UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22548
Wall Street EWM Funds Trust
(Exact name of registrant as specified in charter)
55 E. 52nd Street, 23rd Floor
New York, NY 10055
(Address of principal executive offices) (Zip code)
Frederick Taylor, President
Wall Street EWM Funds Trust
55 E. 52nd Street, 23rd Floor
New York, NY 10055
(Name and address of agent for service)
(212) 497-0845 or (800) 443-4693
Registrant’s telephone number, including area code
Date of fiscal year end: 12/31/2024
Date of reporting period: July 1, 2023 – June 30, 2024
Item 1. Reports to Stockholders.
(a) |
Evercore Equity Fund | ||
EWMCX | ||
Semi-Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
Evercore Equity Fund | $46 | 0.89% |
Net Assets | $457,397,123 |
Number of Holdings | 38 |
Portfolio Turnover | 2% |
Top Sectors | (%) of net assets |
Information Technology | 25.5% |
Consumer Discretionary | 21.2% |
Financials | 16.1% |
Health Care | 9.9% |
Energy | 6.3% |
Communication Services | 5.6% |
Real Estate | 4.3% |
Industrials | 4.1% |
Materials | 2.1% |
Consumer Staples | 1.9% |
Cash & Other | 3.0% |
Top 10 Issuers | (%) of net assets |
NVIDIA Corp. | 5.7% |
Microsoft Corp. | 5.7% |
Alphabet, Inc. | 5.6% |
Apple, Inc. | 4.8% |
Amazon.com, Inc. | 3.7% |
UnitedHealth Group, Inc. | 3.4% |
Mastercard, Inc. | 3.4% |
JPMorgan Chase & Co. | 3.3% |
AutoZone, Inc. | 3.3% |
Thermo Fisher Scientific, Inc. | 3.2% |
Evercore Equity Fund | PAGE 1 | TSR-SAR-93208V304 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this form. |
(b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Shares | Value | ||||||
COMMON STOCKS – 96.9% | |||||||
Beverages – 1.9% | |||||||
Constellation Brands, Inc. - Class A | 34,250 | $ 8,811,840 | |||||
Building Materials – 2.6% | |||||||
Builders FirstSource, Inc.(a) | 85,585 | 11,845,820 | |||||
Chemicals – 2.1% | |||||||
Celanese Corp. | 69,960 | 9,436,904 | |||||
Distributors – 1.4% | |||||||
Pool Corp. | 21,095 | 6,483,126 | |||||
Drugs – 1.7% | |||||||
Abbott Laboratories | 73,210 | 7,607,251 | |||||
Electrical Equipment – 4.5% | |||||||
CDW Corp. | 62,485 | 13,986,642 | |||||
Generac Holdings, Inc.(a) | 50,600 | 6,690,332 | |||||
20,676,974 | |||||||
Energy – 3.5% | |||||||
Chevron Corp. | 35,495 | 5,552,128 | |||||
EOG Resources, Inc. | 83,030 | 10,450,986 | |||||
16,003,114 | |||||||
Financial Services – 13.8% | |||||||
BlackRock, Inc. - Class A | 8,635 | 6,798,508 | |||||
JPMorgan Chase & Co. | 74,515 | 15,071,404 | |||||
Mastercard, Inc. - Class A | 35,505 | 15,663,386 | |||||
Morgan Stanley | 129,195 | 12,556,462 | |||||
The Blackstone Group Inc. - Class A | 106,060 | 13,130,228 | |||||
63,219,988 | |||||||
Health Care Services – 8.2% | |||||||
Novo Nordisk AS - ADR | 51,000 | 7,279,740 | |||||
Thermo Fisher Scientific, Inc. | 26,635 | 14,729,155 | |||||
UnitedHealth Group, Inc. | 30,790 | 15,680,115 | |||||
37,689,010 | |||||||
Insurance – 2.4% | |||||||
Chubb Ltd. | 41,960 | 10,703,157 | |||||
Office Equipment – 4.8% | |||||||
Apple, Inc. | 104,180 | 21,942,392 | |||||
Pipelines – 2.8% | |||||||
Williams Companies, Inc. | 303,245 | 12,887,913 | |||||
Property Management – 2.5% | |||||||
CBRE Group, Inc. - Class A(a) | 129,325 | 11,524,151 | |||||
1 |
Shares | Value | ||||||
COMMON STOCKS (Continued) | |||||||
Restaurants – 2.0% | |||||||
McDonald’s Corp. | 36,270 | $9,243,047 | |||||
Retail – 2.8% | |||||||
TJX Companies, Inc. | 115,925 | 12,763,343 | |||||
Semiconductors – 5.7% | |||||||
NVIDIA Corp. | 211,550 | 26,134,887 | |||||
Services – 11.6% | |||||||
Accenture PLC - Class A | 34,325 | 10,414,548 | |||||
Alphabet, Inc. - Class A | 44,825 | 8,164,874 | |||||
Alphabet, Inc. - Class C | 95,020 | 17,428,568 | |||||
Amazon.com, Inc.(a) | 88,290 | 17,062,043 | |||||
53,070,033 | |||||||
Software – 9.6% | |||||||
Adobe Systems, Inc.(a) | 19,760 | 10,977,470 | |||||
Ansys, Inc.(a) | 21,600 | 6,944,400 | |||||
Microsoft Corp. | 58,350 | 26,079,533 | |||||
44,001,403 | |||||||
Specialty Retail – 11.2% | |||||||
AutoZone, Inc.(a) | 5,065 | 15,013,166 | |||||
BorgWarner, Inc. | 175,675 | 5,663,762 | |||||
Crocs, Inc.(a) | 78,165 | 11,407,400 | |||||
Home Depot, Inc. | 40,640 | 13,989,914 | |||||
Nike, Inc. - Class B | 69,730 | 5,255,550 | |||||
51,329,792 | |||||||
Telecommunications – 1.8% | |||||||
American Tower Corp. - REIT | 41,895 | 8,143,550 | |||||
TOTAL COMMON STOCKS (Cost $194,785,425) | 443,517,695 | ||||||
SHORT-TERM INVESTMENTS – 3.1% | |||||||
Money Market Funds – 3.1% | |||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.24%(b) | 14,071,415 | 14,071,415 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $14,071,415) | 14,071,415 | ||||||
TOTAL INVESTMENTS – 100.0% (Cost $208,856,840) | $457,589,110 | ||||||
Liabilities in Excess of Other Assets - 0.0%(c) | (191,987) | ||||||
TOTAL NET ASSETS – 100.0% | $457,397,123 | ||||||
2 |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(c) | Represents less than 0.05% of net assets. |
3 |
ASSETS: | ||||
Investments, at value (cost $208,856,840) | $457,589,110 | |||
Receivable for fund shares sold | 3,564 | |||
Dividends receivable | 142,241 | |||
Interest receivable | 59,063 | |||
Prepaid expenses | 19,086 | |||
Total assets | 457,813,064 | |||
LIABILITIES: | ||||
Payable for fund shares redeemed | 3,711 | |||
Investment advisory fee payable (Note 4) | 280,570 | |||
Payable for fund administration and accounting fees | 85,486 | |||
Accrued expenses and other payables | 46,174 | |||
Total liabilities | 415,941 | |||
NET ASSETS | $457,397,123 | |||
Net Assets Consist of: | ||||
Capital stock | $199,272,272 | |||
Total distributable earnings | 258,124,851 | |||
TOTAL NET ASSETS | 457,397,123 | |||
Shares outstanding (unlimited shares authorized, no par value) | 12,580,543 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $36.36 | |||
4 |
INVESTMENT INCOME: | ||||
Dividend income | $2,671,591 | |||
Interest income | 389,834 | |||
Less: foreign taxes withheld | (6,635) | |||
Total investment income | 3,054,790 | |||
EXPENSES: | ||||
Investment advisory fees (Note 4) | 1,628,672 | |||
Fund administration and accounting fees | 188,212 | |||
Legal fees | 21,098 | |||
Trustees’ fees and expenses (Note 4) | 18,652 | |||
Federal and state registration fees | 17,384 | |||
Transfer agent fees and expenses | 17,196 | |||
Insurance expense | 11,284 | |||
Custody fees | 10,468 | |||
Audit and tax fees | 8,822 | |||
Reports to shareholders | 4,576 | |||
Miscellaneous expenses | 3,816 | |||
Total expenses | 1,930,180 | |||
Net Investment Income | 1,124,610 | |||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||
Net realized gain on investment transactions | 4,326,176 | |||
Change in unrealized appreciation on investments | 28,963,271 | |||
Net realized and unrealized gain on investments | 33,289,447 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $34,414,057 | |||
5 |
Evercore Equity Fund | |||||||
For Period Ended June 30, 2024 (Unaudited) | For the Year Ended December 31, 2023 | ||||||
OPERATIONS: | |||||||
Net investment income | $1,124,610 | $2,083,548 | |||||
Net realized gain on investment transactions | 4,326,176 | 7,236,169 | |||||
Change in unrealized appreciation on investments | 28,963,271 | 78,810,843 | |||||
Net increase in net assets resulting from operations | 34,414,057 | 88,130,560 | |||||
CAPITAL SHARE TRANSACTIONS: | |||||||
Proceeds from shares sold | 34,094,102 | 31,205,914 | |||||
Cost of shares redeemed | (15,980,458) | (26,190,672) | |||||
Reinvested distributions | — | 783,549 | |||||
Net increase in net assets resulting from capital share transactions | 18,113,644 | 5,798,791 | |||||
Distributions to Shareholders | — | (2,088,290) | |||||
Total Increase In Net Assets | 52,527,701 | 91,841,061 | |||||
NET ASSETS: | |||||||
Beginning of period | 404,869,422 | 313,028,361 | |||||
End of period | $457,397,123 | $404,869,422 | |||||
6 |
Six Months Ended June 30, 2024 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $33.58 | $26.38 | $33.65 | $26.81 | $21.80 | $16.10 | $17.32 | $14.07 | $13.40 | $14.39 | $13.23 | |||||||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||||||||||
Net investment income(1) | 0.09 | 0.17 | 0.15 | 0.01 | 0.01 | 0.08 | 0.02 | 0.02 | 0.02 | 0.04 | 0.02 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.69 | 7.20 | (7.27) | 7.88 | 5.24 | 6.11 | (0.88) | 3.55 | 0.69 | (0.37) | 2.07 | |||||||||||||||||||||||
Total from investment operations | 2.78 | 7.37 | (7.12) | 7.89 | 5.25 | 6.19 | (0.86) | 3.57 | 0.71 | (0.33) | 2.09 | |||||||||||||||||||||||
LESS DISTRIBUTIONS: | ||||||||||||||||||||||||||||||||||
Distributions from net investment income | — | (0.17) | (0.15) | (0.00)(2) | (0.02) | (0.08) | (0.04) | (0.05) | (0.03) | (0.04) | (0.02) | |||||||||||||||||||||||
Distributions from net realized gains from security transactions | — | — | 0.00 | (1.05) | (0.22) | (0.41) | (0.32) | (0.27) | (0.01) | (0.62) | (0.91) | |||||||||||||||||||||||
Total distributions | — | (0.17) | (0.15) | (1.05) | (0.24) | (0.49) | (0.36) | (0.32) | (0.04) | (0.66) | (0.93) | |||||||||||||||||||||||
Net asset value, end of period | $36.36 | $33.58 | $26.38 | $33.65 | $26.81 | $21.80 | $16.10 | $17.32 | $14.07 | $13.40 | $14.39 | |||||||||||||||||||||||
Total return | 8.28 % | 27.95 % | (21.17) % | 29.46 % | 24.12 % | 38.46 % | (4.94) % | 25.35 % | 5.31 % | (2.30) % | 15.74 % | |||||||||||||||||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $457,397 | $404,869 | $313,028 | $380,175 | $271,393 | $203,115 | $137,523 | $143,081 | $114,616 | $109,354 | $97,184 | |||||||||||||||||||||||
Ratio of operating expenses to average net assets, before reimbursements/ recoupment: | 0.89 % | 0.93 % | 0.93 % | 0.95 % | 0.98 % | 0.99 % | 1.02 % | 1.06 % | 1.07 % | 1.07 % | 1.29 % | |||||||||||||||||||||||
Ratio of operating expenses to average net assets, net of reimbursements/ recoupment: | 0.89 % | 0.93 % | 0.93 % | 0.96 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets, before reimbursements/ recoupment: | 0.52 % | 0.59 % | 0.53 % | 0.05 % | 0.10 % | 0.43 % | 0.11 % | 0.06 % | 0.08 % | 0.27 % | (0.14) % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets, net of reimbursements/ recoupment: | 0.52 % | 0.59 % | 0.53 % | 0.04 % | 0.08 % | 0.42 % | 0.13 % | 0.12 % | 0.16 % | 0.34 % | 0.15 % | |||||||||||||||||||||||
Portfolio turnover rate | 1.53 % | 9.66 % | 11.68 % | 9.12 % | 8.13 % | 15.11 % | 14.13 % | 10.73 % | 22.60 % | 23.52 % | 21.53 % | |||||||||||||||||||||||
(1) | Net investment income (loss) per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(2) | Amount per share is less than $0.01. |
7 |
(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 listed securities for which there were no transactions are valued at the last sale 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. |
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. |
8 |
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||
Common Stocks* | $443,517,695 | $ — | $ — | $443,517,695 | |||||||||
Short-Term Investment | 14,071,415 | — | — | 14,071,415 | |||||||||
Total Investments | $457,589,110 | $— | $— | $457,589,110 | |||||||||
* | 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. |
(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. 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. |
9 |
Six Months Ended June 30, 2024 | Year Ended December 31, 2023 | ||||||
Shares Sold | 985,860 | 1,047,307 | |||||
Shares Redeemed | (461,116) | (881,004) | |||||
Shares Reinvested | — | 23,258 | |||||
Net Increase | 524,744 | 189,561 | |||||
Shares Outstanding: | |||||||
Beginning of Year | 12,055,799 | 11,866,238 | |||||
End of Year | 12,580,543 | 12,055,799 | |||||
Cost of Investments | $186,683,230 | |||
Gross tax unrealized appreciation | $223,725,787 | |||
Gross tax unrealized depreciation | (5,298,102) | |||
Net unrealized appreciation | 218,427,685 | |||
Undistributed ordinary income | 99,042 | |||
Undistributed long-term capital gain | 5,184,067 | |||
Other accumulated loss | — | |||
Distributable earnings | $223,710,794 | |||
10 |
2023 | 2022 | ||||||
Ordinary Income | $2,088,290 | $1,737,257 | |||||
Long-Term Capital Gain | $— | $5,112 | |||||
11 |
12 |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. 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. Not applicable for semi-annual reports |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable for semi-annual reports.
(4) 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.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs.
(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 | 9/6/24 |
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 | 9/6/24 |
By (Signature and Title)* | /s/ Dianna Caban | ||
Dianna Caban, Treasurer |
Date | 9/5/24 |
* Print the name and title of each signing officer under his or her signature.