UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00515
Wall Street EWM Funds Trust
(Exact name of registrant as specified in charter)
(Exact name of registrant as specified in charter)
55 E. 52nd Street
New York, NY 10055
(Address of principal executive offices) (Zip code)
(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)
(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: December 31, 2016
Item 1. Reports to Stockholders.
ANNUAL REPORT | |
December 31, 2016 | |
EVERCORE EQUITY FUND
SHAREHOLDER LETTER
Dear Shareholders,
The Evercore Equity Fund was up 5.31% for the full year. The S&P 500 gained 11.96% for the full year.
Our performance for the full year in 2016 was disappointing. We lagged by a significant amount for the first six months as sectors where we had little ownership -consumer staples, telecom and utilities – rose amid the search for yield and “stability”. In addition several companies that we owned had results come in well short of our and the markets’ expectations. The subsequent price declines hurt our performance. We made up ground in the third quarter as investor sentiment shifted but, lagged modestly in the fourth quarter, to finish well behind the S&P 500.
While it is always productive to review investment process and portfolio holdings, this takes additional urgency when performance is below expectations. We have spent considerable time over the past months to re-underwrite our holdings and also to review our process. This has confirmed our belief that our fundamental investment process is sound and that our portfolio of companies continue to grow in value. We are hopeful that the growth in the value of our holdings will be recognized by the market in 2017.
As we look to the year ahead, there is much to consider. The market is toward the higher end of “fair value” and with the recent rise, has already discounted, to a degree, the success of some of President Trump’s pro-business policies. That said, much of what President Trump has proposed should be favorable to business growth and profitability and, if earnings do get a boost, that should be beneficial for the broader market. While there will likely be some bumps along the way, the equity markets could have a solid year and we are looking forward to generating good absolute and relative performance after a disappointing calendar 2016.
At year end the Fund assets were $114 million, up from $108 million at the end of 2015. At year end 2016, there were 37 equity positions.
Sincerely,
Timothy Evnin | Charles Ryan |
Portfolio Manager | Portfolio 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.
The Evercore Equity Fund is distributed by Quasar Distributors, LLC.
1
EVERCORE EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2016
Shares | Value | |||||||
COMMON STOCKS – 96.7% | ||||||||
Biotechnology – 2.0% | ||||||||
Gilead Sciences, Inc. | 32,500 | $ | 2,327,325 | |||||
Chemicals – 3.1% | ||||||||
Celanese Corp. | 44,500 | 3,503,930 | ||||||
Containers & Packaging – 3.0% | ||||||||
WestRock Co. | 67,000 | 3,401,590 | ||||||
Diversified – 2.0% | ||||||||
3M Co. | 13,000 | 2,321,410 | ||||||
Drugs – 2.6% | ||||||||
Allergan PLC (a)(b) | 14,500 | 3,045,145 | ||||||
Electrical Equipment – 4.7% | ||||||||
A.O. Smith Corp. | 64,000 | 3,030,400 | ||||||
Roper Industries, Inc. | 13,000 | 2,380,040 | ||||||
5,410,440 | ||||||||
Energy Equipment & Services – 5.1% | ||||||||
Core Laboratories NV (b) | 23,000 | 2,760,920 | ||||||
Schlumberger Ltd. (b) | 36,000 | 3,022,200 | ||||||
5,783,120 | ||||||||
Financial Services – 14.8% | ||||||||
BlackRock, Inc. | 6,200 | 2,359,348 | ||||||
East West Bancorp, Inc. | 55,000 | 2,795,650 | ||||||
LendingClub Corp. (a) | 265,000 | 1,391,250 | ||||||
Mastercard, Inc. | 35,000 | 3,613,750 | ||||||
Synchrony Financial | 81,000 | 2,937,870 | ||||||
The Blackstone Group LP | 143,000 | 3,865,290 | ||||||
16,963,158 | ||||||||
Forest Products – 3.0% | ||||||||
Weyerhaeuser Co. – REIT | 113,000 | 3,400,170 | ||||||
Health Care Services – 7.2% | ||||||||
Thermo Fisher Scientific, Inc. | 25,000 | 3,527,500 | ||||||
UnitedHealth Group, Inc. | 29,700 | 4,753,188 | ||||||
8,280,688 | ||||||||
Insurance – 2.9% | ||||||||
Chubb Ltd. (b) | 25,000 | 3,303,000 | ||||||
Media – 1.9% | ||||||||
AMC Networks, Inc. – | ||||||||
Class A (a) | 41,500 | 2,172,110 | ||||||
Office Equipment – 2.5% | ||||||||
Apple, Inc. | 24,800 | 2,872,336 | ||||||
Property Management – 3.4% | ||||||||
CBRE Group, Inc. – | ||||||||
Class A (a) | 125,000 | 3,936,250 | ||||||
Retail – 2.6% | ||||||||
TJX Companies, Inc. | 40,000 | 3,005,200 | ||||||
Semiconductors – 5.6% | ||||||||
NXP Semiconductors NV (a)(b) | 31,500 | 3,087,315 | ||||||
Texas Instruments, Inc. | 45,000 | 3,283,650 | ||||||
6,370,965 | ||||||||
Services – 9.1% | ||||||||
Accenture PLC – Class A (b) | 26,300 | 3,080,519 | ||||||
Alphabet, Inc. – Class A (a) | 2,400 | 1,901,880 | ||||||
Alphabet, Inc. – Class C (a) | 3,257 | 2,513,818 | ||||||
Amazon.com, Inc. (a) | 3,950 | 2,961,986 | ||||||
10,458,203 | ||||||||
Software – 5.2% | ||||||||
Ansys, Inc. (a) | 27,000 | 2,497,230 | ||||||
Microsoft Corp. | 55,000 | 3,417,700 | ||||||
5,914,930 | ||||||||
Specialty Retail – 13.0% | ||||||||
AutoNation, Inc. (a) | 53,000 | 2,578,450 | ||||||
AutoZone, Inc. (a) | 5,300 | 4,185,887 | ||||||
Dorman Products, Inc. (a) | 33,000 | 2,410,980 | ||||||
Home Depot, Inc. | 25,200 | 3,378,816 | ||||||
Nike, Inc. – Class B | 45,500 | 2,312,765 | ||||||
14,866,898 | ||||||||
Telecommunications – 3.0% | ||||||||
American Tower Corp. – REIT | 32,500 | 3,434,600 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $77,731,854) | 110,771,468 |
The accompanying notes are an integral part of these financial statements.
2
EVERCORE EQUITY FUND
SCHEDULE OF INVESTMENTS (continued)
December 31, 2016
Shares | Value | |||||||
SHORT TERM INVESTMENT – 3.4% | ||||||||
Money Market Fund – 3.4% | ||||||||
Invesco Government & | ||||||||
Agency Portfolio, | ||||||||
Institutional Class, 0.43% | 3,926,235 | $ | 3,926,235 | |||||
TOTAL SHORT TERM | ||||||||
INVESTMENT | ||||||||
(Cost $3,926,235) | 3,926,235 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $81,658,089) – 100.1% | 114,697,703 | |||||||
Liabilities in Excess | ||||||||
of Other Assets – (0.1)% | (82,093 | ) | ||||||
TOTAL NET | ||||||||
ASSETS – 100.0% | $ | 114,615,610 |
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 December 31, 2016. |
REIT – Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
3
EVERCORE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2016
ASSETS: | ||||
Investments, at value (cost $81,658,089) | $ | 114,697,703 | ||
Receivable for fund shares sold | 25,719 | |||
Dividends receivable | 65,665 | |||
Interest receivable | 1,381 | |||
Prepaid expenses | 23,969 | |||
Total Assets | 114,814,437 | |||
LIABILITIES: | ||||
Payable for fund shares redeemed | 69,724 | |||
Investment advisory fee payable (Note 4) | 68,153 | |||
Accrued expenses and other payables | 60,950 | |||
Total Liabilities | 198,827 | |||
NET ASSETS | $ | 114,615,610 | ||
NET ASSETS CONSIST OF: | ||||
Capital stock | $ | 82,321,690 | ||
Net unrealized appreciation | ||||
on investments | 33,039,614 | |||
Undistributed net investment | ||||
income (loss) | (14,126 | ) | ||
Accumulated net realized loss | ||||
on investments | (731,568 | ) | ||
TOTAL NET ASSETS | $ | 114,615,610 | ||
Shares outstanding (unlimited shares | ||||
authorized, no par value) | 8,148,731 | |||
NET ASSET VALUE, OFFERING AND | ||||
REDEMPTION PRICE PER SHARE | $ | 14.07 |
EVERCORE EQUITY FUND
STATEMENT OF OPERATIONS
For the year ended December 31, 2016
INVESTMENT INCOME: | ||||
Dividend income | $ | 1,277,201 | ||
Less: foreign taxes withheld | (4,898 | ) | ||
Total investment income | 1,272,303 | |||
EXPENSES: | ||||
Investment advisory fees (Note 4) | 824,953 | |||
Administration and fund accounting fees | 143,797 | |||
Legal fees | 49,350 | |||
Transfer agent fees and expenses | 39,908 | |||
Trustees’ fees and expenses | 38,222 | |||
Federal and state registration fees | 32,697 | |||
Insurance expense | 23,504 | |||
Audit and tax fees | 15,498 | |||
Custody fees | 6,646 | |||
Reports to shareholders | 4,428 | |||
Total expenses before | ||||
expense reimbursement | 1,179,003 | |||
Expenses reimbursed by Adviser (Note 4) | (79,066 | ) | ||
Net expenses | 1,099,937 | |||
NET INVESTMENT INCOME | 172,366 | |||
REALIZED AND UNREALIZED | ||||
(GAIN) LOSS ON INVESTMENTS: | ||||
Net realized loss on | ||||
investment transactions | (341,395 | ) | ||
Change in unrealized appreciation | ||||
on investments | 6,262,425 | |||
Net realized and unrealized gain | ||||
on investments | 5,921,030 | |||
NET INCREASE IN NET ASSETS | ||||
RESULTING FROM OPERATIONS | $ | 6,093,396 |
The accompanying notes are an integral part of these financial statements.
4
EVERCORE EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the Year Ended | ||||||||
December 31, | ||||||||
2016 | 2015 | |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 172,366 | $ | 354,911 | ||||
Net realized gain (loss) on | ||||||||
investment transactions | (341,395 | ) | 2,278,459 | |||||
Change in | ||||||||
unrealized appreciation | ||||||||
on investments | 6,262,425 | (5,378,734 | ) | |||||
Net increase (decrease) | ||||||||
in net assets resulting | ||||||||
from operations | 6,093,396 | (2,745,364 | ) | |||||
CAPITAL SHARE | ||||||||
TRANSACTIONS: | ||||||||
Proceeds from shares sold | 11,690,280 | 32,444,363 | ||||||
Cost of shares redeemed | (12,340,780 | ) | (16,908,958 | ) | ||||
Reinvested distributions | 156,820 | 4,542,301 | ||||||
Net increase (decrease) in | ||||||||
net assets resulting from | ||||||||
capital share transactions | (493,680 | ) | 20,077,706 | |||||
DISTRIBUTIONS TO | ||||||||
SHAREHOLDERS FROM: | ||||||||
Net investment income | (211,400 | ) | (345,173 | ) | ||||
Net realized gain | (126,836 | ) | (4,816,754 | ) | ||||
Total distributions | ||||||||
to shareholders | (338,236 | ) | (5,161,927 | ) | ||||
TOTAL INCREASE IN | ||||||||
NET ASSETS | 5,261,480 | 12,170,415 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 109,354,130 | 97,183,715 | ||||||
End of period | $ | 114,615,610 | $ | 109,354,130 | ||||
UNDISTRIBUTED NET | ||||||||
INVESTMENT | ||||||||
INCOME (LOSS) | $ | (14,126 | ) | $ | 11,058 |
EVERCORE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 2016
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.
5
EVERCORE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2016
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 December 31, 2016, the Fund’s investments were classified as follows:
Total | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Common | ||||||||||||||||
Stocks* | $ | 110,771,468 | $ | — | $ | — | $ | 110,771,468 | ||||||||
Short-Term | ||||||||||||||||
Investment | 3,926,235 | — | — | 3,926,235 | ||||||||||||
Total | ||||||||||||||||
Investments | $ | 114,697,703 | $ | — | $ | — | $ | 114,697,703 |
* | 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, 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.
Distributions received from the Fund's investments in real estate investment trusts ("REITs") and master limited partnerships ("MLPs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT and MLP distributions is generally not known until after the end of each calendar year. The Fund must use estimates in reporting the character of their income and distributions for financial statement purposes. Due to the nature of REIT and MLP investments, a portion of the distributions received by the Fund's shareholders may represent a return of capital.
6
EVERCORE EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2016
3. Investment Transactions
The aggregate purchases and sales of securities for the year ended December 31, 2016, excluding short-term investments, were $24,142,020 and $25,991,622, respectively. There were no purchases or sales of long-term U.S. government securities.
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 December 31, 2016, the Adviser did not recoup any previously waived expenses. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:
Expiration | Amount |
2017 | $261,698 |
2018 | $ 74,720 |
2019 | $ 79,066 |
5. Shares of Common Stock
Transactions in shares of common stock were as follows:
Year Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2016 | 2015 | |||||||
Shares Sold | 911,393 | 2,237,022 | ||||||
Shares Redeemed | (933,869 | ) | (1,164,960 | ) | ||||
Shares Reinvested | 11,098 | 335,473 | ||||||
Net Increase | (11,378 | ) | 1,407,535 | |||||
Shares Outstanding: | ||||||||
Beginning of Period | 8,160,109 | 6,752,574 | ||||||
End of Period | 8,148,731 | 8,160,109 |
6. Tax Information
As of December 31, 2016, the Fund’s most recently completed fiscal year end, the components of accumulated earnings on a tax basis were as follows:
Cost of Investments | $ | 82,137,081 | ||
Gross unrealized appreciation | $ | 35,920,418 | ||
Gross unrealized depreciation | (3,359,796 | ) | ||
Net unrealized appreciation | 32,560,622 | |||
Undistributed ordinary income | 172,303 | |||
Undistributed short-term capital gain | — | |||
Total distributable earnings | — | |||
Other accumulated loss | (439,005 | ) | ||
Total accumulated earnings | $ | 32,293,920 |
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, 2016 and 2015 were as follows:
2016 | 2015 | |||||||
Ordinary Income | $ | 338,236 | $ | 695,695 | ||||
Long Term Capital Gain | $ | — | $ | 4,466,232 |
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, 2016, the Fund had short-term and long-term capital loss carryovers of $97,048 and $341,957, respectively, which 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.
7
THE EVERCORE EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected per share data is based on a share of common stock outstanding throughout each period
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||
Net realized and unrealized | ||||||||||||||||||||||||||||||||||||||||
gains (losses) on investments | 0.69 | (0.37 | ) | 2.07 | 3.68 | 0.87 | 0.02 | 1.18 | 1.99 | (4.01 | ) | 1.51 | ||||||||||||||||||||||||||||
Total from investment operations | 0.71 | (0.33 | ) | 2.09 | 3.70 | 0.88 | 0.06 | 1.17 | 1.97 | (4.03 | ) | 1.48 | ||||||||||||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income | (0.03 | ) | (0.04 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Distributions from net realized | ||||||||||||||||||||||||||||||||||||||||
gains from security transactions | (0.01 | ) | (0.62 | ) | (0.91 | ) | (0.28 | ) | — | — | — | — | (0.06 | ) | (0.38 | ) | ||||||||||||||||||||||||
Total distributions | (0.04 | ) | (0.66 | ) | (0.93 | ) | (0.31 | ) | (0.03 | ) | — | — | — | (0.06 | ) | (0.38 | ) | |||||||||||||||||||||||
Net asset value, end of period | $ | 14.07 | $ | 13.40 | $ | 14.39 | $ | 13.23 | $ | 9.84 | $ | 8.99 | $ | 8.93 | $ | 7.76 | $ | 5.79 | $ | 9.88 | ||||||||||||||||||||
Total return | 5.31 | % | (2.30 | )% | 15.74 | % | 37.65 | % | 9.77 | % | 0.67 | % | 15.08 | % | 34.02 | % | (41.02 | %) | 16.92 | % | ||||||||||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 114,616 | $ | 109,354 | $ | 97,184 | $ | 78,048 | $ | 54,216 | $ | 28,051 | $ | 20,394 | $ | 12,209 | $ | 10,594 | $ | 19,310 | ||||||||||||||||||||
Ratio of operating expenses to average | ||||||||||||||||||||||||||||||||||||||||
net assets, before reimbursements | 1.07 | % | 1.07 | % | 1.29 | % | 1.25 | % | 1.32 | % | 1.47 | % | 2.08 | % | 1.98 | % | 1.76 | % | 1.60 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to | ||||||||||||||||||||||||||||||||||||||||
average net assets, before reimbursements | 0.08 | % | 0.27 | % | (0.14 | %) | (0.10 | %) | 0.05 | % | (0.04 | %) | (0.64 | %) | (0.34 | %) | (0.22 | %) | (0.34 | %) | ||||||||||||||||||||
Ratio of net investment income (loss) to | ||||||||||||||||||||||||||||||||||||||||
average net assets, net of reimbursement | 0.16 | % | 0.34 | % | 0.15 | % | 0.15 | % | 0.37 | % | 0.43 | % | (0.19 | %) | (0.31 | %) | (0.22 | %) | (0.34 | %) | ||||||||||||||||||||
Portfolio turnover rate | 22.60 | % | 23.52 | % | 21.53 | % | 36.65 | % | 84.10 | % | 88.29 | % | 42.58 | % | 49.44 | % | 58.78 | % | 65.26 | % |
__________
(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 of Evercore Equity Fund and
Board of Trustees of Wall Street EWM Funds Trust
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Evercore Equity Fund (the “Fund”), a series of Wall Street EWM Funds Trust, as of December 31, 2016, 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.
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, 2016, by correspondence with the custodian. 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 Evercore Equity Fund as of December 31, 2016, 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.
Cleveland, Ohio
February 27, 2017
9
EVERCORE EQUITY FUND
PERFORMANCE INFORMATION
For periods ended December 31, 2016 (Unaudited)
Value of $10,000 Investment
This chart assumes an initial investment of $10,000 on December 31, 2006. 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, 2016
One Year | Five Years | Ten Years | |
Evercore Equity Fund | 5.31% | 12.47% | 6.78% |
S&P 500 Index1 | 11.96% | 14.66% | 6.95% |
Russell 1000 Index2 | 12.05% | 14.69% | 7.08% |
Index performance is for illustrative purposes only and does not reflect any fees, expenses, or taxes. Direct investment in the indexes is not available.
1 | S&P 500 Index – an unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks. |
2 | Russell 1000 Index – an unmanaged index that measures the performance of the 1,000 largest U.S. companies (90% of the investable U.S. equity market) based on total market capitalization. |
10
EVERCORE EQUITY FUND
EXPENSE EXAMPLE
For the Six Months Ended December 31, 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 July 1, 2016 to December 31, 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.
Expenses | |||
Paid | |||
Beginning | Ending | During | |
Account | Account | Period(1) | |
Value | Value | 7/1/16 – | |
7/1/16 | 12/31/16 | 12/31/16 | |
Actual(2) | $1,000.00 | $1,090.50 | $5.25 |
Hypothetical (5% return | |||
before expenses) | 1,000.00 | 1,020.11 | 5.08 |
(1) | Expenses are equal to the Fund’s annualized expense ratio of 1.00% for the six-months ended December 31, 2016, multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period. |
(2) | Based on the actual returns of 9.05% for the six-month period ended December 31, 2016. |
11
EVERCORE EQUITY FUND
ALLOCATION OF PORTFOLIO ASSETS
(Calculated as a percentage of net assets)
December 31, 2016 (Unaudited)
12
EVERCORE EQUITY FUND
TRUSTEES AND OFFICERS
The business affairs of the Fund are managed under the direction of the Fund’s Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. The SAI includes additional information about the Fund’s Trustees and Officers 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 Trustee | Past Five Years |
INDEPENDENT | |||||
TRUSTEES: | |||||
Laird I. Grant | Trustee | Since 2012 | Retired; Managing Director | 1 | Trustee, Community |
55 East 52nd Street, | and Senior Portfolio Manager, | Foundation of Collier | |||
23rd Floor | U.S. Trust Company of | County 2014 - present; | |||
New York, NY 10055 | Florida, 2001-2008. | Chair of the Investment | |||
Year of Birth: 1945 | Committee, Community | ||||
Foundation of Collier | |||||
County 2014 - present; | |||||
Member of the | |||||
Investment Committee, | |||||
Community Foundation | |||||
of Collier County | |||||
2013-2014. | |||||
Katharine Plourde | Trustee | Since 2014 | Private Investor; | 1 | Pall Corporation |
55 East 52nd Street, | Corporate Director of three | 1995-2015, OM | |||
23rd Floor | NYSE-listed companies: | Group 2002-2015, | |||
New York, NY 10055 | Pall Corporation, OM Group, | Albany International | |||
Year of Birth: 1951 | and Albany International. | 2013-Present | |||
INTERESTED | |||||
TRUSTEE: | |||||
Frederick Taylor** | Chairman, | Since 2013 | Senior Advisor, Evercore | 1 | John’s Island Golf Club, |
55 E. 52nd Street, | Trustee, and | Wealth Management, LLC | 2012-Present; Vero | ||
23rd Floor | President | 2008-Present. | Beach Museum and Vero | ||
New York, NY 10055 | Beach Museum | ||||
Year of Birth: 1941 | Endowment Trust Board, | ||||
2012-Present; Trustee | |||||
Emeritus, Wesleyan | |||||
University, 2006-Present. |
13
EVERCORE EQUITY FUND
TRUSTEES 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 Trustee | 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; | |||
Year of Birth: 1966 | 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 | |||
Year of Birth: 1961 | Operations | Director, U.S. Trust | |||
Officer and | 1983-2008. | ||||
Treasurer |
* | Each Trustee serves for an indefinite term until his or her successor is duly elected and qualifies, unless the Trustee resigns, dies or is removed in accordance with the provisions of the Fund’s By-Laws. |
** | Denotes a Trustee who is an “interested person of the Trust” as that term is defined in Section 2 (a)(19) of the 1940 Act because of his association with EWM. |
14
EVERCORE EQUITY FUND
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
On September 6, 2016, the Board of Trustees, including each of the Independent Trustees, of the Wall Street EWM Funds Trust considered and unanimously approved the continuation of the investment advisory agreement (the “Advisory Agreement”) with Evercore Wealth Management, LLC (“EWM” or the “Adviser”), effective October 1, 2016. In reaching its decision to approve the continuance of the Advisory Agreement, the Board considered the overall fairness of the Advisory Agreement and whether the Advisory Agreement was in the best interests of the Fund and its shareholders. The Board further considered all factors it deemed relevant with respect to the Fund, including: (1) the nature, extent, and quality of the services provided by EWM, including the performance of the Fund and EWM; (2) the extent to which EWM realizes economies of scale as the Fund grows larger and shares those economies with the Fund and its shareholders; (3) other indirect benefits to EWM and its affiliates attributable to its relationship with the Fund; (4) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; and (5) the cost of the services provided and the profits realized by EWM and its affiliates from services rendered to the Fund (the “profitability” of the Fund to EWM). In approving the Advisory Agreement, the Board did not identify any single factor or particular information as all-important or controlling and each Trustee may have attributed different weight to each factor. In connection with its deliberations, the Board took into account information provided throughout the year at its meetings, as well as information provided specifically in connection with the annual renewal process, as discussed below.
Nature, Extent and Quality of Services to be Provided. The Board considered the scope of services to be provided by EWM under the Advisory Agreement, noting that EWM will continue to provide investment management services to the Fund, which include, but are not limited to, the following: (1) investing the Fund’s assets consistent with the Fund’s investment objective and investment policies; (2) determining the portfolio securities to be purchased, sold or otherwise disposed of and timing of such transaction; (3) voting all proxies with respect to the Fund’s portfolio securities; (4) maintaining the required books and records for transactions effected by EWM on behalf of the Fund; and (5) selecting broker-dealers to execute orders on behalf of the Fund. The Board considered EWM’s specific responsibilities in all aspects of day-to-day management of the Fund as well as the qualifications, experience and responsibilities of the Fund’s portfolio managers and other key personnel at EWM. The Board reviewed the Fund’s short- and long-term investment performance for the various periods ended June 30, 2016, and July 31, 2016, together with the relative performance of comparable benchmarks and its Lipper peer group. In connection with its review, the Board also discussed EWM’s code of ethics and compliance program with EWM management and other key personnel, and noted the resources and personnel allocated to these functions, as well as the firm’s compliance history with respect to the Fund. The Board evaluated EWM’s financial condition, noting that it appeared to be sufficiently capitalized to provide high quality services to the Fund, and considered EWM’s history, reputation and resources. The Board concluded that EWM had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement. The Board concluded that it is satisfied with the nature, extent and quality of services provided by EWM to the Fund pursuant to the Advisory Agreement.
Economies of Scale. The Board considered whether the Fund is experiencing and would benefit from any economies of scale, noting that the current investment advisory fee for the Fund does not contain breakpoints. The Board determined that the investment advisory fees are reasonable and appropriate and that breakpoints in the fee schedule are unnecessary based on the current level of the Fund’s assets, especially since EWM continues to reimburse Fund operating expenses in order to maintain a competitive annual expense ratio of 1.00% of daily average net assets. Based on its review, the Board determined that the current investment management fee structure was reasonable.
Other Indirect Benefits. The Board also considered the extent to which EWM derives indirect benefits from Fund operations. In this regard, the Board noted that EWM does not intend to use an affiliated broker-dealer to perform trading for the Fund. The Board also noted that EWM would continue its existing practice, which allows the use of soft dollar arrangements consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended, and that research services furnished by broker-dealers as a result of such arrangements may be beneficial to EWM and its other clients, as well as the Fund. The Board also considered that, conversely, the Fund may benefit from research services obtained by EWM from the placement of portfolio brokerage of other clients. The Board also considered that the Fund may be offered to EWM’s advisory clients who may invest in the Fund which may benefit EWM financially and in other ways.
15
EVERCORE EQUITY FUND
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (Continued)
Based on its review, the Board determined that any indirect benefits that may accrue to EWM are fair and reasonable.
Comparative Fee and Expense Data. The Board considered a comparative analysis of expenses borne by the Fund and those of funds within the Lipper multi cap growth category that was prepared by the Fund’s transfer agent, U.S. Bancorp Fund Services, LLC, but that included certain data obtained from Lipper Analytical New Applications, which is an independent organization that, among other things, compiles and publishes comparative mutual fund fee data. The Board noted that the Fund’s investment advisory fee and total expenses were below the average and median investment advisory fees (after fee waivers) and total expenses (after fee waivers and expense reimbursements) reported for its Lipper peer group. While recognizing that it is difficult to compare investment advisory fees since investment advisory services provided may vary from one investment adviser to another and for other reasons, the Board concluded that EWM’s investment advisory fee is reasonable. The Board again noted that EWM continues to reimburse Fund operating expenses in order to maintain a competitive expense ratio.
Cost of Advisory Services and Profitability. The Board considered the annual investment advisory fee to be paid by the Fund to EWM in the amount of 0.75% of the Fund’s average annual daily net assets for services to be rendered to the Fund by EWM and its affiliates. The Board noted the relatively small size of the Fund, the competitive level of the advisory fee charged by EWM, and profitability data and determined that EWM’s profitability with respect to the Fund was reasonable. The Board also noted that EWM expects to subsidize fees and expenses incurred and resulting from the provision of third-party shareholder servicing agreements and distribution services to the Fund. The Board also noted that EWM has contractually agreed to reimburse the Fund for its operating expenses, and may reduce its investment advisory fees, in order to ensure that total annual fund operating expenses (excluding all federal, state and local taxes, interest, 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 annually. In this regard, the Board noted that, while it is possible that the Fund’s operating expenses may increase at a future time, the Fund’s expense limitation arrangement will continue in effect until at least April 30, 2018 at which point it would be subject to renewal for successive terms.
Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board, including all of the Independent Trustees, concluded that the approval of the Advisory Agreement is in the best interests of the Fund and its shareholders.
**********
16
ADDITIONAL INFORMATION
December 31, 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 www.evercoreequityfund.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.
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.evercoreequityfund.com on a monthly basis.
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended December 31, 2016, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided by the American Taxpayer Relief Act of 2012. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100% 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, 2016 was 100% 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 37.50%.
17
(This Page Intentionally Left Blank.)
TRUSTEES | |
Frederick Taylor, Chairman | |
Laird I. Grant | |
Katharine Plourde | |
OFFICERS | |
Frederick Taylor, President | |
Ruth Calaman, Executive Vice President, | |
Secretary & Chief Compliance Officer | |
John Rendinaro, | |
Executive Vice President & Treasurer | |
INVESTMENT ADVISOR | |
Evercore Wealth Management, LLC. | |
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 & Company, Ltd. | |
1350 Euclid Avenue, Suite 800 | |
Cleveland, Ohio 44115 | |
DISTRIBUTOR | |
Quasar Distributors, LLC | |
615 E. Michigan Street | |
Milwaukee, Wisconsin 53202 | |
EVERCORE EQUITY FUND | |
55 E. 52nd Street | |
23rd Floor | |
New York, New York 10055 | |
(800) 443-4693 | |
http://www.evercoreequityfund.com |
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 12/31/2016 | FYE 12/31/2015 | |
Audit Fees | 13,500 | 13,500 |
Audit-Related Fees | 0 | 0 |
Tax Fees | 2,000 | 1,500 |
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 12/31/2016 | FYE 12/31/2015 |
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. |
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) Wall Street EWM Funds Trust
By (Signature and Title)* /s/Frederick Taylor
Frederick Taylor, President
Date February 25, 2017
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 February 25, 2017
By (Signature and Title)* /s/John J. Rendinaro
John J. Rendinaro, Treasurer
Date February 27, 2017
* Print the name and title of each signing officer under his or her signature.