 Johnson County, Kansas ........................................ 9/1/96 8.900 105,364
745,000 Le Claire, Iowa, Electric Revenue ............................. 9/1/96 4.125 743,510
25,000 Lower Colorado River Authority Revenue, Texas ................. 1/1/96 6.900 25,351
200,000 Metropolitan Government, Nashville, Tennessee ................. 7/1/98 6.800 211,630
100,000 Moore, Oklahoma, Public Works Authority
Revenue Bonds ............................................... 7/1/97 8.600 108,339
15,000 New York City, New York, General Obligation, Series A ......... 8/15/95 7.000 15,051
10,000 New York State Housing Finance Agency ......................... 5/1/96 6.200 10,163
25,000 New York State Housing Finance Agency ......................... 5/1/96 7.750 25,777
100,000 Northwest, Texas, Independent School District ................. 1/15/96 13.500 104,835
40,000 North Slope, Alaska ........................................... 2/10/96 13.700 42,243
----------
TOTAL ESCROWED TO MATURITY ............................... $3,355,961
----------
GENERAL OBLIGATION (8.0%)
$ 25,000 Austin, Texas, Independent School District .................. 8/1/96 6.500% $ 25,639
25,000 Baltimore, Maryland ......................................... 10/15/95 8.250 25,310
500,000 California State Revenue Anticipation Notes ................. 4/25/96 5.750 507,920
15,000 Connecticut State Economic Recovery Notes ................... 12/15/95 5.400 15,103
175,000 Delaware State .............................................. 5/1/98 6.800 185,770
30,000 Houston, Texas .............................................. 2/1/96 6.800 30,421
25,000 Illinois State .............................................. 10/1/95 8.100 25,253
50,000 Illinois State .............................................. 5/1/96 5.500 50,211
500,000 Illinois State .............................................. 11/1/96 11.500 546,850
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
GENERAL OBLIGATION (continued)
$ 75,000 Maryland State .............................................. 7/15/95 6.700% $ 75,074
25,000 Maryland State Health Facility, 1st Series .................. 7/1/95 11.200 25,005
500,000 Maryland State Health Facility, 2nd Series .................. 7/15/99 6.400 534,935
35,000 Massachusetts State ......................................... 2/1/96 7.000 35,562
45,000 Massachusetts State Refunding Bonds, Series A ............... 8/1/96 5.700 45,796
805,000 Massachusetts State, Series A ............................... 6/1/96 7.250 827,129
585,000 New Jersey State ............................................ 9/15/99 6.250 624,084
25,000 Pennsylvania State .......................................... 6/1/96 6.500 25,541
75,000 Pennsylvania State .......................................... 11/1/96 7.000 77,681
65,000 Washington State ............................................ 9/1/95 8.100 65,442
100,000 Washington State ............................................ 4/1/97 7.000 102,109
85,000 Washoe County, Nevada ....................................... 9/1/96 8.000 88,473
110,000 Washoe County, Nevada ....................................... 9/1/97 7.200 116,089
85,000 Wisconsin State, Series A ................................... 5/1/96 6.500 86,621
----------
TOTAL GENERAL OBLIGATION ............................. $4,142,018
----------
PRE-REFUNDED (a) (69.1%)
$ 105,000 Anchorage, Alaska ............................................ 5/1/96 7.750% $ 110,167
65,000 Anchorage, Alaska, Electric Utility Revenue .................. 6/1/96 7.625 68,319
125,000 Aurora, Illinois ............................................. 1/1/99 7.000 135,186
40,000 Austin, Texas, Utility System Revenue ........................ 11/15/95 8.000 40,569
300,000 Austin, Texas, Utility System Revenue ........................ 9/1/99 7.000 327,504
495,000 Austin, Texas, Water, Sewer and Electric ..................... 5/15/97 14.250 582,090
10,000 Benton County, Washington, Public Utility District ........... 11/1/95 9.375 10,268
120,000 Bexar County, Texas .......................................... 6/15/97 6.700 125,533
25,000 Billings, Montana, High School District ...................... 7/1/95 8.500 25,003
130,000 Birmingham-East End, Alabama, Medical ........................ 7/1/96 11.500 139,268
35,000 Buncombe County, North Carolina .............................. 2/1/98 7.100 37,986
30,000 California Educational Facility Authority, Series R .......... 11/1/95 8.800 31,062
35,000 Carbon County, Utah, Industrial Development Authority ........ 12/1/95 8.500 35,622
35,000 Central Oklahoma Transportation and Parking Authority ........ 7/1/95 9.000 35,355
35,000 Charleston County, South Carolina ............................ 10/1/97 6.750 37,521
15,000 Charleston County, South Carolina, Hospital Facility ......... 10/1/95 9.125 15,478
10,000 Chicago, Illinois ............................................ 7/1/95 9.875 10,201
100,000 Chicago, Illinois ............................................ 7/1/97 8.800 110,356
40,000 Chicago, Illinois ............................................ 7/1/97 9.250 42,892
50,000 Chicago, Illinois, Park District ............................. 1/1/96 10.250 51,489
550,000 Chicago, Illinois, Park District ............................. 1/1/98 7.750 599,230
1,000,000 Chicago, Illinois, Public Building Community Revenue ......... 1/1/99 7.750 1,122,620
10,000 Clackamas County, Oregon, Hospital Facility .................. 10/1/95 9.200 10,322
30,000 Clark County, Arkansas, Hospital and
Health Care Facility ....................................... 7/1/95 9.375 30,605
100,000 Clark County, Nevada, Airport Improvement Revenue ............ 7/1/97 13.250 116,779
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
PRE-REFUNDED (a) (continued)
$ 60,000 Cleveland, Ohio, Waterworks Revenue .......................... 1/1/96 9.250% $ 62,698
50,000 Cleveland, Ohio, Waterworks Revenue .......................... 1/1/97 7.625 53,457
15,000 Dade County, Florida, Public Facility Revenue ................ 6/1/98 7.875 16,735
25,000 Dallas County, Texas, Utility and Reclamation ................ 8/15/96 7.750 26,005
50,000 DeKalb County, Georgia, Private Hospital Authority ........... 10/1/95 9.400 51,625
20,000 Delaware Transportation Authority System Revenue ............. 7/1/98 7.500 22,040
500,000 Delaware Transportation Authority System Revenue ............. 7/1/98 7.750 554,455
35,000 District of Columbia, General Obligation ..................... 6/1/96 8.000 36,812
80,000 District of Columbia, General Obligation ..................... 6/1/97 7.750 85,940
100,000 District of Columbia, General Obligation ..................... 6/1/97 7.750 107,425
250,000 District of Columbia, General Obligation ..................... 12/1/98 7.750 278,810
200,000 Downtown Savannah, Georgia, Authority ........................ 1/1/99 6.800 218,792
45,000 Duluth, Minnesota ............................................ 3/1/98 10.500 51,858
200,000 East Stroudsburg, Pennsylvania, Area School District ......... 12/1/97 7.000 214,470
45,000 Fairmont, West Virginia, Waterworks Revenue Bonds ............ 7/1/95 9.500 45,007
320,000 Farmington, New Mexico, Power Revenue Bonds .................. 7/1/96 14.000 350,339
100,000 Florida State Municipal Power Agency Revenue ................. 10/1/96 7.125 105,628
15,000 Floyd County, Georgia, Industrial
Development Authority ...................................... 9/1/95 7.200 15,074
60,000 Fort Bend County, Texas, Levee District Number 2 ............. 2/15/96 14.500 63,727
15,000 Fort Bend County, Texas, Municipal Utility ................... 10/1/97 12.000 17,418
60,000 Fulton County, Georgia, School District ...................... 5/1/97 7.400 65,048
50,000 Fulton County, Georgia, Water and Sewer Revenue .............. 1/1/98 8.250 55,534
75,000 Galveston County, Texas, Water Authority ..................... 7/10/96 13.000 81,552
20,000 Georgetown, Texas, Utility System Revenue Bonds .............. 8/15/95 8.400 20,094
110,000 Georgia Municipal Electric Authority Power Revenue ........... 1/1/98 8.000 121,532
400,000 Goshen, Indiana, Middle School ............................... 12/30/98 7.800 449,656
50,000 Grand Prairie, Texas ......................................... 8/15/96 8.000 52,099
500,000 Grand Strand, South Carolina, Water & Sewer .................. 6/1/99 7.000 544,255
30,000 Greater New Orleans Expressway ............................... 11/1/96 7.800 32,242
295,000 Greater Orlando, Florida, Aviation ........................... 10/1/98 8.375 333,857
1,000,000 Greenwood, South Carolina, Public Utility .................... 12/1/98 7.700 1,120,420
190,000 Gwinnett County, Georgia ..................................... 1/1/97 7.000 201,442
125,000 Gwinnett County, Georgia, Water and Sewer Revenue ............ 8/1/98 6.700 135,540
125,000 Harris County, Texas ......................................... 11/1/96 9.000 132,726
65,000 Harris County, Texas ......................................... 2/15/97 7.400 70,075
400,000 Harris County, Texas ......................................... 2/1/98 10.375 457,964
100,000 Harris County, Texas ......................................... 2/15/98 8.125 111,941
45,000 Harris County, Texas ......................................... 2/15/98 8.125 50,373
80,000 Harris County, Texas, Municipal Utility District ............. 4/1/96 8.500 82,559
125,000 Hawaii State ................................................. 6/1/98 7.000 135,946
50,000 Hawaii State Department of Budget and Finance ................ 7/1/95 8.750 51,006
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
PRE-REFUNDED (a) (continued)
$1,000,000 Hoboken/Union City/Weehawken, New Jersey,
Sewer Authority ............................................ 8/1/99 7.250% $1,117,860
15,000 Houston, Texas, Water and Sewer Systems ...................... 12/1/95 9.375 15,617
115,000 Houston, Texas, Water and Sewer Systems ...................... 12/1/96 7.125 121,861
165,000 Houston, Texas, Water and Sewer Systems ...................... 12/1/96 8.200 177,167
175,000 Houston, Texas, Water and Sewer Systems ...................... 12/1/97 8.125 193,359
65,000 Hudson County, New Jersey, Correctional Facility ............. 12/1/98 7.600 72,734
75,000 Illinois Health Facility Authority ........................... 5/1/97 9.625 83,395
35,000 Illinois Health Facility Authority ........................... 9/1/97 7.850 38,240
200,000 Illinois State ............................................... 6/1/98 7.750 221,584
150,000 Illinois State Sales Tax Revenue ............................. 6/15/97 6.875 160,168
100,000 Illinois State Sales Tax Revenue ............................. 6/15/97 7.400 107,748
100,000 Illinois State Sales Tax Revenue ............................. 6/15/97 7.500 107,932
25,000 Illinois State Sales Tax Revenue ............................. 6/15/97 8.100 27,245
500,000 Illinois State Sales Tax Revenue ............................. 6/15/99 6.800 548,530
35,000 Indiana Municipal Power Agency, Series A ..................... 1/1/96 9.200 36,900
60,000 Indiana Municipal Power Agency, Series A ..................... 1/1/96 9.200 63,257
100,000 Indiana State Office Building Commission ..................... 7/1/98 7.800 111,172
1,000,000 Indiana State Transportation Authority ....................... 6/1/98 7.300 1,095,780
75,000 Indianapolis, Indiana, Public Improvement .................... 2/1/98 8.500 83,478
45,000 Intermountain Power Agency, Utah ............................. 7/1/95 7.000 45,004
50,000 Intermountain Power Agency, Utah ............................. 7/1/95 8.500 51,006
50,000 Intermountain Power Agency, Utah ............................. 7/1/95 9.375 51,007
25,000 Intermountain Power Agency, Utah ............................. 7/1/95 10.250 25,504
100,000 Intermountain Power Agency, Utah ............................. 7/1/96 7.750 105,513
25,000 Irving, Texas, Flood Control District Section 1 .............. 9/1/95 10.000 25,226
40,000 Jacksonville, Florida, Electric Authority Revenue ............ 10/1/95 10.250 41,382
85,000 Jefferson, Wisconsin, Sewer System Waterworks ................ 7/1/96 9.300 90,513
5,000 Kansas City, Kansas .......................................... 9/1/95 6.875 5,072
10,000 Kaukauna, Wisconsin, Electric System Revenue Bonds ........... 1/1/96 8.500 10,512
190,000 Kentucky State Turnpike Authority Revenue .................... 7/1/97 13.125 221,631
280,000 Lake County, Illinois, Forest Preservation District .......... 2/1/98 6.850 301,846
155,000 Lake County, Indiana, Hospital Authority
Sisters of Mercy Health Corp. .............................. 7/1/96 7.200 162,728
50,000 Lauderdale County and Florence, Alabama ...................... 12/1/95 9.625 52,598
400,000 Lexington/Fayette, Kentucky .................................. 7/1/98 7.600 443,068
1,000,000 Loudoun County, Virginia,
Sanitation, Water and Sewer Revenue ........................ 1/1/99 7.500 1,116,350
50,000 Lower Colorado River Authority Revenue, Texas ................ 1/1/96 7.000 50,726
30,000 Lower Colorado River Authority Revenue, Texas ................ 1/1/96 7.000 30,436
45,000 Lower Colorado River Authority Revenue, Texas ................ 1/1/96 8.375 46,825
65,000 Lower Colorado River Authority Revenue, Texas ................ 1/2/96 6.500 65,789
100,000 Luzerne County, Pennsylvania ................................. 9/15/97 7.150 106,214
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
PRE-REFUNDED (a) (continued)
$ 50,000 Maine Municipal Bond Bank .................................... 11/1/95 8.200% $ 50,664
385,000 Maine Municipal Bond Bank .................................... 11/1/98 7.400 428,801
140,000 Maine Municipal Bond Bank .................................... 11/1/98 7.850 158,154
1,000,000 Maricopa County, Arizona, School District .................... 7/1/98 6.700 1,082,720
20,000 Maryland State Health and Higher Education Authority ......... 7/1/95 10.750 20,604
160,000 Maryland State Health and Higher Education Authority ......... 7/1/97 9.250 178,253
50,000 Massachusetts Bay Transportation Authority ................... 3/1/98 7.500 54,926
20,000 Massachusetts State Health and Education Facility ............ 7/1/96 8.625 21,274
500,000 Massachusetts State Individual Finance Revenue ............... 9/1/99 7.250 559,825
65,000 Medical University, South Carolina, Hospital Facility ........ 7/1/95 9.000 66,308
505,000 Metropolitan Atlanta, Georgia, Rapid Transit ................. 7/1/98 7.300 555,172
300,000 Metropolitan Atlanta, Georgia, Rapid Transit ................. 7/1/98 8.000 335,805
50,000 Metropolitan Fair and Exposition Authority, Illinois ......... 6/1/96 8.000 52,704
100,000 Michigan City, Indiana, Area Schools ......................... 6/15/98 7.875 111,246
100,000 Michigan State Hospital Finance Authority .................... 8/15/98 8.000 112,154
290,000 Mississippi Hospital Equipment Facility Authority ............ 5/15/97 8.250 316,239
40,000 Mobile, Alabama, Water and Sewer Revenue ..................... 1/1/97 7.875 42,848
1,000,000 Montgomery County, Maryland .................................. 11/1/99 6.800 1,105,790
35,000 Municipal Assistance Corp., New York ......................... 7/1/95 9.875 35,706
40,000 Municipal Sub District,
Northern Colorado Water Conservation ....................... 12/1/95 9.250 41,232
25,000 Naperville, Illinois ......................................... 6/1/97 7.000 26,243
100,000 Nassau County, New York ...................................... 8/15/97 7.400 109,455
100,000 Nevada State ................................................. 8/1/96 7.000 104,969
15,000 Nevada State ................................................. 10/1/97 8.000 16,449
10,000 New York City, New York ...................................... 8/15/95 9.000 10,254
20,000 New York City, New York ...................................... 8/15/95 9.250 20,513
90,000 New York City, New York, Water and
Sewer System Revenue Bonds ................................. 6/15/97 7.625 97,195
20,000 New York State Dorm Authority Revenue ........................ 7/1/95 8.750 20,403
35,000 New York State Dorm Authority Revenue ........................ 7/1/97 8.125 38,320
15,000 North Broward, Florida, Hospital District .................... 1/1/96 7.500 15,703
25,000 Ocala, Florida, Water and Sewer Revenue Bonds ................ 10/1/95 7.400 25,702
35,000 Ocean County, New Jersey, Utility Authority,
Wastewater Revenue Bonds ................................... 1/1/96 7.000 35,517
2,000,000 Ohio State Building Authority, Correctional Facility,
Series A ................................................... 8/1/99 7.350 2,243,080
45,000 Ohio State Water Development Authority
Revenue Bonds, Series A .................................... 6/1/96 7.750 47,802
50,000 Ohio State Water Development Authority
Revenue Bonds, Series I .................................... 6/1/96 7.750 53,113
10,000 Ohio State Water Development Authority
Revenue Bonds, Series I .................................... 6/1/97 7.750 10,837
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
PRE-REFUNDED (a) (continued)
$ 15,000 Ohio State Water Development Authority
Revenue Bonds, Series I ................................... 6/1/97 7.750% $ 16,255
30,000 Oregon State, General Obligation ............................ 9/1/96 12.500 33,418
115,000 Park Ten Municipal Utility District, Texas .................. 3/1/96 9.250 118,856
25,000 Petersburg, Virginia, I.D.A. Hospital Corp. ................. 11/1/96 7.300 26,015
35,000 Phoenix, Arizona, General Obligation ........................ 7/1/95 7.000 35,703
35,000 Phoenix, Arizona, General Obligation ........................ 7/1/97 7.375 37,740
115,000 Piedmont Municipal Power Agency Revenue Bonds ............... 1/1/98 7.600 126,069
150,000 Plano, Texas ................................................ 9/1/97 7.300 159,464
20,000 Polk County, Florida ........................................ 12/1/95 7.000 20,646
50,000 Rhode Island State Health and Education ..................... 7/1/95 9.750 51,007
1,000,000 Rhode Island State Public Buildings ......................... 2/1/99 7.600 1,118,180
25,000 Richmond, Kentucky, Water, Sewer and Gas .................... 7/1/95 9.375 25,504
35,000 Richmond, Virginia, Public Utility Revenue .................. 1/15/98 8.000 38,713
500,000 Rutgers State University, New Jersey ........................ 5/1/98 7.800 554,820
70,000 St. Joseph County, Indiana, Hospital Facility ............... 11/1/95 9.125 72,515
10,000 St. Petersburg, Florida, Utility Tax ........................ 6/1/96 6.800 10,447
65,000 Salt Lake County, Utah, Water Conservation .................. 10/1/95 9.700 66,506
20,000 Salt River, Arizona, Electrical Systems Revenue ............. 1/1/97 7.000 20,828
40,000 Salt River, Arizona, Electrical Systems Revenue ............. 1/1/98 8.250 43,707
60,000 Sam Rayburn, Texas .......................................... 9/1/95 9.500 61,693
25,000 Sam Rayburn, Texas, Municipal Power Supply .................. 9/1/95 9.625 25,710
115,000 San Antonio, Texas, Electric and Gas Revenue ................ 2/1/98 8.000 127,213
70,000 San Antonio, Texas, General Obligation ...................... 5/1/96 7.000 72,687
60,000 San Antonio, Texas, Sewer Revenue ........................... 5/1/97 7.900 64,678
50,000 San Antonio, Texas, Sewer Revenue ........................... 5/1/97 7.900 53,899
10,000 South Carolina State Public Power ........................... 7/1/95 9.200 10,300
45,000 South Dakota State Health and Educational Revenue ........... 7/1/95 9.625 45,000
40,000 Spooner, Wisconsin, School District ......................... 4/1/96 9.500 41,566
115,000 Swarthmore Boro Authority, Pennsylvania,
College Revenue ........................................... 9/15/98 7.375 126,937
5,000 Tampa, Florida, Utility Tax ................................. 10/1/95 9.250 5,161
125,000 Tarrant County, Texas, Health Facility ...................... 10/1/96 10.875 135,010
30,000 Texarkana, Arkansas, Waterworks Facility Revenue ............ 12/1/97 11.250 34,882
790,000 Texas Municipal Power Agency Revenue Bonds .................. 3/1/97 14.625 919,497
155,000 Texas Municipal Power Agency Revenue Bonds .................. 9/1/97 6.875 166,272
100,000 Texas State ................................................. 10/1/98 6.500 106,106
50,000 Triborough Bridge and Tunnel Authority Revenue Bonds ........ 1/1/96 8.250 52,035
25,000 Trinity River Authority, Texas .............................. 8/1/95 10.100 25,104
180,000 Trinity River Authority, Texas .............................. 8/1/96 7.700 186,896
30,000 Tucson, Arizona, General Obligation, Series A ............... 7/1/95 8.200 30,600
25,000 Turlock, California, Irrigation District Refunding Revenue .. 1/1/96 7.750 25,962
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
PRE-REFUNDED (a) (continued)
$ 55,000 Uintah County, Utah, Pollution Control ....................... 10/15/96 9.875% $ 58,879
1,040,000 Uintah County, Utah, Pollution Control ....................... 10/15/96 10.125 1,102,234
70,000 University of Arizona, Medical Center Hospital Revenue ....... 7/1/97 8.100 76,396
80,000 University of Arizona, Revenue Bonds ......................... 6/1/96 7.300 83,857
195,000 University of Virginia, Hospital Revenue Bonds ............... 6/1/98 7.150 213,449
500,000 Valparaiso, Indiana, School Building Improvement ............. 7/1/98 7.750 555,915
25,000 Virginia State Public School Authority ....................... 1/1/96 7.500 25,920
50,000 Virginia State Public School Authority ....................... 1/1/96 7.500 51,839
100,000 Virginia State Public School Authority ....................... 1/1/97 6.300 105,022
325,000 Virginia State Public School Authority ....................... 1/1/98 7.000 351,725
400,000 Virginia State Transportation Board Revenue .................. 5/15/98 6.800 433,116
40,000 Warren County, Kentucky, Public Judiciary .................... 7/1/95 9.000 41,200
125,000 Washington State ............................................. 9/1/96 10.000 133,281
25,000 Washington State Health Care Facility ........................ 11/1/95 8.950 25,884
150,000 Washington State Public Power Supply ......................... 7/1/96 14.500 169,263
90,000 Washington State Public Power Supply ......................... 7/1/96 15.000 101,988
500,000 Washington State Public Power Supply ......................... 7/1/96 15.000 566,600
35,000 Washington State Public Power Supply ......................... 7/1/97 14.500 41,734
50,000 Washington State Public Power Supply ......................... 7/1/97 14.500 59,620
15,000 Washington State Refunding, Series 86 D ...................... 9/1/96 8.000 15,663
30,000 Washoe County, Nevada ........................................ 7/15/95 9.250 30,638
40,000 West Virginia State Board of Regents ......................... 4/1/96 7.750 41,850
50,000 West Virginia State Hospital Finance Authority ............... 6/1/96 7.125 52,334
5,000 West Virginia State Hospital Finance Authority ............... 7/1/97 6.850 5,250
125,000 West Virginia State Water Development Authority .............. 11/1/96 10.000 134,280
70,000 Western Minnesota Municipal Power Agency, Series A ........... 1/1/96 8.125 72,773
35,000 Westmoreland County, Pennsylvania,
Municipal Authority, Series J .............................. 7/1/95 9.200 35,000
75,000 Wisconsin State Transportation Revenue Bonds,
Series A ................................................... 7/1/97 7.000 80,417
100,000 Woodward, Oklahoma, Municipal Authority Sales ................ 11/1/97 8.000 109,028
-----------
TOTAL PRE-REFUNDED ....................................... $35,843,314
-----------
SALES TAX (0.5%)
$ 250,000 Illinois State Sales Tax Revenue ............................. 6/15/97 6.100% $ 256,928
-----------
TRANSPORTATION (2.9%)
$ 165,000 Delaware Transportation Authority System Revenue ............. 7/1/97 7.100% $ 173,606
550,000 Illinois State Toll Highway .................................. 1/1/99 4.400 543,527
750,000 Illinois State Toll Highway .................................. 1/1/99 4.400 737,873
25,000 Port Authority of New York and New Jersey .................... 8/1/95 4.400 24,999
10,000 Port Authority of New York and New Jersey .................... 7/15/97 5.000 10,107
-----------
TOTAL TRANSPORTATION ..................................... $ 1,490,112
-----------
</TABLE>
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (continued)
<TABLE>
<CAPTION>
Principal Interest
Amount Maturity Rate Value
- ---------- -------- -------- -------
<C> <S> <C> <C> <C>
UTILITIES (4.6%)
$1,000,000 Washington State Public Power Supply, Project #1 ............ 7/1/96 4.200% $ 998,170
350,000 Washington State Public Power Supply, Project #2 ............ 7/1/96 5.800 353,899
1,000,000 Washington State Public Power Supply, Project #3 ............ 7/1/96 6.900 1,020,650
----------
TOTAL UTILITIES .......................................... $2,372,719
----------
WATER/SEWER (0.3%)
$ 100,000 Connecticut State Clean Water ................................ 10/1/97 10.000% $ 112,152
45,000 Phoenix, Arizona, Water System Revenue ....................... 7/1/95 6.800 45,004
----------
TOTAL WATER/SEWER ........................................ $ 157,156
----------
TOTAL INVESTMENTS (identified cost $47,411,987) (b) .................................. 91.9% $47,618,208
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ........................................ 8.1 4,209,782
----- -----------
NET ASSETS ............................................................................ 100.0% $51,827,990
===== ===========
</TABLE>
- ----------
(a) General obligation or revenue bonds that have been fully secured or
collateralized by an escrow fund consisting of U.S. Government obligations
that can adequately meet interest and principal payments. For pre-refunded
obligations, the stated maturity date represents the date of redemption
which, pursuant to the terms of the escrow agreement, has been accelerated
from the originally stated maturity date.
(b) The aggregate cost for federal income tax purposes is $47,411,987, the
aggregate gross unrealized appreciation is $368,317, and the aggregate
gross unrealized depreciation is $162,096, resulting in net unrealized
appreciation of $206,221.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995
ASSETS:
Investments in securities, at value (identified
cost $47,411,987) (Note 1) ........................... $ 47,618,208
Cash ................................................... 3,253,445
Receivables for:
Interest ............................................. 1,186,302
Fund shares sold ..................................... 390,000
Deferred organization expenses (Note 1) ................ 16,233
------------
Total Assets .................................... 52,464,188
------------
LIABILITIES:
Payables for:
Fund shares repurchased .............................. 601,455
Expense payment fee (Note 2) ......................... 23,195
Administrative fee (Note 2) .......................... 6,485
Dividends declared (Note 1) .......................... 5,063
------------
Total Liabilities ............................... 636,198
------------
NET ASSETS ................................................... $ 51,827,990
============
Net Assets Consist of:
Paid-in capital ........................................ $ 52,104,955
Accumulated net realized loss on investments ........... (483,186)
Net unrealized appreciation on investments ............. 206,221
------------
Net Assets ................................................... $ 51,827,990
============
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($51,827,990 / 5,044,084 shares) ....................... $ 10.28
============
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
STATEMENT OF OPERATIONS
For the year ended June 30, 1995
INVESTMENT INCOME:
Income:
Interest ............................................... $ 2,585,908
-----------
Expenses:
Expense payment fee (Note 2) ........................... 317,562
Administrative fee (Note 2) ............................ 88,746
Amortization of organization expenses (Note 1) ......... 7,847
-----------
Total Expenses ....................................... 414,155
-----------
Net Investment Income ................................ 2,171,753
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investments ......................... (401,310)
Net change in unrealized depreciation on investments ..... 1,220,494
-----------
Net Realized and Unrealized Gain ..................... 819,184
-----------
Net Increase in Net Assets Resulting from Operations ..... $ 2,990,937
===========
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the years ended June 30,
------------------------------
1995 1994
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ............................................ $ 2,171,753 $ 2,054,629
Net realized loss on investments ................................. (401,310) (81,876)
Net change in unrealized depreciation/appreciation
on investments ................................................. 1,220,494 (1,361,417)
------------- -------------
Net increase in net assets resulting from operations ........... 2,990,937 611,336
------------- -------------
Dividends and distributions declared from:
Net investment income ............................................ (2,171,753) (2,054,629)
Net realized gain ................................................ -- (3,068)
------------- -------------
Total dividends and distributions declared ..................... (2,171,753) (2,057,697)
------------- -------------
Shares of beneficial interest transactions (Note 4):
Net proceeds from sales of shares of beneficial interest ......... 21,229,621 85,634,999
Net asset value of shares of beneficial interest issued to
shareholders in reinvestment of dividends and
distributions .................................................. 608,425 605,700
Net cost of shares of beneficial interest repurchased ............ (38,082,365) (50,743,149)
------------- -------------
Net (decrease) increase in net assets resulting from
shares of beneficial interest transactions ................... (16,244,319) 35,497,550
------------- -------------
Total (decrease) increase in net assets .................... (15,425,135) 34,051,189
NET ASSETS:
Beginning of year .................................................. 67,253,125 33,201,936
------------- -------------
End of year ........................................................ $ 51,827,990 $ 67,253,125
============= =============
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share
outstanding throughout each period
<TABLE>
<CAPTION>
For the period
For the years July 23, 1992
ended June 30, (commencement of
------------------------- operations) to
1995 1994 June 30, 1993
---------- ---------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period .................... $ 10.11 $ 10.29 $ 10.00
Income from investment operations:
Net investment income ................................ 0.37 0.34 0.32
Net realized and unrealized gain (loss) on investments 0.17 (0.18) 0.29
Less dividends and distributions:
Dividends to shareholders from net investment income . (0.37) (0.34) (0.32)
Distributions to shareholders from net realized gains
on investments .................................... -- (0.00)* --
---------- ---------- ----------
Net asset value, end of period .......................... $ 10.28 $ 10.11 $ 10.29
========== ========== ==========
Total return (Note 2) ................................... 5.42% 1.59% 6.16%**
Ratios/supplemental data:
Net assets, end of period (000's omitted) ............ $ 51,828 $ 67,253 $ 33,202
Ratio of expenses to average net assets (Note 2) ..... 0.70% 0.70% 0.70%**
Ratio of net investment income to average net assets . 3.67% 3.32% 3.42%**
Portfolio turnover rate .............................. 38.70% 26.75% 12.68%
</TABLE>
- ----------
* Distributions to shareholders from net realized gains was less than $0.01
per share.
** Annualized
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS
1. Organization and Accounting Policies. The 59 Wall Street Tax Free
Short/Intermediate Fixed Income Fund (the "Fund") is a separate, diversified
series of The 59 Wall Street Trust (the "Trust") which is registered under the
Investment Company Act of 1940, as amended. The Trust is an open-end management
investment company organized as a Massachusetts business trust on June 7, 1983.
The Fund commenced operations on July 23, 1992. The Declaration of Trust permits
the Trustees to create an unlimited number of series, each of which issues a
separate class of shares. The Trustees have authorized the issuance of an
unlimited number of shares of the Fund. At June 30, 1995, there were three
series of the Trust.
The following is a summary of significant accounting policies:
A. Valuation of Investments. Bonds and other fixed income securities
(other than short-term obligations but including listed issues) are valued
on the basis of valuations furnished by a pricing service, use of which has
been approved by the Board of Trustees. In making such valuations, the
pricing service utilizes both dealer-supplied valuations and electronic
data processing techniques which take into account appropriate factors such
as institutional-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, trading characteristics and
other market data, without exclusive reliance upon quoted prices or
exchange or over-the-counter prices, since such valuations are believed to
reflect more accurately the fair value of such securities.
Securities or other assets for which market quotations are not readily
available are valued at fair value in accordance with procedures
established by and under the general supervision and responsibility of the
Trustees. Short-term investments which mature in 60 days or less are valued
at amortized cost if their original maturity was 60 days or less, or by
amortizing their value on the 61st day prior to maturity, if their original
maturity when acquired for the Fund was more than 60 days, unless this is
determined not to represent fair value by the Trustees.
B. Accounting for Investments. Investment transactions are accounted
for on the trade date. Realized gains and losses, if any, from investment
transactions are determined on the basis of identified cost. Interest
income is accrued daily and consists of interest accrued, discount earned
(including both original issue and market discount) and premium
amortization on the investments of the Fund.
C. Deferred Organization Expenses. Expenses incurred by the Fund in
connection with its organization and initial public offering of its shares
are being amortized by the Fund on a straight-line basis over a five-year
period.
D. Federal Income Taxes. Each series of the Trust is treated as a
separate entity for Federal income tax purposes. It is the Fund's policy to
comply with the requirements of the Internal Revenue Code (the "Code")
applicable to regulated investment companies and to distribute all of its
taxable income to its shareholders. Accordingly, no Federal income tax
provision is required.
E. Dividends and Distributions to Shareholders. Dividends from net
investment income are declared daily and paid monthly to shareholders.
Distributions from net capital gains, if any, are paid annually and are
recorded on the ex-dividend date. Distributions paid by the Fund from net
interest received on tax-exempt bonds are not includable by shareholders as
gross income for Federal income tax purposes because the Fund intends to
meet certain requirements of the Code applicable to regulated investment
companies which will enable the Fund to pay tax-exempt interest dividends.
2. Transactions with Affiliates.
Investment Advisory Agreement. The Trust has an investment advisory
agreement with Brown Brothers Harriman & Co. (the "Adviser") for which the
Adviser receives a fee calculated daily and paid monthly at an annual rate
equivalent to 0.35% of the Fund's average daily net assets.
<PAGE>
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
NOTES TO FINANCIAL STATEMENTS (continued)
Administrative Fee. The Trust has an administrative agreement with Brown
Brothers Harriman & Co. (the "Administrator") for which it pays the
Administrator a fee calculated daily and paid monthly at an annual rate
equivalent to 0.15% of the Fund's average daily net assets. The Administrator
has a subadministration agreement with 59 Wall Street Administrators, Inc. for
which 59 Wall Street Administrators, Inc. receives such compensation as is from
time to time agreed upon, but not in excess of the amount paid to the
Administrator. For the year ended June 30, 1995, the Fund incurred $88,746 for
administrative services.
Eligible Institution Agreement. The Trust has an eligible institution
agreement with Brown Brothers Harriman & Co. for which Brown Brothers Harriman &
Co. receives a fee calculated monthly at an annual rate of 0.25% of the Fund's
average daily net assets.
Expense Payment Fee. 59 Wall Street Administrators, Inc. pays certain
expenses of the Fund and receives a fee from the Fund, computed and paid
monthly, such that after such fee the aggregate expenses will not exceed 0.70%
of the Fund's average daily net assets. For the year ended June 30, 1995, 59
Wall Street Administrators, Inc. incurred $498,700 in expenses on behalf of the
Fund, including investment advisory fees of $207,074 and eligible institution
fees of $147,910. Had the expense payment arrangement not been in place, the
total operating expenses of the Fund for the year ended June 30, 1995 would have
been 0.99% and the total return for the Fund for the one year ended June 30,
1995 would have been 5.13%. The expense payment agreement will terminate on July
1, 1997.
3. Investment Transactions. The Fund invests primarily in debt securities
issued by municipalities. The ability of the issuers of the debt securities to
meet their obligations may be affected by economic developments in a specific
state or municipality. The aggregate holdings by state ranged from 0.1% to 12.6%
of investments. At June 30, 1995, the five largest holdings by state were
Illinois, 12.6%; Texas, 10.5%; Washington, 7.1%; Indiana, 5.3%; and Ohio, 5.2%.
For the year ended June 30, 1995, the cost of purchases and the proceeds of
sales of investment securities other than short-term investments were
$22,334,412 and $41,038,842, respectively.
4. Shares of Beneficial Interest. Transactions in shares of beneficial
interest were as follows:
For the years ended June 30,
----------------------------
1995 1994
---------- ----------
Shares of beneficial interest sold ............. 2,098,487 8,323,491
Shares of beneficial interest issued
in connection with reinvestment of
dividends and distributions ................. 60,072 59,121
Shares of beneficial interest repurchased ...... (3,763,896) (4,961,348)
---------- ----------
Net (decrease) increase ........................ (1,605,337) 3,421,264
========== =========
5. Federal Income Tax Status. At June 30, 1995 the Fund had a net capital
loss carryover of approximately $8,000, available through June 30, 2002 and
$284,000 available through June 30, 2003, to offset future capital gains to the
extent provided by regulations. To the extent that this net capital loss
carryover is used to offset future capital gains, it is probable that the gains
so offset will not be distributed to shareholders since any such distributions
may be taxable to shareholders as ordinary income. Additionally, net capital
losses of approximately $191,000, attributed to security transactions arising
after October 31, 1994, are treated as arising on the first day of the Fund's
next taxable year.
----------
<PAGE>
INDEPENDENT AUDITORS' REPORT
Trustees and Shareholders
The 59 Wall Street Tax Free Short/Intermediate Fixed Income Fund
(a series of The 59 Wall Street Trust):
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of The 59 Wall Street Tax Free
Short/Intermediate Fixed Income Fund (a series of The 59 Wall Street Trust) as
of June 30, 1995, the related statement of operations for the year then ended,
the statement of changes in net assets for the years ended June 30, 1995 and
1994, and the financial highlights for each of the years in the three-year
period ended June 30, 1995. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at June 30,
1995 by correspondence with the custodian. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of The 59 Wall Street
Tax Free Short/Intermediate Fixed Income Fund at June 30, 1995, the results of
its operations, the changes in its net assets, and its financial highlights for
the respective stated periods in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
August 11, 1995
<PAGE>
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
During the fiscal year ended June 30, 1995, evidence mounted that the
Federal Reserve's series of rate hikes initiated in early 1994 was successfully
slowing the economy and containing inflation. As the outlook improved toward the
end of 1994, the price of short-intermediate maturity municipal securities began
to rally. In February, 1995, a variety of tax reform proposals injected some
wariness into the municipal market, particularly for longer-term maturities.
Some investors sought refuge by shortening maturities. As a result, the yield
curve steepened. The Fund produced a total return of 5.42% for its fiscal year.
Although overnight rates rose 1.25%, yields on three-year and five-year
maturities declined .40% and .35%, respectively.
In March, 1995, the Fund's investment adviser anticipated that short and
intermediate interest rates adequately reflected an extended period of stable
monetary policy, and reduced the weighted average maturity of the Fund from just
above 2.7 years to a range of 2.3-2.7 years. In early June 1995, the Fund's
investment adviser anticipated that the lower level of interest rates and an
unusually flat yield curve offered little incremental yield benefit for the
price exposure, and further reduced the weighted average maturity to a range of
2.0-2.3 years.
Portfolio holdings are concentrated in municipal bonds which are 100%
collateralized by U.S. Treasuries held in escrow accounts (the highest possible
credit quality available in the municipal market). In order to lock in a higher
tax-free yield and avoid the tax liability of market discount bonds, the
portfolio is skewed toward premium coupon bonds with call protection. The Fund
has no derivative securities or leveraged exposure in its portfolio.
<PAGE>
Comparative Aaa Municipal Yield Curves
[The table below was represented by a graph in the printed material]
Line graph with two axes: the X-axis represents years to maturity; the Y-axis
represents yield. The graph plots two lines: the first line represents the
weighted average yield to maturity for the Fund for the year ended June 30,
1994; the second line represents the weighted average yield to maturity for the
Fund for the year ended June 30, 1995.
Year 6/30/94 6/30/95
---- ------- -------
0 2.5 3.75
1 3.75 3.75
2 4.35 4
3 4.6 4.2
4 4.75 4.4
5 4.9 4.55
Tax Free Short / Intermediate Fixed Income Fund Growth of $10,000
[The table below was represented by a graph in the printed material]
Line graph with two axes: the X-axis represents years of operations; the Y-axis
represents dollar value. The graph plots four lines: the first line represents
the growth of a ten thousand dollar investment in the Fund from July 23, 1992
(inception) to June 30, 1995; the second line represents the growth of a ten
thousand dollar investment in a portfolio of securities reflecting the
composition of the Merrill Lynch 0-3 Year General Obligation Municipal Bond
Index for the same time period; the third line represents the growth of a ten
thousand dollar investment in a portfolio of securities reflecting the
composition of the Lehman 3-Year General Obligation Municipal Bond Index for the
same time period; the fourth line represents the growth of a ten thousand dollar
investment in a portfolio of securities reflecting the composition of the
IBC/Donoghue Composite Tax Free Money Market Funds Average. The graph points are
as follows:
Year Fund* Merrill** Lehman IBC/Donoghue
---- ---- ------- ------ ------------
7/23/92 $ 10,000 $ $ 10,000 $ 10,000
10,043 9,995 10,024
10,142 10,071 10,045
10,075 10,058 10,064
10,192 10,143 10,082
10,243 10,207 10,102
10,342 10,282 10,119
10,491 10,442 10,135
10,462 10,409 10,151
4/30/93 10,523 10,520 10,466 10,167
10,541 10,516 10,499 10,185
10,616 10,552 10,561 10,200
10,594 10,452 10,559 10,216
10,697 10,451 10,655 10,233
10,737 10,475 10,698 10,250
10,765 10,507 10,720 10,267
10,744 10,542 10,711 10,284
10,848 10,610 10,826 10,300
12/21/93 10,907 10,674 10,918 10,316
10,812 10,616 10,806 10,332
10,746 10,600 10,678 10,348
10,743 10,644 10,756 10,365
10,774 10,679 10,806 10,385
10,784 10,709 10,802 10,404
10,867 10,747 10,889 10,423
10,911 10,779 10,930 10,443
10,880 10,806 10,904 10,466
10,869 10,793 10,885 10,490
10,827 10,769 10,885 10,516
10,882 10,799 10,909 10,546
10,948 10,874 10,981 10,573
11,083 10,967 11,087 10,601
11,150 11,020 11,214 10,632
11,186 11,074 11,251 10,664
11,331 11,254 11,429 10,698
6/30/95 11,364 11,287 11,456 10,727
* Net of fees and expenses.
** The Merrill Lynch Index started 4/1/93. Therefore, for performance purposes
the starting point used is the same amount as the Fund.
Past performance is not predictive of future performance.
<PAGE>
The 59 Wall Street Trust
Investment Adviser and
Administrator
Brown Brothers Harriman & Co.
59 Wall Street
New York, New York 10005
Distributor
59 Wall Street Distributors, Inc.
6 St. James Avenue
Boston, Massachusetts 02116
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein contained is to be
considered an offer of sale or a solicitation of an offer to buy shares of The
59 Wall Street Tax Free Short/Intermediate Fixed Income Fund. Such offering is
made only by prospectus, which includes details as to offering price and other
material information.
