# EDGAR Filing Document

**Accession Number:** 0000842512
**File Stem:** 0001580642-25-003406
**Filing Date:** 2025-6
**Character Count:** 329052
**Document Hash:** 471ff714461b168a15418eb1e432eff2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003406.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001580642-25-003406

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIAMSBURG INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000842512

**ORGANIZATION NAME:**
- **EIN:** 566344591
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05685
- **FILM NUMBER:** 251017548

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOTTINGHAM INVESTMENT TRUST /NC/
- **DATE OF NAME CHANGE:** 19940125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOTTINGHAM INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19940125

## Series and Classes Contracts Data

### Government Street Equity Fund (Series ID: S000001557)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000004216 | Government Street Equity Fund | GVEQX           |

### Davenport Core Leaders Fund (Series ID: S000001559)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000004218 | Davenport Core Leaders Fund | DAVPX           |

### Government Street Opportunities Fund (Series ID: S000001562)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000004221 | Government Street Opportunities Fund | GVMCX           |

### Jamestown Equity Fund (Series ID: S000001564)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000004223 | Jamestown Equity Fund | JAMEX           |

### Davenport Value & Income Fund (Series ID: S000030554)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000094748 | Davenport Value & Income Fund | DVIPX           |

### Davenport Equity Opportunities Fund (Series ID: S000030555)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000094749 | Davenport Equity Opportunities Fund | DEOPX           |

### Davenport Small Cap Focus Fund (Series ID: S000047867)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000150331 | Davenport Small Cap Focus Fund | DSCPX           |

### Davenport Balanced Income Fund (Series ID: S000052150)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000164143 | Davenport Balanced Income Fund | DBALX           |

### Davenport Insider Buying Fund (Series ID: S000082904)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000246245 | Davenport Insider Buying Fund |  |

?xml version='1.0' encoding='ASCII'?

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 <u>811-05685</u>

Williamsburg Investment Trust <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

John H. Chilton, Esq.

<u>Sullivan & Worcester LLP&nbsp;&nbsp;&nbsp;&nbsp; 1666 K Street NW&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20006</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(513) 587-3400</u>

Date of fiscal year end: <u>March 31</u> <br>Date of reporting period: <u>March 31, 2025</u>

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) # The Jamestown Equity Fund
(JAMEX)

### Annual Shareholder Report - March 31, 2025
![Image](ieceea0a6da7328e6b9d9804a.jpg)

## Fund Overview
This annual shareholder report contains important information about The Jamestown Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/jamestown/**. You can also request this information by contacting us at (866) 738-1126.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Jamestown Equity Fund (The) | $99 | 0.95% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;

For the twelve-month period ending March 31, 2025, The Fund returned 7.42% compared to 8.25% for the S&P 500<sup>®</sup> Index. Sector allocation was a contributor to relative performance for the year, while stock selection was slightly negative. The primary drivers of the positive contribution from sector selection were being underweight in the Health Care and Materials sectors, partially offset by being underweight in Financials and overweight in the Energy sectors.

&nbsp;&nbsp;&nbsp;&nbsp;During the last twelve months, equity markets were bolstered by a mainly favorable economic and corporate earnings backdrop. The Federal Reserve made its last cut to interest rates in December 2024, and interest rates did not have a big impact on equity markets during the year. The yield curve steepened, and 10-year Treasuries traded in a range between 3.65% and 4.7%.

&nbsp;&nbsp;&nbsp;&nbsp;The first three quarters of the Fund's fiscal year saw equities perform quite strongly, once again led by large capitalization growth-oriented equities. The last quarter of the fiscal year saw a reversal as equity markets struggled and growth stocks underperformed. Fears over a slowdown in Artificial Intelligence spending and the potential impact of new trade tariffs led to the underperformance of the growth-oriented sectors. For the year ending March 31, 2025, the more defensive Utilities and Consumer Staples were among the best performing sectors in the S&P 500<sup>®</sup> Index. Stocks in the Financials and Communications Services sectors also performed well, while Materials, Health Care and Energy sectors were the worst performers.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund remains well diversified across sector allocations. At the end of March 2025, 96.45% of the Fund was invested in a diversified portfolio of equities, while the Fund had 3.55% in cash. The Fund was slightly overweight in the Consumer Staples, Energy and Technology sectors and underweight in the Consumer Discretionary, Financials, Health Care, Materials, Utilities and Real Estate sectors at the end of the quarter.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i24d6d8f04a4801e74dbfe233.jpg)

---

| | | |
|:---|:---|:---|
| | **Jamestown Equity Fund (The)** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Mar-2016** | $9504 | $10178 |
| **Mar-2017** | $10658 | $11926 |
| **Mar-2018** | $12080 | $13595 |
| **Mar-2019** | $12853 | $14886 |
| **Mar-2020** | $12061 | $13847 |
| **Mar-2021** | $19326 | $21650 |
| **Mar-2022** | $21821 | $25038 |
| **Mar-2023** | $20535 | $23103 |
| **Mar-2024** | $26794 | $30006 |
| **Mar-2025** | $28781 | $32482 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Jamestown Equity Fund (The) | 7.42% | 19.00% | 11.15% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$55,309,592

* Number of Portfolio Holdings53

* Advisory Fee (net of waivers)$367,529

* Portfolio Turnover6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib3234aa02edd107ab7339afd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 84.2% |
| Exchange-Traded Funds | 12.2% |
| Money Market Funds | 3.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](if1750e55bceb2ac4f2c9ecfb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Real Estate | 1.6% |
| Utilities | 2.3% |
| Money Market Funds | 3.6% |
| Energy | 5.8% |
| Consumer Staples | 6.2% |
| Industrials | 7.1% |
| Consumer Discretionary | 7.6% |
| Health Care | 7.6% |
| Communications | 10.1% |
| Financials | 11.3% |
| Exchange-Traded Funds | 12.2% |
| Technology | 24.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 4.9% |
| Microsoft Corporation | 4.6% |
| NVIDIA Corporation | 4.1% |
| Meta Platforms, Inc. - Class A | 4.0% |
| Alphabet, Inc. - Class C | 3.9% |
| Amazon.com, Inc. | 3.8% |
| Vanguard Information Technology ETF | 3.4% |
| JPMorgan Chase & Company | 3.4% |
| Health Care Select Sector SPDR Fund (The) | 3.4% |
| Chevron Corporation | 2.3% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](ieceea0a6da7328e6b9d9804a.jpg)

## The Jamestown Equity Fund (JAMEX)

### Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/jamestown/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-JAMEX

# The Government Street Equity Fund
(GVEQX)

### Annual Shareholder Report - March 31, 2025
![Image](ief3da387f55dd818d42a30c9.jpg)

## Fund Overview
This annual shareholder report contains important information about The Government Street Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/govstreet/**. You can also request this information by contacting us at (866) 738-1125.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Government Street Equity Fund (The) | $89 | 0.85% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;

The Fund slightly outperformed the stock market, as measured by the S&P 500<sup>®</sup> Index, 8.92% versus 8.25% for the fiscal year ended March 31, 2025. The Technology sector was the most active of the 11 economic sectors that are defined to comprise the total market. The Fund's Technology stocks appreciated 27.4% in the first 9 months of the fiscal year, followed by a decline of 13.6% in the final quarter. It represented a significant reversal in the sector of the market that has provided outstanding positive returns for the last two calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;A primary contributor to the general market environment, the chaos of a new Administration in Washington, D.C. is bringing in significant policy changes and staffing. At this point in time, it seems the uncertainty that has been created, not a factual reversal of corporate financial performance, was the deciding factor in the recent negative results.

&nbsp;&nbsp;&nbsp;&nbsp;There is ample diversification within the Fund to avoid any significant shift in investment composition. While it is impossible to project a specific estimate for the time frame of market volatility, the Fund is diversified to weather, on a relative performance basis, short term dislocations. The Fund ended the measurement period with 76 individual stocks (88.4%), 2 broadly diversified Exchange Traded Funds (5.8%) and liquidity of 5.8% in one Money Market Fund

&nbsp;&nbsp;&nbsp;&nbsp;*Note: The investment performances listed for economic sectors and securities in the preceding paragraph is extracted from an in-house independent time weighted rates of return computation by the Addepar portfolio accounting system. The calculations are gross investment returns. Total investment returns are for the fiscal year April 1, 2024 through March 31, 2025*.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1000bd747455b668907d3be4.jpg)

---

| | | |
|:---|:---|:---|
| | **Government Street Equity Fund (The)** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Mar-2016** | $9754 | $10178 |
| **Mar-2017** | $10955 | $11926 |
| **Mar-2018** | $12607 | $13595 |
| **Mar-2019** | $13320 | $14886 |
| **Mar-2020** | $13048 | $13847 |
| **Mar-2021** | $20285 | $21650 |
| **Mar-2022** | $23837 | $25038 |
| **Mar-2023** | $21767 | $23103 |
| **Mar-2024** | $28133 | $30006 |
| **Mar-2025** | $30643 | $32482 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Government Street Equity Fund (The) | 8.92% | 18.62% | 11.85% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$90,612,064

* Number of Portfolio Holdings79

* Advisory Fee $546,609

* Portfolio Turnover12%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5d660e61f5d8de7637e927ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 88.4% |
| Exchange-Traded Funds | 5.8% |
| Money Market Funds | 5.8% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](if68a32cc9a4b8734c428c8bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 1.6% |
| Materials | 1.9% |
| Real Estate | 2.0% |
| Energy | 3.5% |
| Consumer Staples | 3.7% |
| Exchange-Traded Funds | 5.8% |
| Money Market Funds | 5.8% |
| Communications | 6.9% |
| Consumer Discretionary | 7.4% |
| Health Care | 8.0% |
| Industrials | 11.2% |
| Financials | 15.1% |
| Technology | 27.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 12.3% |
| JPMorgan Chase & Company | 5.3% |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | 4.1% |
| Microsoft Corporation | 3.5% |
| Alphabet, Inc. - Classes A & C | 3.3% |
| Apple, Inc. | 2.9% |
| Walmart, Inc. | 2.7% |
| AbbVie, Inc. | 2.7% |
| Amazon.com, Inc. | 2.5% |
| RTX Corporation | 2.0% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](ief3da387f55dd818d42a30c9.jpg)

# The Government Street Equity Fund (GVEQX)

## Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/govstreet/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-GVEQX

# The Government Street Opportunities Fund
(GVMCX)

### Annual Shareholder Report - March 31, 2025
![Image](i5b7be59cfa70275e0c7a2a88.jpg)

## Fund Overview
This annual shareholder report contains important information about The Government Street Opportunities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/govstreet/**. You can also request this information by contacting us at (866) 738-1125.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Government Street Opportunities Fund (The) | $102 | 1.02% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;

Mid Capitalization stocks turned in annual performances, as a whole, significantly less than larger capitalization securities. At the same time, there is no one definition of what comprises the size of companies in the mid-cap universe and it is difficult to draw conclusive relative measures. For the 12 month fiscal year under review, the S&P 500<sup>®</sup> Index (+8.25%) and the Russell 3000<sup>®</sup> Index (+7.22%) compared to the S&P Mid Cap 400<sup>®</sup> Index (-2.70%) and the Morningstar Mid Cap Blend Index (-0.16%), illustrate the point. The fiscal year performance of The Government Street Opportunities Fund was a positive +0.80%

&nbsp;&nbsp;&nbsp;&nbsp;The fourth quarter of the fiscal year illustrated the range of returns even more succinctly: S&P 500<sup>®</sup> Index (-4.27%), Russell 3000<sup>®</sup> Index (-4.72%), S&P Mid Cap 400<sup>®</sup> Index (-6.10%), Morningstar Mid Cap Blend Index (-4.55%) and Government Street Opportunities Fund (-1.60%).

&nbsp;&nbsp;&nbsp;&nbsp;Suffice it to describe the Fund as a broadly diversified portfolio of wide ranging selections of capilizations and sectors. In fact, all eleven economic industry sectors are represented. The Fund ended the fiscal year holding 85 individual stocks, 3 broadly diversified Exchange-Traded Funds and one Money Market fund used to provide liquidity. The Fund was invested 93.48% in equities and 6.52% in cash equivalents at year end. In general, for the year, investment performances were good for large stocks, mediocre for mid cap and lower for small capilization offerings.

&nbsp;&nbsp;&nbsp;&nbsp;*Note: The investment performances listed for economic sectors and securities in the preceding paragraph is extracted from an in-house independent time weighted rates of return computation by the Addepar portfolio accounting system. The calculations are gross investment returns. Total investment returns are for the fiscal year April 1, 2024 through March 31, 2025.*

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i728a1446f89cfb822da12e95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Government Street Opportunities Fund (The)** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup>** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $10104 | $9966 | $9640 |
| **Mar-2017** | $11765 | $11766 | $11657 |
| **Mar-2018** | $13490 | $13392 | $12936 |
| **Mar-2019** | $14057 | $14566 | $13272 |
| **Mar-2020** | $12908 | $13236 | $10284 |
| **Mar-2021** | $20266 | $21513 | $18867 |
| **Mar-2022** | $23329 | $24078 | $19733 |
| **Mar-2023** | $22183 | $22012 | $18722 |
| **Mar-2024** | $28072 | $28460 | $23090 |
| **Mar-2025** | $28298 | $30515 | $22465 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Government Street Opportunities Fund (The) | 0.80% | 17.00% | 10.96% |
| Russell 3000<sup>®</sup> Index | 7.22% | 18.18% | 11.80% |
| S&P MidCap 400<sup>®</sup> | -2.70% | 16.91% | 8.43% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$75,612,503

* Number of Portfolio Holdings89

* Advisory Fee $568,645

* Portfolio Turnover9%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i706e24701ef1fd640a863a68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 82.2% |
| Exchange-Traded Funds | 11.3% |
| Money Market Funds | 6.5% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i0279b34488352929142f58f8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 0.2% |
| Utilities | 0.6% |
| Consumer Staples | 2.4% |
| Real Estate | 3.3% |
| Consumer Discretionary | 3.4% |
| Energy | 3.6% |
| Money Market Funds | 6.5% |
| Materials | 7.2% |
| Health Care | 8.4% |
| Exchange-Traded Funds | 11.3% |
| Industrials | 14.5% |
| Technology | 16.7% |
| Financials | 21.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 8.5% |
| SPDR S&P MidCap 400<sup>®</sup> ETF Trust | 4.9% |
| Arthur J. Gallagher & Company | 3.7% |
| Brown & Brown, Inc. | 3.3% |
| Vanguard U.S. Value Factor ETF | 3.3% |
| iShares Core S&P Mid-Cap ETF | 3.1% |
| Mid-America Apartment Communities, Inc. | 2.9% |
| Waste Connections, Inc. | 2.7% |
| Berkley (W.R.) Corporation | 2.4% |
| Steel Dynamics, Inc. | 2.3% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](i5b7be59cfa70275e0c7a2a88.jpg)

# The Government Street Opportunities Fund (GVMCX)

## Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/govstreet/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-GVMCX

# Davenport Core Leaders Fund
(DAVPX)

### Annual Shareholder Report - March 31, 2025
![Image](i49285a16c7298c988583e07e.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Core Leaders Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.investdavenport.com/davenport-asset-management/documents-applications/**. You can also request this information by contacting us at (800) 281-3217.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Core Leaders Fund | $87 | 0.85% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Core Leaders Fund (DAVPX) gained 5.81% in the twelve-month period ended March 31, 2025, slightly trailing the benchmark S&P 500<sup><sup>®</sup></sup> Index, which returned 8.25% for the period. Sector allocation was a key factor supporting the Fund's performance with underweight stances in the Technology and Consumer Discretionary sectors contributing significantly to relative performance. Although noting the diverse challenges in the fiscal year, our strategy remains consistent and targeted towards owning high quality, competitively advantaged growth companies which we believe can support attractive performance over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's best performing stock for the fiscal year was Brookfield Corp. (BN), which benefited from the market broadening that was supportive of real-estate related assets. Other key contributors included Spotify Technology SA (SPOT) and Apple, Inc. (AAPL)

&nbsp;&nbsp;&nbsp;&nbsp; Notable detractors included Novo Norodisk A/S (NVO), which experienced setbacks in its new drug development pipeline. Despite these challenges, we remain attracted to Novo Nordisk and the company's long-term growth potential as it executes its GLP-1 growth strategy with leading drugs including Ozempic and Wegovy. Other key detractors included the Walt Disney Co. (DIS) and Advanced Micro Devices, Inc. (AMD).

&nbsp;&nbsp;&nbsp;&nbsp; Although the period was challenging in many respects, we recognize that the macro backdrop appears unusually fluid with a combination of economic and political factors that may add to volatility in the next fiscal year. Given this environment, we have patiently deployed capital in new opportunities while continuing to exercise diligence in our position sizing and sector exposure decisions. We remain committed to our process geared towards thoughtful risk management and continuous optimization.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i42685e1e79fc8c47f1019618.jpg)

---

| | | |
|:---|:---|:---|
| | **Davenport Core Leaders Fund** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 |
| **Mar-2016** | $9761 | $10178 |
| **Mar-2017** | $11378 | $11926 |
| **Mar-2018** | $12673 | $13595 |
| **Mar-2019** | $13712 | $14886 |
| **Mar-2020** | $12703 | $13847 |
| **Mar-2021** | $18826 | $21650 |
| **Mar-2022** | $20877 | $25038 |
| **Mar-2023** | $18503 | $23103 |
| **Mar-2024** | $25305 | $30006 |
| **Mar-2025** | $26774 | $32482 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Core Leaders Fund | 5.81% | 16.08% | 10.35% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,070,162,057

* Number of Portfolio Holdings39

* Advisory Fee $7,927,682

* Portfolio Turnover17%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i706fb97c804e1ec58e0cb4e2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.0% |
| Money Market Funds | 5.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i839f118e961f4734f922b3d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.2% |
| Consumer Staples | 2.0% |
| Energy | 2.2% |
| Materials | 4.6% |
| Money Market Funds | 5.0% |
| Industrials | 7.0% |
| Consumer Discretionary | 8.7% |
| Financials | 13.2% |
| Communications | 13.8% |
| Health Care | 14.4% |
| Technology | 27.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Meta Platforms, Inc. - Class A | 5.4% |
| Amazon.com, Inc. | 5.4% |
| Brookfield Corporation | 4.7% |
| NVIDIA Corporation | 4.1% |
| Microsoft Corporation | 3.9% |
| UnitedHealth Group, Inc. | 3.6% |
| Mastercard, Inc. - Class A | 3.1% |
| Apple, Inc. | 2.9% |
| Adobe, Inc. | 2.8% |
| Danaher Corporation | 2.8% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](i49285a16c7298c988583e07e.jpg)

# Davenport Core Leaders Fund - (DAVPX)

## Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.investdavenport.com/davenport-asset-management/documents-applications/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DAVPX

# Davenport Value & Income Fund
(DVIPX)

### Annual Shareholder Report - March 31, 2025
![Image](i6ef47d59986553d1668a8d94.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Value & Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.investdavenport.com/davenport-asset-management/documents-applications/**. You can also request this information by contacting us at (800) 281-3217.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Value & Income Fund | $90 | 0.86% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Value & Income Fund (DVIPX) generated an 8.25% total return in the twelve-month period ended March 31, 2025, matching the S&P 500<sup><sup>®</sup></sup> Index's 8.25% return, and outperforming the Russell 1000 Value<sup><sup>®</sup></sup> Index's 7.18% return over the same time frame. After two years in which Technology stocks generally soared, the bloom came off the rose of most things related to artificial intelligence, data centers, and semiconductors. Said another way, a number of sectors that trailed in 2023 and 2024's white-hot environment played "catch up" in the fiscal fourth quarter.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's best performing stock for the fiscal year was Philip Morris International, Inc. (PM), as the strategy was well rewarded with its exposure in a such a strong consumer staples contribution. Other key contributors included Fairfax Financial Holdings Ltd (FRFHF) and Walmart, Inc. (WMT).

&nbsp;&nbsp;&nbsp;&nbsp; Notable detractors included Intel Corp (INTC), which resulted in a full exit of our position as we judged that the company's turnaround efforts seemed likely to require more capital and patience than seemed reasonable. Other key detractors included Walt Disney Co (DIS) and Alexandria Real Estate Equities, Inc. (ARE).

&nbsp;&nbsp;&nbsp;&nbsp; Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Inc. (WMT), Brookfield Corp (BN), Brookfield Asset Management Ltd (BAM), Watsco, Inc. (WSO), Oracle Corp (ORCL), Lamar Advertising Co (LAMR), and NextEra Energy, Inc. (NEE). The average DVIPX constituent has raised its dividend 8% year-over-year (y/y), which exceeds the S&P 500's 6%. Our average constituent also has a dividend yield that exceeds both the S&P 500<sup><sup>®</sup></sup> and Russell 1000<sup><sup>®</sup></sup> Value Index. Thus, our Fund is both higher yielding and possesses higher dividend growth than the benchmarks. Furthermore, the average company in our Fund has reduced its diluted share count more than 1% vs. year-ago levels, which may not sound like much, but that benefit should compound over time.

&nbsp;&nbsp;&nbsp;&nbsp;

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icbf89557bc19912db9cad936.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Value & Income Fund** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $9954 | $9846 | $10178 |
| **Mar-2017** | $11308 | $11739 | $11926 |
| **Mar-2018** | $12515 | $12554 | $13595 |
| **Mar-2019** | $12885 | $13267 | $14886 |
| **Mar-2020** | $10698 | $10989 | $13847 |
| **Mar-2021** | $16000 | $17152 | $21650 |
| **Mar-2022** | $18277 | $19154 | $25038 |
| **Mar-2023** | $16118 | $18021 | $23103 |
| **Mar-2024** | $18501 | $21674 | $30006 |
| **Mar-2025** | $20028 | $23230 | $32482 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Value & Income Fund | 8.25% | 13.36% | 7.19% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 8.79% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$908,569,664

* Number of Portfolio Holdings43

* Advisory Fee $6,605,336

* Portfolio Turnover24%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i82132ed019eefeab9657a28f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.7% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](id10411d5329483fa53f587a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Materials | 1.4% |
| Money Market Funds | 2.3% |
| Communications | 3.4% |
| Utilities | 3.4% |
| Real Estate | 4.2% |
| Technology | 4.3% |
| Consumer Discretionary | 5.8% |
| Energy | 7.9% |
| Consumer Staples | 12.2% |
| Industrials | 16.5% |
| Health Care | 18.4% |
| Financials | 20.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Chevron Corporation | 3.9% |
| Johnson & Johnson | 3.6% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 3.4% |
| NextEra Energy, Inc. | 3.4% |
| Comcast Corporation - Class A | 3.4% |
| L3Harris Technologies, Inc. | 3.2% |
| Bristol-Myers Squibb Company | 3.0% |
| Norfolk Southern Corporation | 2.8% |
| Sanofi - ADR | 2.8% |
| Oracle Corporation | 2.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](i6ef47d59986553d1668a8d94.jpg)

# Davenport Value & Income Fund - (DVIPX)

## Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.investdavenport.com/davenport-asset-management/documents-applications/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DVIPX

# Davenport Equity Opportunities Fund
(DEOPX)

### Annual Shareholder Report - March 31, 2025
![Image](if26636622dea3aa957d388fc.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Equity Opportunities Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.investdavenport.com/davenport-asset-management/documents-applications/**. You can also request this information by contacting us at (800) 281-3217.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Equity Opportunities Fund | $84 | 0.86% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Equity Opportunities Fund (DEOPX) experienced a difficult close to the fiscal year. The Fund declined 4.96% in the twelve-month period ended March 31, 2025, versus the Russell Midcap<sup><sup>®</sup></sup> Index's 2.59% return, and the S&P 500<sup><sup>®</sup></sup> Index's 8.25% return for the same period.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's best performing stock for the fiscal year was Brookfield Corp (BN), which benefitted from advancing nearly 30% in the fiscal second quarter, during which the company conducted a constructive analyst day and benefitted from a supportive interest rate backdrop. Other key contributors included Live Nation Entertainment, Inc. (LYV), and Fairfax Financial Holdings Ltd (FRFHF).

&nbsp;&nbsp;&nbsp;&nbsp; Notable detractors included Align Technology, Inc. (ALGN), with concerns surrounding tariffs and deteriorating consumer sentiment outweighed sequential improvement in case volumes. While we remain attracted to the company's category dominance, strong balance sheet, free cash dynamics and long-term growth opportunity, we acknowledge the deteriorating consumer narrative is likely to steer this ship in the near term. Other key detractors included Enovis Corp (ENOV), and Mobileye Global, Inc. (MBLY).

&nbsp;&nbsp;&nbsp;&nbsp; In sum, we remain committed to our bottom-up fundamental process and believe the strategy's alignment with high-quality businesses and strong management teams will enable us to navigate the increasingly turbulent days ahead. As we write this, markets are under heavy pressure from tariff concerns. This could give way to buying opportunities that could yield future upside for our Fund.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icd3e8d99b78af81f326d7e28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Equity Opportunities Fund** | **Russell Midcap<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $9293 | $9596 | $10178 |
| **Mar-2017** | $9996 | $11230 | $11926 |
| **Mar-2018** | $11345 | $12600 | $13595 |
| **Mar-2019** | $12595 | $13415 | $14886 |
| **Mar-2020** | $11446 | $10959 | $13847 |
| **Mar-2021** | $19023 | $19029 | $21650 |
| **Mar-2022** | $20333 | $20346 | $25038 |
| **Mar-2023** | $18452 | $18559 | $23103 |
| **Mar-2024** | $24727 | $22707 | $30006 |
| **Mar-2025** | $23502 | $23296 | $32482 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Equity Opportunities Fund | -4.96% | 15.48% | 8.92% |
| Russell Midcap<sup>®</sup> Index | 2.59% | 16.28% | 8.82% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$867,747,100

* Number of Portfolio Holdings32

* Advisory Fee $6,615,061

* Portfolio Turnover25%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia892608419cec6cefa500bb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.1% |
| Money Market Funds | 2.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i5720c97136777f63e3c0ccc7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Communications | 1.7% |
| Consumer Staples | 2.9% |
| Money Market Funds | 3.0% |
| Technology | 3.5% |
| Real Estate | 5.5% |
| Health Care | 6.2% |
| Materials | 6.6% |
| Industrials | 20.9% |
| Consumer Discretionary | 25.3% |
| Financials | 25.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kinsale Capital Group, Inc. | 7.1% |
| Live Nation Entertainment, Inc. | 6.3% |
| Brookfield Corporation | 5.8% |
| O'Reilly Automotive, Inc. | 4.9% |
| Clean Harbors, Inc. | 4.5% |
| Fairfax Financial Holdings Ltd. | 3.8% |
| Align Technology, Inc. | 3.7% |
| CarMax, Inc. | 3.6% |
| ESAB Corporation | 3.6% |
| DraftKings, Inc. - Class A | 3.6% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](if26636622dea3aa957d388fc.jpg)

## Davenport Equity Opportunities Fund - (DEOPX)

### Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.investdavenport.com/davenport-asset-management/documents-applications/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DEOPX

# Davenport Small Cap Focus Fund
(DSCPX)

### Annual Shareholder Report - March 31, 2025
![Image](i158f95af4c0f187b81075cd3.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Small Cap Focus Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.investdavenport.com/davenport-asset-management/documents-applications/**. You can also request this information by contacting us at (800) 281-3217.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Small Cap Focus Fund | $81 | 0.87% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Small Cap Focus Fund (DSCPX) declined 14.27% in the twelve-month period ended March 31, 2025, trailing the benchmark S&P 500<sup><sup>®</sup></sup> Index, which returned 8.25% for the period. While the Russell 2000<sup><sup>®</sup></sup> Index is down 4.01% during the fiscal year, we continue to consider the small-cap asset class to be timely on a long-term basis. More specifically, we note that both the Russell 2000<sup><sup>®</sup></sup> and S&P SmallCap 600<sup><sup>®</sup></sup> Indices are trading at multi-year absolute and relative valuation troughs (versus the S&P 500<sup><sup>®</sup></sup>) despite forward earnings estimates implying an earnings growth trajectory that exceeds that of large cap indices.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's best performing stock that benefitted from continued strength for the fiscal year, was cruise ship spa operator OneSpaWorld Holdings Ltd (OSW), which we have trimmed modestly as the stock has "cruised" through new highs. Other key contributors included CNX Resources Corp (CNX) and SoFi Technologies, Inc. (SOFI).

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's most notable detractor for the fiscal year was Janus International Group, Inc. (JBI), which slid as the company reported its second quarterly shortfall in a row due to project delays. While we are frustrated by the recent volatility in results, we note that the company has kept these delayed projects in its backlog and fully expect them to move ahead. Other key detractors included Enovis Corp (ENOV) and Leslie's, Inc. (LESL).

&nbsp;&nbsp;&nbsp;&nbsp; We feel the asset class is timely, but also believe the Fund represents a differentiated and high-quality way to access this opportunity. Though we expect ongoing uncertainty to continue to produce volatility, we feel our concentrated approach, quality focus and willingness to be contrarian will produce superior risk adjusted returns over the long term.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iec06d7caaf2f8948f8440f9d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Small Cap Focus Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2015** | $10000 | $10000 | $10000 |
| **Mar-2016** | $8981 | $9024 | $10178 |
| **Mar-2017** | $11663 | $11390 | $11926 |
| **Mar-2018** | $12862 | $12733 | $13595 |
| **Mar-2019** | $13364 | $12994 | $14886 |
| **Mar-2020** | $11483 | $9877 | $13847 |
| **Mar-2021** | $21224 | $19245 | $21650 |
| **Mar-2022** | $22679 | $18131 | $25038 |
| **Mar-2023** | $21871 | $16027 | $23103 |
| **Mar-2024** | $27248 | $19186 | $30006 |
| **Mar-2025** | $23359 | $18417 | $32482 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Small Cap Focus Fund | -14.27% | 15.26% | 8.85% |
| Russell 2000<sup>®</sup> Index | -4.01% | 13.27% | 6.30% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 12.50% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$867,218,594

* Number of Portfolio Holdings34

* Advisory Fee $7,240,718

* Portfolio Turnover46%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie1fc2ed69922982d2a649eeb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.6% |
| Exchange-Traded Funds | 2.4% |
| Money Market Funds | 5.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i55eb1bce5a0a56f3d97b8ba8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 2.4% |
| Consumer Staples | 3.8% |
| Energy | 4.6% |
| Money Market Funds | 5.0% |
| Communications | 5.1% |
| Materials | 6.6% |
| Real Estate | 7.8% |
| Technology | 8.1% |
| Financials | 12.8% |
| Industrials | 20.5% |
| Consumer Discretionary | 23.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kinsale Capital Group, Inc. | 7.2% |
| Monarch Casino & Resort, Inc. | 6.8% |
| Enovis Corporation | 5.0% |
| ESAB Corporation | 4.8% |
| Golden Entertainment, Inc. | 4.3% |
| Stewart Information Services Corporation | 4.2% |
| Generac Holdings, Inc. | 4.0% |
| Verra Mobility Corporation | 4.0% |
| California Resources Corporation | 3.9% |
| NewMarket Corporation | 3.9% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](i158f95af4c0f187b81075cd3.jpg)

# Davenport Small Cap Focus Fund - (DSCPX)

## Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.investdavenport.com/davenport-asset-management/documents-applications/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DSCPX

# Davenport Balanced Income Fund
(DBALX)

### Annual Shareholder Report - March 31, 2025
![Image](i2169d561f1aa0637ef5f1a79.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Balanced Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.investdavenport.com/davenport-asset-management/documents-applications/**. You can also request this information by contacting us at (800) 281-3217.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Balanced Income Fund | $96 | 0.93% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Davenport Balanced Income Fund (DBALX) generated a 6.74% total return in the 12-month period ended March 31, 2025, compared to the 8.25% return of the S&P 500<sup><sup>®</sup></sup> Index, and matching the 60% Russell 1000<sup><sup>®</sup></sup> Value Index/40% Bloomberg Intermediate U.S. Government-Credit Total Return Index's 6.73% return over the same time frame. The period could perhaps best be characterized by defense serving as the best offense. Said another way, a number of sectors that trailed in 2023 and 2024's white-hot environment played "catch up" in the fiscal fourth quarter. Falling interest rates also helped catalyze some of those "bond proxy" sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the equity portion of the Fund, the best performing stock for the fiscal year was Philip Morris International, Inc. (PM), which we chipped several times into strength. Other notable contributors included Fairfax Financial Holdings Ltd (FRFHF) and Walmart, Inc. (WMT). Detractors among the equity portion included Intel Corp (INTC), Walt Disney Co. (DIS) and Alexandria Real Estate Equities, Inc. (ARE).

&nbsp;&nbsp;&nbsp;&nbsp; The fixed income portion of DBALX served as a counterbalance to volatility. Top contributors for the period included Ridley Corp Ltd 4.8% 03/01/33, Phillip Morris International, Inc. 5.375% 02/15/33, and Boardwalk Pipeline Partners LP 4.45% 07/15/27. Top detractors included AT&T 3.875% 08/15/33, American Rare Earths Ltd 4.812% 02/13/33, and META Platforms, Inc. 05/15/33.

&nbsp;&nbsp;&nbsp;&nbsp; While market-wide equity valuation levels don't necessarily scream cheap, many individual constituents appear to trade at reasonable multiples. Our latest purchase, Constellation Brands, is one example; its 13x multiple sits nearly three standard deviations below its long-term average closer to 21x. Many of our pharmaceutical and insurance holdings trade at even lower multiples. As the market has begun to rotate toward these types of companies, we believe it's a reflection of both their compressed valuations and the resiliency of their cash flows – a combination we remain attracted to heading into the (always) uncertain future.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaa5a0bed4c3e84d441300d69.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Davenport Balanced Income Fund** | **60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg U.S. Intermediate Government/Credit Index** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Intermediate Government/Credit Bond Index** | **Russell 1000<sup>®</sup> Value Index** | **Morningstar U.S. Moderate Target Allocation Index** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Mar-2016** | $10290 | $10206 | $10135 | $10245 | $10164 | $10161 |
| **Mar-2017** | $11175 | $11372 | $11875 | $10288 | $12117 | $11184 |
| **Mar-2018** | $11713 | $11868 | $13537 | $10324 | $12959 | $12209 |
| **Mar-2019** | $12105 | $12508 | $14822 | $10762 | $13695 | $12903 |
| **Mar-2020** | $10823 | $11563 | $13788 | $11503 | $11344 | $12513 |
| **Mar-2021** | $14410 | $15293 | $21558 | $11734 | $17706 | $16639 |
| **Mar-2022** | $15491 | $16096 | $24931 | $11252 | $19772 | $17357 |
| **Mar-2023** | $14224 | $15470 | $23004 | $11066 | $18603 | $16337 |
| **Mar-2024** | $15694 | $17501 | $29878 | $11363 | $22373 | $19062 |
| **Mar-2025** | $16752 | $18679 | $32343 | $12006 | $23980 | $20276 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2015)** |
| Davenport Balanced Income Fund | 6.74% | 9.13% | 5.74% |
| 60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg U.S. Intermediate Government/Credit Index | 6.73% | 10.07% | 6.99% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.59% | 13.53% |
| Bloomberg U.S. Intermediate Government/Credit Bond Index | 5.65% | 0.86% | 2.00% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.15% | 9.92% |
| Morningstar U.S. Moderate Target Allocation Index | 6.37% | 10.13% | 7.94% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$245,618,780

* Number of Portfolio Holdings79

* Advisory Fee $1,761,603

* Portfolio Turnover24%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i78103520939844c434dde64d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 57.5% |
| Corporate Bonds | 26.5% |
| Money Market Funds | 2.6% |
| Municipal Bonds | 1.0% |
| U.S. Government & Agency Obligations | 7.8% |
| U.S. Treasury Obligations | 4.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i4f3d672a6aec66c8764d4c75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Materials | 0.7% |
| Municipal Bonds | 1.0% |
| Real Estate | 2.3% |
| Money Market | 2.6% |
| Utilities | 3.3% |
| Consumer Discretionary | 3.8% |
| Technology | 4.6% |
| U.S. Treasury Obligations | 4.6% |
| Communications | 5.6% |
| U.S. Government & Agency Obligations | 7.7% |
| Consumer Staples | 10.0% |
| Industrials | 11.0% |
| Energy | 11.2% |
| Health Care | 15.1% |
| Financials | 15.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Chevron Corporation | 2.2% |
| Meta Platforms, Inc., 4.950%, due 05/15/33 | 2.1% |
| Federal Home Loan Bank, 5.250%, due 03/20/35 | 2.0% |
| Federal Farm Credit Bank, 5.260%, due 11/14/33 | 2.0% |
| Federal Farm Credit Bank, 5.330%, due 10/17/39 | 2.0% |
| U.S. Treasury Notes, 2.750%, due 06/30/25 | 2.0% |
| Johnson & Johnson | 1.9% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 1.9% |
| Comcast Corporation - Class A | 1.9% |
| NextEra Energy, Inc. | 1.8% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](i2169d561f1aa0637ef5f1a79.jpg)

## Davenport Balanced Income Fund (DBALX)

### Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.investdavenport.com/davenport-asset-management/documents-applications/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Davenport Balanced Income Fund (the "Fund") is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

TSR-AR 033125-DBALX

# Davenport Insider Buying Fund
(DBUYX)

### Annual Shareholder Report - March 31, 2025
![Image](i4991150e88f24935dd607fe4.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Insider Buying Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **https://www.investdavenport.com/davenport-asset-management/documents-applications/**. You can also request this information by contacting us at (800) 281-3217.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Insider Buying Fund | $97 | 1.01% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Insider Buying Fund (DBUYX) generated a -8.27% total return in the twelve-month period ended March 31, 2025, which compared to 8.25% for the S&P 500<sup><sup>®</sup></sup> Index over the same time period. While it surprised us that the Fund didn't generate stronger performance, we continue to believe in the merits of investing alongside insiders who are purchasing shares of their own companies.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's best performing stocks were Air Products and Chemicals, Inc. (APD), Aon PLC (AON), and Mid-American Apartment Communities, Inc. (MAA). Insurance broker AON performed nicely following an earnings report that saw an acceleration in organic growth. Integration of its completed NFP acquisition should drive solid earnings growth over the next few years.

&nbsp;&nbsp;&nbsp;&nbsp; Notable detractors for the year were Align Technology, Inc. (ALGN), Charles River Laboratories International, Inc. (CRL), and NIKE, Inc. (NKE). Companies with outsized tariff risks fared relatively poorly, such as ALGN and NKE. There was minimal company specific information that drove the declines in CRL. Instead, the Health Care sector in general (outside of companies that manufacture and sell weight-loss drugs) was weak during the first fiscal quarter due to election fears, government pressure on drug pricing, and broader market preferences.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is diversified across sectors and market capitalization ranges, with above-average exposure to Industrials, where a very long-in-the-tooth freight recession offers opportunity for operating leverage when volumes improve. We like companies that offer a balance of both offensive and defensive attributes, especially since it's unclear whether the immediate road ahead is more likely to be smooth or twisty.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i76f678f2f4d42859f5b0a7a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Insider Buying Fund** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2023** | $10000 | $10000 | $10000 |
| **Mar-2024** | $11331 | $11502 | $11558 |
| **Mar-2025** | $10394 | $12328 | $12512 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2023)** |
| Davenport Insider Buying Fund | -8.27% | 2.94% |
| Russell 1000<sup>®</sup> Value Index | 7.18% | 16.98% |
| S&P 500<sup>®</sup> Index | 8.25% | 18.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$91,895,982

* Number of Portfolio Holdings40

* Advisory Fee $689,824

* Portfolio Turnover67%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i77b4d9aefdeac2bf42d5e1f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.1% |
| Money Market Funds | 4.9% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i2f9ef80abf5c04666b78b00b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Real Estate | 1.7% |
| Consumer Staples | 3.6% |
| Energy | 3.8% |
| Utilities | 3.9% |
| Money Market Funds | 4.9% |
| Financials | 7.2% |
| Materials | 7.4% |
| Consumer Discretionary | 9.7% |
| Health Care | 16.4% |
| Industrials | 19.8% |
| Technology | 21.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mastercard, Inc. - Class A | 4.2% |
| Charles Schwab Corporation (The) | 4.2% |
| NextEra Energy, Inc. | 3.9% |
| ConocoPhillips | 3.8% |
| Adobe, Inc. | 3.5% |
| Zimmer Biomet Holdings, Inc. | 3.4% |
| Align Technology, Inc. | 3.1% |
| Aon plc - Class A | 3.0% |
| NIKE, Inc. - Class B | 2.9% |
| Becton, Dickinson and Company | 2.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2025.

![Image](i4991150e88f24935dd607fe4.jpg)

# Davenport Insider Buying Fund - (DBUYX)

## Annual Shareholder Report - March 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.investdavenport.com/davenport-asset-management/documents-applications/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033125-DBUYX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 two audit committee financial experts serving on its audit committee. The names of the audit committee financial experts are Dr. Robert S. Harris and Elizabeth W. Robertson. Dr. Harris and Ms. Robertson are "independent" for purposes of this Item.

**Item 4.** **Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. 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 $133,100 and $120,750 with respect to the registrant's fiscal years ended March 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $29,250 and $29,250with respect to the registrant's fiscal years ended March 31, 2025 and 2024, respectively. The services comprising these fees are the preparation of the registrant's federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. 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 adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. Pursuant to the pre-approval policies and procedures, the audit committee has pre-approved certain audit, audit-related and tax services and has established, with respect to each fiscal year of the registrant, the following maximum fee levels for services covered under the pre-approval policies and procedures: |

---

● Services, relating to a new series or class of a series, associated with SEC registration statements, periodic reports and other documents filed by the registrant with the SEC or other documents issued by the registrant in connection with securities offerings and assistance in responding to SEC comment letters—$5,000

● Consultations with management of the registrant, not in connection with an audit, as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB or other regulatory or standard setting bodies—$5,000

● All tax services provided to the registrant in the aggregate—$5,000

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to the fiscal years ended March 31, 2025 and 2024, aggregate non-audit fees of $29,250 and $29,250, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](davenport_001.jpg) | &nbsp;&nbsp;&nbsp;***Davenport Core Leaders Fund (DAVPX)*** |
|  | &nbsp;&nbsp;&nbsp;***Davenport Value & Income Fund (DVIPX)*** |
|  | &nbsp;&nbsp;&nbsp;***Davenport Equity Opportunities Fund (DEOPX)*** |
|  | &nbsp;&nbsp;&nbsp;***Davenport Small Cap Focus Fund (DSCPX)*** |
|  | &nbsp;&nbsp;&nbsp;***Davenport Balanced Income Fund (DBALX)*** |
|  | &nbsp;&nbsp;&nbsp;***Davenport Insider Buying Fund (DBUYX)*** |
| &nbsp;&nbsp;&nbsp; **ANNUAL FINANCIAL STATEMENTS**<br> **AND ADDITIONAL INFORMATION** | &nbsp;&nbsp;&nbsp; **ANNUAL FINANCIAL STATEMENTS**<br> **AND ADDITIONAL INFORMATION** |
| &nbsp;&nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;&nbsp;March 31, 2025 |

---

**DAVENPORT CORE LEADERS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 93.8%** | **Shares** | **Value** |
| **Communications — 13.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 154884 | $23951262 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 124226 | 17953141 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 100693 | 58035417 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A. <sup>(a)</sup> | 46018 | 25311281 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | 304066 | 22154249 |
|  |  | 147405350 |
| **Consumer Discretionary — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 301467 | 57357111 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 34304 | 12572073 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 189595 | 23092671 |
|  |  | 93021855 |
| **Consumer Staples — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 22286 | 21077653 |
| **Energy — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 184565 | 23668616 |
| **Financials — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 59578 | 23776984 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 48057 | 25594197 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 951791 | 49883366 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 149247 | 25745108 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 8986 | 16800315 |
|  |  | 141799970 |
| **Health Care — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 178474 | 23674576 |
| &nbsp;&nbsp;&nbsp;Danaher Corporation | 146441 | 30020405 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 23515 | 11646274 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 386992 | 26872724 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 73534 | 38513433 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 48396 | 23463349 |
|  |  | 154190761 |
| **Industrials — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 78202 | 18937396 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 97578 | 25212204 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 44545 | 15008102 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corporation | 66389 | 15683737 |
|  |  | 74841439 |
| **Materials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 48339 | 23112326 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 75910 | 26507013 |
|  |  | 49619339 |

---

**DAVENPORT CORE LEADERS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 93.8% (Continued)** | **Shares** | **Value** |
| **Technology — 27.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 47659 | $14871514 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 78365 | 30055328 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 89316 | 18012358 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 138425 | 30748345 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 119509 | 20009392 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 59798 | 32776480 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 112531 | 42243012 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | 407915 | 44209828 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 102856 | 17551348 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 25967 | 20673367 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 77660 | 27216724 |
|  |  | 298367696 |
| **Total Common Stocks<br> (Cost $575,179,956)** |  | $1003992679 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(b)</sup> (Cost $53,295,469) | 53295469 | $53295469 |
| **Total Investments at Value — 98.8% (Cost $628,475,425)** |  | $1057288148 |
| **Other Assets in Excess of Liabilities — 1.2%** |  | 12873909 |
| **Net Assets — 100.0%** |  | $1070162057 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**DAVENPORT VALUE & INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.6%** | **Shares** | **Value** |
| **Communications — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 827322 | $30528182 |
| **Consumer Discretionary — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company | 114184 | 13603882 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 75071 | 17508809 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 67919 | 21215858 |
|  |  | 52328549 |
| **Consumer Staples — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 504125 | 31033935 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 49185 | 9026431 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 601083 | 20569060 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 97080 | 14556175 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 138372 | 21963788 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 153128 | 13443107 |
|  |  | 110592496 |
| **Energy — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 210481 | 35211366 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 415078 | 18392106 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 441021 | 18434678 |
|  |  | 72038150 |
| **Financials — 20.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 42548 | 22660214 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 416718 | 20189987 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 417451 | 21878607 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 230835 | 16386977 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 15651 | 22650949 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 268304 | 17461224 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 89614 | 21982314 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 11438 | 21384599 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 255757 | 18360795 |
|  |  | 182955666 |
| **Health Care — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 85677 | 19625174 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | 445188 | 27152016 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 54241 | 23592665 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 196306 | 32555387 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 252099 | 22653616 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 184642 | 16573466 |
| &nbsp;&nbsp;&nbsp;Sanofi - ADR | 452417 | 25091047 |
|  |  | 167243371 |

---

**DAVENPORT VALUE & INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.6% (Continued)** | **Shares** | **Value** |
| **Industrials — 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 51370 | $12522979 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 290375 | 23261941 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 137491 | 28778241 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 106081 | 25125285 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 144697 | 20448580 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 175884 | 19345481 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 39678 | 20168327 |
|  |  | 149650834 |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 69142 | 12305202 |
| **Real Estate — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 89669 | 19511975 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 166231 | 18913763 |
|  |  | 38425738 |
| **Technology — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 548766 | 15195331 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 174052 | 24334210 |
|  |  | 39529541 |
| **Utilities — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 435887 | 30900029 |
| **Total Common Stocks (Cost $670,760,868)** |  | $886497758 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.3%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(b)</sup> (Cost $21,249,304) | 21249304 | $21249304 |
| **Total Investments at Value — 99.9% (Cost $692,010,172)** |  | $907747062 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 822602 |
| **Net Assets — 100.0%** |  | $908569664 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.1%** | **Shares** | **Value** |
| **Communications — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 71792 | $14878892 |
| **Consumer Discretionary — 25.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 712297 | 17807425 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. <sup>(a)</sup> | 402058 | 31328359 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A <sup>(a)</sup> | 931916 | 30948930 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | 363470 | 17148515 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)</sup> | 417578 | 54527335 |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc. - Class A <sup>(a)</sup> | 847700 | 12202642 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 29823 | 42723833 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 153202 | 12792367 |
|  |  | 219479406 |
| **Consumer Staples — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 56984 | 24733335 |
| **Financials — 25.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 468039 | 22676490 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 960564 | 50343159 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 22652 | 32783164 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 356894 | 23226661 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 126315 | 61478774 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 16445 | 30745736 |
|  |  | 221253984 |
| **Health Care — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 200553 | 31859850 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc. <sup>(a)</sup> | 1348750 | 21863237 |
|  |  | 53723087 |
| **Industrials — 20.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 200073 | 39434388 |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | 778312 | 29739301 |
| &nbsp;&nbsp;&nbsp;ESAB Corporation | 267670 | 31183555 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 94415 | 11957660 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 104348 | 17264377 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 46599 | 23686272 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 236567 | 28260294 |
|  |  | 181525847 |
| **Materials — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 61832 | 29563734 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 79460 | 27746638 |
|  |  | 57310372 |

---

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.1% (Continued)** | **Shares** | **Value** |
| **Real Estate — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 105282 | $22909363 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 221240 | 25172687 |
|  |  | 48082050 |
| **Technology — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alight, Inc. - Class A | 2481375 | 14714554 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. <sup>(a)</sup> | 151090 | 15897690 |
|  |  | 30612244 |
| **Total Common Stocks (Cost $622,758,471)** |  | $851599217 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 3.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(b)</sup> (Cost $25,607,370) | 25607370 | $25607370 |
| **Total Investments at Value — 101.1% (Cost $648,365,841)** |  | $877206587 |
| **Liabilities in Excess of Other Assets — (1.1%)** |  | (9459487) |
| **Net Assets — 100.0%** |  | $867747100 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**DAVENPORT SMALL CAP FOCUS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.6%** | **Shares** | **Value** |
| **Communications — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 69563 | $18487759 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. - Class C <sup>(a)</sup> | 2203996 | 13686815 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Company | 958855 | 12052807 |
|  |  | 44227381 |
| **Consumer Discretionary — 23.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 1100000 | 27500000 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A <sup>(a)</sup> | 379017 | 12587155 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | 322988 | 15238574 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. <sup>(b)</sup> | 1414226 | 37321424 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 754186 | 58637961 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 1784283 | 29958112 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corporation | 581497 | 20741998 |
|  |  | 201985224 |
| **Consumer Staples — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | 248460 | 32727151 |
| **Energy — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;California Resources Corporation | 777191 | 34173088 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation <sup>(a)</sup> | 174991 | 5508717 |
|  |  | 39681805 |
| **Financials — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | 395000 | 12300300 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 127799 | 62201051 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corporation | 509850 | 36377798 |
|  |  | 110879149 |
| **Industrials — 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. <sup>(a)</sup> | 94066 | 13579368 |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | 1124999 | 42986212 |
| &nbsp;&nbsp;&nbsp;ESAB Corporation | 354813 | 41335714 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 273287 | 34611799 |
| &nbsp;&nbsp;&nbsp;Hexcel Corporation | 500000 | 27380000 |
| &nbsp;&nbsp;&nbsp;Kirby Corporation <sup>(a)</sup> | 180000 | 18181800 |
|  |  | 178074893 |
| **Materials — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;NewMarket Corporation | 59412 | 33653927 |
| &nbsp;&nbsp;&nbsp;Trex Company, Inc. <sup>(a)</sup> | 411270 | 23894787 |
|  |  | 57548714 |
| **Real Estate — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc. <sup>(a)</sup> | 93395 | 2668295 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc. <sup>(a)</sup> | 3151929 | 22693889 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 145431 | 16547139 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 1614442 | 26057094 |
|  |  | 67966417 |

---

**DAVENPORT SMALL CAP FOCUS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 92.6% (Continued)** | **Shares** | **Value** |
| **Technology — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alight, Inc. - Class A | 907155 | $5379429 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(a)</sup> | 231165 | 20428051 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 125000 | 10213750 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | 1526354 | 34358229 |
|  |  | 70379459 |
| **Total Common Stocks (Cost $758,283,803)** |  | $803470193 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 2.4%** | **Shares** | **Value** |
| ALPS Medical Breakthroughs ETF (Cost $22,485,098) | 723402 | $20630412 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(c)</sup> (Cost $43,346,312) | 43346312 | $43346312 |
| **Total Investments at Value — 100.0% (Cost $824,115,213)** |  | $867446917 |
| **Liabilities in Excess of Other Assets — (0.0%) <sup>(d)</sup>** |  | (228323) |
| **Net Assets — 100.0%** |  | $867218594 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The Fund owned 5% or more of the company's outstanding voting shares thereby making the company an affiliate of the Fund as the term is defined in the Investment Company Act of 1940 (Note 6).

<sup>(c)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

<sup>(d)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 57.1%** | **Shares** | **Value** |
| **Communications — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 124487 | $4593570 |
| **Consumer Discretionary — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company | 17247 | 2054808 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 11344 | 2645761 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 9828 | 3069972 |
|  |  | 7770541 |
| **Consumer Staples — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 74741 | 4601056 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 7436 | 1364655 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 108000 | 2589840 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 86948 | 2975360 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 14405 | 2159886 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 20915 | 3319838 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 22890 | 2009513 |
|  |  | 19020148 |
| **Energy — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 31803 | 5320324 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 60275 | 2670785 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 87000 | 2970180 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 66615 | 2784507 |
|  |  | 13745796 |
| **Financials — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 6141 | 3270574 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 60284 | 2920760 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 60623 | 3177251 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 33536 | 2380721 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 2340 | 3386571 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 39078 | 2543196 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 13486 | 3308116 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 1665 | 3112900 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 37851 | 2717324 |
|  |  | 26817413 |
| **Health Care — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 12941 | 2964265 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | 64412 | 3928488 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 8175 | 3555798 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 28470 | 4721465 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 36857 | 3311970 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 27609 | 2478184 |
| &nbsp;&nbsp;&nbsp;Sanofi - ADR | 68467 | 3797180 |
|  |  | 24757350 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 57.1% (Continued)** | **Shares** | **Value** |
| **Industrials — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 7451 | $1816405 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 42024 | 3366543 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 20699 | 4332508 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 15848 | 3753598 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 20730 | 2929563 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 26017 | 2861610 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 5866 | 2981688 |
|  |  | 22041915 |
| **Materials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 10339 | 1840032 |
| **Real Estate — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 13316 | 2897562 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 24867 | 2829367 |
|  |  | 5726929 |
| **Technology — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 81357 | 2252775 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 26026 | 3638695 |
|  |  | 5891470 |
| **Utilities — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Partners, L.P. | 61867 | 1843018 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners, L.P. | 76999 | 1706298 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 63059 | 4470252 |
|  |  | 8019568 |
| **Total Common Stocks (Cost $109,478,000)** |  | $140224732 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **FIXED RATE CORPORATE BONDS — 26.4%** | **Par Value** | **Value** |
| **Communications — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.950%, due 05/15/2033 | $4990000 | $5035725 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc., 5.250%, due 04/01/2025 | 3950000 | 3950000 |
|  |  | 8985725 |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 4.400%, due 09/08/2025 | 1525000 | 1524734 |
| **Consumer Staples — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc., 5.050%, due 03/15/2029 | 2500000 | 2530531 |
| &nbsp;&nbsp;&nbsp;Phillip Morris International, Inc., 5.375%, due 02/15/2033 | 2995000 | 3047681 |
|  |  | 5578212 |
| **Energy — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines, L.P., 4.450%, due 07/15/2027 | 2200000 | 2186225 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, 4.812%, due 02/13/2033 | 2990000 | 2935467 |
| &nbsp;&nbsp;&nbsp;MPLX, L.P., 4.125%, due 03/01/2027 | 3250000 | 3220401 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 5.550%, due 10/01/2034 | 3500000 | 3413553 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.550%, due 11/01/2026 | 1995000 | 2020980 |
|  |  | 13776626 |
| **Financials — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc., 4.750%, due 05/25/2033 | 3000000 | 2994521 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The), 5.875%, due 08/24/2026 | 3750000 | 3818876 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.000%, due 05/02/2033 | 3000000 | 2982829 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company, 4.811%, due 01/15/2026 | 2500000 | 2507144 |
|  |  | 12303370 |
| **Health Care — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company, 5.900%, due 11/15/2033 | 3000000 | 3198209 |
| &nbsp;&nbsp;&nbsp;HCA, Inc., 5.450%, due 04/01/2031 | 3500000 | 3550223 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc., 4.500%, due 05/17/2033 | 2490000 | 2444425 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., 5.400%, due 11/14/2025 | 2990000 | 3001352 |
|  |  | 12194209 |
| **Industrials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;FMC Corporation, 5.150%, due 05/18/2026 | 3000000 | 3006889 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc., 4.875%, due 02/15/2029 | 1995000 | 2028000 |
|  |  | 5034889 |
| **Technology — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.200%, due 07/01/2026 | 2325000 | 2287059 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation, 5.800%, due 11/10/2025 | 2990000 | 3013019 |
|  |  | 5300078 |
| **Total Fixed Rate Corporate Bonds (Cost $64,428,442)** |  | $64697843 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS — 1.0%** | **Par Value** | **Value** |
| Richmond, VA, GO, Public Improvement Bonds Series, 4.800%, due 03/01/2033 (Cost $2,529,177) | $2455000 | $2481633 |

---

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 7.7%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;5.260%, due 11/14/2033 | $5000000 | $4983971 |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/02/2035 | 1000000 | 1003418 |
| &nbsp;&nbsp;&nbsp;5.330%, due 10/17/2039 | 5000000 | 4968430 |
|  |  | 10955819 |
| **Federal Home Loan Bank — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 12/27/2034 | 3000000 | 2999237 |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/20/2035 | 5000000 | 4985608 |
|  |  | 7984845 |
| **Total U.S. Government & Agency Obligations (Cost $18,960,265)** |  | $18940664 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 4.6%** | **Par Value** | **Value** |
| **U.S. Treasury Notes — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 06/30/2025 | $4810000 | $4792714 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/31/2025 | 2000000 | 2002813 |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/30/2026 | 2500000 | 2521230 |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/2033 | 2000000 | 1955547 |
| **Total U.S. Treasury Obligations (Cost $11,179,073)** |  | $11272304 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.6%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(b)</sup> (Cost $6,440,713) | 6440713 | $6440713 |
| **Total Investments at Value — 99.4% (Cost $213,015,670)** |  | $244057889 |
| **Other Assets in Excess of Liabilities — 0.6%** |  | 1560891 |
| **Net Assets — 100.0%** |  | $245618780 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**DAVENPORT INSIDER BUYING FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.4%** | **Shares** | **Value** |
| **Consumer Discretionary — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company | 21000 | $2501940 |
| &nbsp;&nbsp;&nbsp;LKQ Corporation | 38000 | 1616520 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 41500 | 2634420 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 26000 | 2171000 |
|  |  | 8923880 |
| **Consumer Staples — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. <sup>(a)</sup> | 53000 | 1655720 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 70000 | 1678600 |
|  |  | 3334320 |
| **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 33000 | 3465660 |
| **Financials — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 7000 | 2793630 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 49000 | 3835720 |
|  |  | 6629350 |
| **Health Care — 16.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 18000 | 2859480 |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 11000 | 2519660 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company | 35000 | 2134650 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 12000 | 1990080 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 4500 | 2356875 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 28000 | 3169040 |
|  |  | 15029785 |
| **Industrials — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 29000 | 1902110 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. <sup>(a)</sup> | 11500 | 1660140 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 10000 | 1971000 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 6200 | 1685346 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Company | 19500 | 2137980 |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 9000 | 2194020 |
| &nbsp;&nbsp;&nbsp;Hexcel Corporation | 35000 | 1916600 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 16000 | 2396320 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 10000 | 2368500 |
|  |  | 18232016 |
| **Materials — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 32000 | 2013760 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 30000 | 1047600 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 7500 | 1664475 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 4300 | 2055959 |
|  |  | 6781794 |

---

**DAVENPORT INSIDER BUYING FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.4% (Continued)** | **Shares** | **Value** |
| **Real Estate — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 9500 | $1592010 |
| **Technology — 21.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 8500 | 3260005 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corporation | 13500 | 1411830 |
| &nbsp;&nbsp;&nbsp;CDW Corporation | 11000 | 1762860 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 12500 | 1686750 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 28000 | 1723960 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 7000 | 3836840 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 3870 | 2188485 |
| &nbsp;&nbsp;&nbsp;TransUnion | 24000 | 1991760 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corporation - Class A <sup>(a)</sup> | 8000 | 2260480 |
|  |  | 20122970 |
| **Utilities — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 50000 | 3544500 |
| **Total Common Stocks (Cost $87,173,064)** |  | $87656285 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 4.9%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.25% <sup>(b)</sup> (Cost $4,511,861) | 4511861 | $4511861 |
| **Total Investments at Value — 100.3% (Cost $91,684,925)** |  | $92168146 |
| **Liabilities in Excess of Other Assets — (0.3%)** |  | (272164) |
| **Net Assets — 100.0%** |  | $91895982 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Core Leaders<br> Fund** | **Davenport<br> Value &<br> Income<br> Fund** | **Davenport<br> Equity<br> Opportunities<br> Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $628475425 | $692010172 | $648365841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $1057288148 | $907747062 | $877206587 |
| &nbsp;&nbsp;&nbsp;Cash | 12910476 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 321977 | 320804 | 104480 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 575740 | 1357691 | 105017 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 98361 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 17853 | 16614 | 16497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 1071212555 | 909442171 | 877432581 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 250320 | 206776 | 336333 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  |  | 8708207 |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 695141 | 578118 | 556693 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 78000 | 68940 | 69800 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 27037 | 18673 | 14448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1050498 | 872507 | 9685481 |
| **NET ASSETS** | $1070162057 | $908569664 | $867747100 |
| **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $619104463 | $685325529 | $630206854 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 451057594 | 223244135 | 237540246 |
| **Net assets** | $1070162057 | $908569664 | $867747100 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 30733499 | 47562996 | 36640429 |
| Net asset value, offering price and redemption price per share (Note 2) | $34.82 | $19.10 | $23.68 |

---

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)**

**March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus<br> Fund** | **Davenport<br> Balanced<br> Income<br> Fund** | **Davenport<br> Insider<br> Buying<br> Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $781260314 | $213015670 | $91684925 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | 42854899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at cost | $824115213 | $213015670 | $91684925 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $830125493 | $244057889 | $92168146 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Notes 2 & 6) | 37321424 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at value | 867446917 | 244057889 | 92168146 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 262504 | 69060 | 8405 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 822520 | 1673442 | 79080 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 281 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 15544 | 11677 | 11679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 868547766 | 245812068 | 92267310 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 668892 | 4250 | 150703 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  |  | 143595 |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 570703 | 155860 | 59224 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 71950 | 24320 | 10110 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 17627 | 8858 | 7696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1329172 | 193288 | 371328 |
| **NET ASSETS** | $867218594 | $245618780 | $91895982 |
| **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $862262468 | $212722830 | $93289994 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (accumulated deficit) | 4956126 | 32895950 | (1394012) |
| **Net assets** | $867218594 | $245618780 | $91895982 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 54360725 | 18516605 | 8937102 |
| Net asset value, offering price and redemption price per share (Note 2) | $15.95 | $13.26 | $10.28 |

---

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport**<br> **Core Leaders**<br> **Fund** | **Davenport<br> Value &<br> Income<br> Fund** | **Davenport<br> Equity<br> Opportunities<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $10211545 | $23375590 | $8172980 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net reclaims received) | (109248) | (506154) | (210975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 10102297 | 22869436 | 7962005 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 7927682 | 6605336 | 6615061 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 857006 | 766790 | 792189 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 45245 | 37259 | 34748 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 58592 | 49249 | 49392 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 29419 | 29838 | 32479 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 28603 | 28603 | 28603 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 37077 | 31678 | 31648 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 16932 | 16932 | 16932 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 13397 | 12013 | 12394 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7718 | 7488 | 7488 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 5863 | 5954 | 6052 |
| &nbsp;&nbsp;&nbsp;Other expenses | 10980 | 12519 | 11760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 9038514 | 7603659 | 7638746 |
| **NET INVESTMENT INCOME** | 1063783 | 15265777 | 323259 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 52508653 | 45586133 | 21379402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (2046) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | 3010038 | 8771136 | (65918847) |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** | 55518691 | 54355223 | (44539445) |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $56582474 | $69621000 | $(44216186) |

---

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF OPERATIONS (Continued)**

**For the Year Ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus<br> Fund** | **Davenport<br> Balanced<br> Income<br> Fund** | **Davenport<br> Insider<br> Buying<br> Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments | $14031128 | $4159683 | $1651210 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments (Note 6) | 1004158 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net reclaims received) | (185820) | (100195) |  |
| &nbsp;&nbsp;&nbsp;Interest |  | 4359259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 14849466 | 8418747 | 1651210 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 7240718 | 1761603 | 689824 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 867867 | 267223 | 112677 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 71085 | 31463 | 36627 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 56645 | 14529 | 9106 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 80120 | 10164 | 6214 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 28603 | 28603 | 24603 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 34703 | 11084 | 6482 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 16932 | 18432 | 16932 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 14165 | 3882 | 1861 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7488 | 7488 | 10056 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 6421 | 5192 | 4172 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12743 | 17966 | 12205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 8437490 | 2177629 | 930759 |
| **NET INVESTMENT INCOME** | 6411976 | 6241118 | 720451 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | (38076103) | 8051125 | (1883286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (297) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | (106966284) | 1033859 | (6418551) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on affiliated investments (Note 6) | (5533475) |  |  |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** | (150575862) | 9084687 | (8301837) |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $(144163886) | $15325805 | $(7581386) |

---

See accompanying notes to financial statements.

**DAVENPORT CORE LEADERS FUND STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1063783 | $2790976 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 52508653 | 53592737 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 3010038 | 206587913 |
| Net increase in net assets from operations | 56582474 | 262971626 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (57569579) | (52585924) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 102118223 | 74132286 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 52958493 | 48682171 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (69124506) | (64821183) |
| Net increase in net assets from capital share transactions | 85952210 | 57993274 |
| **TOTAL INCREASE IN NET ASSETS** | 84965105 | 268378976 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 985196952 | 716817976 |
| &nbsp;&nbsp;&nbsp;End of year | $1070162057 | $985196952 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2835428 | 2429095 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 1462833 | 1647862 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1926990) | (2149294) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2371271 | 1927663 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 28362228 | 26434565 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 30733499 | 28362228 |

---

See accompanying notes to financial statements.

**DAVENPORT VALUE & INCOME FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $15265777 | $13045577 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 45586133 | 36498496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2046) | 2146 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 8771136 | 63256914 |
| Net increase in net assets from operations | 69621000 | 112803133 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (70223149) | (13278633) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 60585839 | 43382234 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 64215534 | 11840065 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (79583275) | (94722701) |
| Net increase (decrease) in net assets from capital share transactions | 45218098 | (39500402) |
| **TOTAL INCREASE IN NET ASSETS** | 44615949 | 60024098 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 863953715 | 803929617 |
| &nbsp;&nbsp;&nbsp;End of year | $908569664 | $863953715 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3147402 | 2493356 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 3350749 | 666033 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4142106) | (5459707) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 2356045 | (2300318) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 45206951 | 47507269 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 47562996 | 45206951 |

---

See accompanying notes to financial statements.

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $323259 | $1871080 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 21379402 | 3583484 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (65918847) | 219661532 |
| Net increase (decrease) in net assets from operations | (44216186) | 225116096 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (842488) | (37152062) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 79622482 | 74922250 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 771373 | 35103341 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (65244095) | (54199095) |
| Net increase in net assets from capital share transactions | 15149760 | 55826496 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (29908914) | 243790530 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 897656014 | 653865484 |
| &nbsp;&nbsp;&nbsp;End of year | $867747100 | $897656014 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3320632 | 3507025 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 34268 | 1686051 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2709385) | (2550382) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 645515 | 2642694 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 35994914 | 33352220 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 36640429 | 35994914 |

---

See accompanying notes to financial statements.

**DAVENPORT SMALL CAP FOCUS FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6411976 | $5019167 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (38076103) | 26575598 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (112499759) | 140358482 |
| Net increase (decrease) in net assets from operations | (144163886) | 171953247 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (24726213) | (29129523) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 193852044 | 318128012 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 23386644 | 27543724 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (189269458) | (68515961) |
| Net increase in net assets from capital share transactions | 27969230 | 277155775 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (140920869) | 419979499 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1008139463 | 588159964 |
| &nbsp;&nbsp;&nbsp;End of year | $867218594 | $1008139463 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 11045732 | 18489577 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 1391536 | 1676487 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10821936) | (4103496) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1615332 | 16062568 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 52745393 | 36682825 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 54360725 | 52745393 |

---

See accompanying notes to financial statements.

**DAVENPORT BALANCED INCOME FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6241118 | $5316915 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8051125 | 680044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (297) | 289 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 1033859 | 15606852 |
| Net increase in net assets from operations | 15325805 | 21604100 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (8793704) | (5189358) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 25043151 | 19677555 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 7973560 | 4688217 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (21993246) | (31364831) |
| Net increase (decrease) in net assets from capital share transactions | 11023465 | (6999059) |
| **TOTAL INCREASE IN NET ASSETS** | 17555566 | 9415683 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 228063214 | 218647531 |
| &nbsp;&nbsp;&nbsp;End of year | $245618780 | $228063214 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1897482 | 1618082 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 601621 | 380685 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1676094) | (2580435) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 823009 | (581668) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 17693596 | 18275264 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 18516605 | 17693596 |

---

See accompanying notes to financial statements.

**DAVENPORT INSIDER BUYING FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Period Ended**<br> **March 31,**<br> **2024<sup>(a)</sup>** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $720451 | $194374 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (1883286) | 34861 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (6418551) | 6901772 |
| Net increase (decrease) in net assets from operations | (7581386) | 7131007 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (760550) | (183083) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 29673152 | 74099997 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 736202 | 177323 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (9725210) | (1671470) |
| Net increase in net assets from capital share transactions | 20684144 | 72605850 |
| **TOTAL INCREASE IN NET ASSETS** | 12342208 | 79553774 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 79553774 |  |
| &nbsp;&nbsp;&nbsp;End of period | $91895982 | $79553774 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2724907 | 7175696 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 68904 | 16298 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (894449) | (154254) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1899362 | 7037740 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 7037740 |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 8937102 | 7037740 |

---

<sup>(a)</sup> Represents the period from the commencement of operations (November 30, 2023) through March 31, 2024.

See accompanying notes to financial statements.

**DAVENPORT CORE LEADERS FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** | **Year Ended<br> March 31,<br> 2023** | **Year Ended<br> March 31,<br> 2022** | **Year Ended<br> March 31,<br> 2021** |
| Net asset value at beginning of year | $34.74 | $27.12 | $32.09 | $31.48 | $21.48 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.03 | 0.10 | 0.18 | 0.01 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.04 | 9.48 | (3.88) | 3.38 | 10.27 |
| Total from investment operations | 2.07 | 9.58 | (3.70) | 3.39 | 10.32 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.10) | (0.18) | (0.00)<sup>(a)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.95) | (1.86) | (1.09) | (2.78) | (0.25) |
| Total distributions | (1.99) | (1.96) | (1.27) | (2.78) | (0.32) |
| Net asset value at end of year | $34.82 | $34.74 | $27.12 | $32.09 | $31.48 |
| Total return <sup>(b)</sup> | 5.81% | 36.76% | (11.37)% | 10.89% | 48.20% |
| Net assets at end of year (000's) | $1070162 | $985197 | $716818 | $845650 | $756050 |
| Ratio of total expenses to average net assets | 0.85% | 0.87% | 0.87% | 0.86% | 0.87% |
| Ratio of net investment income to average net assets | 0.10% | 0.34% | 0.66% | 0.04% | 0.17% |
| Portfolio turnover rate | 17% | 22% | 19% | 20% | 30% |

---

<sup>(a)</sup> Amount rounds to less than $0.01 per share.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

See accompanying notes to financial statements.

**DAVENPORT VALUE & INCOME FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** | **Year Ended<br> March 31,<br> 2023** | **Year Ended<br> March 31,<br> 2022** | **Year Ended<br> March 31,<br> 2021** |
| Net asset value at beginning of year | $19.11 | $16.92 | $20.29 | $18.58 | $13.04 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.33 | 0.28 | 0.35 | 0.29 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.21 | 2.20 | (2.75) | 2.32 | 5.98 |
| Total from investment operations | 1.54 | 2.48 | (2.40) | 2.61 | 6.26 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.29) | (0.35) | (0.30) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.22) |  | (0.62) | (0.60) | (0.45) |
| Total distributions | (1.55) | (0.29) | (0.97) | (0.90) | (0.72) |
| Net asset value at end of year | $19.10 | $19.11 | $16.92 | $20.29 | $18.58 |
| Total return <sup>(a)</sup> | 8.25% | 14.78% | (11.81)% | 14.24% | 49.55% |
| Net assets at end of year (000's) | $908570 | $863954 | $803930 | $920055 | $789652 |
| Ratio of total expenses to average net assets | 0.86% | 0.87% | 0.87% | 0.86% | 0.87% |
| Ratio of net investment income to average net assets | 1.73% | 1.61% | 2.00% | 1.46% | 1.78% |
| Portfolio turnover rate | 24% | 37% | 21% | 20% | 34% |

---

<sup>(a)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

See accompanying notes to financial statements.

**DAVENPORT EQUITY OPPORTUNITIES**

**FUND FINANCIAL HIGHLIGHTS**

**Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** | **Year Ended<br> March 31,<br> 2023** | **Year Ended<br> March 31,<br> 2022** | **Year Ended<br> March 31,<br> 2021** |
| Net asset value at beginning of year | $24.94 | $19.60 | $23.54 | $24.54 | $16.56 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.01 | 0.05 | 0.08 | (0.05) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (1.25) | 6.38 | (2.39) | 1.80 | 10.42 |
| Total from investment operations | (1.24) | 6.43 | (2.31) | 1.75 | 10.39 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.06) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.03) | (1.57) | (2.75) | (2.41) |
| Total distributions | (0.02) | (1.09) | (1.63) | (2.75) | (2.41) |
| Net asset value at end of year | $23.68 | $24.94 | $19.60 | $23.54 | $24.54 |
| Total return <sup>(a)</sup> | (4.96)% | 34.01% | (9.25)% | 6.89% | 66.20% |
| Net assets at end of year (000's) | $867747 | $897656 | $653865 | $741496 | $659114 |
| Ratio of total expenses to average net assets | 0.86% | 0.87% | 0.88% | 0.87% | 0.88% |
| Ratio of net investment income (loss) to average net assets | 0.04% | 0.25% | 0.40% | (0.20)% | (0.13)% |
| Portfolio turnover rate | 25% | 24% | 26% | 22% | 31% |

---

<sup>(a)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

See accompanying notes to financial statements.

**DAVENPORT SMALL CAP FOCUS FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** | **Year Ended<br> March 31,<br> 2023** | **Year Ended<br> March 31,<br> 2022** | **Year Ended<br> March 31,<br> 2021** |
| Net asset value at beginning of year | $19.11 | $16.03 | $17.85 | $19.37 | $11.14 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.12 | 0.11 | 0.15 | 0.11 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (2.83) | 3.71 | (0.90) | 1.20 | 9.28 |
| Total from investment operations | (2.71) | 3.82 | (0.75) | 1.31 | 9.32 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.12) | (0.13) | (0.13) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.34) | (0.62) | (0.94) | (2.70) | (0.89) |
| Total distributions | (0.45) | (0.74) | (1.07) | (2.83) | (1.09) |
| Net asset value at end of year | $15.95 | $19.11 | $16.03 | $17.85 | $19.37 |
| Total return <sup>(b)</sup> | (14.27)% | 24.59% | (3.56)% | 6.85% | 84.84% |
| Net assets at end of year (000's) | $867219 | $1008139 | $588160 | $587568 | $491256 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.87% | 0.88% | 0.89% | 0.88% | 0.91% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.66% | 0.71% | 0.99% | 0.49% | 0.12% |
| Portfolio turnover rate | 46% | 28% | 36% | 44% | 54% |

---

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies, if any, in which the Fund invests.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(c)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expenses of the underlying investment companies, if any, in which the Fund invests.

See accompanying notes to financial statements.

**DAVENPORT BALANCED INCOME FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** | **Year Ended<br> March 31,<br> 2023** | **Year Ended<br> March 31,<br> 2022** | **Year Ended<br> March 31,<br> 2021** |
| Net asset value at beginning of year | $12.89 | $11.96 | $13.61 | $12.85 | $9.84 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.35 | 0.30 | 0.23 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 0.51 | 0.92 | (1.35) | 0.77 | 3.04 |
| Total from investment operations | 0.86 | 1.22 | (1.12) | 0.96 | 3.24 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.29) | (0.22) | (0.18) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) |  | (0.31) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |
| Total distributions | (0.49) | (0.29) | (0.53) | (0.20) | (0.23) |
| Net asset value at end of year | $13.26 | $12.89 | $11.96 | $13.61 | $12.85 |
| Total return <sup>(b)</sup> | 6.74% | 10.33% | (8.18)% | 7.50% | 33.14% |
| Net assets at end of year (000's) | $245619 | $228063 | $218648 | $236259 | $193186 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.93% | 0.93% | 0.93% | 0.92% | 0.93% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 2.65% | 2.42% | 1.88% | 1.42% | 1.73% |
| Portfolio turnover rate | 24% | 45% | 24% | 23% | 29% |

---

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies, if any, in which the Fund invests, if any.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(c)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expenses of the underlying investment companies, if any, in which the Fund invests, if any.

See accompanying notes to financial statements.

**DAVENPORT INSIDER BUYING FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:**

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br> **March 31,**<br> **2025** | **Period Ended**<br> **March 31,**<br> **2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $11.30 | $10.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.99) | 1.30 |
| Total from investment operations | (0.90) | 1.33 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.04) |  |
| Total distributions | (0.12) | (0.03) |
| Net asset value at end of period | $10.28 | $11.30 |
| Total return <sup>(c)</sup> | (8.27)% | 13.31 %<sup>(d)</sup> |
| Net assets at end of period (000's) | $91896 | $79554 |
| Ratio of total expenses to average net assets <sup>(e)</sup> | 1.01% | 1.09 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 0.78% | 1.00 %<sup>(f)</sup> |
| Portfolio turnover rate | 67% | 2 %<sup>(d)</sup> |

---

<sup>(a)</sup> Represents the period from the commencement of operations (November 30, 2023) through March 31, 2024.

<sup>(b)</sup> Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by theunderlying investment companies, if any, in which the Fund invests.

<sup>(c)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate shareof expenses of the underlying investment companies, if any, in which the Fund invests.

<sup>(f)</sup> Annualized.

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025**

**1. Organization**

Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund (individually, a "Fund," and, collectively, the "Funds") are each a no-load series of the Williamsburg Investment Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not incorporated in this report.

Davenport Core Leaders Fund's investment objective is long-term growth of capital.

Davenport Value & Income Fund's investment objective is to achieve long-term growth while generating current income through dividend payments on portfolio securities.

Davenport Equity Opportunities Fund's investment objective is long-term capital appreciation.

Davenport Small Cap Focus Fund's investment objective is long-term capital appreciation.

Davenport Balanced Income Fund's investment objective is current income and an opportunity for long-term growth.

Davenport Insider Buying Fund's investment objective is long-term growth of capital.

Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund are each classified as a diversified fund. Davenport Equity Opportunities Fund is classified as a non-diversified fund.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU-2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Davenport & Company LLC (the "Adviser") of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**2. Significant Accounting Policies**

Each Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of the Funds' significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Regulatory update** — *Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds ("ETFs")* – Effective January 24, 2023, the Securities and Exchange Commission (the "SEC") adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments had a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.

**Securities valuation** — All investments in securities are recorded at their estimated fair value. The Funds' portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks and ETFs if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of money market funds and other open-end investment companies, other than ETFs, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).

Fixed income securities, including corporate bonds, municipal bonds and U.S. Treasury obligations, are typically valued on the basis of prices provided by an independent pricing service. The prices provided by the pricing service are determined with consideration given to institutional bid and last sale prices and take into account securities prices, yields, maturities, call features, ratings, institutional trading in similar groups of securities, and developments related to specific securities. Given the inputs used by the pricing service, these securities are classified as Level 2 within the fair value hierarchy.

When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of fair value, securities will be valued in good faith at fair value as determined by the Adviser as the Funds' valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board" or "Trustees") pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings,

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors.

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

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

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly or indirectly; these inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates and similar data

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing each Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available

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 Funds' investments based on the inputs used to value the investments as of March 31, 2025, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Core Leaders Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1003992679 | $— | $— | $1003992679 |
| Money Market Funds | 53295469 |  |  | 53295469 |
| Total | $1057288148 | $— | $— | $1057288148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Value & Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $886497758 | $— | $— | $886497758 |
| Money Market Funds | 21249304 |  |  | 21249304 |
| Total | $907747062 | $— | $— | $907747062 |

---

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Equity Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $851599217 | $— | $— | $851599217 |
| Money Market Funds | 25607370 |  |  | 25607370 |
| Total | $877206587 | $— | $— | $877206587 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Small Cap Focus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $803470193 | $— | $— | $803470193 |
| Exchange-Traded Funds | 20630412 |  |  | 20630412 |
| Money Market Funds | 43346312 |  |  | 43346312 |
| Total | $867446917 | $— | $— | $867446917 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Balanced Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $140224732 | $— | $— | $140224732 |
| Fixed Rate Corporate Bonds |  | 64697843 |  | 64697843 |
| Municipal Bonds |  | 2481633 |  | 2481633 |
| U.S. Government & Agency Obligations |  | 18940664 |  | 18940664 |
| U.S. Treasury Obligations |  | 11272304 |  | 11272304 |
| Money Market Funds | 6440713 |  |  | 6440713 |
| Total | $146665445 | $97392444 | $— | $244057889 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Insider Buying Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $87656285 | $— | $— | $87656285 |
| Money Market Funds | 4511861 |  |  | 4511861 |
| Total | $92168146 | $— | $— | $92168146 |

---

Refer to each Fund's Schedule of Investments for a listing of the securities by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the year ended March 31, 2025.

**Foreign currency translation** — Investment securities and other assets and liabilities denominated in or expected to settle in foreign currencies, if any, are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;A. The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m. Eastern time on the respective date of such transactions.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies and 2) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

**Cash** — Each Fund's cash position, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the amount covered by federal deposit insurance. The Funds maintain these balances with a high quality financial institution and may incur charges on cash overdrafts.

**Share valuation** — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share.

**Investment income** — Interest income is accrued as earned. Discounts and premiums on fixed-income securities are amortized using the effective interest method. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. The Funds record distributions received from investments in real estate investment trusts (also known as "REITs") in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. These amounts are recorded once the issuers provide information about the actual classification of the distributions. Withholding taxes on foreign dividends have been recorded in accordance with the Funds' understanding of the applicable country's rules and tax rates.

**Investment transactions** — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investment securities sold are determined on a specific identification basis.

**Common expenses** — Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.

**Distributions to shareholders** — Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund; and declared and paid semi-annually to shareholders of Davenport Equity Opportunities Fund. 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 federal income tax regulations, which may differ from GAAP. Dividends and distributions are recorded on the ex-dividend date.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The tax character of distributions paid during the years/period ended March 31, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year/Period**<br> **Ended** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Total**<br> **Distributions** |
| Davenport Core Leaders Fund | 03/31/25 | $1309623 | $56259956 | $57569579 |
|  | 03/31/24 | $2775090 | $49810834 | $52585924 |
| Davenport Value & Income Fund | 03/31/25 | $15263731 | $54959418 | $70223149 |
|  | 03/31/24 | $13047723 | $230910 | $13278633 |
| Davenport Equity Opportunities Fund | 03/31/25 | $842488 | $— | $842488 |
|  | 03/31/24 | $2126237 | $35025825 | $37152062 |
| Davenport Small Cap Focus Fund | 03/31/25 | $12316389 | $12409824 | $24726213 |
|  | 03/31/24 | $5878538 | $23250985 | $29129523 |
| Davenport Balanced Income Fund | 03/31/25 | $5997369 | $2796335 | $8793704 |
|  | 03/31/24 | $5189358 | $— | $5189358 |
| Davenport Insider Buying Fund | 03/31/25 | $760550 | $— | $760550 |
|  | 03/31/24 | $183083 | $— | $183083 |

---

**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 disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.

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

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following information is computed on a tax basis for each item as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Core Leaders<br> Fund** | **Davenport<br> Value &<br> Income<br> Fund** | **Davenport<br> Equity<br> Opportunities<br> Fund** |
| Cost of investments | $628517311 | $692072773 | $648365841 |
| Gross unrealized appreciation | $440976912 | $236405638 | $301289254 |
| Gross unrealized depreciation | (12206075) | (20731349) | (72448508) |
| Net unrealized appreciation | 428770837 | 215674289 | 228840746 |
| Undistributed ordinary income | 2581397 |  | 6779891 |
| Undistributed long-term gains | 19705360 | 7569846 | 1919609 |
| Distributable earnings | $451057594 | $223244135 | $237540246 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus<br> Fund** | **Davenport<br> Balanced<br> Income<br> Fund** | **Davenport<br> Insider<br> Buying<br> Fund** |
| Cost of investments | $828179108 | $212305538 | $91719572 |
| Gross unrealized appreciation | $145113988 | $35412286 | $7542255 |
| Gross unrealized depreciation | (105846179) | (3659935) | (7093681) |
| Net unrealized appreciation | 39267809 | 31752351 | 448574 |
| Undistributed ordinary income | 232481 |  | 6053 |
| Undistributed long-term gains |  | 1143599 |  |
| Accumulated capital and other losses | (34544164) |  | (1848639) |
| Distributable earnings (accumulated deficit) | $4956126 | $32895950 | $(1394012) |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments for Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales and adjustments to basis on partnerships.

As of March 31, 2025, Davenport Small Cap Focus Fund had short-term capital loss carryforwards ("CLCFs") of $24,859,011 and long-term CLCFs of $9,685,153 and Davenport Insider Buying Fund had short-term CLCFs of $1,848,639 for federal income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any.

During the year ended March 31, 2025, Davenport Balanced Income Fund utilized short-term and long-term CLCFs against current year gains in the amounts of $2,631,190 and $1,623,503, respectively.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

For the year ended March 31, 2025, the following reclassifications were made as a result of permanent differences between financial statements and income tax reporting requirements:

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport**<br> **Core Leaders**<br> **Fund** | **Davenport**<br> **Value &**<br> **Income<br> Fund** | **Davenport<br> Equity**<br> **Opportunities**<br> **Fund** |
| Paid-in capital | $| $| $|
| Distributable earnings (accumulated deficit) | $| $| $|

---

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus<br> Fund** | **Davenport<br> Balanced<br> Income<br> Fund** | **Davenport<br> Insider<br> Buying<br> Fund** |
| Paid-in capital | $– $| (426) | $— |
| Distributable earnings (accumulated deficit) | $– $| 426 | $— |

---

Such reclassifications have no effect on each Fund's net assets or NAV per share.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for each Fund 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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended March 31, 2025, the Funds did not incur any interest or penalties.

**3. Investment Transactions**

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Core Leaders<br> Fund** | **Davenport<br> Value &<br> Income<br> Fund** | **Davenport<br> Equity<br> Opportunities<br> Fund** |
| Purchases of investment securities | $177187635 | $208942424 | $230138455 |
| Proceeds from sales of investment securities | $184935155 | $224149936 | $212479228 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus<br> Fund** | **Davenport<br> Balanced<br> Income<br> Fund** | **Davenport<br> Insider<br> Buying<br> Fund** |
| Purchases of investment securities | $452941577 | $38572834 | $78.628747 |
| Proceeds from sales of investment securities | $427399638 | $46816129 | $59881527 |

---

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

During the year ended March 31, 2025, cost of purchases and proceeds from sales of long-term U.S. government securities for Davenport Balanced Income Fund were $21,454,336 and $8,488,496, respectively.

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENTS

Each Fund's investments are managed by the Adviser under the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, each Fund pays the Adviser a management fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.75% of its average daily net assets. Certain officers and a Trustee of the Trust are also officers of the Adviser.

For the Davenport Insider Buying Fund, pursuant to an Expense Limitation Agreement between the Fund and the Adviser (the "ELA"), the Advisor has agreed, until August 1, 2025, to reduce its management fees and reimburse other expenses to limit total annual operating expenses (exclusive of acquired fund fees and expenses, brokerage costs, taxes, interest, costs to organize the Fund, and extraordinary expenses) to an amount not exceeding 1.25% of the Fund's average daily net assets.

Under the terms of the ELA, management fee reductions and/or expenses reimbursed by the Advisor are subject to recoupment by the Fund for a period of 3 years from the date such fees and expenses were reduced or reimbursed, provided that the recoupments do not cause total operating expenses of the Fund to exceed the lesser of (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred.

For the year ended March 31, 2025 the Adviser did not reduce its management fees.

A significant portion of the Funds' investment trades are executed through an affiliated broker-dealer of the Adviser. No commissions are paid by the Funds to the Adviser or the affiliate for these trades.

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds' portfolio securities. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the "Distributor"), the principal underwriter of each Fund's shares and an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Effective July 1, 2024, under the terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus. Prior to July 1, 2024, Ultimus provided the Chief Compliance Officer and Anti-Money Laundering Officer and compliance services to the Funds.

COMPENSATION OF TRUSTEES

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus receives from the Trust an annual retainer of $41,000, payable quarterly; a fee of $2,000 for attendance at each meeting of the Board of Trustees (except that such fee is $3,000 for the independent chair); and a fee of $1,000 for attendance at each meeting of any committee of the Board (except that such fee is $1,500 for the committee chair); plus reimbursement of travel and other expenses incurred in attending meetings. Each series of the Trust paid its share of such fees.

**5. Sector Risk**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected. As of March 31, 2025, Davenport Core Leaders Fund had 27.9% of the value of its net assets invested in common stocks within the Technology sector and Davenport Equity Opportunities Fund had 25.3% and 25.5% of the value of its net assets invested in common stocks within the Consumer Discretionary and Financials sectors, respectively.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**6. Affiliated Issuers**

A company is considered an affiliate of a Fund under the 1940 Act if the Fund's holdings in that company represent 5% or more of the outstanding voting shares of the company. The industry and percentage of net assets for these holdings can be found on the Davenport Small Cap Focus Fund's Schedule of Investments. Further information on these holdings for the year ended March 31, 2025 appears below:

---

| | |
|:---|:---|
| | **Golden<br> Entertainment,<br> Inc.** |
| Percentage of Outstanding Voting Shares Owned | 5.33% |
| Shares at Beginning of Year |  |
| Shares Purchased During the Year | 1414226 |
| Shares at End of Year | 1414226 |
| Market Value at Beginning of Year | $— |
| Cost of Purchases During the Year | 42854899 |
| Change in Unrealized Appreciation (Depreciation) | (5533475) |
| Market Value at End of Year | $37321424 |
| Dividend Income Earned During the Year | $1004158 |

---

**7. Contingencies and Commitments**

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

**8. Subsequent Events**

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

**THE DAVENPORT FUNDS**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

To the Shareholders of The Davenport Funds and

Board of Trustees of Williamsburg Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Davenport Funds, comprising the funds listed below (the "Funds"), each a series of Williamsburg Investment Trust, as of March 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br> Operations** | **Statements of<br> Changes in<br> Net Assets** | **Financial<br> Highlights** |
| Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, and Davenport Balanced Income Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025 and 2024 | For the years ended March 31, 2025, 2024, 2023, 2022, and 2021 |
| Davenport Insider Buying Fund | For the year ended March 31, 2025 | For the year ended March 31, 2025 and the period from November 30, 2023 (commencement of operations) through March 31, 2024 | For the year ended March 31, 2025 and the period from November 30, 2023 (commencement of operations) through March 31, 2024 |

---

Basis for Opinion

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

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

Our audits 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.

**THE DAVENPORT FUNDS**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM (Continued)**

Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![](davenport_002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 23, 2025

**THE DAVENPORT FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a meeting held on November 12, 2024 the Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Investment Advisory Agreements with the Adviser on behalf of the Davenport Core Leaders Fund, the Davenport Value & Income Fund, the Davenport Equity Opportunities Fund, the Davenport Small Cap Focus Fund, and the Davenport Balanced Income Fund (individually, a "Fund," collectively, the "Funds") for an additional one-year period. Below is a discussion of the factors considered by the Board of Trustees along with the conclusions with respect thereto that formed the basis for the Board's approval of the continuation of the Investment Advisory Agreements.

Prior to the Board meeting, the Adviser provided materials in response to a request from counsel to the Independent Trustees for various information relevant to the Independent Trustees' consideration of the renewal of the Investment Advisory Agreements with respect to each Fund. In approving the continuance of the Investment Advisory Agreements, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreements. The principal areas of review by the Independent Trustees were the nature, extent and quality of the services provided by the Adviser and the reasonableness of the fees charged for those services. During a meeting of the Governance, Nomination, Compensation and Qualified Legal Compliance Committee held prior to the Board meeting, the Independent Trustees met with experienced independent legal counsel, outside the presence of representatives of the Adviser, to review a memorandum from counsel describing the legal standards to be applied in their considerations, as well as the proposal to renew the Investment Advisory Agreements.

No single factor was considered in isolation or to be determinative to the decision of the Independent Trustees to approve the continuance of the Investment Advisory Agreements. Rather the Independent Trustees concluded, after weighing and balancing the factors described below, that it was in the best interests of each Fund and its respective shareholders to continue the Investment Advisory Agreements, in their present form, for an additional one-year period.

*Nature, Extent and Quality of Services*

The Independent Trustees' evaluation of the nature, extent and quality of the Adviser's services took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the twelve-month period ended September 30, 2024, including the Adviser's views on the overall conditions of the economy, the factors that may have influenced market sentiment, and specific stock selections. The Independent Trustees took into consideration

**THE DAVENPORT FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

that for the past two years, the domestic equity market has been largely impacted by the performance of a small number of large cap technology stocks that are tied to the promise of artificial intelligence and the efforts of the Adviser to take advantage of opportunities to purchase stocks with more favorable risk/reward profiles than the technology stocks that are dominating the market. The Independent Trustees also considered the education and experience of the Funds' portfolio managers, the quality of the Adviser's administrative and compliance services, the business reputation of the Adviser, and the Adviser's financial resources.

*Investment Performance*

The Independent Trustees considered the performance of each Fund for the 1-year, 3-year, 5-year, and 10-year periods ended September 30, 2024 (or the since inception period with respect to the Davenport Balanced Income Fund and the Davenport Small Cap Focus Fund), as compared to each Fund's benchmark index. The Board noted that (i) each of the Davenport Core Leaders Fund, Davenport Value & Income Fund, and Davenport Balanced Income Fund underperformed its respective benchmark (i.e., the S&P 500<sup>®</sup> Index for the Davenport Core Leaders Fund, the Russell 1000<sup>®</sup> Value Index for the Davenport Value & Income Fund, and the blended 60% Russell 1000 Value<sup>®</sup> Index/40% Bloomberg U.S. Intermediate Government/Credit Bond Index for the Davenport Balanced Income Fund) for each of the aforementioned periods; (ii) the Davenport Equity Opportunities Fund underperformed the Russell Midcap<sup>®</sup> Index for the 1-year and 3-year periods, but outperformed the Russell Midcap<sup>®</sup> Index for the 5-year and 10-year periods; (iii) the Davenport Small Cap Focus Fund underperformed the Russell 2000<sup>®</sup> Index for the 1-year period, but outperformed the Russell 2000<sup>®</sup> Index for the 3-year, 5-year and since inception periods. The Board compared each Fund's performance with one or more peer groups with similar investment objectives and strategies and took into account management's discussion of each Fund's performance relative to its benchmark and peer group(s). The Independent Trustees also reviewed a report prepared by the Adviser comparing each Fund's performance to the composite performance of other accounts (if any) managed by the Adviser using the same investment approach as the Funds and were advised that the differences in the performance results of the Funds and the composites were generally attributable to different operating expenses.

*Fees and Expense Ratios*

In reviewing the fees payable under the Investment Advisory Agreements, the Independent Trustees compared the advisory fees and overall expense levels of each Fund with those of funds with similar investment objectives and strategies. The Board noted that while the advisory fee for each Fund was higher than the average of its Morningstar Peer Group Category, each Fund's total expense ratio was lower than the average for its Morningstar Peer Group Category, with the exception of the total expense ratio of the Davenport Balanced Income Fund, which was higher than the average of its Morningstar Peer Group Category. The Independent Trustees considered information about the Adviser's profitability with respect to each Fund, including the assumptions and methodology the Adviser used in preparing the profitability information, in light of applicable case law relating to advisory fees. For these purposes, the Independent Trustees considered not only the fees paid by the Funds, but also so-called "fallout" benefits to the Adviser.

**THE DAVENPORT FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

The Independent Trustees also considered that the costs of executing portfolio trades for equity securities through outside brokers and the costs of compensating financial intermediaries for administrative support services are paid by the Adviser, rather than the Funds.

*Economies and Benefits of Scale*

The Independent Trustees considered the extent to which economies of scale are being realized as the Funds grow and noted that Davenport & Co. has provided opportunities for the Funds to achieve economies of scale by increasing their visibility through various marketing and distribution efforts. The Independent Trustees also considered the "fallout" benefits to Davenport & Co. with respect to the Funds, but given the nature of these benefits viewed them as secondary factors in connection with their evaluation of the continuation of the Funds' Investment Advisory Agreements.

*Conclusions*

Based on the consideration of the foregoing and such other information as was deemed relevant, the Independent Trustees concluded that (i) the overall performance of each Fund is satisfactory relative to its benchmark and peer group(s); (ii) the advisory fees and total operating expenses for the Funds are reasonable in relation to the services provided by the Adviser; (iii) Davenport & Co., a dually registered investment adviser and broker dealer, has further benefited the Funds' shareholders by executing all equity trades at no cost to the Funds and compensating financial intermediaries for the provision of administrative support services; and (iv) the profits of the Adviser with respect to its management of the Funds are reasonable.

**THE DAVENPORT FUNDS**

**FEDERAL TAX INFORMATION (Unaudited)**

**Capital Gain Distribution** – For the year ended March 31, 2025, the following Funds designated long-term capital gain distributions:

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| | |
|:---|:---|
| Davenport Core Leaders Fund | $56259956 |
| Davenport Value & Income Fund | 54959418 |
| Davenport Small Cap Focus Fund | 12409824 |
| Davenport Balanced Income Fund | 2796335 |

---

**Qualified Dividend Income** – The Funds have designated the following of their ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate:

---

| | |
|:---|:---|
| Davenport Core Leaders Fund | 100.00% |
| Davenport Value & Income Fund | 100.00% |
| Davenport Equity Opportunities Fund | 81.28% |
| Davenport Small Cap Focus Fund | 50.17% |
| Davenport Balanced Income Fund | 48.28% |
| Davenport Insider Buying Fund | 100.00% |

---

**Dividends Received Deduction** – For corporate shareholders, the following percentages or ordinary dividends paid during the year/period ended March 31, 2025 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Davenport Core Leaders Fund | 100.00% |
| Davenport Value & Income Fund | 100.00% |
| Davenport Equity Opportunities Fund | 76.51% |
| Davenport Small Cap Focus Fund | 50.17% |
| Davenport Balanced Income Fund | 39.87% |
| Davenport Insider Buying Fund | 100.00% |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE DAVENPORT FUNDS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Adviser** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davenport & Company LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One James Center |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 East Cary Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richmond, Virginia 23219-4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrator** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultimus Fund Solutions, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio 45246-0707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-281-3217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Custodian** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank, N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 Walnut Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio 45202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Registered Public** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accounting Firm** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen & Company, Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 N Water Street, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milwaukee, WI 53202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Legal Counsel** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sullivan & Worcester LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 K Street, N.W. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, DC 20006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Board of Trustees** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert S. Harris, Ph.D., Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John P. Ackerly, IV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George K. Jennison |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris V. Morrissette |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth W. Robertson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Officers** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John P. Ackerly, IV, President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carly Carmichael, Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alison S. Crowder, Vice President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L. Smith, III, Vice President |

---

---

| |
|:---|
| **THE** |
| **GOVERNMENT STREET** |
| **FUNDS** |
| **No-Load Mutual Funds** |
| **Annual Financial Statements and** |
| **Additional Information** |
| **March 31, 2025** |
| ![](goverment_001.jpg) |
| **The Government Street Equity Fund<br> The Government Street Opportunities Fund** |

---

**THE GOVERNMENT STREET EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.5%** | **Shares** | **Value** |
| **Communications — 6.9%** |  |  |
| Alphabet, Inc. - Class A | 5700 | $881448 |
| Alphabet, Inc. - Class C | 13340 | 2084108 |
| Booking Holdings, Inc. | 250 | 1151728 |
| Meta Platforms, Inc. - Class A | 3200 | 1844352 |
| Uber Technologies, Inc. <sup>(a)</sup> | 4000 | 291440 |
|  |  | 6253076 |
| **Consumer Discretionary — 7.4%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 11800 | 2245068 |
| Coupang, Inc. <sup>(a)</sup> | 5000 | 109650 |
| Flutter Entertainment plc <sup>(a)</sup> | 250 | 55387 |
| Home Depot, Inc. (The) | 3000 | 1099470 |
| Lowe's Companies, Inc. | 2500 | 583075 |
| McDonald's Corporation | 5000 | 1561850 |
| NVR, Inc. <sup>(a)</sup> | 40 | 289776 |
| Tesla, Inc. <sup>(a)</sup> | 1700 | 440572 |
| Tractor Supply Company | 5000 | 275500 |
|  |  | 6660348 |
| **Consumer Staples — 3.7%** |  |  |
| Coca-Cola Company (The) | 3500 | 250670 |
| Procter & Gamble Company (The) | 4000 | 681680 |
| Walmart, Inc. | 27500 | 2414225 |
|  |  | 3346575 |
| **Energy — 3.5%** |  |  |
| Cheniere Energy, Inc. | 4000 | 925600 |
| Kinder Morgan, Inc. | 20000 | 570600 |
| ONEOK, Inc. | 9250 | 917785 |
| Phillips 66 | 6400 | 790272 |
|  |  | 3204257 |
| **Financials — 15.1%** |  |  |
| Aflac, Inc. | 14000 | 1556660 |
| Apollo Global Management, Inc. | 1000 | 136940 |
| Arch Capital Group Ltd. | 3000 | 288540 |
| Ares Management Corporation - Class A | 5500 | 806355 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 1600 | 852128 |
| Blackstone, Inc. | 12500 | 1747250 |
| Brookfield Corporation | 27000 | 1415070 |
| CME Group, Inc. | 3500 | 928515 |
| Goldman Sachs Group, Inc. (The) | 600 | 327774 |
| Intercontinental Exchange, Inc. | 1500 | 258750 |
| JPMorgan Chase & Company | 19500 | 4783350 |
| Marsh & McLennan Companies, Inc. | 2500 | 610075 |
|  |  | 13711407 |

---

**THE GOVERNMENT STREET EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.5% (Continued)** | **Shares** | **Value** |
| **Health Care — 8.0%** |  |  |
| Abbott Laboratories | 9500 | $1260175 |
| AbbVie, Inc. | 11500 | 2409480 |
| Bio-Techne Corporation | 21000 | 1231230 |
| CRISPR Therapeutics AG <sup>(a)</sup> | 2500 | 85075 |
| Eli Lilly & Company | 600 | 495546 |
| GE HealthCare Technologies, Inc. | 6500 | 524615 |
| Pfizer, Inc. | 5000 | 126700 |
| Thermo Fisher Scientific, Inc. | 900 | 447840 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1400 | 678748 |
|  |  | 7259409 |
| **Industrials — 11.2%** |  |  |
| Eaton Corporation plc | 2100 | 570843 |
| Emerson Electric Company | 4500 | 493380 |
| General Dynamics Corporation | 3700 | 1008546 |
| General Electric Company | 2800 | 560420 |
| Honeywell International, Inc. | 6000 | 1270500 |
| Lockheed Martin Corporation | 3000 | 1340130 |
| Parker-Hannifin Corporation | 1300 | 790205 |
| Quanta Services, Inc. | 4000 | 1016720 |
| RTX Corporation | 14000 | 1854440 |
| TE Connectivity plc | 9000 | 1271880 |
|  |  | 10177064 |
| **Materials — 1.9%** |  |  |
| Cameco Corporation | 4000 | 164640 |
| Freeport-McMoRan, Inc. | 25000 | 946500 |
| Linde plc | 800 | 372512 |
| Nucor Corporation | 1000 | 120340 |
| Sherwin-Williams Company (The) | 350 | 122216 |
|  |  | 1726208 |
| **Real Estate — 2.0%** |  |  |
| Digital Realty Trust, Inc. | 1750 | 250758 |
| Mid-America Apartment Communities, Inc. | 9000 | 1508220 |
|  |  | 1758978 |
| **Technology — 27.2%** |  |  |
| Accenture plc - Class A | 3500 | 1092140 |
| Apple, Inc. | 11700 | 2598921 |
| ARM Holdings plc - ADR <sup>(a)</sup> | 2200 | 234938 |
| ASML Holding N.V. | 850 | 563235 |
| International Business Machines Corporation | 2100 | 522186 |
| Mastercard, Inc. - Class A | 2000 | 1096240 |
| Microsoft Corporation | 8500 | 3190815 |
| NVIDIA Corporation | 102500 | 11108950 |
| Oracle Corporation | 2000 | 279620 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 5000 | 422000 |

---

**THE GOVERNMENT STREET EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.5% (Continued)** | **Shares** | **Value** |
| **Technology — 27.2% (Continued)** |  |  |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 1200 | $204768 |
| QUALCOMM, Inc. | 3000 | 460830 |
| Salesforce, Inc. | 500 | 134180 |
| Texas Instruments, Inc. | 5200 | 934440 |
| Visa, Inc. - Class A | 5000 | 1752300 |
|  |  | 24595563 |
| **Utilities — 1.6%** |  |  |
| Constellation Energy Corporation | 1200 | 241956 |
| WEC Energy Group, Inc. | 11000 | 1198780 |
|  |  | 1440736 |
| **Total Common Stocks (Cost $27,190,907)** |  | $80133621 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 5.8%** | **Shares** | **Value** |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | 21400 | $3707122 |
| Vanguard Value ETF | 9000 | 1554660 |
| **Total Exchange-Traded Funds (Cost $4,665,692)** |  | $5261782 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.8%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.23% <sup>(b)</sup> (Cost $5,274,953) | 5274953 | $5274953 |
| **Total Investments at Value — 100.1%** (Cost $37,131,552) |  | $90670356 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (58292) |
| **Net Assets — 100.0%** |  | $90612064 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 82.2%** | **Shares** | **Value** |
| **Communications — 0.2%** |  |  |
| AT&T, Inc. | 5000 | $141400 |
| **Consumer Discretionary — 3.4%** |  |  |
| CarMax, Inc. <sup>(a)</sup> | 2000 | 155840 |
| Coupang, Inc. <sup>(a)</sup> | 9000 | 197370 |
| Dick's Sporting Goods, Inc. | 1700 | 342652 |
| Gildan Activewear, Inc. | 10000 | 442200 |
| NVR, Inc. <sup>(a)</sup> | 15 | 108666 |
| Service Corporation International | 13000 | 1042600 |
| Toll Brothers, Inc. | 3000 | 316770 |
|  |  | 2606098 |
| **Consumer Staples — 2.4%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 8000 | 284960 |
| Church & Dwight Company, Inc. | 9000 | 990810 |
| Kenvue, Inc. | 5000 | 119900 |
| Kroger Company (The) | 5600 | 379064 |
|  |  | 1774734 |
| **Energy — 3.6%** |  |  |
| Cheniere Energy, Inc. | 250 | 57850 |
| ConocoPhillips | 6375 | 669502 |
| Devon Energy Corporation | 10000 | 374000 |
| Kinder Morgan, Inc. | 10000 | 285300 |
| ONEOK, Inc. | 5725 | 568035 |
| Targa Resources Corporation | 3700 | 741739 |
| Valaris Ltd. <sup>(a)</sup> | 1000 | 39260 |
|  |  | 2735686 |
| **Financials — 21.9%** |  |  |
| American Financial Group, Inc. | 8000 | 1050720 |
| Ares Management Corporation - Class A | 7200 | 1055592 |
| Arthur J. Gallagher & Company | 8000 | 2761920 |
| Berkley (W.R.) Corporation | 25143 | 1789176 |
| Brown & Brown, Inc. | 20000 | 2488000 |
| CME Group, Inc. | 5000 | 1326450 |
| Dave, Inc. <sup>(a)</sup> | 2000 | 165320 |
| Intercontinental Exchange, Inc. | 9000 | 1552500 |
| Morgan Stanley | 9565 | 1115948 |
| Nasdaq, Inc. | 23000 | 1744780 |
| Old Republic International Corporation | 26400 | 1035408 |
| Regions Financial Corporation | 1900 | 41287 |
| United Bancorporation of Alabama, Inc. - Class A | 1000 | 53500 |
| Voya Financial, Inc. | 6000 | 406560 |
|  |  | 16587161 |
| **Health Care — 8.4%** |  |  |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup> | 1000 | 243560 |

---

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 82.2% (Continued)** | **Shares** | **Value** |
| **Health Care — 8.4% (Continued)** |  |  |
| Bio-Techne Corporation | 15000 | $879450 |
| Centene Corporation <sup>(a)</sup> | 5000 | 303550 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> | 3000 | 451560 |
| Chemed Corporation | 2000 | 1230640 |
| GE HealthCare Technologies, Inc. | 4000 | 322840 |
| Illumina, Inc. <sup>(a)</sup> | 3000 | 238020 |
| Labcorp Holdings, Inc. | 3000 | 698220 |
| Penumbra, Inc. <sup>(a)</sup> | 1500 | 401115 |
| ResMed, Inc. | 1200 | 268620 |
| Teleflex, Inc. | 3950 | 545850 |
| Waters Corporation <sup>(a)</sup> | 2000 | 737140 |
|  |  | 6320565 |
| **Industrials — 14.5%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 2000 | 238380 |
| Argan, Inc. | 3250 | 426302 |
| Donaldson Company, Inc. | 13000 | 871780 |
| Expeditors International of Washington, Inc. | 8000 | 962000 |
| Fastenal Company | 18000 | 1395900 |
| Generac Holdings, Inc. <sup>(a)</sup> | 1800 | 227970 |
| Graco, Inc. | 13000 | 1085630 |
| Jacobs Solutions, Inc. | 8475 | 1024543 |
| L3Harris Technologies, Inc. | 5250 | 1098878 |
| MSC Industrial Direct Company, Inc. - Class A | 5000 | 388350 |
| Pentair plc | 3200 | 279936 |
| Waste Connections, Inc. | 10500 | 2049495 |
| Woodward, Inc. | 5000 | 912450 |
|  |  | 10961614 |
| **Materials — 7.2%** |  |  |
| Ashland, Inc. | 6000 | 355740 |
| ATI, Inc. <sup>(a)</sup> | 2200 | 114466 |
| Cameco Corporation | 5000 | 205800 |
| Martin Marietta Materials, Inc. | 3000 | 1434390 |
| Packaging Corporation of America | 6000 | 1188120 |
| Ramaco Resources, Inc. - Class A | 4000 | 32920 |
| Ramaco Resources, Inc. - Class B | 62 | 441 |
| Steel Dynamics, Inc. | 14000 | 1751120 |
| Valvoline, Inc. <sup>(a)</sup> | 10236 | 356315 |
|  |  | 5439312 |
| **Real Estate — 3.3%** |  |  |
| Digital Realty Trust, Inc. | 2000 | 286580 |
| Mid-America Apartment Communities, Inc. | 13300 | 2228814 |
|  |  | 2515394 |
| **Technology — 16.7%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 1964 | 201781 |
| Amentum Holdings, Inc. <sup>(a)</sup> | 11475 | 208845 |

---

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 82.2% (Continued)** | **Shares** | **Value** |
| **Technology — 16.7% (Continued)** |  |  |
| Analog Devices, Inc. | 3671 | $740331 |
| ANSYS, Inc. <sup>(a)</sup> | 3000 | 949680 |
| Arrow Electronics, Inc. <sup>(a)</sup> | 8500 | 882555 |
| Broadridge Financial Solutions, Inc. | 3500 | 848610 |
| InterDigital, Inc. | 1400 | 289450 |
| Lam Research Corporation | 11750 | 854225 |
| Microchip Technology, Inc. | 8800 | 426008 |
| Nebius Group N.V. - Class A <sup>(a)</sup> | 4000 | 84440 |
| NVIDIA Corporation | 59500 | 6448610 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 8000 | 675200 |
| Rigetti Computing, Inc. <sup>(a)</sup> | 3000 | 23760 |
|  |  | 12633495 |
| **Utilities — 0.6%** |  |  |
| Constellation Energy Corporation | 1500 | 302445 |
| NextEra Energy, Inc. | 1000 | 70890 |
| NRG Energy, Inc. | 800 | 76368 |
|  |  | 449703 |
| **Total Common Stocks (Cost $18,312,241)** |  | $62165162 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 11.3%** | **Shares** | **Value** |
| iShares Core S&P Mid-Cap ETF | 40000 | $2334000 |
| SPDR S&P MidCap 400<sup>®</sup> ETF Trust | 7000 | 3734360 |
| Vanguard U.S. Value Factor ETF | 21500 | 2451000 |
| **Total Exchange-Traded Funds (Cost $8,057,303)** |  | $8519360 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 6.5%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.23% <sup>(b)</sup> (Cost $4,934,585) | 4934585 | $4934585 |
| **Total Investments at Value — 100.0%** (Cost $31,304,129) |  | $75619107 |
| **Liabilities in Excess of Other Assets — (0.0%) <sup>(c)</sup>** |  | (6604) |
| **Net Assets — 100.0%** |  | $75612503 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

**THE GOVERNMENT STREET FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| | **The Government<br> Street<br> Equity<br> Fund** | **The Government<br> Street<br> Opportunities<br> Fund** |
| **ASSETS** | | |
| Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $37131552 | $31304129 |
| &nbsp;&nbsp;&nbsp;At value (Note 2) | $90670356 | $75619107 |
| Receivable for capital shares purchased |  | 50 |
| Dividends receivable | 29666 | 51356 |
| Other assets | 4672 | 5244 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSETS | 90704694 | 75675757 |
| **LIABILITIES** |  |  |
| Distributions payable | 1337 |  |
| Payable for capital shares redeemed | 27969 |  |
| Accrued management fees (Note 4) | 47073 | 48319 |
| Payable to administrator (Note 4) | 8450 | 6980 |
| Other accrued expenses | 7801 | 7955 |
| &nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 92630 | 63254 |
| **NET ASSETS** | $90612064 | $75612503 |
| **Net assets consists of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $35798689 | $29634206 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 54813375 | 45978297 |
| **Net assets** | $90612064 | $75612503 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 754516 | 1729277 |
| Net asset value, offering price and redemption price per share (Note 2) | $120.09 | $43.72 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Year Ended March 31, 2025**

---

| | | |
|:---|:---|:---|
| | **The Government<br> Street<br> Equity<br> Fund** | **The Government<br> Street<br> Opportunities<br> Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1351458 | $1254364 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (1082) | (3236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 1350376 | 1251128 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 546609 | 568645 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 93830 | 78478 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 35960 | 32499 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 24603 | 24603 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 16256 | 18017 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 16932 | 16932 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7488 | 7488 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 7217 | 6795 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 6105 | 5970 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3562 | 3637 |
| &nbsp;&nbsp;&nbsp;Other expenses | 8405 | 8041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 773967 | 778105 |
| **NET INVESTMENT INCOME** | 576409 | 473023 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 2255997 | 3146484 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 274254 | 227171 |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distribution from regulated investment companies | 50 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4285801 | (3226483) |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 6816102 | 147172 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $7392511 | $620195 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $576409 | $661393 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 2255997 | 2459656 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 274254 | 1850014 |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from regulated investment companies | 50 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4285801 | 14174579 |
| Net increase in net assets resulting from operations | 7392511 | 19145642 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (2211327) | (3953443) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3091103 | 730022 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 2190919 | 3911061 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2542436) | (4437299) |
| Net increase in net assets from capital share transactions | 2739586 | 203784 |
| **TOTAL INCREASE IN NET ASSETS** | 7920770 | 15395983 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 82691294 | 67295311 |
| &nbsp;&nbsp;&nbsp;End of year | 90612064 | $82691294 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 25553 | 7112 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 17531 | 40628 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (20989) | (44069) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 22095 | 3671 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 732421 | 728750 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 754516 | 732421 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $473023 | $483847 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 3146484 | 491593 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 227171 | 2723959 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (3226483) | 12035561 |
| Net increase in net assets resulting from operations | 620195 | 15734960 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (2435534) | (1252425) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3977173 | 2226498 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 2412722 | 1238230 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2818363) | (4670189) |
| Net increase (decrease) in net assets from capital share transactions | 3571532 | (1205461) |
| **TOTAL INCREASE IN NET ASSETS** | 1756193 | 13277074 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 73856310 | 60579236 |
| &nbsp;&nbsp;&nbsp;End of year | 75612503 | $73856310 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 88806 | 56411 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 51702 | 32365 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (62474) | (118436) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 78034 | (29660) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1651243 | 1680903 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1729277 | 1651243 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET EQUITY FUND FINANCIAL HIGHLIGHTS**

**Selected Per Share Data for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value at beginning of year | $112.90 | $92.34 | $104.58 | $98.83 | $68.30 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.77 | 0.90 | 0.97 | 0.58 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 9.40 | 25.07 | (10.23) | 16.42 | 36.33 |
| Total from investment operations | 10.17 | 25.97 | (9.26) | 17.00 | 36.97 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.78) | (0.89) | (0.98) | (0.58) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.20) | (4.52) | (2.00) | (10.67) | (5.80) |
| Total distributions | (2.98) | (5.41) | (2.98) | (11.25) | (6.44) |
| Net asset value at end of year | $120.09 | $112.90 | $92.34 | $104.58 | $98.83 |
| Total return <sup>(b)</sup> | 8.92% | 29.25% | (8.68)% | 17.51% | 55.46% |
| Net assets at end of year (000's) | $90612 | $82691 | $67295 | $76446 | $69948 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.85% | 0.87% | 0.87% | 0.84% | 0.86% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.63% | 0.92% | 1.07% | 0.55% | 0.71% |
| Portfolio turnover rate | 12% | 23% | 14% | 14% | 17% |

---

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests, if any.

<sup>(b)</sup> Total return is a measure of the change in value on an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deductions of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares.

<sup>(c)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expenses of the underlying investment companies in which the Fund invests, if any.

See accompanying notes to financial statements.

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value at beginning of year | $44.73 | $36.04 | $39.61 | $35.73 | $23.56 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.28 | 0.29 | 0.27 | 0.17 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.17 | 9.14 | (2.31) | 5.20 | 13.19 |
| Total from investment operations | 0.45 | 9.43 | (2.04) | 5.37 | 13.29 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.30) | (0.19) | (0.18) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.20) | (0.44) | (1.34) | (1.31) | (1.02) |
| Total distributions | (1.46) | (0.74) | (1.53) | (1.49) | (1.12) |
| Net asset value at end of year | $43.72 | $44.73 | $36.04 | $39.61 | $35.73 |
| Total return <sup>(b)</sup> | 0.80% | 26.55% | (4.91)% | 15.11% | 57.00% |
| Net assets at end of year (000's) | $75613 | $73856 | $60579 | $64413 | $58288 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 1.02% | 1.04% | 1.05% | 1.02% | 1.07% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.62% | 0.76% | 0.78% | 0.44% | 0.32% |
| Portfolio turnover rate | 9% | 17% | 9% | 8% | 13% |

---

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies in which the Fund invests, if any.

<sup>(b)</sup> Total return is a measure of the change in value on an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deductions of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares.

<sup>(c)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expenses of the underlying investment companies in which the Fund invests, if any.

See accompanying notes to financial statements.

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025**

**1. Organization**

The Government Street Equity Fund and The Government Street Opportunities Fund (the "Funds") are each a diversified, no-load series of the Williamsburg Investment Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not included in this report.

The investment objective of The Government Street Equity Fund is to seek capital appreciation.

The investment objective of The Government Street Opportunities Fund is to seek capital appreciation.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Leavell Investment Management, Inc. (the "Adviser"). Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

Each Fund follows accounting and reporting guidance under FASB Standards Codification Topic 946, "Financial Services – Investment Companies." The following is a summary of the Funds' significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Regulatory update** — *Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds ("ETFs")* – On January 24, 2023, the Securities and Exchange Commission (the "SEC") adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments had a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.

**Securities valuation** — All investments in securities are recorded at their estimated fair value. The Funds' portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks and exchange-traded funds ("ETFs"), if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs but including money market funds, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).

When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of fair value, securities will be valued in good faith at fair value as determined by the Adviser, as the Fund's valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board" or "Trustees") pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors. 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 each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly or indirectly; these inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates and similar data

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing each Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available

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 Funds' investments based on the inputs used to value the investments as of March 31, 2025, by asset type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Government Street Equity Fund:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $80133621 | $— | $— | $80133621 |
| Exchange-Traded Funds | 5261782 |  |  | 5261782 |
| Money Market Funds | 5274953 |  |  | 5274953 |
| Total | $90670356 | $— | $— | $90670356 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Government Street Opportunities Fund:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $62165162 | $— | $— | $62165162 |
| Exchange-Traded Funds | 8519360 |  |  | 8519360 |
| Money Market Funds | 4934585 |  |  | 4934585 |
| Total | $75619107 | $— | $— | $75619107 |

---

Refer to each Fund's Schedule of Investments for a listing of the common stocks by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the year ended March 31, 2025.

**Share valuation** — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share.

**Investment income** — Interest income is accrued as earned. Discounts and premiums on fixed-income securities purchased, if any, are amortized using the effective interest method. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Withholding taxes on foreign dividends have been recorded in accordance with the Trust's understanding of the applicable country's rules and tax rates.

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Distributions to shareholders** — Dividends arising from net investment income are declared and paid quarterly to shareholders of The Government Street Equity Fund and declared and paid annually to shareholders of The Government Street Opportunities Fund. 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. Dividends and distributions are recorded on the ex-dividend date. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either temporary or permanent in nature.

The tax character of distributions paid during the years ended March 31, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years<br> Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions\*** |
| The Government Street Equity Fund | 03/31/25 | $581031 | $1630294 | $2211325 |
|  | 03/31/24 | $654277 | $3300436 | $3954713 |
| The Government Street Opportunities Fund | 03/31/25 | $434490 | $2001044 | $2435534 |
|  | 03/31/24 | $509193 | $743232 | $1252425 |

---

\* Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to distributions payable amounts.

**Investment transactions —** Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investment securities sold are determined on a specific identification basis.

**Common expenses** — Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.

**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 from operations during the reporting period. Actual results could differ from those estimates.

**Federal income tax** — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and any net realized capital gains are distributed in accordance with the Code. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **The Government<br> Street<br> Equity<br> Fund** | **The Government<br> Street<br> Opportunities<br> Fund** |
| Cost of investments | $37131552 | $31304129 |
| Gross unrealized appreciation | $54006226 | $45010346 |
| Gross unrealized depreciation | (467422) | (695368) |
| Net unrealized appreciation | 53538804 | 44314978 |
| Undistributed ordinary income | 6108 | 124637 |
| Undistributed long-term capital gains | 1269800 | 1538682 |
| Distributions payable | (1337) |  |
| Total distributable earnings | $54813375 | $45978297 |

---

The difference between federal income tax cost of investments and the financial statement cost of investments for the Funds 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.

During the year ended March 31, 2025, The Government Street Equity Fund and The Government Street Opportunities Fund realized $274,254 and $227,171, respectively, of net capital gains resulting from in-kind redemptions (redemptions in which shareholders who redeemed Fund shares receive investment securities held by the Fund rather than cash). The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these gains against paid-in capital on the Statements of Assets and Liabilities. Such reclassifications, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on the each Fund's net assets or NAV per share.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on federal income tax returns for all open tax years (generally, three years) of each Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended March 31, 2025, the Funds did not incur any interest or penalties.

**3. Investment Transactions**

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **The Government**<br> **Street<br> Equity**<br> **Fund** | **The Government<br> Street<br> Opportunities<br> Fund** |
| Purchases of investment securities | $10730979 | $8581371 |
| Proceeds from sales of investment securities | $11467592 | $6555211 |

---

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

Each Fund's investments are managed by the Adviser under the terms of an Investment Advisory Agreement. The Government Street Equity Fund pays the Adviser a management fee, which is computed and accrued daily and paid monthly, at annual rates of 0.60% of its average daily net assets up to $100 million and 0.50% of such assets in excess of $100 million. The Government Street Opportunities Fund pays the Adviser a management fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.75% of its average daily net assets.

Certain officers of the Trust are also officers of the Adviser and are not paid by the Funds for serving in such capacities.

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds' portfolio securities. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the "Distributor"), the principal underwriter of each Fund's shares and an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Effective July 1, 2024, under the terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

Funds. NLCS is a wholly-owned subsidiary of Ultimus. Prior to July 1, 2024, Ultimus provided the Chief Compliance Officer and Anti-Money Laundering Officer and compliance services to the Funds.

SHAREHOLDER SERVICING PLAN

The Funds have adopted a Shareholder Servicing Plan (the "Plan"), which allows each Fund to make payments to financial organizations (including payments directly to the Adviser and the distributor) for providing account administration and account maintenance services to Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of each Fund's average daily net assets. During the year ended March 31, 2025, The Government Street Equity Fund and The Government Street Opportunities Fund incurred fees of $35,960 and $32,499, respectively, under the Plan.

COMPENSATION OF TRUSTEES

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus receives from the Trust an annual retainer of $41,000, payable quarterly; a fee of $2,000 for attendance at each meeting of the Board of Trustees (except that such fee is $3,000 for the independent chair); and a fee of $1,000 for attendance at each meeting of any committee of the Board (except that such fee is $1,500 for the committee chair); plus reimbursement of travel and other expenses incurred in attending meetings. Each series of the Trust paid its share of such fees.

**5. Contingencies and Commitments**

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

**6. Sector Risk**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

particular sector and therefore the value of the Fund's portfolio would be adversely affected. As of March 31, 2025, the Government Street Equity Fund had 27.2% of its net assets invested in securities within the Technology sector.

**7. Subsequent Events**

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

**THE GOVERNMENT STREET FUNDS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of The Government Street Funds and

Board of Trustees of Williamsburg Investment Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Government Street Funds, comprising The Government Street Equity Fund and The Government Street Opportunities Fund (the "Funds"), each a series of Williamsburg Investment Trust, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of their 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.

<u>Basis for Opinion</u>

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

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

Our audits 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 March 31, 2025, by correspondence with the custodians. Our audits also included evaluating the

**THE GOVERNMENT STREET FUNDS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)**

accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![](goverment_002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 23, 2025

**THE GOVERNMENT STREET FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a meeting held on November 12, 2024, the Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Investment Advisory Agreements with the Adviser on behalf of The Government Street Equity Fund and The Government Street Opportunities Fund (individually, a "Fund," collectively, the "Funds") for an additional one-year period. Below is a discussion of the factors considered by the Board of Trustees along with the conclusions that formed the basis for the Board's approval of the continuation of the Investment Advisory Agreements.

Prior to the Board meeting, the Adviser provided materials in response to a request from counsel to the Independent Trustees for various information relevant to the Independent Trustees' consideration of the renewal of the Investment Advisory Agreements with respect to each Fund. In approving the continuance of the Investment Advisory Agreements, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreements. The principal areas of review by the Independent Trustees were the nature, extent and quality of the services provided by the Adviser and the reasonableness of the fees charged for those services. During a meeting of the Governance, Nomination, Compensation and Qualified Legal Compliance Committee held prior to the Board meeting, the Independent Trustees met with experienced independent legal counsel, outside the presence of representatives of the Adviser, to review a memorandum from counsel describing the legal standards to be applied in their considerations, as well as the proposal to renew the Investment Advisory Agreements.

No single factor was considered in isolation or to be determinative to the decision of the Independent Trustees to approve the continuance of the Investment Advisory Agreements. Rather the Independent Trustees concluded, after weighing and balancing the factors described below, that it was in the best interests of each Fund and its respective shareholders to continue the Investment Advisory Agreements, in their present form, for an additional one-year period.

<u>Nature, Extent and Quality of Services</u>

The Independent Trustees' evaluation of the nature, extent and quality of the Adviser's services took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the twelve-month period ended September 30, 2024, including the Adviser's views on the overall conditions of the economy, the

**THE GOVERNMENT STREET FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

factors that may have influenced market sentiment, and specific stock selections. The Independent Trustees took into account the macro-economic considerations that are made by the Adviser in the Funds' portfolio management process and its efforts to achieve sector diversification as a means for managing risk. The Independent Trustees also considered the long tenure of the Funds' portfolio manager, the quality of the Adviser's compliance and administrative services; the business reputation of the Adviser; and the Adviser's financial resources.

<u>Investment Performance</u>

The Independent Trustees considered the performance of each Fund for the 1-year, 3-year, 5-year, and 10-year periods ended September 30, 2024, compared to the Fund's benchmark and a peer group of funds with similar investment objectives and strategies. The Independent Trustees noted that The Government Street Equity Fund outperformed its benchmark (the S&P 500<sup>®</sup> Index) during the 1-year, 3-year and 5-year periods ended September 30, 2024, but underperformed its benchmark over the 10-year period; and outperformed the median of its peer group (the Morningstar Large Cap Growth category) during the 1-year, 3-year, 5-year and 10-year periods ended September 30, 2024. The Independent Trustees noted that The Government Street Opportunities Fund outperformed the S&P 400<sup>®</sup> Index during the 1-year, 3-year, 5-year and 10-year periods ended September 30, 2024; and outperformed the median of its peer group (the Morningstar Mid-Cap Blend Peer Group category) during the 3-year, 5-year and 10-year periods ended September 30, 2024, but underperformed the median of its Morningstar peer group during the 1-year period. The Independent Trustees noted that as of September 30, 2024, The Government Street Equity Fund had an overall 4-star Morningstar rating and The Government Street Opportunities Fund had an overall 5-star Morningstar rating.

<u>Fees and Expense Ratios</u>

In reviewing the fees payable under the Investment Advisory Agreements, the Independent Trustees compared the advisory fees and overall expenses of each Fund with funds in a Morningstar category with similar investment objectives and strategies. The Independent Trustees noted that both the advisory fee and the total expense ratio for each Fund was higher than the median and average, respectively, of similarly managed funds in its Morningstar peer category, but were mindful of the smaller size of the Funds in relation to their Morningstar peers. The Independent Trustees considered information about the Adviser's financial stability and profitability with respect to each Fund, including the assumptions and methodology the Adviser used in preparing the profitability information, in light of applicable case law relating to advisory fees. For these purposes, the Independent Trustees considered not only the fees paid by the Funds, but also the so-called "fallout" benefits to the Adviser.

**THE GOVERNMENT STREET FUNDS**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

<u>Economies and Benefits of Scale</u>

Given the current size of the Funds and their expected growth, the Independent Trustees did not believe that it was relevant to consider the extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. However, the Independent Trustees noted that The Government Street Equity Fund's advisory fee schedule contains a breakpoint that would reduce the advisory fee rate when the Fund's assets increase to a specific level. The Independent Trustees also considered the "fallout" benefits to the Adviser for managing the Funds, but given the amounts involved, viewed these as secondary factors in their evaluation of the reasonableness of the advisory fees paid by the Funds.

<u>Conclusions</u>

Based on the consideration of the foregoing and such other information as was deemed relevant, the Independent Trustees concluded that: (i) both the short- and long-term performance of each Fund is satisfactory in comparison to the performance to its benchmark and peers, and the Adviser has provided quality services to the Funds; (ii) the advisory fees for each Fund, while higher than the median for similarly managed funds according to statistics derived from Morningstar, Inc., are reasonable in relation to the quality and level of services provided by the Adviser; (iii) the total operating expense ratio of each Fund, while higher than the average for similarly managed funds according to statistics derived from Morningstar, Inc. has not impacted the ability of the Funds' to remain competitive with their benchmarks and peers; and (iv) the level of the Adviser's profitability with respect to its management of each Fund is reasonable.

**FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended March 31, 2025 the Government Street Equity Fund and the Government Street Opportunities Fund designated $1,630,294 and $2,001,044 respectively, as long-term capital gain distributions.

**Qualified Dividend Income** — The Funds each designate 100%, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

**Dividends Received Deduction** — Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualify under tax law. For the fiscal year ended March 31, 2025, 100% of the Government Street Equity Fund and the Government Street Opportunities Fund's ordinary income dividends qualifies for the corporate dividends received deduction.

---

| |
|:---|
| **The Government Street Funds** |
| No-Load Mutual Funds |
| **Investment Adviser**<br> Leavell Investment Management, Inc.<br> 210 St. Joseph Street<br> Mobile, AL 36602<br>**Administrator**<br> Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246-0707<br> 1-866-738-1125<br>**Legal Counsel**<br> Sullivan & Worcester LLP<br> 1666 K Street, N.W.<br> Washington, DC 20006<br>**Independent Registered Public Accounting Firm**<br> Cohen & Company, Ltd.<br> 342 N Water Street,<br> Suite 830<br> Milwaukee, WI 53202<br>**Board of Trustees**<br> Robert S. Harris, Ph.D., Chairman<br> John P. Ackerly, IV<br> George K. Jennison<br> Harris V. Morrissette<br> Elizabeth W. Robertson<br>**Portfolio Manager**<br> Thomas W. Leavell |

---

---

| |
|:---|
| ***THE*** |
| ***JAMESTOWN*** |
| ***EQUITY FUND*** |
| **No-Load Fund** |
| **Annual Financial Statements and Additional Information** |
| **March 31, 2025** |
| ![](jamestown_001.jpg) |
| Investment Adviser |
| ***Lowe, Brockenbrough & Company, Inc.*** |
| ***Richmond, Virginia*** |

---

**THE JAMESTOWN EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.3%** | **Shares** | **Value** |
| **Communications — 10.1%** |  |  |
| Alphabet, Inc. - Class C | 13636 | $2130352 |
| Booking Holdings, Inc. | 265 | 1220831 |
| Meta Platforms, Inc. - Class A | 3840 | 2213223 |
|  |  | 5564406 |
| **Consumer Discretionary — 7.6%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 11000 | 2092860 |
| Home Depot, Inc. (The) | 1350 | 494761 |
| Lowe's Companies, Inc. | 2300 | 536429 |
| TJX Companies, Inc. (The) | 8700 | 1059660 |
|  |  | 4183710 |
| **Consumer Staples — 6.2%** |  |  |
| PepsiCo, Inc. | 2690 | 403339 |
| Procter & Gamble Company (The) | 4850 | 826537 |
| Target Corporation | 4300 | 448748 |
| Unilever plc - ADR | 16000 | 952800 |
| Walmart, Inc. | 9000 | 790110 |
|  |  | 3421534 |
| **Energy — 5.8%** |  |  |
| Chevron Corporation | 7700 | 1288133 |
| Exxon Mobil Corporation | 7170 | 852728 |
| Schlumberger Ltd. | 11545 | 482581 |
| TotalEnergies SE - ADR | 9500 | 614555 |
|  |  | 3237997 |
| **Financials — 11.3%** |  |  |
| Ameriprise Financial, Inc. | 2550 | 1234480 |
| Chubb Ltd. | 1800 | 543582 |
| Goldman Sachs Group, Inc. (The) | 1650 | 901379 |
| JPMorgan Chase & Company | 7700 | 1888810 |
| Morgan Stanley | 7300 | 851691 |
| PNC Financial Services Group, Inc. (The) | 4800 | 843696 |
|  |  | 6263638 |
| **Health Care — 7.6%** |  |  |
| Amgen, Inc. | 1300 | 405015 |
| Elevance Health, Inc. | 1650 | 717684 |
| Johnson & Johnson | 4000 | 663360 |
| Merck & Company, Inc. | 4000 | 359040 |
| Pfizer, Inc. | 27510 | 697104 |
| Thermo Fisher Scientific, Inc. | 1600 | 796160 |
| UnitedHealth Group, Inc. | 1107 | 579791 |
|  |  | 4218154 |

---

**THE JAMESTOWN EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 84.3% (Continued)** | **Shares** | **Value** |
| **Industrials — 7.1%** |  |  |
| Eaton Corporation plc | 2900 | $788307 |
| Lockheed Martin Corporation | 1753 | 783083 |
| Norfolk Southern Corporation | 3200 | 757920 |
| RTX Corporation | 6295 | 833836 |
| Trane Technologies plc | 1430 | 481795 |
| United Parcel Service, Inc. - Class B | 2600 | 285974 |
|  |  | 3930915 |
| **Real Estate — 1.6%** |  |  |
| American Tower Corporation | 4192 | 912179 |
| **Technology — 24.7%** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 1600 | 613648 |
| Apple, Inc. | 12108 | 2689550 |
| Applied Materials, Inc. | 5650 | 819928 |
| Broadcom, Inc. | 7500 | 1255725 |
| Cisco Systems, Inc. | 17750 | 1095352 |
| Microsoft Corporation | 6800 | 2552652 |
| NVIDIA Corporation | 20800 | 2254304 |
| Oracle Corporation | 9000 | 1258290 |
| Visa, Inc. - Class A | 3175 | 1112711 |
|  |  | 13652160 |
| **Utilities — 2.3%** |  |  |
| Duke Energy Corporation | 10290 | 1255071 |
| **Total Common Stocks** (Cost $17,422,005) |  | $46639764 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 12.2%** | **Shares** | **Value** |
| Consumer Staples Select Sector SPDR Fund (The) | 7550 | $616609 |
| Health Care Select Sector SPDR Fund (The) | 12730 | 1858707 |
| Invesco KBW Bank ETF | 12165 | 763597 |
| iShares Expanded Tech-Software Sector ETF <sup>(a)</sup> | 8150 | 725269 |
| iShares Semiconductor ETF | 4800 | 903216 |
| Vanguard Information Technology ETF | 3500 | 1898330 |
| **Total Exchange-Traded Funds** (Cost $3,726,777) |  | $6765728 |

---

**THE JAMESTOWN EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 3.6%** | **Shares** | **Value** |
| Federated Hermes Government Obligations Fund - Institutional Class, 4.21% <sup>(b)</sup> (Cost $1,969,020) | 1969020 | $1969020 |
| **Total Investments at Value — 100.1%** (Cost $23,117,802) |  | $55374512 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (64920) |
| **Net Assets — 100.0%** |  | $55309592 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2025.

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**March 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $23117802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $55374512 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 23834 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 756 |
| &nbsp;&nbsp;&nbsp;Other assets | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 55403593 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 12673 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 36563 |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 33750 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 6000 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 94001 |
| **NET ASSETS** | $55309592 |
| **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $21121431 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 34188161 |
| **Net assets** | $55309592 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 1692759 |
| Net asset value, offering price and redemption price per share (Note 2) | $32.67 |

---

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**STATEMENT OF OPERATIONS**

**Year Ended March 31, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $984904 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net of reclaims received) | (4135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 980769 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 371729 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 62702 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 24603 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 16932 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 15095 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 12000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 7693 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7488 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 7092 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 6513 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 4885 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1462 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 547723 |
| &nbsp;&nbsp;&nbsp;Fees voluntarily waived by the Adviser (Note 4) | (4200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 543523 |
| **NET INVESTMENT INCOME** | 437246 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 3221549 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 421590 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 3643139 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4080385 |

---

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $437246 | $451327 |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 3221549 | 2103408 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 421590 | 10229082 |
| Net increase in net assets resulting from operations | 4080385 | 12783817 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (3473592) | (1789251) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1165008 | 205533 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 3236166 | 1752769 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (3547713) | (2182163) |
| Net increase (decrease) in net assets from capital share transactions | 853461 | (223861) |
| **TOTAL INCREASE IN NET ASSETS** | 1460254 | 10770705 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 53849338 | 43078633 |
| &nbsp;&nbsp;&nbsp;End of year | $55309592 | $53849338 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 34816 | 7226 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 95999 | 63645 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (105072) | (78161) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | 25743 | (7290) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1667016 | 1674306 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1692759 | 1667016 |

---

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data for a Share Outstanding Throughout Each Year:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value at beginning of year | $32.30 | $25.73 | $31.43 | $28.96 | $19.08 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.26 | 0.27 | 0.28 | 0.16 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.17 | 7.37 | (2.38) | 3.57 | 11.05 |
| Total from investment operations | 2.43 | 7.64 | (2.10) | 3.73 | 11.22 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.27) | (0.28) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.80) | (0.80) | (3.32) | (1.10) | (1.16) |
| Total distributions | (2.06) | (1.07) | (3.60) | (1.26) | (1.34) |
| Net asset value at end of year | $32.67 | $32.30 | $25.73 | $31.43 | $28.96 |
| Total return <sup>(b)</sup> | 7.42% | 30.48% | (5.89)% | 12.91% | 60.23% |
| Net assets at end of year (000's) | $55310 | $53849 | $43078 | $50191 | $47399 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.96% | 1.01% | 1.04% | 0.96% | 1.05% |
| Ratio of net expenses to average net assets <sup>(c)(d)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets <sup>(a)(c)(d)</sup> | 0.76% | 0.96% | 1.08% | 0.51% | 0.70% |
| Portfolio turnover rate | 6% | 9% | 6% | 8% | 10% |

---

<sup>(a)</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying investment companies in which the Fund invests.

<sup>(b)</sup> Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(c)</sup> The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Ratio was determined after voluntary management fee waivers by the Adviser and reimbursed expenses (Note 4).

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025**

**1. Organization**

The Jamestown Equity Fund (the "Fund") is a diversified, no-load series of Williamsburg Investment Trust (the "Trust"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not included in this report.

The investment objective of the Fund is long-term growth of capital.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Lowe, Brockenbrough & Company, Inc., d/b/a Brockenbrough (the "Adviser"). The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**2. Significant Accounting Policies**

The following is a summary of the Fund's significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Regulatory update** — *Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds ("ETFs")* — Effective January 24, 2023, the Securities and Exchange Commission (the "SEC") adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Fund has implemented the rule and form requirements, as applicable, and is currently adhering to the requirements.

**Securities valuation** — All investments in securities are recorded at their estimated fair value. The Fund's portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). Securities traded on a national stock exchange, including common stocks and ETFs, are generally valued based upon the closing

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs but including money market funds, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).

When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of fair value, securities will be valued in good faith at fair value as determined by the Adviser, as the Fund's valuation designee, in accordance with procedures adopted by the Board of Trustees (the "Board" or "Trustees") pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors.

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 – Unadjusted quoted prices in active markets for identical assets or liabilities

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly or indirectly; these inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates and similar data

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available

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 JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following is a summary of the Fund's investments based on the inputs used to value the investments as of March 31, 2025, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $46639764 | $— | $— | $46639764 |
| Exchange-Traded Funds | 6765728 |  |  | 6765728 |
| Money Market Funds | 1969020 |  |  | 1969020 |
| Total | $55374512 | $— | $— | $55374512 |

---

Refer to the Fund's Schedule of Investments for a listing of the common stocks by sector type. There were no Level 3 securities or derivative instruments held by the Fund as of or during the year ended March 31, 2025.

**Share valuation** — The NAV per share of the Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV per share.

**Investment income** — Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Withholding taxes on foreign dividends received by the Fund, if any, have been recorded in accordance with the Trust's understanding of the applicable country's rules and tax rates.

**Distributions to shareholders** — Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of the Fund. 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 federal income tax regulations, which may differ from GAAP. Dividends and distributions are recorded on the ex-dividend date.

The tax character of distributions paid during the years ended March 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Years<br> Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions\*** |
| 3/31/2025 | $462596 | $3000356 | $3462952 |
| 3/31/2024 | $463284 | $1326954 | $1790238 |

---

\* Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to distributions payable amounts.

**Investment transactions** — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investment securities sold are determined on a specific identification basis.

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**Common expenses** — Common expenses of the Trust are allocated among the series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.

**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, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets 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 as a regulated investment company under 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.

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 tax character of accumulated earnings at March 31, 2025 was as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $23170751 |
| Gross unrealized appreciation | $32582359 |
| Gross unrealized depreciation | (378598) |
| Net unrealized appreciation | 32203761 |
| Undistributed ordinary income | 12956 |
| Undistributed long-term capital gains | 1984117 |
| Distributions payable | (12673) |
| Distributable earnings | $34188161 |

---

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

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 tax positions taken on Federal income tax returns for all open tax years (generally three years) of the Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended March 31 2025, the Fund did not incur any interest or penalties.

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**3. Investment Transactions**

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended March 31 2025.

---

| | |
|:---|:---|
| Purchase of investment securities | $3327294 |
| Proceeds from sales of investment securities | $5293308 |

---

**4. Transactions with Related Parties**

INVESTMENT ADVISORY AGREEMENT

The Fund's investments are managed by the Adviser under the terms of an Investment Advisory Agreement. The Fund pays the Adviser a management fee, which is computed and accrued daily and paid monthly, at annual rates of 0.65% of its average daily net assets up to $500 million and 0.55% of such assets in excess of $500 million. Certain officers of the Trust are also officers of the Adviser.

During the year ended March 31 2025, the Adviser voluntarily limited the total annual operating expenses of the Fund to 0.95% of average daily net assets; accordingly, the Adviser voluntarily waived $4,200 of its management fees during the year ended March 31, 2025. This amount is not subject to recapture in future periods.

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent 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. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the "Distributor"), the principal underwriter of the Fund and an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Effective July 1, 2024, under terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS)" provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus. Prior to July 1, 2024, Ultimus provided the Chief Compliance Officer and Anti-Money Laundering Officer and compliance services to the Fund.

SHAREHOLDER SERVICING PLAN

The Fund has adopted a Shareholder Servicing Plan (the "Plan"), which allows the Fund to make payments to financial organizations (including payments directly to the Adviser and the distributor) for providing account administration and account maintenance services to Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of the Fund's average daily net assets. During the year ended March 31, 2025, the Fund incurred fees of $6,513 under the Plan.

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

COMPENSATION OF TRUSTEES

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus will receive from the Trust an annual retainer of $41,000, payable quarterly; a fee of $2,000 for attendance at each meeting of the Board of Trustees (except that such fee is $3,000 for the independent chair); and a fee of $1,000 for attendance at each meeting of any committee of the Board (except that such fee is $1,500 for the committee chair); plus reimbursement of travel and other expenses incurred in attending meetings. Each series of the Trust paid its share of such fees.

**5. Sector Risk**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected. As of March 31, 2025, the Fund had 31.1% of the value of its net assets invested in common stocks and ETFs within the Technology sector.

**6. Contingencies and Commitments**

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the 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 Fund's 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. However, based on experience, the Trust expects the risk of loss to be remote.

**7. 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.

**THE JAMESTOWN EQUITY FUND**

**REPORT OF INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

To the Shareholders of The Jamestown Equity Fund and

Board of Trustees of Williamsburg Investment Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Jamestown Equity Fund (the "Fund"), a series of Williamsburg Investment Trust, as of March 31, 2025, 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 financial highlights for each of the five years in the period then ended, and the related notes (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 March 31, 2025, 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.

<u>Basis for Opinion</u>

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 audit 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 March 31, 2025, 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 2016.

![](jamestown_002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 23, 2025

**THE JAMESTOWN EQUITY FUND**

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable

**Renumeration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At a meeting held on November 12, 2024, the Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Investment Advisory Agreement with the Adviser on behalf of The Jamestown Equity Fund (the "Fund") for an additional one-year period. Below is a discussion of the factors considered by the Board of Trustees along with the conclusions that formed the basis for the Board's approval of the continuation of the Investment Advisory Agreement.

Prior to the Board meeting, the Adviser provided materials in response to a request from counsel to the Independent Trustees for various information relevant to the Independent Trustees' consideration of the renewal of the Investment Advisory Agreement with respect to the Fund. In approving the continuance of the Investment Advisory Agreement, the Independent Trustees considered all information they deemed reasonably necessary to evaluate the terms of the Agreement. The principal areas of review by the Independent Trustees were the nature, extent and quality of the services provided by the Adviser and the reasonableness of the fees charged for those services. During a meeting of the Governance, Nomination, Compensation and Qualified Legal Compliance Committee held prior to the Board meeting, the Independent Trustees met with experienced independent legal counsel, outside the presence of representatives of the Adviser, to review a memorandum from counsel describing the legal standards to be applied in their considerations, as well as the proposal to renew the Investment Advisory Agreement.

No single factor was considered in isolation or to be determinative to the decision of the Independent Trustees to approve the continuance of the Investment Advisory Agreement. Rather the Independent Trustees concluded, after weighing and balancing the factors described below, that it was in the best interests of the Fund and its shareholders to continue the Investment Advisory Agreement, in its present form, for an additional one-year period.

*Nature, Extent and Quality of Services*

The Independent Trustees' evaluation of the nature, extent and quality of the Adviser's services took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the twelve-month period ended September 30, 2024, including the Adviser's views on the overall conditions of the economy, the factors that may have influenced market sentiment, and specific stock selections. The Independent Trustees took into account the valuation considerations and earnings-driven investment process that is used by the Adviser in

**THE JAMESTOWN EQUITY FUND**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

the selection of large-cap securities and the consistency of the Adviser's investment process. The Independent Trustees also considered the long tenure of the Fund's portfolio managers; the quality of the Adviser's compliance and administrative services; the business reputation of the Adviser; and the Adviser's financial resources.

*Investment Performance*

The Independent Trustees considered the performance of the Fund for the 1-year, 3-year, 5-year, and 10-year periods ended September 30, 2024, compared to the Fund's benchmark (the S&P 500<sup>®</sup> Index) and peer group average of funds with similar investment objectives and strategies (the Morningstar Large Cap Blend Peer Group Category). The Independent Trustees noted that the Fund exceeded the performance of the Morningstar Large Cap Blend Peer Group Category over the 1-year, 3-year, 5-year and 10-year periods and exceeded the performance of the S&P 500<sup>®</sup> Index over all of the aforementioned periods, except the 10-year period. The Independent Trustees compared the performance of the Fund with the returns of the Adviser's comparable privately managed account and noted that although the Fund placed below the returns of the privately managed account over all of the reporting periods, there are additional regulatory requirements and costs associated with managing the Fund, as compared to managing the private account. The Independent Trustees noted that as of September 30, 2024, the Fund had an overall 4-star Morningstar rating.

*Fees and Expense Ratios*

In reviewing the fees payable under the Investment Advisory Agreement, the Independent Trustees compared the advisory fees and overall expenses of the Fund (both before and after voluntary advisory fee waivers) with those of funds in the Morningstar Large Cap Blend category. The Independent Trustees noted that both the advisory fee and projected total expense ratio for the Fund were higher than the median of the Morningstar Large Cap Blend category but were mindful of the voluntary advisory fee waivers that had been made by the Adviser and the smaller size of the Fund in relation to its Morningstar peers. The Independent Trustees considered information about the Adviser's financial stability and profitability with respect to the Fund, including the assumptions and methodology the Adviser used in preparing the profitability information, in light of applicable case law relating to advisory fees. For these purposes, the Independent Trustees considered not only the fees paid by the Fund, but also the so-called "fallout" benefits to the Adviser.

*Economies and Benefits of Scale*

Given the current size of the Fund and its expected growth, the Independent Trustees did not believe that it was relevant to consider the extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflect these economies of scale. However, the Independent Trustees noted that the Fund's advisory fee schedule contains a breakpoint that would reduce the advisory fee rate when the Fund's assets increase to a specific level. The Independent Trustees also considered the "fallout" benefits to the Adviser for managing the Fund, but given the amounts involved, viewed these as secondary factors in their evaluation of the reasonableness of the Fund's advisory fees.

**THE JAMESTOWN EQUITY FUND**

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

*Conclusions*

Based on the consideration of the foregoing and other information that was deemed relevant, the Independent Trustees concluded that: (i) both the short- and long-term performance of The Jamestown Fund is satisfactory in comparison to the performance to its benchmark and peers, and the Adviser has provided quality services to the Fund; (ii) the advisory fee for the Fund, while higher than the median for similarly managed funds according to statistics derived from Morningstar, Inc., is reasonable in relation to the quality and level of services provided by the Adviser; (iii) the total operating expense ratio of the Fund, while higher than the average Morningstar Large Cap Blend Peer Group Category average, has not impacted the ability of the Fund to remain competitive with the S&P 500<sup>®</sup> Index; (iv) the Adviser's commitment to limit the overall operating expenses of the Fund by voluntarily waiving a portion of its investment advisory fees has enabled the Fund to increase returns for shareholders; and (v) the level of the Adviser's profitability with respect to its management of the Fund is reasonable.

**FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended March 31, 2025, the Fund designated $3,000,356 as long-term capital gain distributions.

**Qualified Dividend Income** — The Fund designates 100% of its ordinary income distributions, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate.

**Dividends Received Deduction** — Corporate shareholders are generally entitled to take the dividends received deduction on the portion of a Fund's dividend distributions that qualify under tax law. For the fiscal year ended March 31, 2025, 100% of the Fund's ordinary income dividends qualifies for the corporate dividends received deduction.

---

| |
|:---|
| ***THE JAMESTOWN EQUITY FUND*** <br>www.jamestownfunds.com |
| **Investment Adviser** |
| Lowe, Brockenbrough & Company, Inc. |
| d/b/a Brockenbrough |
| 1802 Bayberry Court |
| Suite 400 |
| Richmond, Virginia 23226 |
| **Administrator** |
| Ultimus Fund Solutions, LLC |
| P.O. Box 46707 |
| Cincinnati, Ohio 45246-0707 |
| (Toll-Free) 1-866-738-1126 |
| **Independent Registered** |
| **Public Accounting Firm** |
| Cohen & Company, Ltd. |
| 342 N. Water Street |
| Suite 830 |
| Milwaukee, Wisconsin 53202 |
| **Legal Counsel** |
| Sullivan & Worcester LLP |
| 1666 K Street, N.W. |
| Washington, DC 20006 |
| **Board of Trustees** |
| John P. Ackerly, IV |
| George K. Jennison |
| Robert S. Harris, Ph.D. |
| Harris V. Morrissette |
| Elizabeth W. Robertson |

---

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant's Governance, Nominating, Compensation and QLCC Committee shall review shareholder recommendations to fill vacancies on the registrant's board of trustees if such recommendations are submitted in writing, addressed to the Committee at the registrant's offices and meet any minimum qualifications adopted by the Committee. 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 16.** **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 officers 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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

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

(a)(1) [Code of Ethics is filed herewith.](williamsburg_ex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto.](williamsburg_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30.a-2(b)): [Attached hereto.](williamsburg_ex99-906cert.htm)

Exhibit 99.CODE ETH [Code of Ethics](williamsburg_ex99codeeth.htm)

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](williamsburg_ex99cert.htm) <br>Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](williamsburg_ex99-906cert.htm)

**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) | Williamsburg Investment Trust |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ David K. James |
|  |  | David James, Secretary |
| Date | June 3, 2025 |  |
| 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. | 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. | 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)\* | By (Signature and Title)\* | /s/ Thomas W. Leavell |
|  |  | Thomas W. Leavell, President & Principal Executive Officer |
|  |  | (The Government Street Equity Fund, The Government Street Opportunities Fund) |
| Date | June 3, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Charles M. Caravati III |
|  |  | Charles M. Caravati III, President & Principal Executive Officer |
|  |  | (The Jamestown Equity Fund) |
| Date | June 3, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ John P. Ackerly IV |
|  |  | John P. Ackerly IV, President & Principal Executive Officer |
|  |  | (The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, the Davenport Balanced Income Fund and the Davenport Insider Buying Fund) |
| Date | June 3, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Mark J. Seger |
|  |  | Mark J. Seger, Treasurer and Principal Financial Officer |
| Date | June 3, 2025 |  |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**WILLIAMSBURG INVESTMENT TRUST**

**PRINCIPAL EXECUTIVE AND PRINCIPAL ACCOUNTING<br> OFFICERS CODE OF ETHICS**

**I.** **Introduction** 

This Code of Ethics (the "Code") has been prepared pursuant to Section 406 of the Sarbanes-Oxley Act and Form N-CSR and embodies the commitment of the Trust to conduct its business with the highest ethical standards and in accordance with all applicable governmental laws, rules and regulations. The Trust's Principal Executive Officers, Principal Financial Officers, Principal Accounting Officers or persons performing similar functions (collectively, the "Principal Officers") are expected to adhere to the principles and procedures set forth in this Code.

**II.** **Compliance with this Code and Reporting** 

The Principal Officers should strive to identify and raise potential issues before they lead to problems, and should ask about the application of this Code whenever in doubt. Any Principal Officer who becomes aware of any existing or potential violation of this Code shall promptly notify the Trust's Ethics Committee of the Board of Trustees. The Trust will take such disciplinary or preventive action as they deem appropriate up to and including dismissal to address any existing or potential violation of this Code brought to their attention, including notifying the appropriate enforcement authorities in the event of criminal or other serious violations of law. The Trust will not tolerate retaliation for reports made in good faith.

Any questions relating to how these policies should be interpreted or applied should be addressed to the Trust's Ethics Committee.

**III.** **Personal Conflicts of Interest** 

A "personal conflict of interest" occurs when a Principal Officer's private interest improperly interferes with the interests of the Trust. Personal conflicts of interest are prohibited as a matter of Trust policy, unless the Trust's Ethics Committee has approved them. In particular, a Principal Officer must never use or attempt to use his or her position with the Trust to obtain any improper personal benefit for himself or herself, for his or her family members, or for any other person, including loans or guarantees of obligations, from any person or entity.

Any Principal Officer who is aware of a material transaction or relationship that could reasonably be expected to give rise to a conflict of interest must discuss the matter promptly with the Trust's Ethics Committee.

**IV.** **Public Disclosure** 

Information in the Trust's public communications, including filings with the U.S. Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. The Principal Officers are responsible for acting in furtherance of this policy. In particular, these individuals are required to maintain familiarity with the disclosure requirements applicable to the Trust and are prohibited from knowingly misrepresenting, or causing others to misrepresent, material facts about the Trust to others, whether within or outside the Trust, including the Trust's independent auditors. In addition, any Principal Officer who has a supervisory role in the Trust's disclosure process has an obligation to discharge his or her responsibilities diligently, including closely reviewing and critically analyzing the information to be disclosed.

**V.** **Compliance with Law** 

The Trust must comply with applicable governmental laws, rules and regulations in all material respects. The Principal Officers are required to maintain familiarity with these legal requirements and are responsible for acting in furtherance of this policy.

**VI.** **Waivers of this Code** 

From time to time, the Trust may waive certain provisions of this Code. Any Principal Officer who believes that a waiver may be called for should discuss the matter with the Trust's Ethics Committee. Waivers for Principal Officers may be made only by the Trust's Board of Trustees or the Ethics Committee, and will be disclosed to shareholders as required by the federal securities laws.

**VII.** **Conclusion** 

Protecting the Trust's integrity is an important responsibility of the Principal Officers. Accordingly, each Principal Officer is required to certify to the Trust annually on the attached Schedule A that he or she has read, understood, and followed this Code.

The Ethics Committee shall report at least quarterly to the Board of Trustees any violation of, or waiver from, this Code.

This Code shall be reviewed annually by the Board of Trustees.

**<u>Schedule A</u>**

TO: Williamsburg Investment Trust

FROM: <br> *Please print or type your name*

I hereby certify that I have read and understand the Principal Executive and Principal Accounting Officer's Code of Ethics for Williamsburg Investment Trust. I further certify that since any prior certification of the Code of Ethics, I have complied with the policies and procedures as in effect during that time, and agree going forward to comply with the policies and procedures of the Code of Ethics.

Signature

Date:

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Thomas W. Leavell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Government Street Equity Fund and The Government Street Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 30a3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 3, 2025 | /s/ Thomas W. Leavell |
| | | Thomas W. Leavell, President & Principal Executive Officer of The Government Street Equity Fund and The Government |
| | | Opportunities Fund |

---

**<u>CERTIFICATIONS</u>**

I, Charles M. Caravati III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Jamestown Equity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 3, 2025 | /s/ Charles M. Caravati III |
| | | Charles M. Caravati III, President & Principal Executive Officer of The Jamestown Equity Fund |

---

**<u>CERTIFICATIONS</u>**

I, John P. Ackerly IV, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 3, 2025 | /s/ John P. Ackerly IV |
|  |  | John P. Ackerly IV, President & Principal Executive Officer of The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund |

---

**<u>CERTIFICATIONS</u>**

I, Mark J. Seger, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such internal 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | June 3, 2025 | /s/ Mark J. Seger |
| | | Mark J. Seger, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>CERTIFICATIONS</u>**

Thomas W. Leavell, Principal Executive Officer, and Mark J. Seger, Principal Financial Officer, of The Government Street Equity Fund and The Government Street Opportunities Fund, series of Williamsburg Investment Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (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

&nbsp;&nbsp;&nbsp;&nbsp;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 |
| Williamsburg Investment Trust | Williamsburg Investment Trust |
| /s/ Thomas W. Leavell | /s/ Mark J. Seger |
| Thomas W. Leavell, President & Principal Executive Officer of | Mark J. Seger, Treasurer and Principal Financial Officer |
| The Government Street Equity Fund, |  |
| The Government Street Opportunities Fund and |  |
| Date: June 3, 2025 | Date: June 3, 2025 |

---

***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 Williamsburg Investment Trust and will be retained by Williamsburg 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.

**<u>CERTIFICATIONS</u>**

Charles M. Caravati III, Principal Executive Officer, and Mark J. Seger, Principal Financial Officer, of The Jamestown Equity Fund, series of Williamsburg Investment Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (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

&nbsp;&nbsp;&nbsp;&nbsp;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 |
| Williamsburg Investment Trust | Williamsburg Investment Trust |
| /s/ Charles M. Caravati III | /s/ Mark J. Seger |
| Charles M. Caravati III, President & Principal Executive Officer of | Mark J. Seger, Treasurer and Principal Financial Officer |
| The Jamestown Equity Fund |  |
| Date: June 3, 2025 | Date: June 3, 2025 |

---

***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 Williamsburg Investment Trust and will be retained by Williamsburg 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.

**<u>CERTIFICATIONS</u>**

John P. Ackerly IV, Chief Executive Officer, and Mark J. Seger, Chief Financial Officer, of The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund, each a series of Williamsburg Investment Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (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

&nbsp;&nbsp;&nbsp;&nbsp;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 |
| Williamsburg Investment Trust | Williamsburg Investment Trust |
| /s/ John P. Ackerly IV | /s/ Mark J. Seger |
| John P. Ackerly IV, President & Principal Executive Officer of | Mark J. Seger, Treasurer and Principal Financial Officer |
| The Davenport Core Leaders Fund, |  |
| Davenport Value & Income Fund and |  |
| Davenport Equity Opportunities Fund |  |
| Davenport Small Cap Focus Fund |  |
| Davenport Balanced Income Fund<br> Davenport Insider Buying Fund |  |
| Date: June 3, 2025 | Date: June 3, 2025 |

---

***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 Williamsburg Investment Trust and will be retained by Williamsburg 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.