UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY



Investment Company Act file number   [811-00515]



The Wall Street Fund, Inc.
(Exact name of registrant as specified in charter)



55 E. 52 nd Street, 23rd Floor
New York, NY  10055
 (Address of principal executive offices) (Zip code)



Robert P. Morse, President
The Wall Street Fund, Inc.
55 E. 52 nd Street, 23rd Floor
New York, NY  10055
 (Name and address of agent for service)



(212) 497-0845  
Registrant's telephone number, including area code



Date of fiscal year end: December 31, 2012

Date of reporting period:   September 30, 2012
 
 
 
 
 
Item 1. Schedule of Investments.
 
The Wall Street Fund, Inc.
           
Schedule of Investments
           
September 30, 2012 (Unaudited)
           
             
   
Shares
   
Value
 
COMMON STOCKS - 99.3%
           
Beverages - 0.3%
           
Monster Beverage Corp. (a)
    3,000     $ 162,480  
                 
Biotechnology - 5.6%
               
Alexion Pharmaceuticals, Inc. (a)
    10,000       1,144,000  
Celgene Corp. (a)
    15,000       1,146,000  
Gilead Sciences, Inc. (a)
    8,000       530,640  
              2,820,640  
Building & Construction - 2.9%
               
D.R. Horton, Inc.
    70,000       1,444,800  
                 
Chemicals - 4.2%
               
Celanese Corp.
    26,000       985,660  
E.I. du Pont de Nemours & Co.
    22,000       1,105,940  
              2,091,600  
Containers & Packaging - 1.1%
               
Rock-Tenn Co.
    8,000       577,440  
                 
Diversified - 0.8%
               
3M Co.
    4,500       415,890  
                 
Energy - 8.7%
               
Chevron Corp.
    12,000       1,398,720  
Marathon Oil Corp.
    40,000       1,182,800  
Whiting Petroleum Corp. (a)
    16,000       758,080  
Williams Companies, Inc.
    30,000       1,049,100  
              4,388,700  
Energy Equipment & Services - 3.7%
               
Noble Corp. (b)
    25,000       894,500  
Oil States International, Inc. (a)
    12,500       993,250  
              1,887,750  
Financial Services - 6.6%
               
American Express Co.
    20,000       1,137,200  
Mastercard, Inc.
    3,000       1,354,440  
The Blackstone Group LP
    60,000       856,800  
              3,348,440  
Food Services - 2.0%
               
Yum Brands, Inc.
    15,000       995,100  
                 
Forest Products - 2.2%
               
Weyerhaeuser Co. - REIT
    43,000       1,124,020  
                 
Health Care Services - 2.2%
               
UnitedHealth Group, Inc.
    20,000       1,108,200  
                 
Insurance - 2.6%
               
ACE Ltd. (b)
    17,000       1,285,200  
                 
Leisure - 1.6%
               
Las Vegas Sands Corp.
    17,000       788,290  
                 
Machinery - 2.8%
               
Caterpillar, Inc.
    8,000       688,320  
Cummins, Inc.
    8,000       737,680  
              1,426,000  
 
 
 
 
 
Media - 4.5%
               
DIRECTV - Class A (a)
    25,000       1,311,500  
Walt Disney Co.
    18,000       941,040  
              2,252,540  
Office Equipment - 6.6%
               
Apple, Inc.
    2,100       1,401,246  
EMC Corp. (a)
    28,000       763,560  
Western Digital Corp.
    30,000       1,161,900  
              3,326,706  
Retail - 3.7%
               
Macy's, Inc.
    20,000       752,400  
TJX Companies, Inc.
    25,000       1,119,750  
              1,872,150  
Semiconductors - 4.8%
               
Intel Corp.
    35,000       793,800  
KLA-Tencor Corp.
    5,000       238,525  
NXP Semiconductors NV (a)(b)
    55,000       1,375,550  
              2,407,875  
Services - 11.4%
               
Accenture PLC (b)
    15,000       1,050,450  
Amazon.com, Inc. (a)
    4,500       1,144,440  
Demand Media, Inc. (a)
    65,000       706,550  
Google, Inc. (a)
    2,000       1,509,000  
Priceline.com, Inc. (a)
    1,000       618,730  
Rackspace Hosting, Inc. (a)
    11,000       726,990  
              5,756,160  
Software - 5.3%
               
Ansys, Inc. (a)
    5,000       367,000  
Microsoft Corp.
    40,000       1,191,200  
Oracle Corp.
    36,000       1,133,640  
              2,691,840  
Specialty Retail - 12.3%
               
AutoZone, Inc. (a)
    4,000       1,478,680  
Bed Bath & Beyond, Inc. (a)
    10,000       630,000  
Coach, Inc.
    8,000       448,160  
Home Depot, Inc.
    22,000       1,328,140  
Michael Kors Holdings Ltd. (a)(b)
    8,000       425,440  
Nike, Inc. - Class B
    8,000       759,280  
VF Corp.
    7,000       1,115,520  
              6,185,220  
Transportation - 3.4%
               
J.B. Hunt Transport Services, Inc.
    10,000       520,400  
Union Pacific Corp.
    10,000       1,187,000  
              1,707,400  
TOTAL COMMON STOCKS (Cost $40,941,956)
          $ 50,064,441  
 
               
SHORT TERM INVESTMENT - 1.7%
               
Money Market Fund - 1.7%
               
First American Prime Obligations Fund, Class Z, 0.062% (c)
    832,051       832,051  
TOTAL SHORT TERM INVESTMENTS (Cost $832,051)
          $ 832,051  
                 
Total Investments (Cost $41,774,007) - 101.0%
          $ 50,896,492  
Liabilities in Excess of Other Assets - (1.0)%
            (480,363 )
TOTAL NET ASSETS - 100.0%
          $ 50,416,129  
                 
Percentages are stated as a percent of net assets.
               
                 
(a)     Non-income producing security
               
(b)     Foreign Domiciled
               
(c)     Variable Rate Security - the rate shown is the annualized seven-day effective yield as of September 30, 2012
 
                 
REIT - Real Estate Investment Trust
               
 
 
 
 
 
On September 30, 2012, the cost of investments for federal income tax purposes was approximately $41,774,007. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, was as follows*:
 
         
Unrealized appreciation
  $
9,276,636
 
Unrealized depreciation
   
                   (154,151)
 
Net unrealized appreciation
  $
9,122,485
 
         
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
         
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 - Quoted prices in active markets for identical securities.
     
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
 
         
The valuation levels are not necessarily an indication of the risk associated with investing in these securities.  As of September 30, 2012, the Fund's investments were classified as follows:
 
                     
Total
 
   
Level 1
   
Level 2
   
Level 3
   
Fair Value
 
                         
Common Stocks
  $ 50,064,441     $ -     $ -     $ 50,064,441  
Short-Term Investments
    832,051       -       -       832,051  
Total Investments
  $ 50,896,492     $ -     $ -     $ 50,896,492  
                                 
Please see above for further industry breakout. The Fund did not hold any Level 3 assets during the period. Transfers between levels
 
are recognized at the end of the reporting period. During the period ended September 30, 2012, the Fund did not recognize any transfers
 
between valuation levels.
                               
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)) .

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).   Filed herewith.
 

 
 
 

 
 
 
 
 
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/ Robert P. Morse                                                  
                                            Robert P. Morse, President

Date                                      November 8, 2012                                                    
 


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/ Robert P. Morse                                                
                                              Robert P. Morse, President

Date                                      November 8, 2012                                                    
                                                                            

By (Signature and Title)*  /s/ Jian H. Wang                                                    
                                              Jian H. Wang, Treasurer

Date                                      November 7, 2012                                                    
 
* Print the name and title of each signing officer under his or her signature.