U.S. Bond Fund - Wilbanks Smith & Thomas

150 West Main Street
Suite 1700
Norfolk, VA 23510
Phone: 757.623.3676

WSTCM Credit Select Risk-Managed Fund

(Formerly known as WST Asset Manager – U.S. Bond Fund)


Investment Objective

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


Portfolio Structure

The Fund is a “fund of funds.” The term “fund of funds” is typically used to describe mutual funds, such as the Credit Select RM Fund, whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds (e.g. open end and closed end mutual funds).

To achieve its investment objective, the Fund will generally invest in a combination of (i) U.S. high-yield debt securities and (ii) U.S. investment grade debt securities and U.S. Treasury debt obligations. Although the Fund may invest directly in debt securities, it will primarily invest in such securities indirectly through exchange-traded funds (“ETFs”), open end and closed end mutual funds, and/or baskets of securities.

The Advisor allocates assets between High-Yield Securities and Investment Grade Securities using a proprietary quantitative model, its “Credit Select Risk-Managed Strategy.” 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 Securities. In allocating the portfolio, the Advisor may consider multiple factors, including those related to credit, duration, Federal Reserve policy and the Advisor's expectations for the future course of interest rates and then-prevailing price and yield levels in the debt market. The Advisor selects securities for their potential for interest income, capital appreciation, or both.

Other than periods when the Fund is invested solely in cash, at least 10% of the Fund’s assets will generally be invested in Investment Grade Securities at all times.


Fund Risks

An investment in the Fund is subject to investment risks; therefore you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The Fund is not intended to be a complete investment program. Generally, the Fund will be subject to the following principal risks:

Risks Related to "Fund of Funds" Structure: Investments in ETFs and open end and closed end mutual funds subject the Fund to paying its proportionate share of fees and expenses from those investments. By investing in the Fund, you will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Fund invests in addition to the Fund’s direct fees and expenses.

Investment Model Risk: The share price of the Fund changes daily based on the performance of the securities in which it invests, the selection of which are determined primarily by the WST Asset Manager U.S. Bond Strategy (the "Investment Model"). The ability of the Fund to meet its investment objective is directly related to the ability of the Investment Model to accurately measure market risk or volatility and appropriately react to current and developing market trends. There can be no assurance that the use of the Investment Model will enable the Fund to achieve positive returns or outperform the market. If the Investment Model and Advisor fail to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund’s share price may be adversely affected.

Interest Rate Risk: The value of the Fund's debt securities will generally vary inversely with the direction of the prevailing interest rates. A rise in interest rates will normally cause the value of debt securities to decrease. Consequently, changes in interest rates may have a significant effect on the Fund, especially if the Fund is holding a significant portion of its assets in debt securities that are particularly sensitive to interest rate fluctuations. The Fund may be subject to greater risk of rising interest rates due to the current period of historically low interest rates and the likelihood of a general rise in interest rates.

Credit Risk: Credit risk is the risk that the issuer of a debt security (including corporate, government and mortgage-backed securities) will be unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. If the issuer fails to pay interest, the Fund’s income will be reduced. If the issuer fails to repay principal, the value of that debt security and of the Fund's shares may be reduced.

Corporate Debt Securities Risk: The Fund's debt securities investments may include corporate debt securities. Corporate debt obligations purchased by the Fund may be any credit quality, maturity or yield. Accordingly, the Fund's debt securities may include "investment grade" securities (those rated at least Baa by Moody's, BBB by Standard & Poor's or Fitch or, if not rated, of equivalent quality in the Advisor's opinion). In addition, the Fund's debt securities may include lower-rated debt securities including, without limitation, high-yield and/or junk bonds rated below Baa by Moody's or BBB by S&P's or Fitch (see "Junk Bonds or Lower-rated Securities Risk" below).

Junk Bonds or Lower-Rated Securities Risk: Debt securities rated below Baa by Moody's and BBB by S&P or Fitch are generally considered speculative in nature and are generally subject to greater risks with respect to the non-payment of interest and principal and greater market fluctuations than higher-rated debt securities. These risks can reduce the value of the Fund’s shares and the income it earns.

XBRL Files : eXtensible Business Reporting Language

The XBRL files above can only be read with special viewer software. Additional information on the XBRL language and a free version of the viewer software is available on the SEC’s website at xbrl.sec.gov.

Please note that the XBRL file does not include all of the information contained in the Prospectus or Summary Prospectus. To access the full text of a Prospectus or Summary Prospectus, click on the link for each fund in the Prospectus or Summary Prospectus columns above.

Management Team

Wayne F. Wilbanks, CFA
  Wilbanks Smith & Thomas
Asset Management, LLC
Chief Investment Officer
 
Roger H. Scheffel Jr., CPA, PFS
  Wilbanks Smith & Thomas
Asset Management, LLC
Principal & Portfolio Manager
 
Thomas F. McNally, CMT, CFA
  Wilbanks Smith & Thomas
Asset Management, LLC
Portfolio Manager


You should consider the investment objectives, risks, charges, and expenses of the WSTCM Funds carefully before investing. The prospectus contains this and other information about WSTCM Funds. You may obtain one by clicking the prospectus link or by calling 1-866-515-4626. Please read it carefully before investing. WSTCM Funds are distributed by Foreside Fund Services, LLC.

How to Invest

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Click here for a Prospectus, which contains this and other important information, or call 866-515-4626. Please read the prospectus carefully before investing. The Fund may not be suitable for all investors.

Available through:

Charles Schwab & Co., Inc.

or

Invest directly with the Fund:

  • Obtain and complete a new account application here or by calling 866-515-4626.
  • Be sure to read the Prospectus carefully to ensure that you select the appropriate share class.
  • Make your check for the minimum initial investment or more payable to WST Funds or make arrangements for a wire transfer by calling 866-515-4626.
  • Send your completed application and check to:

    Regular Mail
    WST Funds
    P.O. Box 46707
    Cincinnati, Ohio 45246-0707

    Overnight
    WST Funds
    225 Pictoria Drive, Suite 450
    Cincinnati, Ohio 45246



You should consider the investment objectives, risks, charges, and expenses of the WSTCM Funds carefully before investing. The prospectus contains this and other information about WSTCM Funds. You may obtain one by clicking the prospectus link or by calling 1-866-515-4626. Please read it carefully before investing. WSTCM Funds are distributed by Foreside Fund Services, LLC.

Investment Managers


Investment Professionals

  Wayne F. Wilbanks, CFA
Wilbanks Smith & Thomas Asset Management, LLC
Chief Investment Officer
 
  Roger H. Scheffel Jr., CPA, PFS
Wilbanks Smith & Thomas Asset Management, LLC
Principal and Portfolio Manager
 
  Thomas F. McNally, CMT, CFA
Wilbanks Smith & Thomas Asset Management, LLC
Portfolio Manager


You should consider the investment objectives, risks, charges, and expenses of the WSTCM Funds carefully before investing. The prospectus contains this and other information about WSTCM Funds. You may obtain one by clicking the prospectus link or by calling 1-866-515-4626. Please read it carefully before investing. WSTCM Funds are distributed by Foreside Fund Services, LLC.

Fees

For fee information see the prospectus.



You should consider the investment objectives, risks, charges, and expenses of the WSTCM Funds carefully before investing. The prospectus contains this and other information about WSTCM Funds. You may obtain one by clicking the prospectus link or by calling 1-866-515-4626. Please read it carefully before investing. WSTCM Funds are distributed by Foreside Fund Services, LLC.