# EDGAR Filing Document

**Accession Number:** 0000842512
**File Stem:** 0001580642-25-007538
**Filing Date:** 2025-12
**Character Count:** 283892
**Document Hash:** b73192cfd172a05496ae90e7a70282b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007538.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001580642-25-007538

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05685
- **FILM NUMBER:** 251545422

**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 COMPANY**

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)

<u>John H. Chilton Esq</u>.

<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>September 30, 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)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](i699b735c72327c64959a9ee7.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Jamestown Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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) | $53 | 0.95% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; For the six-month period ending September 30, 2025, The Jamestown Equity Fund return of 20.58% compared to 19.96% for the S&P 500<sup>®</sup> Index. Sector allocation was a minor detractor for the six months, while stock selection was responsible for the outperformance. The primary drivers of the positive contribution from security selection were in the Technology, Financials, and Communication sectors, partially offset by slight underperformance in the Consumer Discretionary, Consumer Staples, and Utilities sectors.

&nbsp;&nbsp;&nbsp;&nbsp; For the six months ended September 30, 2025, equity markets delivered strong performance as decent economic and earnings news offset the concerns over tariffs and the potential for higher inflation. The initial tariffs released in the Rose Garden on April 2nd caused equity and bond markets to swiftly sell-off as concerns quickly emerged they were intended to upend global trade. The backpedaling at the White House began almost immediately, with extensions, talks, threats, trade meetings, half-deals, more threats, and more extensions leading to a rapid recovery in equity markets.

&nbsp;&nbsp;&nbsp;&nbsp; The technology/artificial intelligence trade continues to dominate markets punctuated by numerous multi-billion dollar announcements over the past six months to further build out the infrastructure required to support the need for massive computing power. Markets have also been supported by the Federal Reserve resuming interest rate cuts after a year-long pause as the Fed acknowledged a more balanced risk between high inflation and slower employment growth. Longer term interest rates also declined modestly over the past six months helping to support equity markets.

&nbsp;&nbsp;&nbsp;&nbsp; The Jamestown Fund remains well diversified across sector allocations. At the end of September 2025, 93.73% of the Fund was invested in a diversified portfolio of equities, while the Fund had 6.27% in cash. The Fund was slightly overweighted in the Energy sector and underweighted in the Consumer Staples, Health Care and Materials sectors at the end of September 2025.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i149f50cc6c7059e5a8c3c130.jpg)

---

| | | |
|:---|:---|:---|
| | **Jamestown Equity Fund (The)** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10844 | $11543 |
| **Sep-2017** | $12490 | $13691 |
| **Sep-2018** | $14589 | $16143 |
| **Sep-2019** | $15063 | $16830 |
| **Sep-2020** | $17512 | $19380 |
| **Sep-2021** | $23243 | $25194 |
| **Sep-2022** | $19639 | $21296 |
| **Sep-2023** | $24084 | $25900 |
| **Sep-2024** | $32980 | $35315 |
| **Sep-2025** | $38382 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Jamestown Equity Fund (The) | 20.58% | 16.38% | 16.99% | 14.40% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

***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$65,451,867

* Number of Portfolio Holdings48

* Advisory Fee (net of waivers)$193,473

* Portfolio Turnover3%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if2a76e85a04b6aa008cbeb31.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 81.3% |
| Exchange-Traded Funds | 12.4% |
| Money Market Funds | 6.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i3f8ad6bf85d172c8883ae162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Real Estate | 1.4% |
| Utilities | 1.9% |
| Consumer Staples | 3.2% |
| Energy | 4.7% |
| Health Care | 5.0% |
| Money Market Funds | 6.3% |
| Consumer Discretionary | 7.4% |
| Industrials | 7.4% |
| Financials | 11.5% |
| Communications | 11.9% |
| Exchange-Traded Funds | 12.4% |
| Technology | 27.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 5.9% |
| Alphabet, Inc. - Class C | 5.7% |
| Microsoft Corporation | 5.4% |
| Apple, Inc. | 4.7% |
| Meta Platforms, Inc. - Class A | 4.3% |
| Vanguard Information Technology ETF | 4.0% |
| Amazon.com, Inc. | 3.7% |
| Broadcom, Inc. | 3.5% |
| JPMorgan Chase & Company | 3.5% |
| Health Care Select Sector SPDR Fund (The) | 2.7% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](i699b735c72327c64959a9ee7.jpg)

## The Jamestown Equity Fund (JAMEX)

### Semi-Annual Shareholder Report - September 30, 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-SAR 093025-JAMEX

# The Government Street Equity Fund
(GVEQX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](i45842f16b89635136f8d364d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Government Street Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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) | $47 | 0.84% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; Your Fund continued to have good relative and absolute performance in the recent 6-month period. The Technology sector and other growth type securities in other sectors substantially outperformed value oriented investments. Within the growth category, almost any company with Artificial Intelligence connections turned in superior results. If results hold, this will be the third year in a row that your Fund will provide 20%+ performance.

&nbsp;&nbsp;&nbsp;&nbsp; Generally, it is anticipated that there will be some rotation toward performance in other investment sectors. However, the concentration on Technology at this point totally eclipses the results of other type investments across all other sectors of the market.

&nbsp;&nbsp;&nbsp;&nbsp; An overview of some results for the semi-annual period will illustrate the skewed performances. The Technology sector of the Fund was a positive 50.9%. A sample of securities in this area are Palantir Technologies, Inc. - Class A 118.4%, Oracle Corporation 105.6%, NVIDIA Corporation 70.1%, and TE Connectivity plc 58.8%. Growth stocks in other areas also generated outsized results. Alphabet, Inc. - Class A (Google) 56.2%, CRISPR Therapeutics AG 98.6%, AeroVironment, Inc. 77.8%, and Constellation Energy Corporation 69.7%. The Fund ended the six months holding 78 individual stocks, 4 broadly diversified Exchange-Traded Funds ("ETFs") and 1 Money Market Fund. As of September 30, 2025, stocks and ETFs represented 97.0% of the Fund's investments.

&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 six months ended September 30, 2025.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7b2aca7651ff8e133aaab7c7.jpg)

---

| | | |
|:---|:---|:---|
| | **Government Street Equity Fund (The)** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10929 | $11543 |
| **Sep-2017** | $12865 | $13691 |
| **Sep-2018** | $15009 | $16143 |
| **Sep-2019** | $15620 | $16830 |
| **Sep-2020** | $18658 | $19380 |
| **Sep-2021** | $24007 | $25194 |
| **Sep-2022** | $20333 | $21296 |
| **Sep-2023** | $24165 | $25900 |
| **Sep-2024** | $33923 | $35315 |
| **Sep-2025** | $40749 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Government Street Equity Fund (The) | 23.84% | 20.12% | 16.91% | 15.08% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

***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$106,498,547

* Number of Portfolio Holdings83

* Advisory Fee $296,090

* Portfolio Turnover10%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2e83e28d52807242fe02547e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.0% |
| Exchange-Traded Funds | 6.0% |
| Money Market Funds | 3.0% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i0f5423b975c78903f7bbf5ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Utilities | 1.6% |
| Materials | 2.0% |
| Energy | 2.9% |
| Money Market Funds | 3.0% |
| Consumer Staples | 3.8% |
| Exchange-Traded Funds | 6.0% |
| Health Care | 6.3% |
| Consumer Discretionary | 7.3% |
| Communications | 8.2% |
| Industrials | 13.4% |
| Financials | 13.9% |
| Technology | 30.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 15.1% |
| JPMorgan Chase & Company | 4.7% |
| Alphabet, Inc. - Classes A & C | 4.4% |
| Microsoft Corporation | 3.6% |
| Walmart, Inc. | 2.7% |
| Roundhill Ball Metaverse ETF | 2.5% |
| AbbVie, Inc. | 2.5% |
| Amazon.com, Inc. | 2.5% |
| Apple, Inc. | 2.4% |
| Meta Platforms, Inc. - Class A | 2.2% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](i45842f16b89635136f8d364d.jpg)

# The Government Street Equity Fund (GVEQX)

## Semi-Annual Shareholder Report - September 30, 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-SAR 093025-GVEQX

# The Government Street Opportunities Fund
(GVMCX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](id229fa8d744c60850030fd5f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about The Government Street Opportunities Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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) | $56 | 1.03% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; Mid capitalization stocks turned in semi-annual performances that generally trailed the larger capitalization stocks in the market. The performances were led by securities that had some involvement in Artificial Intelligence. Your Fund continues to hold some securities that were purchased as mid cap investments that have grown to the large cap. Their built-in capital gains along with their future prospects support our decision to maintain these positions.

&nbsp;&nbsp;&nbsp;&nbsp; Over longer periods we expect that mid capitalization companies will outperform the larger capitalization constituents. That expectation is based primarily on the life cycle nature of company growth, as large capitalization companies trend toward entering the mature stage of the cycle, and scale generally mitigates aggressive growth. That expectation has not held up in the current environment of continued growth of large capitalization Technology companies.

&nbsp;&nbsp;&nbsp;&nbsp; An overview of some semi-annual performances in the Fund illustrates the previous observation. Dave, Inc. 133.5%, Palantir Technologies, Inc. - Class A 118.4%, Rigetti Computing, Inc. 281.1%, LAM Research Corporation 96.9%, AeroVironment, Inc. 184.2%, NVIDIA Corporation 70.2%, and Nebius Group N.V. 413.9%. All companies, except Dave, Inc., had some Artificial Intelligence element in their business. The Fund ended the semi-annual period holding 78 individual stocks, 5 broadly diversified Exchange-Traded Funds and 1 Money Market. As of September 30, 2025, individual stocks represented 83.7% of the Fund's investments.

&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 six months ended September 30, 2025.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i54e5fb9a515f2041c23ec571.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Government Street Opportunities Fund (The)** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11407 | $11496 | $11533 |
| **Sep-2017** | $13650 | $13647 | $13553 |
| **Sep-2018** | $15421 | $16046 | $15478 |
| **Sep-2019** | $16325 | $16514 | $15093 |
| **Sep-2020** | $17462 | $18992 | $14767 |
| **Sep-2021** | $24102 | $25045 | $21217 |
| **Sep-2022** | $21242 | $20630 | $17982 |
| **Sep-2023** | $24408 | $24852 | $20771 |
| **Sep-2024** | $31307 | $33598 | $26336 |
| **Sep-2025** | $35347 | $39447 | $27949 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Government Street Opportunities Fund (The) | 15.99% | 12.91% | 15.15% | 13.46% |
| Russell 3000<sup>®</sup> Index | 20.07% | 17.41% | 15.74% | 14.71% |
| S&P MidCap 400<sup>®</sup> Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

***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$80,688,669

* Number of Portfolio Holdings84

* Advisory Fee $295,878

* Portfolio Turnover10%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ecab18d62437a24d651a97a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 83.7% |
| Exchange-Traded Funds | 11.1% |
| Money Market Funds | 5.2% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ifc8c69135f4313b93b9497c3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 0.3% |
| Utilities | 1.0% |
| Consumer Staples | 2.1% |
| Energy | 2.7% |
| Real Estate | 2.7% |
| Consumer Discretionary | 5.0% |
| Money Market Funds | 5.2% |
| Materials | 6.0% |
| Health Care | 7.3% |
| Exchange-Traded Funds | 11.1% |
| Financials | 17.5% |
| Industrials | 18.1% |
| Technology | 21.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 11.2% |
| SPDR S&P MidCap 400<sup>®</sup> ETF Trust | 5.2% |
| iShares Core S&P Mid-Cap ETF | 4.0% |
| Nasdaq, Inc. | 2.5% |
| Berkley (W.R.) Corporation | 2.4% |
| Arthur J. Gallagher & Company | 2.3% |
| Mid-America Apartment Communities, Inc. | 2.3% |
| Waste Connections, Inc. | 2.3% |
| CME Group, Inc. | 2.0% |
| L3Harris Technologies, Inc. | 2.0% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](id229fa8d744c60850030fd5f.jpg)

# The Government Street Opportunities Fund (GVMCX)

## Semi-Annual Shareholder Report - September 30, 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-SAR 093025-GVMCX

# Davenport Core Leaders Fund
(DAVPX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](ibcc1071d3757f3da1e3b76b8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Davenport Core Leaders Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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 | $46 | 0.85% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; During the third quarter, equity market performance continued to reflect strong gains in the Information Technology sector, fueled by ongoing investor sentiment favoring artificial intelligence. Although the Information Technology sector was the Davenport Core Leaders Fund's (DAVPX) strongest contributor to quarterly performance, the Fund's underweight stance versus the S&P 500<sup>®</sup> Index, including several key Magnificent 7 stocks, impacted relative performance.

&nbsp;&nbsp;&nbsp;&nbsp; In the third quarter, the strongest performance for the Fund was concentrated in the Technology and Communications Services sectors including NVIDIA Corp. (NVDA), Alphabet, Inc. (GOOGL), Apple, Inc. (AAPL), and Broadcom, Inc. (AVGO). NVIDIA was once again the strategy's top performer for the period as the company continues to be at the vanguard of artificial intelligence. The Fund's significant underweighting of the Technology sector and the Magnificent 7 did present a challenge to performance in the quarter but largely reflects our ongoing risk management discipline around position sizing and concentration.

&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (NVO) was the Fund's largest performance detractor in the quarter as the company lowered its guidance for the year amidst a challenging competitive environment in the GLP-1 space from compounded alternatives to Semaglutide. With the FDA removal of Semaglutide from the drug shortage list and given Novo's wide pipeline of developmental drugs, we remain optimistic about the secular potential for the company. Other key performance detractors in the quarter included ServiceNow, Inc. (NOW) and Spotify Technology S.A. (SPOT).

&nbsp;&nbsp;&nbsp;&nbsp; Our balanced approach to managing risk may have presented short-term challenges in achieving superior relative performance in the third quarter, but we remain committed to what we believe is a prudent long-term investment strategy.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2a9fd432356d8539235e6807.jpg)

---

| | | |
|:---|:---|:---|
| | **Davenport Core Leaders Fund** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $11112 | $11543 |
| **Sep-2017** | $13005 | $13691 |
| **Sep-2018** | $14737 | $16143 |
| **Sep-2019** | $15941 | $16830 |
| **Sep-2020** | $17444 | $19380 |
| **Sep-2021** | $21920 | $25194 |
| **Sep-2022** | $17614 | $21296 |
| **Sep-2023** | $21518 | $25900 |
| **Sep-2024** | $29310 | $35315 |
| **Sep-2025** | $32728 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Davenport Core Leaders Fund | 14.64% | 11.66% | 13.41% | 12.59% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

***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$1,247,063,146

* Number of Portfolio Holdings39

* Advisory Fee $4,375,630

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2ee839b0681d301558b4eec2.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](i0a477d59359fa1c65a74a37e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Consumer Staples | 1.7% |
| Energy | 1.7% |
| Materials | 4.7% |
| Money Market Funds | 5.0% |
| Consumer Discretionary | 8.7% |
| Industrials | 9.1% |
| Health Care | 12.2% |
| Financials | 12.6% |
| Communications | 12.7% |
| Technology | 30.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Brookfield Corporation | 5.4% |
| NVIDIA Corporation | 5.4% |
| Amazon.com, Inc. | 5.3% |
| Meta Platforms, Inc. - Class A | 4.9% |
| Microsoft Corporation | 4.8% |
| Broadcom, Inc. | 3.3% |
| Alphabet, Inc. - Class A | 3.1% |
| UnitedHealth Group, Inc. | 3.1% |
| Apple, Inc. | 2.9% |
| Rockwell Automation, Inc. | 2.8% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](ibcc1071d3757f3da1e3b76b8.jpg)

# Davenport Core Leaders Fund - (DAVPX)

## Semi-Annual Shareholder Report - September 30, 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-SAR 093025-DAVPX

# Davenport Value & Income Fund
(DVIPX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](ie915d82180a059d0849664da.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Davenport Value & Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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 | $45 | 0.86% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Value & Income Fund (DVIPX) generated favorable returns compared to its benchmark in the third quarter and first 9 months of the year in 2025.

&nbsp;&nbsp;&nbsp;&nbsp; For the second straight quarter, Oracle Corp. (ORCL) was a standout performer at +29%, surging after announcing a multiyear $300 billion contract with OpenAI. In a similar vein (insofar as serving the buildout of AI data centers), TE Connectivity plc (TEL) put up terrific results at +31%.

&nbsp;&nbsp;&nbsp;&nbsp; On the flip side of the coin, United Parcel Service, Inc. (UPS) lagged at -16%, as the company is juggling ceding low-margin volumes back to its largest customer, Amazon, while in-sourcing volumes it had previously outsourced to the US Postal Service. Elevance Health, Inc. (ELV), also -16%, caught the same illness afflicting most of the managed-care providers: medical cost inflation that has exceeded recent pricing. The tide there seems to be turning, with much stronger Medicare Advantage pricing for 2026 and a prioritization of profitability over growth as the company prices renewal business.

&nbsp;&nbsp;&nbsp;&nbsp; Seven of our holdings raised their dividends during the quarter, with Lowes Cos., Inc. (LOW) extending its streak to 51 years of higher dividends. Amid much ink spilled about persistent inflation, the average company within Value & Income has increased its dividend 8% year-over-year – that's the kind of "inflation" we embrace. Other noteworthy events during the quarter included west coast railroad Union Pacific making a cash-and-stock bid to acquire east coast peer Norfolk Southern Corp. (NSC). Finally, Berkshire Hathaway, Inc. (BRK.B) announced a sizable new equity stake in UnitedHealth, a rather pleasant "Good Housekeeping Seal of Approval" for one of the newer additions to our Fund.

&nbsp;&nbsp;&nbsp;&nbsp; If the year ended September 30, it would be the third consecutive year of double-digit gains for the S&P 500<sup>®</sup> Index. That's a relatively rare phenomenon, and we are prepared for a variety of twists and turns ahead.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic7c808f4357b6cc4f890ea45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Value & Income Fund** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11473 | $11619 | $11543 |
| **Sep-2017** | $13268 | $13377 | $13691 |
| **Sep-2018** | $14396 | $14641 | $16143 |
| **Sep-2019** | $14759 | $15227 | $16830 |
| **Sep-2020** | $14211 | $14461 | $19380 |
| **Sep-2021** | $18351 | $19525 | $25194 |
| **Sep-2022** | $16010 | $17306 | $21296 |
| **Sep-2023** | $17446 | $19805 | $25900 |
| **Sep-2024** | $21918 | $25303 | $35315 |
| **Sep-2025** | $23531 | $27692 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Davenport Value & Income Fund | 7.91% | 7.36% | 10.61% | 8.93% |
| Russell 1000<sup>®</sup> Value Index | 9.32% | 9.44% | 13.87% | 10.72% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

***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$987,429,737

* Number of Portfolio Holdings43

* Advisory Fee $3,500,859

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i16fee169865a6af36eb944de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.3% |
| Money Market Funds | 5.7% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i9a6ad4a85a0b7963f7e6eec3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Materials | 1.1% |
| Communications | 2.6% |
| Utilities | 3.3% |
| Technology | 4.9% |
| Consumer Discretionary | 5.6% |
| Money Market Funds | 5.7% |
| Consumer Staples | 5.9% |
| Real Estate | 6.6% |
| Energy | 8.9% |
| Industrials | 16.6% |
| Health Care | 17.1% |
| Financials | 21.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| L3Harris Technologies, Inc. | 3.8% |
| Johnson & Johnson | 3.7% |
| NextEra Energy, Inc. | 3.3% |
| Chevron Corporation | 3.3% |
| TE Connectivity plc | 3.2% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 3.0% |
| American Tower Corporation | 2.9% |
| Brookfield Asset Management Ltd. - Class A | 2.9% |
| JPMorgan Chase & Company | 2.9% |
| Becton, Dickinson and Company | 2.9% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](ie915d82180a059d0849664da.jpg)

# Davenport Value & Income Fund - (DVIPX)

## Semi-Annual Shareholder Report - September 30, 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-SAR 093025-DVIPX

# Davenport Equity Opportunities Fund
(DEOPX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](i7502404c23aad36398765533.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Davenport Equity Opportunities Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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 | $44 | 0.86% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The third quarter was a challenging and frustrating period for the Davenport Equity Opportunities Fund (DEOPX). Though we prioritize growth, we try to avoid chasing momentum and maintain a strict discipline around valuation. This caused us to miss some of the "high flyers" that have helped propel the indices higher. We remain firmly committed to our process, have high conviction in our positioning and believe we have uncovered some great deals in quality growth stories along the way.

&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. (WYNN), which we introduced to the strategy last quarter, got off to a great start with a near 40% gain in Q3. Other key contributors included auto parts retailer O'Reilly Automotive, Inc. (ORLY) and ecommerce platform Etsy, Inc. (ETSY). In all three cases, we elected to trim the positions into strength.

&nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. (ALGN), CarMax, Inc. (KMX), and Kinsale Capital Group, Inc. (KNSL) were key detractors for the period. ALGN and KMX experienced dramatic declines following disappointing results, with the common thread being a difficult backdrop for high-ticket consumer goods. KNSL drifted lower in spite of better-than-expected results as investor concerns around a softening in the commercial property market intensified. We elected to use this near-term bout of pessimism to add to KNSL.

&nbsp;&nbsp;&nbsp;&nbsp; In closing, we are disappointed with recent results, yet remain optimistic about the future. Though time will tell, we believe our commitment to quality, growth, cash flow and value will result in positively differentiated results over time. Thank you for your trust and partnership.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8fd99c3f9e15286339087db2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Equity Opportunities Fund** | **Russell Midcap<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10957 | $11425 | $11543 |
| **Sep-2017** | $12623 | $13176 | $13691 |
| **Sep-2018** | $13702 | $15018 | $16143 |
| **Sep-2019** | $16114 | $15496 | $16830 |
| **Sep-2020** | $17494 | $16201 | $19380 |
| **Sep-2021** | $23530 | $22375 | $25194 |
| **Sep-2022** | $18442 | $18036 | $21296 |
| **Sep-2023** | $21981 | $20461 | $25900 |
| **Sep-2024** | $27608 | $26462 | $35315 |
| **Sep-2025** | $28132 | $29401 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Davenport Equity Opportunities Fund | 5.64% | 1.90% | 9.97% | 10.90% |
| Russell Midcap<sup>®</sup> Index | 14.31% | 11.11% | 12.66% | 11.39% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

***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$893,254,908

* Number of Portfolio Holdings31

* Advisory Fee $3,358,138

* Portfolio Turnover10%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id0e004740732b2b7d092f14e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.3% |
| Money Market Funds | 2.7% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i6d7d14476d2b1663f4866d43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 2.1% |
| Consumer Staples | 2.6% |
| Money Market Funds | 2.7% |
| Technology | 3.3% |
| Real Estate | 4.7% |
| Health Care | 7.0% |
| Materials | 7.4% |
| Industrials | 21.5% |
| Financials | 22.6% |
| Consumer Discretionary | 26.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Live Nation Entertainment, Inc. | 6.2% |
| Brookfield Corporation | 6.2% |
| Kinsale Capital Group, Inc. | 6.0% |
| Clean Harbors, Inc. | 5.2% |
| Martin Marietta Materials, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 4.3% |
| Xylem, Inc. | 3.9% |
| DraftKings, Inc. - Class A | 3.9% |
| Fairfax Financial Holdings Ltd. | 3.9% |
| ESAB Corporation | 3.8% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](i7502404c23aad36398765533.jpg)

## Davenport Equity Opportunities Fund - (DEOPX)

### Semi-Annual Shareholder Report - September 30, 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-SAR 093025-DEOPX

# Davenport Small Cap Focus Fund
(DSCPX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](ifd4953338049eaf5850532b2.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Davenport Small Cap Focus Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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 | $45 | 0.87% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Small Cap Focus Fund (DSCPX) did not match or beat its Russell 2000<sup>®</sup> Index benchmark returns in the third quarter or year-to-date. This was a disappointing and frustrating period for the strategy, where a confluence of factors conspired to dampen our returns amid a buoyant environment for many small cap stocks. We have made several changes within the Fund and continue our constant efforts to optimize risk/reward.

&nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. (MCRI), the Fund's largest position, was the lead contributor for the period. Cable One, Inc. (CABO), a significant detractor during the first half of the year, rebounded more than 30%. Generac Holdings, Inc. (GNRC) and California Resources Corp. (CRC) were also key contributors.

&nbsp;&nbsp;&nbsp;&nbsp; Key detractors included Golden Entertainment, Inc. (GDEN), Kirby Corp. (KEX), Kinsale Capital Group, Inc. (KNSL) and Six Flags Entertainment Corp. (FUN). We elected to add to positions in GDEN, KEX and KNSL on weakness; however, elected to exit our position in FUN as our conviction was shaken by poor results, a worsening leverage profile and management turnover.

&nbsp;&nbsp;&nbsp;&nbsp; In spite of recent challenges, we remain steadfast and committed to our discipline around quality, value and differentiation. While market conditions have not rewarded our approach this year, we maintain a high degree of conviction in the quality and timeliness of the collection of businesses we own. While the strategy may struggle to keep up with speculative momentum should it continue, we remain patiently confident that our discipline will be rewarded as it has following similar periods in the past.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4145571ec2d1cc82c0743c8e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Small Cap Focus Fund** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11729 | $11547 | $11543 |
| **Sep-2017** | $14365 | $13942 | $13691 |
| **Sep-2018** | $15595 | $16066 | $16143 |
| **Sep-2019** | $16376 | $14638 | $16830 |
| **Sep-2020** | $19104 | $14695 | $19380 |
| **Sep-2021** | $26003 | $21701 | $25194 |
| **Sep-2022** | $21434 | $16602 | $21296 |
| **Sep-2023** | $25766 | $18085 | $25900 |
| **Sep-2024** | $29402 | $22925 | $35315 |
| **Sep-2025** | $28643 | $25391 | $41530 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Davenport Small Cap Focus Fund | 7.06% | -2.58% | 8.44% | 11.10% |
| Russell 2000<sup>®</sup> Index | 21.95% | 10.76% | 11.56% | 9.77% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

***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$863,403,483

* Number of Portfolio Holdings33

* Advisory Fee $3,272,568

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if5c623698bd34c10a5c5ef5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 91.1% |
| Exchange-Traded Funds | 2.1% |
| Money Market Funds | 6.8% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](ib58a7521eade4d977dfdc019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -% |
| Health Care | 0.8% |
| Exchange-Traded Funds | 2.1% |
| Consumer Staples | 2.7% |
| Materials | 4.3% |
| Energy | 5.5% |
| Money Market Funds | 6.8% |
| Technology | 6.9% |
| Real Estate | 7.2% |
| Communications | 7.8% |
| Financials | 11.3% |
| Industrials | 20.6% |
| Consumer Discretionary | 24.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Monarch Casino & Resort, Inc. | 8.2% |
| Kinsale Capital Group, Inc. | 5.7% |
| California Resources Corporation | 4.9% |
| ESAB Corporation | 4.7% |
| OneSpaWorld Holdings Ltd. | 4.3% |
| Enovis Corporation | 4.2% |
| Golden Entertainment, Inc. | 4.2% |
| Verra Mobility Corporation - Class A | 3.9% |
| Caesars Entertainment, Inc. | 3.8% |
| Cable One, Inc. | 3.7% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](ifd4953338049eaf5850532b2.jpg)

# Davenport Small Cap Focus Fund - (DSCPX)

## Semi-Annual Shareholder Report - September 30, 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-SAR 093025-DSCPX

# Davenport Balanced Income Fund
(DBALX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](id4d6558d654e9a3a9bda6d49.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Davenport Balanced Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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 | $47 | 0.92% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Balanced Income Fund (DBALX) held its pace closely trailing the 60/40 Russell 1000<sup>®</sup> Value Index/Bloomberg U.S. Intermediate Government/Credit Bond Index's returns for the quarter and first nine months of the year in 2025.

&nbsp;&nbsp;&nbsp;&nbsp; Like bonds, stocks continued to push higher, amid a variety of macro cross-currents. In the quarter, generally decent corporate earnings more than offset a less buoyant job market. As the quarter ended, a federal government shutdown took effect, which based on history is likely to generate more short-term noise than long-term market anxiety.

&nbsp;&nbsp;&nbsp;&nbsp; The fixed income part of the Fund continued to benefit from favorable interest rates in the third quarter of 2025. Strong returns were underpinned by attractive coupon income along with rising bond prices. Investors remained captivated by all-in yields amidst razor thin corporate spreads while the Federal Reserve's first rate cut of 2025 was met with muted reaction. Fund transactions during the third quarter tilted towards opportunistic additions that partially offset maturing positions while addressing potential reinvestment risk. Corporate debt additions included Occidental Petroleum 5% 08/01/27, Sherwin Williams 4.3% 08/15/28, and Ferguson 4.35% 03/15/31, which procured more yield without unduly extending credit risk or duration.

&nbsp;&nbsp;&nbsp;&nbsp; Relatively concentrated market gains have left many companies trading at pedestrian valuations. Remarkably, over the past decade, 10 of 11 sectors have underperformed the S&P 500<sup>®</sup> Index, with only technology having outperformed. Lower interest rates could be one driver of a broadening market – cheaper borrowing costs ought to benefit a wide spectrum of companies, especially those tied to home building and consumer spending, as well as those that borrow money routinely (such as REITs and Utilities). Our recent purchases show that we're finding intriguing investment opportunities across a variety of sectors.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia21b9a665d63859b1da5b957.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Davenport Balanced Income Fund** | **60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg U.S. Intermediate Government/Credit Index** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **Morningstar U.S. Moderate Target Allocation Index** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Sep-2016** | $10693 | $10778 | $10424 | $10667 | $11000 | $10784 |
| **Sep-2017** | $11676 | $11752 | $10447 | $11839 | $12663 | $12790 |
| **Sep-2018** | $12168 | $12369 | $10347 | $12833 | $13860 | $15081 |
| **Sep-2019** | $12723 | $13125 | $11192 | $13533 | $14414 | $15723 |
| **Sep-2020** | $12618 | $13140 | $11899 | $14938 | $13690 | $18105 |
| **Sep-2021** | $14947 | $15761 | $11851 | $17475 | $18483 | $23537 |
| **Sep-2022** | $13401 | $14090 | $10650 | $14616 | $16383 | $19895 |
| **Sep-2023** | $14125 | $15456 | $10884 | $16552 | $18748 | $24196 |
| **Sep-2024** | $16775 | $18586 | $11913 | $20518 | $23953 | $32992 |
| **Sep-2025** | $17641 | $19965 | $12390 | $22955 | $26215 | $38797 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (December 31, 2015)** |
| Davenport Balanced Income Fund | 5.31% | 5.16% | 6.93% | 5.99% |
| 60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg U.S. Intermediate Government/Credit Index | 6.88% | 7.42% | 8.73% | 7.35% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 16.47% | 14.92% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 3.20% | 4.01% | 0.81% | 2.22% |
| Russell 1000<sup>®</sup> Value Index | 9.32% | 9.44% | 13.87% | 10.39% |
| Morningstar U.S. Moderate Target Allocation Index | 13.21% | 11.88% | 8.97% | 8.90% |

---

***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$269,190,753

* Number of Portfolio Holdings79

* Advisory Fee $956,392

* Portfolio Turnover14%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i05937eb6bd801f13efe60b16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 55.7% |
| Corporate Bonds | 24.4% |
| Money Market Funds | 8.9% |
| Municipal Bonds | 0.9% |
| U.S. Government & Agency Obligations | 6.5% |
| U.S. Treasury Obligations | 3.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i5525cdc347aba7c4546ec672.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Municipal Bonds | 0.9% |
| Materials | 2.9% |
| Consumer Discretionary | 3.1% |
| Utilities | 3.3% |
| Communications | 3.3% |
| U.S. Treasury Obligations | 3.5% |
| Real Estate | 3.7% |
| Technology | 5.7% |
| U.S. Government & Agency Obligations | 6.5% |
| Consumer Staples | 6.9% |
| Money Market | 8.8% |
| Industrials | 9.8% |
| Energy | 11.9% |
| Health Care | 12.8% |
| Financials | 16.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| L3Harris Technologies, Inc. | 2.1% |
| Johnson & Johnson | 2.0% |
| Meta Platforms, Inc., 4.950%, due 05/15/33 | 1.9% |
| Federal Home Loan Bank, 5.250%, due 03/20/35 | 1.9% |
| U.S. Treasury Bills, 4.335%, due 10/16/25 | 1.9% |
| Federal Farm Credit Bank, 5.260%, due 11/14/33 | 1.9% |
| Federal Farm Credit Bank, 5.330%, due 10/17/39 | 1.9% |
| Chevron Corporation | 1.8% |
| NextEra Energy, Inc. | 1.8% |
| TE Connectivity plc | 1.7% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](id4d6558d654e9a3a9bda6d49.jpg)

## Davenport Balanced Income Fund (DBALX)

### Semi-Annual Shareholder Report - September 30, 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-SAR 093025-DBALX

# Davenport Insider Buying Fund
(DBUYX)

### Semi-Annual Shareholder Report - September 30, 2025
![Image](i115f597f7d0dcea5fe161480.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Davenport Insider Buying Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 annualized costs for the last six months?
(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 | $52 | 1.00% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; We have been frustrated by the relative performance of the Davenport Insider Buying Fund (DBUYX), but remain convinced that it represents an attractive and complimentary strategy to pair with growth/momentum and should provide an attractive total return over a market cycle.

&nbsp;&nbsp;&nbsp;&nbsp; Casino operator Wynn Resorts Ltd. (WYNN) was our top contributor during the quarter, surging nearly 40%, as results from Macau improved significantly and excitement about the company's development project in the United Arab Emirates continued to build. Connector manufacturer Amphenol Corp. (APH) was also a top contributor, increasing by over 25% during the quarter as results significantly exceeded expectations driven by exposure to the AI/data center theme.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's primary detractor this quarter was Invisalign manufacturer Align Technology, Inc. (ALGN), falling over 30% as second-quarter results missed expectations and the company reduced its outlook for the year. Newer position International Flavors & Fragrances, Inc. (IFF) was another detractor, falling by over 15% as the company's turnaround has yet to take hold and concerns around food ingredients and the FDA remain prevalent.

&nbsp;&nbsp;&nbsp;&nbsp; Despite recent performance, we continue to stick to our process and identify attractive investment opportunities, while also studying our successes and mistakes to continuously improve. At some point, we believe market dynamics are likely to shift, and we think the Fund is set up to perform very well.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1b21610d3b7d60eab7ed6400.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Insider Buying Fund** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2023** | $10000 | $10000 | $10000 |
| **Sep-2024** | $11307 | $12314 | $12762 |
| **Sep-2025** | $11169 | $13477 | $15008 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **Since Inception (November 30, 2023)** |
| Davenport Insider Buying Fund | 7.45% | -1.22% | 6.21% |
| Russell 1000<sup>®</sup> Value Index | 9.32% | 9.44% | 17.65% |
| S&P 500<sup>®</sup> Index | 19.96% | 17.60% | 24.76% |

---

***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$87,340,574

* Number of Portfolio Holdings38

* Advisory Fee $340,649

* Portfolio Turnover25%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5992fa78155486dbf91d6a92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.5% |
| Money Market Funds | 1.5% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i4554940e1cb60dad97e82669.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.5% |
| Consumer Staples | 1.9% |
| Communications | 2.2% |
| Real Estate | 2.4% |
| Utilities | 3.4% |
| Energy | 3.7% |
| Financials | 6.9% |
| Consumer Discretionary | 9.2% |
| Materials | 9.7% |
| Health Care | 16.0% |
| Industrials | 20.8% |
| Technology | 22.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Charles Schwab Corporation (The) | 3.9% |
| ConocoPhillips | 3.7% |
| NextEra Energy, Inc. | 3.4% |
| Keysight Technologies, Inc. | 3.4% |
| Zebra Technologies Corporation - Class A | 3.4% |
| NIKE, Inc. - Class B | 3.3% |
| Zimmer Biomet Holdings, Inc. | 3.2% |
| Mastercard, Inc. - Class A | 3.1% |
| Martin Marietta Materials, Inc. | 3.1% |
| Marvell Technology, Inc. | 3.1% |

---

## Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](i115f597f7d0dcea5fe161480.jpg)

# Davenport Insider Buying Fund - (DBUYX)

## Semi-Annual Shareholder Report - September 30, 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-SAR 093025-DBUYX

(b) Not applicable

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

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

Not required

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

Not applicable

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

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

(b) Not applicable

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

(a) ---

| |
|:---|
| ***THE*** |
| ***JAMESTOWN*** |
| ***EQUITY FUND*** |
| **No-Load Fund** |
| **Semi-Annual Financial Statements and<br> Additional Information** |
| **September 30, 2025** |
| ![](jamestown_001.jpg) |
| Investment Adviser |
| ***Lowe, Brockenbrough & Company, Inc.*** |
| ***Richmond, Virginia*** |

---

**THE JAMESTOWN EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 81.4%** | **Shares** | **Value** |
| **Communications — 11.9%** |  |  |
| Alphabet, Inc. - Class C | 15287 | $3723149 |
| Booking Holdings, Inc. | 225 | 1214836 |
| Meta Platforms, Inc. - Class A | 3840 | 2820019 |
|  |  | 7758004 |
| **Consumer Discretionary — 7.4%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 11000 | 2415270 |
| Home Depot, Inc. (The) | 1500 | 607785 |
| Lowe's Companies, Inc. | 2300 | 578013 |
| TJX Companies, Inc. (The) | 8700 | 1257498 |
|  |  | 4858566 |
| **Consumer Staples — 3.2%** |  |  |
| PepsiCo, Inc. | 2800 | 393232 |
| Procter & Gamble Company (The) | 4850 | 745202 |
| Unilever plc - ADR | 16000 | 948480 |
|  |  | 2086914 |
| **Energy — 4.7%** |  |  |
| Chevron Corporation | 7700 | 1195733 |
| Exxon Mobil Corporation | 7500 | 845625 |
| Schlumberger Ltd. | 11800 | 405566 |
| TotalEnergies SE - ADR | 10000 | 596900 |
|  |  | 3043824 |
| **Financials — 11.5%** |  |  |
| Ameriprise Financial, Inc. | 2550 | 1252687 |
| Chubb Ltd. | 1800 | 508050 |
| Goldman Sachs Group, Inc. (The) | 1650 | 1313978 |
| JPMorgan Chase & Company | 7200 | 2271096 |
| Morgan Stanley | 7300 | 1160408 |
| PNC Financial Services Group, Inc. (The) | 5100 | 1024743 |
|  |  | 7530962 |
| **Health Care — 5.0%** |  |  |
| Amgen, Inc. | 1300 | 366860 |
| Elevance Health, Inc. | 1850 | 597772 |
| Merck & Company, Inc. | 4000 | 335720 |
| Pfizer, Inc. | 27510 | 700955 |
| Thermo Fisher Scientific, Inc. | 1800 | 873036 |
| UnitedHealth Group, Inc. | 1107 | 382247 |
|  |  | 3256590 |

---

**THE JAMESTOWN EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 81.4% (Continued)** | **Shares** | **Value** |
| **Industrials — 7.4%** |  |  |
| Eaton Corporation plc | 2900 | $1085325 |
| Lockheed Martin Corporation | 1753 | 875115 |
| Norfolk Southern Corporation | 3200 | 961312 |
| RTX Corporation | 6295 | 1053342 |
| Trane Technologies plc | 1600 | 675136 |
| United Parcel Service, Inc. - Class B | 2600 | 217178 |
|  |  | 4867408 |
| **Real Estate — 1.4%** |  |  |
| American Tower Corporation | 4710 | 905827 |
| **Technology — 27.0%** |  |  |
| Apple, Inc. | 12108 | 3083060 |
| Applied Materials, Inc. | 5650 | 1156781 |
| Broadcom, Inc. | 7000 | 2309370 |
| Cisco Systems, Inc. | 17750 | 1214455 |
| Microsoft Corporation | 6800 | 3522060 |
| NVIDIA Corporation | 20800 | 3880864 |
| Oracle Corporation | 5167 | 1453167 |
| Visa, Inc. - Class A | 3175 | 1083882 |
|  |  | 17703639 |
| **Utilities — 1.9%** |  |  |
| Duke Energy Corporation | 10000 | 1237500 |
| **Total Common Stocks (Cost $16,169,554)** |  | $53249234 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 12.4%** | **Shares** | **Value** |
| Health Care Select Sector SPDR Fund (The) | 12730 | $1771634 |
| Invesco KBW Bank ETF | 12500 | 977625 |
| iShares Expanded Tech-Software Sector ETF <sup>(a)</sup> | 13283 | 1527678 |
| iShares Semiconductor ETF | 4600 | 1247152 |
| Vanguard Information Technology ETF | 3500 | 2613205 |
| **Total Exchange-Traded Funds (Cost $3,868,680)** |  | $8137294 |

---

**THE JAMESTOWN EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 6.3%** | **Shares** | **Value** |
| Federated Hermes Government Obligations Fund - Institutional Class, 4.01% <sup>(b)</sup> (Cost $4,107,975) | 4107975 | $4107975 |
| **Total Investments at Value — 100.1%** (Cost $24,146,209) |  | $65494503 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (42636) |
| **Net Assets — 100.0%** |  | $65451867 |

---

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 September 30, 2025.

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**STATEMENT OF ASSETS AND LIABILITIES**

**September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $24146209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $65494503 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 38513 |
| &nbsp;&nbsp;&nbsp;Other assets | 13743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 65546759 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 11785 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 34441 |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 38596 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 6300 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 3770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 94892 |
| **NET ASSETS** | $65451867 |
| **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $22197767 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 43254100 |
| **Net assets** | $65451867 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 1723482 |
| Net asset value, offering price and redemption price per share (Note 2) | $37.98 |

---

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND STATEMENT OF OPERATIONS**

**Six Months Ended September 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $535162 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (3656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 531506 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 194305 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 32827 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 13049 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9295 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 8003 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 6000 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 3618 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 3392 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 3294 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2617 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 2114 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 867 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 284817 |
| &nbsp;&nbsp;&nbsp;Fees voluntarily waived by the Adviser (Note 4) | (832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET EXPENSES | 283985 |
| **NET INVESTMENT INCOME** | 247521 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 1943887 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 9091584 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 11035471 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $11282992 |

---

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $247521 | $437246 |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 1943887 | 3221549 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 9091584 | 421590 |
| Net increase in net assets resulting from operations | 11282992 | 4080385 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (2217053) | (3473592) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 208537 | 1165008 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 1933114 | 3236166 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1065315) | (3547713) |
| Net increase in net assets from capital share transactions | 1076336 | 853461 |
| **TOTAL INCREASE IN NET ASSETS** | 10142275 | 1460254 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | 55309592 | 53849338 |
| &nbsp;&nbsp;&nbsp;End of period | $65451867 | $55309592 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6064 | 34816 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 54868 | 95999 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (30209) | (105072) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 30723 | 25743 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 1692759 | 1667016 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1723482 | 1692759 |

---

See accompanying notes to financial statements.

**THE JAMESTOWN EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| | **Six Months Ended<br> Sept. 30,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value at beginning of period | $32.67 | $32.30 | $25.73 | $31.43 | $28.96 | $19.08 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.15 | 0.26 | 0.27 | 0.28 | 0.16 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 6.47 | 2.17 | 7.37 | (2.38) | 3.57 | 11.05 |
| Total from investment operations | 6.62 | 2.43 | 7.64 | (2.10) | 3.73 | 11.22 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.26) | (0.27) | (0.28) | (0.16) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.17) | (1.80) | (0.80) | (3.32) | (1.10) | (1.16) |
| Total distributions | (1.31) | (2.06) | (1.07) | (3.60) | (1.26) | (1.34) |
| Net asset value at end of period | $37.98 | $32.67 | $32.30 | $25.73 | $31.43 | $28.96 |
| Total return <sup>(b)</sup> | 20.58 %<sup>(c)</sup> | 7.42% | 30.48% | (5.89%) | 12.91% | 60.23% |
| Net assets at end of period (000's) | $65452 | $55310 | $53849 | $43078 | $50191 | $47399 |
| Ratio of total expenses to average net assets <sup>(d)</sup> | 0.95 %<sup>(e)</sup> | 0.96% | 1.01% | 1.04% | 0.96% | 1.05% |
| Ratio of net expenses to average net assets <sup>(d)(f)</sup> | 0.95 %<sup>(e)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets <sup>(a)(d)(f)</sup> | 0.83 %<sup>(e)</sup> | 0.76% | 0.96% | 1.08% | 0.51% | 0.70% |
| Portfolio turnover rate | 3 %<sup>(c)</sup> | 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> Not annualized.

<sup>(d)</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>(e)</sup> Annualized.

<sup>(f)</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**

**September 30, 2025 (Unaudited)**

**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.

**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 Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**Segment reporting** — Lowe, Brockenbrough & Company, Inc., d/b/a Brockenbrough (the "Adviser") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Fund's financial statements.

**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 exchange-traded funds ("ETFs"), are generally 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

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 following is a summary of the Fund's investments based on the inputs used to value the investments as of September 30, 2025, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $53249234 | $— | $— | $53249234 |
| Exchange-Traded Funds | 8137294 |  |  | 8137294 |
| Money Market Funds | 4107975 |  |  | 4107975 |
| Total | $65494503 | $— | $— | $65494503 |

---

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 six months ended September 30, 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 periods ended September 30, 2025 and March 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Periods<br> Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions\*** |
| 9/30/2025 | $232791 | $1984262 | $2217053 |
| 3/31/2025 | $462596 | $3000356 | $3462952 |

---

\* 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 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.

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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 September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $24199158 |
| Gross unrealized appreciation | $41633009 |
| Gross unrealized depreciation | (337664) |
| Net unrealized appreciation | 41295345 |
| Accumulated ordinary income | 26798 |
| Other gains | 1943742 |
| Distributions payable | (11785) |
| Accumulated earnings | $43254100 |

---

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 the current and 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 six months ended September 30, 2025, the Fund 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 six months ended September 30, 2025.

---

| | |
|:---|:---|
| Purchase of investment securities | $1434374 |
| Proceeds from sales of investment securities | $4488694 |

---

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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 six months ended September 30, 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 $832 of its management fees during the six months ended September 30, 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.

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 Compliance Consulting Agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.

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 six months ended September 30, 2025, the Fund incurred fees of $3,294 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 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 pays its share of such fees.

**THE JAMESTOWN EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**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 September 30, 2025, the Fund had 35.3% 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 except for the following:

On November 18, 2025, the Board of Trustees elected Mark J. Seger to serve as an "Interested Trustee" due to his affiliation with Ultimus. This event occurred after the reporting period and does not affect the financial position at the end of the six-month period.

**THE JAMESTOWN EQUITY FUND**

**ADDITIONAL INFORMATION (Unaudited)**

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

There were no changes in and/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**

Not applicable.

**This page intentionally left blank.**

---

| |
|:---|
| ***THE JAMESTOWN EQUITY FUND*** <br>www.jamestownfunds.com |
| **Investment Adviser** |
| Lowe, Brockenbrough & Company, Inc. |
| d/b/a Brockenbrough |
| 920 Libbie Ave |
| Suite 201 |
| 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 |
| Mark J. Seger |

---

---

| |
|:---|
| **THE** |
| **GOVERNMENT STREET** |
| **FUNDS** |
| **No-Load Mutual Funds** |
| **Semi-Annual Financial Statements and** |
| **Additional Information** |
| **September 30, 2025** |
| **(Unaudited)** |
| ![](goverment_001.jpg) |
| **The Government Street Equity Fund<br> The Government Street Opportunities Fund** |

---

**THE GOVERNMENT STREET EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 91.0%** | **Shares** | **Value** |
| **Communications — 8.2%** |  |  |
| Alphabet, Inc. - Class A | 5700 | $1385670 |
| Alphabet, Inc. - Class C | 13340 | 3248957 |
| Booking Holdings, Inc. | 250 | 1349817 |
| Meta Platforms, Inc. - Class A | 3200 | 2350016 |
| Uber Technologies, Inc. <sup>(a)</sup> | 4000 | 391880 |
|  |  | 8726340 |
| **Consumer Discretionary — 7.3%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 12000 | 2634840 |
| Carnival Corporation <sup>(a)</sup> | 6000 | 173460 |
| Coupang, Inc. <sup>(a)</sup> | 10000 | 322000 |
| Home Depot, Inc. (The) | 3000 | 1215570 |
| Lowe's Companies, Inc. | 2500 | 628275 |
| McDonald's Corporation | 5000 | 1519450 |
| Tesla, Inc. <sup>(a)</sup> | 2200 | 978384 |
| Tractor Supply Company | 5000 | 284350 |
|  |  | 7756329 |
| **Consumer Staples — 3.8%** |  |  |
| Coca-Cola Company (The) | 4000 | 265280 |
| Costco Wholesale Corporation | 400 | 370252 |
| Procter & Gamble Company (The) | 4000 | 614600 |
| Walmart, Inc. | 27500 | 2834150 |
|  |  | 4084282 |
| **Energy — 2.9%** |  |  |
| Cheniere Energy, Inc. | 4000 | 939920 |
| Kinder Morgan, Inc. | 20000 | 566200 |
| ONEOK, Inc. | 9250 | 674973 |
| Phillips 66 | 6400 | 870528 |
|  |  | 3051621 |
| **Financials — 13.9%** |  |  |
| Aflac, Inc. | 14000 | 1563800 |
| Apollo Global Management, Inc. | 2000 | 266540 |
| Ares Management Corporation - Class A | 5500 | 879395 |
| Bank of New York Mellon Corporation (The) | 4000 | 435840 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 1400 | 703836 |
| Blackstone, Inc. | 10000 | 1708500 |
| Brookfield Corporation | 27000 | 1851660 |
| CME Group, Inc. | 3500 | 945665 |
| Goldman Sachs Group, Inc. (The) | 800 | 637080 |
| Intercontinental Exchange, Inc. | 1500 | 252720 |
| JPMorgan Chase & Company | 16000 | 5046880 |
| Marsh & McLennan Companies, Inc. | 2500 | 503825 |
|  |  | 14795741 |

---

**THE GOVERNMENT STREET EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 91.0% (Continued)** | **Shares** | **Value** |
| **Health Care — 6.3%** |  |  |
| Abbott Laboratories | 9500 | $1272430 |
| AbbVie, Inc. | 11500 | 2662710 |
| Bio-Techne Corporation | 18000 | 1001340 |
| CRISPR Therapeutics AG <sup>(a)</sup> | 6500 | 421265 |
| GE HealthCare Technologies, Inc. | 7000 | 525700 |
| Thermo Fisher Scientific, Inc. | 900 | 436518 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1000 | 391640 |
|  |  | 6711603 |
| **Industrials — 13.4%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 600 | 188934 |
| Argan, Inc. | 1000 | 270050 |
| Eaton Corporation plc | 2500 | 935625 |
| Emerson Electric Company | 4500 | 590310 |
| GE Vernova, Inc. | 1000 | 614900 |
| General Dynamics Corporation | 3700 | 1261700 |
| General Electric Company | 4000 | 1203280 |
| Honeywell International, Inc. | 4500 | 947250 |
| Lockheed Martin Corporation | 2000 | 998420 |
| MasTec, Inc. <sup>(a)</sup> | 1000 | 212810 |
| Parker-Hannifin Corporation | 1425 | 1080364 |
| Quanta Services, Inc. | 4000 | 1657680 |
| RTX Corporation | 14000 | 2342620 |
| TE Connectivity plc | 9000 | 1975770 |
|  |  | 14279713 |
| **Materials — 2.0%** |  |  |
| Cameco Corporation | 4000 | 335440 |
| Freeport-McMoRan, Inc. | 25000 | 980500 |
| Linde plc | 1200 | 570000 |
| Nucor Corporation | 1000 | 135430 |
| Sherwin-Williams Company (The) | 350 | 121191 |
|  |  | 2142561 |
| **Real Estate — 1.5%** |  |  |
| Digital Realty Trust, Inc. | 1750 | 302540 |
| Mid-America Apartment Communities, Inc. | 9000 | 1257570 |
|  |  | 1560110 |
| **Technology — 30.1%** |  |  |
| Apple, Inc. | 10000 | 2546300 |
| ARM Holdings plc - ADR <sup>(a)</sup> | 3000 | 424470 |
| ASML Holding N.V. | 1000 | 968090 |
| Broadcom, Inc. | 1500 | 494865 |
| International Business Machines Corporation | 2100 | 592536 |
| Mastercard, Inc. - Class A | 2000 | 1137620 |
| Micron Technology, Inc. | 3450 | 577254 |
| Microsoft Corporation | 7500 | 3884625 |

---

**THE GOVERNMENT STREET EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 91.0% (Continued)** | **Shares** | **Value** |
| **Technology — 30.1% (Continued)** |  |  |
| NVIDIA Corporation | 86400 | $16120512 |
| Oracle Corporation | 3100 | 871844 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 5000 | 912100 |
| QUALCOMM, Inc. | 2000 | 332720 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2000 | 558580 |
| Texas Instruments, Inc. | 5200 | 955396 |
| Visa, Inc. - Class A | 5000 | 1706900 |
|  |  | 32083812 |
| **Utilities — 1.6%** |  |  |
| Constellation Energy Corporation | 1400 | 460698 |
| WEC Energy Group, Inc. | 11000 | 1260490 |
|  |  | 1721188 |
| **Total Common Stocks (Cost $29,817,176)** |  | $96913300 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 6.0%** | **Shares** | **Value** |
| Amplify Transformational Data Sharing ETF | 5000 | $335200 |
| Horizon Kinetics Inflation Beneficiaries ETF | 25000 | 1117375 |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | 12000 | 2276400 |
| Roundhill Ball Metaverse ETF <sup>(a)</sup> | 130000 | 2678000 |
| **Total Exchange-Traded Funds (Cost $5,263,061)** |  | $6406975 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 3.0%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.04% <sup>(b)</sup> (Cost $3,217,335) | 3217335 | $3217335 |
| **Total Investments at Value — 100.0%** (Cost $38,297,572) |  | $106537610 |
| **Liabilities in Excess of Other Assets — (0.0%)** <sup>(c)</sup>** |  | (39063) |
| **Net Assets — 100.0%** |  | $106498547 |

---

ADR - American Depositary Receipt.

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

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

See accompanying notes to financial statements.

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 83.7%** | **Shares** | **Value** |
| **Communications — 0.3%** |  |  |
| AT&T, Inc. | 10000 | $282400 |
| **Consumer Discretionary — 5.0%** |  |  |
| Carnival Corporation <sup>(a)</sup> | 5000 | 144550 |
| Coupang, Inc. <sup>(a)</sup> | 10000 | 322000 |
| Dick's Sporting Goods, Inc. | 1700 | 377774 |
| Gildan Activewear, Inc. | 10000 | 578000 |
| MercadoLibre, Inc. <sup>(a)</sup> | 150 | 350541 |
| Service Corporation International | 13000 | 1081860 |
| Tesla, Inc. <sup>(a)</sup> | 1000 | 444720 |
| Toll Brothers, Inc. | 3000 | 414420 |
| Viking Holdings Ltd <sup>(a)</sup> | 5000 | 310800 |
|  |  | 4024665 |
| **Consumer Staples — 2.1%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 8000 | 459920 |
| Church & Dwight Company, Inc. | 9000 | 788670 |
| Kenvue, Inc. | 5000 | 81150 |
| Kroger Company (The) | 5600 | 377496 |
|  |  | 1707236 |
| **Energy — 2.7%** |  |  |
| Cheniere Energy, Inc. | 750 | 176235 |
| ConocoPhillips | 6375 | 603011 |
| ONEOK, Inc. | 11000 | 802670 |
| Targa Resources Corporation | 3700 | 619898 |
|  |  | 2201814 |
| **Financials — 17.5%** |  |  |
| Ares Management Corporation - Class A | 7200 | 1151208 |
| Arthur J. Gallagher & Company | 6000 | 1858440 |
| Berkley (W.R.) Corporation | 25143 | 1926457 |
| Brown & Brown, Inc. | 10000 | 937900 |
| CME Group, Inc. | 6000 | 1621140 |
| Dave, Inc. <sup>(a)</sup> | 2000 | 398700 |
| Intercontinental Exchange, Inc. | 9000 | 1516320 |
| Morgan Stanley | 9565 | 1520452 |
| Nasdaq, Inc. | 23000 | 2034350 |
| Old Republic International Corporation | 26400 | 1121208 |
|  |  | 14086175 |
| **Health Care — 7.3%** |  |  |
| Bio-Techne Corporation | 15000 | 834450 |
| Boston Scientific Corporation <sup>(a)</sup> | 6000 | 585780 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> | 3000 | 469380 |
| Chemed Corporation | 2000 | 895480 |
| GE HealthCare Technologies, Inc. | 5000 | 375500 |

---

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 83.7% (Continued)** | **Shares** | **Value** |
| **Health Care — 7.3% (Continued)** |  |  |
| Illumina, Inc. <sup>(a)</sup> | 3000 | $284910 |
| Labcorp Holdings, Inc. | 4000 | 1148240 |
| Penumbra, Inc. <sup>(a)</sup> | 1500 | 379980 |
| ResMed, Inc. | 1200 | 328476 |
| Waters Corporation <sup>(a)</sup> | 2000 | 599620 |
|  |  | 5901816 |
| **Industrials — 18.1%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 2000 | 629780 |
| Argan, Inc. | 3750 | 1012687 |
| Donaldson Company, Inc. | 13000 | 1064050 |
| Expeditors International of Washington, Inc. | 8000 | 980720 |
| Fastenal Company | 25500 | 1250520 |
| GE Vernova, Inc. | 500 | 307450 |
| Generac Holdings, Inc. <sup>(a)</sup> | 2800 | 468720 |
| Graco, Inc. | 13000 | 1104480 |
| Jacobs Solutions, Inc. | 8475 | 1270063 |
| L3Harris Technologies, Inc. | 5250 | 1603403 |
| MasTec, Inc. <sup>(a)</sup> | 3000 | 638430 |
| MSC Industrial Direct Company, Inc. - Class A | 5000 | 460700 |
| NuScale Power Corporation <sup>(a)</sup> | 9000 | 324000 |
| Pentair plc | 3200 | 354432 |
| Waste Connections, Inc. | 10500 | 1845900 |
| Woodward, Inc. | 5000 | 1263550 |
|  |  | 14578885 |
| **Materials — 6.0%** |  |  |
| ATI, Inc. <sup>(a)</sup> | 2200 | 178948 |
| Cameco Corporation | 7000 | 587020 |
| Martin Marietta Materials, Inc. | 1500 | 945420 |
| Packaging Corporation of America | 6000 | 1307580 |
| Ramaco Resources, Inc. - Class B | 1099 | 18521 |
| SSR Mining, Inc. <sup>(a)</sup> | 7000 | 170940 |
| Steel Dynamics, Inc. | 9000 | 1254870 |
| Valvoline, Inc. <sup>(a)</sup> | 10236 | 367575 |
|  |  | 4830874 |
| **Real Estate — 2.7%** |  |  |
| Digital Realty Trust, Inc. | 2000 | 345760 |
| Mid-America Apartment Communities, Inc. | 13300 | 1858409 |
|  |  | 2204169 |
| **Technology — 21.0%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 1964 | 317756 |
| Amentum Holdings, Inc. <sup>(a)</sup> | 12990 | 311110 |
| Analog Devices, Inc. | 3671 | 901965 |
| Arrow Electronics, Inc. <sup>(a)</sup> | 8500 | 1028500 |
| Broadridge Financial Solutions, Inc. | 3500 | 833595 |

---

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 83.7% (Continued)** | **Shares** | **Value** |
| **Technology — 21.0% (Continued)** |  |  |
| InterDigital, Inc. | 1400 | $483322 |
| Lam Research Corporation | 11750 | 1573325 |
| Nebius Group N.V. - Class A <sup>(a)</sup> | 8000 | 898160 |
| NVIDIA Corporation | 48500 | 9049130 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 8000 | 1459360 |
| Rigetti Computing, Inc. <sup>(a)</sup> | 4000 | 119160 |
|  |  | 16975383 |
| **Utilities — 1.0%** |  |  |
| Constellation Energy Corporation | 1500 | 493605 |
| NextEra Energy, Inc. | 2000 | 150980 |
| NRG Energy, Inc. | 800 | 129560 |
|  |  | 774145 |
| **Total Common Stocks (Cost $19,991,031)** |  | $67567562 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 11.1%** | **Shares** | **Value** |
| Amplify Transformational Data Sharing ETF | 8000 | $536320 |
| Horizon Kinetics Inflation Beneficiaries ETF | 10000 | 446950 |
| iShares Core S&P Mid-Cap ETF | 50000 | 3263000 |
| Roundhill Ball Metaverse ETF <sup>(a)</sup> | 25000 | 515000 |
| SPDR S&P MidCap 400<sup>®</sup> ETF Trust | 7000 | 4172210 |
| **Total Exchange-Traded Funds (Cost $7,480,613)** |  | $8933480 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.2%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.04% <sup>(b)</sup> (Cost $4,188,318) | 4188318 | $4188318 |
| **Total Investments at Value — 100.0%** (Cost $31,659,961) |  | $80689360 |
| **Liabilities in Excess of Other Assets — (0.0%) <sup>(c)</sup>** |  | (691) |
| **Net Assets — 100.0%** |  | $80688669 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 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**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **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 | $38297572 | $31659961 |
| &nbsp;&nbsp;&nbsp;At value (Note 2) | $106537610 | $80689360 |
| Receivable for capital shares purchased | 14100 | 50 |
| Dividends receivable | 17813 | 44677 |
| Other assets | 15611 | 16731 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSETS | 106585134 | 80750818 |
| **LIABILITIES** |  |  |
| Distributions payable | 1282 |  |
| Payable for capital shares redeemed | 18246 |  |
| Accrued management fees (Note 4) | 51012 | 48679 |
| Payable to administrator (Note 4) | 9100 | 7080 |
| Other accrued expenses | 6947 | 6390 |
| &nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 86587 | 62149 |
| **NET ASSETS** | $106498547 | $80688669 |
| **Net assets consists of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $37061542 | $30456719 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 69437005 | 50231950 |
| **Net assets** | $106498547 | $80688669 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 726865 | 1623875 |
| Net asset value, offering price and redemption price per share (Note 2) | $146.52 | $49.69 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **The Government<br> Street<br> Equity<br> Fund** | **The Government<br> Street<br> Opportunities<br> Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $675708 | $559755 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (1734) | (1670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 673974 | 558085 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 296090 | 295878 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 51449 | 41480 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 19651 | 17101 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 13049 | 13049 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9295 | 9295 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 8580 | 8371 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 3907 | 3451 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 3541 | 3541 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2962 | 2962 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1910 | 1954 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4571 | 4478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 418505 | 405060 |
| **NET INVESTMENT INCOME** | 255469 | 153025 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 1197402 | 1049675 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 5176409 | 5917592 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 14701234 | 4714421 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 21075045 | 11681688 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $21330514 | $11834713 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET EQUITY FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $255469 | $576409 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 1197402 | 2255997 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 5176409 | 274254 |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from regulated investment companies |  | 50 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 14701234 | 4285801 |
| Net increase in net assets resulting from operations | 21330514 | 7392511 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (1530475) | (2211327) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1436172 | 3091103 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 1517294 | 2190919 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (6867022) | (2542436) |
| Net increase (decrease) in net assets from capital share transactions | (3913556) | 2739586 |
| **TOTAL INCREASE IN NET ASSETS** | 15886483 | 7920770 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 90612064 | 82691294 |
| &nbsp;&nbsp;&nbsp;End of period | $106498547 | $90612064 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10772 | 25553 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 11265 | 17531 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (49688) | (20989) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (27651) | 22095 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 754516 | 732421 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 726865 | 754516 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months<br> Ended<br> Sept. 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $153025 | $473023 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 1049675 | 3146484 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 5917592 | 227171 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4714421 | (3226483) |
| Net increase in net assets resulting from operations | 11834713 | 620195 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (1663468) | (2435534) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1832054 | 3977173 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 1648975 | 2412722 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (8576108) | (2818363) |
| Net increase (decrease) in net assets from capital share transactions | (5095079) | 3571532 |
| **TOTAL INCREASE IN NET ASSETS** | 5076166 | 1756193 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 75612503 | 73856310 |
| &nbsp;&nbsp;&nbsp;End of period | $80688669 | $75612503 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 39040 | 88806 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 35348 | 51702 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (179790) | (62474) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (105402) | 78034 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 1729277 | 1651243 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1623875 | 1729277 |

---

See accompanying notes to financial statements.

**THE GOVERNMENT STREET EQUITY FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| | **Six Months Ended<br> Sept. 30,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value at beginning of period | $120.09 | $112.90 | $92.34 | $104.58 | $98.83 | $68.30 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.34 | 0.77 | 0.90 | 0.97 | 0.58 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 28.12 | 9.40 | 25.07 | (10.23) | 16.42 | 36.33 |
| Total from investment operations | 28.46 | 10.17 | 25.97 | (9.26) | 17.00 | 36.97 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.78) | (0.89) | (0.98) | (0.58) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.68) | (2.20) | (4.52) | (2.00) | (10.67) | (5.80) |
| Total distributions | (2.03) | (2.98) | (5.41) | (2.98) | (11.25) | (6.44) |
| Net asset value at end of period | $146.52 | $120.09 | $112.90 | $92.34 | $104.58 | $98.83 |
| Total return <sup>(b)</sup> | 23.84 %<sup>(c)</sup> | 8.92% | 29.25% | (8.68%) | 17.51% | 55.46% |
| Net assets at end of period (000's) | $106499 | $90612 | $82691 | $67295 | $76446 | $69948 |
| Ratio of total expenses to average net assets <sup>(d)</sup> | 0.84 %<sup>(e)</sup> | 0.85% | 0.87% | 0.87% | 0.84% | 0.86% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 0.52 %<sup>(e)</sup> | 0.63% | 0.92% | 1.07% | 0.55% | 0.71% |
| Portfolio turnover rate | 10 %<sup>(c)</sup> | 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> Not annualized.

<sup>(d)</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.

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

See accompanying notes to financial statements.

**THE GOVERNMENT STREET OPPORTUNITIES FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| | **Six Months Ended <br>Sept. 30,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value at beginning of period | $43.72 | $44.73 | $36.04 | $39.61 | $35.73 | $23.56 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.09 | 0.28 | 0.29 | 0.27 | 0.17 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 6.84 | 0.17 | 9.14 | (2.31) | 5.20 | 13.19 |
| Total from investment operations | 6.93 | 0.45 | 9.43 | (2.04) | 5.37 | 13.29 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.26) | (0.30) | (0.19) | (0.18) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.89) | (1.20) | (0.44) | (1.34) | (1.31) | (1.02) |
| Total distributions | (0.96) | (1.46) | (0.74) | (1.53) | (1.49) | (1.12) |
| Net asset value at end of period | $49.69 | $43.72 | $44.73 | $36.04 | $39.61 | $35.73 |
| Total return <sup>(b)</sup> | 15.99 %<sup>(c)</sup> | 0.80% | 26.55% | (4.91%) | 15.11% | 57.00% |
| Net assets at end of period (000's) | $80689 | $75613 | $73856 | $60579 | $64413 | $58288 |
| Ratio of total expenses to average net assets <sup>(d)</sup> | 1.03 %<sup>(e)</sup> | 1.02% | 1.04% | 1.05% | 1.02% | 1.07% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 0.39 %<sup>(e)</sup> | 0.62% | 0.76% | 0.78% | 0.44% | 0.32% |
| Portfolio turnover rate | 10 %<sup>(c)</sup> | 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> Not annualized.

<sup>(d)</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.

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

See accompanying notes to financial statements.

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025 (Unaudited)**

**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.

**2. Significant Accounting Policies**

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("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").

**Segment reporting** — Leavell Investment Management, Inc. (the "Adviser") acts as each Fund's chief operating decision make ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of it's prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assessed performance based on the operating results of each Fund, which is consistent with the results presented in each Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**New accounting pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Funds' financial statements.

**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.

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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

● 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

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 September 30, 2025, by asset type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Government Street Equity Fund:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $96913300 | $— | $— | $96913300 |
| Exchange-Traded Funds | 6406975 |  |  | 6406975 |
| Money Market Funds | 3217335 |  |  | 3217335 |
| Total | $106537610 | $— | $— | $106537610 |
| **The Government Street Opportunities Fund:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $67567562 | $— | $— | $67567562 |
| Exchange-Traded Funds | 8933480 |  |  | 8933480 |
| Money Market Funds | 4188318 |  |  | 4188318 |
| Total | $80689360 | $— | $— | $80689360 |

---

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 six months ended September 30, 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.

**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

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 periods ended September 30, 2025 and March 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Periods<br> Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions\*** |
| The Government Street Equity Fund | 09/30/25 | $260649 | $1269826 | $1530475 |
|  | 03/31/25 | $581031 | $1630294 | $2211325 |
| The Government Street Opportunities Fund | 09/30/25 | $124664 | $1538804 | $1663468 |
|  | 03/31/25 | $434490 | $2001044 | $2435534 |

---

\* 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 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 GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

The following information is computed on a tax basis for each item as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **The Government<br> Street Equity<br> Fund** | **The Government<br> Street Opportunities<br> Fund** |
| Cost of investments | $38297572 | $31659961 |
| Gross unrealized appreciation | $68433180 | $49328098 |
| Gross unrealized depreciation | (193142) | (298699) |
| Net unrealized appreciation | 68240038 | 49029399 |
| Accumulated ordinary income | 873 | 152998 |
| Other gains | 1197376 | 1049553 |
| Distributions payable | (1282) |  |
| Total accumulated earnings | $69437003 | $50231950 |

---

During the six months ended September 30, 2025, The Government Street Equity Fund and The Government Street Opportunities Fund realized $5,176,409 and $5,917,592, 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 the current and 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended September 30, 2025, the Funds did not incur any interest or penalties.

**THE GOVERNMENT STREET FUNDS**

**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 six months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **The Government<br> Street Equity<br> Fund** | **The Government<br> Street<br> Opportunities<br> Fund** |
| Purchases of investment securities | $9132142 | $6982190 |
| Proceeds from sales of investment securities | $12281874 | $12846647 |

---

**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.

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 Consulting Agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.

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

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 six months ended September 30, 2025, The Government Street Equity Fund and The Government Street Opportunities Fund incurred fees of $19,651 and $17,101, 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 pays 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 particular sector and therefore the value of the Fund's portfolio would be adversely affected. As of September 30, 2025, the Government Street Equity Fund had 30.1% 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

**THE GOVERNMENT STREET FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 except for the following:

On November 18, 2025, the Board of Trustees elected Mark J. Seger to serve as an "Interested Trustee" due to his affiliation with Ultimus. This event occurred after the reporting period and does not affect the financial position at the end of the six-month period.

**THE GOVERNMENT STREET FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

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

There were no changes in and/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**

Not applicable.

---

| |
|:---|
| **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> Mark J. Seger<br>**Portfolio Manager**<br> Thomas W. Leavell |

---

---

| | |
|:---|:---|
| &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; **SEMI-ANNUAL FINANCIAL STATEMENTS**<br> **AND ADDITIONAL INFORMATION** | &nbsp;&nbsp;&nbsp; **SEMI-ANNUAL FINANCIAL STATEMENTS**<br> **AND ADDITIONAL INFORMATION** |
| &nbsp;&nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;&nbsp;September 30, 2025 |

---

**DAVENPORT CORE LEADERS FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.0%** | **Shares** | **Value** |
| **Communications — 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 159602 | $38799246 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 82625 | 60678148 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A. <sup>(a)</sup> | 39591 | 27634518 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | 313270 | 30691062 |
|  |  | 157802974 |
| **Consumer Discretionary — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 301467 | 66193109 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 35360 | 14327519 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 195356 | 28236756 |
|  |  | 108757384 |
| **Consumer Staples — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 22961 | 21253390 |
| **Energy — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 190154 | 21320067 |
| **Financials — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 61391 | 21890803 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 49522 | 24896690 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 980905 | 67270465 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 153815 | 25914751 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 9263 | 17704928 |
|  |  | 157677637 |
| **Health Care — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 183874 | 24628084 |
| &nbsp;&nbsp;&nbsp;Danaher Corporation | 150801 | 29897806 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 38285 | 17122200 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 398563 | 22116261 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 111311 | 38435688 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 49884 | 19536570 |
|  |  | 151736609 |
| **Industrials — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 57908 | 23998234 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 80582 | 18491957 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 100505 | 35129513 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 45871 | 19355727 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corporation | 68387 | 16164635 |
|  |  | 113140066 |
| **Materials — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 49805 | 31391095 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 78158 | 27062989 |
|  |  | 58454084 |

---

**DAVENPORT CORE LEADERS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.0% (Continued)** | **Shares** | **Value** |
| **Technology — 30.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 49093 | $12106334 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | 80698 | 28466219 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 117206 | 28797514 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 142574 | 36303618 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 123087 | 40607632 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 61617 | 35048366 |
| &nbsp;&nbsp;&nbsp;Microsoft Corporation | 115975 | 60069251 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corporation | 358232 | 66838927 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 105982 | 21580055 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 26744 | 24611968 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 80027 | 27319617 |
|  |  | 381749501 |
| **Total Common Stocks** (Cost $605,949,721) |  | $1171891712 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(b)</sup> (Cost $62,223,736) | 62223736 | $62223736 |
| **Total Investments at Value — 99.0%** (Cost $668,173,457) |  | $1234115448 |
| **Other Assets in Excess of Liabilities — 1.0%** |  | 12947698 |
| **Net Assets — 100.0%** |  | $1247063146 |

---

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 September 30, 2025.

See accompanying notes to financial statements.

**DAVENPORT VALUE & INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.2%** | **Shares** | **Value** |
| **Communications — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 827322 | $25994457 |
| **Consumer Discretionary — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company | 114184 | 15825902 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 75071 | 18866093 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 67919 | 20639905 |
|  |  | 55331900 |
| **Consumer Staples — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 504125 | 30050891 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 97080 | 13633915 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 88820 | 14406604 |
|  |  | 58091410 |
| **Energy — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 210481 | 32685595 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 415078 | 20944836 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 130485 | 14712184 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 573631 | 19715697 |
|  |  | 88058312 |
| **Financials — 21.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 42548 | 21390581 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 503572 | 28673390 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 363067 | 24899135 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 230835 | 23429752 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 15651 | 27362174 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 268304 | 16229709 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 89614 | 28266944 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 11438 | 21862136 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 255757 | 21437552 |
|  |  | 213551373 |
| **Health Care — 17.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 150856 | 28235717 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 72133 | 23307615 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 196306 | 36399059 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 252099 | 24009909 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 256065 | 14209047 |
| &nbsp;&nbsp;&nbsp;Sanofi - ADR | 452417 | 21354082 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 61781 | 21332979 |
|  |  | 168848408 |
| **Industrials — 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 51370 | 12113560 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 182612 | 20078189 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 123595 | 37747149 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 90814 | 27281434 |

---

**DAVENPORT VALUE & INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.2% (Continued)** | **Shares** | **Value** |
| **Industrials — 16.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 144697 | $31765332 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 175884 | 14691591 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 48913 | 19775526 |
|  |  | 163452781 |
| **Materials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 69142 | 11212758 |
| **Real Estate — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 190447 | 15871853 |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 150258 | 28897619 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 166231 | 20349999 |
|  |  | 65119471 |
| **Technology — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 79532 | 19612591 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 548766 | 14942898 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 48201 | 13556050 |
|  |  | 48111539 |
| **Utilities — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 435887 | 32905110 |
| **Total Common Stocks (Cost $680,768,540)** |  | $930677519 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.7%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(b)</sup> (Cost $56,211,697) | 56211697 | $56211697 |
| **Total Investments at Value — 99.9% (Cost $736,980,237)** |  | $986889216 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 540521 |
| **Net Assets — 100.0%** |  | $987429737 |

---

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 September 30, 2025.

See accompanying notes to financial statements.

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.3%** | **Shares** | **Value** |
| **Communications — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 71792 | $18548181 |
| **Consumer Discretionary — 26.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 1017894 | 27508585 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. <sup>(a)</sup> | 471090 | 21137808 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A <sup>(a)</sup> | 931916 | 34853658 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | 221030 | 14674182 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)</sup> | 340000 | 55556000 |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc. - Class A <sup>(a)</sup> | 847700 | 11969524 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 355502 | 38326671 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 226773 | 29088173 |
|  |  | 233114601 |
| **Consumer Staples — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 40484 | 22886415 |
| **Financials — 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 468039 | 26650141 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 804527 | 55174462 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 19731 | 34495115 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 126315 | 53716717 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 16445 | 31432315 |
|  |  | 201468750 |
| **Health Care — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 110368 | 14165733 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 200553 | 25113247 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 72369 | 23383871 |
|  |  | 62662851 |
| **Industrials — 21.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 200073 | 46460952 |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | 778312 | 23613986 |
| &nbsp;&nbsp;&nbsp;ESAB Corporation | 306913 | 34294459 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 94415 | 15805071 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 132281 | 18622519 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 46599 | 18839976 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 236567 | 34893632 |
|  |  | 192530595 |
| **Materials — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 61832 | 38971473 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 79460 | 27513819 |
|  |  | 66485292 |
| **Real Estate — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 105282 | 20247834 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 180718 | 22123498 |
|  |  | 42371332 |

---

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 97.3% (Continued)** | **Shares** | **Value** |
| **Technology — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Okta, Inc. <sup>(a)</sup> | 318777 | $29231851 |
| **Total Common Stocks** (Cost $607,159,008) |  | $869299868 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.7%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(b)</sup> (Cost $24,388,118) | 24388118 | $24388118 |
| **Total Investments at Value — 100.0% (Cost $631,547,126)** |  | $893687986 |
| **Liabilities in Excess of Other Assets — (0.0%) <sup>(c)</sup>** |  | (433078) |
| **Net Assets — 100.0%** |  | $893254908 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

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

See accompanying notes to financial statements.

**DAVENPORT SMALL CAP FOCUS FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 91.1%** | **Shares** | **Value** |
| **Communications — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 180538 | $31964253 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 1500000 | 17550000 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corporation-Liberty Live - Series C <sup>(a)</sup> | 91599 | 8882355 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Company | 642894 | 8627637 |
|  |  | 67024245 |
| **Consumer Discretionary — 24.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 1214306 | 32816620 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A <sup>(a)</sup> | 383946 | 14359581 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | 252988 | 16795873 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. <sup>(b)</sup> | 1522916 | 35910359 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 666600 | 70552944 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 1739421 | 36771360 |
|  |  | 207206737 |
| **Consumer Staples — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | 247224 | 23755754 |
| **Energy — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;California Resources Corporation | 797299 | 42400361 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation <sup>(a)</sup> | 157267 | 5051416 |
|  |  | 47451777 |
| **Financials — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | 542210 | 19134591 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 114799 | 48819423 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corporation | 406551 | 29808319 |
|  |  | 97762333 |
| **Health Care — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc. <sup>(a)</sup> | 269752 | 7294094 |
| **Industrials — 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 400000 | 18120000 |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | 1199630 | 36396774 |
| &nbsp;&nbsp;&nbsp;ESAB Corporation | 359427 | 40162373 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 174666 | 29239088 |
| &nbsp;&nbsp;&nbsp;Hexcel Corporation | 506503 | 31757738 |
| &nbsp;&nbsp;&nbsp;Kirby Corporation <sup>(a)</sup> | 262941 | 21942427 |
|  |  | 177618400 |
| **Materials — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;NewMarket Corporation | 18360 | 15205935 |
| &nbsp;&nbsp;&nbsp;Trex Company, Inc. <sup>(a)</sup> | 416619 | 21526704 |
|  |  | 36732639 |
| **Real Estate — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 1777244 | 21753466 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc. <sup>(a)</sup> | 2196612 | 21680561 |

---

**DAVENPORT SMALL CAP FOCUS FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 91.1% (Continued)** | **Shares** | **Value** |
| **Real Estate — 7.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 37322 | $4568959 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 791393 | 14498320 |
|  |  | 62501306 |
| **Technology — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(a)</sup> | 269290 | 25520613 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corporation - Class A <sup>(a)</sup> | 1371281 | 33870641 |
|  |  | 59391254 |
| **Total Common Stocks (Cost $695,620,100)** |  | $786738539 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 2.1%** | **Shares** | **Value** |
| ALPS Medical Breakthroughs ETF (Cost $14,436,219) | 473402 | $18395929 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 6.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(c)</sup> (Cost $58,727,774) | 58727774 | $58727774 |
| **Total Investments at Value — 100.0%** (Cost $768,784,093) |  | $863862242 |
| **Liabilities in Excess of Other Assets — (0.0%)** <sup>(d)</sup>** |  | (458759) |
| **Net Assets — 100.0%** |  | $863403483 |

---

<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 September 30, 2025.

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

See accompanying notes to financial statements.

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 55.4%** | **Shares** | **Value** |
| **Communications — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 124487 | $3911381 |
| **Consumer Discretionary — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Company | 17247 | 2390434 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 11344 | 2850861 |
| &nbsp;&nbsp;&nbsp;McDonald's Corporation | 9828 | 2986631 |
|  |  | 8227926 |
| **Consumer Staples — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 74741 | 4455311 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 108000 | 1752840 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 14405 | 2023038 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 13175 | 2136985 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | 104000 | 2441920 |
|  |  | 12810094 |
| **Energy — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corporation | 31803 | 4938688 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 60275 | 3041476 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 87000 | 2720490 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 19361 | 2182953 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 86921 | 2987475 |
|  |  | 15871082 |
| **Financials — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 6141 | 3087326 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 76217 | 4339796 |
| &nbsp;&nbsp;&nbsp;Brookfield Corporation | 53688 | 3681923 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 33536 | 3403904 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 2340 | 4090952 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 39078 | 2363828 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 13486 | 4253889 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 1665 | 3182415 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company | 37851 | 3172671 |
|  |  | 31576704 |
| **Health Care — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 23020 | 4308653 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 10726 | 3465785 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 28470 | 5278907 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 36857 | 3510261 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 37975 | 2107233 |
| &nbsp;&nbsp;&nbsp;Sanofi - ADR | 68467 | 3231642 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 9182 | 3170545 |
|  |  | 25073026 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 55.4% (Continued)** | **Shares** | **Value** |
| **Industrials — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 7451 | $1757020 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 28026 | 3081459 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 18428 | 5628095 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 13517 | 4060642 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 20730 | 4550857 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 26017 | 2173200 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 7270 | 2939261 |
|  |  | 24190534 |
| **Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 10339 | 1676676 |
| **Real Estate — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 29039 | 2420110 |
| &nbsp;&nbsp;&nbsp;American Tower Corporation | 22905 | 4405090 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 24867 | 3044218 |
|  |  | 9869418 |
| **Technology — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc - Class A | 11789 | 2907167 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 81357 | 2215351 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation | 7148 | 2010304 |
|  |  | 7132822 |
| **Utilities — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Partners, L.P. | 61867 | 2034806 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners, L.P. | 76999 | 1985804 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 63059 | 4760324 |
|  |  | 8780934 |
| **Total Common Stocks (Cost $113,966,979)** |  | $149120597 |

---

---

| | | |
|:---|:---|:---|
| **FIXED RATE CORPORATE BONDS — 24.3%** | **Par Value** | **Value** |
| **Communications — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.950%, due 05/15/2033 | $4990000 | $5163876 |
| **Consumer Staples — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc., 5.050%, due 03/15/2029 | 2500000 | 2545342 |
| &nbsp;&nbsp;&nbsp;Phillip Morris International, Inc., 5.375%, due 02/15/2033 | 2995000 | 3126511 |
|  |  | 5671853 |
| **Energy — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines, L.P., 4.450%, due 07/15/2027 | 2200000 | 2204818 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, 4.812%, due 02/13/2033 | 2990000 | 3025261 |
| &nbsp;&nbsp;&nbsp;MPLX, L.P., 4.125%, due 03/01/2027 | 3250000 | 3246001 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **FIXED RATE CORPORATE BONDS — 24.3% (Continued)** | **Par Value** | **Value** |
| **Energy — 6.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 08/01/2027 | $2000000 | $2021116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, due 10/01/2034 | 3500000 | 3550662 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.550%, due 11/01/2026 | 1995000 | 2020447 |
|  |  | 16068305 |
| **Financials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc., 4.750%, due 05/25/2033 | 3000000 | 3065249 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The), 5.875%, due 08/24/2026 | 3750000 | 3805408 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.000%, due 05/02/2033 | 3000000 | 3090752 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Company, 4.811%, due 01/15/2026 | 2500000 | 2503606 |
|  |  | 12465015 |
| **Health Care — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company, 5.900%, due 11/15/2033 | 3000000 | 3261218 |
| &nbsp;&nbsp;&nbsp;HCA, Inc., 5.450%, due 04/01/2031 | 3500000 | 3639629 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc., 4.500%, due 05/17/2033 | 2490000 | 2503290 |
|  |  | 9404137 |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc., 4.875%, due 02/15/2029 | 1995000 | 2048835 |
| **Materials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.350%, due 03/15/2031 | 3200000 | 3179421 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The), 4.300%, due 08/15/2028 | 3000000 | 3015721 |
|  |  | 6195142 |
| **Technology — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.200%, due 07/01/2026 | 2325000 | 2310357 |
| &nbsp;&nbsp;&nbsp;Oracle Corporation, 5.800%, due 11/10/2025 | 2990000 | 2994219 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc., 5.100%, due 04/15/2030 | 3000000 | 3087291 |
|  |  | 8391867 |
| **Total Fixed Rate Corporate Bonds (Cost $64,112,335)** |  | $65409030 |

---

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS — 0.9%** | **Par Value** | **Value** |
| Richmond, VA, GO, Public Improvement Bonds Series, 4.800%, due 03/01/2033 (Cost $2,525,197) | $2455000 | $2515238 |

---

**DAVENPORT BALANCED INCOME FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.5%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;5.260%, due 11/14/2033 | $5000000 | $4990834 |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/02/2035 | 1000000 | 1003048 |
| &nbsp;&nbsp;&nbsp;5.330%, due 10/17/2039 | 5000000 | 4967996 |
|  |  | 10961878 |
| **Federal Home Loan Bank — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/20/2035 | 5000000 | 5019278 |
| &nbsp;&nbsp;&nbsp;5.550%, due 09/12/2039 | 1500000 | 1489039 |
|  |  | 6508317 |
| **Total U.S. Government & Agency Obligations** (Cost $17,459,418) |  | $17470195 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 3.5%** | **Par Value** | **Value** |
| **U.S. Treasury Bills — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;4.335%, due 10/16/2025 <sup>(b)</sup> | $5000000 | $4991554 |
| **U.S. Treasury Notes — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/30/2026 | 2500000 | 2514678 |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/2033 | 2000000 | 1983906 |
|  |  | 4498584 |
| **Total U.S. Treasury Obligations (Cost $9,368,357)** |  | $9490138 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 8.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(c)</sup> (Cost $23,700,700) | 23700700 | $23700700 |
| **Total Investments at Value — 99.4% (Cost $231,132,986)** |  | $267705898 |
| **Other Assets in Excess of Liabilities — 0.6%** |  | 1484855 |
| **Net Assets — 100.0%** |  | $269190753 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the annualized yield at the time of purchase. <br> <sup>(c)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

**DAVENPORT INSIDER BUYING FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.5%** | **Shares** | **Value** |
| **Communications — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A <sup>(a)</sup> | 7000 | $1925735 |
| **Consumer Discretionary — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. <sup>(a)</sup> | 16000 | 1940000 |
| &nbsp;&nbsp;&nbsp;LKQ Corporation | 45000 | 1374300 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 41500 | 2893795 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 14000 | 1795780 |
|  |  | 8003875 |
| **Consumer Staples — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. <sup>(a)</sup> | 53000 | 1636110 |
| **Energy — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 34000 | 3216060 |
| **Financials — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon plc - Class A | 7300 | 2603034 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 35500 | 3389185 |
|  |  | 5992219 |
| **Health Care — 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 17000 | 2128740 |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 12000 | 2246040 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 34000 | 2331040 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 7500 | 2423400 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Company | 2700 | 2060100 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 28000 | 2758000 |
|  |  | 13947320 |
| **Industrials — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 19000 | 2351250 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 10500 | 2438310 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 6200 | 2320350 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Company | 17000 | 2230060 |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 8500 | 2004385 |
| &nbsp;&nbsp;&nbsp;Hexcel Corporation | 35000 | 2194500 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 17000 | 2973640 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 20000 | 1670600 |
|  |  | 18183095 |
| **Materials — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 25000 | 1690750 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 7500 | 1747800 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 37500 | 2307750 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 4300 | 2710204 |
|  |  | 8456504 |

---

**DAVENPORT INSIDER BUYING FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.5% (Continued)** | **Shares** | **Value** |
| **Real Estate — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 15000 | $2095950 |
| **Technology — 22.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 12500 | 2559250 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corporation | 13500 | 1349325 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 13500 | 2550960 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 32000 | 2690240 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 4800 | 2730288 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 4700 | 2666827 |
| &nbsp;&nbsp;&nbsp;TransUnion | 24000 | 2010720 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corporation - Class A <sup>(a)</sup> | 10000 | 2971600 |
|  |  | 19529210 |
| **Utilities — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 40000 | 3019600 |
| **Total Common Stocks (Cost $79,848,985)** |  | $86005678 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 1.5%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(b)</sup> (Cost $1,314,657) | 1314657 | $1314657 |
| **Total Investments at Value — 100.0% (Cost $81,163,642)** |  | $87320335 |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(c)</sup>** |  | 20239 |
| **Net Assets — 100.0%** |  | $87340574 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

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

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $668173457 | $736980237 | $631547126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $1234115448 | $986889216 | $893687986 |
| &nbsp;&nbsp;&nbsp;Cash | 12975572 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 692737 | 439786 | 233359 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 228075 | 1476030 | 264685 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 126331 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 28900 | 28081 | 27618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 1248167063 | 988833113 | 894213648 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 244759 | 718829 | 319267 |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 762680 | 602860 | 559223 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 82330 | 70020 | 69190 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 14148 | 11667 | 11060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1103917 | 1403376 | 958740 |
| **NET ASSETS** | $1247063146 | $987429737 | $893254908 |
| **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $660072492 | $708105487 | $615938171 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 586990654 | 279324250 | 277316737 |
| **Net assets** | $1247063146 | $987429737 | $893254908 |
| Shares of beneficial interest outstanding <br> (unlimited number of shares authorized, $0.01 par value) | 31848810 | 48745781 | 36069027 |
| Net asset value, offering price and redemption price per share (Note 2) | $39.16 | $20.26 | $24.77 |

---

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

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

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $723291938 | $231132986 | $81163642 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | 45492155 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at cost | $768784093 | $231132986 | $81163642 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $827951883 | $267705898 | $87320335 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Notes 2 & 6) | 35910359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at value | 863862242 | 267705898 | 87320335 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 412501 | 188584 | 13946 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1153597 | 1482396 | 63972 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 281 |  |  |
| &nbsp;&nbsp;&nbsp;Other assets | 29961 | 21377 | 19120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 865458582 | 269398255 | 87417373 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 991350 | 12599 | 9253 |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 442221 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 542951 | 163630 | 55016 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 67660 | 25100 | 9340 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 10917 | 6173 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 2055099 | 207502 | 76799 |
| **NET ASSETS** | $863403483 | $269190753 | $87340574 |
| **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $800308373 | $227228220 | $82561141 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 63095110 | 41962533 | 4779433 |
| **Net assets** | $863403483 | $269190753 | $87340574 |
| Shares of beneficial interest outstanding <br> (unlimited number of shares authorized, $0.01 par value) | 50642929 | 19601179 | 7936251 |
| Net asset value, offering price and redemption price per share (Note 2) | $17.05 | $13.73 | $11.01 |

---

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $4891970 | $13964869 | $3599246 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net reclaims received) | (67649) | (483905) | (85259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 4824321 | 13480964 | 3513987 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 4375630 | 3500859 | 3358138 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 462778 | 399535 | 402229 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 30560 | 24583 | 23506 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 8480 | 9003 | 17551 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 15049 | 15049 | 15049 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 20177 | 16653 | 16229 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9295 | 9295 | 9295 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 9672 | 8144 | 7830 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 2010 | 8870 | 9539 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 3413 | 3392 | 3366 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2617 | 2617 | 2617 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6376 | 6326 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 4946057 | 4004326 | 3871552 |
| **NET INVESTMENT INCOME (LOSS)** | (121736) | 9476638 | (357565) |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 21214276 | 28462256 | 15535390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 4717 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | 137129268 | 34172089 | 33300114 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** | 158343544 | 62639062 | 48835504 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $158221808 | $72115700 | $48477939 |

---

See accompanying notes to financial statements.

**THE DAVENPORT FUNDS**

**STATEMENTS OF OPERATIONS (Continued)**

**For the Six Months Ended September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **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 | $5221714 | $2537192 | $742123 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments (Note 6) | 737883 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net reclaims received) |  | (81877) |  |
| &nbsp;&nbsp;&nbsp;Interest |  | 2350051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 5959597 | 4805366 | 742123 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 3272568 | 956392 | 340649 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 394701 | 144244 | 56469 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 24045 | 7505 | 3385 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 33333 | 12767 | 15492 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 15049 | 15049 | 13049 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 15834 | 5867 | 3343 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 9295 | 10257 | 9295 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 7827 | 2563 | 1207 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 1819 | 1522 | 1377 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 3363 | 3019 | 2573 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2617 | 2617 | 2617 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6663 | 8507 | 6226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 3787114 | 1170309 | 455682 |
| **NET INVESTMENT INCOME** | 2172483 | 3635057 | 286441 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 5518291 | 4226635 | 509998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 685 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | 55794766 | 5530693 | 5673472 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on affiliated investments (Note 6) | (4048321) |  |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** | 57264736 | 9758013 | 6183470 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $59437219 | $13393070 | $6469911 |

---

See accompanying notes to financial statements.

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

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended**<br> **March 31,**<br> **2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(121736) | $1063783 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 21214276 | 52508653 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 137129268 | 3010038 |
| Net increase in net assets from operations | 158221808 | 56582474 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (22288748) | (57569579) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 58779472 | 102118223 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 20473128 | 52958493 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (38284571) | (69124506) |
| Net increase in net assets from capital share transactions | 40968029 | 85952210 |
| **TOTAL INCREASE IN NET ASSETS** | 176901089 | 84965105 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1070162057 | 985196952 |
| &nbsp;&nbsp;&nbsp;End of period | $1247063146 | $1070162057 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1597984 | 2835428 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 551391 | 1462833 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1034064) | (1926990) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1115311 | 2371271 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 30733499 | 28362228 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 31848810 | 30733499 |

---

See accompanying notes to financial statements.

**DAVENPORT VALUE & INCOME FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $9476638 | $15265777 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 28462256 | 45586133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 4717 | (2046) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 34172089 | 8771136 |
| Net increase in net assets from operations | 72115700 | 69621000 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (16035585) | (70223149) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 39123842 | 60585839 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 14455724 | 64215534 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (30799608) | (79583275) |
| Net increase in net assets from capital share transactions | 22779958 | 45218098 |
| **TOTAL INCREASE IN NET ASSETS** | 78860073 | 44615949 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 908569664 | 863953715 |
| &nbsp;&nbsp;&nbsp;End of period | $987429737 | $908569664 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2026509 | 3147402 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 745767 | 3350749 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1589491) | (4142106) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1182785 | 2356045 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 47562996 | 45206951 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 48745781 | 47562996 |

---

See accompanying notes to financial statements.

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(357565) | $323259 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 15535390 | 21379402 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 33300114 | (65918847) |
| Net increase (decrease) in net assets from operations | 48477939 | (44216186) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (8701448) | (842488) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 21461825 | 79622482 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 8024522 | 771373 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (43755030) | (65244095) |
| Net increase (decrease) in net assets from capital share transactions | (14268683) | 15149760 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 25507808 | (29908914) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 867747100 | 897656014 |
| &nbsp;&nbsp;&nbsp;End of period | $893254908 | $867747100 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 879543 | 3320632 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 332278 | 34268 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1783223) | (2709385) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (571402) | 645515 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 36640429 | 35994914 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 36069027 | 36640429 |

---

See accompanying notes to financial statements.

**DAVENPORT SMALL CAP FOCUS FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2172483 | $6411976 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 5518291 | (38076103) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 51746445 | (112499759) |
| Net increase (decrease) in net assets from operations | 59437219 | (144163886) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (1298235) | (24726213) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 54078233 | 193852044 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 1227557 | 23386644 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (117259885) | (189269458) |
| Net increase (decrease) in net assets from capital share transactions | (61954095) | 27969230 |
| **TOTAL DECREASE IN NET ASSETS** | (3815111) | (140920869) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 867218594 | 1008139463 |
| &nbsp;&nbsp;&nbsp;End of period | $863403483 | $867218594 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3311549 | 11045732 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 72609 | 1391536 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7101954) | (10821936) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (3717796) | 1615332 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 54360725 | 52745393 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 50642929 | 54360725 |

---

See accompanying notes to financial statements.

**DAVENPORT BALANCED INCOME FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3635057 | $6241118 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4226635 | 8051125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 685 | (297) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5530693 | 1033859 |
| Net increase in net assets from operations | 13393070 | 15325805 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (4326487) | (8793704) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 18814219 | 25043151 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 3936049 | 7973560 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (8244878) | (21993246) |
| Net increase in net assets from capital share transactions | 14505390 | 11023465 |
| **TOTAL INCREASE IN NET ASSETS** | 23571973 | 17555566 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 245618780 | 228063214 |
| &nbsp;&nbsp;&nbsp;End of period | $269190753 | $245618780 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1406669 | 1897482 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 292937 | 601621 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (615032) | (1676094) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1084574 | 823009 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 18516605 | 17693596 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 19601179 | 18516605 |

---

See accompanying notes to financial statements.

**DAVENPORT INSIDER BUYING FUND**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> September 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $286441 | $720451 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 509998 | (1883286) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5673472 | (6418551) |
| Net increase (decrease) in net assets from operations | 6469911 | (7581386) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (296466) | (760550) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2833179 | 29673152 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 284173 | 736202 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (13846205) | (9725210) |
| Net increase (decrease) in net assets from capital share transactions | (10728853) | 20684144 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (4555408) | 12342208 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 91895982 | 79553774 |
| &nbsp;&nbsp;&nbsp;End of period | $87340574 | $91895982 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 271878 | 2724907 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 26477 | 68904 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1299206) | (894449) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (1000851) | 1899362 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period | 8937102 | 7037740 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 7936251 | 8937102 |

---

See accompanying notes to financial statements.

**DAVENPORT CORE LEADERS FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **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 period | $34.82 | $34.74 | $27.12 | $32.09 | $31.48 | $21.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.00)<sup>(a)</sup> | 0.03 | 0.10 | 0.18 | 0.01 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 5.06 | 2.04 | 9.48 | (3.88) | 3.38 | 10.27 |
| Total from investment operations | 5.06 | 2.07 | 9.58 | (3.70) | 3.39 | 10.32 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.00)<sup>(a)</sup> | (0.04) | (0.10) | (0.18) | (0.00)<sup>(a)</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.72) | (1.95) | (1.86) | (1.09) | (2.78) | (0.25) |
| Total distributions | (0.72) | (1.99) | (1.96) | (1.27) | (2.78) | (0.32) |
| Net asset value at end of period | $39.16 | $34.82 | $34.74 | $27.12 | $32.09 | $31.48 |
| Total return <sup>(b)</sup> | 14.64 %<sup>(c)</sup> | 5.81% | 36.76% | (11.37%) | 10.89% | 48.20% |
| Net assets at end of period (000's) | $1247063 | $1070162 | $985197 | $716818 | $845650 | $756050 |
| Ratio of total expenses to average net assets | 0.85 %<sup>(d)</sup> | 0.85% | 0.87% | 0.87% | 0.86% | 0.87% |
| Ratio of net investment income (loss) to average net assets | (0.02 %)<sup>(d)</sup> | 0.10% | 0.34% | 0.66% | 0.04% | 0.17% |
| Portfolio turnover rate | 5 %<sup>(c)</sup> | 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.

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

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

See accompanying notes to financial statements.

**DAVENPORT VALUE & INCOME FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **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 period | $19.10 | $19.11 | $16.92 | $20.29 | $18.58 | $13.04 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.20 | 0.33 | 0.28 | 0.35 | 0.29 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.30 | 1.21 | 2.20 | (2.75) | 2.32 | 5.98 |
| Total from investment operations | 1.50 | 1.54 | 2.48 | (2.40) | 2.61 | 6.26 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.33) | (0.29) | (0.35) | (0.30) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.16) | (1.22) |  | (0.62) | (0.60) | (0.45) |
| Total distributions | (0.34) | (1.55) | (0.29) | (0.97) | (0.90) | (0.72) |
| Net asset value at end of period | $20.26 | $19.10 | $19.11 | $16.92 | $20.29 | $18.58 |
| Total return <sup>(a)</sup> | 7.91 %<sup>(b)</sup> | 8.25% | 14.78% | (11.81%) | 14.24% | 49.55% |
| Net assets at end of period (000's) | $987430 | $908570 | $863954 | $803930 | $920055 | $789652 |
| Ratio of total expenses to average net assets | 0.86 %<sup>(c)</sup> | 0.86% | 0.87% | 0.87% | 0.86% | 0.87% |
| Ratio of net investment income to average net assets | 2.03 %<sup>(c)</sup> | 1.73% | 1.61% | 2.00% | 1.46% | 1.78% |
| Portfolio turnover rate | 14 %<sup>(b)</sup> | 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.

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

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

See accompanying notes to financial statements.

**DAVENPORT EQUITY OPPORTUNITIES FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **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 period | $23.68 | $24.94 | $19.60 | $23.54 | $24.54 | $16.56 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.01) | 0.01 | 0.05 | 0.08 | (0.05) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.34 | (1.25) | 6.38 | (2.39) | 1.80 | 10.42 |
| Total from investment operations | 1.33 | (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 | (0.24) |  | (1.03) | (1.57) | (2.75) | (2.41) |
| Total distributions | (0.24) | (0.02) | (1.09) | (1.63) | (2.75) | (2.41) |
| Net asset value at end of period | $24.77 | $23.68 | $24.94 | $19.60 | $23.54 | $24.54 |
| Total return <sup>(a)</sup> | 5.64 %<sup>(b)</sup> | (4.96%) | 34.01% | (9.25%) | 6.89% | 66.20% |
| Net assets at end of period (000's) | $893255 | $867747 | $897656 | $653865 | $741496 | $659114 |
| Ratio of total expenses to average net assets | 0.86 %<sup>(c)</sup> | 0.86% | 0.87% | 0.88% | 0.87% | 0.88% |
| Ratio of net investment income (loss) to average net assets | (0.08 %)<sup>(c)</sup> | 0.04% | 0.25% | 0.40% | (0.20%) | (0.13%) |
| Portfolio turnover rate | 10 %<sup>(b)</sup> | 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.

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

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

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 Period:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **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 period | $15.95 | $19.11 | $16.03 | $17.85 | $19.37 | $11.14 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.04 | 0.12 | 0.11 | 0.15 | 0.11 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.09 | (2.83) | 3.71 | (0.90) | 1.20 | 9.28 |
| Total from investment operations | 1.13 | (2.71) | 3.82 | (0.75) | 1.31 | 9.32 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (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 | (0.03) | (0.45) | (0.74) | (1.07) | (2.83) | (1.09) |
| Net asset value at end of period | $17.05 | $15.95 | $19.11 | $16.03 | $17.85 | $19.37 |
| Total return <sup>(b)</sup> | 7.06 %<sup>(c)</sup> | (14.27%) | 24.59% | (3.56%) | 6.85% | 84.84% |
| Net assets at end of period (000's) | $863403 | $867219 | $1008139 | $588160 | $587568 | $491256 |
| Ratio of total expenses to average net assets <sup>(d)</sup> | 0.87 %<sup>(e)</sup> | 0.87% | 0.88% | 0.89% | 0.88% | 0.91% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 0.50 %<sup>(e)</sup> | 0.66% | 0.71% | 0.99% | 0.49% | 0.12% |
| Portfolio turnover rate | 19 %<sup>(c)</sup> | 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> Not annualized.

<sup>(d)</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.

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

See accompanying notes to financial statements.

**DAVENPORT BALANCED INCOME FUND**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025**<br>**(Unaudited)** | **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 period | $13.26 | $12.89 | $11.96 | $13.61 | $12.85 | $9.84 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.19 | 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 | 0.51 | 0.92 | (1.35) | 0.77 | 3.04 |
| Total from investment operations | 0.70 | 0.86 | 1.22 | (1.12) | 0.96 | 3.24 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.34) | (0.29) | (0.22) | (0.18) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.06) | (0.15) |  | (0.31) | (0.02) |  |
| Total distributions | (0.23) | (0.49) | (0.29) | (0.53) | (0.20) | (0.23) |
| Net asset value at end of period | $13.73 | $13.26 | $12.89 | $11.96 | $13.61 | $12.85 |
| Total return <sup>(b)</sup> | 5.31 %<sup>(c)</sup> | 6.74% | 10.33% | (8.18%) | 7.50% | 33.14% |
| Net assets at end of period (000's) | $269191 | $245619 | $228063 | $218648 | $236259 | $193186 |
| Ratio of total expenses to average net assets <sup>(d)</sup> | 0.92 %<sup>(e)</sup> | 0.93% | 0.93% | 0.93% | 0.92% | 0.93% |
| Ratio of net investment income to average net assets <sup>(d)</sup> | 2.85 %<sup>(e)</sup> | 2.65% | 2.42% | 1.88% | 1.42% | 1.73% |
| Portfolio turnover rate | 14 %<sup>(c)</sup> | 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.

<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> Not annualized.

<sup>(d)</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.

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

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:**

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br> Sept. 30,<br> 2025<br> (Unaudited)** | **Year Ended<br> March 31,<br> 2025** | **Period Ended<br> March 31,**<br>**2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $10.28 | $11.30 | $10.00 |
| Income from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.03 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.74 | (0.99) | 1.30 |
| Total from investment operations | 0.77 | (0.90) | 1.33 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.04) |  |
| Total distributions | (0.04) | (0.12) | (0.03) |
| Net asset value at end of period | $11.01 | $10.28 | $11.30 |
| Total return <sup>(c)</sup> | 7.45 %<sup>(d)</sup> | (8.27%) | 13.31 %<sup>(d)</sup> |
| Net assets at end of period (000's) | $87341 | $91896 | $79554 |
| Ratio of total expenses to average net assets <sup>(e)</sup> | 1.00 %<sup>(f)</sup> | 1.01% | 1.09 %<sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 0.63 %<sup>(f)</sup> | 0.78% | 1.00 %<sup>(f)</sup> |
| Portfolio turnover rate | 25 %<sup>(d)</sup> | 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 the underlying 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 share of 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**

**September 30, 2025 (Unaudited)**

**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.

**2. Significant Accounting Policies**

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("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").

**Segment reporting** — Davenport & Company LLC (the "Adviser") acts as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Adviser. The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in each Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**New Accounting Pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management does not believe there will be any impact on the Funds' financial statements.

**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 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 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, 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.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 September 30, 2025, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Core Leaders Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1171891712 | $— | $— | $1171891712 |
| Money Market Funds | 62223736 |  |  | 62223736 |
| Total | $1234115448 | $— | $— | $1234115448 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Value & Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $930677519 | $— | $— | $930677519 |
| Money Market Funds | 56211697 |  |  | 56211697 |
| Total | $986889216 | $— | $— | $986889216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Equity Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $869299868 | $— | $— | $869299868 |
| Money Market Funds | 24388118 |  |  | 24388118 |
| Total | $893687986 | $— | $— | $893687986 |

---

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Small Cap Focus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $786738539 | $— | $— | $786738539 |
| Exchange-Traded Funds | 18395929 |  |  | 18395929 |
| Money Market Funds | 58727774 |  |  | 58727774 |
| Total | $863862242 | $— | $— | $863862242 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Balanced Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $149120597 | $— | $— | $149120597 |
| Fixed Rate Corporate Bonds |  | 65409030 |  | 65409030 |
| Municipal Bonds |  | 2515238 |  | 2515238 |
| U.S. Government & Agency Obligations |  | 17470195 |  | 17470195 |
| U.S. Treasury Obligations |  | 9490138 |  | 9490138 |
| Money Market Funds | 23700700 |  |  | 23700700 |
| Total | $172821297 | $94884601 | $— | $267705898 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Insider Buying Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $86005678 | $— | $— | $86005678 |
| Money Market Funds | 1314657 |  |  | 1314657 |
| Total | $87320335 | $— | $— | $87320335 |

---

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 six months ended September 30, 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.

&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.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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 shareholder**s — 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 periods ended September 30, 2025 and March 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Period<br> Ended** | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total<br> Distributions** |
| Davenport Core Leaders Fund | 09/30/25 | $2582630 | $19706118 | $22288748 |
|  | 03/31/25 | $1309623 | $56259956 | $57569579 |
| Davenport Value & Income Fund | 09/30/25 | $8461346 | $7574239 | $16035585 |
|  | 03/31/25 | $15263731 | $54959418 | $70223149 |
| Davenport Equity Opportunities Fund | 09/30/25 | $6780301 | $1921147 | $8701448 |
|  | 03/31/25 | $842488 | $— | $842488 |
| Davenport Small Cap Focus Fund | 09/30/25 | $1298235 | $— | $1298235 |
|  | 03/31/25 | $12316389 | $12409824 | $24726213 |
| Davenport Balanced Income Fund | 09/30/25 | $3182034 | $1144453 | $4326487 |
|  | 03/31/25 | $5997369 | $2796335 | $8793704 |
| Davenport Insider Buying Fund | 09/30/25 | $296466 | $— | $296466 |
|  | 03/31/25 | $760550 | $— | $760550 |

---

**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 September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Core Leaders<br> Fund** | **Davenport<br> Value &<br> Income<br> Fund** | **Davenport<br> Equity<br> Opportunities<br> Fund** |
| Cost of investments | $668215343 | $737042838 | $631547126 |
| Gross unrealized appreciation | $588819131 | $286414440 | $337803671 |
| Gross unrealized depreciation | (22919026) | (36568062) | (75662811) |
| Net unrealized appreciation | 565900105 | 249846378 | 262140860 |
| Accumulated ordinary income (loss) | (120971) | 1020009 | (357565) |
| Other gains | 21211520 | 28457863 | 15533442 |
| Accumulated earnings | $586990654 | $279324250 | $277316737 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus Fund** | **Davenport<br> Balanced<br> Income Fund** | **Davenport<br> Insider Buying<br> Fund** |
| Cost of investments | $772893295 | $230422854 | $81168582 |
| Gross unrealized appreciation | $187323330 | $43601507 | $12437529 |
| Gross unrealized depreciation | (96354383) | (6318463) | (6285776) |
| Net unrealized appreciation | 90968947 | 37283044 | 6151753 |
| Accumulated ordinary income (loss) | 1106729 | 453708 | (3972) |
| Capital loss carryforwards | (34544164) |  | (1848639) |
| Other gains | 5563598 | 4225781 | 480291 |
| Accumulated earnings | $63095110 | $41962533 | $4779433 |

---

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 the current and future years to offset net realized capital gains, if any.

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 the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

**THE DAVENPORT 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 six months ended September 30, 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 six months ended September 30, 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 | $62792988 | $123657316 | $88672260 |
| Proceeds from sales and maturities of investment securities | $53203121 | $142085223 | $119807113 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport<br> Small Cap<br> Focus Fund** | **Davenport<br> Balanced<br> Income Fund** | **Davenport<br> Insider Buying<br> Fund** |
| Purchases of investment securities | $154431351 | $32404543 | $22031178 |
| Proceeds from sales and maturities of investment securities | $230662128 | $25477453 | $29865255 |

---

During the six months ended September 30, 2025, cost of purchases and proceeds from sales of long-term U.S. government securities for Davenport Balanced Income Fund were $1,494,750 and $9,810,000, 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 Adviser has agreed, until August 1, 2026, 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 Adviser 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.

**THE DAVENPORT FUNDS**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

For the six months ended September 30, 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.

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 Consulting Agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.

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 pays 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 September 30, 2025, Davenport Core Leaders Fund had 30.6% of the value of its net assets invested in common stocks within the Technology sector and Davenport Equity Opportunities Fund had 26.1% of the value of its net assets invested in common stocks within the Consumer Discretionary sector.

**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 this holding for the six months ended September 30, 2025 appears below:

---

| | |
|:---|:---|
| | **Golden<br> Entertainment,<br> Inc.** |
| Percentage of Outstanding Voting Shares Owned | 5.82% |
| Shares at Beginning of Period | $1414226 |
| Shares Purchased During the Period | 108690 |
| Shares at End of Period | 1522916 |
| Market Value at Beginning of Period | $37321424 |
| Cost of Purchases During the Period | 2637256 |
| Change in Unrealized Appreciation (Depreciation) | (4048321) |
| Market Value at End of Period | $35910359 |
| Dividend Income Earned During the Period | $737883 |

---

**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 noted has no such events except for the following:

On November 18, 2025, the Board of Trustees elected Mark J. Seger to serve as an "Interested Trustee" due to his affiliation with Ultimus. This event occurred after the reporting period and does not affect the financial position at the end of the six-month period.

**THE DAVENPORT FUNDS**

**ADDITIONAL INFORMATION (Unaudited)**

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

There were no changes in and/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**

Not applicable.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Mark J. Seger |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

(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.**

Not applicable

**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 officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed
 and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries,
 is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that
 the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 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: Not applicable

(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.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 | December 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 | December 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 | December 3, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ John P. Ackerly IV |
|  |  | John P. Ackerly IV, President & Principal Executive Officer |
|  |  | (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) |
| Date | December 3, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Angela A. Simmons |
|  |  | Angela A. Simmons, Treasurer and Principal Financial Officer |
| Date | December 3, 2025 |  |

---

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

## 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: | December 3, 2025 | /s/ Thomas W. Leavell |
| | | Thomas W. Leavell, President & Principal Executive Officer of The Government Street Equity Fund and The Government Street 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: | December 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 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: | December 3, 2025 | /s/ John P. Ackerly IV |
|  |  | John P. Ackerly IV, President & Principal Executive Officer of 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, Angela A. Simmons, 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: | December 3, 2025 | /s/ Angela A. Simmons |
| | | Angela A. Simmons, Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

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

Thomas W. Leavell, Principal Executive Officer, and Angela A. Simmons, 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 September 30, 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/ Angela A. Simmons |
| Thomas W. Leavell, President & Principal Executive Officer of | Angela A. Simmons, Treasurer and Principal Financial Officer |
| The Government Street Equity Fund, |  |
| The Government Street Opportunities Fund and |  |
| Date: December 3, 2025 | Date: December 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 Angela A. Simmons, 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 September 30, 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/ Angela A. Simmons |
| Charles M. Caravati III, President & Principal Executive Officer of | Angela A. Simmons, Treasurer and Principal Financial Officer |
| The Jamestown Equity Fund |  |
| Date: December 3, 2025 | Date: December 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 Angela A. Simmons, Chief Financial Officer, of 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 September 30, 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/ Angela A. Simmons |
| John P. Ackerly IV, President & Principal Executive Officer of | Angela A. Simmons, Treasurer and Principal Financial Officer |
| 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: December 3, 2025 | Date: December 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.