THE 59 WALL STREET U.S. EQUITY FUND
a series of THE 59 WALL STREET FUND, INC. (the Corporation)
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1999
Effective November 1, 1999, the Fund will invest all of its assets in
the U.S. Equity Portfolio (the "Portfolio"), an open-end investment company
having the same investment objective as the Fund.
As a result of such investment, the Fund will no longer require
investment advisory services. Instead, the Portfolio has entered into an
investment advisory agreement with Brown Brothers Harriman & Co. which is
substantially the same as the investment advisory agreement currently in effect
between the Corporation with respect to the Fund and Brown Brothers Harriman &
Co.
Other mutual funds or institutional investors may invest in the
Portfolio on the same terms and conditions as the Fund. However, these other
investors may have different aggregate performance results. The Corporation may
withdraw the Fund's investment in the 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.
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>
Management Fees........................................................ 0.65%
Distribution (12b-1) Fees.............................................. None
Other Expenses
Administration Fee................................................... 0.16%
Shareholder Servicing/Eligible Institution Fee....................... 0.25
Other Expenses....................................................... 0.16 0.57
---- ----
Total Annual Fund Operating Expenses2.................................. 1.22%
====
<FN>
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1The expenses shown for the Fund include the expenses of the Portfolio.
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2The annual fund operating expenses for the past fiscal year have been restated
for purposes of this table to reflect fees currently in effect.
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</FN>
</TABLE>
<PAGE>
EXAMPLE
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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.................................................... $ 124
3 years................................................... $ 387
5 years................................................... $ 670
10 years.................................................... $1,477
The table and example above reflect the expenses of both the Fund and the
Portfolio.
The date of this supplement is October 21, 1999.
WS5805
