<TABLE>
<CAPTION>
THE WALL STREET FUND, INC.
SCHEDULE OF INVESTMENTS
December 31, 1995
<C> <C> <S> <C>
COMMON STOCKS 84.34%
Market
Shares Value
BASIC MATERIALS 5.52%
3,000 Barrick Gold Corp. $ 79,125
180,000+ Federation Resources 26,795
10,000+ ICC Technologies Inc. 108,750
10,000+ International Precious Metals Corp. 27,188
10,000+ Jilin Chemical Ind. 215,000
10,000+ Northwest Pipe Co. 110,00
3,000 Nucor Corp. 171,375
35,800+ Paget Mining Ltd. 11,191
10,000+ Repap Enterprises Inc. 43,750
793,174
CAPITAL GOODS 11.83%
1,500 Boeing Co. 117,563
70,000+ Flow Intl. Corp. 647,500
10,000+ Groupo Mexicano Desarollo ADR 26,250
1,000 Hewlett Packard Co. 83,750
9,000 Measurex Corp. 254,250
15,000+ Micro Component Technology 101,250
6,000 Pall Corp. 161,250
2,000+ Read-Rite Corp. 46,375
40,000+ Stevens Graphics Series A 175,000
5,000+ Video Sentry Corp. 37,500
2,000+ Zygo Corp. 50,000
1,700,688
CONSUMER - CYCLICAL 6.23%
10,016 Aura Systems Inc. 56,653
10,000+ Brio Industries Inc. 31,875
5,775+ CAI Wireless Systems Inc. 55,223
2,000 CCH Inc. CL B 110,625
4,000 Home Depot Inc. 191,500
2,000 McDonalds Corp. 90,250
4,000+ Office Depot Inc. 79,000
10,000+ Shuffle Master Inc. 118,750
1,500 Singer Co. 41,812
1,500 Tiffany & Co. 75,563
2,000 Wal-Mart Stores Inc. 44,750
896,001
CONSUMER-NON-CYCLICAL 18.14%
2,500 Abbott Labs. 104,375
20,000+ Alza Corp. 495,000
2,000+ Amgen Inc. 118,625
5,000 Amway Japan Ltd. ADR 104,375
10,000+ B A B Holdings, Inc. 56,250
30,000+ Bio Technology General Corp. 137,812
5,000+ Biochem Pharm. Inc. 200,625
1,000+ Boston Scientific Corp. 49,000
5,000+ Centocor Inc. 155,000
2,000 Columbia/HCA Healthcare Corp. 101,500
4,000+ Genzyme Corp. 249,000
3,000+ Healthcare Compare Corp. 131,062
3,000+ Heart Technology Inc. 98,063
5,000+ Immulogic Pharm. Corp. 95,313
5,000+ Medimmune Inc. 99,375
1,859 Merck & Co. 122,229
1,000+ PDT Inc. 49,625
40,000+ Ribi Immunechem Res. Inc. 242,500
2,609,729
COMMON STOCKS (continued)
Market
Shares Value
DIVERSIFIED 1.20%
510,000+ International UNP Holdings Ltd. $ 172,290
ENERGY 5.15%
2,000+ Basic Petroleum Int. Ltd 49,000
10,000 Parker & Parsley Petroleum Co. 220,000
10,000+ Petroleum Geo Service ADR 250,000
5,000+ Tipperary Corp. 24,375
3,000+ United Meridian Corp. 52,125
5,000 Unocal Corp 145,625
741,125
REAL ESTATE 0.76%
5,000 New Plan Realty Trust 109,375
SERVICES 8.84%
7,500+ ADT Limited 112,500
5,000+ Cerner Corporation 102,500
2,000 Cintas Corp. 89,500
50,000+ Executive Telecard Ltd 293,750
3,171 First Data Corp. 212,061
4,000+ Inference Corp. "A" 75,000
10,000 Renaissance Solutions Inc. 137,500
25,750+ Strategic Distribution Inc. 201,172
3,000 Youth Sevices Intl. Inc. 47,625
1,271,608
TECHNOLOGY 26.67%
5,000+ Adaptec Corp. 205,000
5,000 Adobe Systems Inc. 310,625
5,000+ Analog Devices Inc. 176,875
5,000+ Data Works Corp. 63,125
5,000+ Datalogix Intl. Inc. 62,188
5,000+ Digital Equipment Corp. 320,625
75,000+ Executone Info. Systems 178,125
2,000 GTE Corp. 88,000
10,000+ Harbinger Corp. 232,500
5,000+ Mattson Technology, Inc. 78,750
2,000+ Microsoft Corp 175,625
4,010+ Millicom Int'l. Cellular S.A. 122,806
12,000+ Mobile Telecom Tech. Corp. 256,500
12,000+ Netstar Inc.. 225,000
10,000+ Novadigm Inc. 282,500
6,000+ Octel Communications Corp. 193,875
1,500+ Oracle Corp. 63,562
2,500+ Parametric Technologies 165,937
16,998+ Rational Software Corp. 382,455
20,000+ Vitesse Semi-Conductor Corp. 252,500
3,836,573
See notes to financial statements
<PAGE>
THE WALL STREET FUND, INC.
SCHEDULE OF INVESTMENTS
December 31, 1995
COMMON STOCKS (continued)
Market
Shares Value
WARRANTS 0.00%
875+ American Satellite Network Inc. $ 0
TOTAL COMMON STOCKS 12,130,563
(Cost $9,464,678)
PREFERRED STOCKS 2.03%
7,500 Liposome Convertible $1.93
(Cost $135,000) 292,500
BONDS 11.76%
Principal Market
Value Value
CONVERTIBLE SUBORDINATED BONDS 11.76%
$200,000 Air & Water Technologies 8.00%
05/15/2015 170,000
50,000 Baby Superstores Inc. Sub. Notes 4.875%
10/01/2000 58,563
400,000+ Bonneville Pacific Corp. 7.75%
08/15/2009 112,000
50,000 Browning Ferris Industries 6.25%
08/15/2012 49,875
300,000 Centocor 7.25% 02/01/2001 353,625
500,000 Executone 7.50% 03/15/2011 425,000
100,000 IMC Global Inc. 6.25% 12/01/2001 127,875
100,000 Seagate Technologies 6.75% 05/01/2012 117,250
300,000 VLSI Technology Inc. 8.25% 10/01/2005 276,750
TOTAL BONDS
(Cost $1,173,254) 1,690,938
TOTAL INVESTMENTS 98.13%
(Cost $10,772,932) 14,114,001
OTHER ASSETS LESS LIABILITIES 1.87% 268,787
TOTAL NET ASSETS 100.00% $ 14,382,788
<FN>
(1) Federal Tax Information: At December 31, 1995 the net unrealized
appreciation based on cost for Federal Income tax purposes
of $10,782,231 was as follows:
Aggregate gross unrealized appreciation for all investments
in which there was an excess of value over cost $3,913,001
Aggregate gross unrealized depreciation for all investments
in which there was an excess of cost over value (581,213)
Net realized appreciation $ 3,331,788
+ Non-income producing security.
</FN>
</TABLE>
<TABLE>
<CAPTION>
THE WALL STREET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $10,772,932) (Note 1) $ 14,114,001
Cash 16,780
Receivables:
Investment securities sold $ 247,531
Fund shares sold 92,487
Interest and dividends 45,820
385,838
Other assets 1,218
Total Assets 14,517,837
LIABILITIES:
Payables:
Investment securities purchased 117,623
Fund shares redeemed 8,100
Investment adviser fee 4,984
Other payables and accrued
expenses 8,400
Total Liabilities 135,049
Net Assets $ 14,382,788
Net Assets Consist of:
Capital stock at par value $1,757,108
Additional paid in capital 9,244,935
Unrealized appreciation on
investments 3,341,069
Accumulated net realized
gains 39,676
Net Assets $14,382,788
Net asset value and
redemption price per share
($14,382,788/1,757,108 shares
of capital stock outstanding)
(Note 4) $8.19
Maximum offering price per share
(100/96 of $8.19) $8.53
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
THE WALL STREET FUND, INC.
STATEMENT OF OPERATIONS
For the year ended December 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
Income:
Dividends $ 57,590
Interest 134,951
Total income 192,541
Expenses:
Investment adviser fees
(Note 3) $ 95,114
Transfer agent fees and
dividend paying expenses 28,126
Custodian fees 16,352
Accounting services 45,325
Reports to shareholders 11,244
Professional fees 23,686
Directors fees and expenses 18,926
Registration fees 7,095
Miscellaneous 10,864
Total Expenses 256,732
Less:
Reimbursed expenses
(Note 3) (15,425)
Net expenses 241,307
Net investment loss (48,766)
NET REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS
(Note 1)
Net realized gains from
investment transactions 2,612,789
Net increase in unrealized
appreciation of investments 1,347,456
Net gains on investments 3,960,245
Net increase in net assets
resulting from operations $3,911,479
</TABLE>
<TABLE>
<CAPTION>
THE WALL STREET FUND, INC.
STATEMENT OF OPERATIONS
For the year ended December 31, 1995
<S> <C> <C>
For the For the
year ended year ended
December 31, December 31,
1995 1994
Net investment loss $ (48,766) $ (34,206)
Net realized gains from
investment transactions 2,612,789 336,635
Net increase (decrease) in unrealized
appreciation of investments 1,347,456 (842,329)
Net increase (decrease) in net assets
resulting from operations 3,911,479 (539,900)
Distributions to shareholders
from:
Net realized gains from
investment transactions
($1.80 and .21 per share,
respectively) (2,567,131) (304,072)
Net capital share transactions
(Note 4) 1,958,367 363,436
Total increase (decrease)
in net assets 3,302,715 (480,536)
NET ASSETS:
Beginning of year 11,080,073 11,560,609
End of year $ 14,382,788 $ 11,080,073
</TABLE>
See notes to financial statements
<PAGE>
THE WALL STREET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
(1) Summary of significant accounting policies:
The Fund is registered under the Investment Company Act of 1940, as amended, as
a diversified, open-end management investment company. The following is a
summary of significant accounting policies consistently followed by the Fund in
the preparation of its financial statements. These policies are in conformity
with generally accepted accounting principles for investment companies. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
(A) Securities Valuations - The value of investments is based on the published
last sale prices on national securities exchanges, or, in the absence of
recorded sales, at the mean between the closing bid and asked prices on such
exchanges or over-the-counter. At December 31, 1995, the Fund held a security
for which a market quotation was not readily available and which was valued in
good faith by the Board of Directors. This security had a value of $112,000
representing 0.78% of the Fund s net assets.
(B) Federal Income Taxes - No provision for federal income taxes has been made
in the accompanying financial statements, since the Fund intends to continue to
comply with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to its shareholders substantially all of
its net investment income and net realized gains on investments.
(C) Other - Security transactions are accounted for on the date securities are
purchased or sold. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. The net realized gains and losses are
determined on the identified cost basis. The Fund may periodically make
reclassifications among certain of its capital accounts as a result of the
timing and characterization of certain income and capital gains distributions
determined annually in accordance with federal tax regulations which may differ
from generally accepted accounting principles. During the year ended December
31, 1995 the Fund reclassified the net investment loss of $48,766 to additional
paid-in capital.
(2) Purchases and sales securities:
Purchases and sales of investment securities, during the year ended December 31,
1995 aggregated $17,774,682 and $18,649,409, respectively.
(3) Investment advisory fees and other:
The advisory agreement provides for advisory fees of 1/16 of 1% monthly
(equivalent to 3/4 of 1% per annum) of the first $125,000,000 of average net
assets of the Fund. The present advisory agreement also provides for the adviser
to reimburse the Fund for any expenses (including the advisory fee but excluding
taxes, interest and brokerage fees and extraordinary expenses incurred in
connection with any matter not in the ordinary course of business of the Fund)
over 2% of the first $10,00,000, 1 1/2% of the next $20,000,000 and 1% of any
balance of the average daily net asset value.
For the year ended December 31, 1995, Wall Street Management Corporation (WSMC)
earned investment advisory fees of $95,114 and reimbursed the Fund $15,425 for
expenses.
The adviser also serves as the Fund s principal underwriter. For the year ended
December 31, 1995, WSMC received $538 as its portion of the sales charge on
sales of shares of the Fund. Certain of the officers and directors of the Fund
are officers and directors of WSMC.
The Fund has arranged for American Data Services, Inc., of which the Fund s
Secretary and Treasurer is a principal, to prepare the accounting records and
perform administrative and transfer agent services for the Fund. Costs incurred
totalled $73,451 for the year ended December 31, 1995.
Morse, Williams & Co., Inc. (MWC), 100% owner of WSMC, performs administrative
services for the Fund. This includes costs of shared office expenses, rent,
telephone charges and supply expenses. For the year ended December 31, 1995, no
remuneration was paid by the Fund to MWC.
(4) Capital stock:
At December 31, 1995 there were 5,000,000 shares of $1 par value capital stock
authorized. Transactions in capital stock during the year ended December 31,
1995 and the year ended December 31, 1994 were as follows:
<TABLE>
<S> <C> <C> <C> <C>
1995 1994
Shares Amount Shares Amount
Shares sold 40,412 $ 347,329 162,756 $ 1,205,812
Shares issued for
reinvestment of
distribution from
realized gains 320,091 2,432,692 39,767 281,949
Shares redeemed (95,787) (821,654) (150,224) (1,124,325)
Net increase 264,716 $ 1,958,367 52,299 $ 363,436
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
(For a fund share outstanding throughout each year)
<S> <C> <C> <C> <C> <C>
Year Ended December 31,
1995 1994 1993 1992 1991
Net asset value, beginning of year $ 7.42 $ 8.03 $ 7.60 $ 7.27 $ 5.54
Income from investment operations
Net investment income (loss) (0.03) (0.02) (0.02) 0.01 0.03
Net realized and unrealized gains (losses)
on investments 2.60 (0.38) 1.00 0.54 2.95
Total from investment operations 2.57 (0.40) 0.98 0.55 2.98
Less distributions
Dividends from net investment income 0.00 0.00 0.00 (0.01 (0.03)
Distribution from realized gains
from security transactions (1.80) (0.21) (0.55) (0.21) (1.21)
Return of capital distribution 0.00 0.00 0.00 0.00 (0.01)
Total distributions (1.80) (0.21) (0.55) (0.22) (1.25)
Net asset value, end of year $ 8.19 $ 7.42 $ 8.03 $ 7.60 $ 7.27
Total return** 36.50% (4.86%) 13.17% 7.61% 54.36%
Ratios/supplemental data
Net assets, end of year (in 000's) 14,383 11,080 11,561 11,202 11,032
Ratio of expenses to average net assets 2.02% 2.12% 2.04% 2.15% 2.10%
Ratio of expenses to average net assets,
net of reimbursement 1.90% 1.96% 1.96% 1.97% 1.98%
Ratio of net investment income (loss) to
average net assets (0.50%) (0.47%) (0.31%) (0.08%) 0.30%
Ratio of net investment income (loss)
to average net assets,
net of reimbursement (0.38%) (0.31%) (0.23%) 0.09% 0.43%
Portfolio turnover rate 143.27% 89.01% 107.22% 112.47% 159.52%
<FN>
**Excluding sales charge.
</FN>
</TABLE>
See notes to financial statements
REPORT OF INDEPENDENT ACCOUNTANTS
To The Shareholders and Board of Directors of
The Wall Street Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of The
Wall Street Fund, Inc., including the schedule of investments, as of
December 31, 1995, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
The Wall Street Fund, Inc. as of December 31, 1995, the results of its
operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity with generally
accepted accounting principles.
Coopers & Lybrand L.L.P.
New York, New York
February 26, 1996
<PAGE>
PRINCIPAL INVESTMENT CHANGES
For the year ended December 31, 1995
NEW POSITIONS
Adaptec Inc., BAB Holdings, Inc., Barrick Gold Corp., Basic Petroleum Intl.
Ltd., Biochem Pharma Inc., Bio Technology General Corp., Boeing Co., Brio
Industries Inc., Broadway & Seymour Co., Columbia Healthcare Corp., Datalogix
International, Data Works, Digital Equipment Corp., GTE Corp., Harbinger Corp.,
ICC Technologies Inc., Inference Corp. "A", Jilin Chemical Ind., Mattson
Technology, Inc., McDonalds Corp., Measurex Corp., Micro Component Technology,
Netstar, Inc., New Plan Realty Trust, Northwest Pipe Co., Novadigm Inc., PDT
Inc., Renaissance Solutions Inc., Repap Enterprises Inc. Common, Shuffle
Master Inc., United Meridian, Youth Services Intl. Inc., Zygo Corp.
BONDS: VLSI Technology Inc. 8.25% 10/01/2005.
ELIMINATIONS
Acclaim Entertainment Inc., Actava Group Inc., Aflac Inc., Alantec Corp.,
American Express Co., American Telecasting, Apple Computer Inc., Applied Matls
Inc., Banco Latino Americano, Bay Networks Inc., Cable & Wireless ADR,
Capstead Mortgage, Cephalon Inc., Chiron Corp., Chronimed Inc., Commnet
Cellular Inc., Davidson & Assoc. Inc., Dialogic Corp., Digital Sound Corp.,
Dresser Industries, DSC Communications Corp., Elsag Bailey NV, Epic Design
Technology Inc., Exabyte Corp., Flir Systems Inc., Genetic Therapy Inc.,
General Motors Corp. Class H, Genzyme Tissue Repair, GRC International Inc.,
Hong Kong "ADR" Telecommunications, IBAH Inc., IDB Communications, Information
Resource Engr. Inc. Pfd. Conv. 9%, Intel Corp., Intelcom Group Inc., Intersolv
Inc., Kenetech Corp., Marcam Corp., Mariner Health Co., Molten Metal Technology
Inc., Network General Corp., Novell Inc., Pacific Physician Services Inc.,
Peoples Choice T.V. Corp., Pfizer Inc., Picturetel Corp., Schulman A Inc.,
Seitel Inc., Sequent Computer Systems Inc., Shanghai Petro. ADR, Softdesk Inc.,
Solectron Corp., Somatix Therapies Corp., Sony Corp. ADR, Storage Technology
Corp., Synopsys Inc., Target Therapeutic, United International Holdings Inc.
Cl. A, Ventritex Inc., Vical Inc., VLSI Technology, Wandel & Goltermann Tech.,
Walhalla Mining Co., Watts Industries Inc., Wisconsin Pharm. BONDS: Cellular
Inc. 6.75% 7/15/2009, Glyco Medical 7.50% 01/01/2003, VLSI Technology
Inc. 7.00% 05/01/2012.
This report is not to be construed as an offering for the sale of The
Wall Street Fund, Inc., or as a solicitation of an offer to buy any such
shares, unless accompanied by an effective prospectus setting forth details
of the Fund including the sales charge and other material information.
The maximum initial sales charge payable on an investment in the Fund was 5.50%
at December 31, 1985. At public offering price of $10,000, the net investment
in the Fund would be $9,450, assuming no waiver or reduction of sales charges.
Currently, the maximum sales charge is 4.0%. The performance information shown
represents past performance and should not be interpreted as indicative of the
Fund's future performance. Return and share price will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
MANAGEMENTS DISCUSSION OF
FUND PERFORMANCE
The Fund's broad diversification policy combined with Fund Management's stock
selection were significant factors contributing to Fund performance in 1995.
Management's strategy of investing in companies selected from a variety of
broad industry groups and investing in a large number of different companies
with strong fundamental growth characteristics provides protection from long
term fundamental portfolio risk. Fund Management's analytical emphasis on a
company's future sustainable earnings growth and the quality of corporate
management are also important to Fund performance.
Throughout 1995 interest rates declined steadily from the previous years high
levels which positively effected the prices of the Fund's equity investments.
Market prices for your Fund's investments generally increased due to strong
corporate earnings. During the first half of the year your Fund's net asset
value per share increased 16.71%. During the second half of 1995, including a
capital gain distribution of $1.80 per share, the net asset value per share
rose 16.97%.
<PAGE>
Dear Fellow Shareholders:
As the performance numbers indicate, 1995 was a vintage year for your Fund. We
enjoyed a total return of +36.5% for the year as reported by CDA/Weisenberger
Mutual Fund reports. Since December 31, 1990, we have had an average annual
total return of better than 19% through December 31, 1995. Your Fund is now
top ranked "A" by Lipper Analytical Services, Inc. for five year performance
as reported in the Wall Street Journal.
The year 1995 was good for U.S. investors across the board. The S&P 500 total
return was +37.5%. The smaller capitalization index, the Russell 2000, was
+28.5% and the intermediate Lehman Govern-ment/Corporate bond index was +15.3%.
Looking ahead to 1996, we believe real GDP growth in the U.S. is likely to be
2.5% to 3%, in line with the long term non-inflationary growth rate after a
weak first quarter. The balanced budget argument in Washington and the
unsettled state of Government Funding along with the impact of the Blizzard
of 1996 in the Northeast U.S., is likely to hold down real GDP growth to
near-anemic levels in the first quarter of the new year. After a resolution of
the budget issue and better weather, real growth should turn up. Growth should
be aided by the Federal Reserve as they lower short term interest rates to
bring them more in line with inflation which is expected to remain in the
2% to 3% range.
While equities had excellent returns last year, the new year, after early
weakness, also may be a pretty good year. Valuation levels as measured, for
instance, by price earnings ratios are not excessive for a low interest rate
environment. While stocks performed well in 1995 the price earnings
ratio of the market is about the same today as it was at the beginning of
last year. Should interest rates stay low or go lower in the future, the price
earnings ratios may actually shift upward. This upward revision in price
earnings ratios may begin in 1996 and is something to look forward to
over future years. If an upward shift in price earnings ratios is accompanied
by strong earnings, stocks can perform very nicely.
For the markets, 1996 is likely to be a more erratic year than last year with
an uncertain first half and second half strengthening. We expect good quality
growth related investments to do well and provide returns in the low double
digits with bond returns probably equal to their coupons. For those interested
in historical patterns, it should be noted that in the last 110 years of market
history, there are only four Presidential election years when stocks have
declined.
In order to save shareholders expense, The Board of Directors has decided to
hold shareholder meetings only when an event requires. Hence, no shareholder
meeting in 1996 is anticipated. The Board is authorized to do this because the
Fund is incorporated in Maryland and the corporate law has been amended to
waive the requirement that investment companies, such as the Fund, hold a
meeting of shareholders every year. This law was adopted so that investment
companies and their shareholders would be spared the expenses otherwise
incurred in holding routine annual meetings. The Board of Directors of the
Fund has determined that no extraordinary events necessitate the holding of an
annual meeting this year. In the event that a circumstance arises necessitating
special shareholder approval such a meeting will be held.
Should you have any questions, please feel free to call me directly.
Sincerely,
/s/ Robert P. Morse
Robert P. Morse
President
January 31, 1996
DIRECTORS
John F. Carr, Emeritus
Clifton H.W. Maloney
Robert P. Morse, Chairman
Sharon A. Queeney
Harlan K. Ullman
OFFICERS
Robert P. Morse, President
Michael R. Linburn, Vice President
Allen C. Post, Vice President
Michael Miola, Secretary, Treasurer
INVESTMENT ADVISER
WALL STREET MANAGEMENT CORPORATION
230 Park Avenue
New York, New York 10169
CUSTODIAN
THE BANK OF NEW YORK
90 Washington Street, 11th Floor
New York, New York 10286
TRANSFER AGENT
AMERICAN DATA SERVICES
24 West Carver Street
Huntington, New York 11743
INDEPENDENT ACCOUNTANTS
COOPERS & LYBRAND L.L.P.
1301 Avenue of the Americas
New York, New York 10019
THE WALL STREET FUND, INC.
ANNUAL REPORT
DECEMBER 31, 1995
