Wall Street EWM Funds Trust

Filed: 5 Mar 19, 3:53pm

Washington, D.C. 20549



Investment Company Act file number  811-00515

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, 2018

Date of reporting period:  December 31, 2018

Item 1. Reports to Stockholders.

December 31, 2018




Dear Shareholders,
Equity markets declined sharply in the fourth quarter in the US and abroad bringing full year returns into negative territory.  The 13.52% decline in the quarter, which was driven by the worst December in US equities since 1931, wiped out the previous nine month’s gains.  This made the full year 2018 the worst year for the S&P 500 since 2008. The full year total return for the S&P 500 was negative 4.38%.  The Evercore Equity Fund declined 4.94% net of all fees for the year.
For the year the best performing holdings in the portfolio were Amazon, Adobe, Mastercard, Dorman and Lamb Weston.  The most significant detractors to performance for the year were WestRock, Core Labs, Weyerhaeuser, Synchrony Financial and Applied Materials.
With the strong earnings growth in 2018 and a down market, valuations are significantly better than they were a year ago.  At year-end, the S&P 500 was trading about 15X forward estimated earnings slightly below its average over the last five years.
The US consumer is in very good shape – real wages are up, unemployment is very low and debt service is at its lowest level in years.  We have good exposure through our holdings to the US consumer.  For the broader market, much will depend on how significantly the economy slows.  Earnings estimates have already come down but, the question on investors’ minds is whether current estimates for the quarter and upcoming year are still too optimistic.  And, while valuations are more attractive than a year ago, valuation alone will not dictate market direction over the short term. That said, we do believe that the portfolio represents good absolute and relative value and should perform well over time.
At December 31, 2018, the Fund had $137 million of net assets and 38 equity holdings.
Timothy EvninCharles Ryan
Portfolio ManagerPortfolio Manager
Michael Seppelt
Portfolio Manager
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.
Any tax information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice on information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.
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 a measure of the Fund’s future performance.
The Evercore Equity Fund is distributed by Quasar Distributors, LLC.


December 31, 2018

  Shares  Value 
COMMON STOCKS – 96.6%      
Chemicals – 2.4%      
Celanese Corp.  36,970  $3,326,191 
Containers & Packaging – 2.2%        
WestRock Co.  79,240   2,992,102 
Diversified – 2.3%        
3M Co.  16,750   3,191,545 
Drugs – 2.5%        
Abbott Laboratories  47,000   3,399,510 
Electrical Equipment – 4.7%        
A.O. Smith Corp.  69,200   2,954,840 
Roper Industries, Inc.  12,950   3,451,434 
Energy Equipment & Services – 1.7%        
Core Laboratories NV (a)  40,100   2,392,366 
Financial Services – 13.0%        
BlackRock, Inc.  6,410   2,517,976 
East West Bancorp, Inc.  55,110   2,398,938 
Mastercard, Inc.  32,040   6,044,346 
Synchrony Financial  110,220   2,585,761 
The Blackstone Group LP  146,090   4,354,943 
Food Products – 1.9%        
Lamb Weston Holdings, Inc.  35,820   2,634,919 
Forest Products – 1.8%        
Weyerhaeuser Co. – REIT  113,760   2,486,794 
Health Care Services – 8.6%        
Thermo Fisher Scientific, Inc.  25,270   5,655,173 
UnitedHealth Group, Inc.  24,540   6,113,405 
Insurance – 2.6%        
Chubb Ltd. (a)  28,170   3,639,001 
Leisure Products – 2.2%        
Royal Caribbean Cruises Ltd. (a)  30,500   2,982,595 
Office Equipment – 2.9%        
Apple, Inc.  24,970   3,938,768 
Property Management – 2.9%        
CBRE Group, Inc. – Class A (b)  100,220   4,012,809 
Restaurants – 2.2%        
Domino’s Pizza, Inc.  12,000   2,975,880 
Retail – 2.6%        
TJX Companies, Inc.  80,000   3,579,200 
Semiconductors – 6.2%        
Applied Materials, Inc.  60,000   1,964,400 
IPG Photonics Corp. (b)  20,500   2,322,445 
Texas Instruments, Inc.  45,500   4,299,750 
Services – 10.3%        
Accenture PLC – Class A (a)  26,590   3,749,456 
Alphabet, Inc. – Class A (b)  1,700   1,776,432 
Alphabet, Inc. – Class C (b)  3,317   3,435,118, Inc. (b)  3,450   5,181,797 
Software – 8.3%        
Adobe Systems, Inc. (b)  15,240   3,447,897 
Ansys, Inc. (b)  16,290   2,328,493 
Microsoft Corp.  55,310   5,617,837 
Specialty Retail – 12.2%        
Alibaba Group        
  Holding Ltd. (a)(b)  19,470   2,668,753 
AutoZone, Inc. (b)  4,700   3,940,198 
Dorman Products, Inc. (b)  36,000   3,240,720 
Home Depot, Inc.  25,270   4,341,891 
Nike, Inc. – Class B  35,750   2,650,505 
Telecommunications – 3.1%        
American Tower Corp. – REIT  27,110   4,288,531 
  (Cost $83,419,931)      132,882,719 

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


December 31, 2018

  Shares  Value 
Invesco Government &      
  Agency Portfolio,      
  Institutional Class, 2.30% (c)  5,137,799  $5,137,799 
  (Cost $5,137,799)      5,137,799 
  (Cost $88,557,730) – 100.4%      138,020,518 
Liabilities in Excess        
  of Other Assets – (0.4)%      (497,530)
TOTAL NET        
  ASSETS – 100.0%     $137,522,988 

(a)Foreign Domiciled
(b)Non-income producing security
(c)The rate shown is the annualized seven day effective yield as of December 31, 2018.
REIT – Real Estate Investment Trust

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


December 31, 2018
Investments, at value (cost $88,557,730) $138,020,518 
Receivable for fund shares sold  619,874 
Dividends receivable  74,657 
Interest receivable  10,980 
Prepaid expenses  22,987 
    Total Assets  138,749,016 
Payable for investment    
  securities purchased  919,719 
Payable for fund shares redeemed  129,778 
Investment advisory fee payable (Note 4)  97,261 
Accrued expenses and other payables  79,270 
    Total Liabilities  1,226,028 
NET ASSETS $137,522,988 
Capital stock $89,383,876 
Total distributable earnings  48,139,112 
TOTAL NET ASSETS $137,522,988 
Shares outstanding (unlimited shares    
  authorized, no par value)  8,540,810 

For the year ended December 31, 2018
Dividend and interest income $1,731,461 
Less: foreign taxes withheld  (8,362)
Total investment income  1,723,099 
Investment advisory fees (Note 4)  1,143,279 
Fund administration and accounting fees  191,338 
Legal fees  54,198 
Trustees’ fees and expenses (Note 4)  43,278 
Transfer agent fees and expenses  39,892 
Federal and state registration fees  31,007 
Insurance expense  21,614 
Audit and tax fees  15,499 
Custody fees  8,361 
Reports to shareholders  7,477 
Total expenses before    
  expense reimbursement  1,555,943 
Net expenses reimbursed    
  by Adviser (Note 4)  (31,571)
Net expenses  1,524,372 
Net realized gain on    
  investment transactions  1,944,359 
Change in unrealized appreciation    
  on investments  (9,581,304)
Net realized and unrealized    
  loss on investments  (7,636,945)
The accompanying notes are an integral part of these financial statements.


  For the Year Ended 
  December 31, 
  2018  2017 
Net investment income $198,727  $149,750 
Net realized gain on        
  investment transactions  1,944,359   2,740,173 
Change in        
  unrealized appreciation        
  on investments  (9,581,304)  26,004,478 
Net increase (decrease)        
  in net assets resulting        
  from operations  (7,438,218)  28,894,401 
Proceeds from shares sold  15,748,661   11,287,018 
Cost of shares redeemed  (13,538,548)  (11,219,526)
Reinvested distributions  2,694,694   2,089,887 
Net increase in net assets        
  resulting from capital        
  share transactions  4,904,807   2,157,379 
  SHAREHOLDERS  (3,024,159)  (2,586,832)*
  (DECREASE) IN        
  NET ASSETS  (5,557,570)  28,464,948 
NET ASSETS:        
Beginning of period  143,080,558   114,615,610 
End of period $137,522,988  $143,080,558**

* Includes an income distribution of $419,178 and a capital gains distribution of $2,167,654.
** Includes undistributed net investment income of $63,883.

December 31, 2018

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 with the Securities and Exchange Commission (“SEC”) 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 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 “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 Codification (“ASC”) 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 (“U.S. GAAP”), 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
The accompanying notes are an integral part of these financial statements.

December 31, 2018

traded. Securities traded on the over-the-counter market and listed securities for which there were no transactions are valued at the last sale price. 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 (“NAV”) 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.
U.S. GAAP requires 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, 2018, the Fund’s investments were classified as follows:
  Level 1  Level 2  Level 3  Fair Value 
  Stocks* $132,882,719  $  $  $132,882,719 
  Investment  5,137,799         5,137,799 
  Investments $138,020,518  $  $  $138,020,518 
* Please refer to the Schedule of Investments for further industry breakout.
(b) Federal Income and Excise Taxes – The Fund intends to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all net investment company taxable income and net capital gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is recorded.
The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund is not subject to examination by U.S. tax authorities for tax years prior to the year ended December 31, 2015.
(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.
(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. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes.

December 31, 2018

These reclassifications have no effect on net assets, results of operations or NAV per share.
3. Investment Transactions
The aggregate purchases and sales of securities for the year ended December 31, 2018, excluding short-term investments, were $24,118,729 and $20,966,969, 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 (the “Agreement”) with the Adviser, with whom certain trustees and officers of the Fund are also officers and directors of the 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, 2018, the Adviser recouped $7,328 of previously waived expenses. Waived fees and reimbursed expenses subject to potential recovery by year of expiration are as follows:
 2019 $71,738 
 2020 $70,688 
 2021 $38,899 
Mr. Frederick Taylor serves as an Interested Trustee on the Trust as that term is defined in Section 2(a)(19) of the 1940 Act because of his association with the Adviser. For his services on the Board of Trustees, Mr. Taylor receives an annual fee of $15,000 from the Fund. Please see the Trustees & Officers table for further information.
5. Shares of Common Stock
Transactions in shares of common stock were as follows:
  Year Ended  Year Ended 
  December 31, 2018  December 31, 2017 
Shares Sold  866,945   714,888 
Shares Redeemed  (755,969)  (722,312)
Shares Reinvested  168,419   120,108 
Net Increase  279,395   112,684 
Shares Outstanding:        
Beginning of Year  8,261,415   8,148,731 
End of Year  8,540,810   8,261,415 

6. Tax Information
As of December 31, 2018, the Fund’s most recently completed fiscal year end, the components of accumulated earnings on a tax basis were as follows:
Cost of Investments $89,588,071 
Gross tax unrealized appreciation $56,464,947 
Gross tax unrealized depreciation  (8,032,500)
Net unrealized appreciation  48,432,447 
Undistributed ordinary income   
Undistributed long-term capital gain   
Accumulated gain (loss)  (293,335)
Distributable earnings $48,139,112 
The basis of investments for tax and financial reporting purposes differs principally due to the deferral of losses on wash sales and partnership basis adjustments.
The tax character of distributions paid during the years ended December 31, 2018 and 2017 were as follows:
  2018  2017 
Ordinary Income $386,081  $453,876 
Long-Term Capital Gain $2,638,078  $2,132,956 
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, 2018, the Fund did not have any capital loss carryovers.  A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year.  Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31.  The Fund plans to defer, on a tax basis, late year post-October capital losses of $293,335.

December 31, 2018

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.
8. New Accounting Pronouncements and Other Matters.
In August 2018, FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic  820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date.  Management has evaluated the ASU 2018-13 and has adopted the framework.


Selected per share data is based on a share of common stock outstanding throughout each period
  Years Ended December 31, 
  2018  2017  2016  2015  2014  2013  2012  2011  2010  2009 
Per Share Data:                              
Net asset value,
  beginning of period
 $17.32  $14.07  $13.40  $14.39  $13.23  $9.84  $8.99  $8.93  $7.76  $5.79 
Income from
  investment operations:
Net investment income (loss)(1)
  0.02   0.02   0.02   0.04   0.02   0.02   0.01   0.04   (0.01)  (0.02)
Net realized and unrealized                                        
  gain (loss) on investments  (0.88)  3.55   0.69   (0.37)  2.07   3.68   0.87   0.02   1.18   1.99 
Total from
  investment operations
  (0.86)  3.57   0.71   (0.33)  2.09   3.70   0.88   0.06   1.17   1.97 
Less distributions:                                        
Distributions from
  net investment income
  (0.04)  (0.05)  (0.03)  (0.04)  (0.02)  (0.03)  (0.03)         
Distributions from net
  realized gains from
  security transactions
  (0.32)  (0.27)  (0.01)  (0.62)  (0.91)  (0.28)            
Total distributions  (0.36)  (0.32)  (0.04)  (0.66)  (0.93)  (0.31)  (0.03)         
Net asset value, end of period $16.10  $17.32  $14.07  $13.40  $14.39  $13.23  $9.84  $8.99  $8.93  $7.76 
Total return  (4.94)%  25.35%  5.31%  (2.30)%  15.74%  37.65%  9.77%  0.67%  15.08%  34.02%
Supplemental data and ratios:                                        
Net assets, end of period
  (in 000’s)
 $137,523  $143,081  $114,616  $109,354  $97,184  $78,048  $54,216  $28,051  $20,394  $12,209 
Ratio of operating expenses
  to average net assets,
  before reimbursements
  1.02%  1.06%  1.07%  1.07%  1.29%  1.25%  1.32%  1.47%  2.08%  1.98%
Ratio of operating expenses
  to average net assets,
  net of reimbursements
  1.00%  1.00%  1.00%  1.00%  1.00%  1.00%  1.00%  1.00%  1.63%  1.95%
Ratio of net investment
  income (loss) to average net
  assets, before reimbursements
  0.11%  0.06%  0.08%  0.27%  (0.14%)  (0.10%)  0.05%  (0.04%)  (0.64%)  (0.34%)
Ratio of net investment
  income (loss) to average net
  assets, net of reimbursements
  0.13%  0.12%  0.16%  0.34%  0.15%  0.15%  0.37%  0.43%  (0.19%)  (0.31%)
Portfolio turnover rate  14.13%  10.73%  22.60%  23.52%  21.53%  36.65%  84.10%  88.29%  42.58%  49.44%
(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.



To the Shareholders and Board of Trustees of
Wall Street EWM Funds Trust

Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Wall Street EWM Funds Trust comprising Evercore Equity Fund (the “Fund”) as of December 31, 2018, 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, including the related notes, and the financial highlights for each of the ten years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, 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.

Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits.  We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers.  Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.  We believe that our audits provide a reasonable basis for our opinion.
We have served as the Fund’s auditor since 2005.
Milwaukee, Wisconsin
February 27, 2019


For periods ended December 31, 2018 (Unaudited)

Value of $10,000 Investment


This chart assumes an initial investment of $10,000 on December 31, 2008. 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, 2018

One Year
Five Years
Ten Years
Evercore Equity Fund(4.94)%7.25%12.78%
S&P 500 Index1
Russell 1000 Index2

Index performance is for illustrative purposes only and does not reflect any fees, expenses, or taxes. Direct investment in the indexes is not available.
S&P 500 Index – an unmanaged market capitalization-weighted index based on the average weighted performance of 500 widely held common stocks.
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.


For the Six Months Ended December 31, 2018 (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, 2018 to December 31, 2018.
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.
 ValueValue7/1/18 –
$1,000.00$  887.10$4.76
Hypothetical (5% return   
  before expenses)  1,000.00 1,020.16  5.09
(1)Expenses are equal to the Fund’s annualized expense ratio of 1.00% for the six-months ended December 31, 2018, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.
(2)Based on the actual returns for the six-month period ended December 31, 2018 of -11.29%.


(Calculated as a percentage of net assets)
December 31, 2018 (Unaudited)




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 ofPrincipalFund ComplexOther Directorships
Name, Address TimeOccupation DuringOverseenServed During
and Age
Past Five Years
by Trustee
Past Five Years
Laird I. GrantTrusteeSince 2012Retired; Managing Director1Trustee, Community
55 East 52nd Street,  and Senior Portfolio Manager, Foundation of Collier
23rd Floor  U.S. Trust Company of County 2014-2017;
New York, NY 10055  Florida, 2001-2008. Chair of the Investment
Year of Birth: 1945    Committee, Community
     Foundation of Collier
     County 2014-2017;
     Member of the
     Investment Committee,
     Community Foundation
     of Collier County
Katharine PlourdeTrusteeSince 2014Private Investor;1Pall 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.
Frederick Taylor**Chairman,Since 2013Senior Advisor, Evercore1John’s Island Golf Club,
55 East 52nd Street,Trustee, and Wealth Management, LLC 2012-Present; Vero
23rd FloorPresident 2008-Present. Beach Museum and
New York, NY 10055    Vero Beach Museum
Year of Birth: 1941    Endowment Trust Board,
     2012-Present; Trustee
     Emeritus, Wesleyan
     University, 2006-Present.


TRUSTEES AND OFFICERS (Unaudited) (Continued)

  Term of Number of 
  Office and Portfolios in 
  Length ofPrincipalFund ComplexOther Directorships
Name, Address TimeOccupation DuringOverseenServed During
and Age
Past Five Years
by Trustee
Past Five Years
Ruth P. CalamanExecutiveSince 2012Chief Compliance Officer,1None
55 East 52nd Street,Vice Evercore Wealth Management  
23rd FloorPresident, LLC and Evercore Trust  
New York, NY 10055Secretary Company, N.A. since 2011.  
Year of Birth: 1966and Chief    
Bill RouseExecutiveSince 2017Managing Director, Head1None
55 East 52nd Street,Vice of Operations, Evercore  
23rd FloorPresident, Wealth Management LLC  
New York, NY 10055Chief since 2017; Divisional  
Year of Birth: 1961Operations Chief Operating Officer,  
 Officer and Gellar & Company  
 Treasurer 2007-2017.  

* 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 the Adviser.




On September 11, 2018, the Board of Trustees, including each of the Independent Trustees, of the Wall Street EWM Funds Trust considered and unanimously approved the continuation for a one year period of the investment advisory agreement (the “Advisory Agreement”) with Evercore Wealth Management, LLC (“EWM” or the “Adviser”), effective October 1, 2018.  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, 2018 and July 31, 2018, together with the relative performance of relevant benchmarks and of the Fund’s peer groups of mutual funds as categorized by Morningstar Direct and Lipper Analytical Services, Inc., which are independent mutual fund research and rating services.  In connection with its review, the Board also considered information regarding EWM’s code of ethics and compliance program with EWM management and other key personnel, and 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.  The Board further considered that EWM continues to reimburse Fund operating expenses in order to maintain a competitive annual net 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 and other third-parties 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.  Based on its review, the Board determined that indirect benefits that may accrue to EWM are fair and reasonable.
Comparative Fee and Expense Data.  The Board considered a comparative analysis of the advisory fee and total expense ratio of the Fund and those of funds within the Morningstar U.S. large growth category that was prepared by the Fund’s administrator, U.S. Bancorp Fund Services, LLC, but that included certain data obtained from Morningstar Direct.  The Board noted that the Fund’s investment advisory fee, after fee waivers, was below the median and average investment advisory fee reported for its Morningstar peer group.  The Board noted that the Fund’s total expenses (after fee waivers and expense reimbursements) were at the median and lower than the average total expenses (after fee waivers and expense reimbursements) reported for its Morningstar peer group.  The Board also considered a comparative analysis of the advisory fee and total expense ratio of the Fund and those of funds within the Lipper multi-cap growth category, noting that the Fund’s advisory fee was higher than the median and average advisory fee reported for the Lipper peer group, and the Fund’s total expenses (after fee waivers and expense reimbursements) were lower than the median and average total expenses reported for the 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 information regarding the level of profits realized by the Adviser in connection with the operation of the Fund.  The Board reviewed the methodology followed in allocating costs to the Fund, while recognizing that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results.  In this respect, the Board noted that the cost allocation methodology was generally consistent with that followed in profitability report presentations for the Fund made in prior years.  The Board also took into account management’s ongoing costs and expenditures in providing and improving services for the Fund, as well as the need to meet additional regulatory and compliance requirements resulting from changes in rules and other regulations, and determined that EWM’s profitability with respect to the Fund was reasonable.  The Board further 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, 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 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, 2020 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 based on its business judgment that the approval of the Advisory Agreement is in the best interests of the Fund and its shareholders.


December 31, 2018 (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.
Qualified Dividend Income/Dividends Received Deduction
For the fiscal year ended December 31, 2018, 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, 2018 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 4.57%.


(This Page Intentionally Left Blank.)

Frederick Taylor, Chairman
Laird I. Grant
Katharine Plourde
Frederick Taylor, President
Ruth Calaman, Executive Vice President,
  Secretary & Chief Compliance Officer
Bill Rouse,
  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 & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202
Quasar Distributors, LLC
777 E. Wisconsin Ave.
Milwaukee, Wisconsin 53202

55 E. 52nd Street
23rd Floor
New York, New York 10055
(800) 443-4693

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  12/31/2018FYE  12/31/2017
Audit Fees13,50013,500
Audit-Related Fees00
Tax Fees2,0002,000
All Other Fees00

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 FeesFYE  12/31/2018FYE  12/31/2017
Registrant’s Investment Adviser00
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. 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. 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.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
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    February 26, 2019

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 26, 2019
By (Signature and Title)*    /s/Bill Rouse
Bill Rouse, Treasurer

Date    February 27, 2019

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