0001580642-21-005216.txt : 20211104 0001580642-21-005216.hdr.sgml : 20211104 20211104101300 ACCESSION NUMBER: 0001580642-21-005216 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20210831 FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 EFFECTIVENESS DATE: 20211104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WST Investment Trust CENTRAL INDEX KEY: 0001580350 IRS NUMBER: 463618872 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-22858 FILM NUMBER: 211378598 BUSINESS ADDRESS: STREET 1: 150 W. MAIN STREET, SUITE 1700 CITY: NORFOLK STATE: VA ZIP: 23510 BUSINESS PHONE: 757-623-3676 X317 MAIL ADDRESS: STREET 1: 150 W. MAIN STREET, SUITE 1700 CITY: NORFOLK STATE: VA ZIP: 23510

0001580350 S000046497 WSTCM Credit Select Risk-Managed Fund

C000145190 Institutional Shares WAMIX

C000145191 Investor Shares WAMBX

N-CSR 1 wst_ncsr.htm N-CSR

OMB APPROVAL

OMB Number: 3235-0570

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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)

Carol J. Highsmith

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, 2021

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.

(a)


















WST INVESTMENT TRUST


WSTCM CREDIT SELECT
RISK-MANAGED FUND












Annual Report

August 31, 2021






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 18, 2021

Dear Shareholder,

Thank you for being a shareholder of WSTCM Credit Select Risk-Managed Fund (the “Fund”). WST Capital Management (“WST” or the “Advisor”) values your investment in the Fund and your trust in our strategy. The one-year period ended August 31, 2021, can be summarized by several key themes: the accommodative monetary policy stance by the U.S. Federal Reserve (the “Fed”), COVID-19 vaccination rollouts globally and the economic ramifications from the pandemic. As capital markets were facing precipitous declines in early 2020, the Fed took aggressive policy measures to support the flow of credit in the economy and restore fully functioning markets. The accommodative actions taken by the central bank have added vast amounts of liquidity into the U.S. economy and aided in supporting both equity and fixed income markets during the past year. In conjunction with monetary policy measures, the expediated rollout of several COVID-19 vaccines has helped to propel markets and economic activity upward. As vaccines have proliferated globally, lockdown measures have been lifted, workers have returned to the office and social mobility has increased. These developments have served as a catalyst for the rapid economic recovery seen since the onset of the pandemic. Although much progress has been made on the virus front, the ripple effects of COVID-19 and the subsequent policy measures continue to have implications on the broad economy. When coupled with the large year over year increases in the money supply, factors such as supply chain bottlenecks and rising energy prices have contributed to increasing price levels seen by consumers. Although inflation prints, as measured by the Consumer Price Index or Personal Consumer Expenditures, have recently come in at above average levels, the Fed has continued to reiterate that this inflationary trend will prove to be temporary. The direction of price levels and economic activity will serve as a gauge for shifts in monetary policy going forward. The Fed has indicated that the tapering of monthly asset purchases of U.S. Treasuries and agency mortgage-backed securities could begin in the fourth quarter of 2021. Additionally, the futures markets are not pricing in a federal funds rate hike until at least the fourth quarter of 2022. Market participants will closely monitor these policy developments and further progress around COVID-19 vaccinations as they navigate the unprecedented times.

Given the defensive rotations consistent with the risk-managed design, the Fund has managed to weather the volatility seen in capital markets over the past year. The Fund’s defensive positioning during the pullbacks in the first quarter and third quarter of 2021 have resulted in the relative performance when compared to the broader high yield market. As the market rapidly recovered, the moderately conservative positioning of the Fund relative to the benchmark contributed to the underperformance versus the index. We remain focused on the potential for risk-managed investing to add value in increasingly volatile markets.

There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal.

The Fund’s 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 considering their potential for interest income, capital appreciation, or both.

As of August 31, 2021, the Fund had net assets of $77.3 million, allocated 88% to high-yield securities and 12% to cash equivalents.

For the twelve-month period ended August 31, 2021, the Institutional Class shares of the Fund had a total return of 6.47%. During that time, the Bloomberg U.S. Corporate High Yield Bond Index gained 10.14% and the Bloomberg U.S. Aggregate Bond Index returned -0.08%.

In conclusion, markets change over time, and although we may not know when these changes will occur, we do know that changing markets can bring new investment opportunities. The Fund aims 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,

(-s-Roger H. Scheffel Jr)

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 Fund carefully before investing. The Fund’s prospectus contains this and other important information. To obtain a copy of the Fund’s prospectus please visit the Fund’s website at www.wstamfunds.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 Fund is distributed by Foreside Fund Services, 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. The opinions and views of the Advisor may change at any time.

Statements in the Letter to Shareholder that reflect projections or expectation for future financial or economic performance of the Fund and the market in general and statements of the Fund’s plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed, or anticipated in any such forward- looking statements. Important factors that could result in such differences, in addition to factors noted with such forward-looking statements, include, without limitation, general economic conditions, such as inflation, recession, and changes in interest rates. Past performance is not a guarantee of future results.

Consumer Price Index - a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Personal Consumption Expenditures Price Index -A measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.

WSTCM CREDIT SELECT RISK-MANAGED FUND
PERFORMANCE INFORMATION
August 31, 2021 (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 U.S. Corporate High Yield Bond Index

(LINE GRAPH)


Average Annual Total Returns
(for the periods ended August 31, 2021)

			Since
	1 Year	5 Years	Inception^(c)
WSTCM Credit Select Risk-Managed Fund - Institutional Class ^(b)	6.47%	4.62%	4.62%
WSTCM Credit Select Risk-Managed Fund - Investor Class ^(b)	6.02%	4.36%	4.36%
Bloomberg U.S. Corporate High Yield Bond Index	10.14%	6.66%	5.96%

^(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 capital gain 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.

WSTCM CREDIT SELECT RISK-MANAGED FUND
PORTFOLIO INFORMATION
August 31, 2021 (Unaudited)

Asset Allocation

(% of Net Assets)

(PIE CHART)

WSTCM CREDIT SELECT RISK-MANAGED FUND

SCHEDULE OF INVESTMENTS

August 31, 2021

EXCHANGE-TRADED FUNDS — 39.1%	Shares		Value
SPDR^®Bloomberg Barclays High Yield Bond ETF		109,980	$	12,097,800
VanEck Fallen Angel High Yield Bond ETF		180,831		6,018,056
Xtrackers USD High Yield Corporate Bond ETF		299,481		12,081,063
TOTAL EXCHANGE-TRADED FUNDS (Cost $30,009,636)			$	30,196,919

OPEN-END FUNDS — 48.9%	Shares		Value
American High-Income Trust - Class F-2		535,213	$	5,641,143
BlackRock High Yield Bond Fund - Institutional Class		705,538		5,587,858
Columbia High Yield Bond Fund - Institutional2 Class		419,686		5,094,985
Franklin High Income Fund - Advisor Class		2,665,591		5,037,967
MainStay MacKay High Yield Corporate Bond Fund - Class I		897,513		5,097,872
MainStay MacKay Short Duration High Yield Fund - Class I		515,194		5,084,963
PIMCO High Yield Spectrum Fund - Institutional Class		337,893		3,429,610
Transamerica High Yield Bond - Class I		304,694		2,830,605
TOTAL OPEN-END FUNDS (Cost $34,103,391)			$	37,805,003

MONEY MARKET FUNDS — 11.9%	Shares		Value
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% ^(a)		3,103,123	$	3,103,123
First American Treasury Obligations Fund - Class Z, 0.01% ^(a)		3,021,438		3,021,438
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 0.01% ^(a)		3,021,437		3,021,437
TOTAL MONEY MARKET FUNDS (Cost $9,145,998)			$	9,145,998

TOTAL INVESTMENTS AT VALUE — 99.9% (Cost $73,259,025)			$	77,147,920

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				104,740

NET ASSETS — 100.0%			$	77,252,660

^(a)

The rate shown is the 7-day effective yield as of August 31, 2021.

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND

STATEMENT OF ASSETS AND LIABILITIES

August 31, 2021

ASSETS
Investments in securities:
At cost	$	73,259,025
At value (Note 2)	$	77,147,920
Receivable for capital shares sold		6,800
Dividends receivable		142,022
Other assets		20,386
TOTAL ASSETS		77,317,128

LIABILITIES
Payable to Adviser (Note 4)		39,947
Payable to administrator (Note 4)		12,860
Accrued distribution fees (Note 5)		3,086
Other accrued expenses		8,575
TOTAL LIABILITIES		64,468

NET ASSETS	$	77,252,660

NET ASSETS CONSIST OF:
Paid-in capital	$	74,246,077
Distributable earnings		3,006,583
NET ASSETS	$	77,252,660

PRICING OF INSTITUTIONAL SHARES
Net assets applicable to Institutional Shares	$	62,658,515
Shares of Institutional Shares outstanding (unlimited number of shares authorized, no par value)		5,691,805
Net asset value, offering and redemption price per share (Note 2)	$	11.01

PRICING OF INVESTOR SHARES
Net assets applicable to Investor Shares	$	14,594,145
Shares of Investor Shares outstanding (unlimited number of shares authorized, no par value)		1,329,379
Net asset value, offering and redemption price per share (Note 2)	$	10.98

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND

STATEMENT OF OPERATIONS

For the Year Ended August 31, 2021

INVESTMENT INCOME
Dividends	$	2,634,467

EXPENSES
Investment advisory fees (Note 4)		391,574
Administration fees (Note 4)		65,393
Distribution fees, Investor Class (Note 5)		58,902
Registration and filing fees		45,522
Legal fees		43,603
Fund accounting fees (Note 4)		42,542
Transfer agent fees, Institutional Class (Note 4)		13,750
Transfer agent fees, Investor Class (Note 4)		15,000
Trustees’ fees (Note 4)		18,050
Insurance expense		16,713
Audit and tax services fees		15,833
Custodian and bank service fees		8,930
Printing of shareholder reports		8,696
Postage and supplies		8,434
Federal excise tax		1,270
Other expenses		15,115
TOTAL EXPENSES		769,327

NET INVESTMENT INCOME		1,865,140

REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from investment transactions		1,196,664
Net change in unrealized appreciation (depreciation) on investments		776,486
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS		1,973,150

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,838,290

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year			Year
	Ended			Ended
	August 31,			August 31,
	2021			2020
FROM OPERATIONS
Net investment income	$	1,865,140		$	1,437,806
Net realized gains (losses) from investments		1,196,664			(258,268	)
Long-term capital gain distributions from regulated investment companies		—			3
Net change in unrealized appreciation (depreciation) on investments		776,486			2,711,157
Net increase in net assets resulting from operations		3,838,290			3,890,698

DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
Institutional Shares		(675,332	)		(713,796	)
Investor Shares		(668,024	)		(1,238,800	)
Decrease in net assets from distributions to shareholders		(1,343,356	)		(1,952,596	)

CAPITAL SHARE TRANSACTIONS
Institutional Shares
Proceeds from shares sold		42,161,795			6,524,637
Net asset value of shares issued in reinvestment of distributions		675,045			712,160
Payments for shares redeemed		(3,839,384	)		(2,744,741	)
Net increase in Institutional Shares net assets from capital share transactions		38,997,456			4,492,056

Investor Shares
Proceeds from shares sold		3,515,118			2,402,782
Net asset value of shares issued in reinvestment of distributions .		667,323			1,238,174
Payments for shares redeemed		(19,964,076	)		(13,146,085	)
Net decrease in Investor Shares net assets from capital share transactions		(15,781,635	)		(9,505,129	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		25,710,755			(3,074,971	)

NET ASSETS
Beginning of year		51,541,905			54,616,876
End of year	$	77,252,660		$	51,541,905

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Year			Year
	Ended			Ended
	August 31,			August 31,
	2021			2020
CAPITAL SHARE ACTIVITY
Institutional Shares
Shares sold		3,916,336			639,786
Shares reinvested		62,853			71,990
Shares redeemed		(354,689	)		(271,821	)
Net increase in shares outstanding		3,624,500			439,955
Shares outstanding, beginning of year		2,067,305			1,627,350
Shares outstanding, end of year		5,691,805			2,067,305

Investor Shares
Shares sold		327,981			233,112
Shares reinvested		62,134			125,434
Shares redeemed		(1,862,858	)		(1,309,639	)
Net decrease in shares outstanding		(1,472,743	)		(951,093	)
Shares outstanding, beginning of year		2,802,122			3,753,215
Shares outstanding, end of year		1,329,379			2,802,122

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND

INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Year

	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	August 31,			August 31,			August 31,			August 31,			August 31,
	2021			2020			2019			2018			2017
Net asset value at beginning of year	$	10.59		$	10.18		$	10.28		$	10.83		$	10.71
Income (loss) from investment operations:
Net investment income ^(a)		0.32	^(b)		0.31	^(b)		0.33	^(b)		0.34	^(b)		0.33
Net realized and unrealized gains (losses) on investments		0.36			0.53			(0.06	)		(0.24	)		0.13
Total from investment operations		0.68			0.84			0.27			0.10			0.46
Less distributions from:
Net investment income		(0.26	)		(0.43	)		(0.37	)		(0.37	)		(0.34	)
Net realized capital gains		—			—			—			(0.28	)		—
Total distributions		(0.26	)		(0.43	)		(0.37	)		(0.65	)		(0.34	)
Net asset value at end of year	$	11.01		$	10.59		$	10.18		$	10.28		$	10.83
Total return ^(c)		6.47	%		8.60	%		2.81	%		0.97	%		4.40	%
Net assets at end of year (000’s)	$	62,659		$	21,900		$	16,570		$	25,085		$	47,308
Ratios/supplementary data:
Ratio of total expenses to average net assets ^(d)		1.05	%		1.22	%		1.08	%		0.91	%		0.97	%
Ratio of net expenses to average net assets ^(d)		1.05	%		1.15	% ^(e)		1.08	%		0.91	%		0.97	%
Ratio of net investment income to average net assets ^(a)		2.99	%		3.05	% ^(e)		3.31	%		3.17	%		3.84	%
Portfolio turnover rate		337	%		589	%		524	%		507	%		414	%

^(a)

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.

^(b)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(c)

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.

^(d)

Ratio does not include expenses of the investment companies in which the Fund invests.

^(e)

Ratio was determined after expense reimbursements (Note 4).

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND

INVESTOR SHARES

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Year

	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	August 31,			August 31,			August 31,			August 31,			August 31,
	2021			2020			2019			2018			2017
Net asset value at beginning of year	$	10.58		$	10.14		$	10.23		$	10.79		$	10.68
Income (loss) from investment operations:
Net investment income ^(a)		0.28	^(b)		0.29	^(b)		0.30	^(b)		0.32	^(b)		0.37
Net realized and unrealized gains (losses) on investments		0.35			0.53			(0.04	)		(0.25	)		0.07
Total from investment operations		0.63			0.82			0.26			0.07			0.44
Less distributions from:
Net investment income		(0.23	)		(0.38	)		(0.35	)		(0.35	)		(0.33	)
Net realized capital gains		—			—			—			(0.28	)		—
Total distributions		(0.23	)		(0.38	)		(0.35	)		(0.63	)		(0.33	)
Net asset value at end of year	$	10.98		$	10.58		$	10.14		$	10.23		$	10.79
Total return ^(c)		6.02	%		8.32	%		2.71	%		0.64	%		4.26	%
Net assets at end of year (000’s)	$	14,594		$	29,642		$	38,047		$	62,851		$	59,721
Ratios/supplementary data:
Ratio of total expenses to average net assets ^(d)		1.40	%		1.44	%		1.29	%		1.16	%		1.21	%
Ratio of net expenses to average net assets ^(d)		1.40	%		1.40	% ^(e)		1.29	%		1.16	%		1.21	%
Ratio of net investment income to average net assets ^(a)		2.61	%		2.91	% ^(e)		3.00	%		3.04	%		3.63	%
Portfolio turnover rate		337	%		589	%		524	%		507	%		414	%

^(a)

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.

^(b)

Net investment income per share has been calculated using the average daily shares outstanding during the period.

^(c)

^(d)

Ratio does not include expenses of the investment companies in which the Fund invests.

^(e)

Ratio was determined after expense reimbursements (Note 4).

See accompanying notes to financial statements.

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS
August 31, 2021

Organization

WSTCM Credit Select Risk-Managed Fund (the “Fund”) is a 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”).

The investment objective of the Fund is to seek total return from income and capital appreciation.

The 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.

Significant Accounting Policies

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

Securities valuation – The Fund values its portfolio securities at fair value 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 Fund’s assets, portfolio securities, including exchange-traded funds (“ETFs”), are generally valued using quotations from the primary market in which they are traded. The Fund normally uses third party pricing services to obtain market quotations. To the extent the Fund is invested in other open-end investment companies, including money market funds, that are registered under the 1940 Act and are not traded on an exchange, 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 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 Fund’s 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

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Continued)

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 Fund’s 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 Fund’s NAVs. In such cases, a portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Fund’s 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 Fund’s 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 Fund’s investments and the inputs used to value the investments as of August 31, 2021:

	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	30,196,919	$	—	$	—	$	30,196,919
Open-End Funds		37,805,003		—		—		37,805,003
Money Market Funds		9,145,998		—		—		9,145,998
Total	$	77,147,920	$	—	$	—	$	77,147,920

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Continued)

The Fund 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 or during the year ended August 31, 2021.

Share valuation – The NAV per share of each Class of the 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 the 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 the 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 and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. 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 the Fund based upon its proportionate share of total net assets of the 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 the Class of shares of the Fund based upon its proportionate share of total net assets of the Fund.

Distributions to shareholders – Dividends arising from net investment income are declared and paid annually to shareholders. 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 with income tax regulations, which may differ from GAAP, and are recorded on the ex-dividend date. The tax character of distributions paid during the years ended August 31, 2021 and 2020 was ordinary income.

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 increase (decrease) in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

Federal income tax – The 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 the 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.

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Continued)

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the 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.

The following information is computed on a tax basis for each item as of August 31, 2021:

Tax cost of portfolio investments	$	73,459,106
Gross unrealized appreciation	$	3,730,902
Gross unrealized depreciation		(42,088	)
Net unrealized appreciation on investments		3,688,814
Undistributed ordinary income		1,299,269
Capital loss carryforwards		(1,981,500	)
Distributable earnings	$	3,006,583

The difference between the federal income tax cost of portfolio investments and the financial statement cost of portfolio investments 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 primarily due to the tax deferral of losses on wash sales.

During the year ended August 31, 2021, the Fund utilized capital loss carryforwards of $997,690 to offset current year gains.

As of August 31, 2021, the Fund had short-term capital loss carryforwards of $1,897,149 and long-term capital loss carryforwards of $84,351 for federal income tax purposes. These capital loss carryforwards, which do not expire, may be utilized by the Fund in future years to offset net realized capital gains, if any.

For the year ended August 31, 2021, the Fund reclassified $1,270 of distributable earnings against paid-in capital on the Statement of Assets and Liabilities due to adjustments for non-deductible federal excise tax paid. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, has no effect on the Fund’s net assets or NAV per share.

The Fund recognizes 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 Fund’s tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

During the year ended August 31, 2021, the Fund did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed during the last three years. The Fund identifies its major tax jurisdiction as U.S. Federal.

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Continued)

Investment Transactions

During the year ended August 31, 2021, the cost of purchases of investment securities and the proceeds from sales of investment securities, other than short-term investments, amounted to $210,782,072 and $193,590,011, respectively.

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 Fund. Effective April 27, 2021, the Fund pays Trustees who are not affiliated with the Adviser a fee of $8,500 each year, plus $500 for each meeting attended in person or by telephone. Prior to April 27, 2021, the Fund paid Trustees who are not affiliated with the Adviser a fee of $8,500 each year, plus $500 for each meeting attended in person and $200 for each meeting attended by telephone. The Fund reimburses 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

The Fund’s investments are managed by the Adviser pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, the 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.

The Adviser has entered into an Expense Limitation Agreement (“ELA”) with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the annual operating expenses of the Fund (exclusive of interest, taxes, brokerage fees and commissions, other expenditures that are capitalized in accordance with GAAP, acquired fund fees and expenses, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, and payment, 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, 2022. Any fee waivers and expense reimbursements by the Adviser are not subject to recoupment. It is expected that the Fund’s ELA will continue from year-to-year provided such continuance is approved by the Board. The Board may terminate the ELA of the Fund at any time. The Adviser may also terminate the Fund’s ELA at the end of the then-current term upon not less than 90 days’ notice to the Trust. During the year ended August 31, 2021, the Adviser did not waive any of its fees or reimburse other expenses.

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Continued)

Effective November 7, 2020, the Chief Compliance Officer of the Trust (the “CCO”) is an employee of the Adviser. The Adviser, not the Trust, pays the CCO for their services.

OTHER SERVICE PROVIDERS

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

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 Fund. Foreside is not compensated by the Fund except as allowed under the Fund’s Distribution Plan (discussed in Note 5) but instead will be paid by the Adviser who pays Foreside for certain distribution related services.

Prior to November 7, 2020, pursuant to a Compliance Consulting Agreement with Key Bridge Compliance LLC (“Key Bridge”), Key Bridge provided the Chief Compliance Officer and compliance services to the Trust. The Adviser, not the Fund, paid Key Bridge a fee for these services.

Distribution Plan

The Fund has adopted a Distribution Plan (the “Plan”) in accordance with Rule 12b-1 under the 1940 Act that allows Investor Shares of the Fund to pay for certain expenses related to the distribution of such Shares, including, but not limited to, payments to securities dealers and other persons (including Foreside) who are engaged in the sale of Investor Shares of the Fund 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 the Fund’s average daily net assets allocable to Investor Shares. During the year ended August 31, 2021, $58,902 of expenses were incurred under the Plan by Investor Shares of the Fund.

Investment in Other Investment Companies

The 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 Fund 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, 2021, the Fund had 60.8% of the value of its net assets invested in open-end mutual funds (including money market funds) and had 39.1% of the value of its net assets invested in ETFs.

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Continued)

Contingencies and Commitments

The Fund indemnifies the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters 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 Fund that have not yet occurred.

Subsequent Events

The Fund is 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 Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is 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.

WSTCM CREDIT SELECT RISK-MANAGED FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of WSTCM Credit Select Risk-Managed Fund and

Board of Trustees of WST Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of WSTCM Credit Select Risk-Managed Fund (the “Fund”), a series of WST Investment Trust, as of August 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2021, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2013.

(SIGNATURE)

COHEN & COMPANY, LTD.

Chicago, Illinois

October 27, 2021

WSTCM CREDIT SELECT RISK-MANAGED FUND
ABOUT YOUR FUND’S 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 Fund, 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 Fund 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, 2021) and held until the end of the period (August 31, 2021).

The table that follows illustrates the 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 the 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 Fund. 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 the Fund’s ongoing costs with those of other mutual funds. It assumes that the 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 Fund’s 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 the 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 Fund does not charge transaction fees, such as purchase or redemption fees, and does 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.

WSTCM CREDIT SELECT RISK-MANAGED FUND

ABOUT YOUR FUND’S EXPENSES (Unaudited) (Continued)

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

	Beginning	Ending
	Account Value	Account Value	Net	Expenses
	March 1,	August 31,	Expense	Paid During
	2021	2021	Ratio^(a)	Period^(b)
Institutional Class
Based on Actual Fund Return	$1,000.00	$1,022.30	1.01%	$5.15
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,020.11	1.01%	$5.14

Investor Class
Based on Actual Fund Return	$1,000.00	$1,019.50	1.40%	$7.13
Based on Hypothetical 5% Return (before expenses)	$1,000.00	$1,018.15	1.40%	$7.12

^(a)

Annualized, based on the Fund’s most recent one-half year expenses.

^(b)

Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

WSTCM CREDIT SELECT RISK-MANAGED FUND
OTHER INFORMATION (Unaudited)

The Trust files a complete listing of the Fund’s portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. 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 www.sec.gov.

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

FEDERAL TAX INFORMATION (Unaudited)

Qualified Dividend Income – The 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 Fund’s ordinary income dividends that qualifies under tax law. For the Fund’s fiscal year ended August 31, 2021, 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

WSTCM CREDIT SELECT RISK-MANAGED FUND

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.	1	None
*Independent Trustees:*
Thomas G. Douglass Year of Birth: 1956	Since June 2013	Trustee	Principal of Douglass and Douglass, Attorneys.	1	Independent Trustee of Centaur Mutual Funds Trust for its two series.
James H. Speed, Jr. Year of Birth: 1953	Since June 2013	Trustee	Retired, Private Investor (2016 to present).	1	Independent Trustee of Centaur Mutual Funds Trust for its two 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 twelve 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.

WSTCM CREDIT SELECT RISK-MANAGED FUND

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:*
Vanessa M. Gildea Year of Birth: 1980	Since 2020	Chief Compliance Officer	Chief Compliance Officer of the Adviser and Attorney.
Roger H. Scheffel, Jr. Year of Birth: 1968	Since 2013	Vice President	Portfolio manager of the Adviser.
Stephen L. Preston Year of Birth: 1966	Since 2013	AML Compliance Officer	Senior Vice President and Chief Compliance Officer of Ultimus Fund Distributors, LLC and Chief Compliance Officer of Northern Lights Distributors, LLC.
Carol J. Highsmith Year of Birth: 1964	Since 2020	Secretary	Vice President and Senior Counsel of Ultimus Fund Solutions, LLC.
Theresa M. Bridge Year of Birth: 1969	Since 2013	Treasurer (Principal Financial Officer)	Senior Vice President, 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.

WSTCM-AR-21

(b) Not applicable

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 $14,500 and $14,000 with respect to the registrant’s fiscal years ended August 31, 2021 and 2020, 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 $3,500 and $3,000 with respect to the registrant’s fiscal years ended August 31, 2021 and 2020, 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, 2021 and 2020, aggregate non-audit fees of $3,500 and $3,000, 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 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 4, 2021

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 4, 2021

By (Signature and Title)*		/s/ Theresa M. Bridge
		Theresa M. Bridge, Treasurer and Principal Accounting Officer

Date	November 4, 2021

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

EX-99.CERT 2 cert1.htm

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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 period covered by this report 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 4, 2021	/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;

(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 4, 2021	/s/ Theresa M. Bridge
	Theresa M. Bridge, Treasurer and Principal Accounting Officer

EX-99.906 CERT 3 cert2.htm

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:

The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2021 (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

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 4, 2021		Date: November 4, 2021

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.

EX-99.CODE ETH 4 coe.htm

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;

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.

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.

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

Exhibit A

Persons Covered by this Code of Ethics

Wayne F. Wilbanks, PEO

Theresa M. Bridge, PFO

US2008 4876200 2

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