SUPPLEMENT TO THE PROSPECTUS OF
THE WALL STREET FUND
Dated May 1, 1996
This additional disclosure should be included in the section titled "How
to Buy Shares" beginning on page 10 of the enclosed Prospectus.
Purchases Through Processing Organizations
Shares of the Fund may also be purchased through a "Processing
Organization," which is a broker-dealer, bank or other financial institution
that purchases shares for its customers. When shares are purchased this way,
the Processing Organization, rather than its customer, may be the shareholder
of record of the shares. The minimum initial and subsequent investments in the
Fund for shareholders who invest through a Processing Organization generally
will be set by the Processing Organization. Processing Organizations may also
impose other charges and restrictions in addition to or different from those
applicable to investors who remain the shareholder of record of their shares.
Thus, an investor contemplating investing with the Fund through a Processing
Organization should read materials provided by the Processing Organization in
conjunction with this Prospectus.
Although Processing Organizations will sell and redeem shares at net
asset value, they may charge their customers a fee in connection with services
offered to customers. Shares held through a Processing Organization may be
transferred into the investor's name following procedures established by the
investor's Processing Organization and the Funds' Transfer Agent. Certain
Processing Organizations may receive compensation from the Fund, the Funds'
Transfer Agent, the Advisor or their affiliates.
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This disclosure replaces the section titled "Shareholder Information and
Reports" on page 19 of the enclosed Prospectus.
All shareholder inquiries regarding account information of transactions
should be directed to American Data Services, Inc., 24 West Carver St., 2nd
Floor, Huntington, NY 11743 or by telephone to (800) 443-4693. Shareholder
inquiries about general Fund information should be directed to the Fund's
office at (212) 856-8250. Shareholders will be provided semi-annual unaudited
and annual audited reports, including a listing of portfolio securities held.
Dated July 20, 1996
