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Wall Street EWM Funds Trust
2025-12-31
Evercore Equity Fund
Evercore Equity Fund
EWMCX
2025-12-31
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Evercore Equity Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">January 1, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">December 31, 2025. </span>
annual shareholder report
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">http://www.evercoreequityfund.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-800-443-4693</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span>
http://www.evercoreequityfund.com
1-800-443-4693
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;">
<tr style="height:1px;">
<td style="height:1px;width:50%;background-color:#E6FAFF;"></td>
<td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td>
<td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Fund Name</b></span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Evercore Equity Fund</span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$95</span></div>
</td>
<td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">0.90%</span></div>
</td>
</tr>
</table></div>
95
0.0090
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Evercore Equity Fund (EWMCX) gained 11.22% in 2025 while the S&P 500 gained 17.88%. The year was marked by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">significant volatility related to tariffs in the Spring and then steady gains throughout the rest of the year. The year 2025 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">was the second year in a row of solid positive returns but that the fund had relative underperformance to the S&P 500.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">During 2024, much of the fund’s relative underperformance was due to underweight positions to the “Magnificent 7” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">(Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla) which powered the market. In 2025, the best performing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">sectors of the stock market were related to momentum and unprofitable technology stocks while one of the worst </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">performing sectors were “Quality” companies as defined by high returns on invested capital (ROIC) and good free cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">flow (FCF). We have historically eschewed the former and embraced the latter which negatively impacted performance. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">addition, we made several decisions -both of omission and commission - that hurt our absolute and relative performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">In 2024 we purchased Novo Nordisk and Fiserv. Our investment thesis for each of these companies quickly unraveled. We </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">sold both at considerable losses in 2025. Our acts of omission were holding for too long stocks that had performed well </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">but had significant challenges. Both United Health and Celanese were sold in 2025 at large gains from original purchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">but down close to 50% from relatively recent highs.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">In response to the changing market dynamics and our relative underperformance, we made a number of changes to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">fund. During the year our turnover was higher than in any of the last ten years. Overall, we sold eleven holdings and added </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">five in addition to other adds and trims to existing positions. Throughout this process, we were true to our investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">philosophy and were careful to maintain our investment discipline. We believe that the portfolio is well positioned for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">current environment.</span></div>
<div><img alt="image" src="ts6328img003.jpg" style="width:88.88888888888889%"/></div>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:47.530575539568346%;"></td>
<td style="height:1px;width:17.489208633093526%;"></td>
<td style="height:1px;width:17.140287769784173%;"></td>
<td style="height:1px;width:17.83992805755396%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>TF (without sales charge)</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">11.22</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">10.66</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">13.60</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>S&P 500 TR</b></span>
</div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">17.88</span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">14.42</span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">14.82</span></div>
</td>
</tr>
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TF (without sales charge)
0.1122
0.1066
0.1360
S&P 500 TR
0.1788
0.1442
0.1482
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">http://www.evercoreequityfund.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div>
The Fund’s past performance is not a good predictor of how the Fund will perform in the future.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect the </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">December 31, 2025)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:74.41007194244604%;"></td>
<td style="height:1px;width:25.58992805755396%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$505,905,379</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">31</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$3,647,603</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">17%</span></div>
</td>
</tr>
</table></div>
505905379
31
3647603
0.17
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">December 31, 2025)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8.25pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:81.23020257826887%;"></td>
<td style="height:1px;width:18.769797421731123%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Sectors</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(%) of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Financials</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">23.8%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Information Technology</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">23.1%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Consumer Discretionary</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">19.5%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Industrials</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.8%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Communication Services</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.3%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Energy</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.4%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Real Estate</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.6%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Health Care</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.1%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cash & Other</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1.4%</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:0pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:81.23020257826887%;"></td>
<td style="height:1px;width:18.769797421731123%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(%) of net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Alphabet, Inc.</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.3%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">NVIDIA Corp.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.0%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Microsoft Corp.</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.8%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Apple, Inc.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.0%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Morgan Stanley</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Amazon.com, Inc.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.5%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">JPMorgan Chase & Co.</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.2%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Comfort Systems USA, Inc.</span></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.2%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Mastercard, Inc.</span></span>
</div>
</td>
<td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.1%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Viking Holdings Ltd.</span></span>
</div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.9%</span></div>
</td>
</tr>
</table></div>
0.238
0.231
0.195
0.098
0.093
0.054
0.046
0.031
0.014
0.093
0.090
0.058
0.050
0.049
0.045
0.042
0.042
0.041
0.039
http://www.evercoreequityfund.com.
10000
10531
13200
12548
17374
21573
27916
22006
28156
32190
35802
10000
11196
13640
13042
17149
20304
26132
21399
27025
33786
39827