# EDGAR Filing Document

**Accession Number:** 0000842512
**File Stem:** 0001580642-26-003463
**Filing Date:** 2026-6
**Character Count:** 336414
**Document Hash:** c1369da5e282daf442fcb55068ad7de6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003463.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001580642-26-003463

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05685
- **FILM NUMBER:** 261059287

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number&nbsp;&nbsp;&nbsp;&nbsp; 811-05685 <br>

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

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

John H. Chilton, Esq.

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

Registrant's telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp; (513) 587-3400 <br>

---

| | |
|:---|:---|
| Date of fiscal year end: | March 31 |
| Date of reporting period: | March 31, 2026 |

---

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) # The Jamestown Equity Fund
(JAMEX)

### Annual Shareholder Report - March 31, 2026
![Image](ie833b40d8d0e3bb9976b0286.jpg)

## Fund Overview
This annual shareholder report contains important information about The Jamestown Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Jamestown Equity Fund (The) | $104 | 0.95% |

---

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

For the twelve-month period ending March 31, 2026, The Jamestown Equity Fund returned 19.91% compared to 17.80% for the S&P 500<sup>®</sup> Index. Sector allocation and stock selection were both positive contributors to relative performance for the fiscal year. The primary drivers of favorable sector selection were being overweight in the Energy sector and underweight in the Health Care and Consumer Staples sectors, partially offset by being modestly underweight in the Consumer Discretionary and Technology sectors.

&nbsp;&nbsp;&nbsp;&nbsp;For the twelve months ended March 31, 2026, equity markets delivered strong performances as the economy and corporate earnings bolstered equity returns. The Federal Reserve resumed its interest rate cut cycle with three quarter point decreases during the fiscal year. The yield curve steepened, and 10-year Treasuries traded in a tight range between 4.0 and 4.5%.

&nbsp;&nbsp;&nbsp;&nbsp;The first quarter of the Fund's fiscal year got off to a difficult start as stocks and bonds sold off swiftly after "Liberation Day" in early April of 2025. However, markets rebounded quickly as the Administration reversed some of the most onerous proposed tariffs. The economy experienced a 2.1% increase in real GDP during calendar 2025. Corporate earnings outpaced economic growth with a 12.8% rate for the calendar year for S&P 500<sup>®</sup> companies, boosted by extremely strong technology spending on artificial intelligence and the related build-out of data centers. For the fiscal year ending March 31, 2026, the Energy sector was the best performing sector in the market due to its robust performance in the last quarter of the fiscal year as the war in Iran drove a significant increase in oil prices. Outside of Energy, growth-oriented sectors, including Technology and Communications, delivered strong performance. Stocks in the Financials sector and the more defensive Health Care, Consumer Staples, and Real Estate sectors delivered modestly positive returns for the fiscal year but were laggards.

&nbsp;&nbsp;&nbsp;&nbsp;At the end of March 2026, 97.35% of the Fund was invested in a diversified portfolio of equities, while the Fund had 2.65% in cash. The Jamestown Equity Fund remains well diversified across sector allocations, with slightly overweights in the Energy and Communications sectors and underweights in the Consumer Staples, Health Care, and Materials sectors.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9e5c26d58c715468cc95a169.jpg)

---

| | | |
|:---|:---|:---|
| | **Jamestown Equity Fund (The)** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 |
| **Mar-2017** | $11214 | $11717 |
| **Mar-2018** | $12711 | $13357 |
| **Mar-2019** | $13525 | $14625 |
| **Mar-2020** | $12691 | $13605 |
| **Mar-2021** | $20335 | $21271 |
| **Mar-2022** | $22960 | $24599 |
| **Mar-2023** | $21607 | $22698 |
| **Mar-2024** | $28193 | $29480 |
| **Mar-2025** | $30284 | $31913 |
| **Mar-2026** | $36314 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Jamestown Equity Fund (The) | 19.91% | 12.30% | 13.76% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (866) 738-1126.***

## **Fund Statistics** 
* Net Assets$62,756,704

* Number of Portfolio Holdings48

* Advisory Fee $407,141

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia5b15716e3dedb8fcd09975f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 85.3% |
| Exchange-Traded Funds | 12.1% |
| Money Market Funds | 2.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i10be64a61e7f98f8a7fcd354.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Real Estate | 1.3% |
| Utilities | 2.3% |
| Money Market Funds | 2.7% |
| Consumer Staples | 3.1% |
| Health Care | 5.5% |
| Energy | 7.0% |
| Industrials | 7.9% |
| Consumer Discretionary | 7.9% |
| Financials | 11.4% |
| Exchange-Traded Funds | 12.1% |
| Communications | 12.5% |
| Technology | 26.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Alphabet, Inc. - Class C | 7.0% |
| NVIDIA Corporation | 6.2% |
| Microsoft Corporation | 5.0% |
| Apple, Inc. | 4.8% |
| Amazon.com, Inc. | 4.0% |
| Meta Platforms, Inc. - Class A | 3.8% |
| Vanguard Information Technology ETF | 3.7% |
| JPMorgan Chase & Company | 3.3% |
| Broadcom, Inc. | 3.2% |
| State Street Health Care Select Sector SPDR ETF | 2.9% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie833b40d8d0e3bb9976b0286.jpg)

## The Jamestown Equity Fund (JAMEX)

### Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-JAMEX

# The Government Street Equity Fund
(GVEQX)

### Annual Shareholder Report - March 31, 2026
![Image](i157ee3692e3c64a8ec03248d.jpg)

## Fund Overview
This annual shareholder report contains important information about The Government Street Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Government Street Equity Fund (The) | $94 | 0.85% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Fund enjoyed a significantly better performance than the stock market, as measured by the S&P 500<sup>®</sup> Index, turning in 22.14% versus 17.80% respectfully, for the fiscal year ended March 31, 2026. The Fund's Industrials sector led all others during the year with a positive 53.1% return. The Technology sector followed closely with a 42.6% contribution. Value type securities, while having mostly positive returns, continued to trail growth type sectors significantly. During the period S&P 500<sup>®</sup> Index growth stocks achieved a positive 24.3% versus the value category 13.0%

&nbsp;&nbsp;&nbsp;&nbsp; The year, in general, continued to embrace Artificial Intelligence and almost any company connected to the theme. The stock pricing environment took on a higher level of volatility as a result of significant investment shifts across the various representative companies.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund continued to be represented by all eleven sectors of the S&P 500<sup>®</sup> Index. A new investment in precious metals, represented by gold and silver Exchange-Traded Funds, was introduced in November of 2025. On a combined basis at fiscal year-end, they represented 4.6% of the total fund. Additional investments are anticipated as Central Banks continue to purchase for their reserves, anticipated dollar value declines exist and continued global deficit spending increases.

&nbsp;&nbsp;&nbsp;&nbsp; Note: The investment performances listed for economic sectors and securities in the preceding paragraph is extracted from an in-house independent time weighted rates of return computation by the Addepar portfolio accounting system. The calculations are gross investment returns. Total investment returns are for the fiscal year April 1, 2025 through March 31, 2026.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4e0821b7e626d0d42ee7359a.jpg)

---

| | | |
|:---|:---|:---|
| | **Government Street Equity Fund (The)** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 |
| **Mar-2017** | $11232 | $11717 |
| **Mar-2018** | $12926 | $13357 |
| **Mar-2019** | $13657 | $14625 |
| **Mar-2020** | $13378 | $13605 |
| **Mar-2021** | $20797 | $21271 |
| **Mar-2022** | $24439 | $24599 |
| **Mar-2023** | $22317 | $22698 |
| **Mar-2024** | $28843 | $29480 |
| **Mar-2025** | $31417 | $31913 |
| **Mar-2026** | $38374 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Government Street Equity Fund (The) | 22.14% | 13.03% | 14.39% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (866) 738-1125.***

## **Fund Statistics** 
* Net Assets$100,967,079

* Number of Portfolio Holdings80

* Advisory Fee $609,142

* Portfolio Turnover19%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i07db4d1c4cac59bc5d1761a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed-End Funds | 4.5% |
| Common Stocks | 88.9% |
| Exchange-Traded Funds | 4.5% |
| Money Market Funds | 2.1% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i2123abed6636f86edbde0157.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Real Estate | 1.2% |
| Utilities | 1.6% |
| Money Market Funds | 2.1% |
| Materials | 2.8% |
| Energy | 4.0% |
| Consumer Staples | 4.3% |
| Commodity | 4.5% |
| Exchange-Traded Funds | 4.6% |
| Health Care | 6.3% |
| Consumer Discretionary | 6.6% |
| Communications | 7.9% |
| Financials | 12.1% |
| Industrials | 15.5% |
| Technology | 26.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 14.7% |
| Alphabet, Inc. - Classes A & C | 5.0% |
| JPMorgan Chase & Company | 4.7% |
| Walmart, Inc. | 3.4% |
| Sprott Physical Gold Trust | 2.7% |
| RTX Corporation | 2.7% |
| Microsoft Corporation | 2.6% |
| AbbVie, Inc. | 2.5% |
| Amazon.com, Inc. | 2.5% |
| Quanta Services, Inc. | 2.2% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i157ee3692e3c64a8ec03248d.jpg)

# The Government Street Equity Fund (GVEQX)

## Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-GVEQX

# The Government Street Opportunities Fund
(GVMCX)

### Annual Shareholder Report - March 31, 2026
![Image](i40bd1893b16f56ab67957095.jpg)

## Fund Overview
This annual shareholder report contains important information about The Government Street Opportunities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Government Street Opportunities Fund (The) | $112 | 1.03% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Government Street Opportunities Fund tends to have securities that align more with the definition of mid capitalization companies in the overall securities universe. For the second year in a row this category of companies has slightly underperformed larger capitalization indices. For the 12 months under review, your Fund turned in 17.37% compared to the larger S&P 500<sup>®</sup> Index return of 17.80%, Russell 3000<sup>®</sup> Index return of 18.09%, and S&P MidCap 400<sup>®</sup> Index return of 17.35%.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is diversified among ten of the eleven sectors of the S&P 500<sup>®</sup> Index. For the fiscal year, the Technology sector led with a positive return of 63.4%. In second place, the Utilities sector turned in 47.5%. Artificial Intelligence (AI) related securities provided the primary catalyst for the excellent sector performance. Utilities securities were in high demand as their required support for data center energy, needed for AI support, was recognized.

&nbsp;&nbsp;&nbsp;&nbsp; A new investment in precious metals, represented by gold and silver Exchange-Traded Funds, was introduced in November 2025. The alternative type of investment has historically provided additional diversification to mitigate high levels of volatility in general market activity. It is expected this additional diversification will mitigate portfolio volatility and result in higher compounded returns over time.

&nbsp;&nbsp;&nbsp;&nbsp; Note: The investment performances listed for economic sectors and securities in the preceding paragraph is extracted from an in-house independent time weighted rates of return computation by the Addepar portfolio accounting system. The calculations are gross investment returns. Total investment returns are for the fiscal year April 1, 2025 through March 31, 2026.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0357bc3c15752a40a909beab.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Government Street Opportunities Fund (The)** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11644 | $11807 | $12092 |
| **Mar-2018** | $13351 | $13438 | $13419 |
| **Mar-2019** | $13913 | $14616 | $13767 |
| **Mar-2020** | $12775 | $13282 | $10668 |
| **Mar-2021** | $20057 | $21587 | $19571 |
| **Mar-2022** | $23089 | $24161 | $20469 |
| **Mar-2023** | $21955 | $22088 | $19420 |
| **Mar-2024** | $27784 | $28558 | $23951 |
| **Mar-2025** | $28007 | $30620 | $23303 |
| **Mar-2026** | $32873 | $36157 | $27346 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Government Street Opportunities Fund (The) | 17.37% | 10.39% | 12.64% |
| Russell 3000<sup>®</sup> Index | 18.09% | 10.87% | 13.72% |
| S&P MidCap 400<sup>®</sup> Index | 17.35% | 6.92% | 10.58% |

---

***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. For updated performance call (866) 738-1125.***

## **Fund Statistics** 
* Net Assets$83,731,987

* Number of Portfolio Holdings88

* Advisory Fee $605,250

* Portfolio Turnover20%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib077215c48600b4b41839fa1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Closed-End Funds | 4.4% |
| Common Stocks | 80.1% |
| Exchange-Traded Funds | 10.2% |
| Money Market Funds | 5.3% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i6c78c7fe89c67dbdb2e3492c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Consumer Staples | 1.8% |
| Real Estate | 2.4% |
| Energy | 3.6% |
| Consumer Discretionary | 3.7% |
| Commodity | 4.4% |
| Money Market Funds | 5.3% |
| Materials | 6.0% |
| Health Care | 6.1% |
| Exchange-Traded Funds | 10.2% |
| Financials | 15.0% |
| Industrials | 19.8% |
| Technology | 20.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 9.9% |
| iShares Core S&P Mid-Cap ETF | 4.0% |
| State Street SPDR S&P MidCap 400<sup>®</sup> ETF Trust | 3.8% |
| Lam Research Corporation | 3.0% |
| Sprott Physical Gold Trust | 2.8% |
| Argan, Inc. | 2.4% |
| Nasdaq, Inc. | 2.2% |
| L3Harris Technologies, Inc. | 2.2% |
| Woodward, Inc. | 2.1% |
| CME Group, Inc. | 2.1% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i40bd1893b16f56ab67957095.jpg)

# The Government Street Opportunities Fund (GVMCX)

## Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-GVMCX

# Davenport Core Leaders Fund
(DAVPX)

### Annual Shareholder Report - March 31, 2026
![Image](i2ab229a9ec0cfd409089bad4.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Core Leaders Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Core Leaders Fund | $88 | 0.85% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Core Leaders Fund (DAVPX) gained 7.61% in the twelve-month period ended March 31, 2026, lagging the S&P 500<sup>®</sup> Index, which gained 17.80% for the period. Market conditions during the period were unsettled, as a late rotation away from technology and software stocks gave way to a sharp rally in the energy sector amid intensifying Middle East tensions.

&nbsp;&nbsp;&nbsp;&nbsp; The best performing stock for the fiscal year was Quanta Services, Inc. (PWR), which benefited from positive impacts from energy-aligned businesses. Other notable contributors included Analog Devices, Inc. (ADI) and Rockwell Automation, Inc. (ROK).

&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (UNH) was the Fund's largest performance detractor in the fiscal year as the company's earnings and guidance fell short of expectations. The stock experienced further pressure amidst leadership changes and reports of a new investigation by the Department of Justice. Other notable detractors included Adobe, Inc. (ADBE) and ServiceNow, Inc. (NOW).

&nbsp;&nbsp;&nbsp;&nbsp; The period was marked by heightened volatility and rapid shifts in market leadership, creating a particularly challenging investment backdrop. Despite these challenges, we remain focused on the long term – aligning ourselves with high quality businesses that have durable competitive advantages, strong returns on capital and management teams committed to disciplined, long term capital allocation. Although this approach may lag during periods of abrupt leadership rotation, we believe it positions the Fund to compound intrinsic value more reliably over full market cycles.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i31eb0092d6c2aa029afba4a9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Davenport Core Leaders Fund** | **Bloomberg US 500 Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Mar-2017** | $11656 | $11745 | $11717 |
| **Mar-2018** | $12983 | $13411 | $13357 |
| **Mar-2019** | $14048 | $14696 | $14625 |
| **Mar-2020** | $13014 | $13773 | $13605 |
| **Mar-2021** | $19286 | $21829 | $21271 |
| **Mar-2022** | $21387 | $24917 | $24599 |
| **Mar-2023** | $18956 | $22792 | $22698 |
| **Mar-2024** | $25924 | $29758 | $29480 |
| **Mar-2025** | $27429 | $32218 | $31913 |
| **Mar-2026** | $29517 | $37968 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Core Leaders Fund | 7.61% | 8.88% | 11.43% |
| Bloomberg US 500 Index | 17.84% | 11.71% | 14.27% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (800) 281-3217.***

## **Fund Statistics** 
* Net Assets$1,157,530,138

* Number of Portfolio Holdings40

* Advisory Fee $8,988,261

* Portfolio Turnover16%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i430f1fc8e6c7df34e433962f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.2% |
| Money Market Funds | 4.8% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i658ce5ab314860ec187d0d0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 1.7% |
| Consumer Staples | 2.0% |
| Energy | 2.5% |
| Materials | 4.7% |
| Money Market Funds | 4.8% |
| Communications | 8.9% |
| Consumer Discretionary | 9.1% |
| Health Care | 10.7% |
| Industrials | 11.9% |
| Financials | 13.0% |
| Technology | 30.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Amazon.com, Inc. | 5.4% |
| NVIDIA Corporation | 5.4% |
| Microsoft Corporation | 4.6% |
| Brookfield Corporation | 4.5% |
| Apple, Inc. | 4.2% |
| Rockwell Automation, Inc. | 3.1% |
| UnitedHealth Group, Inc. | 3.1% |
| Alphabet, Inc. - Class A | 2.9% |
| Analog Devices, Inc. | 2.7% |
| TJX Companies, Inc. (The) | 2.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i2ab229a9ec0cfd409089bad4.jpg)

# Davenport Core Leaders Fund (DAVPX)

## Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DAVPX

# Davenport Value & Income Fund
(DVIPX)

### Annual Shareholder Report - March 31, 2026
![Image](ie163398e515123304624c1e7.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Value & Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Value & Income Fund | $91 | 0.86% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Value & Income Fund (DVIPX) generated a 11.57% total return in the twelve-month period ended March 31, 2026, lagging the S&P 500<sup>®</sup> Index and Russell 1000 Value<sup>®</sup> Index, which gained 17.80% and 15.87% respectively for the period. Value and defensive corners of the market performed relatively well in the period, distinguishing themselves from most of the major stock market indices, which declined.

&nbsp;&nbsp;&nbsp;&nbsp; The best performing stock for the fiscal year was Oracle Corporation (ORCL), which displayed excellent fundamental performance that resulted in a steadily higher valuation multiple. New management, as well as ongoing capital needs to fund the company's growth, are among the items we are monitoring. Other notable contributors included L3Harris Technologies, Inc. (LHX), and Johnson Controls International plc (JCI).

&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corporation (AMT) was the Fund's largest performance detractor in the fiscal year. Other notable detractors included Elevance Health, Inc. (ELV), and Watsco, Inc. (WSO).

&nbsp;&nbsp;&nbsp;&nbsp; Fourteen of our investments increased their dividend in the fiscal fourth quarter. Among those deserving special mention are NextEra Energy, Inc. (NEE, 30th consecutive year of increases), Enbridge, Inc. (ENB, coincidentally, also 30 years in a row), along with Chevron Corporation (CVX, 39 years in a row). Amid some hand-wringing about sticky inflation, the average Value & Income holding has increased its dividend 6% year-over-year, a level that well exceeds the headline rate of inflation. Although stocks got off to a choppy start in the fiscal fourth quarter, we are taking advantage of short-term market inefficiencies and exercising long-term patience, which is a combination we embrace.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5270a0f270814b204f5a8471.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Davenport Value & Income Fund** | **Bloomberg US 1000 Value Index** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $11360 | $11944 | $11922 | $11717 |
| **Mar-2018** | $12572 | $13000 | $12751 | $13357 |
| **Mar-2019** | $12944 | $13496 | $13474 | $14625 |
| **Mar-2020** | $10748 | $11036 | $11161 | $13605 |
| **Mar-2021** | $16073 | $17502 | $17421 | $21271 |
| **Mar-2022** | $18362 | $20118 | $19454 | $24599 |
| **Mar-2023** | $16193 | $19143 | $18303 | $22698 |
| **Mar-2024** | $18587 | $23095 | $22013 | $29480 |
| **Mar-2025** | $20120 | $24917 | $23593 | $31913 |
| **Mar-2026** | $22447 | $29580 | $27337 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Value & Income Fund | 11.57% | 6.91% | 8.42% |
| Bloomberg US 1000 Value Index | 18.71% | 11.07% | 11.45% |
| Russell 1000<sup>®</sup> Value Index | 15.87% | 9.43% | 10.58% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (800) 281-3217.***

## **Fund Statistics** 
* Net Assets$1,010,396,324

* Number of Portfolio Holdings44

* Advisory Fee $7,272,731

* Portfolio Turnover30%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id87027a0a9d613830d142334.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](i70095f2465bcad41fa658f0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Communications | 2.9% |
| Materials | 3.5% |
| Utilities | 4.0% |
| Money Market Funds | 5.0% |
| Consumer Discretionary | 5.0% |
| Technology | 5.1% |
| Consumer Staples | 6.1% |
| Real Estate | 6.7% |
| Energy | 10.0% |
| Health Care | 13.9% |
| Industrials | 16.7% |
| Financials | 21.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NextEra Energy, Inc. | 4.0% |
| Johnson & Johnson | 3.5% |
| Chevron Corporation | 3.2% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 3.1% |
| American Tower Corporation | 3.1% |
| Berkshire Hathaway, Inc. - Class B | 3.0% |
| TE Connectivity plc | 3.0% |
| Comcast Corporation - Class A | 2.9% |
| Watsco, Inc. | 2.8% |
| L3Harris Technologies, Inc. | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ie163398e515123304624c1e7.jpg)

# Davenport Value & Income Fund (DVIPX)

## Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DVIPX

# Davenport Equity Opportunities Fund
(DEOPX)

### Annual Shareholder Report - March 31, 2026
![Image](i0a481054f50a3158b5e7f53c.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Equity Opportunities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Equity Opportunities Fund | $86 | 0.87% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Equity Opportunities Fund (DEOPX) declined 2.58% during the twelve-month period ending March 31, 2026, lagging the S&P 500<sup>®</sup> Index return of 17.80% for the period. Despite behaving resiliently through much of the period, our lack of exposure to the Energy sector combined with overweights in Consumer Discretionary, Consumer Staples, Financials and Industrials weighed on relative performance as oil spiked and economically sensitive names swooned alongside the war in Iran.

&nbsp;&nbsp;&nbsp;&nbsp; The best performing stock in the Fund for the fiscal year was Clean Harbors, Inc. (CLH) as the stock spiked to new highs following impressive earnings. Other notable contributors included Casey's General Stores, Inc. (CASY) and Generac Holdings, Inc. (GNRC).

&nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. (KNSL) was the Fund's largest performance detractor in the fiscal year as KNSL experienced concerns around a softening in the commercial property market. Other notable detractors included CarMax, Inc. (KMX) and DraftKings, Inc. - Class A (DKNG).

&nbsp;&nbsp;&nbsp;&nbsp; To close, we remain attracted to the collection of high quality, durable growth businesses that anchor this strategy. We look forward to compounding alongside them for years to come. 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](icd0e7b7b1ade26f5f8fb3f6b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Davenport Equity Opportunities Fund** | **Bloomberg US Mid Cap Total Return Index** | **Russell Midcap<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $10757 | $11887 | $11703 | $11717 |
| **Mar-2018** | $12208 | $13376 | $13130 | $13357 |
| **Mar-2019** | $13553 | $14162 | $13980 | $14625 |
| **Mar-2020** | $12316 | $11698 | $11421 | $13605 |
| **Mar-2021** | $20470 | $20464 | $19831 | $21271 |
| **Mar-2022** | $21879 | $22352 | $21203 | $24599 |
| **Mar-2023** | $19855 | $20316 | $19341 | $22698 |
| **Mar-2024** | $26607 | $24787 | $23663 | $29480 |
| **Mar-2025** | $25289 | $25210 | $24277 | $31913 |
| **Mar-2026** | $24637 | $29261 | $28156 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Equity Opportunities Fund | -2.58% | 3.78% | 9.44% |
| Bloomberg US Mid Cap Total Return Index | 16.07% | 7.41% | 11.33% |
| Russell Midcap<sup>®</sup> Index | 15.98% | 7.26% | 10.91% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (800) 281-3217.***

## **Fund Statistics** 
* Net Assets$754,534,063

* Number of Portfolio Holdings32

* Advisory Fee $6,434,889

* Portfolio Turnover29%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7431e3bd1ef3f7eccba8df92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.8% |
| Money Market Funds | 5.2% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i8c2fc0bef4585eb5faad020b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Consumer Staples | 1.8% |
| Communications | 2.8% |
| Technology | 3.0% |
| Real Estate | 4.8% |
| Money Market Funds | 5.3% |
| Materials | 7.3% |
| Health Care | 17.0% |
| Consumer Discretionary | 18.6% |
| Financials | 19.2% |
| Industrials | 20.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Live Nation Entertainment, Inc. | 5.7% |
| Clean Harbors, Inc. | 5.6% |
| Kinsale Capital Group, Inc. | 5.5% |
| Martin Marietta Materials, Inc. | 4.3% |
| Align Technology, Inc. | 4.2% |
| Fairfax Financial Holdings Ltd. | 4.0% |
| Carrier Global Corporation | 3.8% |
| Markel Group, Inc. | 3.7% |
| Brookfield Corporation | 3.5% |
| O'Reilly Automotive, Inc. | 3.5% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i0a481054f50a3158b5e7f53c.jpg)

## Davenport Equity Opportunities Fund (DEOPX)

### Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DEOPX

# Davenport Small Cap Focus Fund
(DSCPX)

### Annual Shareholder Report - March 31, 2026
![Image](ic006773edc0a30fbcb23056a.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Small Cap Focus Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Small Cap Focus Fund | $89 | 0.88% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Small Cap Focus Fund (DSCPX) gained 1.33% in the twelve-month period ended March 31, 2026, lagging the S&P 500<sup>®</sup> Index, which gained 17.80% for the period. We experienced a material shift as more speculative pockets cooled and improving economic sentiment gave way to a rally in traditional businesses with more cyclical profiles.

&nbsp;&nbsp;&nbsp;&nbsp; The best performing stock for the fiscal year was Generac Holdings, Inc. (GNRC), which we elected to trim into strength after seeing explosive gains, but maintained exposure given constructive long-term outlooks. Other notable contributors included California Resources Corporation (CRC) and Cognex Corporation (CGNX).

&nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. (KNSL) was the Fund's largest performance detractor in the fiscal year that we added to on weakness. The stock was an example of a quality growth story facing near-term headwinds we believed to be overstated in its share price. Other notable detractors included Enovis Corporation (ENOV) and Cable One, Inc. (CABO).

&nbsp;&nbsp;&nbsp;&nbsp; In sum, we caught a glimpse into what a different backdrop might look like for the Fund, and remain constructive on our positioning. With incremental funds, we have elected to lean into high quality situations, with real asset values and business models that are difficult or near impossible to disrupt.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if054f970192be9c0ca1e0bbc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Davenport Small Cap Focus Fund** | **Bloomberg US 2000 Index** | **Russell 2000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $12987 | $12571 | $12622 | $11717 |
| **Mar-2018** | $14322 | $13873 | $14110 | $13357 |
| **Mar-2019** | $14881 | $14279 | $14399 | $14625 |
| **Mar-2020** | $12786 | $10409 | $10945 | $13605 |
| **Mar-2021** | $23633 | $21548 | $21326 | $21271 |
| **Mar-2022** | $25253 | $20984 | $20092 | $24599 |
| **Mar-2023** | $24353 | $18476 | $17760 | $22698 |
| **Mar-2024** | $30342 | $21812 | $21260 | $29480 |
| **Mar-2025** | $26011 | $21143 | $20409 | $31913 |
| **Mar-2026** | $26356 | $26561 | $25659 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Small Cap Focus Fund | 1.33% | 2.20% | 10.18% |
| Bloomberg US 2000 Index | 25.63% | 4.27% | 10.26% |
| Russell 2000<sup>®</sup> Index | 25.72% | 3.77% | 9.88% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (800) 281-3217.***

## **Fund Statistics** 
* Net Assets$595,208,820

* Number of Portfolio Holdings29

* Advisory Fee $5,867,700

* Portfolio Turnover39%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9304ac631e722b943e328316.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.6% |
| Money Market Funds | 5.4% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](icf28e51c30382ac644ced912.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Technology | 1.3% |
| Consumer Staples | 3.0% |
| Energy | 4.1% |
| Materials | 5.2% |
| Money Market Funds | 5.4% |
| Communications | 7.0% |
| Health Care | 8.1% |
| Real Estate | 8.5% |
| Consumer Discretionary | 16.8% |
| Financials | 17.8% |
| Industrials | 22.6% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Monarch Casino & Resort, Inc. | 8.2% |
| Kinsale Capital Group, Inc. | 6.5% |
| Caesars Entertainment, Inc. | 5.1% |
| Americold Realty Trust, Inc. | 4.8% |
| Kirby Corporation | 4.4% |
| HealthEquity, Inc. | 4.3% |
| Stewart Information Services Corporation | 4.0% |
| Hexcel Corporation | 3.8% |
| Enovis Corporation | 3.8% |
| Rayonier, Inc. | 3.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](ic006773edc0a30fbcb23056a.jpg)

# Davenport Small Cap Focus Fund (DSCPX)

## Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DSCPX

# Davenport Balanced Income Fund
(DBALX)

### Annual Shareholder Report - March 31, 2026
![Image](i3e6375f03d3b705b41cc2955.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Balanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Balanced Income Fund | $96 | 0.92% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Balanced Income Fund (DBALX) generated a 8.37% total return in the 12-month period ended March 31, 2026, compared to the 17.80% return of the S&P 500<sup>®</sup> Index, and slightly lagging the 60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index's 11.25% return over the same time frame. Value and defensive corners of the market performed relatively well, distinguishing themselves from most of the major stock market indices, which declined.

&nbsp;&nbsp;&nbsp;&nbsp; Among the equity portion of the Fund, the best performing stock for the fiscal year was Oracle Corporation (ORCL), which displayed excellent fundamental performance that resulted in a steadily higher valuation multiple. Other notable contributors included L3Harris Technologies, Inc. (LHX), and Johnson Controls International plc (JCI). Detractors included American Tower Corporation (AMT), Elevance Health, Inc. (ELV), and Watsco, Inc. (WSO).

&nbsp;&nbsp;&nbsp;&nbsp; The fixed income portion of DBALX benefited from attractive interest rates. Top contributors for the period included Occidental Petroleum Corporation 5.550% 10/01/34, Bristol-Myers Squibb Company 5.900% 11/15/33, and BP Capital Markets 4.812% 02/13/33. Top detractors included Lowes 4.940% 04/01/36, Walt Disney Company (The) 4.625%, and Abbott Laboratories 4.650% 03/15/36.

&nbsp;&nbsp;&nbsp;&nbsp; Portfolio activity during the period focused on opportunistic additions in high-quality issuers, helping to offset maturing and called positions while actively managing reinvestment risk. We continue to emphasize flexibility, particularly as we anticipate a more active new issue calendar in the months ahead.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8099999e27e0379b7b56400a.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Davenport Balanced Income Fund** | **60% Bloomberg US 1000 Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index** | **60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index** | **Bloomberg Intermediate U.S. Government/Credit Bond Index** | **Bloomberg US 1000 Value Index** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Mar-2017** | $10859 | $11156 | $11143 | $10042 | $11944 | $11922 | $11717 |
| **Mar-2018** | $11382 | $11767 | $11628 | $10078 | $13000 | $12751 | $13357 |
| **Mar-2019** | $11763 | $12273 | $12256 | $10505 | $13496 | $13474 | $14625 |
| **Mar-2020** | $10518 | $11272 | $11330 | $11228 | $11036 | $11161 | $13605 |
| **Mar-2021** | $14004 | $15057 | $14984 | $11453 | $17502 | $17421 | $21271 |
| **Mar-2022** | $15054 | $16123 | $15771 | $10984 | $20118 | $19454 | $24599 |
| **Mar-2023** | $13823 | $15614 | $15158 | $10801 | $19143 | $18303 | $22698 |
| **Mar-2024** | $15251 | $17698 | $17148 | $11092 | $23095 | $22013 | $29480 |
| **Mar-2025** | $16279 | $18963 | $18302 | $11719 | $24917 | $23593 | $31913 |
| **Mar-2026** | $17642 | $21411 | $20361 | $12236 | $29580 | $27337 | $37594 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Davenport Balanced Income Fund | 8.37% | 4.73% | 5.84% |
| 60% Bloomberg US 1000 Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index | 12.91% | 7.30% | 7.91% |
| 60% Russell 1000<sup>®</sup> Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index | 11.25% | 6.32% | 7.37% |
| Bloomberg Intermediate U.S. Government/Credit Bond Index | 4.41% | 1.33% | 2.04% |
| Bloomberg US 1000 Value Index | 18.71% | 11.07% | 11.45% |
| Russell 1000<sup>®</sup> Value Index | 15.87% | 9.43% | 10.58% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call (800) 281-3217.***

## **Fund Statistics** 
* Net Assets$279,922,882

* Number of Portfolio Holdings82

* Advisory Fee $1,990,013

* Portfolio Turnover36%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6ed83c0d5485ff57f7fdae45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 57.2% |
| Corporate Bonds | 26.2% |
| Money Market Funds | 6.0% |
| Municipal Bonds | 0.9% |
| U.S. Government & Agency Obligations | 8.1% |
| U.S. Treasury Obligations | 1.6% |

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i49832eb366cccf7068e4051e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Municipal Bonds | 0.9% |
| U.S. Treasury Obligations | 1.6% |
| Consumer Discretionary | 2.7% |
| Utilities | 3.8% |
| Materials | 4.1% |
| Communications | 4.4% |
| Real Estate | 4.5% |
| Technology | 4.6% |
| Money Market Funds | 6.0% |
| Consumer Staples | 6.3% |
| U.S. Government & Agency Obligations | 8.1% |
| Industrials | 9.7% |
| Energy | 11.5% |
| Health Care | 13.3% |
| Financials | 18.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NextEra Energy, Inc. | 2.1% |
| Johnson & Johnson | 1.9% |
| Meta Platforms, Inc., 4.950%, due 05/15/33 | 1.8% |
| Federal Farm Credit Bank, 5.330%, due 10/17/39 | 1.8% |
| Federal Farm Credit Bank, 5.000%, due 10/29/35 | 1.8% |
| Federal Farm Credit Bank, 5.030%, due 10/15/35 | 1.8% |
| Federal Farm Credit Bank, 4.940%, due 03/24/34 | 1.7% |
| Abbott Laboratories, 4.650%, due 03/15/36 | 1.7% |
| Chevron Corporation | 1.7% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 1.7% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i3e6375f03d3b705b41cc2955.jpg)

## Davenport Balanced Income Fund (DBALX)

### Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DBALX

# Davenport Insider Buying Fund
(DBUYX)

### Annual Shareholder Report - March 31, 2026
![Image](i829e8a779104066bbfdf1a87.jpg)

## Fund Overview
This annual shareholder report contains important information about Davenport Insider Buying Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Davenport Insider Buying Fund | $108 | 1.01% |

---

## How did the Fund perform during the reporting period?
&nbsp;&nbsp;&nbsp;&nbsp; The Davenport Insider Buying Fund (DBUYX) gained 13.90% in the twelve-month period ended March 31, 2026, lagging the S&P 500<sup>®</sup> Index, which gained 17.80% for the period. The market's proverbial "wall of worry" included a few additional partitions, including war in the Middle East, a back-up in bond yields, and increased concern about the ramifications of artificial intelligence.

&nbsp;&nbsp;&nbsp;&nbsp; The best performing stock for the fiscal year was Keysight Technologies, Inc. (KEYS), which posted a sizable beat-and-raise quarter, with several of its heretofore moribund markets beginning to show signs of improvement. Other notable contributors included Darling Ingredients, Inc. (DAR) and Applied Materials, Inc. (AMAT).

&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corporation - Class A (ZBRA) was the Fund's largest performance detractor in the fiscal year that we were encouraged by an insider purchase by a Board member following the decline and continued to believe the stock was undervalued. Other notable detractors included Zimmer Biomet Holdings, Inc. (ZBH) and Mid-America Apartment Communities, Inc. (MAA).

&nbsp;&nbsp;&nbsp;&nbsp; As always, insider buying guides the opportunity set for us – when there's more insider buying in any particular corner of the market (value/growth, small/large, various sectors/industries), we will explore those opportunities and act accordingly.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8a4b2e8a3ecbb464556bbbdd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Davenport Insider Buying Fund** | **Bloomberg US 500 Index** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Nov-2023** | $10000 | $10000 | $10000 | $10000 |
| **Mar-2024** | $11331 | $11547 | $11502 | $11558 |
| **Mar-2025** | $10394 | $12502 | $12328 | $12512 |
| **Mar-2026** | $11839 | $14733 | $14284 | $14739 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 30, 2023)** |
| Davenport Insider Buying Fund | 13.90% | 7.50% |
| Bloomberg US 500 Index | 17.84% | 18.06% |
| Russell 1000<sup>®</sup> Value Index | 15.87% | 16.50% |
| S&P 500<sup>®</sup> Index | 17.80% | 18.08% |

---

***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. For updated performance call (800) 281-3217.***

## **Fund Statistics** 
* Net Assets$88,406,117

* Number of Portfolio Holdings39

* Advisory Fee $670,596

* Portfolio Turnover42%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i61468d16a05fdc57eceede66.jpg)

---

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

---

## What did the Fund invest in?

### **Sector Weighting (% of net assets)**![Group By Sector Chart](i9b24ea79772e382c16f69dcf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Energy | 2.5% |
| Consumer Staples | 3.4% |
| Utilities | 3.4% |
| Money Market Funds | 4.9% |
| Financials | 6.9% |
| Consumer Discretionary | 8.7% |
| Materials | 9.1% |
| Health Care | 13.3% |
| Technology | 23.4% |
| Industrials | 24.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Keysight Technologies, Inc. | 3.5% |
| Aon plc - Class A | 3.5% |
| Charles Schwab Corporation (The) | 3.4% |
| International Flavors & Fragrances, Inc. | 3.4% |
| NextEra Energy, Inc. | 3.4% |
| Clean Harbors, Inc. | 3.4% |
| Marvell Technology, Inc. | 3.4% |
| Darling Ingredients, Inc. | 3.4% |
| Martin Marietta Materials, Inc. | 3.3% |
| Eaton Corporation plc | 3.2% |

---

## Material Fund Changes
No material changes occurred during the year ended March 31, 2026.

![Image](i829e8a779104066bbfdf1a87.jpg)

# Davenport Insider Buying Fund (DBUYX)

## Annual Shareholder Report - March 31, 2026

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 033126-DBUYX

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

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

The registrant's board of trustees has determined that the registrant has two audit committee financial experts serving on its audit committee. The names of the audit committee financial experts are Dr. Robert S. Harris and Elizabeth W. Robertson. Dr. Harris and Ms. Robertson are "independent" for purposes of this Item.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements were $137,000 and $133,100 with respect to the registrant's fiscal years ended March 31, 2026 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice,
 and tax planning were $29,250 and $29,250 with respect to the registrant's fiscal years ended March 31, 2026 and 2025, respectively.
 The services comprising these fees are the preparation of the registrant's federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant,
 other than the services reported in paragraphs (a) through (c) of this Item.

---

| | |
|:---|:---|
| (e)(1) | The audit committee has adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. Pursuant to the pre-approval policies and procedures, the audit committee has pre-approved certain audit, audit-related and tax services and has established, with respect to each fiscal year of the registrant, the following maximum fee levels for services covered under the pre-approval policies and procedures: |

---

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

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

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

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Less
 than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most
 recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With
 respect to the fiscal years ended March 31, 2026 and 2025, aggregate non-audit fees of $29,250 and $29,250, respectively, were billed
 by the registrant's principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the
 last two fiscal years by the registrant's principal accountant for services rendered to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

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

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

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

Not applicable

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

(a) The Registrant(s) schedule(s) 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) ---

| | |
|:---|:---|
| ![(DEVENPORT LOGO)](wi005_v1.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)*** |
| **ANNUAL FINANCIAL STATEMENTS** | **ANNUAL FINANCIAL STATEMENTS** |
| **AND ADDITIONAL INFORMATION** | **AND ADDITIONAL INFORMATION** |
| March 31, 2026 | March 31, 2026 |

---

---

| |
|:---|
| **DAVENPORT CORE LEADERS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.3%** | **Shares** | **Value** |
| **Communications — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 117912 | $33906774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 46506 | 26607478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. <sup>(a)</sup> | 39591 | 19198072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>(a)</sup> | 313270 | 22533511 |
|  |  | 102245835 |
| **Consumer Discretionary — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | 301467 | 62786532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 35360 | 11629551 |
| &nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 195356 | 31198353 |
|  |  | 105614436 |
| **Consumer Staples — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | 22961 | 22879029 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 201017 | 29061028 |
| **Financials — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aon plc - Class A | 81417 | 26279779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 62311 | 29859431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 1298519 | 52551064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 153815 | 24192023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 9263 | 17730031 |
|  |  | 150612328 |
| **Health Care — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 183874 | 18878344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | 150801 | 28591870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 38285 | 17649002 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 133188 | 36039341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 49884 | 22275201 |
|  |  | 123433758 |
| **Industrials — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cintas Corporation | 101703 | 17202045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 35405 | 19438053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 80582 | 17649070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 100505 | 36069234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies plc | 45871 | 19116281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 116869 | 28354757 |
|  |  | 137829440 |
| **Materials — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 49805 | 29319207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 78158 | 25053547 |
|  |  | 54372754 |

---

---

| |
|:---|
| **DAVENPORT CORE LEADERS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.3% (Continued)** | **Shares** | **Value** |
| **Technology — 30.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 105134 | $20847021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 99863 | 31770415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 191897 | 48701540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 84736 | 26226639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 220132 | 21804075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 61617 | 30787550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 143446 | 53099406 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | 358232 | 62475661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. <sup>(a)</sup> | 105982 | 16991034 |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | 188310 | 19687810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 80027 | 24187360 |
|  |  | 356578511 |
| **Utilities — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corporation | 71340 | 19921695 |
| **Total Common Stocks** (Cost $655,022,768) |  | $1102548814 |
| **MONEY MARKET FUNDS — 4.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> (Cost $55,973,083) | 55973083 | $55973083 |
| **Total Investments at Value — 100.1%** (Cost $710,995,851) |  | $1158521897 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (991759) |
| **Net Assets — 100.0%** |  | $1157530138 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT VALUE & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.1%** | **Shares** | **Value** |
| **Communications — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 1024757 | $29420774 |
| **Consumer Discretionary — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 114184 | 12074958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 75071 | 17737776 |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 67919 | 21108546 |
|  |  | 50921280 |
| **Consumer Staples — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 451227 | 31301617 |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 97080 | 15075553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 88820 | 14685499 |
|  |  | 61062669 |
| **Energy — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 157080 | 32499852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 415078 | 22472323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 130485 | 22138085 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | 468752 | 24089165 |
|  |  | 101199425 |
| **Financials — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 63807 | 30576314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 503572 | 22383775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 544600 | 22039962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 186915 | 21198030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 13333 | 22692766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 268304 | 12443940 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 74213 | 21830496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 11438 | 21893133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 133620 | 23176389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 202365 | 16110278 |
|  |  | 214345083 |
| **Health Care — 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 150856 | 23719089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 72133 | 21116936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 145892 | 35661840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 252099 | 21844378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi - ADR | 452417 | 21797451 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 61781 | 16717321 |
|  |  | 140857015 |

---

---

| |
|:---|
| **DAVENPORT VALUE & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.1% (Continued)** | **Shares** | **Value** |
| **Industrials — 16.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | 182612 | $23913041 |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 77096 | 26609684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 90814 | 26063618 |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity plc | 144697 | 30244567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 65288 | 15840175 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 175884 | 17303468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 78829 | 28677202 |
|  |  | 168651755 |
| **Materials — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 69142 | 11939440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Company | 305483 | 23314463 |
|  |  | 35253903 |
| **Real Estate — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 179213 | 30928580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 166231 | 21054818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | 638268 | 15592887 |
|  |  | 67576285 |
| **Technology — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 79532 | 15770400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 264925 | 20555531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 77366 | 15019835 |
|  |  | 51345766 |
| **Utilities — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 435887 | 40485185 |
| **Total Common Stocks** (Cost $712,406,846) |  | $961119140 |
| **MONEY MARKET FUNDS — 5.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> (Cost $50,312,921) | 50312921 | $50312921 |
| **Total Investments at Value — 100.1%** (Cost $762,719,767) |  | $1011432061 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (1035737) |
| **Net Assets — 100.0%** |  | $1010396324 |

---

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 March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.3%** | **Shares** | **Value** |
| **Communications — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corporation-Liberty Formula One - Series C <sup>(a)</sup> | 142211 | $12090779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 45863 | 9057943 |
|  |  | 21148722 |
| **Consumer Discretionary — 18.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 914097 | 24159584 |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A <sup>(a)</sup> | 950401 | 20547670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)</sup> | 281286 | 42898928 |
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | 283504 | 26170254 |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 76716 | 15469781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 106661 | 10831425 |
|  |  | 140077642 |
| **Consumer Staples — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 19136 | 13928329 |
| **Financials — 19.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 412820 | 18349849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 656883 | 26584055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 17722 | 30162844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 121642 | 41560206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 14708 | 28152141 |
|  |  | 144809095 |
| **Health Care — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 162272 | 18495763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 182952 | 31363461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 284280 | 20326020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 65608 | 19206742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | 688658 | 15666969 |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(a)</sup> | 274631 | 22950913 |
|  |  | 128009868 |
| **Industrials — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corporation | 503349 | 28343582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 148170 | 42484784 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | 216778 | 20953762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 97598 | 19063817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 56914 | 20704744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 209984 | 25093088 |
|  |  | 156643777 |
| **Materials — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 55411 | 32619347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | 70036 | 22450040 |
|  |  | 55069387 |

---

---

| |
|:---|
| **DAVENPORT EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.3% (Continued)** | **Shares** | **Value** |
| **Real Estate — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 114442 | $19750400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 133480 | 16906577 |
|  |  | 36656977 |
| **Technology — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. <sup>(a)</sup> | 288695 | 22723184 |
| **Total Common Stocks** (Cost $529,207,046) |  | $719066981 |
| **MONEY MARKET FUNDS — 5.3%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> (Cost $39,790,349) | 39790349 | $39790349 |
| **Total Investments at Value — 100.6%** (Cost $568,997,395) |  | $758857330 |
| **Liabilities in Excess of Other Assets — (0.6%)** |  | (4323267) |
| **Net Assets — 100.0%** |  | $754534063 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT SMALL CAP FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.4%** | **Shares** | **Value** |
| **Communications — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cable One, Inc. | 164410 | $14995836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Live Holdings, Inc. - Series C <sup>(a)</sup> | 196476 | 18490357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stubhub Holdings, Inc. - Class A <sup>(a)</sup> | 1343026 | 8380482 |
|  |  | 41866675 |
| **Consumer Discretionary — 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. <sup>(a)</sup> | 1150792 | 30415432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 511768 | 48925021 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 906026 | 20793297 |
|  |  | 100133750 |
| **Consumer Staples — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | 227522 | 18035669 |
| **Energy — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;California Resources Corporation | 267312 | 18503337 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corporation <sup>(a)</sup> | 148470 | 5723518 |
|  |  | 24226855 |
| **Financials — 17.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corporation | 511882 | 18294663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc. <sup>(a)</sup> | 294784 | 6612005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 297919 | 18634833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 113098 | 38641063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corporation | 389909 | 24010596 |
|  |  | 106193160 |
| **Health Care — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | 998443 | 22714578 |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. <sup>(a)</sup> | 304228 | 25424334 |
|  |  | 48138912 |
| **Industrials — 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognex Corporation | 317627 | 15560547 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | 204323 | 19749861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 86854 | 16965192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corporation | 281528 | 22784061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus International Group, Inc. <sup>(a)</sup> | 2628701 | 13537810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corporation <sup>(a)</sup> | 198234 | 26341334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation - Class A <sup>(a)</sup> | 1354580 | 19356948 |
|  |  | 134295753 |
| **Materials — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corporation | 19333 | 12391486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trex Company, Inc. <sup>(a)</sup> | 504680 | 18380446 |
|  |  | 30771932 |

---

---

| |
|:---|
| **DAVENPORT SMALL CAP FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 94.4% (Continued)** | **Shares** | **Value** |
| **Real Estate — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 2498890 | $28637280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rayonier, Inc. | 1050000 | 21651000 |
|  |  | 50288280 |
| **Technology — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohu, Inc. <sup>(a)</sup> | 260000 | 7961200 |
| **Total Common Stocks** (Cost $547,753,475) |  | $561912186 |
| **MONEY MARKET FUNDS — 5.4%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> (Cost $31,992,430) | 31992430 | $31992430 |
| **Total Investments at Value — 99.8%** (Cost $579,745,905) |  | $593904616 |
| **Other Assets in Excess of Liabilities — 0.2%** |  | 1304204 |
| **Net Assets — 100.0%** |  | $595208820 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 56.9%** | **Shares** | **Value** |
| **Communications — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | 153367 | $4403166 |
| **Consumer Discretionary — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | 17247 | 1823870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 11344 | 2680361 |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | 9828 | 3054444 |
|  |  | 7558675 |
| **Consumer Staples — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 67657 | 4693366 |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 14405 | 2236953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 13175 | 2178354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | 104000 | 2908880 |
|  |  | 12017553 |
| **Energy — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | 23552 | 4872909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 60275 | 3263289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | 87000 | 3292080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | 19361 | 3284787 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | 70121 | 3603518 |
|  |  | 18316583 |
| **Financials — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 9567 | 4584506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A | 76217 | 3387846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | 80532 | 3259130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 28034 | 3179336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 43000 | 2689650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 1994 | 3393788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 39078 | 1812437 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | 11118 | 3270471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. <sup>(a)</sup> | 1665 | 3186927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 20040 | 3475938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | 30316 | 2413457 |
|  |  | 34653486 |
| **Health Care — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 23020 | 3619435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 10726 | 3140037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 21894 | 5351769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | 36857 | 3193659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi - ADR | 68467 | 3298740 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 9182 | 2484557 |
|  |  | 21088197 |

---

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 56.9% (Continued)** | **Shares** | **Value** |
| **Industrials — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc | 28026 | $3670005 |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 11574 | 3994766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | 13517 | 3879379 |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity plc | 20730 | 4332984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | 9767 | 2369670 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 26017 | 2559552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 11792 | 4289812 |
|  |  | 25096168 |
| **Materials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corporation | 10339 | 1785339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Company | 45820 | 3496982 |
|  |  | 5282321 |
| **Real Estate — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | 26593 | 4589420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | 24867 | 3149654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rayonier, Inc. | 123850 | 2553787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Company | 95820 | 2340883 |
|  |  | 12633744 |
| **Technology — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | 11789 | 2337641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 39748 | 3084047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 11615 | 2254936 |
|  |  | 7676624 |
| **Utilities — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Partners, L.P. | 61867 | 2234636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Partners, L.P. | 76999 | 2513247 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 63059 | 5856920 |
|  |  | 10604803 |
| **Total Common Stocks** (Cost $122,331,613) |  | $159331320 |

---

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **FIXED RATE CORPORATE BONDS — 26.1%** | **Par Value** | **Value** |
| **Communications — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.950%, due 05/15/2033 | $4990000 | $5034953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The), 4.625%, due 03/14/2036 | 3000000 | 2919721 |
|  |  | 7954674 |
| **Consumer Staples — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc., 5.050%, due 03/15/2029 | 2500000 | 2526947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillip Morris International, Inc., 5.375%, due 02/15/2033 | 2995000 | 3076068 |
|  |  | 5603015 |
| **Energy — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Pipelines, L.P., 4.450%, due 07/15/2027 | 2200000 | 2197580 |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, 4.812%, due 02/13/2033 | 2990000 | 3001824 |
| &nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 4.125%, due 03/01/2027 | 3250000 | 3240914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation, 5.550%, due 10/01/2034 | 3500000 | 3556182 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc., 5.550%, due 11/01/2026 | 1995000 | 2006568 |
|  |  | 14003068 |
| **Financials — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AON North America, Inc., 5.450%, due 03/01/2034 | 3000000 | 3066449 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc., 4.750%, due 05/25/2033 | 3000000 | 3017503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The), 5.875%, due 08/24/2026 | 3750000 | 3771628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loews Corporation, 4.940%, due 04/01/2036 | 3000000 | 2937325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 5.000%, due 05/02/2033 | 3000000 | 3028335 |
|  |  | 15821240 |
| **Health Care — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, 4.650%, due 03/15/2036 | 5000000 | 4893008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company, 5.900%, due 11/15/2033 | 1475000 | 1581951 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc., 5.450%, due 04/01/2031 | 3500000 | 3588620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, due 12/04/2032 | 3581000 | 3556741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, due 05/17/2033 | 2490000 | 2480547 |
|  |  | 16100867 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc., 4.875%, due 02/15/2029 | 1995000 | 2028486 |
| **Materials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc., 4.350%, due 03/15/2031 | 3200000 | 3147091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The), 4.300%, due 08/15/2028 | 3000000 | 2991512 |
|  |  | 6138603 |
| **Technology — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.200%, due 07/01/2026 | 2325000 | 2317996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., 5.100%, due 04/15/2030 | 3000000 | 3025140 |
|  |  | 5343136 |
| **Total Fixed Rate Corporate Bonds** (Cost $72,621,685) |  | $72993089 |

---

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MUNICIPAL BONDS — 0.9%** | **Par Value** | **Value** |
| Richmond, VA, GO, Public Improvement Bonds Series, 4.800%, due 03/01/2033 (Cost $2,521,130) | $2455000 | $2507292 |
| **U.S. GOVERNMENT &** |  |  |
| **AGENCY OBLIGATIONS — 8.1%** | **Par Value** | **Value** |
| **Federal Farm Credit Bank — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.940%, due 03/24/2034 | $5000000 | $4976208 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.030%, due 10/15/2035 | 5000000 | 4983333 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.000%, due 10/29/2035 | 5000000 | 4984526 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.330%, due 10/17/2039 | 5000000 | 5000758 |
|  |  | 19944825 |
| **Federal Home Loan Bank — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.150%, due 06/04/2038 | 2750000 | 2723012 |
| **Total U.S. Government & Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $22,699,536) |  | $22667837 |
| **U.S. TREASURY OBLIGATIONS — 1.6%** | **Par Value** | **Value** |
| **U.S. Treasury Notes — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, due 04/30/2026 | $2500000 | $2502199 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.875%, due 08/15/2033 | 2000000 | 1964297 |
| **Total U.S. Treasury Obligations** (Cost $4,385,357) |  | $4466496 |

---

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 6.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> (Cost $16,801,930) | 16801930 | $16801930 |
| **Total Investments at Value — 99.6%** (Cost $241,361,251) |  | $278767964 |
| **Other Assets in Excess of Liabilities — 0.4%** |  | 1154918 |
| **Net Assets — 100.0%** |  | $279922882 |

---

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 March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT INSIDER BUYING FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.0%** | **Shares** | **Value** |
| **Consumer Discretionary — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. <sup>(a)</sup> | 19000 | $1564270 |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A <sup>(a)</sup> | 58500 | 1264770 |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation | 45000 | 1321650 |
| &nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 41500 | 2192030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 13000 | 1320150 |
|  |  | 7662870 |
| **Consumer Staples — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. <sup>(a)</sup> | 48000 | 2968800 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 17000 | 2244000 |
| **Financials — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aon plc - Class A | 9500 | 3066410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | 32500 | 3054350 |
|  |  | 6120760 |
| **Health Care — 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 23000 | 2361410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 13000 | 2228590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | 9000 | 1415070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The) <sup>(a)</sup> | 35000 | 2502500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 7000 | 2049250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | 1300 | 1195701 |
|  |  | 11752521 |
| **Industrials — 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corporation - Class A | 16000 | 2021600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corporation | 38000 | 2139780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. <sup>(a)</sup> | 10500 | 3010665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | 7800 | 2789826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | 18000 | 2358360 |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation | 4000 | 1424720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corporation | 33000 | 2670690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>(a)</sup> | 11000 | 3106070 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 20000 | 1967600 |
|  |  | 21489311 |
| **Materials — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 25000 | 2092750 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 42000 | 3047100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 5000 | 2943400 |
|  |  | 8083250 |

---

---

| |
|:---|
| **DAVENPORT INSIDER BUYING FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 95.0% (Continued)** | **Shares** | **Value** |
| **Technology — 23.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 7000 | $2392530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corporation | 20000 | 1560600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 10000 | 1624800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 9000 | 1399680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 30000 | 2971500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 5000 | 2498300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | 4500 | 1665765 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 4700 | 2533347 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 26000 | 1798940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corporation - Class A <sup>(a)</sup> | 10500 | 2195340 |
|  |  | 20640802 |
| **Utilities — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 32500 | 3018600 |
| **Total Common Stocks** (Cost $74,179,373) |  | $83980914 |
| **MONEY MARKET FUNDS — 4.9%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> (Cost $4,359,648) | 4359648 | $4359648 |
| **Total Investments at Value — 99.9%** (Cost $78,539,021) |  | $88340562 |
| **Other Assets in Excess of Liabilities — 0.1%** |  | 65555 |
| **Net Assets — 100.0%** |  | $88406117 |

---

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

<sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Davenport**<br>**Core Leaders**<br>**Fund** | **Davenport**<br>**Value &**<br>**Income**<br>**Fund** | **Davenport**<br>**Equity**<br>**Opportunities**<br>**Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $710995851 | $762719767 | $568997395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $1158521897 | $1011432061 | $758857330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 192845 | 428304 | 225990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 309825 | 1155772 | 160584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaims receivable | 126331 | 13063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 16098 | 15918 | 14935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 1159166996 | 1013045118 | 759258839 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 785289 | 910661 | 448306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  | 1003122 | 3710772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 752861 | 646982 | 490176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 84040 | 74920 | 64810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 14668 | 13109 | 10712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1636858 | 2648794 | 4724776 |
| **CONTINGENCIES AND COMMITMENTS (Note 7)** |  |  |  |
| **NET ASSETS** | $1157530138 | $1010396324 | $754534063 |
| **Net assets consist of:** |  |  |  |
| Paid-in capital | $676964009 | $745727488 | $559686402 |
| Distributable earnings | 480566129 | 264668836 | 194847661 |
| **Net assets** | $1157530138 | $1010396324 | $754534063 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 32277599 | 50671618 | 33685539 |
| Net asset value, offering price and redemption price per share (Note 2) | $35.86 | $19.94 | $22.40 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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;&nbsp;Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $579745905 | $241361251 | $78539021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $593904616 | $278767964 | $88340562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for capital shares sold | 128601 | 49463 | 61656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold | 1410000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 908854 | 1525883 | 64709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaims receivable | 281 | 1937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 14894 | 12451 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 596367246 | 280357698 | 88476623 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 703686 | 71273 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  | 150591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 389331 | 178511 | 56687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 56180 | 27140 | 9570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 9229 | 7301 | 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 1158426 | 434816 | 70506 |
| **CONTINGENCIES AND COMMITMENTS (Note 7)** |  |  |  |
| **NET ASSETS** | $595208820 | $279922882 | $88406117 |
| **Net assets consist of:** |  |  |  |
| Paid-in capital | $577646373 | $239854851 | $78624222 |
| Distributable earnings | 17562447 | 40068031 | 9781895 |
| **Net assets** | $595208820 | $279922882 | $88406117 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 37011397 | 20526779 | 7585627 |
| Net asset value, offering price and redemption price per share (Note 2) | $16.08 | $13.64 | $11.65 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**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;&nbsp;Dividends from investments | $10558381 | $26943409 | $6925147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net reclaims received) | (94525) | (708026) | (202434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 10463856 | 26235383 | 6722713 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 4) | 8988261 | 7272731 | 6434889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 944985 | 819258 | 781950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian and bank service fees | 62273 | 50569 | 44716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees | 25148 | 24608 | 33435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 31031 | 31031 | 31031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 42113 | 34492 | 31842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postage and supplies | 17971 | 23971 | 26233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax services fees | 18207 | 18207 | 18207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 19344 | 16288 | 15660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6248 | 6248 | 6248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 5825 | 5775 | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 14306 | 16303 | 15573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 10175712 | 8319481 | 7445487 |
| **NET INVESTMENT INCOME (LOSS)** | 288144 | 17915902 | (722774) |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 63563164 | 54672943 | 21685227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 4533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 18713323 | 32975404 | (38980811) |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** | 82276487 | 87652880 | (17295584) |
| **NET CHANGE IN NET ASSETS FROM OPERATIONS** | $82564631 | $105568782 | $(18018358) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **STATEMENTS OF OPERATIONS (Continued)** |
| **For the Year Ended March 31, 2026** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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;&nbsp;Dividends from unaffiliated investments | $9591011 | $5106523 | $1343547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated investments | 823056 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net reclaims received) |  | (123972) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 4688332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 10414067 | 9670883 | 1343547 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 4) | 5867700 | 1990013 | 670596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 737267 | 297050 | 110316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian and bank service fees | 43605 | 15583 | 6764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing fees | 52297 | 27855 | 27952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 31031 | 31031 | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 29894 | 12087 | 6572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postage and supplies | 34686 | 6772 | 5155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax services fees | 18207 | 20132 | 18207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 15654 | 5125 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6248 | 6248 | 6248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 5628 | 5698 | 4868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 16595 | 23882 | 16266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 6858812 | 2441476 | 902139 |
| **NET INVESTMENT INCOME** | 3555255 | 7229407 | 441408 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 43065626 | 7498452 | 1863640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (1197887) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on unaffiliated investments | (34706468) | 6364494 | 9318320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on affiliated investments | 5533475 |  |  |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** | 12694746 | 13863604 | 11181960 |
| **NET CHANGE IN NET ASSETS FROM OPERATIONS** | $16250001 | $21093011 | $11623368 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT CORE LEADERS FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $288144 | $1063783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 63563164 | 52508653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 18713323 | 3010038 |
| Net change in net assets from operations | 82564631 | 56582474 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (53056096) | (57569579) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 104275399 | 102118223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 48543213 | 52958493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (94959066) | (69124506) |
| Net change in net assets from capital share transactions | 57859546 | 85952210 |
| **TOTAL CHANGE IN NET ASSETS** | 87368081 | 84965105 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 1070162057 | 985196952 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $1157530138 | $1070162057 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2784030 | 2835428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1279083 | 1462833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2519013) | (1926990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in shares outstanding | 1544100 | 2371271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 30733499 | 28362228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 32277599 | 30733499 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT VALUE & INCOME FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $17915902 | $15265777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 54672943 | 45586133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 4533 | (2046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 32975404 | 8771136 |
| Net change in net assets from operations | 105568782 | 69621000 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (64144081) | (70223149) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 79848230 | 60585839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 58238669 | 64215534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (77684940) | (79583275) |
| Net change in net assets from capital share transactions | 60401959 | 45218098 |
| **TOTAL CHANGE IN NET ASSETS** | 101826660 | 44615949 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 908569664 | 863953715 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $1010396324 | $908569664 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4041956 | 3147402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 2981679 | 3350749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3915013) | (4142106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in shares outstanding | 3108622 | 2356045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 47562996 | 45206951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 50671618 | 47562996 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT EQUITY OPPORTUNITIES FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(722774) | $323259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment transactions | 21685227 | 21379402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (38980811) | (65918847) |
| Net change in net assets from operations | (18018358) | (44216186) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (24674227) | (842488) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 38478322 | 79622482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 22834933 | 771373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (131833707) | (65244095) |
| Net change in net assets from capital share transactions | (70520452) | 15149760 |
| **TOTAL CHANGE IN NET ASSETS** | (113213037) | (29908914) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 867747100 | 897656014 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $754534063 | $867747100 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1600198 | 3320632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 965743 | 34268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5520831) | (2709385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in shares outstanding | (2954890) | 645515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 36640429 | 35994914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 33685539 | 36640429 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT SMALL CAP FOCUS FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3555255 | $6411976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 41867739 | (38076103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (29172993) | (112499759) |
| Net change in net assets from operations | 16250001 | (144163886) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (3643680) | (24726213) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 92782982 | 193852044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 3423830 | 23386644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (380822907) | (189269458) |
| Net change in net assets from capital share transactions | (284616095) | 27969230 |
| **TOTAL CHANGE IN NET ASSETS** | (272009774) | (140920869) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 867218594 | 1008139463 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $595208820 | $867218594 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5665284 | 11045732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 206456 | 1391536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (23221068) | (10821936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in shares outstanding | (17349328) | 1615332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 54360725 | 52745393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 37011397 | 54360725 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $7229407 | $6241118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 7498452 | 8051125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 658 | (297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6364494 | 1033859 |
| Net change in net assets from operations | 21093011 | 15325805 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (13921260) | (8793704) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 35799841 | 25043151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 12737509 | 7973560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (21404999) | (21993246) |
| Net change in net assets from capital share transactions | 27132351 | 11023465 |
| **TOTAL CHANGE IN NET ASSETS** | 34304102 | 17555566 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 245618780 | 228063214 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $279922882 | $245618780 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2640014 | 1897482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 942608 | 601621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1572448) | (1676094) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in shares outstanding | 2010174 | 823009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 18516605 | 17693596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 20526779 | 18516605 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT INSIDER BUYING FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $441408 | $720451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 1863640 | (1883286) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 9318320 | (6418551) |
| Net change in net assets from operations | 11623368 | (7581386) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (448905) | (760550) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7888496 | 29673152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 428943 | 736202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (22981767) | (9725210) |
| Net change in net assets from capital share transactions | (14664328) | 20684144 |
| **TOTAL CHANGE IN NET ASSETS** | (3489865) | 12342208 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 91895982 | 79553774 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $88406117 | $91895982 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 710353 | 2724907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 38977 | 68904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2100805) | (894449) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in shares outstanding | (1351475) | 1899362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at beginning of year | 8937102 | 7037740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of year | 7585627 | 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 Year:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**March 31,**<br>**2026** | **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** |
| Net asset value at beginning of year | $34.82 | $34.74 | $27.12 | $32.09 | $31.48 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.01 | 0.03 | 0.10 | 0.18 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 2.71 | 2.04 | 9.48 | (3.88) | 3.38 |
| Total from investment operations | 2.72 | 2.07 | 9.58 | (3.70) | 3.39 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.04) | (0.10) | (0.18) | (0.00) <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.67) | (1.95) | (1.86) | (1.09) | (2.78) |
| Total distributions | (1.68) | (1.99) | (1.96) | (1.27) | (2.78) |
| Net asset value at end of year | $35.86 | $34.82 | $34.74 | $27.12 | $32.09 |
| Total return <sup>(b)</sup> | 7.61% | 5.81% | 36.76% | (11.37%) | 10.89% |
| Net assets at end of year (000's) | $1157530 | $1070162 | $985197 | $716818 | $845650 |
| Ratio of total expenses to average net assets | 0.85% | 0.85% | 0.87% | 0.87% | 0.86% |
| Ratio of net investment income to average net assets | 0.02% | 0.10% | 0.34% | 0.66% | 0.04% |
| Portfolio turnover rate | 16% | 17% | 22% | 19% | 20% |

---

 

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT VALUE & INCOME FUND** |
| **FINANCIAL HIGHLIGHTS** |
| **Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**March 31,**<br>**2026** | **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** |
| Net asset value at beginning of year | $19.10 | $19.11 | $16.92 | $20.29 | $18.58 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.36 | 0.33 | 0.28 | 0.35 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 1.80 | 1.21 | 2.20 | (2.75) | 2.32 |
| Total from investment operations | 2.16 | 1.54 | 2.48 | (2.40) | 2.61 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.33) | (0.29) | (0.35) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.96) | (1.22) |  | (0.62) | (0.60) |
| Total distributions | (1.32) | (1.55) | (0.29) | (0.97) | (0.90) |
| Net asset value at end of year | $19.94 | $19.10 | $19.11 | $16.92 | $20.29 |
| Total return <sup>(a)</sup> | 11.57% | 8.25% | 14.78% | (11.81%) | 14.24% |
| Net assets at end of year (000's) | $1010396 | $908570 | $863954 | $803930 | $920055 |
| Ratio of total expenses to average net assets | 0.86% | 0.86% | 0.87% | 0.87% | 0.86% |
| Ratio of net investment income to average net assets | 1.85% | 1.73% | 1.61% | 2.00% | 1.46% |
| Portfolio turnover rate | 30% | 24% | 37% | 21% | 20% |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT EQUITY OPPORTUNITIES FUND** |
| **FINANCIAL HIGHLIGHTS** |
| **Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**March 31,**<br>**2026** | **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** |
| Net asset value at beginning of year | $23.68 | $24.94 | $19.60 | $23.54 | $24.54 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.02) | 0.01 | 0.05 | 0.08 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (0.56) | (1.25) | 6.38 | (2.39) | 1.80 |
| Total from investment operations | (0.58) | (1.24) | 6.43 | (2.31) | 1.75 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.02) | (0.06) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.70) |  | (1.03) | (1.57) | (2.75) |
| Total distributions | (0.70) | (0.02) | (1.09) | (1.63) | (2.75) |
| Net asset value at end of year | $22.40 | $23.68 | $24.94 | $19.60 | $23.54 |
| Total return <sup>(a)</sup> | (2.58%) | (4.96%) | 34.01% | (9.25%) | 6.89% |
| Net assets at end of year (000's) | $754534 | $867747 | $897656 | $653865 | $741496 |
| Ratio of total expenses to average net assets | 0.87% | 0.86% | 0.87% | 0.88% | 0.87% |
| Ratio of net investment income (loss) to average net assets | (0.08%) | 0.04% | 0.25% | 0.40% | (0.20%) |
| Portfolio turnover rate | 29% | 25% | 24% | 26% | 22% |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT SMALL CAP FOCUS FUND** |
| **FINANCIAL HIGHLIGHTS** |
| **Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**March 31,**<br>**2026** | **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** |
| Net asset value at beginning of year | $15.95 | $19.11 | $16.03 | $17.85 | $19.37 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.08 | 0.12 | 0.11 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 0.13 | (2.83) | 3.71 | (0.90) | 1.20 |
| Total from investment operations | 0.21 | (2.71) | 3.82 | (0.75) | 1.31 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.11) | (0.12) | (0.13) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.34) | (0.62) | (0.94) | (2.70) |
| Total distributions | (0.08) | (0.45) | (0.74) | (1.07) | (2.83) |
| Net asset value at end of year | $16.08 | $15.95 | $19.11 | $16.03 | $17.85 |
| Total return <sup>(b)</sup> | 1.33% | (14.27%) | 24.59% | (3.56%) | 6.85% |
| Net assets at end of year (000's) | $595209 | $867219 | $1008139 | $588160 | $587568 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.88% | 0.87% | 0.88% | 0.89% | 0.88% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.45% | 0.66% | 0.71% | 0.99% | 0.49% |
| Portfolio turnover rate | 39% | 46% | 28% | 36% | 44% |

---

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT BALANCED INCOME FUND** |
| **FINANCIAL HIGHLIGHTS** |
| **Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year:** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended**<br>**March 31,**<br>**2026** | **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** |
| Net asset value at beginning of year | $13.26 | $12.89 | $11.96 | $13.61 | $12.85 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.36 | 0.35 | 0.30 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 0.73 | 0.51 | 0.92 | (1.35) | 0.77 |
| Total from investment operations | 1.09 | 0.86 | 1.22 | (1.12) | 0.96 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.34) | (0.29) | (0.22) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.36) | (0.15) |  | (0.31) | (0.02) |
| Total distributions | (0.71) | (0.49) | (0.29) | (0.53) | (0.20) |
| Net asset value at end of year | $13.64 | $13.26 | $12.89 | $11.96 | $13.61 |
| Total return <sup>(b)</sup> | 8.37% | 6.74% | 10.33% | (8.18%) | 7.50% |
| Net assets at end of year (000's) | $279923 | $245619 | $228063 | $218648 | $236259 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.92% | 0.93% | 0.93% | 0.93% | 0.92% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 2.72% | 2.65% | 2.42% | 1.88% | 1.42% |
| Portfolio turnover rate | 36% | 24% | 45% | 24% | 23% |

---

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **DAVENPORT INSIDER BUYING FUND** |
| **FINANCIAL HIGHLIGHTS** |
| **Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:** |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Year Ended**<br>**March 31,**<br>**2026** |<br>**Year Ended**<br>**March 31,**<br>**2025** | **Period**<br>**Ended**<br>**March 31,**<br>**2024<sup>(a)</sup>** |
| Net asset value at beginning of period | $10.28 | $11.30 | $10.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.06 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 1.37 | (0.99) | 1.30 |
| Total from investment operations | 1.43 | (0.90) | 1.33 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.04) |  |
| Total distributions | (0.06) | (0.12) | (0.03) |
| Net asset value at end of period | $11.65 | $10.28 | $11.30 |
| Total return <sup>(c)</sup> | 13.90% | (8.27%) | 13.31 % <sup>(d)</sup> |
| Net assets at end of period (000's) | $88406 | $91896 | $79554 |
| Ratio of total expenses to average net assets <sup>(e)</sup> | 1.01% | 1.01% | 1.09 % <sup>(f)</sup> |
| Ratio of net investment income to average net assets <sup>(e)</sup> | 0.49% | 0.78% | 1.00 % <sup>(f)</sup> |
| Portfolio turnover rate | 42% | 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 shareof expenses of the underlying investment companies, if any, in which the Fund invests.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **March 31, 2026** |

---

**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** — The management team of 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)** |

---

**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. Management concludes there is no material 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 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.

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

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of the Funds' investments based on the inputs used to value the investments as of March 31, 2026, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Core Leaders Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1102548814 | $— | $— | $1102548814 |
| Money Market Funds | 55973083 |  |  | 55973083 |
| Total | $1158521897 | $— | $— | $1158521897 |
| **Davenport Value & Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $961119140 | $— | $— | $961119140 |
| Money Market Funds | 50312921 |  |  | 50312921 |
| Total | $1011432061 | $— | $— | $1011432061 |
| **Davenport Equity Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $719066981 | $— | $— | $719066981 |
| Money Market Funds | 39790349 |  |  | 39790349 |
| Total | $758857330 | $— | $— | $758857330 |
| **Davenport Small Cap Focus Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $561912186 | $— | $— | $561912186 |
| Money Market Funds | 31992430 |  |  | 31992430 |
| Total | $593904616 | $— | $— | $593904616 |

---

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Davenport Balanced Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $159331320 | $— | $— | $159331320 |
| Fixed Rate Corporate Bonds |  | 72993089 |  | 72993089 |
| Municipal Bonds |  | 2507292 |  | 2507292 |
| U.S. Government & Agency Obligations |  | 22667837 |  | 22667837 |
| U.S. Treasury Obligations |  | 4466496 |  | 4466496 |
| Money Market Funds | 16801930 |  |  | 16801930 |
| Total | $176133250 | $102634714 | $— | $278767964 |
| **Davenport Insider Buying Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $83980914 | $— | $— | $83980914 |
| Money Market Funds | 4359648 |  |  | 4359648 |
| Total | $88340562 | $— | $— | $88340562 |

---

Refer to each Fund's Schedule of Investments for a listing of the securities by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the year ended March 31, 2026.

**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.

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.

Withholding taxes on foreign dividends have been recorded in accordance with each Fund's understanding of the applicable country's tax rules and rates. The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

Funds will file for claims on foreign taxes withheld. Tax reclaims receivables, if any, are recorded based upon each Fund's interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or each Fund's interpretation of country-specific taxation of dividend income and related amounts reclaimable.

**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.

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

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

**Distributions to shareholders** — Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund; and declared and paid semi-annually to shareholders of Davenport Equity Opportunities Fund. Net realized short-term capital gains, if any, may be distributed throughout the year and net realized long-term capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions are recorded on the ex-dividend date.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The tax character of distributions paid during the years ended March 31, 2026 and 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year**<br>**Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Total**<br>**Distributions** |
| Davenport Core Leaders Fund | 03/31/26 | $4710789 | $48345307 | $53056096 |
|  | 03/31/25 | $1309623 | $56259956 | $57569579 |
| Davenport Value & Income Fund | 03/31/26 | $17701688 | $46442393 | $64144081 |
|  | 03/31/25 | $15263731 | $54959418 | $70223149 |
| Davenport Equity Opportunities Fund | 03/31/26 | $7609517 | $17064710 | $24674227 |
|  | 03/31/25 | $842488 | $— | $842488 |
| Davenport Small Cap Focus Fund | 03/31/26 | $3643680 | $— | $3643680 |
|  | 03/31/25 | $12316389 | $12409824 | $24726213 |
| Davenport Balanced Income Fund | 03/31/26 | $6948675 | $6972585 | $13921260 |
|  | 03/31/25 | $5997369 | $2796335 | $8793704 |
| Davenport Insider Buying Fund | 03/31/26 | $448905 | $— | $448905 |
|  | 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 change in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The following information is computed on a tax basis for each item as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Davenport**<br>**Core Leaders**<br>**Fund** |<br>**Davenport**<br>**Value &**<br>**Income Fund** | **Davenport**<br>**Equity**<br>**Opportunities**<br>**Fund** |
| Cost of investments | $711037737 | $762782368 | $569499073 |
| Gross unrealized appreciation | $471312210 | $288978575 | $239863990 |
| Gross unrealized depreciation | (23828050) | (40328882) | (50505733) |
| Net unrealized appreciation | 447484160 | 248649693 | 189358257 |
| Undistributed ordinary income | 3957472 | 218747 |  |
| Undistributed long-term gains | 29124497 | 15800396 | 10962026 |
| Accumulated capital and other losses |  |  | (5472622) |
| Distributable earnings | $480566129 | $264668836 | $194847661 |
|  | **Davenport** | **Davenport** | **Davenport** |
|  | **Small Cap** | **Balanced** | **Insider Buying** |
|  | **Focus Fund** | **Income Fund** | **Fund** |
| Cost of investments | $595386285 | $240528738 | $78552865 |
| Gross unrealized appreciation | $114270533 | $45336367 | $15867359 |
| Gross unrealized depreciation | (115752202) | (7097141) | (6079662) |
| Net unrealized appreciation (depreciation) | (1481669) | 38239226 | 9787697 |
| Undistributed ordinary income | 148482 | 92053 |  |
| Undistributed long-term gains | 18895634 | 1736752 |  |
| Accumulated capital and other losses |  |  | (5802) |
| Distributable earnings | $17562447 | $40068031 | $9781895 |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments for the Funds is due to certain timing differences in the recognition of capital gains 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, 2026, Davenport Insider Buying Fund had short-term capital loss carryforwards ("CLCFs") of $5,802 for federal income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any.

During the year ended March 31, 2026, Davenport Small Cap Focused Fund utilized short-term and long-term CLCFs against current year gains in the amount of $24,859,011 and $9,685,153, respectively, and Davenport Insider Buying Fund utilized short-term CLCFs against current year gains in the amount of $1,842,837.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

Post-October losses incurred after October 31, 2025 and within the taxable year are deemed to arise on the first day of a Fund's next taxable year. For the year ended March 31, 2026, Davenport Equity Opportunities Fund deferred $5,472,622 of short-term post-October losses to April 1, 2026 for federal income tax purposes.

For the year ended March 31, 2026, the following reclassifications were made as a result of permanent differences between financial statements and income tax reporting requirements:

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| | | | |
|:---|:---|:---|:---|
| | <br>**Davenport**<br>**Core Leaders**<br>**Fund** | <br>**Davenport**<br>**Value &**<br>**Income Fund** | **Davenport**<br>**Equity**<br>**Opportunities**<br>**Fund** |
| Paid-in capital | $— | $— | $— |
| Distributable earnings | $— | $— | $— |
|  | **Davenport** | **Davenport** | **Davenport** |
|  | **Small Cap** | **Balanced** | **Insider Buying** |
|  | **Focus Fund** | **Income Fund** | **Fund** |
| Paid-in capital | $— | $(330) | $(1444) |
| Distributable earnings | $— | $330 | $1444 |

---

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

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

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended March 31, 2026, the Funds did not incur any interest or penalties.

---

| |
|:---|
| **THE DAVENPORT 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 year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Davenport**<br>**Core Leaders**<br>**Fund** |<br>**Davenport**<br>**Value &**<br>**Income Fund** | **Davenport**<br>**Equity**<br>**Opportunities**<br>**Fund** |
| Purchases of investment securities | $198799792 | $273352328 | $236056153 |
| Proceeds from sales and maturities of investment securities | $182480762 | $286212041 | $351193550 |
|  | **Davenport** | **Davenport** | **Davenport** |
|  | **Small Cap** | **Balanced** | **Insider Buying** |
|  | **Focus Fund** | **Income Fund** | **Fund** |
| Purchases of investment securities | $293323787 | $78135867 | $36077827 |
| Proceeds from sales and maturities of investment securities | $567780770 | $64488153 | $50935159 |

---

During the year ended March 31, 2026, cost of purchases and proceeds from sales of long-term U.S. government securities for Davenport Balanced Income Fund were $19,209,688 and $22,310,000, 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 Adviser for a period of 3 years from the date such fees and expenses were reduced or reimbursed, provided that the recoupments do not cause total operating expenses of the Fund to exceed the lesser of (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred.

For the year ended March 31, 2026 the Adviser did not reduce its management fees.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

A significant portion of the Funds' investment trades are executed through the Adviser's broker-dealer division. No commissions are paid by the Funds to the Adviser 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 agreement 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

Each Independent Trustee receives an annual retainer, payable quarterly, based on the size of each Fund ($5,000 per fund for funds with more than $100 million in net assets and $4,000 per fund for funds with less than $100 million in net assets). The annual retainer is currently $41,000. In addition, each Independent Trustee receives a fee of $2,000 for attending each Board Meeting (except the Chairman of the Board receives an attendance fee of $3,000) and a fee of $1,000 for attending each Committee meeting (except the Committee Chair receives an attendance fee of $1,500 per Committee meeting). Any director, officer or employee of an investment adviser or principal underwriter of the Trust does not receive any compensation from the Trust for serving as a Trustee and is considered to be an "interested trustee." One Trustee who is considered to be an "interested trustee" due to his prior affiliation with the Trust's principal underwriter is compensated ("Compensated Interested Trustee"). The Compensated Interested Trustee receives the same annual retainer and board meeting fee as the Independent Trustees, but does not receive a committee meeting fee. The Trust reimburses the Independent Trustees and Compensated Interested Trustee for 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 March 31, 2026, Davenport Core Leaders Fund had 30.8% of the value of its net assets invested in common stocks within the Technology sector.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

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**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. During the year ended March 31, 2026, the Davenport Small Cap Focus Fund held shares of one issuer that meets this definition, but as of March 31, 2026, this security was no longer held by the Fund. Further information on this holding for the year ended March 31, 2026 appears below:

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| | |
|:---|:---|
| | **Golden**<br>**Entertainment,**<br>**Inc.** |
| Percentage of Outstanding Voting Shares Owned as of March 31, 2026 | 0.00% |
| Shares at Beginning of Year | $1414226 |
| Shares Purchased During the Year | 164036 |
| Shares Sold During the Year | (1578262) |
| Shares at End of Year |  |
| Market Value at Beginning of Year | $37321424 |
| Cost of Purchases During the Year | 3894834 |
| Cost of Sales During the Year | (46749733) |
| Change in Unrealized Appreciation (Depreciation) | 5533475 |
| Market Value at End of Year | $— |
| Net Realized Losses During Year | (1197887) |
| Dividend Income Earned During the Year | $823056 |

---

**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 no such events.

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| |
|:---|
| **THE DAVENPORT FUNDS** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM** |

---

To the Shareholders of The Davenport Funds and

Board of Trustees of Williamsburg Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Davenport Funds, comprising the funds listed below (the "Funds"), each a series of Williamsburg Investment Trust, as of March 31, 2026, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Statements of<br> Operations** | &nbsp;&nbsp;**Statements of** <br> **Changes in Net<br> Assets** | &nbsp;&nbsp;**Financial<br> Highlights** |
| &nbsp;&nbsp;Davenport Core Leaders Fund, <br> Davenport Value & Income Fund, <br> Davenport Equity Opportunities Fund, <br> Davenport Small Cap Focus Fund, and <br> Davenport Balanced Income Fund | &nbsp;&nbsp;For the year ended March 31, 2026 | &nbsp;&nbsp;For the years ended March 31, 2026 and 2025 | &nbsp;&nbsp;For the years ended March 31, 2026, 2025, 2024, 2023 and 2022 |
| &nbsp;&nbsp;Davenport Insider Buying Fund | &nbsp;&nbsp;For the year ended March 31, 2026 | &nbsp;&nbsp;For the years ended March 31, 2026 and 2025 | &nbsp;&nbsp;For the years ended March 31, 2026, 2025,and for the period from November 30, 2023 (commencement of operations) through March 31, 2024 |

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Basis for Opinion

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

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

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **REPORT OF INDEPENDENT REGISTERED** |
| **PUBLIC ACCOUNTING FIRM (Continued)** |

---

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![(SIGNATURE)](wi004_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 26, 2026

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| |
|:---|
| **THE DAVENPORT FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited)** |

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**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**

At a meeting held on November 18, 2025, the Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Investment Advisory Agreements with the Adviser on behalf of the Davenport Core Leaders Fund, the Davenport Value & Income Fund, the Davenport Equity Opportunities Fund, the Davenport Small Cap Focus Fund, the Davenport Balanced Income Fund and the Davenport Insider Buying Fund (individually, a "Fund," collectively, the "Funds") for an additional one-year period. Below is a discussion of the factors considered by the Board of Trustees along with the conclusions with respect thereto that formed the basis for the Board's approval of the continuation of the Investment Advisory Agreements.

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

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

*Nature, Extent and Quality of Services*

The Independent Trustees' evaluation of the nature, extent and quality of the Adviser's services took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the twelve-month period ended September 30, 2025 (the "Year"), including the Adviser's views on the overall conditions of the economy, the factors that may have influenced market sentiment, and specific stock selections. The Independent Trustees took into consideration

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

that the domestic equity market continues to be narrowly concentrated and largely impacted by the performance of a small number of large cap technology stocks that are tied to the promise of artificial intelligence. The Independent Trustees also took into account that lingering inflationary pressures, elevated interest rates, and uneven economic growth created headwinds for cyclical and value-oriented stocks during the Year and recognized the efforts of the Adviser to take advantage of opportunities to purchase stocks with more favorable risk/reward profiles than the technology stocks that are dominating the market. The Independent Trustees also considered the education and experience of the Funds' portfolio managers, the quality of the Adviser's administrative and compliance services, the business reputation of the Adviser, and the Adviser's financial resources.

*Investment Performance*

The Independent Trustees considered the performance of each Fund for the 1-year, 5-year, and 10-year periods ended September 30, 2025 (or the since inception period with respect to the Davenport Balanced Income Fund and the Davenport Insider Buying Fund), as compared to each Fund's benchmark index. The Board noted that (i) each of the Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund underperformed its respective benchmark (i.e., the S&P 500<sup>®</sup> Index for the Davenport Core Leaders Fund and the Davenport Insider Buying Fund, the Russell MidCap Index for the Davenport Equity Opportunities Fund, the Russell 1000<sup>®</sup> Value Index for the Davenport Value & Income Fund, and the blended 60% Russell 1000 Value<sup>®</sup> Index/40% Bloomberg U.S. Intermediate Government/Credit Bond Index for the Davenport Balanced Income Fund) for each of the aforementioned periods; (ii) the Davenport Small Cap Focus Fund underperformed the Russell 2000<sup>®</sup> Index for the 1-year, 5-year and since inception periods, but outperformed the Russell 2000<sup>®</sup> Index for the10-year period. The Board compared each Fund's performance with one or more peer groups with similar investment objectives and strategies and took into account management's discussion of each Fund's performance relative to its benchmark and peer group(s). The Independent Trustees also reviewed a report prepared by the Adviser comparing each Fund's performance to the composite performance of other accounts (if any) managed by the Adviser using the same investment approach as the Funds and were advised that the differences in the performance results of the Funds and the composites were generally attributable to different operating expenses.

*Fees and Expense Ratios*

In reviewing the fees payable under the Investment Advisory Agreements, the Independent Trustees compared the advisory fees and overall expense levels of each Fund with those of funds with similar investment objectives and strategies. The Board noted that while the advisory fee for each Fund was higher than the average of its Morningstar Peer Group Category, the total expense ratio for each of the Value & Income Fund, the Equity Opportunities Fund and the Small Cap Focus Fund was lower than the average for its Morningstar Peer Group Category, while the total expense ratio of each of the Davenport Core Leaders Fund, Davenport Balanced Income Fund and the Davenport Insider Buying Fund, was higher than the average of its Morningstar Peer Group Category. The Independent Trustees considered information about the Adviser's profitability with respect to each Fund, including the assumptions and methodology the Adviser used in preparing

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

the profitability information, in light of applicable case law relating to advisory fees. For these purposes, the Independent Trustees considered not only the fees paid by the Funds, but also so-called "fallout" benefits to the Adviser. The Independent Trustees also considered that the costs of executing portfolio trades for equity securities through outside brokers and the costs of compensating financial intermediaries for administrative support services are paid by the Adviser, rather than the Funds.

*Economies and Benefits of Scale*

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

*Conclusions*

Based on the consideration of the foregoing and such other information as was deemed relevant, the Independent Trustees concluded that (i) the overall performance of each Fund is satisfactory relative to its benchmark and peer group(s) after taking into consideration the conditions of the market and that the investment process used for the Funds incorporates a focus on quality, value and differentiation that has not been rewarded in the market; (ii) the advisory fees and total operating expenses for the Funds are reasonable in relation to the services provided by the Adviser; (iii) Davenport & Co., a dually registered investment adviser and broker dealer, has further benefited the Funds' shareholders by executing all equity trades at no cost to the Funds and compensating financial intermediaries that provide Fund shareholders with administrative support services; and (iv) the profits of the Adviser with respect to its management of the Funds are reasonable.

---

| |
|:---|
| **THE DAVENPORT FUNDS** |
| **FEDERAL TAX INFORMATION (Unaudited)** |

---

**Capital Gain Distribution** – For the year ended March 31, 2026, the following Funds designated long-term capital gain distributions:

---

| | |
|:---|:---|
| Davenport Core Leaders Fund | $48345307 |
| Davenport Value & Income Fund | 46442393 |
| Davenport Equity Opportunities Fund | 17064710 |
| Davenport Balanced Income Fund | 6972585 |

---

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

---

| | |
|:---|:---|
| Davenport Core Leaders Fund | 100.00% |
| Davenport Value & Income Fund | 100.00% |
| Davenport Equity Opportunities Fund | 53.55% |
| Davenport Small Cap Focus Fund | 100.00% |
| Davenport Balanced Income Fund | 43.40% |
| Davenport Insider Buying Fund | 100.00% |

---

**Dividends Received Deduction** – For corporate shareholders, the following percentages or ordinary dividends paid during the year/period ended March 31, 2026 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Davenport Core Leaders Fund | 100.00% |
| Davenport Value & Income Fund | 88.86% |
| Davenport Equity Opportunities Fund | 44.49% |
| Davenport Small Cap Focus Fund | 100.00% |
| Davenport Balanced Income Fund | 34.94% |
| Davenport Insider Buying Fund | 100.00% |

---

---

| |
|:---|
| THE DAVENPORT FUNDS |
| **Investment Adviser** |
| Davenport & Company LLC |
| One James Center |
| 901 East Cary Street |
| Richmond, Virginia 23219-4037 |
| **Administrator** |
| Ultimus Fund Solutions, LLC |
| P.O. Box 46707 |
| Cincinnati, Ohio 45246-0707 |
| 1-800-281-3217 |
| **Custodian** |
| U.S. Bank, N.A. |
| 425 Walnut Street |
| Cincinnati, Ohio 45202 |
| **Independent Registered Public** |
| **Accounting Firm** |
| Cohen & Company, Ltd. |
| 1350 Euclid Ave., |
| Suite 800 |
| Cleveland, Ohio 44115 |
| **Legal Counsel** |
| Sullivan & Worcester LLP |
| 1666 K Street, N.W. |
| Washington, DC 20006 |
| **Board of Trustees** |
| Robert S. Harris, Ph.D., Chairman |
| John P. Ackerly, IV |
| George K. Jennison |
| Harris V. Morrissette |
| Elizabeth W. Robertson |
| Mark J. Seger |
| **Officers** |
| John P. Ackerly, IV, President |
| Carly Carmichael, Vice President |
| Alison S. Crowder, Vice President |
| George L. Smith, III, Vice President |

---

---

| |
|:---|
| **THE** |
| **GOVERNMENT STREET** |
| **FUNDS** |
| **No-Load Mutual Funds** |
| **Annual Financial Statements and<br> Additional Information** |
| **March 31, 2026** |
| ![(LEAVELL LOGO)](wi003_v1.jpg) |
| **The Government Street Equity Fund<br> The Government Street Opportunities Fund** |

---

---

| |
|:---|
| **THE GOVERNMENT STREET EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **CLOSED-END FUNDS — 4.5%** | **Shares** | **Value** |
| **Commodity — 4.5%** |  |  |
| Sprott Physical Gold Trust <sup>(a)</sup> | 78000 | $2764320 |
| Sprott Physical Silver Trust <sup>(a)</sup> | 73750 | 1798763 |
| **Total Closed-End Funds** (Cost $4,255,968) |  | $4563083 |
| **COMMON STOCKS — 88.9%** | **Shares** | **Value** |
| **Communications — 7.9%** |  |  |
| Alphabet, Inc. - Class A | 5700 | $1639092 |
| Alphabet, Inc. - Class C | 11840 | 3396422 |
| Booking Holdings, Inc. | 200 | 842064 |
| Meta Platforms, Inc. - Class A | 3200 | 1830816 |
| Uber Technologies, Inc. <sup>(a)</sup> | 4000 | 287720 |
|  |  | 7996114 |
| **Consumer Discretionary — 6.6%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 12000 | 2499240 |
| Home Depot, Inc. (The) | 3000 | 986670 |
| Lowe's Companies, Inc. | 2500 | 590700 |
| McDonald's Corporation | 5000 | 1553950 |
| Tesla, Inc. <sup>(a)</sup> | 2200 | 817850 |
| Tractor Supply Company | 5000 | 226500 |
|  |  | 6674910 |
| **Consumer Staples — 4.3%** |  |  |
| Coca-Cola Company (The) | 4000 | 304200 |
| Procter & Gamble Company (The) | 4000 | 577760 |
| Walmart, Inc. | 27500 | 3417700 |
|  |  | 4299660 |
| **Energy — 4.0%** |  |  |
| Cheniere Energy, Inc. | 4000 | 1135040 |
| Chevron Corporation | 4000 | 827600 |
| ONEOK, Inc. | 10000 | 903900 |
| Phillips 66 | 6400 | 1165952 |
|  |  | 4032492 |
| **Financials — 12.1%** |  |  |
| Aflac, Inc. | 12000 | 1316520 |
| Ares Management Corporation - Class A | 4000 | 436400 |
| Banco Bilbao Vizcaya Argentaria S.A. - ADR | 10000 | 216600 |
| Bank of New York Mellon Corporation (The) | 5500 | 652465 |
| Blackstone, Inc. | 9000 | 1034910 |
| Brookfield Corporation | 40500 | 1639035 |
| CME Group, Inc. | 3500 | 1033725 |

---

---

| |
|:---|
| **THE GOVERNMENT STREET EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.9% (Continued)** | **Shares** | **Value** |
| **Financials — 12.1% (Continued)** |  |  |
| Goldman Sachs Group, Inc. (The) | 1150 | $972888 |
| Intercontinental Exchange, Inc. | 1500 | 235920 |
| JPMorgan Chase & Company | 16000 | 4706560 |
|  |  | 12245023 |
| **Health Care — 6.3%** |  |  |
| Abbott Laboratories | 9500 | 975365 |
| AbbVie, Inc. | 11500 | 2501135 |
| Bio-Techne Corporation | 18000 | 940680 |
| CRISPR Therapeutics AG <sup>(a)</sup> | 7000 | 332990 |
| GE HealthCare Technologies, Inc. | 7000 | 498260 |
| Merck & Company, Inc. | 1500 | 180435 |
| Thermo Fisher Scientific, Inc. | 900 | 442377 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1000 | 446540 |
|  |  | 6317782 |
| **Industrials — 15.5%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 800 | 146440 |
| Argan, Inc. | 1000 | 544650 |
| Eaton Corporation plc | 2500 | 894175 |
| Emerson Electric Company | 4500 | 589590 |
| GE Vernova, Inc. | 1000 | 872900 |
| General Dynamics Corporation | 3700 | 1269914 |
| General Electric Company | 4000 | 1135080 |
| Honeywell International, Inc. | 2000 | 452060 |
| Lockheed Martin Corporation | 2000 | 1208780 |
| MasTec, Inc. <sup>(a)</sup> | 1400 | 450436 |
| Parker-Hannifin Corporation | 1425 | 1275717 |
| Quanta Services, Inc. | 4000 | 2196080 |
| RTX Corporation | 14000 | 2700600 |
| TE Connectivity plc | 9000 | 1881180 |
|  |  | 15617602 |
| **Materials — 2.8%** |  |  |
| Cameco Corporation | 4000 | 434440 |
| Freeport-McMoRan, Inc. | 25000 | 1469500 |
| Linde plc | 1200 | 594912 |
| Nucor Corporation | 1600 | 270560 |
| Solstice Advanced Materials, Inc. | 1275 | 97104 |
|  |  | 2866516 |

---

---

| |
|:---|
| **THE GOVERNMENT STREET EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.9% (Continued)** | **Shares** | **Value** |
| **Real Estate — 1.2%** |  |  |
| Mid-America Apartment Communities, Inc. | 9500 | $1160140 |
| **Technology — 26.6%** |  |  |
| Apple, Inc. | 6500 | 1649635 |
| ASML Holding N.V. | 1000 | 1320830 |
| Broadcom, Inc. | 1500 | 464265 |
| International Business Machines Corporation | 2350 | 569617 |
| Mastercard, Inc. - Class A | 2000 | 999320 |
| Micron Technology, Inc. | 3950 | 1334468 |
| Microsoft Corporation | 7000 | 2591190 |
| NVIDIA Corporation | 85000 | 14824000 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 5000 | 731400 |
| QUALCOMM, Inc. | 2000 | 257560 |
| Synopsys, Inc. <sup>(a)</sup> | 200 | 79296 |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 2000 | 675900 |
| Texas Instruments, Inc. | 4500 | 873630 |
| Visa, Inc. - Class A | 1750 | 528920 |
|  |  | 26900031 |
| **Utilities — 1.6%** |  |  |
| Constellation Energy Corporation | 1400 | 390950 |
| WEC Energy Group, Inc. | 11000 | 1273470 |
|  |  | 1664420 |
| **Total Common Stocks** (Cost $27,515,012) |  | $89774690 |
| **EXCHANGE-TRADED FUNDS — 4.6%** | **Shares** | **Value** |
| Global X Dax Germany ETF | 14500 | $611320 |
| Invesco S&P 500<sup>®</sup> Equal Weight ETF | 11000 | 2111120 |
| iShares MSCI South Korea ETF | 6500 | 799565 |
| JPMorgan BetaBuilders Japan ETF | 9500 | 654645 |
| Schwab Crypto Thematic ETF | 8000 | 415840 |
| **Total Exchange-Traded Funds** (Cost $4,200,837) |  | $4592490 |

---

---

| |
|:---|
| **THE GOVERNMENT STREET EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.1%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.53% <sup>(b)</sup> (Cost $2,094,972) | 2094972 | $2094972 |
| **Total Investments at Value — 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,066,789) |  | $101025235 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (58156) |
| **Net Assets — 100.0%** |  | $100967079 |

---

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 March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **CLOSED-END FUNDS — 4.4%** | **Shares** | **Value** |
| **Commodity — 4.4%** |  |  |
| Sprott Physical Gold Trust <sup>(a)</sup> | 66000 | $2339040 |
| Sprott Physical Silver Trust <sup>(a)</sup> | 54000 | 1317060 |
| **Total Closed-End Funds** (Cost $3,469,823) |  | $3656100 |
| **COMMON STOCKS — 80.1%** | **Shares** | **Value** |
| **Consumer Discretionary — 3.7%** |  |  |
| Dick's Sporting Goods, Inc. | 1700 | $337093 |
| Gildan Activewear, Inc. | 10000 | 556500 |
| Service Corporation International | 13000 | 1072630 |
| Tesla, Inc. <sup>(a)</sup> | 1000 | 371750 |
| Toll Brothers, Inc. | 3000 | 409410 |
| Viking Holdings Ltd. <sup>(a)</sup> | 5000 | 367400 |
|  |  | 3114783 |
| **Consumer Staples — 1.8%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 8000 | 283840 |
| Church & Dwight Company, Inc. | 9000 | 839880 |
| Kroger Company (The) | 5600 | 405216 |
|  |  | 1528936 |
| **Energy — 3.6%** |  |  |
| Cheniere Energy, Inc. | 750 | 212820 |
| ConocoPhillips | 6375 | 841500 |
| ONEOK, Inc. | 11000 | 994290 |
| Targa Resources Corporation | 3700 | 927701 |
|  |  | 2976311 |
| **Financials — 15.0%** |  |  |
| Ares Management Corporation - Class A | 7200 | 785520 |
| Arthur J. Gallagher & Company | 6000 | 1299480 |
| Banco Bilbao Vizcaya Argentaria S.A. - ADR | 10000 | 216600 |
| Bank of New York Mellon Corporation (The) | 1500 | 177945 |
| Berkley (W.R.) Corporation | 25143 | 1666478 |
| Brown & Brown, Inc. | 10000 | 652100 |
| CME Group, Inc. | 6000 | 1772100 |
| Dave, Inc. <sup>(a)</sup> | 2000 | 348180 |
| Intercontinental Exchange, Inc. | 9000 | 1415520 |
| Morgan Stanley | 9565 | 1574112 |
| Nasdaq, Inc. | 22000 | 1867580 |
| Old Republic International Corporation | 20000 | 798000 |
|  |  | 12573615 |

---

---

| |
|:---|
| **THE GOVERNMENT STREET OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 80.1% (Continued)** | **Shares** | **Value** |
| **Health Care — 6.1%** |  |  |
| Bio-Techne Corporation | 15000 | $783900 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> | 3000 | 517500 |
| Chemed Corporation | 2000 | 755480 |
| GE HealthCare Technologies, Inc. | 5000 | 355900 |
| Illumina, Inc. <sup>(a)</sup> | 2000 | 246520 |
| Labcorp Holdings, Inc. | 4000 | 1067240 |
| Penumbra, Inc. <sup>(a)</sup> | 1500 | 492555 |
| ResMed, Inc. | 1200 | 269376 |
| Waters Corporation <sup>(a)</sup> | 2000 | 595600 |
|  |  | 5084071 |
| **Industrials — 19.8%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 2000 | 366100 |
| Argan, Inc. | 3750 | 2042437 |
| ATI, Inc. <sup>(a)</sup> | 2200 | 320012 |
| Construction Partners, Inc. - Class A <sup>(a)</sup> | 1650 | 183348 |
| Donaldson Company, Inc. | 12000 | 1018440 |
| Expeditors International of Washington, Inc. | 8000 | 1145840 |
| Fastenal Company | 25500 | 1183200 |
| GE Vernova, Inc. | 500 | 436450 |
| Generac Holdings, Inc. <sup>(a)</sup> | 2800 | 546924 |
| Graco, Inc. | 11000 | 931150 |
| Jacobs Solutions, Inc. | 8000 | 1018240 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 2300 | 162173 |
| L3Harris Technologies, Inc. | 5250 | 1812038 |
| MasTec, Inc. <sup>(a)</sup> | 3000 | 965220 |
| MSC Industrial Direct Company, Inc. - Class A | 5000 | 461350 |
| Pentair plc | 3200 | 278752 |
| RBC Bearings, Inc. <sup>(a)</sup> | 400 | 217248 |
| Waste Connections, Inc. | 10500 | 1705620 |
| Woodward, Inc. | 5000 | 1789600 |
|  |  | 16584142 |
| **Materials — 6.0%** |  |  |
| Cameco Corporation | 7000 | 760270 |
| Martin Marietta Materials, Inc. | 1500 | 883020 |
| Packaging Corporation of America | 5000 | 1061100 |
| Ramaco Resources, Inc. - Class B | 1130 | 11525 |
| SSR Mining, Inc. <sup>(a)</sup> | 7800 | 229320 |
| Steel Dynamics, Inc. | 9000 | 1620000 |
| Valvoline, Inc. <sup>(a)</sup> | 10236 | 344748 |
| Wheaton Precious Metals Corporation | 1000 | 131010 |
|  |  | 5040993 |

---

---

| |
|:---|
| **THE GOVERNMENT STREET OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 80.1% (Continued)** | **Shares** | **Value** |
| **Real Estate — 2.4%** |  |  |
| Digital Realty Trust, Inc. | 2200 | $396462 |
| Mid-America Apartment Communities, Inc. | 13300 | 1624196 |
|  |  | 2020658 |
| **Technology — 20.8%** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 1964 | 399537 |
| Amentum Holdings, Inc. <sup>(a)</sup> | 12990 | 338779 |
| Analog Devices, Inc. | 3671 | 1167892 |
| Arrow Electronics, Inc. <sup>(a)</sup> | 8000 | 1147280 |
| Broadridge Financial Solutions, Inc. | 3500 | 568680 |
| InterDigital, Inc. | 1400 | 422800 |
| Lam Research Corporation | 11750 | 2510505 |
| Micron Technology, Inc. | 1000 | 337840 |
| Nebius Group N.V. - Class A <sup>(a)</sup> | 8000 | 830080 |
| NVIDIA Corporation | 47500 | 8284000 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 8000 | 1170240 |
| Rigetti Computing, Inc. <sup>(a)</sup> | 4000 | 56160 |
| Synopsys, Inc. <sup>(a)</sup> | 400 | 158592 |
|  |  | 17392385 |
| **Utilities — 0.9%** |  |  |
| Constellation Energy Corporation | 1500 | 418875 |
| NextEra Energy, Inc. | 2000 | 185760 |
| NRG Energy, Inc. | 800 | 116912 |
|  |  | 721547 |
| **Total Common Stocks** (Cost $19,405,024) |  | $67037441 |
| **EXCHANGE-TRADED FUNDS — 10.2%** | **Shares** | **Value** |
| Global X Dax Germany ETF | 9700 | $408952 |
| iShares Core S&P Mid-Cap ETF | 50000 | 3376500 |
| iShares MSCI South Korea ETF | 5500 | 676555 |
| JPMorgan BetaBuilders Japan ETF | 6300 | 434133 |
| Schwab Crypto Thematic ETF | 9500 | 493810 |
| State Street SPDR S&P MidCap 400<sup>®</sup> ETF Trust | 5150 | 3176314 |
| **Total Exchange-Traded Funds** (Cost $7,326,917) |  | $8566264 |

---

---

| |
|:---|
| **THE GOVERNMENT STREET OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.3%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 3.53% <sup>(b)</sup> (Cost $4,446,331) | 4446331 | $4446331 |
| **Total Investments at Value — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,648,095) |  | $83706136 |
| **Other Assets in Excess of Liabilities — 0.0% <sup>(c)</sup>** |  | 25851 |
| **Net Assets — 100.0%** |  | $83731987 |

---

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 March 31, 2026.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  |<br>**The**<br>**Government**<br>**Street Equity**<br>**Fund** | **The**<br>**Government**<br>**Street**<br>**Opportunities**<br>**Fund** |
| **ASSETS** |  |  |
| Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;At cost | $38066789 | $34648095 |
| &nbsp;&nbsp;&nbsp;At value (Note 2) | $101025235 | $83706136 |
| Receivable for capital shares purchased | 100 | 45050 |
| Dividends receivable | 25756 | 44280 |
| Other assets | 4561 | 6166 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSETS | 101055652 | 83801632 |
| **LIABILITIES** |  |  |
| Distributions payable | 681 |  |
| Payable for capital shares redeemed | 18206 |  |
| Accrued management fees (Note 4) | 52106 | 54190 |
| Payable to administrator (Note 4) | 9460 | 7880 |
| Other accrued expenses | 8120 | 7575 |
| &nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 88573 | 69645 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 5)** |  |  |
| **NET ASSETS** | $100967079 | $83731987 |
| **Net assets consists of:** |  |  |
| Paid-in capital | $36163725 | $34286157 |
| Distributable earnings | 64803354 | 49445830 |
| **Net assets** | $100967079 | $83731987 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value) | 709012 | 1696108 |
| Net asset value, offering price and redemption price per share (Note 2) | $142.41 | $49.37 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
|  | <br>**The**<br>**Government**<br>**Street Equity**<br>**Fund** | **The**<br>**Government**<br>**Street**<br>**Opportunities**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1269657 | $1153573 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends | (3958) | (3698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 1265699 | 1149875 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 609142 | 605250 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 106271 | 84797 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 41690 | 35728 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 28031 | 26781 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 18207 | 18207 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 17538 | 18144 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 8111 | 7050 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses | 7435 | 7435 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 4) | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;Legal fees | 6065 | 6065 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 3957 | 4078 |
| &nbsp;&nbsp;&nbsp;Other expenses | 10743 | 10425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 864190 | 830960 |
| **NET INVESTMENT INCOME** | 401509 | 318915 |
| **REALIZED AND UNREALIZED GAINS ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 3230022 | 1532539 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 6941808 | 6044684 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 9419642 | 4743063 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS** | 19591472 | 12320286 |
| **NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | $19992981 | $12639201 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $401509 | $576409 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 3230022 | 2255997 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 6941808 | 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 | 9419642 | 4285801 |
| Net change in net assets resulting from operations | 19992981 | 7392511 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (3061194) | (2211327) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2581990 | 3091103 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 3035375 | 2190919 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (12194137) | (2542436) |
| Net change in net assets from capital share transactions | (6576772) | 2739586 |
| **TOTAL CHANGE IN NET ASSETS** | 10355015 | 7920770 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 90612064 | 82691294 |
| &nbsp;&nbsp;&nbsp;End of year | $100967079 | $90612064 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 18527 | 25553 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 21711 | 17531 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (85742) | (20989) |
| &nbsp;&nbsp;&nbsp;Net change in shares outstanding | (45504) | 22095 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 754516 | 732421 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 709012 | 754516 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET OPPORTUNITIES FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31,**<br>**2026** | **Year Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $318915 | $473023 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | 1532539 | 3146484 |
| &nbsp;&nbsp;&nbsp;Net realized gains from in-kind redemptions (Note 2) | 6044684 | 227171 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4743063 | (3226483) |
| Net change in net assets resulting from operations | 12639201 | 620195 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (3126984) | (2435534) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6934728 | 3977173 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 3098907 | 2412722 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (11426368) | (2818363) |
| Net change in net assets from capital share transactions | (1392733) | 3571532 |
| **TOTAL CHANGE IN NET ASSETS** | 8119484 | 1756193 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 75612503 | 73856310 |
| &nbsp;&nbsp;&nbsp;End of year | $83731987 | $75612503 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 139214 | 88806 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 64943 | 51702 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (237326) | (62474) |
| &nbsp;&nbsp;&nbsp;Net change in shares outstanding | (33169) | 78034 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1729277 | 1651243 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1696108 | 1729277 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET EQUITY FUND** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Net asset value at beginning of year | $120.09 | $112.90 | $92.34 | $104.58 | $98.83 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.55 | 0.77 | 0.90 | 0.97 | 0.58 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 25.94 | 9.40 | 25.07 | (10.23) | 16.42 |
| Total from investment operations | 26.49 | 10.17 | 25.97 | (9.26) | 17.00 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.78) | (0.89) | (0.98) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.61) | (2.20) | (4.52) | (2.00) | (10.67) |
| Total distributions | (4.17) | (2.98) | (5.41) | (2.98) | (11.25) |
| Net asset value at end of year | $142.41 | $120.09 | $112.90 | $92.34 | $104.58 |
| Total return <sup>(b)</sup> | 22.14% | 8.92% | 29.25% | (8.68%) | 17.51% |
| Net assets at end of year (000's) | $100967 | $90612 | $82691 | $67295 | $76446 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.85% | 0.85% | 0.87% | 0.87% | 0.84% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.39% | 0.63% | 0.92% | 1.07% | 0.55% |
| Portfolio turnover rate | 19% | 12% | 23% | 14% | 14% |

---

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET OPPORTUNITIES FUND** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Net asset value at beginning of year | $43.72 | $44.73 | $36.04 | $39.61 | $35.73 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.19 | 0.28 | 0.29 | 0.27 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 7.32 | 0.17 | 9.14 | (2.31) | 5.20 |
| Total from investment operations | 7.51 | 0.45 | 9.43 | (2.04) | 5.37 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.26) | (0.30) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.65) | (1.20) | (0.44) | (1.34) | (1.31) |
| Total distributions | (1.86) | (1.46) | (0.74) | (1.53) | (1.49) |
| Net asset value at end of year | $49.37 | $43.72 | $44.73 | $36.04 | $39.61 |
| Total return <sup>(b)</sup> | 17.37% | 0.80% | 26.55% | (4.91%) | 15.11% |
| Net assets at end of year (000's) | $83732 | $75613 | $73856 | $60579 | $64413 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 1.03% | 1.02% | 1.04% | 1.05% | 1.02% |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.40% | 0.62% | 0.76% | 0.78% | 0.44% |
| Portfolio turnover rate | 20% | 9% | 17% | 9% | 8% |

---

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **March 31, 2026** |

---

**1.** **Organization** 

The Government Street Equity Fund and The Government Street Opportunities Fund (individually, a "Fund," collectively, 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 each 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 —** The management team of 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 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.

**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. Management concludes there is no material 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. Eastern time). Securities traded on a national stock exchange, including common stocks, closed-end funds and exchange-traded funds ("ETFs"), if any, are valued based upon the closing price on the principal exchange where the security is traded, if

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

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 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 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 GOVERNMENT STREET FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The following is a summary of the Funds' investments based on the inputs used to value the investments as of March 31, 2026, by asset type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The Government Street Equity Fund:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed-End Funds | $4563083 | $— | $— | $4563083 |
| Common Stocks | 89774690 |  |  | 89774690 |
| Exchange-Traded Funds | 4592490 |  |  | 4592490 |
| Money Market Funds | 2094972 |  |  | 2094972 |
| Total | $101025235 | $— | $— | $101025235 |
| **The Government Street Opportunities Fund:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed-End Funds | $3656100 | $— | $— | $3656100 |
| Common Stocks | 67037441 |  |  | 67037441 |
| Exchange-Traded Funds | 8566264 |  |  | 8566264 |
| Money Market Funds | 4446331 |  |  | 4446331 |
| Total | $83706136 | $— | $— | $83706136 |

---

Refer to each Fund's Schedule of Investments for a listing of the common stocks by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the year ended March 31, 2026.

**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 years ended March 31, 2026 and 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years**<br>**Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Total**<br>**Distributions\*** |
| The Government Street Equity Fund | 03/31/26 | $407512 | $2654338 | $3061850 |
|  | 03/31/25 | $581031 | $1630294 | $2211325 |
| The Government Street Opportunities Fund | 03/31/26 | $352597 | $2774387 | $3126984 |
|  | 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 net change 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 March 31, 2026:

---

| | | |
|:---|:---|:---|
| |<br>**The**<br>**Government**<br>**Street Equity**<br>**Fund** | **The**<br>**Government**<br>**Street**<br>**Opportunities**<br>**Fund** |
| Cost of investments | $38067802 | $34648787 |
| Gross unrealized appreciation | $63465719 | $49522819 |
| Gross unrealized depreciation | (508286) | (465470) |
| Net unrealized appreciation | 62957433 | 49057349 |
| Undistributed ordinary income | 105 | 90955 |
| Undistributed long-term capital gains | 1846497 | 297526 |
| Distributions payable | (681) |  |
| Total distributable earnings | $64803354 | $49445830 |

---

During the year ended March 31, 2026, The Government Street Equity Fund and The Government Street Opportunities Fund realized $6,941,808 and $6,044,684, 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 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 year ended March 31, 2026, 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 year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| |<br>**The Government**<br>**Street Equity**<br>**Fund** | **The Government**<br>**Street**<br>**Opportunities**<br>**Fund** |
| Purchases of investment securities | $19139566 | $14840629 |
| Proceeds from sales of investment securities | $25146435 | $18551077 |

---

**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 agreement 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 year ended March 31, 2026, The Government Street Equity Fund and The Government Street Opportunities Fund incurred fees of $41,690 and $35,728, respectively, under the Plan.

COMPENSATION OF TRUSTEES

Each Independent Trustee receives an annual retainer, payable quarterly, based on the size of each Fund ($5,000 per fund for funds with more than $100 million in net assets and $4,000 per fund for funds with less than $100 million in net assets). The annual retainer is currently $41,000. In addition, each Independent Trustee receives a fee of $2,000 for attending each Board Meeting (except the Chairman of the Board receives an attendance fee of $3,000) and a fee of $1,000 for attending each Committee meeting (except the Committee Chair receives an attendance fee of $1,500 per Committee meeting). Any director, officer or employee of the Distributor or an investment adviser of the Trust does not receive any compensation from the Trust for serving as a Trustee and is considered to be an "interested trustee." One Trustee who is considered to be an "interested trustee" due to his prior affiliation with the Distributor is compensated ("Compensated Interested Trustee"). The Compensated Interested Trustee receives the same annual retainer and board meeting fee as the Independent Trustees, but does not receive a committee meeting fee. The Trust reimburses the Independent Trustees and Compensated Interested Trustee for 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 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 Trust expects the risk of loss to be remote.

**6.** **Sector Risk** 

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

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

particular sector and therefore the value of the Fund's portfolio would be adversely affected. As of March 31, 2026, The Government Street Equity Fund had 26.6% of its net assets invested in securities within the Technology sector.

**7.** **Subsequent Events** 

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

---

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

---

To the Shareholders of The Government Street Funds and

Board of Trustees of Williamsburg Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Government Street Funds, comprising The Government Street Equity Fund and The Government Street Opportunities Fund (the "Funds"), each a series of Williamsburg Investment Trust, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting

---

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

---

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

We have served as the Funds' auditor since 2016.

![(-s- COHEN & COMPANY LTD)](wi004_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 26, 2026

---

| |
|:---|
| **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 Agreements**

At a meeting held on November 18, 2025, the Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Investment Advisory Agreements with the Adviser on behalf of The Government Street Equity Fund and The Government Street Opportunities Fund (individually, a "Fund," collectively, the "Funds") for an additional one-year period. Below is a discussion of the factors considered by the Board of Trustees along with the conclusions that formed the basis for the Board's approval of the continuation of the Investment Advisory Agreements.

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

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

Nature, Extent and Quality of Services

The Independent Trustees' evaluation of the nature, extent and quality of the Adviser's services took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the twelve-month period ended September 30, 2025, including the Adviser's views on the overall conditions of the economy, the

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

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

Investment Performance

The Independent Trustees considered the performance of each Fund for the 1-year, 5-year, and 10-year periods ended September 30, 2025, compared to the Fund's benchmark and a peer group of funds with similar investment objectives and strategies. The Independent Trustees noted that The Government Street Equity Fund outperformed its benchmark (the S&P 500<sup>®</sup> Index) during the 1-year, 3-year and 5-year periods ended September 30, 2025, but underperformed its benchmark over the 10-year period; and outperformed the median of its peer group (the Morningstar Large Cap Growth category) during the 1-year, 5-year and 10-year periods ended September 30, 2025. The Independent Trustees noted that The Government Street Opportunities Fund outperformed its benchmark (the S&P MidCap 400<sup>®</sup> Index) and peer group (Morningstar Mid-Cap Blend Peer Group) category during the 1-year, 5-year and 10-year periods ended September 30, 2025. The Independent Trustees noted that as of September 30, 2025, The Government Street Equity Fund had an overall 4-star Morningstar rating and The Government Street Opportunities Fund had an overall 5-star Morningstar rating.

Fees and Expense Ratios

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

Economies and Benefits of Scale

Given the current size of the Funds and their expected growth, the Independent Trustees did not believe it was relevant to consider the extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. However, the Independent Trustees noted that The Government

---

| |
|:---|
| **THE GOVERNMENT STREET FUNDS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

Street Equity Fund's advisory fee schedule contains a breakpoint that would reduce the advisory fee rate when the Fund's assets increase to a specific level. The Independent Trustees also considered the "fallout" benefits to the Adviser for managing the Funds, but given the amounts involved, viewed these as secondary factors in their evaluation of the reasonableness of the advisory fees paid by the Funds.

Conclusions

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

**FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended March 31, 2026 The Government Street Equity Fund and The Government Street Opportunities Fund designated $2,654,338 and $2,774,387 respectively, as long-term capital gain distributions.

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

**Dividends Received Deduction —** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distributions that qualify under tax law. For the fiscal year ended March 31, 2026, 100% of each Fund's ordinary income dividends qualifies for the corporate dividends received deduction.

---

| |
|:---|
| **The Government Street Funds** |
| No-Load Mutual Funds |
| **Investment Adviser**<br> Leavell Investment Management, Inc.<br> 210 St. Joseph Street<br> Mobile, AL 36602<br>**Administrator**<br> Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246-0707<br> 1-866-738-1125<br>**Legal Counsel**<br> Sullivan & Worcester LLP<br> 1666 K Street, N.W.<br> Washington, DC 20006<br>**Independent Registered Public Accounting Firm**<br> Cohen & Company, Ltd.<br> 1350 Euclid Ave.,<br> Suite 800<br> Cleveland, OH 44115<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 |

---

---

| |
|:---|
| ***THE*** |
| ***JAMESTOWN*** |
| ***EQUITY FUND*** |
| **No-Load Fund** |
| **Annual Financial Statements and Additional<br> Information** |
| **March 31, 2026** |
| ![(LOGO)](wi001_v1.jpg) |
| Investment Adviser<br> ***Lowe, Brockenbrough & Company, Inc.<br> Richmond, Virginia*** |

---

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 85.3%** | **Shares** | **Value** |
| **Communications — 12.5%** |  |  |
| Alphabet, Inc. - Class C | 15287 | $4385229 |
| Booking Holdings, Inc. | 250 | 1052580 |
| Meta Platforms, Inc. - Class A | 4200 | 2402946 |
|  |  | 7840755 |
| **Consumer Discretionary — 7.9%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 12000 | 2499240 |
| Home Depot, Inc. (The) | 1500 | 493335 |
| Lowe's Companies, Inc. | 2700 | 637956 |
| TJX Companies, Inc. (The) | 8500 | 1357450 |
|  |  | 4987981 |
| **Consumer Staples — 3.1%** |  |  |
| PepsiCo, Inc. | 2800 | 434812 |
| Procter & Gamble Company (The) | 4850 | 700534 |
| Unilever plc - ADR | 14222 | 810227 |
|  |  | 1945573 |
| **Energy — 7.0%** |  |  |
| Chevron Corporation | 7700 | 1593130 |
| Exxon Mobil Corporation | 7500 | 1272450 |
| SLB Ltd. | 11800 | 606402 |
| TotalEnergies SE | 10000 | 909800 |
|  |  | 4381782 |
| **Financials — 11.4%** |  |  |
| Ameriprise Financial, Inc. | 2550 | 1133220 |
| Chubb Ltd. | 1800 | 586674 |
| Goldman Sachs Group, Inc. (The) | 1400 | 1184386 |
| JPMorgan Chase & Company | 7000 | 2059120 |
| Morgan Stanley | 7100 | 1168447 |
| PNC Financial Services Group, Inc. (The) | 5100 | 1061259 |
|  |  | 7193106 |
| **Health Care — 5.5%** |  |  |
| Amgen, Inc. | 1300 | 457405 |
| Elevance Health, Inc. | 1850 | 541587 |
| Merck & Company, Inc. | 4000 | 481160 |
| Pfizer, Inc. | 27510 | 772481 |
| Thermo Fisher Scientific, Inc. | 1800 | 884754 |
| UnitedHealth Group, Inc. | 1107 | 299543 |
|  |  | 3436930 |

---

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 85.3% (Continued)** | **Shares** | **Value** |
| **Industrials — 7.9%** |  |  |
| Eaton Corporation plc | 2900 | $1037243 |
| Lockheed Martin Corporation | 1753 | 1059496 |
| Norfolk Southern Corporation | 3500 | 1004500 |
| RTX Corporation | 6100 | 1176690 |
| Trane Technologies plc | 1600 | 666784 |
|  |  | 4944713 |
| **Real Estate — 1.3%** |  |  |
| American Tower Corporation | 4710 | 812852 |
| **Technology — 26.4%** |  |  |
| Apple, Inc. | 11800 | 2994722 |
| Applied Materials, Inc. | 4500 | 1538055 |
| Broadcom, Inc. | 6400 | 1980864 |
| Cisco Systems, Inc. | 17000 | 1319030 |
| Microsoft Corporation | 8490 | 3142743 |
| NVIDIA Corporation | 22363 | 3900107 |
| Oracle Corporation | 2578 | 379250 |
| SAP SE - ADR | 3923 | 671657 |
| Visa, Inc. - Class A | 2095 | 633193 |
|  |  | 16559621 |
| **Utilities — 2.3%** |  |  |
| Duke Energy Corporation | 11000 | 1440340 |
| **Total Common Stocks** (Cost $18,386,408) |  | $53543653 |
| **EXCHANGE-TRADED FUNDS — 12.1%** | **Shares** | **Value** |
| Invesco KBW Bank ETF | 12500 | $989000 |
| iShares Expanded Tech-Software Sector ETF <sup>(a)</sup> | 13283 | 1063304 |
| iShares Semiconductor ETF | 4200 | 1380372 |
| State Street Health Care Select Sector SPDR ETF | 12500 | 1832625 |
| Vanguard Information Technology ETF | 3350 | 2337362 |
| **Total Exchange-Traded Funds** (Cost $3,784,500) |  | $7602663 |

---

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 2.7%** | **Shares** | **Value** |
| Federated Hermes Government Obligations Fund - Institutional Class, 3.53% <sup>(b)</sup> (Cost $1,663,700) | 1663700 | $1663700 |
| **Total Investments at Value — 100.1%** <br> (Cost $23,834,608) |  | $62810016 |
| **Liabilities in Excess of Other Assets — (0.1%)** |  | (53312) |
| **Net Assets — 100.0%** |  | $62756704 |

---

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 March 31, 2026.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $23834608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 2) | $62810016 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 30327 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable | 349 |
| &nbsp;&nbsp;&nbsp;Other assets | 4056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | 62844748 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Distributions payable | 8709 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 26571 |
| &nbsp;&nbsp;&nbsp;Accrued management fees (Note 4) | 41515 |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 4) | 6500 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 88044 |
| **COMMITMENTS AND CONTINGENCIES (Note 6)** |  |
| **NET ASSETS** | $62756704 |
| **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $22568189 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 40188515 |
| **Net assets** | $62756704 |
| Shares of beneficial interest outstanding<br> (unlimited number of shares authorized, $0.01 par value) | 1733786 |
| Net asset value, offering price and redemption price per share (Note 2) | $36.20 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **STATEMENT OF OPERATIONS** |
| **Year Ended March 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1011248 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends (net of reclaims received) | (6945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 1004303 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Management fees (Note 4) | 407141 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 4) | 67644 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 4) | 26781 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees | 18207 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | 15996 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 4) | 12000 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 8453 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees | 7373 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 4) | 6932 |
| &nbsp;&nbsp;&nbsp;Legal fees | 6248 |
| &nbsp;&nbsp;&nbsp;Postage and supplies | 4392 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1734 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 595124 |
| **NET INVESTMENT INCOME** | 409179 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 3864261 |
| &nbsp;&nbsp;&nbsp;Net realized losses on foreign currency transactions (Note 2) | (169) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6718698 |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCIES** | 10582790 |
| **NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | $10991969 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**March 31,**<br>**2026** | **Year**<br>**Ended**<br>**March 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $409179 | $437246 |
| &nbsp;&nbsp;&nbsp;Net realized gains on investment transactions | 3864261 | 3221549 |
| &nbsp;&nbsp;&nbsp;Net realized losses on foreign currency transactions | (169) |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6718698 | 421590 |
| Net change in net assets resulting from operations | 10991969 | 4080385 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** | (4991615) | (3473592) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 531928 | 1165008 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 4356171 | 3236166 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (3441341) | (3547713) |
| Net change in net assets from capital share transactions | 1446758 | 853461 |
| **TOTAL CHANGE IN NET ASSETS** | 7447112 | 1460254 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 55309592 | 53849338 |
| &nbsp;&nbsp;&nbsp;End of year | $62756704 | $55309592 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14643 | 34816 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 119387 | 95999 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (93003) | (105072) |
| &nbsp;&nbsp;&nbsp;Net change in shares outstanding | 41027 | 25743 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1692759 | 1667016 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1733786 | 1692759 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **FINANCIAL HIGHLIGHTS** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Selected Per Share Data for a Share Outstanding Throughout Each Year:** | **Selected Per Share Data for a Share Outstanding Throughout Each Year:** | **Selected Per Share Data for a Share Outstanding Throughout Each Year:** | **Selected Per Share Data for a Share Outstanding Throughout Each Year:** | **Selected Per Share Data for a Share Outstanding Throughout Each Year:** | **Selected Per Share Data for a Share Outstanding Throughout Each Year:** |
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| Net asset value at beginning of year | $32.67 | $32.30 | $25.73 | $31.43 | $28.96 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.24 | 0.26 | 0.27 | 0.28 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currencies | 6.22 | 2.17 | 7.37 | (2.38) | 3.57 |
| Total from investment operations | 6.46 | 2.43 | 7.64 | (2.10) | 3.73 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.26) | (0.27) | (0.28) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.69) | (1.80) | (0.80) | (3.32) | (1.10) |
| Total distributions | (2.93) | (2.06) | (1.07) | (3.60) | (1.26) |
| Net asset value at end of year | $36.20 | $32.67 | $32.30 | $25.73 | $31.43 |
| Total return <sup>(b)</sup> | 19.91% | 7.42% | 30.48% | (5.89%) | 12.91% |
| Net assets at end of year (000's) | $62757 | $55310 | $53849 | $43078 | $50191 |
| Ratio of total expenses to average net assets <sup>(c)</sup> | 0.95% | 0.96% | 1.01% | 1.04% | 0.96% |
| Ratio of net expenses to average net assets <sup>(c)(d)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| Ratio of net investment income to average net assets <sup>(a)(c)(d)</sup> | 0.65% | 0.76% | 0.96% | 1.08% | 0.51% |
| Portfolio turnover rate | 7% | 6% | 9% | 6% | 8% |

---

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

 

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

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

 

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

See accompanying notes to financial statements.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **March 31, 2026** |

---

**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** — The management team of 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.

**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. Management concludes there is no material 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 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 March 31, 2026, by security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $53543653 | $— | $— | $53543653 |
| Exchange-Traded Funds | 7602663 |  |  | 7602663 |
| Money Market Funds | 1663700 |  |  | 1663700 |
| Total | $62810016 | $— | $— | $62810016 |

---

---

| |
|:---|
| **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 year ended March 31, 2026.

**Foreign currency translation** — Securities and other assets and liabilities denominated in or expected to settle in foreign currencies 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 Fund does not isolate that portion
 of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) 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.

The Fund may be subject to foreign taxes related to foreign income received, capital gain on the sale of securities and certain foreign currency transactions (a portion of which may be reclaimable). All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

The Fund may be subject to taxes imposed by countries in which it invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Fund will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Fund's interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Fund's interpretation of country-specific taxation of dividend income and related amounts reclaimable.

**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.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

**Distributions to shareholders** — Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of the Fund. Net realized short-term capital gains, if any, may be distributed throughout the year and net realized long-term capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions are recorded on the ex-dividend date.

The tax character of distributions paid during the years ended March 31, 2026 and 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year**<br>**Ended** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Total**<br>**Distributions\*** |
| 3/31/2026 | $414036 | $4581543 | $4995579 |
| 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 change in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The tax character of accumulated earnings at March 31, 2026 was as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $23887557 |
| Gross unrealized appreciation | $39771341 |
| Gross unrealized depreciation | (848882) |
| Net unrealized appreciation | 38922459 |
| Undistributed ordinary income | 7930 |
| Undistributed long-term capital gains | 1266835 |
| Distributions payable | (8709) |
| Distributable earnings | $40188515 |

---

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

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

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended March 31, 2026, 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 year ended March 31, 2026.

---

| | |
|:---|:---|
| Purchase of investment securities | $4346050 |
| Proceeds from sales of investment securities | $7188071 |

---

**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.

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |

---

The Adviser has voluntarily agreed to limit the total annual operating expenses of the Fund to 0.95% of average daily net assets. Any management fee waivers needed are not subject to recapture in future periods. During the year ended March 31, 2026, the Adviser did not need to voluntarily waive any of its management fees because total expenses did not exceed the 0.95% limit.

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 agreement 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 year ended March 31, 2026, the Fund incurred fees of $6,932 under the Plan.

TRUSTEE COMPENSATION.

Each Independent Trustee receives an annual retainer, payable quarterly, based on the size of each Fund ($5,000 per fund for funds with more than $100 million in net assets and $4,000 per fund for funds with less than $100 million in net assets). The annual retainer is currently $41,000. In addition, each Independent Trustee receives a fee of $2,000 for attending each Board Meeting (except the Chairman of the Board receives an attendance fee of $3,000) and a fee of $1,000 for attending each Committee meeting (except the Committee Chair receives an attendance fee of $1,500 per Committee meeting). Any director, officer or employee of the Distributor or any investment adviser of the Trust does not receive any compensation from the Trust for serving as a Trustee and is considered to be an "interested trustee." One Trustee who is considered to be an "interested trustee" due to his prior affiliation with the Distributor is compensated ("Compensated Interested Trustee"). The Compensated Interested Trustee receives the same annual retainer and board meeting fee as the Independent Trustees, but does not receive a committee meeting fee. The Trust reimburses the Independent Trustees and Compensated Interested Trustee for 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)** |

---

PRINCIPAL HOLDER OF FUND SHARES

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholder's meeting. As of March 31, 2026, no individual shareholders owned of record 25% or more of the outstanding shares of the Fund.

**5. Sector Risk**

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio would be adversely affected. As of March 31, 2026, the Fund had 34.0% of the value of its net assets invested in common stocks and ETFs within the Technology sector.

**6. Contingencies and Commitments**

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

**7. Subsequent Events**

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

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **REPORT OF INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM** |

---

To the Shareholders of The Jamestown Equity Fund and

Board of Trustees of Williamsburg Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Jamestown Equity Fund (the "Fund"), a series of Williamsburg Investment Trust, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2016.

![(SIGNATURE)](wi002_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 26, 2026

---

| |
|:---|
| **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**

At a meeting held on November 18, 2025, the Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Investment Advisory Agreement with the Adviser on behalf of The Jamestown Equity Fund (the "Fund") for an additional one-year period. Below is a discussion of the factors considered by the Board of Trustees along with the conclusions that formed the basis for the Board's approval of the continuation of the Investment Advisory Agreement.

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

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

*Nature, Extent and Quality of Services*

The Independent Trustees' evaluation of the nature, extent and quality of the Adviser's services took into consideration their knowledge gained through presentations and reports from the Adviser over the course of the twelve-month period ended September 30, 2025 (the "Year"), including the Adviser's views on the overall conditions of the economy and the markets, as well as the factors that may have influenced the Adviser's portfolio weightings and specific stock selections. The Independent Trustees took into account the valuation considerations and earnings-driven investment process that is used by the Adviser in the selection of large-cap securities and the

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

ability of the Adviser to effectively weigh the Fund's mega-cap technology stocks and AI-related beneficiaries, while managing its risk characteristics though security and sector diversification. The Independent Trustees also considered the experience of the Fund's portfolio managers; the quality of the Adviser's compliance and administrative services; the business reputation of the Adviser; and the Adviser's financial resources.

*Investment Performance*

The Independent Trustees considered the performance of the Fund for the 1-year, 3-year, 5-year, and 10-year periods ended September 30, 2025, compared to the Fund's benchmark (the S&P 500<sup>®</sup> Index) and peer group average of funds with similar investment objectives and strategies (the Morningstar Large Cap Blend Peer Group Category). The Independent Trustees noted that the Fund exceeded the performance of the Morningstar Large Cap Blend Peer Group Category over all of the aforementioned reporting periods and exceeded the performance of the S&P 500<sup>®</sup> Index over the 5-year period, but placed slightly below the S&P 500<sup>®</sup> Index for the 1-year and 10-year periods. The Independent Trustees compared the performance of the Fund with the returns of the Adviser's comparable privately managed account and noted that the Fund placed above the returns of the privately managed account over all of the aforementioned reporting periods. The Independent Trustees noted that as of September 30, 2025, the Fund had an 4-star Morningstar rating overall and a five-star rating for its five-year performance results.

*Fees and Expense Ratios*

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

*Economies and Benefits of Scale*

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

---

| |
|:---|
| **THE JAMESTOWN EQUITY FUND** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |

---

*Conclusions*

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

**FEDERAL TAX INFORMATION (Unaudited)**

For the fiscal year ended March 31, 2026, the Fund designated $4,581,543 as long-term capital gain distributions.

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

**Dividends Received Deduction** — Corporate shareholders are generally entitled to take the dividends received deduction on the portion of a Fund's dividend distributions that qualify under tax law. For the fiscal year ended March 31, 2026, 100% of the Fund's ordinary income dividends qualifies for the corporate dividends received deduction.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 JAMESTOWN EQUITY FUND*** <br> www.jamestownfunds.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Lowe, Brockenbrough & Company, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d/b/a Brockenbrough |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 Libbie Ave |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 23226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;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;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;(Toll-Free) 1-866-738-1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Public 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;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;1350 Euclid Ave |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland, Ohio 44115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;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;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;**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;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;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;Robert S. Harris, Ph.D. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;Mark J. Seger |

---

(b) Included in (a)

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

The registrant's Governance, Nominating, Compensation and QLCC Committee shall review shareholder recommendations to fill vacancies on the registrant's board of trustees if such recommendations are submitted in writing, addressed to the Committee at the registrant's offices and meet any minimum qualifications adopted by the Committee. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officers and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

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

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

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

(a) Not applicable

(b) Not applicable

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

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

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

(a)(2) Not applicable.

(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): [Attached hereto.](ex99_cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30.a-2(b)): [Attached hereto.](ex99-906cert.htm)

---

| | |
|:---|:---|
| Exhibit 99.CODE ETH | [Code of Ethics](coe.htm) |
| Exhibit 99.CERT | [Certifications required by Rule 30a-2(a) under the Act](ex99_cert.htm) |
| Exhibit 99.906CERT | [Certifications required by Rule 30a-2(b) under the Act](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 | Williamsburg Investment Trust |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ David K. James |
|  |  | David James, Secretary |
| Date | June 3, 2026 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Thomas W. Leavell |
|  |  | Thomas W. Leavell, President & Principal Executive Officer |
|  |  | (The Government Street Equity Fund, The Government Street Opportunities Fund) |
| Date | June 3, 2026 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Charles M. Caravati III |
|  |  | Charles M. Caravati III, President & Principal Executive Officer |
|  |  | (The Jamestown Equity Fund) |
| Date | June 3, 2026 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ John P. Ackerly IV |
|  |  | John P. Ackerly IV, President & Principal Executive Officer |
|  |  | (The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, the Davenport Balanced Income Fund and the Davenport Insider Buying Fund) |
| Date | June 3, 2026 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Angela A. Simmons |
|  |  | Angela A. Simmons, Treasurer and Principal Financial Officer |
| Date | June 3, 2026 |  |

---

<sup>\*</sup> 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: June 3, 2026 | &nbsp;&nbsp;<u>/s/ Thomas W. Leavell</u> |
|  | &nbsp;&nbsp;Thomas W. Leavell, President & Principal Executive Officer of The Government Street Equity Fund and The Government Opportunities Fund |

---

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

I, Charles M. Caravati III, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: June 3, 2026 | &nbsp;&nbsp;<u>/s/ Charles M. Caravati III</u> |
|  | &nbsp;&nbsp;Charles M. Caravati III, President & Principal Executive Officer of The Jamestown Equity Fund |

---

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

I, John P. Ackerly IV, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: June 3, 2026 | &nbsp;&nbsp;<u>/s/ John P. Ackerly IV</u> |
|  | &nbsp;&nbsp;John P. Ackerly IV, President & Principal Executive Officer of The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund |

---

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

I, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: June 3, 2026 | &nbsp;&nbsp;<u>/s/ Angela A. Simmons</u> |
|  | &nbsp;&nbsp;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/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (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.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Williamsburg Investment Trust | Williamsburg Investment Trust |
| <u>/s/ Thomas W. Leavell</u> | <u>/s/ Angela A. Simmons</u> |
| 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: June 3, 2026 | Date: June 3, 2026 |

---

***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/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (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.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Williamsburg Investment Trust | Williamsburg Investment Trust |
| <u>/s/ Charles M. Caravati III</u> | <u>/s/ Angela A. Simmons</u> |
| Charles M. Caravati III, President & Principal Executive Officer of | Angela A. Simmons, Treasurer and Principal Financial Officer |
| The Jamestown Equity Fund |  |
| Date: June 3, 2026 | Date: June 3, 2026 |

---

***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, Principal Executive Officer, and Angela A. Simmons, Principal Financial Officer, of The Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund, each a series of Williamsburg Investment Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (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.

---

| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Williamsburg Investment Trust | Williamsburg Investment Trust |
| <u>/s/ John P. Ackerly IV</u> | <u>/s/ Angela A. Simmons</u> |
| John P. Ackerly IV, President & Principal Executive Officer of | Angela A. Simmons, Treasurer and Principal Financial Officer |
| The Davenport Core Leaders Fund, |  |
| Davenport Value & Income Fund and |  |
| Davenport Equity Opportunities Fund |  |
| Davenport Small Cap Focus Fund |  |
| Davenport Balanced Income Fund |  |
| Davenport Insider Buying Fund |  |
| Date: June 3, 2026 | Date: June 3, 2026 |

---

***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.

## Ex-99.Code

**WILLIAMSBURG INVESTMENT TRUST**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Williamsburg Investment Trust (the "Company") applies to the Company's Principal Executive Officer(s), Principal Financial Officer(s) and Principal Accounting Officer(s) (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable
disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC")
and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the
Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions.

This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser/administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally
to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Company to take action, or fail to
take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio
transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market
effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any affiliations or other
relationships related to conflicts of interest that the Company's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with Counsel for the Company if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company
with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or
employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter,
administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than
an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should familiarize himself
with the disclosure requirements generally applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent,
or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's
directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate
within his area of responsibility, consult with other officers and employees of the Company and the adviser/administrator with the goal
of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits
to, the SEC and in other public communications made by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer
to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he
has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or
any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify Counsel for the Company promptly if he knows
of any violation of this Code. Failure to do so is itself a violation of this Code.

Counsel for the Company is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Counsel for the Company will take all appropriate
action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, Counsel believes that
no violation has occurred, Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that Counsel believes is a violation will
be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred,
it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate
modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or
its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the
extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and Counsel for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Internal Use

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

Date: November 16, 2009

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

John P. Ackerly, IV

Charles M. Caravati III

Thomas W. Leavell

Angela A. Simmons