THE 59 WALL STREET EUROPEN EQUITY FUND
THE 59 WALL STREET PACIFIC BASIN. EQUITY FUND
THE 59 WALL STREET INTERNATIONAL. EQUITY FUND
a series of THE 59 WALL STREET FUND, INC. (the Corporation)
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1999
Effective November 1, 1999, each of the European Equity Fund and the
Pacific Basin Equity Fund will invest all of its assets in the European Equity
Portfolio and the Pacific Basin Equity Portfolio, respectively. Each Portfolio
is an open-end investment company having the same investment objective as its
corresponding Fund.
As a result of such investment, each Fund will no longer require
investment advisory services. Instead, each Portfolio has entered into an
investment advisory agreement with Brown Brothers Harriman & Co. which is
substantially the same as the investment advisory agreements currently in effect
between the Corporation with respect to each Fund and Brown Brothers Harriman &
Co.
Other mutual funds or institutional investors may invest in the
Portfolios on the same terms and conditions as the Funds. However, these other
investors may have different aggregate performance results. The Corporation may
withdraw a Fund's investment in its corresponding Portfolio at any time as a
result of changes in the Portfolio's investment objective, policies or
restrictions or if the Board of Directors determines that it is in the best
interests of the Fund to do so.
With respect to the European Equity Fund and the Pacific Basin Equity
Fund, the following tables in the section of the Prospectus titled "Fees and
Expenses of the Fund" are revised as follows:
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES1
(Expenses that are deducted from Fund assets
as a percentage of average net assets)
<S> <C> <C>
European Pacific Basin
Equity Fund Equity Fund
Management Fees 0.65% 0.65%
Distribution (12b-1) Fees None None
Other Expenses
Administration Fee 0.16% 0.16%
Shareholder Servicing/ Eligible Institution Fee 0.25 0.25
Other Expenses 0.16 0.57 0.57 0.98
---- ---- ---- ----
Total Annual Fund Operating Expenses2 1.22%
<FN>
1.63%
- ----------------------------------------------------------------------------------------------------------------------
1The expenses shown for each Fund include the expenses of its corresponding
Portfolio.
- ----------------------------------------------------------------------------------------------------------------------
2The annual fund operating expenses for the past fiscal year have been restated
for purposes of this table to reflect fees currently in effect.
</FN>
</TABLE>
<PAGE>
EXAMPLE
This example is intended to help an investor compare the cost of investing in
the Funds to the cost of investing in other mutual funds. The example assumes
that an investor invests $10,000 in a 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:
European Equity Fund Pacific Basin Equity Fund
1 year $ 124 $ 166
3 years $ 387 $ 514
5 years $ 670 $ 887
10 years $1,477 $1,933
The table and example above reflect the expenses of each Fund and its respective
Portfolio.
The date of this supplement is October 21,1999.
WS5805
