THE 59 WALL STREET MONEY MARKET FUND
THE 59 WALL STREET U.S. TREASURY MONEY FUND
THE 59 WALL STREET TAX EXEMPT MONEY FUND
THE 59 WALL STREET TAX FREE SHORT/INTERMEDIATE FIXED INCOME FUND
each a series of THE 59 WALL STREET TRUST (the Trust)
SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 1, 1999
The italicized language in the third paragraph under the section "Shareholder
Information - Purchase of Shares" is revised, effective July 10, 2000, 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 Forum Shareholder Services, LLC, the Funds' Transfer 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. The Trust executes all purchase orders for initial and
subsequent purchases at the net asset value per share next determined after the
Trust's Transfer Agent has received payment in the form of a cashier's check
drawn on a U.S. bank, a check certified by a U.S. bank or a wire transfer. Brown
Brothers Harriman & Co., the Funds' Shareholder Servicing Agent has established
a minimum initial purchase requirement for each Fund of $100,000 and a minimum
subsequent purchase requirement for each Fund of $25,000. The Shareholder
Servicing Agent may amend these minimum purchase requirements from time to time.
The remainder of this Supplement is applicable only to The 59 Wall Street Money
Market Fund:
All references to "U.S. Money Market Portfolio" are revised to "BBH
U.S. Money Market Portfolio."
The following tables in the section of the Prospectus titled "Fees and
Expenses of the Funds" will be revised as follows:
<PAGE>
ANNUAL FUND OPERATING EXPENSES1
(Expenses that are deducted from Fund assets
as a percentage of average net assets)
Money
Market Fund3
Management Fees.............................................. 0.100%
Distribution (12b-1) Fees.................................... None
Other Expenses
Administration Fee......................................... 0.130%
Shareholder Servicing/Eligible Institution Fee..............0.250
Other Expenses..............................................0.045 0.425
Total Annual Fund Operating Expenses2......................... 0.525 %
=====
------------------------------------------------------------------------------
1The expenses shown for the Money Market Fund include the expenses of the BBH
U.S. Money Market Portfolio.
------------------------------------------------------------------------------
3The annual fund operating expenses for the past fiscal year have been restated
for purposes of this table to reflect fees currently in effect.
------------------------------------------------------------------------------
<PAGE>
EXAMPLE
This example is intended to help an investor compare the cost of
investing in the Fund to the cost of investing in other mutual funds. The
example assumes that an investor invests $10,000 in the Fund for the time
periods indicated and then sells all of his shares at the end of those periods.
The example also assumes that an investment has a 5% return each year and that
the Fund's operating expenses remain the same as shown in the table above.
Although actual costs and the return on an investor's investment may be higher
or lower, based on these assumptions the investor's costs would be:
1 year....................................................$ 54
3 years.................................................. $168
5 years...................................................$293
10 years....................................................$659
The table and example above reflect the expenses of both the Fund and the
Portfolio.
The italicized language in the following table under the section "Investment
Adviser" is revised as follows:
Percentage
Of Average
Daily
Net Assets
BBH U.S. Money Market Portfolio 0.10%
The italicized language in the first paragraph under the section "Shareholder
Information - Net Asset Value" is revised as follows:
The Trust determines the net asset value of each Fund every day the New
York Stock Exchange is open for regular trading and the Federal Reserve banks
are open for business. The U.S. Treasury Money Fund and Tax Exempt Money Fund
each calculate their net asset value once daily at 12:00 P.M., New York time.
The BBH U.S. Money Market Portfolio and the Tax Free Short/Intermediate Fixed
Income Fund each calculate their net asset value once daily at 4:00 P.M., New
York time. Net asset value is the value of a single share of a Fund.
The italicized language in the fourth paragraph under the section "Shareholder
Information - Dividends and Distributions" is revised as follows:
Dividends declared are payable to shareholders of record of the Funds
on the date of determination. For the U.S. Treasury Money Fund and Tax Exempt
Money Fund, shares purchased through submission of a purchase order prior to
12:00 P.M., New York time on such a business day begin earning dividends on that
business day. For the Money Market Fund shares purchased through submission of a
purchase order prior to 4:00 P.M., New York time on such a 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. For the Tax Free
Short/Intermediate Fixed Income Fund shares purchased through submission of a
purchase order prior to 4:00 P.M., New York time on such a business day begin
earning dividends on the next business day. Shares redeemed do qualify for a
dividend on the business day that the redemption is executed. Unless a
shareholder whose shares are held directly in the shareholder's name on the
books of the Trust elects to have dividends paid in cash, the Trust
automatically reinvests dividends in additional Fund shares without reference to
the minimum subsequent purchase requirement.
The date of this supplement is July 1, 2000.
WS5926
