Wall Street EWM Funds Trust

Filed: 6 Sep 16, 8:00pm

Washington, D.C. 20549



Investment Company Act file number  811-22548

Wall Street EWM Funds Trust
(Exact name of registrant as specified in charter)

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

Frederick Taylor, President
Wall Street EWM Funds Trust
55 E. 52nd Street
New York, NY  10055
(Name and address of agent for service)

(800) 443-4693
Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2016

Date of reporting period:  June 30, 2016

Item 1. Reports to Stockholders.


    June 30, 2016 


Dear Shareholders,
For the first six months of 2016, the Evercore Equity Fund declined 3.43%.  The S&P 500 Index was up 3.84% for the same period.  This year to date has been one of our most difficult periods relative to the S&P 500 Index since our inception.
The recent results have been hurt by several specific holdings that declined markedly in the half year. In addition, the Fund had no exposure to companies in the Consumer Staples or Utilities sectors, two of the best performing areas in the S&P 500. We are loath to chase the sectors that have worked as we see earnings growth flat at best for the Consumer Staples and muted as well for Utilities.  The valuations for many of the companies in these sectors were absolutely and relatively high and we believe there is quite a bit of downside risk.
Our process has generated good results in the past and we are confident will do so in the future. We plan on sticking to our disciplined fundamental research and own companies that we believe should generate good long term business results which will be reflected in stock prices at some point. We believe that the Fund holdings represent very good value.
At June 30th, 2016, the Fund had assets of $110 million and 38 positions.  The five largest positions making up 18% of the portfolio were Autozone, Alphabet, United Health, NXP Semiconductor and Celanese.
Timothy EvninCharles Ryan
Portfolio ManagerPortfolio Manager
Michael Seppelt 
Portfolio Analyst 
This report must be preceded or accompanied by a prospectus.
Definitions: The S&P 500 Index is a market-capitalization weighted index that includes the 500 most widely held common stocks.  It is not possible to invest directly in an index.
Mutual fund investing involves risk.  Principal loss is possible.  The Fund may invest in smaller and medium capitalization companies, which involves additional risks such as limited liquidity and greater volatility than large capitalization companies.  The Fund may invest in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods.
Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.  Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.  Please see the schedule of investments section in this report for a full listing of the Fund’s holdings.
Earnings growth is not representative of the Fund’s future performance.
Evercore Equity Fund is distributed by Quasar Distributors, LLC.


June 30, 2016 (Unaudited)

  Shares  Value 
COMMON STOCKS – 97.3%      
Biotechnology – 2.4%      
Gilead Sciences, Inc.  31,500  $2,627,730 
Chemicals – 3.2%        
Celanese Corp.  53,300   3,488,485 
Containers & Packaging – 2.2%        
WestRock Co.  62,000   2,409,940 
Diversified – 2.1%        
3M Co.  13,000   2,276,560 
Drugs – 4.9%        
Allergan PLC (a)(b)  14,000   3,235,260 
McKesson Corp.  11,700   2,183,805 
Electrical Equipment – 4.8%        
A.O. Smith Corp.  35,000   3,083,850 
Roper Industries, Inc.  12,500   2,132,000 
Energy Equipment & Services – 5.1%        
Core Laboratories NV (b)  22,000   2,725,580 
Schlumberger Ltd. (b)  36,000   2,846,880 
Financial Services – 10.5%        
Apollo Global        
  Management, LLC – Class A  132,000   1,999,800 
East West Bancorp, Inc.  55,000   1,879,900 
LendingClub Corp. (a)  265,000   1,139,500 
Mastercard, Inc.  35,000   3,082,100 
The Blackstone Group LP  141,000   3,460,140 
Forest Products – 2.5%        
Weyerhaeuser Co. – REIT  94,000   2,798,380 
Health Care Services – 6.5%        
Thermo Fisher Scientific, Inc.  20,200   2,984,752 
UnitedHealth Group, Inc.  29,700   4,193,640 
Insurance – 3.0%        
Chubb Ltd. (b)  25,000   3,267,750 
Leisure – 1.9%        
Polaris Industries, Inc.  25,000   2,044,000 
Media – 2.0%        
AMC Networks, Inc. –        
  Class A (a)  35,500   2,144,910 
Office Equipment – 4.3%        
Apple, Inc.  24,800   2,370,880 
Western Digital Corp.  50,000   2,363,000 
Property Management – 3.0%        
CBRE Group, Inc. –        
  Class A (a)  125,000   3,310,000 
Retail – 2.8%        
TJX Companies, Inc.  40,000   3,089,200 
Semiconductors – 5.9%        
NXP Semiconductors NV (a)(b)  47,000   3,681,980 
Texas Instruments, Inc.  45,000   2,819,250 
Services – 8.2%        
Accenture PLC – Class A (b)  26,300   2,979,527 
Alphabet, Inc. – Class A (a)  2,400   1,688,472 
Alphabet, Inc. – Class C (a)  3,257   2,254,170, Inc. (a)  2,950   2,111,079 
Software – 5.1%        
Ansys, Inc. (a)  27,000   2,450,250 
Microsoft Corp.  62,000   3,172,540 
Specialty Retail – 14.0%        
AutoNation, Inc. (a)  53,000   2,489,940 
AutoZone, Inc. (a)  5,950   4,723,348 
Dorman Products, Inc. (a)  42,500   2,431,000 
Home Depot, Inc.  25,200   3,217,788 
Nike, Inc. – Class B  45,500   2,511,600 
Telecommunications – 2.9%        
American Tower Corp. – REIT  28,000   3,181,079 
  (Cost $82,876,274)      106,850,065 

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


June 30, 2016 (Unaudited)

  Shares  Value 
Money Market Fund – 2.8%      
Government & Agency Portfolio,      
  Institutional Class, 0.30% (c)  3,083,100  $3,083,100 
  (Cost $3,083,100)      3,083,100 
  (Cost $85,959,374) – 100.1%      109,933,165 
Liabilities in Excess        
  of Other Assets – (0.1)%      (117,970)
TOTAL NET        
  ASSETS – 100.0%     $109,815,195 

Percentages are stated as a percent of net assets.
(a)Non-income producing security
(b)Foreign Domiciled
(c)The rate shown is the annualized seven-day effective yield as of June 30, 2016.
REIT – Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.


June 30, 2016 (Unaudited)

Investments, at value (cost $85,959,374) $109,933,165 
Receivable for fund shares sold  969 
Receivable for investment securities sold  434,336 
Dividends receivable  90,856 
Prepaid expenses  21,696 
Total Assets  110,481,022 
Payable for investments purchased  215,079 
Payable for fund shares redeemed  317,145 
Investment advisory fee payable (Note 4)  60,948 
Accrued expenses and other payables  72,655 
    Total Liabilities  665,827 
NET ASSETS $109,815,195 
Capital stock $86,530,001 
Net unrealized appreciation    
  on investments  23,973,791 
Undistributed net investment income  182,415 
Accumulated undistributed net realized    
  loss on investments  (871,012)
TOTAL NET ASSETS $109,815,195 
Shares outstanding (unlimited shares    
  authorized, no par value)  8,483,620 
For the six months ended June 30, 2016 (Unaudited)

Dividend income $706,909 
Less: foreign taxes withheld  (1,186)
Total investment income  705,723 
Investment advisory fees (Note 4)  400,775 
Administration and fund accounting fees  67,641 
Legal fees  25,842 
Transfer agent fees and expenses  20,423 
Trustees’ fees and expenses  18,935 
Federal and state registration fees  16,597 
Insurance expense  12,280 
Audit and tax fees  7,678 
Custody fees  3,646 
Reports to shareholders  2,711 
Total expenses before    
  expense reimbursement  576,528 
Expenses reimbursed by Adviser (Note 4)  (42,162)
Net expenses  534,366 
Net realized loss on    
  investment transactions  (891,924)
Change in unrealized appreciation    
  on investments  (2,803,398)
Net realized and unrealized loss    
  on investments  (3,695,322)
The accompanying notes are an integral part of these financial statements.



  For the  For the 
  Six Months  Year 
  Ended  Ended 
  June 30,  December 31, 
  2016  2015 
Net investment income $171,357  $354,911 
Net realized gain (loss) on        
  investment transactions  (891,924)  2,278,459 
Change in        
  unrealized appreciation        
  on investments  (2,803,398)  (5,378,734)
Net decrease in        
  net assets resulting        
  from operations  (3,523,965)  (2,745,364)
Proceeds from shares sold  8,845,952   32,444,363 
Cost of shares redeemed  (4,860,922)  (16,908,958)
Reinvested distributions     4,542,301 
Net increase in net assets        
  resulting from capital        
  share transactions  3,985,030   20,077,706 
Net investment income     (345,173)
Net realized gain     (4,816,754)
Total distributions        
  to shareholders     (5,161,927)
  NET ASSETS  461,065   12,170,415 
NET ASSETS:        
Beginning of period  109,354,130   97,183,715 
End of period $109,815,195  $109,354,130 
  INCOME $182,415  $11,058 
June 30, 2016 (Unaudited)

1. Organization
The Evercore Equity Fund (the “Fund”) is the sole series of Wall Street EWM Funds Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on April 12, 2011. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. The Fund is a diversified series with its own investment objectives and policies within the Trust. The Fund seeks to produce growth of capital by investing principally in a diversified portfolio of growth-oriented common stocks. As a secondary objective, the Fund seeks realization of current income through the receipt of interest or dividends from investments by investing in dividend paying securities. The Fund is the successor in interest to The Wall Street Fund, Inc. (the “Predecessor Fund”). On September 15, 2014, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund into the Fund, and effective as of the close of business on October 1, 2014, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Fund. Prior, to the reorganization, the Fund had no assets or operations. Since the Fund's investment objectives and policies are the same in all material respects as the Predecessor Fund's, and since the Fund has engaged Evercore Wealth Management, LLC, the investment adviser that previously provided services to the Predecessor Fund, the Fund has adopted the prior performance and financial history of the Predecessor Fund. On March 1, 2016, the Fund’s name changed from “The Wall Street Fund” to “Evercore Equity Fund.” The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Board Codification Topic 946 Financial Services – Investment Companies.
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
The accompanying notes are an integral part of these financial statements.


June 30, 2016 (Unaudited)

listed securities for which there were no transactions are valued at the mean between the closing bid and asked prices. Debt securities 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.  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 Trustees.
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.
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 June 30, 2016, the Fund’s investments were classified as follows:
  Level 1  Level 2  Level 3  Fair Value 
  Stocks* $106,850,065  $  $  $106,850,065 
  Investment  3,083,100         3,083,100 
  Investments $109,933,165  $  $  $109,933,165 
*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 six months ended June 30, 2016, 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.
(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. Realized gains and losses on sales of securities are calculated on the basis of identified cost.  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 six months ended June 30, 2016, excluding short-term investments, were $12,237,459 and $15,756,136, respectively. There were no purchases or sales of long-term U.S. government securities.

June 30, 2016 (Unaudited)

4. Investment Adviser
The Fund has entered into an Investment Advisory Agreement with Evercore Wealth Management, LLC (the “Adviser”), with whom certain trustees and officers of the Fund are also officers and directors of the investment adviser. Pursuant to this Agreement, the Adviser is entitled to receive a management fee, calculated daily and payable monthly, at an annual rate of 0.75% of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive its management fee and reimburse the Fund’s other expenses to the extent necessary to ensure that the total annual operating expenses (excluding all federal, state and local taxes, interest, dividends and interest on short positions, acquired fund fees and expenses, brokerage commissions and other costs incurred in connection with the purchase and sale of securities and extraordinary items) do not exceed 1.00% of the Fund’s average daily net assets.  Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal period during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver and reimbursement occurred.  As of June 30, 2016, the Adviser did not recoup any previously waived expenses. This expense limitation agreement will continue in effect until September 30, 2016. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:
 2016 $172,135 
 2017 $261,698 
 2018 $74,720 
 2019 $42,162 
5. Shares of Common Stock
Transactions in shares of common stock were as follows:
  Six Months Ended  Year Ended 
  June 30,  December 31, 
  2016  2015 
Shares Sold  704,049   2,237,022 
Shares Redeemed  (380,538)  (1,164,960)
Shares Reinvested     335,473 
Net Increase  323,511   1,407,535 
Shares Outstanding:        
Beginning of Period  8,160,109   6,752,574 
End of Period  8,483,620   8,160,109 

6. Tax Information
As of December 31, 2015, the Fund’s most recently completed fiscal year end, the components of accumulated earnings on a tax basis were as follows:
Cost of Investments $81,398,664 
Gross unrealized appreciation $32,407,036 
Gross unrealized depreciation  (4,936,425)
Net unrealized appreciation  26,470,611 
Undistributed ordinary income  213,482 
Undistributed long-term capital gain  125,066 
Total distributable earnings  338,548 
Total accumulated earnings $26,809,159 
The basis of investments for tax and financial reporting purposes differs principally due to the deferral of losses on wash sales.
There were no distributions paid during the six months ended June 30, 2016.
The tax character of distributions paid during the years ended December 31, 2015 and 2014 were as follows:
Ordinary Income $695,695  $397,879 
Long Term Capital Gain $4,466,232  $5,810,276 
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, 2015, the Fund did not have a capital loss carryover.  Any future capital losses will be permitted to be carried over for an unlimited period.
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.

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

  Six Months                               
  June 30,  Year Ended December 31, 
  2016 2015  2014  2013  2012  2011  2010  2009  2008  2007  2006 
Per Share Data:                                 
Net asset value,                                 
  beginning of period $13.40  $14.39  $13.23  $9.84  $8.99  $8.93  $7.76  $5.79  $9.88  $8.78  $8.42 
Income from
  investment operations:
Net investment
  income (loss)(1)
  0.02   0.04   0.02   0.02   0.01   0.04   (0.01)  (0.02)  (0.02)  (0.03)  (0.05)
Net realized and unrealized                                            
  gains (losses)
  on investments
  (0.48)  (0.37)  2.07   3.68   0.87   0.02   1.18   1.99   (4.01)  1.51   0.51 
Total from
  investment operations
  (0.46)  (0.33)  2.09   3.70   0.88   0.06   1.17   1.97   (4.03)  1.48   0.46 
Less distributions:                                            
Distributions from net                                            
  investment income     (0.04)  (0.02)  (0.03)  (0.03)                  
Distributions from net
  realized gains from
  security transactions     (0.62)  (0.91)  (0.28)              (0.06)  (0.38)  (0.10)
Total distributions     (0.66)  (0.93)  (0.31)  (0.03)           (0.06)  (0.38)  (0.10)
Net asset value,                                            
  end of period $12.94  $13.40  $14.39  $13.23  $9.84  $8.99  $8.93  $7.76  $5.79  $9.88  $8.78 
Total return  (3.43%
  (2.30%)  15.74%  37.65%  9.77%  0.67%  15.08%  34.02%  (41.02%)  16.92%  5.42%
Supplemental data
  and ratios:
Net assets, end of period
  (in 000’s)
 $109,815  $109,354  $97,184  $78,048  $54,216  $28,051  $20,394  $12,209  $10,594  $19,310  $17,351 
Ratio of operating expenses                                            
  to average net assets,                                            
  before reimbursements  1.08
  1.07%  1.29%  1.25%  1.32%  1.47%  2.08%  1.98%  1.76%  1.60%  1.71%
Ratio of operating expenses                                            
  to average net assets,                                            
  net of reimbursements  1.00
  1.00%  1.00%  1.00%  1.00%  1.00%  1.63%  1.95%  1.76%  1.60%  1.71%
Ratio of net investment income                                         
  (loss) to average net assets,                                            
  before reimbursements  0.24
  0.27%  (0.14%)  (0.10%)  0.05%  (0.04%)  (0.64%)  (0.34%)  (0.22%)  (0.34%)  (0.56%)
Ratio of net investment income                                         
  (loss) to average net assets,                                            
  net of reimbursement  0.32
  0.34%  0.15%  0.15%  0.37%  0.43%  (0.19%)  (0.31%)  (0.22%)  (0.34%)  (0.56%)
Portfolio turnover rate  11.63
  23.52%  21.53%  36.65%  84.10%  88.29%  42.58%  49.44%  58.78%  65.26%  94.41%

(1)Net investment income (loss) per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.
(2)Not Annualized.
The accompanying notes are an integral part of these financial statements.


For the Six Months Ended June 30, 2016 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. If you invest through a financial intermediary, you may also incur additional costs such as a transaction fee charged on the purchase or sale of the Fund or an asset-based management fee. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any costs that may be associated with investing in the Fund through a financial intermediary. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any costs associated with investing through a financial intermediary were included, your costs would have been higher.
 ValueValue1/1/16 –
$1,000.00$  965.70$4.89
Hypothetical (5% return   
  before expenses)1,000.001,019.895.02

(1)Expenses are equal to the Fund’s annualized expense ratio of 1.00% for the six-months ended June 30, 2016, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.
(2) Based on the actual returns of -3.43% for the six-month period ended June 30, 2016.


(Calculated as a percentage of net assets)
June 30, 2016 (Unaudited)


June 30, 2016 (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 and the SEC’s website at 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 or by calling the toll-free number listed above.
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, 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 on a monthly basis.


Frederick Taylor, Chairman
Laird I. Grant
Katharine Plourde
Frederick Taylor, President
Ruth Calaman, Executive Vice President,
  Secretary & Chief Compliance Officer
John Rendinaro,
  Executive Vice President & Treasurer
Evercore Wealth Management, LLC.
55 E. 52nd Street
23rd Floor
New York, New York 10055
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
P.O. Box 701
Milwaukee, Wisconsin 53201
Cohen Fund Audit Services, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Quasar Distributors, LLC
615 E. Michigan Street
Milwaukee, Wisconsin 53202
55 E. 52nd Street
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New York, New York 10055
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Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

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.

(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. Not applicable for semi-annual reports.

(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.

Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.  Furnished herewith.



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)                                           Wall Street EWM Funds Trust

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

Date     September 6, 2016

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     September 6, 2016

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

Date     September 6, 2016
* Print the name and title of each signing officer under his or her signature.