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U.S. Treasury Money Fund
SEMI-ANNUAL REPORT
December 31, 1995
<PAGE>
THE 59 WALL STREET U.S. TREASURY MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1995
(unaudited)
Principal Value
Amount (Note 1)
- ------------ --------------
U.S. TREASURY BILLS (a)(100.1%)
$ 6,435,000 due 1/4/96, 5.20% to 5.28%................. $ 6,432,183
23,125,000 due 1/11/96, 5.31% to 5.37%................ 23,090,710
4,650,000 due 1/18/96, 5.25%......................... 4,638,472
2,995,000 due 1/25/96, 5.305% to 5.40%............... 2,984,322
22,030,000 due 2/8/96, 4.71% to 5.37%................. 21,906,124
8,065,000 due 2/29/96, 5.26%......................... 7,995,475
21,075,000 due 3/7/96, 5.015% to 5.31%................ 20,871,967
11,840,000 due 3/14/96, 5.15% to 5.28%................ 11,714,174
11,330,000 due 4/4/96, 4.94% to 5.15%................. 11,183,126
18,130,000 due 4/11/96, 4.90% to 5.25%................ 17,877,689
7,410,000 due 4/18/96, 4.95% to 5.30%................ 7,298,019
1,525,000 due 5/9/96, 5.16%.......................... 1,496,803
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TOTAL U.S. TREASURY BILLS ................ $137,489,064
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TOTAL INVESTMENTS, AT AMORTIZED COST .................. 100.1% $137,489,064
OTHER LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS.. (0.1) (100,494)
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NET ASSETS ........................................... 100.0% $137,388,570
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(a) Rates shown are yields to maturity at time of purchase.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET U.S. TREASURY MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995
(unaudited)
ASSETS:
Investments, at amortized cost and value (Note 1)............ $137,489,064
Cash......................................................... 1,132
Deferred organization expenses (Note 1)...................... 1,936
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Total Assets ........................................ 137,492,132
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LIABILITIES:
Payables for:
Expense reimbursement fee (Note 2)......................... 44,227
Investment advisory fee (Note 2)........................... 22,505
Dividends declared (Note 1)................................ 21,827
Administrative fee (Note 2)................................ 15,003
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Total Liabilities .................................... 103,562
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NET ASSETS,for 137,388,570 shares of beneficial
interest outstanding.......................................... $137,388,570
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Net Assets Consist of:
Paid-in capital............................................ $137,388,570
============
NET ASSET VALUE AND OFFERING PRICE PER SHARE .................. $1.00
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STATEMENT OF OPERATIONS
For the six months ended December 31, 1995
(unaudited)
INVESTMENT INCOME:
Interest ................................................... $ 4,432,766
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EXPENSES:
Expense reimbursement fee (Note 2).......................... 235,850
Investment advisory fee (Note 2)............................ 120,486
Administrative fee (Note 2)................................. 80,324
Amortization of organization expenses (Note 1).............. 5,122
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Total Expenses ...................................... 441,782
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NET INVESTMENT INCOME ......................................... $ 3,990,984
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See Notes to Financial Statements.
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THE 59 WALL STREET U.S. TREASURY MONEY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
For the
six months ended For the
December 31, 1995 year ended
(unaudited) June 30, 1995
----------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From Investment Activities:
Net investment income........................................................... $ 3,990,984 $ 5,335,841
Total declared as dividends to shareholders..................................... (3,990,984) (5,335,841)
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From Share (Principal) Transactions at Net Asset Value of $1.00 per share:
Shares sold..................................................................... 352,392,399 589,414,714
Shares issued in reinvestment of dividends...................................... 1,755,004 1,916,678
Shares repurchased.............................................................. (361,727,394) (588,093,858)
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Net (decrease) increase in net assets resulting
from share transactions....................................................... (7,579,991) 3,237,534
NET ASSETS:
Beginning of period............................................................. 144,968,561 141,731,027
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End of period .................................................................. $ 137,388,570 $144,968,561
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</TABLE>
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share outstanding throughout each
period
<TABLE>
<CAPTION>
For the
six months ended For the years ended June 30,
December 31, 1995 ----------------------------------------------------
(unaudited) 1995 1994 1993 1992
----------------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income.......................... 0.03 0.05 0.03 0.03 0.04
Dividends to shareholders from net
investment income.............................. (0.03) (0.05) (0.03) (0.03) (0.04)
------ ------ ------ ----- ------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
Cumulative investment return**................... 2.53% 4.67% 2.74% 2.75% 4.48%
Ratios/Supplemental Data:
Net assets, end of period
(000's omitted)........................ $137,389 $144,969 $141,731 $136,584 $118,706
Ratio of expenses to average net assets** 0.55%* 0.55% 0.55% 0.55% 0.55%
Ratio of net investment income to
average net assets........................... 4.97%* 4.52% 2.72% 2.70% 4.35%
</TABLE>
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* Annualized
** Had the expense reimbursement agreement not been in place, the ratio of
expenses to average net assets for the six months ended December 31, 1995,
the years ended June 30, 1995, 1994, 1993 and 1992, would have been 0.57%,
0.58%, 0.57%, 0.55% and 0.56%, respectively. For the same periods, the
cumulative return of the Fund would have been 2.51%, 4.64%, 2.72%, 2.75% and
4.47%, respectively.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET U.S. TREASURY MONEY FUND
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. Organization and Accounting Policies. The 59 Wall Street U.S. Treasury
Money 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 March 12, 1991. 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 December 31, 1995, there were three series of the Trust.
The following is a summary of significant accounting policies:
A. Valuation of Investments. The Fund values its investments at
amortized cost, which approximates market value. The amortized cost method
values a security at its cost at the time of purchase and thereafter
assumes a constant amortization to maturity of any discount or premium. The
Fund's use of amortized cost is in compliance with Rule 2a-7 of the
Investment Company Act of 1940.
B. Interest Income. Interest income consists of interest accrued and
discount earned (including both original issue and market discount) and
premium amortization on the investments of the Fund, accrued ratably to the
date of maturity, plus or minus net realized short-term gain or loss, if
any, on investments.
C. 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 provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute all its taxable income to
its shareholders. Accordingly, no Federal income or excise tax provision is
required. At December 31, 1995, the cost of investments for Federal income
tax purposes was equal to the amortized cost of investments for financial
statement purposes.
D. Dividends and Distributions. Dividends from net investment income
are declared daily and paid monthly to shareholders.
E. Deferred Organization Expenses. Expenses incurred by the Fund in
connection with its organization and initial public offering of its shares
are being amortized on a straight-line basis over a five-year period.
F. Other. Investment transactions are accounted for on the trade date.
Realized gain and loss, if any, from investment transactions are determined
on the basis of identified cost.
2. Transactions with Affiliates.
Investment Advisory Fee. The Trust has an investment advisory agreement
with Brown Brothers Harriman & Co. (the "Adviser") for which it pays the Adviser
a fee calculated daily and paid monthly at an annual rate equivalent to 0.15% of
the Fund's average daily net assets. For the six months ended December 31, 1995,
the Fund incurred $120,486 for advisory services.
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 0.10% 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 six months ended December 31, 1995, the Fund incurred
$80,324 for administrative services.
Shareholder Servicing/Eligible Institution Agreement. The Trust has a
shareholder servicing and an eligible institution agreement with Brown Brothers
Harriman & Co. for which Brown Brothers Harriman & Co. receives a fee calculated
monthly at an annual rate equivalent to 0.225% of the Fund's average daily net
assets.
<PAGE>
THE 59 WALL STREET U.S. TREASURY MONEY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
(unaudited)
Expense Reimbursement Fee. 59 Wall Street Administrators, Inc. has agreed
to pay certain expenses of the Fund subject to reimbursement by the Fund. To
accomplish such reimbursement, 59 Wall Street Administrators, Inc. receives an
expense reimbursement fee from the Fund, computed and paid monthly, such that
after such reimbursement the aggregate expenses will not exceed 0.55% of the
Fund's average daily net assets. For the six months ended December 31, 1995, 59
Wall Street Administrators, Inc. incurred $252,290 in expenses on behalf of the
Fund, including shareholder servicing/eligible institution fees of $180,729. The
expense reimbursement fee agreement terminated on February 1, 1996.
3. Investment Transactions. Purchases, and maturities and sales, of money
market instruments aggregated $556,623,200 and $568,252,632, respectively, for
the six months ended December 31, 1995.
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<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
Shareholder Servicing Agent
Brown Brothers Harriman & Co.
59 Wall Street
New York, New York 10005
(800) 625-5759
This report is submitted for the general information of shareholders and is not
authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus. Nothing herein contained is to be
considered an offer of sale or a solicitation of an offer to buy shares of The
59 Wall Street U.S. Treasury Money Fund. Such offering is made only by
prospectus, which includes details as to offering price and other material
information.
