Item 1. Reports to Stockholders.

 

 

Top 5		Total
Contributors		Return				Contribution
Western Digital Corp			100.33	%			2.71	%
Blackstone Group LP			112.99	%			2.51	%
NXP Semiconductors			74.45	%			2.20	%
Mastercard Inc.			70.62	%			1.98	%
Google Inc.			58.28	%			1.75	%

 

Bottom 5		Total
Contributors		Return				Contribution
Rackspace Hosting Inc.			-51.34	%			-0.74	%
Demand Media Inc.			-43.17	%			-0.42	%
Coach Inc.			-13.19	%			-0.13	%
EMC Corp Mass			-8.72	%			-0.11	%
Noble Corporation PLC			-3.81	%			-0.09	%

THE WALL STREET FUND, INC.

SCHEDULE OF INVESTMENTS

December 31, 2013

		Shares				Value
COMMON STOCKS – 98.9%
Aerospace – 1.6%
United Technologies Corp.			11,000			$	1,251,800
Beverages – 2.1%
Beam, Inc.			24,000				1,633,440
Biotechnology – 5.3%
Alexion Pharmaceuticals, Inc. (a)			6,000				798,360
Celgene Corp. (a)			10,000				1,689,600
Gilead Sciences, Inc. (a)			22,000				1,653,300
							4,141,260
Building & Construction – 0.9%
D.R. Horton, Inc. (a)			31,000				691,920
Chemicals – 2.5%
Celanese Corp.			35,000				1,935,850
Containers & Packaging – 2.3%
Rock-Tenn Co.			17,000				1,785,170
Diversified – 1.6%
3M Co.			9,000				1,262,250
Drugs – 2.5%
Allergan, Inc.			17,500				1,943,900
Electrical Equipment – 1.8%
Roper Industries, Inc.			10,000				1,386,800
Energy – 4.6%
Chevron Corp.			11,000				1,374,010
Marathon Oil Corp.			50,000				1,765,000
Whiting Petroleum Corp. (a)			7,500				464,025
							3,603,035
Energy Equipment & Services – 3.8%
Noble Corp. (b)			34,000				1,273,980
Schlumberger Ltd. (b)			18,500				1,667,035
							2,941,015
Financial Services – 9.2%
American Express Co.			24,000				2,177,520
Mastercard, Inc.			3,000				2,506,380
The Blackstone Group LP			80,000				2,520,000
							7,203,900
Food Services – 1.2%
Yum Brands, Inc.			13,000				982,930
Forest Products – 2.5%
Weyerhaeuser Co. – REIT			61,000				1,925,770
Health Care Services – 2.3%
UnitedHealth Group, Inc.			24,500				1,844,850
Insurance – 2.2%
ACE Ltd. (b)			17,000				1,760,010
Leisure – 4.8%
Las Vegas Sands Corp.			25,000				1,971,750
Polaris Industries, Inc.			12,000				1,747,680
							3,719,430
Media – 7.4%
AMC Networks, Inc. – Class A (a)			26,000				1,770,860
DIRECTV (a)			30,000				2,072,700
Walt Disney Co.			25,000				1,910,000
							5,753,560
Office Equipment – 5.4%
Apple, Inc.			2,600				1,458,886
Western Digital Corp.			33,000				2,768,700
							4,227,586
Real Estate – 2.2%
CBRE Group, Inc. – Class A (a)			65,000				1,709,500
Retail – 2.4%
TJX Companies, Inc.			29,000				1,848,170
Semiconductors – 4.6%
Intel Corp.			32,000				830,720
NXP Semiconductors NV (a)(b)			60,000				2,755,800
							3,586,520
Services – 7.0%
Accenture PLC – Class A (b)			12,000				986,640
Amazon.com, Inc. (a)			5,000				1,993,950
Google, Inc. – Class A (a)			2,200				2,465,562
							5,446,152
Software – 2.7%
Ansys, Inc. (a)			11,000				959,200
Microsoft Corp.			30,000				1,122,900
							2,082,100

THE WALL STREET FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

December 31, 2013

 

		Shares				Value
COMMON STOCKS – 98.9% (continued)
Specialty Retail – 8.5%
AutoNation, Inc. (a)			33,000			$	1,639,770
AutoZone, Inc. (a)			4,700				2,246,318
Home Depot, Inc.			23,500				1,934,990
Nike, Inc. – Class B			10,000				786,400
							6,607,478
Telecommunications – 4.5%
American Tower Corp. – REIT			22,000				1,756,040
QUALCOMM, Inc.			24,000				1,782,000
							3,538,040
Transportation – 3.0%
J.B. Hunt Transport Services, Inc.			9,000				695,700
Union Pacific Corp.			10,000				1,680,000
							2,375,700
TOTAL COMMON STOCKS
(Cost $51,294,503)							77,188,136
SHORT-TERM INVESTMENT – 1.4%
Money Market Fund – 1.4%
First American Prime Obligations
Fund, Class Z, 0.016% (c)			1,068,033				1,068,033
TOTAL SHORT TERM
INVESTMENT
(Cost $1,068,033)							1,068,033
TOTAL INVESTMENTS
(Cost $52,362,536) – 100.3%							78,256,169
Liabilities in Excess
of Other Assets – (0.3)%							(208,557	)
TOTAL NET
ASSETS – 100.0%						$	78,047,612

THE WALL STREET FUND, INC.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2013

ASSETS:
Investments, at value (cost $52,362,536)		$	78,256,169
Receivable for fund shares sold			277,076
Dividends receivable			46,420
Expense reimbursement due
from Adviser (Note 4)			39,916
Prepaid expenses			14,219
Total Assets			78,633,800
LIABILITIES:
Payable for investments purchased			461,275
Payable for fund shares redeemed			5,015
Investment advisory fee payable (Note 4)			32,381
Shareholder servicing fee
payable (Note 4)			16,190
Accrued expenses and other payables			71,327
Total Liabilities			586,188
NET ASSETS		$	78,047,612
NET ASSETS CONSIST OF:
Capital stock		$	50,974,943
Net unrealized appreciation on investments			25,893,633
Accumulated undistributed net realized
gain on investments			1,179,036
TOTAL NET ASSETS		$	78,047,612
Shares outstanding (500,000,000 authorized,
$0.0001 par value)			5,899,061
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE		$	13.23

 

THE WALL STREET FUND, INC.

STATEMENT OF OPERATIONS

For the year ended December 31, 2013

INVESTMENT INCOME:
Dividend income		$	754,412
Total investment income			754,412
EXPENSES:
Investment advisory fees (Note 4)			345,843
Shareholder servicing fees (Note 4)			172,921
Professional fees			112,189
Administration and fund accounting fees			91,398
Directors’ fees and expenses			37,588
Transfer agent fees and expenses			37,394
Federal and state registration fees			31,432
Custody fees			17,028
Insurance expense			10,953
Reports to shareholders			7,075
Total expenses before
expense reimbursement			863,821
Expenses reimbursed by Adviser (Note 4)			(172,135	)
Net expenses			691,686
NET INVESTMENT INCOME			62,726
REALIZED  AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain on
investment transactions			4,380,616
Change in unrealized appreciation
on investments			17,599,450
Net realized and unrealized gain
on investments			21,980,066
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS		$	22,042,792

The accompanying notes are an integral part of these financial statements.

 

4

---

 

THE WALL STREET FUND, INC.

STATEMENTS OF CHANGES IN NET ASSETS

		For the Year Ended
		December 31,
		2013				2012
OPERATIONS:
Net investment income		$	62,726			$	157,369
Net realized gain (loss) on
investment transactions			4,380,616				(420,178	)
Change in unrealized
appreciation
on investments			17,599,450				2,933,277
Net increase  in net
assets resulting
from operations			22,042,792				2,670,468
CAPITAL SHARE
TRANSACTIONS:
Proceeds from shares sold			25,854,493				29,511,989
Cost of shares redeemed			(22,546,568	)			(5,905,896	)
Reinvested distributions			315,207				40,230
Net increase in net assets
resulting from capital
share transactions			3,623,132				23,646,323
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income			(174,648	)			(151,834	)
Net realized gain			(1,659,435	)			—
Total distributions
to shareholders			(1,834,083	)			(151,834	)
TOTAL INCREASE
IN NET ASSETS			23,831,841				26,164,957
NET ASSETS:
Beginning of period			54,215,771				28,050,814
End of period		$	78,047,612			$	54,215,771
UNDISTRIBUTED NET
INVESTMENT
INCOME		$	—			$	112,260

THE WALL STREET FUND, INC.

NOTES TO FINANCIAL STATEMENTS

December 31, 2013

1. Organization

The Wall Street Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end diversified management investment company.  The Fund seeks to produce growth of capital by investing principally in a diversified portfolio of growth-oriented common stocks.

 

2. Significant Accounting Policies

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 accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results of operations during the reporting period.  Actual results could differ from those estimates and assumptions.

 

(a) Investment Valuation – Securities which are traded on a national stock exchange are valued at the last sale price on the securities exchange on which such securities are primarily traded.  Securities traded on the over-the-counter market and listed securities for which there were no transactions are valued at the mean between the closing bid and asked prices.  Debt securities (other than short-term instruments) are valued at the mean price furnished by a national pricing service, subject to review by the Fund’s investment adviser and determination of the appropriate price whenever a furnished price is significantly different from the previous day’s furnished price.  Investments in open-end mutual funds (other than exchange-traded funds) are valued at their respective net asset values on the valuation date.  Short-term debt securities maturing within 60 days are valued at amortized cost.  Securities for which market quotations are not readily available and other assets are valued at fair value as determined in good faith by the Fund’s investment adviser pursuant to procedures approved by and under supervision of the Fund’s Board of Directors.

 

Generally accepted accounting principles require disclosures regarding the valuation inputs and techniques used to measure fair value and any changes in such valuation inputs and techniques.  The various inputs used in determining the value of each of the Fund’s investments are summarized in the following three broad categories:

 

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

The accompanying notes are an integral part of these financial statements.

 

5

---

 

THE WALL STREET FUND, INC.

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2013

Level 2 –	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The valuation levels are not necessarily an indication of the risk associated with investing in these investments.  As of December 31, 2013, the Fund’s investments were classified as follows:

 

														Total
		Level 1				Level 2				Level 3				Fair Value
Common
Stocks*		$	77,188,136			$	—			$	—			$	77,188,136
Short-Term
Investments			1,068,033				—				—				1,068,033
Total
Investments		$	78,256,169			$	—			$	—			$	78,256,169

 

* Please refer to the Schedule of Investments for further industry breakout.

 

Transfers between levels are recognized at the end of the reporting period.  During the year ended December 31, 2013, the Fund did not have any transfers between valuation levels or invest in any Level 3 securities.

 

(b) Federal Income and Excise Taxes – The Fund intends to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all net investment company taxable income and net capital gains to shareholders in a manner which results in no tax cost to the Fund.  Therefore, no federal income or excise tax provision is recorded.

 

The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return.  Management has reviewed all open tax years and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return.  The Fund is not subject to examination by U.S. federal tax authorities for any tax years before 2010.

 

(c) Distributions to Shareholders – Dividends from net investment income and distributions of net realized capital gain, if any, will be declared and paid at least annually.  Distributions to shareholders are recorded on the ex-dividend date.  The Fund may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from generally accepted accounting principles.

 

(d) Securities Transactions and Investment Income – Investment transactions are recorded on the trade date for financial statement purposes.  The Fund determines the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sale proceeds.  Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.  Acquisition and market discounts and premiums are amortized over the life of the security.  Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations.

 

3. Investment Transactions

The aggregate purchases and sales of securities for the year ended December 31, 2013, excluding short-term investments, were $26,938,602 and $24,687,018, respectively.  There were no purchases or sales of long-term U.S. government securities.

 

4. Investment Adviser

Evercore Wealth Management, LLC (“EWM”) is the investment adviser to the Fund.  Certain officers and directors of the Fund are also officers and directors of the investment adviser.

 

The advisory agreement provides for advisory fees at an annual rate of 0.50% of the Fund’s average daily net assets.  The advisory agreement provides for EWM to reimburse the Fund for any expenses (including the advisory fee, but excluding taxes, interest, brokerage fees and extraordinary expenses incurred in connection with any matter not in the ordinary course of business of the Fund) over 2.00% of the first $10,000,000, 1.50% of the next $20,000,000 and 1.00% of any balance of the average daily net assets of the Fund.  However, effective October 1, 2010, EWM contractually agreed to reduce its fees and/or reimburse the Fund (excluding taxes, interest, brokerage fees and extraordinary expenses) to the extent necessary to ensure that total annual Fund operating expenses do not exceed 1.00% of the Fund’s average daily net assets.  This agreement will continue in effect until April 30, 2014.  EWM has the right to recover any

 

 

6

---

 

THE WALL STREET FUND, INC.

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2013

fee reductions and/or expense reimbursements made in the prior three fiscal years pursuant to this agreement, provided that after giving effect to such reimbursement, the Fund’s total annual operating expenses do not exceed 1.00% of average daily net assets in the year of reimbursement.  Accordingly, $120,711 of the expenses reimbursed by EWM during 2011 may be recovered through December 31, 2014, $135,338 of the expenses reimbursed by EWM during 2012 may be recovered through December 31, 2015, and $172,135 of the expenses reimbursed by EWM during 2013 may be recovered through December 31, 2016.  The Fund is not obligated to reimburse EWM for any fees or expenses waived or reimbursed prior to October 1, 2010.  For the year ended December 31, 2013, EWM received $345,843 in investment advisory fees and reimbursed Fund expenses of $172,135.

 

The Fund has a shareholder servicing agreement (a “Servicing Agreement”) with EWM pursuant to which EWM may compensate certain persons who provide shareholder services, including answering customer inquiries, assisting in processing purchase, exchange and redemption transactions and furnishing Fund communications to shareholders.  For services provided under the Servicing Agreement, EWM receives fees from the Fund at an annual rate of 0.25% of the Fund’s average daily net assets.  For the year ended December 31, 2013, EWM received $172,921 in shareholder servicing fees.

 

5. Shares of Common Stock

Transactions in shares of common stock were as follows:

 

		Year Ended				Year Ended
		December 31,				December 31,
		2013				2012
Shares Sold			2,282,790				2,988,709
Shares Redeemed			(1,917,008	)			(604,502	)
Shares Reinvested			23,952				4,169
Net Increase			389,734				2,388,376
Shares Outstanding:
Beginning of Period			5,509,327				3,120,951
End of Period			5,899,061				5,509,327

6. Tax Information

As of December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

 

Cost of Investments		$	52,574,372
Gross unrealized appreciation		$	25,720,423
Gross unrealized depreciation			(38,626	)
Net unrealized appreciation			25,681,797
Undistributed ordinary income			63,817
Undistributed long-term capital gain			1,327,055
Total distributable earnings			1,390,872
Total accumulated earnings		$	27,072,669

 

The basis of investments for tax and financial reporting purposes differs principally due to the deferral of losses on wash sales.

 

The tax character of distributions paid during the years ended December 31, 2013 and 2012 were as follows:

 

		2013				2012
Ordinary Income		$	368,295			$	151,834
Long Term Capital Gain		$	1,465,788			$	—

 

The Fund intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward and offset such losses against any future realized capital gains.  At December 31, 2013, the Fund did not have a capital loss carryover.  Any future capital losses will be permitted to be carried over for an unlimited period.  During the year ended December 31, 2013, the Fund utilized $898,803 of its outstanding capital loss carryover.

 

7.	Guarantees and Indemnifications

In the normal course of business, the Fund enters into contracts with its service providers that contain general indemnification clauses.  The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred.  Based on experience, the Fund expects the risk of loss to be remote.

 

 

7

---

 

THE WALL STREET FUND, INC.

FINANCIAL HIGHLIGHTS

Selected per share data is based on a share of common stock outstanding throughout each period.

 

	Year Ended December 31,
	2013			2012			2011			2010			2009			2008			2007			2006				2005				2004
Per Share Data:
Net asset value, beginning of period	$	9.84		$	8.99		$	8.93		$	7.76		$	5.79		$	9.88		$	8.78		$	8.42			$	7.83			$	7.30
Income from investment operations:
Net investment income (loss) (1)		0.02			0.01			0.04			(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.05	)			(0.05	)			(0.04	)
Net realized and unrealized
gains (losses) on investments		3.68			0.87			0.02			1.18			1.99			(4.01	)		1.51			0.51				0.64				0.57
Total from investment operations		3.70			0.88			0.06			1.17			1.97			(4.03	)		1.48			0.46				0.59				0.53
Less distributions:
Distributions from net investment income		(0.03	)		(0.03	)		—			—			—			—			—			—				—				—
Distributions from net realized
gains from security transactions		(0.28	)		—			—			—			—			(0.06	)		(0.38	)		(0.10	)			—				—
Total distributions		(0.31	)		(0.03	)		—			—			—			(0.06	)		(0.38	)		(0.10	)			—				—
Net asset value, end of period	$	13.23		$	9.84		$	8.99		$	8.93		$	7.76		$	5.79		$	9.88		$	8.78			$	8.42			$	7.83
Total return		37.65	%		9.77	%		0.67	%		15.08	%		34.02	%		(41.02	%)		16.92	%		5.42	%			7.54	%			7.26	%
Supplemental data and ratios:
Net assets, end of period (in 000’s)	$	78,048		$	54,216		$	28,051		$	20,394		$	12,209		$	10,594		$	19,310		$	17,351			$	17,470			$	17,512
Ratio of operating expenses to average
net assets, before reimbursements		1.25	%		1.32	%		1.47	%		2.08	%		1.98	%		1.76	%		1.60	%		1.71	%			1.71	%			1.74	%
Ratio of operating expenses to average
net assets, net of reimbursements		1.00	%		1.00	%		1.00	%		1.63	%		1.95	%		1.76	%		1.60	%		1.71	%			1.71	%			1.74	%
Ratio of net investment  income (loss) to
average net assets, before reimbursements		(0.10	%)		0.05	%		(0.04	%)		(0.64	%)		(0.34	%)		(0.22	%)		(0.34	%)		(0.56	%)			(0.69	%)			(0.60	%)
Ratio of net investment income (loss) to
average net assets, net of reimbursements		0.15	%		0.37	%		0.43	%		(0.19	%)		(0.31	%)		(0.22	%)		(0.34	%)		(0.56	%)			(0.69	%)			(0.60	%)
Portfolio turnover rate		36.65	%		84.10	%		88.29	%		42.58	%		49.44	%		58.78	%		65.26	%		94.41	%			115.90	%			149.32	%

---

(1)	Net investment income (loss) per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.

The accompanying notes are an integral part of these financial statements.

 

8

---

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors

The Wall Street Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of The Wall Street Fund, Inc. (the “Fund”), as of December 31, 2013, 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 ten 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.  The financial highlights for the year ended December 31, 2004, were audited by other auditors whose report dated February 23, 2005, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  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, 2013, 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, 2013, 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 ten years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

COHEN FUND AUDIT SERVICES, LTD.

Cleveland, Ohio

February 27, 2014

 

9

---

 

THE WALL STREET FUND, INC.

PERFORMANCE INFORMATION

For periods ended December 31, 2013 (Unaudited)

Value of $10,000 Investment

 

This chart assumes an initial investment of $10,000 on December 31, 2003.  Fund performance reflects any fee waivers in effect.  In the absence of fee waivers, total return would be reduced.  Returns shown include the reinvestment of all distributions, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Past performance is not predictive of future performance.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Average Annual Total Returns

for the Periods Ended December 31, 2013

			One Year				Five Years				Ten Years
	The Wall Street Fund			37.65	%			18.60	%			7.00	%
	S&P 500 Index 1			32.39	%			17.94	%			7.41	%
	Russell 1000 Index 2			33.11	%			18.59	%			7.78	%

Expenses

Paid

Beginning

Ending

During

Account

Account

Period (1)

Value

Value

7/1/13 –

7/1/13

12/31/13

12/31/13

Actual (2)

$

1,000.00

$

1,212.60

$

5.58

Hypothetical (5% return

before expenses)

1,000.00

1,020.16

5.09

DIRECTORS AND OFFICERS

­

The business affairs of the Fund are managed under the direction of the Fund’s Board of Directors.  Information pertaining to the Directors and Officers of the Fund is set forth below.  The SAI includes additional information about the Fund’s officers and directors and is available, without charge, upon request by calling 1-800-443-4693.

 

		Term of		Number of
		Office and		Portfolios in
		Length of	Principal	Fund Complex	Other Directorships
Name, Address		Time	Occupation During	Overseen	Served During
and Age	Position	Served*	Past Five Years	by Director	Past Five Years
INDEPENDENT
DIRECTORS:
Laird I. Grant	Director	Since 2012	Retired; Managing Director	1	Planned Parenthood
55 East 52nd Street,			and Senior Portfolio Manager,		of Collier County
23rd Floor			U.S. Trust Company of		2001-2008; Common
New York, NY 10055			Florida, 2001-2008.		Cents, New York City
Age: 68					2008-2009
Susan Suvall	Director	Since 2012	Retired; Group Managing	1	None
55 East 52nd Street,			Director and Senior
23rd Floor			Portfolio Manager,
New York, NY 10055			U.S. Equities Trust
Age: 54			Company of the West,
			1985-2011.
INTERESTED
DIRECTOR:
Frederick Taylor**	Chairman,	Since 2013	Senior Advisor, Evercore	1	John’s Island Golf Club,
55 E. 52nd Street,	Director, and		Wealth Management, LLC		2012-Present; Vero
23rd Floor	President		2008-Present.		Beach Museum and Vero
New York, NY 10055					Beach Museum
Age: 72					Endowment Trust Board,
					2012-Present; Trustee
					Emeritus, Wesleyan
					University, 2006-Present.

 

13

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THE WALL STREET FUND, INC.

DIRECTORS AND OFFICERS   (Continued)

­

		Term of		Number of
		Office and		Portfolios in
		Length of	Principal	Fund Complex	Other Directorships
Name, Address		Time	Occupation During	Overseen	Served During
and Age	Position	Served*	Past Five Years	by Director	Past Five Years
OFFICERS:
Ruth P. Calaman	Executive	Since 2012	Chief Compliance Officer,	1	None
55 East 52nd Street,	Vice		Evercore Wealth Management
23rd Floor	President,		LLC and Evercore Trust
New York, NY10055	Secretary		Company, N.A. since 2011;
Age: 47	and Chief		Vice President and Compliance
	Compliance		Officer, The Goldman Sachs
	Officer		Trust Company, N.A., The
			Goldman Sachs Trust
			Company of Delaware and
			Goldman, Sachs & Co.
			2005-2011.
John J. Rendinaro	Executive	Since 2012	Partner, Head of Trading	1	None
55 East 52nd Street,	Vice		and Operations, Evercore
23rd Floor	President,		Wealth Management LLC
New York, NY 10055	Chief		since 2008; Managing
Age: 52	Operations		Director, U.S. Trust
	Officer and		1983-2008.
	Treasurer

 

*	Each Director serves for an indefinite term until his or her successor is duly elected and qualifies, unless the Director resigns, dies or is removed in accordance with the provisions of the Fund’s By-Laws.

**	Denotes a Director who is an “interested person” as that term is defined in Section 2 (a)(19) of the 1940 Act.

 

14

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ADDITIONAL INFORMATION

December 31, 2013 (Unaudited)

Availability of Proxy Voting Information

Information regarding how the Fund votes proxies relating to portfolio securities is available without charge upon request by calling toll-free at (800) 443-4693 or by accessing the Fund’s website at www.evercorewealthfunds.com and the SEC’s website at www.sec.gov .  Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available on the SEC’s website at www.sec.gov or by calling the toll-free number listed above.

 

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended December 31, 2013, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.  The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00% for the Fund.

 

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2013 was 100.00% for the Fund.

 

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue section 87(k)(2)(c) was 52.58%.

 

Availability of Fund Portfolio Information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available on the SEC’s website at www.sec.gov , or by calling the Fund at (800) 443-4693.  The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.  For information on the Public Reference Room call 1-800-SEC-0330.  In addition, the Fund will make its portfolio holdings information publicly available by posting the information at www.evercorewealthfunds.com on a monthly basis.

 

 

15

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DIRECTORS

Frederick Taylor, Chairman

Laird I. Grant

Susan Suvall

 

OFFICERS

Frederick Taylor, President

Ruth Calaman, Executive Vice President,

  Secretary & Chief Compliance Officer

John Rendinaro,

   Executive Vice President & Treasurer

 

INVESTMENT ADVISOR

Evercore Wealth Management

55 E. 52nd Street

23rd Floor

New York, New York  10055

 

CUSTODIAN

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin  53212

 

ADMINISTRATOR, TRANSFER AGENT,

DIVIDEND PAYING AGENT &

SHAREHOLDER SERVICING AGENT

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

P.O. Box 701

Milwaukee, Wisconsin  53201

 

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Cohen Fund Audit Services, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio  44115

 

DISTRIBUTOR

Quasar Distributors, LLC

615 E. Michigan Street

Milwaukee, Wisconsin 53202

 

THE WALL STREET FUND, INC.

55 E. 52nd Street

23rd Floor

New York, New York 10055

(800) 443-4693

http://www.evercorewealthfunds.com

 

 

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Item 2. Code of Ethics.

 The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer.  The registrant has not made any amendments to its code of ethics during the period covered by this report.  The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of directors has determined that it does not have an audit committee financial expert serving on its audit committee.  At this time, the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant’s level of financial complexity.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years.  “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.  “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.  “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including reviewing the Fund’s tax returns and distribution calculations.  There were no “Other services” provided by the principal accountant.  The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE  12/31/2013	FYE  12/31/2012
Audit Fees	13,000	13,000
Audit-Related Fees	0	0
Tax Fees	1,500	1,000
All Other Fees	0	0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The following table indicates the non-audit fees billed   or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.  The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees	FYE  12/31/2013	FYE  12/31/2012
Registrant	0	0
Registrant’s Investment Adviser	0	0

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

 

Not Applicable.

Item 11. Controls and Procedures.

(a)

The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.   Not applicable to open-end investment companies.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Furnished herewith.

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                                             The Wall Street Fund, Inc,  

By (Signature and Title)*                    /s/Frederick Taylor

Frederick Taylor, President

Date     March 13, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*                   /s/Frederick Taylor

Frederick Taylor, President

Date     March 13, 2014

By (Signature and Title)*                    /s/John J. Rendinaro

John J. Rendinaro, Treasurer

Date     March 6, 2014

* Print the name and title of each signing officer under his or her signature.