WALL STREET FUND INC

WALL STREET FUND INC

Investment Objective

The primary investment objective of The Wall Street Fund, Inc. (the “Fund”) is to produce growth of capital,

with a secondary objective of realization of current income through the receipt of interest or dividends from investments.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment) None

Shareholder Fees	WALL STREET FUND INC Wall Street Fund
Shareholder Fees (fees paid directly from your investment)	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		WALL STREET FUND INC Wall Street Fund
Management Fees		0.50%
Shareholder Servicing Fee		0.25%
Other Expenses		0.57%
Total Annual Fund Operating Expenses		1.32%
Less: Fee Waiver/ Expense Reimbursement	[1]	(0.32%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement		1.00%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.  The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only in the first year of the periods shown in the Example.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	1 Year	3 Years	5 Years	10 Years
WALL STREET FUND INC Wall Street Fund	102	387	693	1,562

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During its most recent fiscal year, the Fund’s portfolio turnover rate was 84.10% of the average value of its portfolio.

Principal Investment Strategies

The Fund attempts to achieve its investment objective by investing principally in a diversified portfolio of common stocks.  Realization of current income through the receipt of interest or dividends from investments is a secondary objective, although receipt of income may accompany capital appreciation.  The Fund seeks to achieve its secondary objective of income generation through selection of dividend-paying securities.  There can be no assurance that the Fund’s investment objectives will be achieved.

Investments in general will be made in securities of companies that have been in business for at least three years, but without regard to the period of time the securities may have been publicly traded.  Common stock investments, including American Depositary Receipts (“ADRs”), may be traded on listed securities exchanges or over the counter without restriction.  There is no restriction as to the size of businesses invested in, but the Adviser intends to maintain a growth-oriented style of investing in a portfolio mixture of large, medium and small capitalization companies, subject to the Fund’s investment restrictions and diversification status.

Analytical emphasis is focused on financial ratios such as pre-tax margins, return on equity and cash flow and earnings growth which are actually or expected to be superior to those of the average company.  While price earnings (“P/E”) ratios are important valuation criteria, there is no limitation or emphasis on high or low P/E stocks.  In the opinion of the Adviser, P/E ratios are important in relation to the aforementioned financial ratios.

The Adviser continuously monitors investments and assesses whether fundamentals justify continuing to hold particular securities.  If the fundamentals do not, the Fund will sell the security.

In practical application, the Fund attempts to attain its investment objectives by relying on three fundamental practices:

• Careful selection of securities–based on the performance and position of individual companies and their industries relative to alternate investments.

• Broad diversification among industries and their companies–fundamental to spreading the risk that is inherent in any single investment while recognizing that such risk cannot be eliminated.

• Continuous scrutiny of investments–realization of a security’s growth potential depends upon many factors, including timing trends of the market, and the economy.

Principal Risks

·   Stocks Risk. The market value of stocks held by the Fund may increase or decline more dramatically than other asset classes over a shorter period of time.  These price movements may result from factors affecting individual companies, industries or the securities market as a whole.  

·   Smaller Companies Risk. The risk that the securities of smaller companies may be more volatile and less liquid than the securities of large-cap companies.  

·   Foreign Securities Risk.The risk of investments in foreign companies, including ADRs, which represent foreign equity securities traded on domestic exchanges, involve certain risks not generally associated with investments in the securities of U.S. companies, including changes in currency exchange rates, unstable political, social and economic conditions, a lack of adequate or accurate company information, differences in the way securities markets operate, less secure international banks or securities depositories than those in the U.S. and foreign controls on investment. These risks may also apply to U.S. companies that have substantial foreign operations.  

·   Management Risk.  The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect.  

·   Medium and Large Companies Risk.  Compared to smaller companies, medium and large-cap companies may be less responsive to changes and opportunities. At times, the stocks of larger companies may lag other types of stocks in performance. Compared to larger companies, medium companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

Bar Chart and Performance

The performance information provides some indication of the risks of investing in the Fund by showing changes in theFund’s performance from year to year and by showing how theFund’s average annual returns for one, five and ten years compare with those of a broad measure of market performance and the returns of additional index of securities with characteristics similar to those that the Fund typically holds.  Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at http://www.evercorewealthfunds.com, or by calling the Fund toll-free at 1-800-443-4693.

Year-by-Year Total Return as of December 31

Best Quarter Q2 ‘03 = 23.35%

Worst Quarter Q4 ‘08 = -23.11%

Average Annual Total Returns as of December 31, 2012:

Average Annual Returns WALL STREET FUND INC	Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Wall Street Fund	Return Before Taxes	9.77%	0.11%	7.92%
After Taxes on Distributions Wall Street Fund	Return After Taxes on Distributions	9.72%	0.08%	7.82%
After Taxes on Distributions and Sale of Fund Shares Wall Street Fund	Return After Taxes on Distributions and Sale of Fund Shares	6.41%	0.09%	7.02%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	16.00%	1.66%	7.10%
Russell 1000® Index (reflects no deduction for fees, expense or taxes)	Russell 1000® Index (reflects no deduction for fees, expense or taxes)	16.42%	1.92%	7.52%

After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

[1] Effective October 1, 2010, Evercore Wealth Management, LLC (the "Adviser" or "EWM") has contractually agreed to waive its fees and/or reimburse the Fund for any expenses (excluding taxes, interest, brokerage fees, and extraordinary expenses) to the extent necessary to ensure that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 1.00% of the Fund's average daily net assets. This agreement will continue in effect until April 30, 2014, with successive renewal terms of one year unless terminated by the Board of Directors prior to any such renewal. The Adviser has the right to receive reimbursement for fee reductions and/or expense payments made in the prior three fiscal years provided that after giving effect to such reimbursement, Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement do not exceed 1.00% of average daily net assets in the year of reimbursement.