N-CSR

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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 811-22858

WST Investment Trust

(Exact name of registrant as specified in charter)

150 W. Main Street, Suite 1700 Norfolk, VA	23510-1666
(Address of principal executive offices)	(Zip code)

Simon H. Berry

Ultimus Fund Solutions, LLC        225 Pictoria Drive, Suite 450        Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: (866) 515-4626

Date of fiscal year end:	August 31
Date of reporting period:	August 31, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

WST INVESTMENT TRUST WSTCM SECTOR SELECT RISK-MANAGED FUND WSTCM CREDIT SELECT RISK-MANAGED FUND Annual Report August 31, 2018
Investment Adviser Wilbanks, Smith & Thomas Asset Management, LLC, d/b/a WST Capital Management 150 W. Main, Suite 1700 Norfolk, VA 23510	Administrator Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, Ohio 45246-0707 1-866-515-4626

WST INVESTMENT TRUST
LETTER TO SHAREHOLDERS October 12, 2018

Dear Shareholder:

Thank you for being a shareholder of WST Investment Trust Funds. WST Capital Management (“WST”) values your investment in the Funds and your trust in our strategies.

The WSTCM Sector Select Risk-Managed Fund (the “Sector Fund”) investment process is based on a proprietary quantitative model designed to make investment decisions and allocate investments among the various primary sectors of the S&P 500^® Index (“Sector Investments”), fixed income securities (“Fixed Income Investments”) and gold-related securities (“Gold Investments”).

As of August 31, 2018, the Sector Fund had net assets of $16.59 million, and was allocated 69% to Sector Investments, 24.9% to Fixed Income Investments, 4.9% to Gold Investments and 1.3% to cash equivalents.

The Sector Investments are managed to provide systematic exposures to sectors that share the common characteristic of positive momentum. For example, a sector is considered to have positive momentum if it has performed well in the prior twelve months relative to other sectors in the Fund’s investment universe. The Fund’s Sector Investments universe consists of the primary sectors¹ of the S&P 500^® Index (i.e. consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials and utilities).

For the twelve-month period ended August 31, 2018, the Institutional Shares of the Sector Fund had a total return of 11.02%. During this time, the S&P^® 500 Index gained 19.66%. In the twelve months trailing August 31, 2018, the S&P 500^® Index has steadily risen, advancing on a strong US economy as well as strong corporate earnings accented by fiscal stimulus early in the year. Although the S&P 500 saw a technical correction in February (drawing down approximately 10% from its ten-year high and driving a surge in volatility), the six months ended August 31, 2018 were more than sufficient to restore and push past previous highs for the index, as volatility dissipated.

During the last twelve months of strong equity markets, the Sector Fund had been “fully” invested in the first seven months of the period - i.e., has held the maximum allowable allocation in sector funds. As a result of volatility experienced early in the year, the Sector Fund has been positioned moderately as the model awaits the solidification of momentum trends in equity. Since April, the strategy has held three sectors versus the typical four, overweighting one sector at 48% and holding two others at an allocation of roughly 10%. The remaining exposure has seen an allocation to floating-rate fixed income at around 20%, in addition to the structural allocations to investment-grade aggregate fixed income and gold. During the twelve-month period ended August 31,

¹ The universe excludes ETFs dedicated to Telecommunications and Real Estate, which as of August 31, 2016 are recognized as stand-alone S&P 500 sectors. Real Estate Investment Trusts (REITs) continue to be classified as Financials sector investments.

1

2018, the Sector Fund’s underperformance was due in large part to the drag caused by the structural allocation to fixed income securities and gold-related securities. We would remind investors that when U.S. equity markets are broadly positive, the Sector Fund will lag due to its maximum allowable allocation to equity.

In more recent periods (specifically the six months ended August 31, 2018), due mainly to the moderate positioning in the context of a rapidly recovering market, the Sector Fund has lagged, adding 2.30% versus 7.96% for the S&P^® 500 Index.

The WSTCM Credit Select Risk-Managed Fund (the “Credit Fund”) investment process allocates assets between high-yield securities and investment grade securities using a proprietary quantitative model. This strategy employs a combination of short-, intermediate-, and long-term trend-following techniques to identify periods of favorable or unfavorable market conditions for high-yield and investment grade securities. In allocating portfolio investments between high-yield securities and investment grade securities including floating-rate funds, WST may consider multiple factors, including those related to credit, duration, Federal Reserve policy and its expectations for the future course of interest rates and the then-prevailing price and yield levels in the debt market. WST selects securities for their potential for interest income, capital appreciation, or both.

As of August 31, 2018, the Credit Fund had net assets of $87.94 million, allocated 86.01% to high-yield securities, 13.80% to investment-grade floating rate fixed income and 0.30% to cash equivalents.

For the twelve-month period ended August 31, 2018, the Institutional Shares of the Credit Fund had a total return of 0.97%. During that time, the Bloomberg Barclays U.S. Corporate High Yield Bond Index gained 3.40% and the Bloomberg Barclays U.S. Aggregate Bond Index gained -1.05%.

Non-investment grade securities have been a uniquely stable asset in a challenging environment for core fixed income, enjoying a moderate year-to-date return of 2.00% versus a year-to-date loss of -0.96% for the Bloomberg Barclays U.S. Aggregate Bond Index as of August 31, 2018. The Credit Fund held an essentially maximum high yield position for the first four months of the twelve-month period, while defensively rotating into investment-grade fixed income and cash in the last two-thirds of the period. The intra-month rotations by the Credit Fund reflected some volatility in the high yield markets as investors watched oil price movements and other factors driving credit risk. While the Credit Fund outperformed the secondary index, underperformance of the Bloomberg Barclays U.S. Corporate High Yield Bond Index by the Credit Fund was largely the function of efforts to trade around intra-month volatility affecting high yield. In the effort to rotate away from high yield without adding duration risk through exposure to intermediate or longer-dated investment-grade exposure, the Credit Fund has generally held floating-rate fixed income.

2

In conclusion, markets change over time, and although we may not know when these changes will occur, we do know that changing markets bring new investment opportunities. The WST Investment Trust Funds aim to capitalize on these opportunities as they arise. We look forward to providing you with Funds that we believe will capture the benefits of rules-based investing founded on sound academic and industry research.

Sincerely,

Roger H. Scheffel Jr., Portfolio Manager
WST Capital Management
a division of Wilbanks, Smith & Thomas Asset Management, LLC

Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. For performance information current to the most recent month-end, please call 1-866-515-4626.

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. Each Fund’s prospectus contains this and other important information. To obtain a copy of each Fund’s prospectus please visit the Funds’ website at www.wstcmfunds.com or call 1-866-515-4626 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Funds are distributed by Ultimus Fund Distributors, LLC.

The Letter to Shareholders seeks to describe some of the Advisor’s current opinions and views of the financial markets. Although the Advisor believes it has a reasonable basis for any opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed.

3

WSTCM SECTOR SELECT RISK-MANAGED FUND
PERFORMANCE INFORMATION
August 31, 2018 (Unaudited)

Comparison of the Change in Value of a $100,000 Investment in
WSTCM Sector Select Risk-Managed Fund -
Institutional Class^(a) and the S&P 500^® Index

Average Annual Total Returns (for the periods ended August 31, 2018)
	1 Year	Since Inception(c)
WSTCM Sector Select Risk-Managed Fund - Institutional Class (b)	11.02%	5.06%
WSTCM Sector Select Risk-Managed Fund - Investor Class (b)	10.70%	4.80%
S&P 500® Index	19.66%	13.16%

(a)	The line graph above represents performance of the Institutional Class only, which will vary from the performance of the Investor Class based on the difference in fees paid by shareholders in the different classes.
(b)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or distributions are reinvested in the shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	The Fund commenced operations on December 16, 2013.

4

WSTCM CREDIT SELECT RISK-MANAGED FUND
PERFORMANCE INFORMATION
August 31, 2018 (Unaudited)

Comparison of the Change in Value of a $100,000 Investment in
WSTCM Credit Select Risk-Managed Fund - Institutional Class^(a) and
the Bloomberg Barclays U.S. Corporate High Yield Bond Index

Average Annual Total Returns (for the periods ended August 31, 2018)
	1 Year	Since Inception(c)
WSTCM Credit Select Risk-Managed Fund - Institutional Class (b)	0.97%	3.62%
WSTCM Credit Select Risk-Managed Fund - Investor Class (b)	0.64%	3.38%
Bloomberg Barclays U.S. Corporate High Yield Bond Index	3.40%	5.09%

(a)	The line graph above represents performance of the Institutional Class only, which will vary from the performance of the Investor Class based on the difference in fees paid by shareholders in the different classes.
(b)	Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	The Fund commenced operations on September 30, 2014.

5

WST INVESTMENT TRUST
PORTFOLIO INFORMATION
August 31, 2018 (Unaudited)

WSTCM Sector Select Risk-Managed Fund
Sector Diversification
(% of Net Assets)

WSTCM Credit Select Risk-Managed Fund
Investment Strategy Allocation
(% of Net Assets)

6

WSTCM SECTOR SELECT RISK-MANAGED FUND SCHEDULE OF INVESTMENTS August 31, 2018
EXCHANGE-TRADED FUNDS — 98.7%	Shares		Value
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		15,350	$	1,635,067
Invesco S&P 500® Equal Weight Energy ETF		26,300		1,618,765
Invesco S&P 500® Equal Weight Technology ETF (a)		48,300		8,184,918
iShares Core U.S. Aggregate Bond ETF		7,875		837,979
iShares Floating Rate Bond ETF		64,300		3,283,158
SPDR® Gold Shares (b)		7,175		814,434
TOTAL EXCHANGE-TRADED FUNDS (Cost $15,928,965)			$	16,374,321

MONEY MARKET FUNDS — 1.3%	Shares		Value
Fidelity Institutional Money Market Government Portfolio - Class I, 1.82% (c)		71,111	$	71,111
First American Treasury Obligations Fund - Class Z, 1.83% (b)		69,019		69,019
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Shares, 1.85% (c)		69,019		69,019
TOTAL MONEY MARKET FUNDS (Cost $209,149)			$	209,149
TOTAL INVESTMENTS AT VALUE — 100.0% (Cost $16,138,114)			$	16,583,470
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (d)				4,904
NET ASSETS — 100.0%			$	16,588,374

(a)	Represents 25% or more of net assets (Note 6).
(b)	Non-income producing security.
(c)	The rate shown is the 7-day effective yield as of August 31, 2018.
(d)	Percentage rounds to less than 0.1%.
See accompanying notes to financial statements.

7

WSTCM CREDIT SELECT RISK-MANAGED FUND SCHEDULE OF INVESTMENTS August 31, 2018
EXCHANGE-TRADED FUNDS — 23.7%	Shares		Value
iShares 0-5 Year High Yield Corporate Bond ETF		129,320	$	6,079,333
iShares iBoxx $ High Yield Corporate Bond ETF		11,850		1,023,366
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		62,110		6,248,266
SPDR® Bloomberg Barclays High Yield Bond ETF		39,400		1,418,400
SPDR® Bloomberg Barclays Short Term High Yield Bond ETF		220,750		6,081,663
TOTAL EXCHANGE-TRADED FUNDS (Cost $20,660,186)			$	20,851,028

OPEN-END FUNDS — 76.0%	Shares		Value
BlackRock High Yield Bond Portfolio - Institutional Class		793,706	$	6,087,725
Eaton Vance High Income Opportunities Fund - Class I		855,656		3,790,557
Eaton Vance Income Fund of Boston - Institutional Class		677,206		3,799,124
Fidelity Advisor Floating Rate High Income Fund - Class I		419,134		4,027,873
Franklin High Income Fund - Advisor Class		2,754,324		5,095,499
Guggenheim Floating Rate Strategies Fund – Institutional Class		155,657		4,025,287
Janus Henderson High-Yield Fund - Class I		490,066		4,043,041
JPMorgan High Yield Fund - Class I		702,549		5,100,509
Lord Abbett Floating Rate Fund - Class I		440,031		4,026,283
Lord Abbett High Yield Fund - Class I		807,061		6,061,028
MainStay MacKay High Yield Corporate Bond Fund – Class I		899,373		5,072,461
PIMCO High Yield Fund - Institutional Class		579,615		5,071,629
Principal High Yield Fund - Institutional Class		1		6
Semper MBS Total Return Fund – Institutional Class		623,578		6,634,866
Voya Floating Rate Fund – Class I		409,847		4,032,899
TOTAL OPEN-END FUNDS (Cost $67,151,295)			$	66,868,787

See accompanying notes to financial statements.

8

WSTCM CREDIT SELECT RISK-MANAGED FUND SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS — 0.2%	Shares		Value
Fidelity Institutional Money Market Government Portfolio - Class I, 1.82% (a)		50,339	$	50,339
First American Treasury Obligations Fund - Class Z, 1.83% (a)		48,858		48,858
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Shares, 1.85% (a)		48,858		48,858
TOTAL MONEY MARKET FUNDS (Cost $148,055)			$	148,055
TOTAL INVESTMENTS AT VALUE — 99.9% (Cost $87,959,536)			$	87,867,870
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				67,520
NET ASSETS — 100.0%			$	87,935,390

(a)	The rate shown is the 7-day effective yield as of August 31, 2018.
See accompanying notes to financial statements.

9

WST INVESTMENT TRUST STATEMENTS OF ASSETS AND LIABILITIES August 31, 2018
	Sector Select Risk-Managed Fund		Credit Select Risk-Managed Fund
ASSETS
Investments in securities:
At cost	$	16,138,114	$	87,959,536
At value (Note 2)	$	16,583,470	$	87,867,870
Receivable for capital shares sold		—		4,510
Receivable for securities sold		—		72,584
Dividends receivable		508		291,607
Receivable from Adviser (Note 4)		2,822		—
Other assets		14,823		24,991
TOTAL ASSETS		16,601,623		88,261,562
LIABILITIES
Payable for capital shares redeemed		—		246,772
Payable to Adviser (Note 4)		—		45,535
Payable to administrator (Note 4)		7,640		13,860
Accrued distribution fees (Note 4)		189		13,465
Other accrued expenses		5,420		6,540
TOTAL LIABILITIES		13,249		326,172
NET ASSETS	$	16,588,374	$	87,935,390
NET ASSETS CONSIST OF:
Paid-in capital	$	14,548,213	$	88,185,706
Undistributed net investment income		—		1,852,018
Accumulated net realized gains (losses) from investment transactions		1,594,805		(2,010,668	)
Net unrealized appreciation (depreciation) on investments		445,356		(91,666	)
NET ASSETS	$	16,588,374	$	87,935,390
PRICING OF INSTITUTIONAL SHARES
Net assets applicable to Institutional Shares	$	15,682,795	$	25,084,833
Shares of Institutional Shares outstanding (no par value, unlimited number of shares outstanding)		1,307,469		2,440,848
Net asset value, offering and redemption price per share (Note 2)	$	11.99	$	10.28
PRICING OF INVESTOR SHARES
Net assets applicable to Investor Shares	$	905,579	$	62,850,557
Shares of Investor Shares outstanding (no par value, unlimited number of shares outstanding)		76,068		6,141,090
Net asset value, offering and redemption price per share (Note 2)	$	11.90	$	10.23

See accompanying notes to financial statements.

10

WST INVESTMENT TRUST STATEMENTS OF OPERATIONS For the Year Ended August 31, 2018
	Sector Select Risk-Managed Fund			Credit Select Risk-Managed Fund
INVESTMENT INCOME
Dividends	$	194,631		$	4,370,449
EXPENSES
Investment advisory fees (Note 4)		123,073			629,269
Distribution fees, Investor Class (Note 5)		2,166			155,067
Administration fees (Note 4)		30,000			104,858
Professional fees		53,331			53,331
Fund accounting fees (Note 4)		37,637			46,487
Registration and filing fees		32,283			33,481
Transfer agent fees, Institutional Class (Note 4)		12,000			12,000
Transfer agent fees, Investor Class (Note 4)		12,000			15,250
Custodian and bank service fees		5,532			13,013
Insurance expense		7,525			7,525
Printing of shareholder reports		2,266			11,884
Trustees’ fees and expenses (Note 4)		6,400			6,400
Other expenses		14,311			21,066
TOTAL EXPENSES		338,524			1,109,631
Fee waivers and expense reimbursements by the Adviser (Note 4)		(131,249	)		—
NET EXPENSES		207,275			1,109,631
NET INVESTMENT INCOME (LOSS)		(12,644	)		3,260,818
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions		1,664,791			(1,863,566	)
Long-term capital gain distributions from regulated investment companies		—			4,325
Net change in unrealized appreciation (depreciation) on investments		44,627			(881,931	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		1,709,418			(2,741,172	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,696,774		$	519,646

See accompanying notes to financial statements.

11

WSTCM SECTOR SELECT RISK-MANAGED FUND STATEMENTS OF CHANGES IN NET ASSETS
	Year Ended August 31, 2018			Year Ended August 31, 2017
FROM OPERATIONS
Net investment loss	$	(12,644	)	$	(8,377	)
Net realized gains from investment transactions		1,664,791			993,329
Net change in unrealized appreciation (depreciation) on investments		44,627			(166,548	)
Net increase in net assets resulting from operations		1,696,774			818,404
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
Institutional Shares
From net investment income		—			(36,318	)
From realized capital gains on investments		(71,980	)		—
Investor Shares
From net investment income		—			(1,273	)
From realized capital gains on investments		(3,996	)		—
Decrease in net assets from distributions to shareholders		(75,976	)		(37,591	)
CAPITAL SHARE TRANSACTIONS
Institutional Shares
Proceeds from shares sold		46,700			1,214,580
Net asset value of shares issued in reinvestment of distributions		71,980			36,318
Payments for shares redeemed		(1,376,715	)		(3,395,093	)
Net decrease in Institutional Shares net assets from capital share transactions		(1,258,035	)		(2,144,195	)
Investor Shares
Proceeds from shares sold		23,523			1,600
Net asset value of shares issued in reinvestment of distributions		3,996			1,273
Payments for shares redeemed		(15,536	)		(175,894	)
Net increase (decrease) in Investor Shares net assets from capital share transactions		11,983			(173,021	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		374,746			(1,536,403	)
NET ASSETS
Beginning of year		16,213,628			17,750,031
End of year	$	16,588,374		$	16,213,628
ACCUMULATED NET INVESTMENT LOSS	$	—		$	(16,320	)

See accompanying notes to financial statements.

12

WSTCM SECTOR SELECT RISK-MANAGED FUND STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Year Ended August 31, 2018			Year Ended August 31, 2017
CAPITAL SHARE ACTIVITY
Institutional Shares
Shares sold		4,145			116,617
Shares reinvested		6,237			3,526
Shares redeemed		(122,050	)		(323,237	)
Net decrease in shares outstanding		(111,668	)		(203,094	)
Shares outstanding, beginning of year		1,419,137			1,622,231
Shares outstanding, end of year		1,307,469			1,419,137
Investor Shares
Shares sold		2,061			149
Shares reinvested		348			124
Shares redeemed		(1,348	)		(16,793	)
Net increase (decrease) in shares outstanding		1,061			(16,520	)
Shares outstanding, beginning of year		75,007			91,527
Shares outstanding, end of year		76,068			75,007

See accompanying notes to financial statements.

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WSTCM CREDIT SELECT RISK-MANAGED FUND STATEMENTS OF CHANGES IN NET ASSETS
	Year Ended August 31, 2018			Year Ended August 31, 2017
FROM OPERATIONS
Net investment income	$	3,260,818		$	3,134,262
Net realized gains (losses) from investment transactions		(1,863,566	)		3,328,542
Long-term capital gain distributions from regulated investment companies		4,325			—
Net change in unrealized depreciation on investments		(881,931	)		(2,957,207	)
Net increase in net assets resulting from operations		519,646			3,505,597
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
Institutional Shares
From net investment income		(1,638,144	)		(654,035	)
From realized capital gains on investments		(1,220,681	)		—
Investor Shares
From net investment income		(1,975,165	)		(1,608,725	)
From realized capital gains on investments		(1,573,322	)		—
Decrease in net assets from distributions to shareholders		(6,407,312	)		(2,262,760	)
CAPITAL SHARE TRANSACTIONS
Institutional Shares
Proceeds from shares sold		17,763,029			30,688,289
Net asset value of shares issued in reinvestment of distributions		2,858,484			654,035
Payments for shares redeemed		(40,096,868	)		(4,765,113	)
Net increase (decrease) in Institutional Shares net assets from capital share transactions		(19,475,355	)		26,577,211
Investor Shares
Proceeds from shares sold		10,017,839			11,390,126
Net asset value of shares issued in reinvestment of distributions		3,548,487			1,608,280
Payments for shares redeemed		(7,296,232	)		(3,727,964	)
Net increase in Investor Shares net assets from capital share transactions		6,270,094			9,270,442
TOTAL INCREASE (DECREASE) IN NET ASSETS		(19,092,927	)		37,090,490
NET ASSETS
Beginning of year		107,028,317			69,937,827
End of year	$	87,935,390		$	107,028,317
UNDISTRIBUTED NET INVESTMENT INCOME	$	1,852,018		$	2,205,866

See accompanying notes to financial statements.

14

WSTCM CREDIT SELECT RISK-MANAGED FUND STATEMENTS OF CHANGES IN NET ASSETS (Continued)
	Year Ended August 31, 2018			Year Ended August 31, 2017
CAPITAL SHARE ACTIVITY
Institutional Shares
Shares sold		1,691,093			2,867,195
Shares reinvested		280,518			62,828
Shares redeemed		(3,898,150	)		(445,048	)
Net increase (decrease) in shares outstanding		(1,926,539	)		2,484,975
Shares outstanding, beginning of year		4,367,387			1,882,412
Shares outstanding, end of year		2,440,848			4,367,387
Investor Shares
Shares sold		967,671			1,068,132
Shares reinvested		348,917			154,940
Shares redeemed		(708,870	)		(349,255	)
Net increase in shares outstanding		607,718			873,817
Shares outstanding, beginning of year		5,533,372			4,659,555
Shares outstanding, end of year		6,141,090			5,533,372

See accompanying notes to financial statements.

15

WSTCM SECTOR SELECT RISK-MANAGED FUND INSTITUTIONAL SHARES FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Period Ended August 31, 2014(a)
Net asset value at beginning of period	$	10.85		$	10.36		$	10.85		$	10.68		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (b)		(0.01	)(c)		(0.01	)		0.03			0.01			0.01
Net realized and unrealized gains (losses) on investments		1.20			0.52			(0.16	)		0.26			0.69
Total from investment operations		1.19			0.51			(0.13	)		0.27			0.70
Less distributions:
From net investment income		—			(0.02	)		(0.02	)		(0.03	)		(0.02	)
From net realized capital gains		(0.05	)		—			(0.34	)		(0.07	)		—
Total distributions		(0.05	)		(0.02	)		(0.36	)		(0.10	)		(0.02	)
Net asset value at end of period	$	11.99		$	10.85		$	10.36		$	10.85		$	10.68
Total return (d)		11.02	%		4.96	%		(1.26	%)		2.51	%		6.97	%(e)
Net assets at end of period (000’s)	$	15,683		$	15,404		$	16,805		$	16,969		$	11,034
Ratios/supplementary data:
Ratio of total expenses to average net assets (f)		1.88	%		1.82	%		1.74	%		1.84	%		2.85	%(g)
Ratio of net expenses to average net assets (f) (h)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%(g)
Ratio of net investment income (loss) to average net assets (b) (h)		(0.06	%)		(0.04	%)		0.24	%		0.04	%		0.03	%(g)
Portfolio turnover rate		268	%		346	%		472	%		150	%		348	%(e)

(a)	Represents the period from the commencement of operations (December 16, 2013) through August 31, 2014.
(b)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests.
(c)	Net investment loss per share has been calculated using the average daily shares outstanding during the period.
(d)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.
(e)	Not annualized.
(f)	Ratio does not include expenses of the investment companies in which the Fund invests.
(g)	Annualized.
(h)	Ratio was determined after advisory fee waivers and expense reimbursements (Note 4).
See accompanying notes to financial statements.

16

WSTCM SECTOR SELECT RISK-MANAGED FUND INVESTOR SHARES FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Period Ended August 31, 2014(a)
Net asset value at beginning of period	$	10.80		$	10.33		$	10.83		$	10.68		$	10.00
Income (loss) from investment operations:
Net investment loss (b)		(0.04	)(c)		(0.04	)		(0.00	)(d)		(0.01	)		(0.01	)
Net realized and unrealized gains (losses) on investments		1.19			0.52			(0.15	)		0.24			0.70
Total from investment operations		1.15			0.48			(0.15	)		0.23			0.69
Less distributions:
From net investment income		—			(0.01	)		(0.01	)		(0.01	)		(0.01	)
From net realized capital gains		(0.05	)		—			(0.34	)		(0.07	)		—
Total distributions		(0.05	)		(0.01	)		(0.35	)		(0.08	)		(0.01	)
Net asset value at end of period	$	11.90		$	10.80		$	10.33		$	10.83		$	10.68
Total return (e)		10.70	%		4.69	%		(1.44	%)		2.16	%		6.86	%(f)
Net assets at end of period (000’s)	$	906		$	810		$	945		$	1,002		$	410
Ratios/supplementary data:
Ratio of total expenses to average net assets (g)		5.31	%		5.06	%		4.50	%		5.96	%		15.21	%(h)
Ratio of net expenses to average net assets (g) (i)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%(h)
Ratio of net investment loss to average net assets (b) (i)		(0.32	%)		(0.28	%)		(0.01	%)		(0.23	%)		(0.28	%)(h)
Portfolio turnover rate		268	%		346	%		472	%		150	%		348	%(f)

(a)	Represents the period from the commencement of operations (December 16, 2013) through August 31, 2014.
(b)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests.
(c)	Net investment loss per share has been calculated using the average daily shares outstanding during the period.
(d)	Amount rounds to less than $0.01 per share.
(e)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.
(f)	Not annualized.
(g)	Ratio does not include expenses of the investment companies in which the Fund invests.
(h)	Annualized.
(i)	Ratio was determined after advisory fee waivers and expense reimbursements (Note 4).
See accompanying notes to financial statements.

17

WSTCM CREDIT SELECT RISK-MANAGED FUND INSTITUTIONAL SHARES FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Period Ended August 31, 2015(a)
Net asset value at beginning of period	$	10.83		$	10.71		$	9.72		$	10.00
Income (loss) from investment operations:
Net investment income (b)		0.34	(c)		0.33			0.21			0.16
Net realized and unrealized gains (losses) on investments		(0.24	)		0.13			0.79			(0.27	)
Total from investment operations		0.10			0.46			1.00			(0.11	)
Less distributions:
From net investment income		(0.37	)		(0.34	)		(0.01	)		(0.15	)
From net realized capital gains		(0.28	)		—			—			(0.00	)(d)
Return of capital		—			—			—			(0.02	)
Total distributions		(0.65	)		(0.34	)		(0.01	)		(0.17	)
Net asset value at end of period	$	10.28		$	10.83		$	10.71		$	9.72
Total return (e)		0.97	%		4.40	%		10.27	%		(1.11	%)(f)
Net assets at end of period (000’s)	$	25,085		$	47,308		$	20,152		$	14,951
Ratios/supplementary data:
Ratio of total expenses to average net assets (g)		0.91	%		0.97	%		1.04	%		1.11	%(h)
Ratio of net investment income to average net assets (b)		3.17	%		3.84	%		2.50	%		1.89	%(h)
Portfolio turnover rate		507	%		414	%		326	%		890	%(f)

(a)	Represents the period from the commencement of operations (September 30, 2014) through August 31, 2015.
(b)	Recognition of net investment income by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests.
(c)	Net investment income per share has been calculated using the average daily shares outstanding during the period.
(d)	Amount rounds to less than $0.01 per share.
(e)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.
(f)	Not annualized.
(g)	Ratio does not include expenses of the investment companies in which the Fund invests.
(h)	Annualized.
See accompanying notes to financial statements.

18

WSTCM CREDIT SELECT RISK-MANAGED FUND INVESTOR SHARES FINANCIAL HIGHLIGHTS
Per Share Data for a Share Outstanding Throughout Each Period
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Period Ended August 31, 2015(a)
Net asset value at beginning of period	$	10.79		$	10.68		$	9.72		$	10.00
Income (loss) from investment operations:
Net investment income (b)		0.32	(c)		0.37			0.21			0.14
Net realized and unrealized gains (losses) on investments		(0.25	)		0.07			0.75			(0.26	)
Total from investment operations		0.07			0.44			0.96			(0.12	)
Less distributions:
From net investment income		(0.35	)		(0.33	)		(0.00	)(d)		(0.14	)
From net realized capital gains		(0.28	)		—			—			(0.00	)(d)
Return of capital		—			—			—			(0.02	)
Total distributions		(0.63	)		(0.33	)		(0.00	)(d)		(0.16	)
Net asset value at end of period	$	10.23		$	10.79		$	10.68		$	9.72
Total return (e)		0.64	%		4.26	%		9.91	%		(1.22	%)(f)
Net assets at end of period (000’s)	$	62,851		$	59,721		$	49,785		$	41,389
Ratios/supplementary data:
Ratio of total expenses to average net assets (g)		1.16	%		1.21	%		1.24	%		1.27	%(h)
Ratio of net investment income to average net assets (b)		3.04	%		3.63	%		2.22	%		1.69	%(h)
Portfolio turnover rate		507	%		414	%		326	%		890	%(f)

(a)	Represents the period from the commencement of operations (September 30, 2014) through August 31, 2015.
(b)	Recognition of net investment income by the Fund is affected by the timing of the declaration of the dividends by the underlying investment companies in which the Fund invests.
(c)	Net investment income per share has been calculated using the average daily shares outstanding during the period.
(d)	Amount rounds to less than $0.01 per share.
(e)	Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares.
(f)	Not annualized.
(g)	Ratio does not include expenses of the investment companies in which the Fund invests.
(h)	Annualized.
See accompanying notes to financial statements.

19

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
August 31, 2018

1. Organization

WSTCM Sector Select Risk-Managed Fund and WSTCM Credit Select Risk-Managed Fund (individually, a “Fund” and collectively, the “Funds”) are each a non-diversified series of WST Investment Trust (the “Trust”), an open-end management investment company organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

WSTCM Sector Select Risk-Managed Fund’s investment objective is to seek long-term capital appreciation, while maintaining a secondary emphasis on generating income.

WSTCM Credit Select Risk-Managed Fund’s investment objective is to seek total return from income and capital appreciation.

Each Fund offers two classes of shares (each a “Class” and collectively the “Classes”): Institutional Shares (sold without any sales loads or distribution fees, but available only to institutional investors and certain broker-dealers and financial institutions that have entered into appropriate arrangements with the Fund) and Investor Shares (sold without any sales loads, but subject to a distribution fee of up to 0.25% per annum of the average daily net assets attributable to Investor Shares). Each Class represents an ownership interest in the same investment portfolio.

2. Significant Accounting Policies

The following is a summary of the Funds’ significant accounting policies used in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

Securities valuation – The Funds’ portfolio securities are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern Time) on each day that the NYSE is open for business. In determining the value of the Funds’ assets, portfolio securities, including exchange-traded funds (“ETFs”), are generally valued at market using quotations from the primary market in which they are traded. The Funds normally use third party pricing services to obtain market quotations. To the extent a Fund is invested in other open-end investment companies, including money market funds, that are registered under the 1940 Act, the Fund’s net asset value per share (“NAV”) is calculated based upon the NAVs reported by such registered open-end investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. When using quoted prices or NAVs reported by underlying investment companies and when the market is considered to be active, securities will

20

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

be classified as Level 1 (see below). Securities and assets for which market quotations are not readily available or which cannot be accurately valued using the Funds’ normal pricing procedures are valued at fair value as determined in good faith under policies established by, and under the direction of, the Trust’s Board of Trustees (the “Board”). Fair value pricing may be used, for example, in situations where (i) portfolio securities, such as securities with small capitalizations, are so thinly traded that there have been no transactions for that stock over an extended period of time; (ii) an event occurs after the close of the exchange on which the portfolio security is principally traded that is likely to change the value of the portfolio security prior to the calculation of the Funds’ NAVs; (iii) the exchange on which the portfolio security is principally traded closes early; or (iv) trading of the portfolio security is halted during the day and does not resume prior to the calculation of the Funds’ NAVs. In such cases, a portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Funds’ normal pricing procedures, and the fair value price may differ substantially from the price at which the security may ultimately be sold. Fair valued securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical securities

● Level 2 – other significant observable inputs

● Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the inputs used to value each Fund’s investments as of August 31, 2018:

WSTCM Sector Select Risk-Managed Fund	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	16,374,321	$	—	$	—	$	16,374,321
Money Market Funds		209,149		—		—		209,149
Total	$	16,583,470	$	—	$	—	$	16,583,470

21

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

WSTCM Credit Select Risk-Managed Fund	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	20,851,028	$	—	$	—	$	20,851,028
Open-End Mutual Funds		66,868,787		—		—		66,868,787
Money Market Funds		148,055		—		—		148,055
Total	$	87,867,870	$	—	$	—	$	87,867,870

As of August 31, 2018, the Funds did not have any transfers into or out of any Level. The Funds did not hold any derivatives or assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of August 31, 2018. It is the Funds’ policy to recognize transfers into or out of any Level at the end of the reporting period.

Share valuation – The NAV per share of each Class of each Fund is calculated as of the close of trading on the NYSE (normally 4:00 p.m., Eastern Time) on each day the NYSE is open for business. The NAV of each Class of each Fund is calculated by dividing the total value of the assets attributable to that Class, less liabilities attributable to that Class, by the number of shares of that Class outstanding. The offering price and redemption price per share of each Class of each Fund is equal to the NAV of such Class.

Investment transactions and investment income – Investment transactions are accounted for on their trade date. Cost of investments sold is determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is accrued as earned and includes amortization of discounts and premiums.

Allocation between Classes – Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each Class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the Class incurring the expense. Common expenses which are not attributable to a specific Class are allocated daily to each Class of shares of a Fund based upon its proportionate share of total net assets of that Fund.

Distributions to shareholders – Dividends arising from net investment income are declared and paid annually to shareholders of the Funds. Net realized short-term capital gains, if any, may be distributed throughout the year and net realized long-term capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance

22

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

with income tax regulations, which may differ from GAAP, and are recorded on the ex-dividend date. The tax character of distributions paid to shareholders of each Fund during the years ended August 31, 2018 and 2017 was as follows:

Year Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions
WSTCM Sector Select Risk-Managed Fund
Institutional Shares
August 31, 2018	$	—	$	71,980	$	71,980
August 31, 2017	$	21,991	$	14,327	$	36,318
Investor Shares
August 31, 2018	$	—	$	3,996	$	3,996
August 31, 2017	$	771	$	502	$	1,273
WSTCM Credit Select Risk-Managed Fund
Institutional Shares
August 31, 2018	$	2,849,756	$	9,069	$	2,858,825
August 31, 2017	$	654,035	$	—	$	654,035
Investor Shares
August 31, 2018	$	3,536,798	$	11,689	$	3,548,487
August 31, 2017	$	1,608,725	$	—	$	1,608,725

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Federal income tax – Each Fund has qualified and intends to continue to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve each Fund of liability for federal income taxes to the extent 100% of its net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

23

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The following information is computed on a tax basis for each item as of August 31, 2018:

	WSTCM Sector Select Risk-Managed Fund			WSTCM Credit Select Risk-Managed Fund
Tax cost of portfolio of investments	$	16,142,157		$	88,045,763
Gross unrealized appreciation	$	501,395		$	112,087
Gross unrealized depreciation		(60,082	)		(289,980	)
Net unrealized appreciation (depreciation) on investments		441,313			(177,893	)
Undistributed ordinary income		1,017,258			1,852,018
Undistributed long-term capital gains		581,590			—
Accumulated capital and other losses		—			(1,924,442	)
Accumulated earnings (deficit)	$	2,040,161		$	(250,317	)

The difference between the federal income tax cost of portfolio investments and the financial statement cost of portfolio investments for each Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales.

Qualified late year capital losses incurred after October 31, 2017 and within the current taxable year are deemed to arise on the first day of a Fund’s following taxable year. For the year ended August 31, 2018, WSTCM Credit Select Risk-Managed Fund deferred $1,924,442 of late year capital losses to September 1, 2018 for federal income tax purposes.

For the year ended August 31, 2018, the Funds made the following reclassifications on the Statements of Assets and Liabilities as a result of permanent differences in the recognition of capital gains or losses under income tax regulations and GAAP:

	WSTCM Sector Select Risk-Managed Fund			WSTCM Credit Select Risk-Managed Fund
Paid-in capital	$	(343	)	$	(1	)
Undistributed net investment income		28,964			(1,357	)
Accumulated net realized gains (losses) from investment transactions		(28,621	)		1,358

Such reclassifications had no effect on each Fund’s net assets or NAV per share.

24

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Funds’ tax positions for all open tax years (tax years ended August 31, 2015 through August 31, 2018) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

During the year ended August 31, 2018, the Funds did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed during the last three years. Each Fund identifies its major tax jurisdiction as U.S. Federal.

3. Investment Transactions

During the year ended August 31, 2018, the cost of purchases of investment securities and the proceeds from sales of investment securities, other than short-term investments, amounted to $43,350,758 and $44,639,776, respectively, for WSTCM Sector Select Risk-Managed Fund and $407,533,702 and $416,299,152, respectively, for WSTCM Credit Select Risk-Managed Fund.

4. Transactions with Related Parties

The Managing Principal and Chief Investment Officer of Wilbanks, Smith & Thomas Asset Management, LLC, d/b/a WST Capital Management (the “Adviser”) and the chair of its Investment Committee is also the President and a Trustee of the Trust. Certain other officers of the Trust are also officers of the Adviser, or of Ultimus Fund Solutions, LLC (“Ultimus”), the Trust’s administrator, transfer agent, and fund accounting agent.

COMPENSATION OF TRUSTEES

Trustees of the Trust who are affiliated with the Adviser receive no fees from the Funds. Each Fund pays Trustees who are not affiliated with the Adviser a fee of $1,000 each year, plus $500 for each meeting attended in person and $200 for each meeting attended by telephone. The Funds reimburse each Trustee and officer of the Trust for his or her travel and other expenses related to attendance at Board or committee meetings, if any.

INVESTMENT ADVISORY AGREEMENT

Each Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, WSTCM Sector Select Risk-Managed Fund pays the Adviser an advisory fee, computed and accrued daily and paid monthly, at the annual rate of 0.75% of its average daily net assets and WSTCM Credit Select Risk-Managed Fund pays the Adviser an advisory fee, computed and accrued daily and paid monthly, at the annual rate of 0.60% of its average daily net assets.

25

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

The Adviser has entered into an Expense Limitation Agreement (“ELA”) with the Trust under which it has agreed to waive its fees and to assume other expenses of WSTCM Sector Select Risk-Managed Fund, if necessary, in an amount that limits the annual operating expenses of the Fund (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 distribution plan) to not more than 1.25% of the average daily net assets allocable to each Class until January 1, 2019. Accordingly, during the year ended August 31, 2018, the Adviser waived $77,851 of its advisory fees and reimbursed $24,477 of Institutional Shares expenses and $28,921 of Investor Shares expenses with respect to WSTCM Sector Select Risk-Managed Fund. The Adviser has entered into an ELA with the Trust under which it has agreed to waive its fees and to assume other expenses of WSTCM Credit Select Risk-Managed Fund, if necessary, in an amount that limits the annual operating expenses of the Fund (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 distribution plan) to not more than 1.15% of the average daily net assets allocable to each Class until January 1, 2019. There were no fee waivers or expense reimbursements required with respect to WSTCM Credit Select Risk-Managed Fund during the year ended August 31, 2018. Any fee waivers and expense reimbursements by the Adviser are not subject to recoupment. It is expected that each Fund’s ELA will continue from year-to-year provided such continuance is approved by the Board. The Board may terminate the ELA of either Fund at any time. The Adviser may also terminate each Fund’s ELA at the end of the then-current term upon not less than 90 days’ notice to the Trust.

OTHER SERVICE PROVIDERS

Ultimus provides administration, accounting and transfer agency services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies and costs of pricing the Funds’ portfolio securities.

Effective November 19, 2017, under the terms of a Distribution Agreement with the Trust, Foreside Fund Services, LLC (“Foreside”) serves as the principal underwriter and exclusive agent for the distribution of shares of the Funds. Prior to November 19, 2017, Ultimus Fund Distrbutors, LLC served as the Fund’s principal underwriter.

Pursuant to a Compliance Consulting Agreement with Graydon Compliance Solutions, LLC (“Graydon”), Graydon provides the Chief Compliance Officer and compliance services to the Trust. The Adviser, not the Funds, pays Graydon a fee for these services.

5. Distribution Plan

Each Fund has adopted a Distribution Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act that allows Investor Shares of each Fund to pay for certain expenses related to the distribution of such Shares, including, but not limited to, payments to

26

WST INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)

securities dealers and other persons (including Foreside) who are engaged in the sale of Investor Shares of the Funds or who render shareholder support services not otherwise provided by Ultimus. The annual limitation for payment of expenses pursuant to the Plan is 0.25% per annum of each Fund’s average daily net assets allocable to Investor Shares. During the year ended August 31, 2018, $2,166 and $155,067 of expenses were incurred under the Plan by Investor Shares of WSTCM Sector Select Risk-Managed Fund and WSTCM Credit Select Risk-Managed Fund, respectively.

6. Investment in Other Investment Companies

Each Fund may invest a significant portion of its assets in shares of one or more investment companies, including ETFs, open-end mutual funds and money market mutual funds. The Funds will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. As of August 31, 2018, WSTCM Sector Select Risk-Managed Fund had 98.7% of the value of its net assets invested in ETFs; in addition, 49.3% of the value of WSTCM Sector Select Risk-Managed Fund’s net assets is invested in Invesco S&P 500^® Equal Weight Technology ETF (“RYT”) that invests in stocks of companies within the Information Technology sector. The financial statements of RYT can be found at www.sec.gov. As of August 31, 2018, WST Credit Select Risk-Managed Fund had 23.7% of the value of its net assets invested in ETFs and had 76.0% of the value of its net assets invested in open-end mutual funds.

7. Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

8. Subsequent Events

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events.

27

WST INVESTMENT TRUST
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
WST Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of WST Investment Trust, comprising WSTCM Sector Select Risk-Managed Fund and WSTCM Credit Select Risk-Managed Fund (the “Funds”), as of August 31, 2018, and the related statements 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 five periods in the period then ended for WSTCM Sector Select Risk-Managed Fund, and for each of the four periods in the period then ended for WSTCM Credit Select Risk-Managed Fund (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of August 31, 2018, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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 include 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 August 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 Funds’ auditor since 2013.

COHEN & COMPANY, LTD.
Chicago, Illinois
October 29, 2018

28

WST INVESTMENT TRUST
ABOUT YOUR FUNDS’ EXPENSES (Unaudited)

We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of the Funds, you incur ongoing costs, including management fees, class specific expenses (such as Rule 12b-1 distribution fees) and other operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The expenses in the table that follow are based on an investment of $1,000 made at the beginning of the most recent period (March 1, 2018) and held until the end of the period (August 31, 2018).

The table that follows illustrates each Fund’s ongoing costs in two ways:

Actual fund return – This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the fourth column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Funds. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, 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 given for the Fund under the heading “Expenses Paid During Period.”

Hypothetical 5% return – This section is intended to help you compare each Fund’s ongoing costs with those of other mutual funds. It assumes that each Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Funds’ actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess each Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The Funds do not charge transaction fees, such as purchase or redemption fees, and do not charge a “sales load.” The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

More information about each Fund’s expenses can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to each Fund’s prospectus.

29

WST INVESTMENT TRUST
ABOUT YOUR FUNDS’ EXPENSES (Unaudited) (Continued)

WSTCM Sector Select Risk-Managed Fund	Beginning Account Value March 1, 2018	Ending Account Value August 31, 2018	Net Expense Ratio(a)	Expenses Paid During Period(b)
Institutional Class
Based on Actual Fund Return	$1,000.00	$1,023.00	1.25%	$6.37
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,018.90	1.25%	$6.36
Investor Class
Based on Actual Fund Return	$1,000.00	$1,021.50	1.50%	$7.64
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,017.64	1.50%	$7.63

WSTCM Credit Select Risk-Managed Fund	Beginning Account Value March 1, 2018	Ending Account Value August 31, 2018	Expense Ratio(a)	Expenses Paid During Period(b)
Institutional Class
Based on Actual Fund Return	$1,000.00	$1,007.90	0.91%	$4.62
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,020.60	0.91%	$4.65
Investor Class
Based on Actual Fund Return	$1,000.00	$1,006.90	1.16%	$5.88
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,019.34	1.16%	$5.92

(a)	Annualized, based on the Fund’s most recent one-half year expenses.
(b)	Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

30

WST INVESTMENT TRUST
OTHER INFORMATION (Unaudited)

The Trust files a complete listing of each Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q. These filings are available free of charge upon request by calling the Trust toll-free at 1-866-515-4626. Furthermore, you may obtain a copy of these filings on the SEC’s website at http://www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling the Trust toll-free at 1-866-515-4626, or on the SEC’s website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling the Trust toll-free at 1-866-515-4626, or on the SEC’s website at http://www.sec.gov.

FEDERAL TAX INFORMATION (Unaudited)

For the fiscal year ended August 31, 2018, WSTCM Sector Select Rick-Managed Fund and WSTCM Credit Select Risk-Managed Fund designated $75,976 and $20,758, respectively, as long-term capital gain distributions subject to a maximum tax rate of 20%.

Qualified Dividend Income – The WSTCM Credit Select Risk-Managed Fund designates none of its ordinary income dividends as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the WSTCM Credit Select Risk-Managed Fund’s ordinary income dividends that qualifies under tax law. For the Fund’s fiscal year ended August 31, 2018, none of ordinary income dividends qualified for the corporate dividends received deduction.

This report and the financial statements contained herein are provided for the general information of the shareholders of the WSTCM Funds. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

WSTCM Funds are distributed by Foreside Fund Services, LLC

31

WST INVESTMENT TRUST
BOARD OF TRUSTEES AND EXECUTIVE OFFICERS (Unaudited)

The Board of Trustees has overall responsibility for management of the Trust’s affairs. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement, or removal. The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and executive officers of the Trust. The address for each Trustee and executive officer of the Trust is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

Name and Year of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years	Number of Funds in Trust Overseen by Trustee	Directorships of Public Companies Held by Trustee During Past 5 Years
Interested Trustees:
Wayne F. Wilbanks* Year of Birth: 1960	Since July 2013	Trustee and President	Managing Principal and Chief Investment Officer of Wilbanks, Smith & Thomas, LLC.	2	None
Independent Trustees:
Thomas G. Douglass Year of Birth: 1956	Since June 2013	Trustee	Principal of Douglass and Douglass, Attorneys.	2	Independent Trustee of Centaur Mutual Funds Trust for its one series.
James H. Speed, Jr. Year of Birth: 1953	Since June 2013	Trustee	Retired, Private Investor (2016 to present); President and CEO of NC Mutual Life Insurance Company (May 2003 to December 2015).	2	Independent Trustee of Centaur Mutual Funds Trust for its one series, Chesapeake Investment Trust for its one series, Hillman Capital Management Investment Trust for its one series, Brown Capital Management Funds for its four series, and Starboard Investment Trust for its seventeen series (all registered investment companies); Director of M&F Bancorp; Director of Investors Title Company.

^* Mr. Wilbanks is considered an “interested person” of the Trust within the meaning of Section 2(a)(19) of the 1940 Act because he is an employee of the Adviser.

32

WST INVESTMENT TRUST
BOARD OF TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued)

Name and Year of Birth	Length of Time Served	Position(s) Held with Trust	Principal Occupation(s) During Past 5 Years
Executive Officers:
Matthew A. Swendiman, CFA Year of Birth: 1973	Since March 2017	Chief Compliance Officer	Attorney of Graydon Head and Ritchey LLP (September 2012 to present) and Chief Executive Officer of Graydon Compliance Solutions, LLC (February 2014 to present).
Roger H. Scheffel, Jr. Year of Birth: 1968	Since September 2013	Vice President	Portfolio manager of the Adviser.
Stephen L. Preston Year of Birth: 1966	Since September 2013	AML Compliance Officer	Vice President and Chief Compliance Officer of Ultimus Fund Distributors, LLC and Assistant Vice President of Ultimus Fund Solutions, LLC.
Simon H. Berry Year of Birth: 1971	Since April 2017	Secretary	Senior Attorney at Ultimus Fund Solutions, LLC (2016 to present); Staff Attorney Supervisor, Kentucky Department of Financial Institutions (2009 to 2016).
Theresa M. Bridge Year of Birth: 1969	Since September 2013	Treasurer (Principal Financial Officer)	Director of Financial Administration of Ultimus Fund Solutions, LLC.

Additional information about members of the Board and executive officers is available in each Fund’s Statement of Additional Information (“SAI”). To obtain a free copy of the SAI, please call toll-free 1-866-515-4626.

33

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is James H. Speed Jr. Mr. Speed is “independent” for purposes of this Item.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $27,000 and $27,000 with respect to the registrant’s fiscal years ended August 31, 2018 and 2017, respectively.

(b) Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c) Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $6,000 and $6,000 with respect to the registrant’s fiscal years ended August 31, 2018 and 2017, respectively. The services comprising these fees are the preparation of the registrant’s federal income and excise tax returns.

(d) All Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) With respect to the fiscal years ended August 31, 2018 and 2017, aggregate non-audit fees of $6,000 and $6,000, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The principal accountant has not provided any non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

(a) See Schedule I (Investments in securities of unaffiliated issuers)

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant’s Committee of Independent Trustees shall review shareholder recommendations for nominations to fill vacancies on the registrant’s board of trustees if such recommendations are submitted in writing and addressed to the Committee at the registrant’s offices. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

Item 13. Exhibits.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(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 the Item 2 requirements through filing of an exhibit: Attached hereto

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable

(a)(4) Change in the registrant’s independent public accountants. Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

Exhibit 99.CODE ETH	Code of Ethics
Exhibit 99.CERT	Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT	Certifications required by Rule 30a-2(b) under the Act

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)	WST Investment Trust
By (Signature and Title)*		/s/ Wayne F. Wilbanks
		Wayne F. Wilbanks, President
Date	November 8, 2018
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/ Wayne F. Wilbanks
		Wayne F. Wilbanks, President
Date	November 8, 2018
By (Signature and Title)*		/s/ Theresa M. Bridge
		Theresa M. Bridge, Treasurer and Principal Accounting Officer
Date	November 8, 2018

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

EX-99.CODE ETH

WST INVESTMENT TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This code of ethics (this “Code”) for WST Investment Trust (the “Trust”) applies to the Trust’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the “Covered Officers” each of whom are set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as “affiliated persons” of the Trust. The Trust’s and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the adviser/administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Trust;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• report at least annually any affiliations or other relationships related to conflicts of interest that the Trust’s Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

• service as a trustee on the board of any public company;

• the receipt of non-nominal gifts (currently gifts in excess of $200.00);

• the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

-2- 

• any ownership interest in, or any consulting or employment relationship with, any of the Trust’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.       Disclosure and Compliance

• each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s trustees and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.       Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

• annually thereafter affirm to the Board that he has complied with the requirements of the Code;

• not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Audit Committee for the Trust promptly if he/she knows of any material violation of this Code.

-3- 

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Trust will follow these procedures in investigating and enforcing this Code:

• the compliance officer of the investment adviser to the relevant Series of the Trust, (or such other Trust officer or other investigator as the Audit Committee may from time to time designate) (the “Investigator”), shall take appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

• any matter that the Investigator believes is a violation will be reported to the Audit Committee;

• if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss the Covered Officer;

• the Board will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust’s adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust’s and its investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

-4- 

VI. Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

VIII. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted September 23, 2013

-5- 

Exhibit A

Persons Covered by this Code of Ethics

Wayne F. Wilbanks, PEO

Theresa M. Bridge, PFO

-6-

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Wayne F. Wilbanks, certify that:

1.    I have reviewed this report on Form N-CSR of WST Investment Trust;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2018	/s/ Wayne F. Wilbanks
	Wayne F. Wilbanks, President

CERTIFICATIONS

I, Theresa M. Bridge, certify that:

1.    I have reviewed this report on Form N-CSR of WST Investment Trust;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2018	/s/ Theresa M. Bridge
	Theresa M. Bridge, Treasurer and Principal Accounting Officer

EX-99.906 CERT

EX-99.906CERT

CERTIFICATIONS

Wayne F. Wilbanks, Chief Executive Officer, and Theresa M. Bridge, Chief Financial Officer, of WST Investment Trust (the “Registrant”), each certify to the best of his/her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2018 (the “Form N-CSR”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

CHIEF EXECUTIVE OFFICER	CHIEF FINANCIAL OFFICER
WST Investment Trust	WST Investment Trust
/s/ Wayne F. Wilbanks	/s/ Theresa M. Bridge
Wayne F. Wilbanks, President	Theresa M. Bridge, Treasurer and Principal Accounting Officer
Date: November 8, 2018	Date: November 8, 2018

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Cutler Trust and will be retained by The Cutler Trust and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.