THE
WALL
STREET
FUND INC.
SEMI-ANNUAL REPORT
JUNE 30, 1999
A diversified mutual fund that
invests in common stocks of
growth-oriented companies.
<PAGE>
THE WALL STREET FUND, INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 1999 - (UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ -----
COMMON STOCKS - 95.80%
BIOTECHNOLOGY - 13.71%
<C> <S> <C>
5,000 + Biochem Pharma Inc. $ 93,594
1,000 + Centocor Inc. 46,656
10,000 + Chiron Corp. 207,187
8,000 + Corixa Corp. 142,250
8,000 + Genzyme Corp. 387,750
4,000 + Incyte Pharmaceutics Inc. 105,625
10,000 + Ligand Pharmaceuticals Inc.- Class B 110,313
12,500 + Liposome Inc. 237,891
10,000 + Lynx Therapeutics Inc. 113,750
15,000 + Martek Biosciences Corp. 125,625
2,000 + Sepracor Inc. 162,250
5,000 + Transkaryotic Therapies Inc. 164,688
10,000 + Trimeris Inc. 145,313
10,000 + U.S. Bioscience Inc. 97,500
----------
2,140,392
----------
CONSUMER CYCLICAL - 0.90%
5,000 + Burlington Industries Inc. 45,313
3,600 Mattel, Inc. 95,175
----------
140,488
----------
DRUGS - 2.36%
4,000 + Alza Corp. 203,500
1,500 Pfizer Inc. 164,625
----------
368,125
----------
ENERGY - 1.66%
3,000 Andarko Petroleum Corporation 110,437
10,000 + Petroleum Geo- ADR 148,750
----------
259,187
----------
ENTERTAINMENT - 2.53%
5,000 + Pixar 217,344
4,000 + Zomax Inc. 177,250
----------
394,594
----------
FINANCIAL SERVICES - 2.77%
3,000 + Allmerica Financial Corp. 182,437
10,000 + First Sierra Financial Inc. 249,375
----------
431,812
----------
FOOD SERVICES - 0.76%
4,000 Sysco Corp. 119,250
----------
HEALTH CARE - 1.15%
5,000 + First Health Group Corp. 107,656
2,000 + Millennium Pharmaceuticals Inc. 71,938
----------
179,594
----------
INSTRUMENTATION - 1.14%
5,000 Frequency Electronics Inc. 41,250
4,000 + Taiwan Semiconductor Manufacturing Co.-ADR 136,000
----------
177,250
----------
INSURANCE - 0.82%
10,000 + CCC Information Services Group 127,500
----------
MARKET
SHARES VALUE
------ -----
MACHINERY - 4.16%
60,000 + Flow Intl. Corp. $ 648,750
----------
OFFICE EQUIPMENT - 3.35%
5,000 Compaq Computer Corp. ....... 118,438
3,000 Dell Computers Corp. ........ 110,906
3,000 + EMC Corp. 165,000
5,000 + Seagate Technology 128,125
----------
522,469
----------
PUBLISHING/ VIDEO/ BROADCAST - 2.32%
4,000 Comcast Corp. - Class A Special 153,750
7,000 + Infinity Broadcast Corp. 208,250
----------
362,000
----------
RETAIL - 9.29%
6,000 + Abercrombie & Fitch Co. 288,000
7,000 Home Depot Inc. 451,062
6,000 + Office Depot Inc. 132,375
4,000 + Polo Ralph Lauren Corp. 76,000
4,000 Tiffany & Co. 386,000
4,000 Walgreen Co. 117,500
----------
1,450,937
----------
SEMICONDUCTORS - 16.73%
7,000 + Analog Devices Inc. 351,312
4,000 Intel Corp. 237,875
3,000 + Rambus Inc. 276,469
7,500 + RF Micro Devices Inc. 559,921
2,000 Texas Instruments Inc. 290,000
7,500 + Transwitch Corp. 355,078
8,000 + Vitesse Semi-Conductor Corp. 541,250
----------
2,611,905
----------
SERVICES - 14.42%
3,000 America Online Inc. 331,500
8,166 + At Home Corp. 440,709
5,000 + Cendant Corp. 102,500
6,000 Cintas Corp. 402,938
10,000 + Electronic Processing 103,125
5,000 + Lernout & Hauspie Speech 176,875
4,000 + Network Solutions 316,375
20,000 + Renaissance Worldwide Inc. 158,749
5,000 + USWeb Corp. 111,094
2,000 + Waste Management Inc. 107,500
----------
2,251,365
----------
SOFTWARE - 10.01%
30,000 + Aremissoft Corp. 136,875
10,000 + Avant Corp. 125,937
1,000 + Mindspring Enterprises Inc. 44,313
7,000 + New Era of Networks Inc. 307,344
70,000 + Object Design Inc. 270,156
3,000 + Peoplesoft Inc. 51,844
8,000 + Rational Software Corp. 263,750
15,000 + Rogue Wave Software Inc. 138,750
2,600 + Verisign Inc. 224,250
----------
1,563,219
----------
Page 1
See notes to financial statements.
<PAGE>
THE WALL STREET FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JUNE 30, 1999 (UNAUDITED)
MARKET
SHARES VALUE
------ -----
TELECOMMUNICATIONS - 7.73%
3,000 + Cisco Systems Inc. $ 193,219
10,000 + Leap Wireless Intl. Inc. 203,125
4,000 + MCI Worldcom Inc. 344,125
4,000 + Nextel Communications Inc. 200,875
4,000 + Open Text Corp. 119,500
2,500 + Proxin Inc. 145,313
----------
1,206,157
----------
TOTAL COMMON STOCKS
(Cost $9,495,128) 14,954,994
----------
Principal Market
Amount Value
CONVERTIBLE BONDS - 3.74%
$800,000 Executone Information Systems, 7.50%,
03/15/2011
(Cost $348,463) 584,000
----------
TOTAL INVESTMENTS
(Cost $9,843,591) 99.54% 15,538,994
OTHER ASSETS LESS LIABILITIES 0.46% 72,089
------- ----------
TOTAL NET ASSETS 100.00% $15,611,083
======= ===========
At June 30, 1999, the cost for federal tax purposes is $9,868,239.
Gross unrealized appreciation and depreciation of securities are as
follows:
Gross unrealized appreciation $ 6,054,064
Gross unrealized depreciation (383,310)
-----------
Net unrealized appreciation $ 5,670,754
===========
+ Non-income producing security.
</TABLE>
THE WALL STREET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $9,843,591) (Note 1) ...................... $ 15,538,994
Cash ..................................................... 338,279
Receivables:
Investment securities sold ..................$ 126,455
Fund shares sold ............................ 33,156
Interest and dividends ...................... 20,886
------------
180,497
Other assets ............................................. 20,211
-----------
Total Assets ..................................... 16,077,981
LIABILITIES:
Payables:
Investment advisory fee ..................... 7,477
Investment securities purchased ............. 452,467
Accrued expenses ............................ 6,954
------------
Total Liabilities ........................ 466,898
-------------
Net Assets ....................... $ 15,611,083
============
Net Assets Consist of:
Paid in capital .................................. $ 6,383,831
Unrealized appreciation on
investments .............................. 5,695,403
Accumulated net realized gain
on investments ........................... 3,610,372
Accumulated net investment loss .................. (78,523)
------------
Net Assets ....................... $ 15,611,083
============
Net asset value and
redemption price per share
($15,611,083/1,431,232 shares
outstanding) (Note 4) ............................ $ 10.91
============
Maximum offering price per share
(100/96 of $10.91) ............................... $ 11.36
============
</TABLE>
Page 2
See notes to financial statements.
<PAGE>
THE WALL STREET FUND, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
INVESTMENT INCOME:
Income:
<S> <C>
Dividends ........................................... $ 14,084
Interest ............................................ 39,264
-----------
Total income ................................................ 53,348
-----------
Expenses:
Investment advisory fees
(Note 3) .................................... 61,915
Accounting services (Note 3) ........................ 24,417
Professional fees ................................... 18,818
Directors fees and expenses ......................... 13,694
Transfer agent fees and
dividend paying expenses (Note 3) ........... 12,952
Custodian fees ...................................... 10,275
Miscellaneous ....................................... 8,350
Registration fees ................................... 5,951
Reports to shareholders ............................. 5,060
-----------
Total Expenses .............................................. 161,432
Less:
Reimbursed expenses (Note 3) ................ (29,561)
-----------
Net expenses ................................ (131,871)
-----------
Net investment loss ......................... (78,523)
-----------
NET REALIZED AND UNREALIZED GAINS
ON INVESTMENTS
Net realized gains from
investment transactions ............................. 3,630,655
Net decrease in unrealized
apprecication of investments ........................ (897,527)
-----------
Net realized and unrealized gains
on investments ...................................... 2,733,128
-----------
Net increase in net assets
resulting from operations ........................... $ 2,654,605
===========
</TABLE>
THE WALL STREET FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, 1998
------------- -----------------
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
<S> <C> <C>
Net investment loss ........................ $ (78,523) $ (223,701)
Net realized gains from
investment transactions ............ 3,630,655 428,546
Net increase(decrease) in unrealized
appreciation of investments ........ (897,527) 4,639,727
------------ ------------
Net increase in net assets
resulting from operations .......... 2,654,605 4,844,572
Distributions to shareholders from:
Net realized gains from
investment transactions
($0.00 and $0.23 per share,
respectively) ...................... 0 (435,983)
Net capital share transactions
(Note 4) ........................... (5,362,944) (1,665,994)
------------ ------------
Total increase (decrease) in net assets .... (2,708,339) 2,742,595
NET ASSETS:
Beginning of period ........................ 18,319,422 15,576,827
------------ ------------
End of period .............................. $ 15,611,083 $ 18,319,422
============ ============
</TABLE>
Page 3
See notes to financial statements.
<PAGE>
THE WALL STREET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
(UNAUDITED)
(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 primary
objective of the Fund is growth of capital. To achieve this objective the Fund
normally invests in common stocks, which, in the opinion of the investment
adviser offer prospects of sustained growth. 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 fair 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. When market quotations are not readily available
securities will be valued at fair value as determined in good faith by the
Fund's Board of Directors.
(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.
(2) PURCHASES AND SALES OF SECURITIES:
Purchases and sales of investment securities, during the six months
ended June 30, 1999 aggregated $9,835,763 and $15,060,518, 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 $10,000,000, 1 1/2% of the next $20,000,000 and 1% of any
balance of the average daily net asset value.
For the six months ended June 30, 1999, Wall Street Management
Corporation (WSMC) earned investment advisory fees of $61,915 with $29,561
reimbursed to the Fund for expenses.
The adviser also serves as the Fund's principal underwriter. For the
six months ended June 30, 1999, WSMC received $28 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 $37,369 for the six months ended June 30, 1999.
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 six months ended
June 30, 1999, no remuneration was paid by the Fund to MWC.
(4) CAPITAL STOCK:
At June 30, 1999 there were 5,000,000 shares of $1 par value capital
stock authorized. Transactions in capital stock during the six months ended June
30, 1999 and the year ended December 31, 1998 were as follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
JUNE 30, 1999 1998
------------------------- -----------------------
(UNAUDITED)
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Shares sold ............. 46,315 $ 460,000 322,128 $ 2,443,294
Shares issued for
reinvestment of
distribution from
realized gains .. 0 0 46,364 393,171
Shares redeemed ......... (565,055) (5,822,944) (541,316) (4,502,459)
Net (decrease) .......... (518,740) ($5,362,944) (172,824) ($1,665,994)
</TABLE>
Page 4
<PAGE>
FINANCIAL HIGHLIGHTS
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six months Ended Year Ended December 31,
June 30, 1999 1998 1997 1996
------------- ---- ---- ----
(Unaudited)
<S> <C> <C> <C> <C>
Net asset value, beginning of period ..... $ 9.39 $ 7.34 $ 7.96 $ 8.19
Income from investment operations
Net investment income (loss) ............. (.05) (.11) (0.08) (0.06)
Net realized and unrealized gains (losses)
on investments ................... 1.57 2.39 (0.13) 0.98
Total from investment operations ......... 1.52 2.28 (0.21) 0.92
Less distributions
Dividends from net investment income ..... 0 0.00 0.00 0.00
Distribution from realized gains
from security transactions ....... 0 (0.23) (0.41) (1.15)
Return of capital distribution ........... 0 0.00 0.00 0.00
Total distributions ...................... 0 (0.23) (0.41) (1.15)
Net asset value, end of period ........... $ 10.91 $ 9.39 $ 7.34 $ 7.96
Total return** ........................... 16.19% 31.40% (2.37%) 11.45
Ratios/supplemental data
Net assets, end of period (in 000's) ..... 15,611 18,319 15,577 15,939
Ratio of expenses to average net assets .. 1.97%* 1.89% 1.82% 1.84%
Ratio of expenses to average net assets,
net of reimbursement ............. 1.61%* 1.89% 1.82% 1.82%
Ratio of net investment income (loss) to
average net assets ............... (1.32%)* (1.33%) (0.96%) (0.70%)
Ratio of net investment income (loss)
to average net assets,
net of reimbursement ............. (.96%)* (1.33%) (0.96%) (0.68%)
Portfolio turnover rate .................. 60.89% 165.84% 121.12% 142.11%
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Net asset value, beginning of period ..... $ 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 (0.01) (.01)
Total distributions ...................... (1.80) (0.21) (0.55) (0.22) (1.25)
Net asset value, end of period ........... $ 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 period (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>
*Annualized
**These returns do not include the effect of the Fund's sales charge.
</FN>
</TABLE>
Page 5
<PAGE>
PRINCIPAL INVESTMENT CHANGES
For the six months ended June 30, 1999
NEW POSITIONS
Aremissoft Corp., First Sierra Financial Inc., Burlington Industries Inc.,
Frequency Electronics Inc., Genzyme Surgical Products, Lynx Therapeutics Inc.,
Mattel Inc., Mindspring Enterprises Inc., Nextel Communication Inc. Cl A, Open
Text Corp., Proxim Inc., Sepracor Inc., Sysco Corp., Taiwan Semiconductor Mfg.
Co. ADR, U.S. Bioscience Inc., USWEB Corp.
ELIMINATIONS
Apple Computer Inc., Agouron Pharmaceuticals Inc., Altera Corp., Arquile Inc.,
Ascend Communications Inc., American Satellite Network Inc. Warrants, Best
Software, Check Point Software, CMGI Inc., Compuware Corp., Excite Inc.,
Flexinternational Software Inc., Gilead Sciences Inc., Gene Logic Inc.,
Halliburton Co., HBO & Co., Human Genome Sciences Inc., Hewlett Packard Co.,
ISIS Pharmaceuticals, International UNP Holdings Ltd., J.D. Edwards & Co., Labor
Ready Inc., Mossimo Inc., Metromedia International Conv. Pfd., Merck & Co.,
Metro One Telecommunication Inc., Network Associates Inc., Netscape
Communications Corp., Ogden Corp., Officemax Inc., Orbital Sciences, Qualcomm
Inc., Sterling Commerce, Siebel Systems Inc., Segue Software Inc., Synopsys
Inc., Spacehab Inc., Learning Co. Inc., Wavephore Inc., Zygo Corp.
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.
- --------------------------------------------------------------------------------
Page 6
<PAGE>
Dear Stockholders, July 15, 1999
For the first six months of 1999, your Fund's net asset value per share
increased 16.2%. This performance was better than the S&P 500 and the benchmark
Russell 2000. Over the past twelve months ending June 30, 1999 your Fund's
return was 31.8%. CDA/ Wiesenberger ranked your Fund in the top 6% of all mutual
funds for the past year's performance.
The market's breadth, as reported weekly in Barron's, showed sustained
improvement, which may bode well for continued positive developments. But within
this generally upward trend, we saw some extremely volatile returns from various
stocks and sectors. The Internet sector lost momentum completely during the
second quarter, with industry bellwether AOL declining from a high of $175 to a
low of $90. The large cap pharmaceuticals also ran into turbulence, with
full-blown corrections of 20% or more in such high caliber names as Pfizer. On
the other hand, the energy services sector, which had languished so long,
advanced as oil prices began what many are seeing as a further inexorable climb
towards $25. While these conflicting trends were at times disturbing to
individual holders, the overall trend is positive. We had long argued that a
market advance driven by an ever-narrowing list of companies was unsustainable
at best. A continued broadening of the market, to include smaller companies as
well as companies with arguably inexpensive valuations, should in the long run
be beneficial to the durability of any advance. We believe that the advance in
small to mid-cap names is soundly built, resting on such fundamental strengths
as a recognition of the commercial value of many bio-technology developments; a
growing acknowledgement that the Y2K issue and the "saturation" of the personal
computer market will not derail the advance of software and network innovation;
and finally, on superior valuation parameters which see these increasingly high
quality names selling at discounts to their growth rates.
The Lehman Bond Index declined by 0.6% during the first half of the
year, as the 30 year Treasury yield climbed from 5.59% to 5.98%. More striking
is the change from the October 5th low point of a 4.74% yield to the June 25th
high of 6.16%. This increase, which many had feared might knock the props out
from under stocks entirely, was driven in part by evidence that the Federal
Reserve had adopted a "bias" towards tightening. The quarter point hike in the
Fed Funds rate that came at the end of June was accordingly fairly well absorbed
by the market. This is not the first time that the Fed has made noises, and let
the long end of the market essentially do the tightening on its behalf. This has
allowed the Fed to maintain its extraordinarily accommodative overall policy - a
policy which, we continue to believe, is driven by concerns over the fragility
of the global economy.
Some of our investors have asked specifically about the global and
investment risks stemming from the Y2K issue, and concerns about the state of
worldwide, national and even local preparedness. At this point, we believe that
the impact may be felt in the following ways: We believe that corporate behavior
is to a large extent emulating individual preparedness actions. Some amount of
anticipation will affect purchasing decisions as we move through the balance of
the year. Overstocking now may lead to inventory dislocations early next year.
There is evidence that some companies are currently borrowing more than their
existing cash flow needs, the corporate equivalent of taking extra cash out of
your bank account in advance of New Year's eve. We do expect that the absolute
disruptions will be greater in Third World countries and in Europe than they
will be here, and that the disruptions here might approach those of the effects
of a sustained blizzard or storm. Because any uncertainties will be of an
extremely transitory nature, overt defensive action in a portfolio does not seem
to be indicated. As quality growth companies of the class that we own on your
behalf are generally impervious to modest economic fluctuations, we believe that
the portfolio is already fairly well positioned and many investments will
benefit from an eventual shift in corporate spending in favor of new
technologies for improved competitiveness in the new century.
At mid-year, we have a market that has once again offered a
double-digit return to investors. The major risks are from the unquantifiable
and unpredictable, such as last year's near financial meltdown. Valuation does
not support major disappointments from fundamental expectations, as the recent
market action in some large cap names demonstrates. The market's struggle is
perhaps best framed by this question: Is AOL a bargain, having declined from
$175 or inexpensive based on earnings three years out? We believe that the
Federal Reserve will remain in a neutral to accommodative stance. We do expect
some slowing in year over year earnings growth, but do believe that the earnings
growth and inherent value in our portfolio names will be the key to future
investment success. As we have stressed before, we believe that the ability to
identify unassailable earnings growth in our investment opportunities will be
both our greatest challenge and our greatest value that we can add to the
management of your irreplaceable assets.
Sincerely,
/S/ ROBERT P. MORSE
-------------------
Robert P. Morse
President
Page 7
<PAGE>
DIRECTORS
Clifton H.W. Maloney
Edward J. McCann
Robert P. Morse, Chairman
Sharon A. Queeney
Harlan K. Ullman
OFFICERS
Robert P. Morse, President
Laurence R. Golding, Vice President
Michael R. Linburn, Vice President
Jian H. Wang, 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
150 Motor Parkway
Hauppauge, New York 11788
INDEPENDENT ACCOUNTANTS
McGLADREY & PULLEN, LLP
555 Fith Avenue
New York, New York 10017
THE WALL STREET FUND, INC.
230 Park Avenue, Suite 1635
New York, New York 10169
(212) 856-8250
1-800-443-4693
http://www.thewallstreetfund.com
e-mail: [email protected]
