Strategy. The Fund is a fund of funds. The term fund of funds is typically used to describe mutual funds, such as the Fund, whose primary investment strategy involves investing in other investment companies, such as exchange traded funds (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 (commonly known as junk bonds, and referred to herein as High-Yield Securities) and (ii) U.S. investment grade debt securities and U.S. Treasury debt obligations (collectively, Investment Grade Securities). Debt securities are also known as fixed-income securities. The Fund defines High-Yield Securities as those rated lower than Baa by Moodys Investors Service, Inc. … Show more… The Fund is a fund of funds. The term fund of funds is typically used to describe mutual funds, such as the Fund, whose primary investment strategy involves investing in other investment companies, such as exchange traded funds (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 (commonly known as junk bonds, and referred to herein as High-Yield Securities) and (ii) U.S. investment grade debt securities and U.S. Treasury debt obligations (collectively, Investment Grade Securities). Debt securities are also known as fixed-income securities. The Fund defines High-Yield Securities as those rated lower than Baa by Moodys Investors Service, Inc. (Moodys) or lower than BBB by S&P Global Ratings (S&P) or Fitch Ratings, Inc. (Fitch) and defines Investment Grade Securities as those rated Baa or better by Moodys or BBB or better by S&P or Fitch or, if securities are unrated, as determined by the Wilbanks, Smith & Thomas Asset Management, LLC, d/b/a WST Capital Management (the Advisor) to be of similar credit quality. Although the Fund may invest directly in debt securities, it will primarily invest in such securities indirectly through ETFs, open-end and closed-end mutual funds, and/or baskets of securities (i.e. pre-selected groups of securities that are related by index or sector and made available through certain brokers at a discounted brokerage rate) that each invest primarily in debt 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 portfolio investments between High-Yield Securities and Investment Grade Securities, the Advisor may consider multiple factors, including those related to credit, duration, Federal Reserve policy and the Advisors expectations for the future course of interest rates and the then-prevailing price and yield levels in the debt market. Normally, the investment universe for the Credit Select Risk-Managed Strategy is comprised of approximately 10 to 20 ETFs that invest in High-Yield Securities and 5 to 10 ETFs that invest in Investment Grade Securities that are selected by the Advisor. The Advisor selects securities for their potential for interest income, capital appreciation, or both. The Fund invests without restriction as to issuer credit quality, capitalization or security maturity. Under normal circumstances, at least 80% of the Funds net assets (including the amount of any borrowings for investment purposes) will be invested directly or indirectly in U.S. bonds. The Fund shareholders will be provided with at least 60 days prior notice of any change to the foregoing policy. The Funds investment allocations, determined by the Credit Select Risk-Managed Strategy, may change frequently and as a result, the Fund expects to engage in frequent portfolio transactions that will likely result in higher portfolio turnover than other mutual funds. Portfolio turnover is a ratio that indicates how often the securities in a mutual funds portfolio change during the year. A higher portfolio turnover rate indicates a greater number of changes. Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be significantly greater than 100%. Show less