59 WALL STREET TRUST
N-30D, 1999-03-10
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                            U.S. Treasury Money Fund

                               SEMI-ANNUAL REPORT
                                December 31, 1998

<PAGE>

                   THE 59 WALL STREET U.S. TREASURY MONEY FUND

                            PORTFOLIO OF INVESTMENTS
                                December 31, 1998
                           (expressed in U.S. dollars)
                                   (unaudited)

    Principal                                                          Value
     Amount                                                          (Note 1)
  ------------                                                     -------------
                   U.S. TREASURY BILLS (a) (96.4%)
 $  1,965,000       due 01/14/99, 4.640%.......................... $   1,961,707
   39,740,000       due 01/21/99, 3.780% to 4.550%................    39,645,468
   42,615,000       due 02/04/99, 3.930% to 4.960% ...............    42,439,902
   60,000,000       due 02/11/99, 4.320% .........................    59,704,800
    1,345,000       due 02/25/99, 4.420%..........................     1,335,918
   15,560,000       due 03/18/99, 4.350%..........................    15,417,107
   18,015,000       due 04/08/99, 4.380% to 4.400% ...............    17,802,135
   11,200,000       due 06/24/99, 4.470% to 4.530% ...............    10,957,655
    4,490,000       due 07/22/99, 3.895% .........................     4,391,870
   11,465,000       due 08/19/99, 4.050% to 4.360% ...............    11,159,996
    5,855,000       due 09/16/98, 4.300% .........................     5,674,568
                                                                    ------------
                        TOTAL U.S. TREASURY BILLS ................  $210,491,126
                                                                    ------------

                   U.S. TREASURY NOTES (3.1%)
 $  6,770,000       due 04/30/99, 6.375%..........................  $  6,788,303
                                                                    ------------
                        TOTAL U.S. TREASURY NOTES  ...............  $  6,788,303
                                                                    ------------

 TOTAL INVESTMENTS, AT AMORTIZED COST  ...............     99.5%    $217,279,429
 OTHER ASSETS IN EXCESS OF LIABILITIES    ............      0.5        1,117,610
                                                          ------    ------------
 NET ASSETS   ........................................    100.0%    $218,397,039
                                                          ======    ============
- ------------
(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, 1998
                                   (unaudited)

ASSETS:

      Investments, at amortized cost and value (Note 1)............ $217,279,429
      Cash ........................................................    1,144,877
      Interest and Other Receivables...............................      109,260
                                                                    ------------
              Total Assets ........................................ $218,533,566
                                                                    ------------
LIABILITIES:
      Payables for:
         Dividends declared (Note 1)...............................       40,148
         Shareholder services/eligible institution fees (Note 2)...       45,654
         Investment advisory (Note 2)..............................       30,435
         Administrative fee (Note 2) ..............................       20,290
                                                                    ------------
              Total Liabilities ...................................      136,527
                                                                    ------------
NET ASSETS, for 218,397,039 shares of beneficial interest 
  outstanding...................................................... $218,397,039
                                                                    ============
Net Assets Consist of:
     Paid-in capital............................................... $218,397,039
                                                                    ============
NET ASSET VALUE AND OFFERING PRICE PER SHARE  .....................        $1.00
                                                                           =====

                             STATEMENT OF OPERATIONS
                   For the six months ended December 31, 1998
                                   (unaudited)

INVESTMENT  INCOME (Note 1):
      Interest income............................................  $  5,229,680
                                                                   ------------
  Expenses:
      Shareholder services/eligible institution fees (Note 2)....       242,498
      Investment advisory fee (Note 2)...........................       161,665
      Administrative fee (Note 2)................................       107,776
      Custodian fee..............................................        70,698
      Trustees' fees and expenses................................         7,734
      Miscellaneous expenses.....................................        17,871
                                                                   ------------
      Total Expenses ............................................       608,242
               Fees paid indirectly (Note 3).....................        (1,375)
                                                                   ------------
               Net Expenses .....................................       606,867
                                                                   ------------
NET INVESTMENT INCOME ...........................................  $  4,622,813
                                                                   ============

                       See Notes to Financial Statements.

<PAGE>

                   THE 59 WALL STREET U.S. TREASURY MONEY FUND

                       STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
                                                              For the
                                                         six months ended       For the
                                                         December 31, 1998    year ended
                                                            (unaudited)      June 30, 1998
                                                         -----------------   -------------
<S>                                                         <C>               <C>           
INCREASE IN NET ASSETS:
From Investment Activities:
      Net investment income.............................    $ 4,622,813       $  8,741,875
      Total declared as dividends to shareholders.......     (4,622,813)        (8,741,875)
                                                           ------------       ------------
From Share (Principal) Transactions at Net Asset Value 
  of $1.00 per share:
      Shares sold.......................................    398,473,393        924,358,677
      Shares issued in reinvestment of dividends........      1,528,061          3,263,016
      Shares repurchased................................   (376,297,997)      (893,386,401)
                                                           ------------       ------------
        Net increase in net assets resulting from 
         share transactions.............................     23,703,457         34,235,292

NET ASSETS:
      Beginning of period...............................    194,693,582        160,458,290
                                                           ------------       ------------
      End of period ....................................   $218,397,039       $194,693,582
                                                           ============       ============
</TABLE>
                       See Notes to Financial Statements.

                              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, 1998   ---------------------------------------------------
                                               (unaudited)       1998        1997       1996        1995      1994
                                            -----------------   ------      ------     ------      ------    ------
<S>                                                <C>           <C>         <C>        <C>       <C>        <C>  
Net asset value, beginning of period.......        $1.00         $1.00       $1.00      $1.00     $1.00      $1.00
Income from investment operations:
  Net investment income....................         0.02          0.05        0.04       0.04      0.05       0.03
Dividends to shareholders from net
  investment income........................        (0.02)        (0.05)      (0.04)     (0.04)    (0.05)     (0.03)
                                                   -----         -----       -----      -----     -----      -----
Net asset value, end of period.............        $1.00         $1.00       $1.00      $1.00     $1.00      $1.00
                                                   =====         =====       =====      =====     =====      =====
Total return ..............................         2.54%         4.78%       4.75%      4.96%(1)  4.67%(1)   2.74%(1)

Ratios/Supplemental Data:
  Net assets, end of period
    (000's omitted)........................     $218,397      $194,694    $160,458   $146,225  $144,969   $141,731
  Ratio of expenses to average net
    assets ................................         0.56%(2)      0.56%       0.56%      0.55%(1)  0.55%(1)   0.55%(1)
  Ratio of net investment income to
    average net assets.....................         4.29%(2)      4.70%       4.65%      4.78%     4.52%      2.72%
</TABLE>
- --------------
(1)  Had the expense reimbursement agreement,  which commenced July 1, 1993, not
     been in place,  the ratio of  expenses  to average net assets for the years
     ended June 30, 1996, 1995 and 1994, would have been 0.57%, 0.58% and 0.57%,
     respectively. For the same periods, the total return of the Fund would have
     been 4.91%,  4.64% and 2.72%,  respectively.  The expense payment agreement
     terminated on February 1, 1996.

(2) Annualized.

                       See Notes to Financial Statements.

<PAGE>

                   THE 59 WALL STREET U.S. TREASURY MONEY FUND

                          NOTES TO FINANCIAL STATEMENTS
                                   (unaudited)

        1. Organization and Significant  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, 1998,  there were three
series of the Trust.

      The Fund's financial  statements are prepared in accordance with generally
accepted  accounting  principles,  which  require  management  to  make  certain
estimates and assumptions at the date of the financial statements and are based,
in part, on the following accounting policies.  Actual results could differ from
those estimates.

            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 of its taxable income
      to its  shareholders.  Accordingly,  no Federal  income tax  provision  is
      required. At December 31, 1998, 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. 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, 1998,
the Fund incurred $161,665 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  services 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, 1998,  the Fund  incurred
$107,776 for administrative services.

<PAGE>

                   THE 59 WALL STREET U.S. TREASURY MONEY FUND

                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (unaudited)

      Shareholder  Servicing/Eligible  Institution  Agreement.  The  Trust has a
shareholder servicing agreement and an eligible institution agreement with Brown
Brothers  Harriman & Co. for which Brown Brothers  Harriman & Co. receives a fee
from the Fund calculated  daily and paid monthly at an annual rate equivalent to
0.225% of the Fund's average daily net assets. For the six months ended December
31,1998, the Fund incurred $242,498 for such services.

      Board of Trustees'  Fees.  Each Trustee  receives an annual fee as well as
reimbursement for reasonable  out-of-pocket  expenses from the Fund. For the six
months ended December 31, 1998, the Fund incurred $7,734 for these fees.

      3.  Investment  Transactions.  Purchases and maturities and sales of money
market instruments aggregated  $1,058,512,671 and $1,107,562,807,  respectively,
for the six months  ended  December  31,  1998.  Custody  fees for the Fund were
reduced by $1,375 as a result of an expense offset  arrangement  with the Fund's
custodian.

<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.
21 Milk Street
Boston, Massachusetts 02109

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.



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