THE 59 WALL STREET TAX EXEMPT MONEY FUND
SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 16, 1999
The italicized language in the first paragraph under the section "Purchase of
Shares" is revised as follows:
Shares of the Fund are offered on a continuous basis at their net asset
value without a sales charge. The Trust reserves the right to determine the
purchase orders for Fund shares that it will accept. Shares of the Fund may be
purchased on any day the New York Stock Exchange is open for regular trading and
New York banks are open for business if the Trust receives the purchase order
and acceptable payment for such order prior to 12:00 P.M., New York time.
Purchases of Fund shares are then executed at the net asset value per share next
determined on that same day. Dividends are earned on the day that the purchase
is executed on the books of the Trust.
The italicized language in the third paragraph under the section "Purchase of
Shares" is revised as follows:
An investor who does not have an account with an Eligible Institution or a
Financial Intermediary must place purchase orders for Fund shares with the Trust
through the Fund's Shareholder Servicing Agent. Such an investor has such shares
held directly in the investor's name on the books of the Trust and is
responsible for arranging for the payment of the purchase price of Fund shares
to the Trust's account at State Street Bank and Trust Company, the Trust's
custodian bank. Such payment must be in the form of either (a) an inter-bank
wire transfer of "available funds" prior to 12:00 P.M., New York time, in which
case a purchase order placed prior to 12:00 P.M., New York time is executed that
day, or (b) a cashier's check drawn on a U.S. bank or a check certified by a
U.S. bank, in which case a purchase order is executed after such a check has
been converted into "available" funds, generally the next business day after the
check is received for the Trust by State Street Bank and Trust Company. Brown
Brothers Harriman & Co., as the Fund's Shareholder Servicing Agent, has
established a minimum initial purchase requirement for the Fund of $100,000 and
a minimum subsequent purchase requirement for the Fund of $25,000. These minimum
purchase requirements may be amended from time to time.
The italicized language in the first paragraph under the section "Redemption of
Shares" is revised as follows:
A redemption request must be received by the Trust prior to 12:00 P.M., New
York time on any day the New York Stock Exchange is open for regular trading and
New York banks are open for business. Such a redemption is executed at the net
asset value per share next determined on that same day. Proceeds of a redemption
are paid in "available" funds generally on the day the redemption request is
executed, and in any event within seven days. A shareholder continues to earn
daily dividend declared prior to the day that the redemption request is executed
on the books of the Trust.
The italicized language in the first paragraph under the section "Net Asset
Value" is revised as follows:
The Fund's net asset value per share is determined once daily at 12:00 P.M.,
New York time on each day the New York Stock Exchange is open for regular
trading and New York banks are open for business. The determination of the
Fund's net asset value per share is made by subtracting from the value of the
total assets of the Fund the amount of its liabilities and dividing the
difference by the number of shares of the Fund outstanding at the time the
determination is made. It is anticipated that the net asset value per share of
the Fund will remain constant at $1.00. No assurance can be given that this goal
can be achieved.
The italicized language in the third paragraph under the section "Dividends and
Distributions" is revised as follows:
Determination of the Fund's net income is made immediately prior to the
determination of the net asset value per share at 12:00 P.M., New York time on
each day the New York Stock Exchange is open for regular trading and New York
banks are open for business. Net income for days other than such business days
is determined as of 12:00 P.M., New York time on the immediately preceding
business day. Dividends declared are payable to shareholders of record on the
date of determination. Shares purchased through submission of a purchase order,
prior to 12:00 P.M., New York time on such business day begin earning dividends
on that business day. Shares redeemed do not qualify for a dividend on the
business day that the redemption is executed. (See "Redemption of Shares".)
The date of this supplement is September 15, 1999.
