0001580642-23-002456.txt : 20230503 0001580642-23-002456.hdr.sgml : 20230503 20230503152052 ACCESSION NUMBER: 0001580642-23-002456 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230503 DATE AS OF CHANGE: 20230503 EFFECTIVENESS DATE: 20230503 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22858 FILM NUMBER: 23883334 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-CSRS 1 wst_ncsrs.htm N-CSRS

 

 

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, Esq.

 

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: February 28, 2023  

 

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 the 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)  
     
     
     
     
     
     
  WST INVESTMENT TRUST  
     
     
     
  WSTCM CREDIT SELECT
RISK-MANAGED FUND		  
     
     
     
     
     
     
   

Semi-Annual Report

February 28, 2023
(Unaudited)

  
     
     
     
     
       
       
  Investment Advisor Administrator  
  Wilbanks, Smith & Thomas Asset Ultimus Fund Solutions, LLC  
  Management, LLC,  P.O. Box 46707  
  d/b/a WST Capital Management Cincinnati, Ohio 45246-0707  
   150 W. Main, Suite 1700 1-866-515-4626  
  Norfolk, VA 23510    
       
       
       
       

 

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
PORTFOLIO INFORMATION
February 28, 2023 (Unaudited)

 

Asset Allocation
(% of Net Assets)

 

(PIECHART) 

1

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
SCHEDULE OF INVESTMENTS
February 28, 2023 (Unaudited)
OPEN-END FUNDS — 11.6%  Shares   Value 
AB High Income Fund - Advisor Class   244,601   $1,626,599 
American High-Income Trust - Class F-2   172,802    1,579,414 
BlackRock High Yield Bond Fund - Institutional Class   740,199    4,988,941 
BrandywineGLOBAL High Yield Fund - Class IS   69,464    669,628 
Federated Hermes Institutional High Yield Bond Fund - Institutional Class   2    13 
Fidelity Capital & Income Fund   166,684    1,533,489 
Janus Henderson High-Yield Fund - Class N   148,455    1,043,641 
Lord Abbett High Yield Fund - Class I   241,585    1,488,163 
MFS High Income Fund - Institutional Class   4    11 
Neuberger Berman High Income Bond Fund - Institutional Class   2    14 
Osterweis Strategic Income Fund - Class I   172,605    1,820,986 
PGIM High Yield Fund - Class Z   4    19 
PIMCO High Yield Spectrum Fund - Institutional Class   2    15 
TIAA-CREF High-Yield Fund - Institutional Class   2    14 
Transamerica High Yield Bond - Class I   2    13 
Vanguard High-Yield Corporate Fund - Admiral Shares   275,420    1,429,428 
TOTAL OPEN-END FUNDS (Cost $16,027,670)       $16,180,388 
           
MONEY MARKET FUNDS — 88.2%  Shares   Value 
Fidelity Institutional Money Market Government Portfolio - Class I, 4.46% (a)   41,578,647   $41,578,647 
First American Treasury Obligations Fund - Class Z, 4.43% (a)   40,355,617    40,355,617 
Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.51% (a)   40,355,487    40,355,487 
TOTAL MONEY MARKET FUNDS (Cost $122,289,751)       $122,289,751 
           
TOTAL INVESTMENTS AT VALUE — 99.8% (Cost $138,317,421)       $138,470,139 
           
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%        238,995 
           
NET ASSETS — 100.0%       $138,709,134 

 

(a)The rate shown is the 7-day effective yield as of February 28, 2023.

 

See Accompanying Notes to Financial Statements.

2

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
STATEMENT OF ASSETS AND LIABILITIES
February 28, 2023 (Unaudited)
ASSETS     
Investments in securities:     
At cost  $138,317,421 
At value (Note 2)  $138,470,139 
Receivable for capital shares sold   68,305 
Dividends receivable   263,965 
Other assets   38,811 
TOTAL ASSETS   138,841,220 
      
LIABILITIES     
Payable for capital shares redeemed   52,015 
Payable to Advisor (Note 4)   54,096 
Payable to administrator (Note 4)   17,620 
Accrued distribution fees (Note 5)   2,225 
Other accrued expenses   6,130 
TOTAL LIABILITIES   132,086 
      
NET ASSETS  $138,709,134 
      
NET ASSETS CONSIST OF:     
Paid-in capital  $141,505,885 
Accumulated deficit   (2,796,751)
NET ASSETS  $138,709,134 
      
PRICING OF INSTITUTIONAL SHARES     
Net assets applicable to Institutional Shares  $127,181,662 
Shares of Institutional Shares outstanding  (unlimited number of shares authorized, no par value)   12,286,864 
Net asset value, offering and redemption price per share (Note 2)  $10.35 
      
PRICING OF INVESTOR SHARES     
Net assets applicable to Investor Shares  $11,527,472 
Shares of Investor Shares outstanding (unlimited number of shares authorized, no par value)   1,115,534 
Net asset value, offering and redemption price per share (Note 2)  $10.33 

 

See accompanying notes to financial statements.

3

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
STATEMENT OF OPERATIONS
For the Six Months Ended February 28, 2023 (Unaudited)
INVESTMENT INCOME     
Dividends  $3,392,309 
      
EXPENSES     
Management fees (Note 4)   408,081 
Administration fees (Note 4)   68,039 
Registration and filing fees   22,774 
Legal fees   22,726 
Fund accounting fees (Note 4)   24,802 
Transfer agent fees, Institutional Class (Note 4)   9,000 
Transfer agent fees, Investor Class (Note 4)   7,500 
Distribution fees, Investor Class (Note 5)   15,994 
Insurance expense   11,726 
Trustees’ fees and expenses (Note 4)   11,428 
Audit and tax services fees   9,325 
Custodian and bank service fees   7,670 
Shareholder reporting expenses   7,060 
Postage and supplies   4,727 
Other expenses   8,857 
NET EXPENSES   639,709 
Expense reimbursements by the Adviser (Note 4)   (10,673)
TOTAL EXPENSES   629,036 
      
NET INVESTMENT INCOME   2,763,274 
      
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS     
Net realized losses from investment transactions   (2,546,255)
Net change in unrealized appreciation (depreciation) on investments   794,968 
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS   (1,751,287)
      
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  $1,011,986 

 

See accompanying notes to financial statements.

4

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
STATEMENTS OF CHANGES IN NET ASSETS
   Six Months     
   Ended   Year 
   February 28,   Ended 
   2023   August 31, 
   (Unaudited)   2022 
FROM OPERATIONS          
Net investment income  $2,763,273   $1,101,713 
Net realized gains (losses) from investments   (2,546,255)   956,091 
Net change in unrealized appreciation (depreciation) on investments   794,968    (4,531,145)
Net increase (decrease) in net assets resulting from operations   1,011,986    (2,473,341)
           
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)          
Institutional Shares   (2,035,901)   (1,828,614)
Investor Shares   (185,033)   (292,431)
Decrease in net assets from distributions to shareholders   (2,220,934)   (2,121,045)
           
CAPITAL SHARE TRANSACTIONS          
Institutional Shares          
Proceeds from shares sold   27,782,091    64,588,849 
Net asset value of shares issued in reinvestment of distributions   1,977,994    1,804,507 
Payments for shares redeemed   (15,990,150)   (10,705,203)
Net increase in Institutional Shares net assets from capital share transactions   13,769,935    55,688,153 
           
Investor Shares          
Proceeds from shares sold   1,309,188    11,575,271 
Net asset value of shares issued in reinvestment of distributions   184,083    291,920 
Payments for shares redeemed   (8,713,934)   (6,844,808)
Net increase (decrease) in Investor Shares net assets from capital share transactions   (7,220,663)   5,022,383 
           
TOTAL INCREASE IN NET ASSETS   5,340,324    56,116,150 
           
NET ASSETS          
Beginning of period   133,368,810    77,252,660 
End of period  $138,709,134   $133,368,810 

 

See accompanying notes to financial statements.

5

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
   Six Months     
   Ended   Year 
   February 28,   Ended 
   2023   August 31, 
   (Unaudited)   2022 
CAPITAL SHARE ACTIVITY          
Institutional Shares          
Shares sold   2,672,014    6,101,985 
Shares reinvested   191,963    168,488 
Shares redeemed   (1,535,133)   (1,004,258)
Net increase in shares outstanding   1,328,844    5,266,215 
Shares outstanding, beginning of period   10,958,020    5,691,805 
Shares outstanding, end of period   12,286,864    10,958,020 
           
Investor Shares          
Shares sold   125,708    1,102,498 
Shares reinvested   17,875    27,232 
Shares redeemed   (841,382)   (645,776)
Net increase (decrease) in shares outstanding   (697,799)   483,954 
Shares outstanding, beginning of period   1,813,333    1,329,379 
Shares outstanding, end of period   1,115,534    1,813,333 

 

See accompanying notes to financial statements.

6

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
INSTITUTIONAL SHARES
FINANCIAL HIGHLIGHTS

 

Per Share Data for a Share Outstanding Throughout Each Period

   Six Months                     
   Ended   Year   Year   Year   Year   Year 
   February 28,   Ended   Ended   Ended   Ended   Ended 
   2023   August 31,   August 31,   August 31,   August 31,   August 31, 
   (Unaudited)   2022   2021   2020   2019   2018 
Net asset value at beginning of period  $10.45   $11.01   $10.59   $10.18   $10.28   $10.83 
Income (loss) from investment operations:                              
Net investment income (a)(b)   0.21    0.13    0.32    0.31    0.33    0.34 
Net realized and unrealized gains (losses) on investments   (0.14)   (0.40)   0.36    0.53    (0.06)   (0.24)
Total from investment operations   0.07    (0.27)   0.68    0.84    0.27    0.10 
Less distributions from:                              
Net investment income   (0.17)   (0.29)   (0.26)   (0.43)   (0.37)   (0.37)
Net realized capital gains   —    —    —    —    —    (0.28)
Total distributions   (0.17)   (0.29)   (0.26)   (0.43)   (0.37)   (0.65)
Net asset value at end of period  $10.35   $10.45   $11.01   $10.59   $10.18   $10.28 
Total return (c)   0.71% (d)   (2.49%)   6.47%   8.60%   2.81%    0.97% 
Net assets at end of period (000’s)  $127,182   $114,457   $62,659   $21,900   $16,570   $25,085 
Ratios/supplementary data:                              
Ratio of total expenses to average net assets (e)   0.89% (f)   0.97%   1.05%    1.22%   1.08%   0.91%
Ratio of net expenses to average net assets (e)   0.88% (f)(g)    0.97% (g)    1.05%   1.15% (g)    1.08%   0.91%
Ratio of net investment income to average net assets (a)   4.13% (f)(g)   1.22%(g)   2.99%   3.05% (g)   3.31%   3.17%
Portfolio turnover rate   554% (d)   837%   337%   589%   524%   507%

 

(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)Not Annualized

 

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

 

(f)Annualized

 

(g)Ratio was determined after expense reimbursements (Note 4).

 

See accompanying notes to financial statements.

7

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
INVESTOR SHARES
FINANCIAL HIGHLIGHTS

 

Per Share Data for a Share Outstanding Throughout Each Period

   Six Months                     
   Ended   Year   Year   Year   Year   Year 
   February 28,   Ended   Ended   Ended   Ended   Ended 
   2023   August 31,   August 31,   August 31,   August 31,   August 31, 
   (Unaudited)   2022   2021   2020   2019   2018 
Net asset value at                              
beginning of period  $10.43   $10.98   $10.58   $10.14   $10.23   $10.79 
Income (loss) from investment operations:                              
Net investment income (a)(b)   0.18    0.10    0.28    0.29    0.30    0.32 
Net realized and unrealized gains (losses) on investments   (0.13)   (0.41)   0.35    0.53    (0.04)   (0.25)
Total from investment operations   0.05    (0.31)   0.63    0.82    0.26    0.07 
Less distributions from:                              
Net investment income   (0.15)   (0.24)   (0.23)   (0.38)   (0.35)   (0.35)
Net realized capital gains   —    —    —    —    —    (0.28)
Total distributions   (0.15)   (0.24)   (0.23)   (0.38)   (0.35)   (0.63)
Net asset value at end of period  $10.33   $10.43   $10.98   $10.58   $10.14   $10.23 
Total return (c)   0.47% (d)   (2.92%)   6.02%   8.32%   2.71%   0.64% 
Net assets at end of period (000’s)  $11,527   $18,912   $14,594   $29,642   $38,047   $62,851 
Ratios/supplementary data:                              
Ratio of total expenses to average net assets (e)   1.40% (f)   1.44%   1.40%   1.44%   1.29%   1.16%
Ratio of net expenses to average net assets (e)   1.34% (f)(g)    1.39% (g)    1.40%    1.40% (g)    1.29%   1.16%
Ratio of net investment income to average net assets (a)   3.43% (f)(g)   0.92% (g)   2.61%   2.91% (g)   3.00%    3.04%
Portfolio turnover rate   554% (d)   837%   337%   589%   524%   507%

 

(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)Not Annualized

 

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

 

(f)Annualized

 

(g)Ratio was determined after expense reimbursements (Note 4).

 

See accompanying notes to financial statements.

8

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS
February 28, 2023 (Unaudited)

 

1. 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.

 

2. 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 by Wilbanks, Smith & Thomas Asset Management, LLC, d/b/a WST Capital Management (the “Advisor”), as the Fund’s valuation designee, in accordance with procedures adopted by the Board of

9

 

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

 

Trustees (the “Board”) pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended. 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 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 February 28, 2023:

 

   Level 1   Level 2   Level 3   Total 
Open-End Funds  $16,180,388   $—   $—   $16,180,388 
Money Market Funds   122,289,751    —    —    122,289,751 
Total  $138,470,139   $—   $—   $138,470,139 
                     

 

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 six months ended February 28, 2023.

10

 

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

 

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, if any, are declared and paid quarterly to shareholders. Net realized capital gains, if any, are distributed at least annually. 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 periods ended February 28, 2023 and August 31, 2022 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.

11

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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, 2022:

 

Tax cost of investments  $134,290,760 
Gross unrealized appreciation  $— 
Gross unrealized depreciation   (794,500)
Net unrealized depreciation on investments   (794,500)
Undistributed ordinary income   279,937 
Accumulated capital and other losses   (1,073,240)
Accumulated deficit  $(1,587,803)
      

 

The Federal tax cost, unrealized appreciation (depreciation), as of February 28, 2023 is as follows:

 

      
Tax cost of investments  $138,317,421 
Gross unrealized appreciation  $183,508 
Gross unrealized depreciation   (30,790)
Net unrealized appreciation on investments  $152,718 
      

 

As of August 31, 2022, the Fund had short-term CLCFs of $1,073,240 for federal income tax purposes. These CLCF’s, which do not expire, may be utilized in the current and future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

 

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 the current and 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 six months ended February 28, 2023, 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.

12

 

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

 

3. Investment Transactions

 

During the six months ended February 28, 2023, the cost of purchases of investment securities and the proceeds from sales of investment securities, other than short-term investments, amounted to $319,878,615 and $333,308,228, respectively.

 

4. Transactions with Related Parties

 

The Managing Principal the Advisor and the chair of its Investment Committee is also the President of the Trust and is also a member of the Board. Certain other officers of the Trust are also officers of the Advisor, 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 Advisor receive no fees from the Fund. The Fund pays Trustees who are not affiliated with the Advisor a fee of $8,500 each year, plus $500 for each meeting attended in person or 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 Advisor pursuant to the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at the annual rate of 0.60% of its average daily net assets.

 

The Advisor 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, 2024. Any fee waivers and expense reimbursements by the Advisor 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 Advisor 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 six months ended February 28, 2023, the Advisor reimbursed $3,582 and $7,091 of other expenses applicable to Institutional Shares and Investor shares, respectively.

13

 

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

 

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 Advisor who pays Foreside for certain distribution related services.

 

Effective January 20, 2023, Calfree Strategic Solutions (“Calfree”) provides a Chief Compliance Officer (“CCO”) to the Trust, as well as related compliance support services, pursuant to a Compliance Program Engagement Letter (the “Agreement”) between Calfree and the Trust. Under the terms of the Agreement, Calfree receives fees from the Advisor, not from the Fund. Calfree, not the Trust, pays the CCO for their services.

 

5. 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 six months ended February 28, 2023, $15,994 of expenses were incurred under the Plan by Investor Shares of the Fund.

 

6. 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 February 28, 2023, the Fund had 88.2% of the value of its net assets invested in money market funds. Each money market holding individually represents more than 25% of the net assets of the Fund, and the financial statements for each can be found at www.sec.gov.

 

7. 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

14

 

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

 

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.

 

8. 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.

15

 

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 (September 1, 2022) and held until the end of the period (February 28, 2023).

 

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.

16

 

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 
   September 1,  February 28,  Expense  Paid During 
   2022  2023  Ratio(a)  Period(b) 
Institutional Class              
Actual Fund Return  $1,000.00  $1,007.10  0.88%  $4.38 
Hypothetical 5% Return (before expenses)  $1,000.00  $1,020.43  0.88%  $4.41 
               
Investor Class              
Actual Fund Return  $1,000.00  $1,004.70  1.34%  $6.66 
Hypothetical 5% Return (before expenses)  $1,000.00  $1,018.15  1.34%  $6.71 
               

 

(a)Annualized, based on each Class’s most recent one-half year expenses.

 

(b)Expenses are equal to each Class’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

17

 

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 and on the Fund’s website www.wstamfunds.com.

18

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

 

The Board, including the Trustees who are not “interested persons,” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) voting separately, has reviewed and approved the continuance of the Investment Advisory Agreement (the “Advisory Agreement”) with Wilbanks, Smith and Thomas Asset Management, LLC, d/b/a WST Capital Management (the “Advisor”) for the WSTCM Credit Select Risk–Managed Fund (the “Fund”) for an additional annual term. Approval took place at an in-person meeting held on October 25, 2022. At the meeting all of the Trustees, including all of the Independent Trustees, were present.

 

In considering the Advisory Agreement for the Fund and reaching their conclusion with respect thereto, the Board recalled its review of the materials related to the Fund and the Advisor at the meeting and throughout the preceding 12 months and its numerous discussions with management of the Trust and the Advisor about the operation and performance of the Fund during that period. The Board further considered those materials and discussions and numerous other factors, including the factors described below.

 

(i)The nature, extent, and quality of the services provided by the Advisor. In this regard, the Board reviewed the services being provided by the Advisor to the Fund including, without limitation, its providing continuous advisory services to the Fund during the past 12 months and since the Fund’s inception, its adhering to the Fund’s investment restrictions, complying with the Trust’s policies and procedures and voting proxies on behalf of the Fund, its coordination of services for the Fund among the Fund’s service providers, and its efforts to promote the Fund and assist in its distribution. The Board also noted that the Trust’s president, principal executive officer, vice president, and chief compliance officer are employees of the Advisor and serve the Trust without additional compensation from the Fund. The Board concluded that the quality, extent, and nature of the services provided by the Advisor are satisfactory and adequate for the Fund.

 

(ii)The investment performance of the Fund and the Advisor. In this regard, the Board compared the performance of the Fund with the performance of its benchmark index, custom peer group and Morningstar category (U.S. Nontraditional Bond Funds $100-150 Million). The Board also considered the consistency of the Advisor’s management of the Fund with the Fund’s investment objective and policies. The Board concluded that the investment performance of the Fund and the Advisor has been satisfactory.

 

(iii)The costs of the services provided and profits to be realized by the Advisor from its relationship with the Fund. In this regard, the Board considered the Fund’s management fee and expense ratio, each as compared to the Fund’s custom peer group and Morningstar category and to the fees charged by the Advisor to other similar clients. The Board considered the revenue earned by the Advisor from the Fund and the current and anticipated profitability of the Fund to the Advisor, if

19

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

 

any. The Board also considered the Advisor’s past fee reductions and expense reimbursements for the Fund. The Board concluded that the advisory fee to be paid to the Advisor by the Fund is reasonable in light of the nature and quality of services provided by the Advisor.

 

(iv)The extent to which economies of scale would be realized as the Fund grows and whether management fee levels reflect these economies of scale for the benefit of the Fund’s investors. In this regard, the Board considered that the Fund’s fee arrangements with the Advisor involve both a management fee and an Expense Limitation Agreement. The Board determined that, while the management fee rate remained the same at all asset levels, the Fund has experienced benefits from its Expense Limitation Agreement. In addition, the Board noted that the Fund will benefit from economies of scale under the Trust’s agreements with service providers other than the Advisor. The Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees with respect to economies of scale.

 

(v)The Advisor’s practices regarding brokerage and portfolio transactions. In this regard, the Board considered the Advisor’s policies and procedures, and performance in utilizing those standards, to seek best execution for the Fund’s portfolio transactions. The Board determined that the Advisor’s practices regarding brokerage and portfolio transactions are satisfactory.

 

(vi)Possible conflicts of interest. In evaluating the possibility for conflicts of interest, the Board considered such matters as the experience and abilities of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and/or the Advisor’s other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisor’s code of ethics. The Board found the Advisor’s standards and practices relating to the identification and mitigation of potential conflicts of interests to be satisfactory.

 

(vii)Other topics or issues. In this regard, the Board considered the Advisor’s compliance policies and procedures, and the Advisor’s provision of a chief compliance officer for the Advisor and the Fund. The Board also considered the Advisor’s insurance coverage, its risk management program, and its regulatory history. The Board found these topics and issues to be satisfactory.

 

Conclusion

 

After further discussion of the factors noted above, as well as other factors, and in reliance on the information provided by the Advisor and Trust management and taking into account the totality of all factors discussed and information presented at the meeting and previous meetings, the Board indicated its agreement to approve the continuance of the Advisory Agreement. It was noted that in the Trustees’ deliberations regarding the

20

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

 

approval of the continuance of the Advisory Agreement, the Trustees did not identify any particular information or factor that was all-important or controlling, and that each individual Trustee may have attributed different weights to various factors listed above. After full consideration of the above factors as well as other factors, the Board unanimously concluded that approval of the continuance of the Advisory Agreement was in the best interest of the Fund and its shareholders.

21

 

WSTCM CREDIT SELECT RISK-MANAGED FUND
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

 

The Trust has adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The Program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Liquidity Program Administrator is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The Liquidity Program Administrator presented the Board with a written report assessing the Program (the “Report”) at the Board’s meeting held on October 25, 2022. The Report covered the period October 31, 2021 through September 30, 2022 (the “Review Period”). The Report noted that during the Review Period the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. It further noted that during the Review Period the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Program had been effectively implemented during the Review Period.

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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WSTCM-SAR-23

 

 

 

 

 

 

 

(b)Not applicable.
 
 

 

Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not applicable

Item 6. Schedule of Investments.

(a)Not applicable [schedule filed with Item 1]
(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: Not required

(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

(1) Not applicable.

 

(2) Change in the registrant’s independent public accountants: Not applicable

 

(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.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 May 03, 2023    
       
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 May 03, 2023    
       
By (Signature and Title)* /s/ Angela A. Simmons  
    Angela A. Simmons, Treasurer and Principal Financial Officer  
       
Date May 03, 2023    

 

* 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 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 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: May 03, 2023 /s/ Wayne F. Wilbanks  
  Wayne F. Wilbanks, President  
 
 

 

CERTIFICATIONS

 

I, Angela A. Simmons, 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 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:  May 03, 2023 /s/ Angela A. Simmons  
  Angela A. Simmons, Treasurer and Principal Financial Officer  

 

 EX-99.906 CERT 3 cert2.htm

 

EX-99.906CERT

 

CERTIFICATIONS

 

Wayne F. Wilbanks, Chief Executive Officer, and Angela A. Simmons, 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 February 28, 2023 (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/ Angela A. Simmons  
Wayne F. Wilbanks, President   Angela A. Simmons, Treasurer and Principal Accounting Officer  
       
Date:  May 03, 2023   Date:  May 03, 2023  

 

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 WST Investment Trust and will be retained by WST Investment 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.

 

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