Tax Exempt
Money Fund
SEMI-ANNUAL REPORT
December 31, 1999
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1999
(unaudited)
<TABLE>
<CAPTION>
Principal Maturity Interest
Amount Date Rate Value
---------- -------- -------- -----------
<S> <C> <C> <C>
MUNICIPAL BONDS (99.2%)
EDUCATION (2.8%)
$1,000,000 New Mexico State* ............................................. 07/01/00 4.250% $ 1,001,916
500,000 Ohio State University* ........................................ 12/01/17 4.900 500,000
840,000 Tyrone, Pennsylvania, Area School District* ................... 09/15/00 4.500 843,422
-----------
TOTAL EDUCATION ............................................. $ 2,345,338
-----------
ESCROWED TO MATURITY (a) (0.4%) ...............................
$ 50,000 Irving, Texas School District* ................................ 06/01/00 4.450% $ 50,077
270,000 Waupaca, Wisconsin, School District ........................... 04/01/00 7.000 272,182
-----------
TOTAL ESCROWED TO MATURITY (a) ............................. $ 322,259
-----------
GENERAL OBLIGATIONS (17.1%)
$ 355,000 Alice, Texas, School District* ................................ 08/15/00 6.250% $ 361,617
100,000 Chicago, Illinois* ............................................ 01/01/12 5.550 100,000
100,000 Clark County, Las Vegas, Nevada* .............................. 08/01/00 6.300 101,401
900,000 District of Columbia, General Obligation* ..................... 06/01/03 4.500 900,000
115,000 Douglas County, Nevada* ....................................... 09/01/00 4.200 115,221
1,500,000 Fairfax County, Virginia* ..................................... 12/01/00 4.500 1,507,974
1,000,000 Georgia State* ................................................ 11/01/00 5.000 1,009,701
175,000 Levittown, New York School District* .......................... 08/01/00 4.900 176,138
680,000 Maryland State* ............................................... 10/15/00 5.000 686,239
2,000,000 Minnesota State* .............................................. 08/01/00 5.000 2,011,283
500,000 Muscogee County, Georgia, School District* .................... 11/01/00 4.500 502,618
200,000 New York, New York* ........................................... 08/01/22 4.700 200,000
200,000 New York, New York* ........................................... 08/15/18 4.500 200,000
200,000 New York, New York* ........................................... 08/15/19 4.500 200,000
200,000 New York, New York* ........................................... 08/15/21 4.500 200,000
400,000 New York, New York* ........................................... 10/01/20 4.500 400,000
200,000 New York, New York* ........................................... 10/01/22 4.500 200,000
100,000 New York, New York* ........................................... 10/01/23 4.500 100,000
1,000,000 Rhode Island State* ........................................... 06/01/18 5.600 1,000,000
650,000 South Carolina State* ......................................... 08/01/00 5.750 657,167
30,000 St. Cloud, Minnesota, School District* ........................ 02/01/00 5.150 30,026
1,000,000 Utah State* ................................................... 07/01/16 5.400 1,000,000
2,440,000 Virginia State* ............................................... 06/01/00 6.000 2,462,858
250,000 Westchester County, New York* ................................. 11/15/00 4.600 251,354
-----------
TOTAL GENERAL OBLIGATIONS ................................... $14,373,597
-----------
HEALTH CARE (13.3%)
$1,000,000 Arizona Health Facilities* .................................... 10/01/15 5.600% $ 1,000,000
100,000 Connecticut State Health & Education Facilities Authority* .... 07/01/29 5.100 100,000
400,000 Cuyahoga County, Ohio, Hospital* .............................. 01/01/16 4.700 400,000
500,000 Cuyahoga County, Ohio, Hospital* .............................. 01/01/26 5.650 500,000
500,000 Harris County, Texas, Health Facilities* ...................... 02/15/22 4.500 500,000
600,000 Harris County, Texas, Health Facilities* ...................... 07/01/34 4.800 600,000
</TABLE>
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1999
(unaudited)
<TABLE>
<CAPTION>
Principal Maturity Interest
Amount Date Rate Value
---------- -------- -------- -----------
<S> <C> <C> <C>
HEALTH CARE (CONTINUED)
$2,000,000 Illinois Health Facilities Authority* ......................... 08/01/25 5.700% $ 2,000,000
1,000,000 Iowa, Financial Authority* .................................... 08/15/12 5.600 1,000,000
200,000 Lehigh County, Pennsylvania, General Purposes Authority* ...... 07/01/29 4.750 200,000
560,000 Missouri State Health & Educational Facilities Authority* ..... 11/01/19 5.500 560,000
2,000,000 North Carolina, Medical Care Community Health Systems* ........ 06/01/15 4.950 2,000,000
700,000 North Carolina, Medical Care Community Health Systems* ........ 04/01/21 5.050 700,000
100,000 North Carolina, Medical Care Community Health Systems* ........ 01/15/28 5.600 100,000
100,000 North Cent, Texas, Health Facility Development Corp.* ......... 12/01/15 4.800 100,000
500,000 Philadelphia, Pennsylvania, Industrial Development* ........... 07/01/13 4.800 500,000
100,000 Washington State Health Care Facilities Authority* ............ 02/15/27 4.800 100,000
800,000 Wisconsin Health & Educational Facility Authority* ............ 08/01/29 5.750 800,000
-----------
TOTAL HEALTH CARE ........................................... $11,160,000
-----------
HOUSING (1.0%)
$200,000 Clayton County, Georgia Housing Authority* .................... 01/01/21 5.500% $ 200,000
600,000 Florida Housing Finance Agency* ............................... 12/01/08 5.350 600,000
-----------
TOTAL HOUSING ............................................... $ 800,000
-----------
INDUSTRIAL (14.2%)
$1,400,000 Ascension Parish, Louisiana, Pollution Control* ............... 12/01/05 5.000% $ 1,400,000
100,000 Ascension Parish, Louisiana, Pollution Control* ............... 12/01/09 5.550 100,000
100,000 California Pollution Control Financing Authority, Pollution
Control* .................................................... 02/28/08 4.100 100,000
600,000 Delaware County, Pennsylvania, Pollution Control* ............. 12/01/09 4.800 600,000
800,000 Delta County, Michigan, Economic Development Corp.* ........... 12/01/23 4.800 800,000
1,100,000 East Baton Rouge, Louisiana, Pollution Control* ............... 03/01/22 4.800 1,100,000
100,000 Eddy County, New Mexico, Pollution Control* ................... 02/01/03 5.400 100,000
500,000 Forsyth, Montana Pollution Control* ........................... 01/01/18 4.500 500,000
900,000 Gulf Coast Waste Disposal Authority, Texas* ................... 06/01/20 4.850 900,000
100,000 Harris County, Texas, Industrial Development Corp.* ........... 03/01/24 4.800 100,000
100,000 Harris County, Texas, Industrial Development Corp.* ........... 04/01/27 4.700 100,000
1,500,000 Illinois Pollution Control* ................................... 11/01/28 5.500 1,500,000
400,000 Mobile, Alabama, Industrial Development* ...................... 06/01/15 4.800 400,000
100,000 Ohio State Air Quality Development Authority* ................. 10/01/01 4.700 100,000
700,000 Ohio State Air Quality Development Authority* ................. 12/01/15 4.500 700,000
500,000 Putnam County, Florida, Pollution Control* .................... 09/01/24 4.500 500,000
500,000 Sabine River, Texas, Pollution Control* ....................... 06/01/30 4.500 500,000
600,000 Salt Lake County, Utah, Pollution Control* .................... 02/01/08 4.850 600,000
500,000 St. Charles Parish, Louisiana, Pollution Control* ............. 10/01/25 4.800 500,000
700,000 Stevenson, Alabama, Environmental Improvement* ................ 11/01/16 4.700 700,000
500,000 Sweetwater County, Wyoming, Pollution Control* ................ 11/01/24 4.800 500,000
100,000 Uinta County, Wyoming, Pollution Control* ..................... 12/01/22 4.700 100,000
-----------
TOTAL INDUSTRIAL ............................................ $11,900,000
-----------
</TABLE>
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1999
(unaudited)
<TABLE>
<CAPTION>
Principal Maturity Interest
Amount Date Rate Value
---------- -------- -------- -----------
<S> <C> <C> <C>
MISCELLANEOUS (3.9%)
$2,000,000 Dallas, Texas, Civic Center* ................................. 08/15/00 4.500% $ 2,007,550
200,000 South Carolina Jobs Economic Development* ..................... 12/01/22 4.800 200,000
600,000 Texas State* .................................................. 08/31/00 4.500 603,080
500,000 Virginia State Peninsula Ports Authority* ..................... 07/01/16 4.800 500,000
-----------
TOTAL MISCELLANEOUS ......................................... $ 3,310,630
-----------
PRE-REFUNDED (a) (6.7%)
$1,275,000 Akron, Ohio, Bath Copley Township Hospital* ................... 11/15/00 7.250% $ 1,332,161
20,000 Arlington, Texas, Water & Sewer ............................... 06/01/00 6.600 20,209
20,000 Beaufort County, South Carolina* .............................. 06/01/00 7.125 20,847
315,000 Brownsville, Texas Utility Systems* ........................... 09/01/00 6.500 329,732
75,000 Illinois Health Facilities Authority .......................... 01/01/00 6.000 76,500
300,000 Lee County, Florida, Transportation Facilities* ............... 10/01/00 6.500 312,555
100,000 Mecklenberg County, North Carolina ............................ 04/01/00 6.750 102,768
1,270,000 Metropolitan Transportation Authority, New York* .............. 07/01/00 7.500 1,315,918
25,000 Miami, Florida, Sports & Exhibition Authority ................. 04/01/00 7.100 25,682
100,000 Starmont, Iowa, School District* .............................. 06/01/00 7.000 101,325
1,000,000 University of Arizona* ........................................ 06/01/00 6.900 1,031,805
300,000 Washington State Public Power Supply* ......................... 07/01/00 7.000 313,561
500,000 Washington State Public Power Supply* ......................... 07/01/00 7.750 521,668
45,000 West Virginia School Building Authority ....................... 07/01/00 6.000 45,411
75,000 Wisconsin State Health & Education Facilities Authority* ...... 06/01/00 7.000 78,146
-----------
TOTAL PRE-REFUNDED (a) ...................................... $ 5,628,288
-----------
SALES TAX (5.1%)
$2,065,000 Jonesboro, Arkansas, Sales & Use Tax* ......................... 05/15/00 4.750% $ 2,070,834
2,200,000 New York State Local Government Assistance Corp.* ............. 04/01/25 5.200 2,200,000
-----------
TOTAL SALES TAX ............................................. $ 4,270,834
-----------
TRANSPORTATION (7.2%)
$1,000,000 Chicago, Illinois, O'Hare International Airport* .............. 01/01/15 5.550% $ 1,000,000
500,000 Chicago, Illinois, O'Hare International Airport* .............. 12/01/17 4.800 500,000
1,000,000 Delaware Transportation Authority System* ..................... 07/01/00 4.500 1,002,484
500,000 Grapevine, Texas, Industrial Development Corp.* ............... 12/01/24 4.250 500,000
1,000,000 Grapevine, Texas, Industrial Development Corp.* ............... 12/01/24 4.800 1,000,000
1,100,000 Lone Star, Texas, Airport Improvement Authority* .............. 12/01/14 4.800 1,100,000
300,000 Lone Star, Texas, Airport Improvement Authority* .............. 12/01/17 4.800 300,000
100,000 Nashville, Tennessee, Metropolitan Airport Authority* ......... 10/01/12 4.800 100,000
500,000 West Virginia State Parkways Economic Development
& Tourism Authority ......................................... 05/15/00 4.800 502,423
-----------
TOTAL TRANSPORTATION ........................................ $ 6,004,907
-----------
UTILITIES (11.8%)
$200,000 Apache County, Arizona Industrial Development* ................ 12/15/18 5.650% $ 200,000
100,000 Columbia, Alabama Industrial Pollution Control* ............... 01/01/22 4.750 100,000
</TABLE>
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
PORTFOLIO OF INVESTMENTS
December 31, 1999
(unaudited)
<TABLE>
<CAPTION>
Principal Maturity Interest
Amount Date Rate Value
---------- -------- -------- -----------
<S> <C> <C> <C>
UTILITIES (CONTINUED)
$3,000,000 Long Island Power Authority, New York* ........................ 04/01/25 5.600% $ 3,000,000
600,000 Long Island Power Authority, New York* ........................ 05/01/33 5.750 600,000
100,000 Manatee County, Florida Pollution Control* .................... 09/01/24 4.500 100,000
2,900,000 Maricopa County, Arizona, Pollution Control* .................. 05/01/29 4.800 2,900,000
100,000 Municipal Electric Authority, Georgia* ........................ 01/01/26 5.550 100,000
150,000 Murray City, Utah ............................................. 06/01/00 6.750 151,874
1,200,000 New York State, Pollution Control* ............................ 10/01/29 4.650 1,200,000
1,000,000 Washington State Public Power Supply* ......................... 07/01/27 5.500 1,000,000
600,000 York County, Pennsylvania, Industrial Development
Authority* .................................................. 09/01/20 5.400 600,000
-----------
TOTAL UTILITIES ............................................. $ 9,951,874
-----------
WATER/SEWER (15.7%)
$ 500,000 Arlington, Texas, Water & Sewer ............................... 06/01/00 4.500% $ 502,320
1,000,000 Baltimore, Maryland, Pollution Control* ....................... 02/01/00 5.650 1,000,000
1,500,000 Boston, Massachusetts, Water & Sewer* ......................... 11/01/24 5.200 1,500,000
1,000,000 Bryan, Texas, Utilities Systems* .............................. 07/01/00 5.100 1,006,072
100,000 Delaware County, Pennsylvania, Industrial
Development Authority* ...................................... 12/01/18 5.100 100,000
2,000,000 Detroit, Michigan, Sewer Disposal* ............................ 07/01/23 5.600 2,000,000
100,000 Detroit, Michigan, Water Supply Systems* ...................... 07/01/13 5.500 100,000
1,100,000 Lincoln County, Wyoming, Pollution Control* ................... 11/01/14 4.700 1,100,000
1,000,000 Lincoln County, Wyoming, Pollution Control* ................... 08/01/15 4.850 1,000,000
1,000,000 Massachusetts State Water Resources Authority* ................ 08/01/28 5.300 1,000,000
300,000 New York State Pollution Control Authority* ................... 07/01/15 4.500 300,000
400,000 New York, New York, Water & Sewer* ............................ 06/15/25 4.500 400,000
1,600,000 Ohio State Water Development Authority* ....................... 06/01/01 5.650 1,600,000
230,000 Smith Creek, Colorado* ........................................ 10/01/35 5.000 230,000
1,300,000 Wyandotte County, Kansas City, Kansas, Government
Utilities* .................................................. 09/01/00 5.000 1,309,040
-----------
TOTAL WATER/SEWER ............................................. $13,147,432
-----------
TOTAL MUNICIPAL BONDS ......................................... $83,215,159
-----------
TOTAL INVESTMENTS, AT AMORTIZED COST ................................................... 99.2% $83,215,159
CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES ......................................... 0.8 643,293
----- -----------
NET ASSETS ............................................................................. 100.0% $83,858,452
===== ===========
</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.
* Variable Rate Instrument. Interest rates change on specific date (such as
a coupon or interest payment date). The yield shown represents the
December 31, 1999 coupon rate.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999
(unaudited)
ASSETS:
Investments, at amortized cost and value (Note 1) ........... $83,215,159
Cash ........................................................ 123,354
Interest receivable ......................................... 572,784
-----------
Total Assets ......................................... $83,911,297
-----------
LIABILITIES:
Payables for:
Administrative fee (Note 2) ............................... 8,092
Expense payment fee (Note 2) .............................. 44,753
-----------
Total Liabilities .................................... 52,845
-----------
NET ASSETS for 83,860,157 shares of beneficial interest
outstanding ..................................................... $83,858,452
===========
Net Assets Consist of:
Paid-in capital ............................................. $83,858,452
-----------
Net Assets ........................................................ $83,858,452
===========
NET ASSET VALUE AND OFFERING PRICE PER SHARE ...................... $1.00
=====
THE 59 WALL STREET TAX EXEMPT MONEY FUND
STATEMENT OF OPERATIONS
For the six months ended December 31, 1999
INVESTMENT INCOME (Note 1):
Income:
Interest ............................................ $781,526
--------
Expenses:
Administrative fee (Note 2) ......................... 21,182
Expense payment fee (Note 2) ........................ 116,130
--------
Total Expenses ...................................... 137,312
--------
Net Investment Income ................................. $644,214
========
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
For the period from
For the February 22, 1999
six months ended (commencement of
December 31, 1999 operations) to
(unaudited) June 30, 1999
----------------- -------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
From Investment Activities:
Net investment income ......................................... $ 644,214 $ 86,781
Total declared as dividends to shareholders ................... (644,214) (88,486)
------------ -----------
Net decrease in net assets from investment activities ....... -- (1,705)
------------ -----------
From Share (Principal) Transactions at Net Asset Value
of $1.00 per share:
Shares sold ................................................... 162,216,635 32,042,736
Shares issued in reinvestment of dividends .................... 273,051 48,744
Shares repurchased ............................................ (93,285,691) (17,435,318)
------------ -----------
Net increase in net assets resulting from
share transactions ........................................ 69,203,995 14,656,162
------------ -----------
Total increase in net assets .......................... 69,203,995 14,654,457
------------ -----------
NET ASSETS:
Beginning of period ............................................. 14,654,457 --
------------ -----------
End of period ................................................... $ 83,858,452 $14,654,457
============ ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share
outstanding throughout the period
<TABLE>
<CAPTION>
For the period from
For the February 22, 1999
six months ended (commencement of
December 31, 1999 operations) to
(unaudited) June 30, 1999
----------------- -------------------
<S> <C> <C>
Net asset value, beginning of period ............................... $ 1.00 $ 1.00
Income from investment operations:
Net investment income ........................................ 0.01 0.01
Dividends to shareholders from net investment income ......... (0.01) (0.01)
------- -------
Net asset value, end of period ..................................... $ 1.00 $ 1.00
======= =======
Total return(1) .................................................... 1.42% 1.03%
Ratios/Supplemental Data:
Net assets, end of period (000's omitted) .................... $83,858 $14,654
Expenses as a percentage of average net assets(1)(2): ........ 0.65% 0.65%
Ratio of net investment income to average net assets(2) ...... 3.04% 2.63%
- ----------
(1) Had the expense payment agreement not been in place, the ratio of expenses
to average net assets and total return would be as follows:
Ratio of expenses to average net assets(2) ................... 0.69% 1.23%
Total Return ................................................. 1.38% 0.45%
(2) Annualized.
</TABLE>
Furthermore, the ratio of expenses to average net assets for the periods ended
December 31, 1999 and June 30, 1999 reflect fees reduced in connection with
specific agreements. Had these agreements not been in place, the ratios would
have been 0.72% and 1.28%, respectively.
See Notes to Financial Statements.
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
NOTES TO FINANCIAL STATEMENTS
(unaudited)
1. Organization and Significant Accounting Policies. The 59 Wall Street
Tax Exempt 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 February 22, 1999. 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, 1999, there were four 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 (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.
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 the Adviser
receives a fee from the Fund calculated daily and paid monthly at an annual rate
equivalent to 0.15% of the Fund's average daily net assets.
Administrative Fee. The Trust has an administration agreement with Brown
Brothers Harriman & Co. (the "Administrator") for which the Administrator
receives a fee from the Fund 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, 1999, the Fund incurred
$21,182 for administrative services.
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
0.25% of the Fund's average daily net assets.
<PAGE>
THE 59 WALL STREET TAX EXEMPT MONEY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
(unaudited)
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 0.65%
of the Fund's average daily net assets. For the six months ended December 31,
1999, 59 Wall Street Administrators, Inc. incurred $124,049 in expenses,
including investment advisory fees of $31,772 and shareholder servicing/eligible
institution fees of $52,954, on behalf of the Fund. The Fund's expense payment
fee agreement will terminate on December 31, 2004.
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 obligation may be affected by economic developments in a specific
state or municipality. The aggregate holdings by state ranged from 0.1% to 13.2%
of investments. At December 31, 1999, the five largest holdings by state were
New York 13.2%; Texas 12.7%; Illinois 6.2%; Ohio 6.7%; and Arizona 6.2%.
Purchases, maturities and sales of money market instruments, excluding
securities subject to repurchase agreements, aggregated $148,453,185 and
$76,327,100, respectively, for the period ended December 31, 1999. Custody fees
for the Fund were reduced by $6,619 as an 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 Tax Exempt Money Fund. Such offering is made only by prospectus,
which includes details as to offering price and other material information.
Tax Exempt
Money Fund
SEMI-ANNUAL REPORT
December 31, 1999
