UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
| Investment Company Act file number | 811-05685 | |
| Williamsburg Investment Trust |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450 Cincinnati, Ohio | | 45246 |
| (Address of principal executive offices) | | (Zip code) |
John H. Chilton Esq.
| Sullivan & Worcester LLP 1666 K Street NW Washington, D.C. 20006 |
| (Name and address of agent for service) |
| Registrant’s telephone number, including area code: | (513) 587-3400 | |
| Date of fiscal year end: | March 31 | |
| | | |
| Date of reporting period: | September 30, 2024 | |
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. |
The Jamestown Equity Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about The Jamestown Equity Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://funddocs.filepoint.com/jamestown/. You can also request this information by contacting us at (866) 738-1126.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Jamestown Equity Fund (The) | $50 | 0.95% |
How did the Fund perform during the reporting period?
For the six-month period ending September 30, 2024, The Jamestown Equity Fund return of 11.30% compared to 10.42% for the S&P 500® Index. Sector allocation was a minor detractor for the six months, while stock selection was responsible for the outperformance. The primary drivers of the positive contribution from security selection were in the Industrials, Communications and Technology sectors, partially offset by slight underperformance in the Utilities and Energy sectors.
For the six months ended September 30, 2024, equity markets delivered strong performance as decent economic and earnings news bolstered the soft-landing thesis, while inflation readings clearly pointed to the start of a Fed rate cut cycle, which began with a 50-bps rate cut to the Fed Funds rate in September. The fixed income market anticipated the interest rate cut from the Fed and longer-term interest rates were down across the curve in the past six months, further supporting the equity market.
While the first half on calendar 2024 was dominated by large capitalization growth-oriented equites including the Technology and Communications sectors, equity markets began to broaden out in the third calendar quarter as investors anticipated the Fed beginning the interest rate cut cycle. In the quarter ending September 30, 2024, Technology was flat, and the Utilities sector was the best performing sector in the S&P 500®. Small and mid-cap stocks started to perform better in the third calendar quarter.
The Jamestown Fund remains well diversified across sector allocations. At the end of September 2024, 97.60% of the Fund was invested in a diversified portfolio of equities, while the Fund had 2.40% in cash. The Fund was slightly overweight the Communications, Consumer Staples, Energy and Technology sectors and underweight the Consumer Discretionary, Financials, Health Care, Materials, Utilities and Real Estate sectors at the end of the quarter.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Jamestown Equity Fund (The) | S&P 500® Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,431 | $9,939 |
| Sep-2016 | $10,227 | $11,472 |
| Sep-2017 | $11,779 | $13,607 |
| Sep-2018 | $13,759 | $16,044 |
| Sep-2019 | $14,206 | $16,727 |
| Sep-2020 | $16,516 | $19,260 |
| Sep-2021 | $21,921 | $25,040 |
| Sep-2022 | $18,521 | $21,165 |
| Sep-2023 | $22,714 | $25,741 |
| Sep-2024 | $31,104 | $35,098 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | 10 Years |
|---|
| Jamestown Equity Fund (The) | 11.30% | 36.93% | 16.97% | 12.02% |
S&P 500® Index | 10.42% | 36.35% | 15.98% | 13.38% |
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.
- Net Assets$58,564,114
- Number of Portfolio Holdings54
- Advisory Fee (net of waivers)$177,741
- Portfolio Turnover3%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 87.0% |
| Exchange-Traded Funds | 10.5% |
| Money Market Funds | 2.5% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -0.1% |
| Real Estate | 1.7% |
| Utilities | 2.0% |
| Money Market Funds | 2.5% |
| Energy | 5.2% |
| Consumer Staples | 6.4% |
| Consumer Discretionary | 7.2% |
| Health Care | 8.9% |
| Communications | 9.5% |
| Industrials | 9.8% |
| Financials | 10.4% |
| Exchange-Traded Funds | 10.5% |
| Technology | 26.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Apple, Inc. | 5.4% |
| Microsoft Corporation | 5.0% |
| Meta Platforms, Inc. - Class A | 4.7% |
| NVIDIA Corporation | 4.3% |
| Vanguard Information Technology ETF | 3.5% |
| Amazon.com, Inc. | 3.5% |
| Alphabet, Inc. - Class C | 2.9% |
| JPMorgan Chase & Company | 2.8% |
| Oracle Corporation | 2.6% |
| Broadcom, Inc. | 2.4% |
No material changes occurred during the period ended September 30, 2024.
The Jamestown Equity Fund (JAMEX)
Semi-Annual Shareholder Report - September 30, 2024
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
The Government Street Equity Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about The Government Street Equity Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://funddocs.filepoint.com/govstreet/. You can also request this information by contacting us at (866) 738-1125.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Government Street Equity Fund (The) | $45 | 0.85% |
How did the Fund perform during the reporting period?
Good performance in the Fund was primarily the result of continued outperformance of the Technology sector and individual growth type securities spread across four other industrial classifications. Value type securities included in sectors such as utilities, consumer staples, materials and financials continued to languish.
The current elevated performance focus of technologicaly related advances continued to accentuate securities associated with almost all segments of Artificial Intelligence. Hardware, software, security services, data center development and new demands for energy supplies dominated individual stock performance. Additionally, outsized investment returns of sectors and segments were concentrated primarily in the large to mega capitalization companies.
To further emphasize the semi annual performance of the Fund’s achievement during the covered period the following statistics are offered to relate to information in other parts of this report overview. The Technology sector performance was a positive 20.99%. A sample of securities in the Technology Sector, NVIDIA Corporation +34.03%, Apple, Inc. +36.21%, Palantir Technology +61.67%, Oracle Corporation +36.52% and IBM, Inc +21.58% are samples of outstanding results. The Fund ended the semi annual period holding 76 individual stocks, 2 broadly diversified Exchange Traded Funds and 1 Money Market Fund used to provide liquidity.
Note: The investment performances listed for economic sectors and securities in the preceding paragraph is extracted from an in-house independent time weighted rates of return computation by the Addepar portfolio accounting system. The calculations are gross investment returns. Total investment returns are for the six months ended September 30, 2024.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Government Street Equity Fund (The) | S&P 500® Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,848 | $9,939 |
| Sep-2016 | $10,763 | $11,472 |
| Sep-2017 | $12,669 | $13,607 |
| Sep-2018 | $14,781 | $16,044 |
| Sep-2019 | $15,383 | $16,727 |
| Sep-2020 | $18,375 | $19,260 |
| Sep-2021 | $23,643 | $25,040 |
| Sep-2022 | $20,024 | $21,165 |
| Sep-2023 | $23,798 | $25,741 |
| Sep-2024 | $33,408 | $35,098 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | 10 Years |
|---|
| Government Street Equity Fund (The) | 12.30% | 40.38% | 16.78% | 12.82% |
S&P 500® Index | 10.42% | 36.35% | 15.98% | 13.38% |
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.
- Net Assets$93,271,004
- Number of Portfolio Holdings78
- Advisory Fee $259,629
- Portfolio Turnover6%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 90.1% |
| Exchange-Traded Funds | 6.0% |
| Money Market Funds | 3.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.1% |
| Utilities | 1.4% |
| Real Estate | 1.7% |
| Materials | 2.2% |
| Consumer Staples | 3.4% |
| Energy | 3.6% |
| Money Market Funds | 3.9% |
| Exchange-Traded Funds | 6.0% |
| Communications | 6.7% |
| Consumer Discretionary | 7.4% |
| Health Care | 8.5% |
| Industrials | 11.9% |
| Financials | 13.6% |
| Technology | 29.6% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 14.3% |
| JPMorgan Chase & Company | 4.4% |
Invesco S&P 500® Equal Weight ETF | 4.3% |
| Microsoft Corporation | 3.9% |
| Alphabet, Inc. - Classes A & C | 3.4% |
| Apple, Inc. | 3.0% |
| AbbVie, Inc. | 2.4% |
| Walmart, Inc. | 2.4% |
| Amazon.com, Inc. | 2.3% |
| Lockheed Martin Corporation | 2.2% |
No material changes occurred during the period ended September 30, 2024.
The Government Street Equity Fund (GVEQX)
Semi-Annual Shareholder Report - September 30, 2024
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
The Government Street Opportunities Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about The Government Street Opportunities Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://funddocs.filepoint.com/govstreet/. You can also request this information by contacting us at (866) 738-1125.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Government Street Opportunities Fund (The) | $52 | 1.03% |
How did the Fund perform during the reporting period?
Mid Capitalization stocks turned in semi annual performances, as a whole, significantly less than larger capitalization securities. This observation for the current measurement period is illustrated by the S&P 500 Index (+10.42%) and the Russell 3000 Index (+9.65) compared to the S&P 400 MidCap Index (+3.26%). This return disparity was primarily attributable to performance emphasis on Artificial Intelligence focused securities that generally were composed of some of the world’s largest capitalized companies.
Over longer periods of time the performance disparity is expected to be less or even reversed. Additionally, comparing the two Government Street Funds offerings, it is also readily apparent the comparative sector weightings are significantly different. Generally, the mid capitalization offering can readily be seen to have a greater percentage of value type investments versus growth defined sectors. Value type investments underperformed growth styles by significant returns for the period.
Artificial Intelligence related securities accounted for much of the performance of the Fund for the current period. Palantir Technologies +60.19%, NVIDIA +34.37%, Interdigital +34.08% and Constellation Energy +38.13% (owner of 3 Mile Island nuclear facility being renovated to serve Microsoft AI data center are examples of outstanding performances). The Fund ended the semi annual period holding 82 individual stocks, 3 broadly diversified Exchange Traded Funds and 1 Money Market Fund used to provide liquidity.
Note: The investment performances listed for economic sectors and securities in the preceding paragraph is extracted from an in-house independent time weighted rates of return computation by the Addepar portfolio accounting system. The calculations are gross investment returns. Total investment returns are for the six months ended September 30, 2024.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Government Street Opportunities Fund (The) | Russell 3000® Total Return Index | S&P MidCap 400® Index |
|---|
| Sep-2014 | $10,000 | $10,000 | $10,000 |
| Sep-2015 | $10,174 | $9,951 | $10,140 |
| Sep-2016 | $11,605 | $11,440 | $11,694 |
| Sep-2017 | $13,887 | $13,579 | $13,742 |
| Sep-2018 | $15,689 | $15,967 | $15,695 |
| Sep-2019 | $16,608 | $16,433 | $15,304 |
| Sep-2020 | $17,765 | $18,898 | $14,973 |
| Sep-2021 | $24,521 | $24,921 | $21,514 |
| Sep-2022 | $21,611 | $20,528 | $18,233 |
| Sep-2023 | $24,832 | $24,729 | $21,062 |
| Sep-2024 | $31,851 | $33,432 | $26,703 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | 10 Years |
|---|
| Government Street Opportunities Fund (The) | 3.56% | 28.26% | 13.91% | 12.28% |
Russell 3000® Total Return Index | 9.65% | 35.19% | 15.26% | 12.83% |
S&P MidCap 400® Index | 3.26% | 26.79% | 11.78% | 10.32% |
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.
- Net Assets$77,122,777
- Number of Portfolio Holdings85
- Advisory Fee $276,114
- Portfolio Turnover4%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 83.9% |
| Exchange-Traded Funds | 11.8% |
| Money Market Funds | 4.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Utilities | 0.2% |
| Consumer Staples | 2.2% |
| Real Estate | 3.0% |
| Consumer Discretionary | 3.6% |
| Energy | 4.2% |
| Money Market Funds | 4.3% |
| Materials | 7.9% |
| Health Care | 9.9% |
| Exchange-Traded Funds | 11.8% |
| Industrials | 15.3% |
| Technology | 18.6% |
| Financials | 19.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 10.3% |
SPDR S&P MidCap 400® ETF Trust | 5.2% |
| Vanguard U.S. Value Factor ETF | 3.4% |
| iShares Core S&P Mid-Cap ETF | 3.2% |
| Arthur J. Gallagher & Company | 2.9% |
| Brown & Brown, Inc. | 2.7% |
| Mid-America Apartment Communities, Inc. | 2.6% |
| Waste Connections, Inc. | 2.4% |
| Steel Dynamics, Inc. | 2.3% |
| Nasdaq, Inc. | 2.2% |
No material changes occurred during the period ended September 30, 2024.
The Government Street Opportunities Fund (GVMCX)
Semi-Annual Shareholder Report - September 30, 2024
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
Davenport Core Leaders Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about Davenport Core Leaders Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Davenport Core Leaders Fund | $45 | 0.86% |
How did the Fund perform during the reporting period?
The Davenport Core Leaders Fund (DAVPX) gained ground in the third quarter amidst a broadening in the market where sector leadership transitioned from growth to value and the equally weighted S&P 500® Index outpaced growth in the market capitalization weighted index.
The Fund’s relative overweight positioning in the financials and the materials sectors benefited third quarter performance as both sectors were significant contributors in the period. Two materials sector leaders, Sherwin-Williams Co (SHW) and Air Products and Chemicals Inc. (APD), rebounded in the quarter on macro and company specific catalysts. Our underweight position in NVIDIA Corp (NVDA) relative to the S&P 500 flipped from being a drag on performance to a contributor as the stock declined during the quarter.
The Fund’s largest detractor, Novo Nordisk A/S (NVO), experienced a setback in its new drug development pipeline as well as growing concerns regarding the potential trajectory of industry pricing which has weighed on the sector overall. NVO has been a solid performer over time and we remain attracted to the company’s growth potential. Adobe Inc. (ADBE) languished in the quarter despite posting strong third quarter earnings results as investors appeared to focus on some disappointing elements in management’s forward guidance. We continue to find Adobe’s growth strategies attractive as the company builds out new AI enabled capabilities. The Walt Disney Co (DIS) also lagged the market as lingering concerns around the company’s streaming business expanded to include the outlook for growth in Disney’s parks business in the face of attendance pressures.
Though market dynamics favored other corners of the market during the quarter, the Fund performed well, adding to robust year-to-date gains. We remain committed to applying our process of continual optimization, adding to various positions that pulled back and establishing new positions in leading companies with attractive secular growth potential.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Davenport Core Leaders Fund | S&P 500® Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $10,206 | $9,939 |
| Sep-2016 | $11,341 | $11,472 |
| Sep-2017 | $13,273 | $13,607 |
| Sep-2018 | $15,041 | $16,044 |
| Sep-2019 | $16,269 | $16,727 |
| Sep-2020 | $17,804 | $19,260 |
| Sep-2021 | $22,372 | $25,040 |
| Sep-2022 | $17,977 | $21,165 |
| Sep-2023 | $21,961 | $25,741 |
| Sep-2024 | $29,913 | $35,098 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | 10 Years |
|---|
| Davenport Core Leaders Fund | 8.63% | 36.21% | 12.95% | 11.58% |
S&P 500® Index | 10.42% | 36.35% | 15.98% | 13.38% |
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.
- Net Assets$1,077,625,299
- Number of Portfolio Holdings41
- Advisory Fee $3,775,356
- Portfolio Turnover8%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 98.2% |
| Money Market Funds | 1.8% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.8% |
| Consumer Staples | 1.8% |
| Energy | 2.1% |
| Industrials | 4.9% |
| Materials | 8.3% |
| Consumer Discretionary | 8.6% |
| Financials | 12.2% |
| Health Care | 12.9% |
| Communications | 15.2% |
| Technology | 32.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Meta Platforms, Inc. - Class A | 5.3% |
| Amazon.com, Inc. | 5.2% |
| Brookfield Corporation | 4.7% |
| Microsoft Corporation | 4.5% |
| NVIDIA Corporation | 4.0% |
| Apple, Inc. | 3.4% |
| UnitedHealth Group, Inc. | 3.4% |
| Air Products & Chemicals, Inc. | 3.2% |
| Adobe, Inc. | 3.1% |
| Danaher Corporation | 3.0% |
No material changes occurred during the period ended September 30, 2024.
Davenport Core Leaders Fund - (DAVPX)
Semi-Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Davenport Value & Income Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about Davenport Value & Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Davenport Value & Income Fund | $45 | 0.87% |
How did the Fund perform during the reporting period?
Some investors may be surprised that year-to-date, Utilities were the S&P 500® Index’s top-performing sector (+30%). The Davenport Value & Income Fund’s (DVIPX) largest holding is a utility company, NextEra Energy Inc. (NEE). The Fund also maintains significant ownership of consumer staples and real estate companies, two additional sectors that have benefited from declining interest rates. Overall, stock selection helped the Fund’s returns.
Among the Fund’s top performers for the quarter were a cohort of real-estate and housing-related businesses, several holdings ranging upward 23%-28%. Elsewhere, pharmaceutical giant Bristol-Myers Squibb Co (BMY) +26%, received approval for novel drug Cobenfy and saw improved performance from its portfolio. Oracle (ORCL) +21%, continued to generate robust growth in its cloud business, and new long-term financial targets were comfortably ahead of prevailing Street expectations.
Intel Corp (INTC) -31% was the worst for the quarter, amid ongoing attempts to claw back share that it’s lost to rivals with better, faster chips. Alphabet Inc. (GOOG) -11%, declined amid consternation that Artificial Intelligence may make its core search business less lucrative. Also declining, FedEx Corp (FDX) -8%, gave back its prior quarter’s gains, while indicating it remains on-track for a decision regarding a potential sale or spin of its freight business. Chevron Corp (CVX) -5%, lagged amid weakness for crude oil prices, even as tensions in the Middle East escalated and as prices for natural gas firmed.
Six of our Fund holdings raised their dividends during the quarter. The average constituent in our Fund has raised its dividend 10% year over year, with 37 of 42 holdings at quarter end having increased their regular payout to shareholders vs. a year ago. We appreciate companies that are able to deliver growth in revenue, earnings, and cash flows, while sharing more of their cash flow with shareholders through rising dividends and buybacks.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Davenport Value & Income Fund | S&P 500® Index | Russell 1000® Value Index |
|---|
| Sep-2014 | $10,000 | $10,000 | $10,000 |
| Sep-2015 | $9,955 | $9,939 | $9,558 |
| Sep-2016 | $11,422 | $11,472 | $11,105 |
| Sep-2017 | $13,208 | $13,607 | $12,785 |
| Sep-2018 | $14,331 | $16,044 | $13,993 |
| Sep-2019 | $14,692 | $16,727 | $14,553 |
| Sep-2020 | $14,147 | $19,260 | $13,822 |
| Sep-2021 | $18,269 | $25,040 | $18,661 |
| Sep-2022 | $15,938 | $21,165 | $16,540 |
| Sep-2023 | $17,368 | $25,741 | $18,929 |
| Sep-2024 | $21,820 | $35,098 | $24,183 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | 10 Years |
|---|
| Davenport Value & Income Fund | 8.81% | 25.63% | 8.23% | 8.11% |
S&P 500® Index | 10.42% | 36.35% | 15.98% | 13.38% |
Russell 1000® Value Index | 7.06% | 27.76% | 10.69% | 9.23% |
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.
- Net Assets$916,488,192
- Number of Portfolio Holdings43
- Advisory Fee $3,226,695
- Portfolio Turnover14%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 96.6% |
| Money Market Funds | 3.4% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.0% |
| Money Market Funds | 3.4% |
| Communications | 4.0% |
| Utilities | 4.0% |
| Technology | 4.4% |
| Consumer Discretionary | 6.2% |
| Real Estate | 6.5% |
| Energy | 7.3% |
| Consumer Staples | 13.7% |
| Health Care | 14.8% |
| Industrials | 16.0% |
| Financials | 18.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NextEra Energy, Inc. | 4.0% |
| Johnson & Johnson | 3.5% |
| Chevron Corporation | 3.4% |
| Philip Morris International, Inc. | 3.2% |
| L3Harris Technologies, Inc. | 3.1% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 3.0% |
| Oracle Corporation | 2.8% |
| Comcast Corporation - Class A | 2.6% |
| Fairfax Financial Holdings Ltd. | 2.6% |
| Bristol-Myers Squibb Company | 2.5% |
No material changes occurred during the period ended September 30, 2024.
Davenport Value & Income Fund - (DVIPX)
Semi-Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Davenport Equity Opportunities Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about Davenport Equity Opportunities Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Davenport Equity Opportunities Fund | $43 | 0.87% |
How did the Fund perform during the reporting period?
Brookfield Corp (BN) was the Davenport Equity Opportunities Fund’s (DEOPX) top performer during the period, advancing nearly 30%. Following a reset in Q2, Kinsale Capital Group Inc. (KNSL) was also a top contributor for the period. We recently added to the position amid weakness and were pleased to see the shares recover nicely alongside solid results. After languishing for several quarters amid concerns surrounding the DOJ antitrust lawsuit, shares of Live Nation Entertainment Inc. (LYV) finally gained some traction during the quarter, so we added to the position.
Mobileye Global Inc. (MBLY) traded significantly lower around second quarter results which were impacted by weakening global auto production, core ADAS market share losses in the local China market and a volume downshift with existing SuperVision programs at local Chinese OEMs. Concerns that majority owner Intel (INTC) would be forced to liquidate shares in the open market also weighed on sentiment.
Throughout the quarter, we elected to trim several names that have benefitted from a backup in interest rates. Specifically, cell tower and datacenter REIT American Tower Corp (AMT), we added to the position late last year with the stock’s valuation very depressed due in part to rising interest rates. We thought this macro risk was obfuscating a strong fundamental story. Since then, the shares are up sharply as results have proved encouraging and interest rates have started to decline. Signs of slowing economic growth have also increased the appeal of predictable growth stories such as AMT. We elected to trim the position following a move higher, but remain attracted to the long-term outlook.
In sum, we were pleased to see a nice bounce in returns during the quarter. Further, we continue to optimize the overall risk/reward profile of the strategy and remain enthusiastic about the collection of businesses that we own.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Davenport Equity Opportunities Fund | S&P 500® Index | Russell Midcap® Index |
|---|
| Sep-2014 | $10,000 | $10,000 | $10,000 |
| Sep-2015 | $10,243 | $9,939 | $9,975 |
| Sep-2016 | $11,224 | $11,472 | $11,397 |
| Sep-2017 | $12,930 | $13,607 | $13,143 |
| Sep-2018 | $14,036 | $16,044 | $14,980 |
| Sep-2019 | $16,506 | $16,727 | $15,458 |
| Sep-2020 | $17,920 | $19,260 | $16,161 |
| Sep-2021 | $24,102 | $25,040 | $22,320 |
| Sep-2022 | $18,891 | $21,165 | $17,991 |
| Sep-2023 | $22,516 | $25,741 | $20,410 |
| Sep-2024 | $28,280 | $35,098 | $26,396 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | 10 Years |
|---|
| Davenport Equity Opportunities Fund | -1.46% | 25.60% | 11.37% | 10.96% |
S&P 500® Index | 10.42% | 36.35% | 15.98% | 13.38% |
Russell Midcap® Index | 5.56% | 29.33% | 11.30% | 10.19% |
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.
- Net Assets$899,958,597
- Number of Portfolio Holdings31
- Advisory Fee $3,202,065
- Portfolio Turnover12%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 96.2% |
| Money Market Funds | 3.8% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -0.1% |
| Communications | 2.0% |
| Consumer Staples | 2.4% |
| Money Market Funds | 3.8% |
| Real Estate | 6.0% |
| Technology | 6.1% |
| Materials | 7.1% |
| Health Care | 7.1% |
| Industrials | 19.8% |
| Consumer Discretionary | 22.3% |
| Financials | 23.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Brookfield Corporation | 6.1% |
| Live Nation Entertainment, Inc. | 6.0% |
| Kinsale Capital Group, Inc. | 5.4% |
| DraftKings, Inc. - Class A | 4.1% |
| Clean Harbors, Inc. | 4.0% |
| Align Technology, Inc. | 3.9% |
| Enovis Corporation | 3.9% |
| O'Reilly Automotive, Inc. | 3.8% |
| Martin Marietta Materials, Inc. | 3.7% |
| Fairfax Financial Holdings Ltd. | 3.7% |
No material changes occurred during the period ended September 30, 2024.
Davenport Equity Opportunities Fund - (DEOPX)
Semi-Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Davenport Small Cap Focus Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about Davenport Small Cap Focus Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Davenport Small Cap Focus Fund | $43 | 0.88% |
How did the Fund perform during the reporting period?
The Davenport Small Cap Focus Fund (DSCPX) advanced during the third quarter and we remain excited about the overall risk/reward profile of the Fund.
The backdrop of declining interest rates continued to prove favorable for housing related names. Stewart Information Services Corp (STC) is up nearly 30% on the year alongside investor expectations for improved housing origination activity in response to declining mortgage rates. OUTFRONT Media Inc. (OUT) and Lamar Advertising Co (LAMR) are up 40% and 30%, respectfully, alongside declining interest rates and the increasing likelihood of a “soft landing”. Given these outsized moves, we elected to trim the positions into strength. Kinsale Capital Group Inc. (KNSL) and Monarch Casino & Resort Inc. (MCRI), two names we added to amid weakness last quarter, also contributed as top performers.
Notable detractors experienced weakness alongside disappointing earnings results and guidance. Though these companies operate in seemingly unrelated sectors, each is dealing with difficulties forecasting results due to various economic cross-currents. Public storage equipment supplier Janus International Group Inc. (JBI), alluded to an abrupt pause in repair and remodel projects within the company’s backlog. Industrial equipment manufacturer Chart Industries Inc. (GTLS) dealt with a push out in the delivery timeline around a large project order that ran into permitting issues. Pool retailer Leslie’s Inc. (LESL), ecommerce platform Etsy Inc. (ETSY), and recycled decking leader Trex Co Inc. (TREX), each dealt with headwinds and volatility in consumer purchasing patterns.
As we are closing in on the 10th anniversary of the Fund, we elected to use near-term volatility in high conviction names to plant the seeds for future performance and are pleased to have delivered superior returns with lower risk since inception.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Davenport Small Cap Focus Fund | Russell 2000® Total Return Index | S&P 500® Index |
|---|
| Dec-2014 | $10,000 | $10,000 | $10,000 |
| Sep-2015 | $9,089 | $9,227 | $9,471 |
| Sep-2016 | $10,660 | $10,654 | $10,933 |
| Sep-2017 | $13,056 | $12,864 | $12,967 |
| Sep-2018 | $14,173 | $14,824 | $15,290 |
| Sep-2019 | $14,883 | $13,507 | $15,940 |
| Sep-2020 | $17,363 | $13,559 | $18,355 |
| Sep-2021 | $23,633 | $20,024 | $23,863 |
| Sep-2022 | $19,481 | $15,319 | $20,170 |
| Sep-2023 | $23,417 | $16,687 | $24,531 |
| Sep-2024 | $26,722 | $21,152 | $33,448 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | Since Inception (December 31, 2014) |
|---|
| Davenport Small Cap Focus Fund | -5.79% | 14.11% | 12.42% | 10.61% |
S&P 500® Index | 10.42% | 36.35% | 15.98% | 13.19% |
Russell 2000® Total Return Index | 5.69% | 26.76% | 9.39% | 7.99% |
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.
- Net Assets$986,891,942
- Number of Portfolio Holdings33
- Advisory Fee $3,588,881
- Portfolio Turnover16%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 94.3% |
| Exchange-Traded Funds | 2.7% |
| Money Market Funds | 3.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.1% |
| Health Care | 2.7% |
| Exchange-Traded Funds | 2.7% |
| Money Market Funds | 3.0% |
| Consumer Staples | 4.1% |
| Materials | 4.5% |
| Communications | 6.1% |
| Energy | 8.1% |
| Technology | 9.9% |
| Real Estate | 10.0% |
| Financials | 11.1% |
| Industrials | 15.7% |
| Consumer Discretionary | 22.0% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Monarch Casino & Resort, Inc. | 6.1% |
| Kinsale Capital Group, Inc. | 5.1% |
| OneSpaWorld Holdings Ltd. | 5.1% |
| Stewart Information Services Corporation | 4.4% |
| Generac Holdings, Inc. | 4.3% |
| ESAB Corporation | 4.1% |
| J & J Snack Foods Corporation | 4.1% |
| Enovis Corporation | 3.9% |
| Outfront Media, Inc. | 3.8% |
| Verra Mobility Corporation | 3.8% |
No material changes occurred during the period ended September 30, 2024.
Davenport Small Cap Focus Fund - (DSCPX)
Semi-Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Davenport Balanced Income Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about Davenport Balanced Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Davenport Balanced Income Fund | $48 | 0.93% |
How did the Fund perform during the reporting period?
The Davenport Balanced Income Fund (DBALX) continued to benefit from attractive interest rates in the third quarter of 2024. The Fund also maintains significant ownership of consumer staples and real estate companies, two additional sectors that have benefited from declining interest rates. The Federal Reserve somewhat surprised markets with a “jumbo” 50 basis point interest rate cut. In response, U.S. Treasury yields fell during the quarter, leading to strong fixed income total return performance as bond prices rose across the portfolio. While credit spreads also experienced a volatile third quarter, they, too, ultimately rallied and helped corporate bond prices appreciate. In light of such robust performance, underpinned by both duration and credit risk composition, our portfolio activity was intentionally subdued. This is not to say that we refrained from acting on advantageous investment opportunities: we introduced a new corporate bond to the Fund – Occidental Petroleum (OXY 5.5% 2034) – whose addition has increased the aggregate Fund yield.
Among the Fund’s top performers in the equity portion were a cohort of real-estate and housing-related businesses, several holdings ranging upward 23%-28%. Elsewhere, pharmaceutical giant Bristol-Myers Squibb Co (BMY) +26%, received approval for novel drug Cobenfy and saw improved performance from its portfolio. Oracle (ORCL) +21%, continued to generate robust growth in its cloud business, and new long-term financial targets were comfortably ahead of prevailing Street expectations.
Intel Corp (INTC) -31% was the worst for the quarter, amid ongoing attempts to claw back share that it’s lost to rivals with better, faster chips. Alphabet Inc. (GOOG) -11%, declined amid consternation that Artificial Intelligence may make its core search business less lucrative.
We are optimistic that a combination of lower interest rates, a “soft landing” for the economy, and reasonable prices for “value” stocks can reinforce recent trends.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Davenport Balanced Income Fund | 60% Russell 1000 Value/40% Bloomberg U.S. Interm. Govt/Credit | Bloomberg U.S. Intermediate Government/Credit Index | Morningstar US Moderate Target Allocation NR (USD) | Russell 1000 Value Total Return | S&P 500 Index |
|---|
| Dec-2015 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 |
| Sep-2016 | $10,693 | $10,778 | $10,424 | $10,667 | $11,000 | $10,784 |
| Sep-2017 | $11,676 | $11,752 | $10,447 | $11,839 | $12,663 | $12,790 |
| Sep-2018 | $12,168 | $12,369 | $10,347 | $12,833 | $13,860 | $15,081 |
| Sep-2019 | $12,723 | $13,125 | $11,192 | $13,533 | $14,414 | $15,723 |
| Sep-2020 | $12,618 | $13,140 | $11,899 | $14,938 | $13,690 | $18,105 |
| Sep-2021 | $14,947 | $15,761 | $11,851 | $17,475 | $18,483 | $23,537 |
| Sep-2022 | $13,401 | $14,090 | $10,650 | $14,616 | $16,383 | $19,895 |
| Sep-2023 | $14,125 | $15,456 | $10,884 | $16,552 | $18,748 | $24,196 |
| Sep-2024 | $16,775 | $18,586 | $11,913 | $20,518 | $23,953 | $32,992 |
Average Annual Total Returns
| 6 Months | 1 Year | 5 Years | Since Inception (December 31, 2015) |
|---|
| Davenport Balanced Income Fund | 6.89% | 18.76% | 5.68% | 6.09% |
| 60% Russell 1000 Value/40% Bloomberg U.S. Interm. Govt/Credit | 6.20% | 20.25% | 7.21% | 7.34% |
| Bloomberg U.S. Intermediate Government/Credit Index | 4.83% | 9.45% | 1.26% | 2.02% |
| Morningstar US Moderate Target Allocation NR (USD) | 7.63% | 23.96% | 8.68% | 8.56% |
| Russell 1000 Value Total Return | 7.06% | 27.76% | 10.69% | 10.50% |
| S&P 500 Index | 10.42% | 36.35% | 15.98% | 14.61% |
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.
- Net Assets$241,743,496
- Number of Portfolio Holdings78
- Advisory Fee $859,296
- Portfolio Turnover11%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 57.8% |
| Corporate Bonds | 30.2% |
| Money Market Funds | 3.6% |
| Municipal Bonds | 1.1% |
| U.S. Treasury Obligations | 7.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 1.1% |
| Municipal Bonds | 1.0% |
| Money Market | 3.6% |
| Real Estate | 3.7% |
| Consumer Discretionary | 4.1% |
| Technology | 4.6% |
| Utilities | 5.2% |
| Communications | 6.1% |
| U.S. Treasury Obligations | 7.2% |
| Industrials | 9.8% |
| Energy | 11.0% |
| Consumer Staples | 11.9% |
| Health Care | 13.4% |
| Financials | 17.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| NextEra Energy, Inc. | 2.2% |
| Meta Platforms, Inc., 4.950%, due 05/15/33 | 2.2% |
| U.S. Treasury Notes, 2.750%, due 06/30/25 | 2.0% |
| Chevron Corporation | 1.9% |
| Johnson & Johnson | 1.9% |
| Philip Morris International, Inc. | 1.8% |
| L3Harris Technologies, Inc. | 1.7% |
| U.S. Treasury Notes, 4.625%, due 09/15/26 | 1.7% |
| Bank of Montreal, 5.920%, due 09/25/25 | 1.7% |
| Anheuser-Busch InBev S.A./N.V. - ADR | 1.7% |
No material changes occurred during the period ended September 30, 2024.
Davenport Balanced Income Fund (DBALX)
Semi-Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Davenport Balanced Income Fund (the “Fund”) is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.
Davenport Insider Buying Fund
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about Davenport Insider Buying Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Davenport Insider Buying Fund | $51 | 1.02% |
How did the Fund perform during the reporting period?
The Davenport Insider Buying Fund (DBUYX) performed well during the quarter as market returns broadened from the momentum/ growth leaders that have driven the S&P 500® Index so far this year. Our all-cap Fund benefited from owning some small and mid-cap holdings in the quarter. We continue to find new ideas to invest in, but with the market near all-time highs and amid heightened uncertainty related to the Fed, elections, and war, there has been less insider buying activity.
Shares of credit bureau giant TransUnion (TRU) advanced over 40% during the quarter following a positive earnings report and investor positioning towards companies that should benefit from lower interest rates. NextEra Energy Inc. (NEE) continues to benefit from investors’ appetite for anything related to power generation given the seemingly insatiable demand for data centers. Lastly, insurance broker Aon Plc (AON) performed nicely following an earnings report that saw an acceleration in organic growth. Integration of its recently completed NFP acquisition should drive solid earnings growth.
Our investment in Mobileye Global Inc. (MBLY), has been frustrating but we continue to believe that several major design wins are coming that should propel the shares higher. Charles Schwab Corp (SCHW) shares declined early in the quarter following a mildly disappointing earnings report. It appears an inflection in earnings growth is visible and have been adding to our position on weakness. FedEx Corp (FDX) shares declined towards the end of the quarter following an earnings miss and reduction in annual guidance. Cost savings continue to play a major role at FDX, but were not enough to offset a soft industrial economy.
We continue to underwrite investment ideas that meet our criteria of fundamentally strong companies with insider buying. Many of our holdings trade at discounts to their historical levels and appear coiled for company and/or industry-specific improvements.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Davenport Insider Buying Fund | Russell 1000® Value Index | S&P 500® Index |
|---|
| Nov-2023 | $10,000 | $10,000 | $10,000 |
| Sep-2024 | $11,307 | $12,314 | $12,762 |
Average Annual Total Returns
| 6 Months | Since Inception (November 30, 2023) |
|---|
| Davenport Insider Buying Fund | -0.22% | 13.07% |
S&P 500® Index | 10.42% | 27.62% |
Russell 1000® Value Index | 7.06% | 23.14% |
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.
- Net Assets$95,612,654
- Number of Portfolio Holdings38
- Advisory Fee $327,431
- Portfolio Turnover31%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Common Stocks | 96.1% |
| Money Market Funds | 3.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Real Estate | 1.6% |
| Energy | 3.7% |
| Utilities | 3.8% |
| Money Market Funds | 3.9% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 8.5% |
| Financials | 8.9% |
| Materials | 11.0% |
| Health Care | 11.8% |
| Technology | 19.6% |
| Industrials | 21.1% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Align Technology, Inc. | 3.9% |
| Mastercard, Inc. - Class A | 3.8% |
| Charles Schwab Corporation (The) | 3.8% |
| NextEra Energy, Inc. | 3.8% |
| EOG Resources, Inc. | 3.7% |
| Air Products & Chemicals, Inc. | 3.4% |
| NIKE, Inc. - Class B | 3.3% |
| Keysight Technologies, Inc. | 3.3% |
| Maximus, Inc. | 3.2% |
| Emerson Electric Company | 3.1% |
No material changes occurred during the period ended September 30, 2024.
Davenport Insider Buying Fund - (DBUYX)
Semi-Annual Shareholder Report - September 30, 2024
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
Not required
| Item 3. | Audit Committee Financial Expert. |
Not required
| Item 4. | Principal Accountant Fees and Services. |
Not required
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable
| (a) | The Registrant’s schedule of investments is included in the Financial Statements under Item 7 of this form. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
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| | Davenport Small Cap Focus Fund (DSCPX) |
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| | Davenport Balanced Income Fund (DBALX) |
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| | Davenport Insider Buying Fund (DBUYX) |
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DAVENPORT CORE LEADERS FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 98.3% | | Shares | | | Value | |
| Communications — 15.2% | | | | | | | | |
| Alphabet, Inc. - Class A | | | 154,884 | | | $ | 25,687,511 | |
| Electronic Arts, Inc. | | | 124,226 | | | | 17,818,977 | |
| Meta Platforms, Inc. - Class A | | | 100,693 | | | | 57,640,701 | |
| Spotify Technology S.A. (a) | | | 46,018 | | | | 16,959,014 | |
| Uber Technologies, Inc. (a) | | | 224,988 | | | | 16,910,098 | |
| Walt Disney Company (The) | | | 294,330 | | | | 28,311,603 | |
| | | | | | | 163,327,904 | |
| Consumer Discretionary — 8.6% | | | | | | | | |
| Amazon.com, Inc. (a) | | | 301,467 | | | | 56,172,346 | |
| Home Depot, Inc. (The) | | | 34,304 | | | | 13,899,981 | |
| TJX Companies, Inc. (The) | | | 189,595 | | | | 22,284,996 | |
| | | | | | | 92,357,323 | |
| Consumer Staples — 1.8% | | | | | | | | |
| Costco Wholesale Corporation | | | 22,286 | | | | 19,756,985 | |
| | | | | | | | | |
| Energy — 2.1% | | | | | | | | |
| EOG Resources, Inc. | | | 184,565 | | | | 22,688,576 | |
| | | | | | | | | |
| Financials — 12.2% | | | | | | | | |
| Aon plc - Class A | | | 59,578 | | | | 20,613,392 | |
| Berkshire Hathaway, Inc. - Class B (a) | | | 48,057 | | | | 22,118,715 | |
| Brookfield Corporation | | | 951,791 | | | | 50,587,692 | |
| Intercontinental Exchange, Inc. | | | 149,247 | | | | 23,975,038 | |
| Markel Group, Inc. (a) | | | 8,986 | | | | 14,095,260 | |
| | | | | | | | 131,390,097 | |
| Health Care — 12.9% | | | | | | | | |
| Abbott Laboratories | | | 178,474 | | | | 20,347,821 | |
| Danaher Corporation | | | 115,734 | | | | 32,176,367 | |
| Intuitive Surgical, Inc. (a) | | | 23,515 | | | | 11,552,214 | |
| Novo Nordisk A/S - ADR | | | 133,766 | | | | 15,927,517 | |
| UnitedHealth Group, Inc. | | | 61,949 | | | | 36,220,341 | |
| Vertex Pharmaceuticals, Inc. (a) | | | 48,396 | | | | 22,508,012 | |
| | | | | | | | 138,732,272 | |
| Industrials — 4.9% | | | | | | | | |
| Republic Services, Inc. | | | 78,202 | | | | 15,706,089 | |
| Rockwell Automation, Inc. | | | 77,369 | | | | 20,770,482 | |
| Union Pacific Corporation | | | 66,389 | | | | 16,363,561 | |
| | | | | | | 52,840,132 | |
| Materials — 8.3% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 116,306 | | | | 34,628,948 | |
| Martin Marietta Materials, Inc. | | | 48,339 | | | | 26,018,467 | |
| Sherwin-Williams Company (The) | | | 75,910 | | | | 28,972,570 | |
| | | | | | | | 89,619,985 | |
DAVENPORT CORE LEADERS FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 98.3% (Continued) | | Shares | | | Value | |
| Technology — 32.3% | | | | | | | | |
| Accenture plc - Class A | | | 78,405 | | | $ | 27,714,600 | |
| Adobe, Inc. (a) | | | 65,286 | | | | 33,803,785 | |
| Advanced Micro Devices, Inc. (a) | | | 137,608 | | | | 22,578,721 | |
| Analog Devices, Inc. | | | 61,163 | | | | 14,077,888 | |
| Apple, Inc. | | | 159,311 | | | | 37,119,463 | |
| Broadcom, Inc. | | | 146,180 | | | | 25,216,050 | |
| Mastercard, Inc. - Class A | | | 59,798 | | | | 29,528,252 | |
| Microsoft Corporation | | | 112,531 | | | | 48,422,089 | |
| NVIDIA Corporation | | | 359,200 | | | | 43,621,248 | |
| Palo Alto Networks, Inc. (a) | | | 51,428 | | | | 17,578,090 | |
| ServiceNow, Inc. (a) | | | 30,875 | | | | 27,614,291 | |
| Visa, Inc. - Class A | | | 77,660 | | | | 21,352,617 | |
| | | | | | | | 348,627,094 | |
| | | | | | | | | |
| Total Common Stocks (Cost $582,856,412) | | | | | | $ | 1,059,340,368 | |
| MONEY MARKET FUNDS — 1.8% | | Shares | | | Value | |
| First American Treasury Obligations Fund - Class X, 4.80% (b) (Cost $19,108,404) | | | 19,108,404 | | | $ | 19,108,404 | |
| | | | | | | | | |
Total Investments at Value — 100.1%
(Cost $601,964,816) | | | | | | $ | 1,078,448,772 | |
| | | | | | | | | |
| Liabilities in Excess of Other Assets — (0.1%) | | | | | | | (823,473 | ) |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 1,077,625,299 | |
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
DAVENPORT VALUE & INCOME FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 95.6% | | Shares | | | Value | |
| Communications — 4.0% | | | | | | | | |
| Comcast Corporation - Class A | | | 566,175 | | | $ | 23,649,130 | |
| Walt Disney Company (The) | | | 136,054 | | | | 13,087,034 | |
| | | | | | | | 36,736,164 | |
| Consumer Discretionary — 6.2% | | | | | | | | |
| Genuine Parts Company | | | 114,184 | | | | 15,949,221 | |
| Lowe’s Companies, Inc. | | | 75,071 | | | | 20,332,980 | |
| McDonald’s Corporation | | | 67,919 | | | | 20,682,015 | |
| | | | | | | 56,964,216 | |
| Consumer Staples — 13.7% | | | | | | | | |
| Anheuser-Busch InBev S.A./N.V. - ADR | | | 413,117 | | | | 27,385,526 | |
| Hershey Company (The) | | | 69,016 | | | | 13,235,888 | |
| Keurig Dr Pepper, Inc. | | | 601,083 | | | | 22,528,591 | |
| PepsiCo, Inc. | | | 97,080 | | | | 16,508,454 | |
| Philip Morris International, Inc. | | | 240,944 | | | | 29,250,602 | |
| Walmart, Inc. | | | 209,055 | | | | 16,881,191 | |
| | | | | | | | 125,790,252 | |
| Energy — 7.3% | | | | | | | | |
| Chevron Corporation | | | 210,481 | | | | 30,997,537 | |
| Enbridge, Inc. | | | 415,078 | | | | 16,856,317 | |
| Schlumberger Ltd. | | | 441,021 | | | | 18,500,831 | |
| | | | | | | | 66,354,685 | |
| Financials — 18.7% | | | | | | | | |
| Berkshire Hathaway, Inc. - Class B (a) | | | 42,548 | | | | 19,583,143 | |
| Brookfield Asset Management Ltd. - Class A | | | 416,718 | | | | 19,706,594 | |
| Brookfield Corporation | | | 417,451 | | | | 22,187,521 | |
| Citigroup, Inc. | | | 230,835 | | | | 14,450,271 | |
| Fairfax Financial Holdings Ltd. | | | 18,747 | | | | 23,591,037 | |
| Fidelity National Financial, Inc. | | | 268,304 | | | | 16,650,946 | |
| JPMorgan Chase & Company | | | 89,614 | | | | 18,896,008 | |
| Markel Group, Inc. (a) | | | 11,438 | | | | 17,941,418 | |
| Wells Fargo & Company | | | 328,540 | | | | 18,559,225 | |
| | | | | | | | 171,566,163 | |
| Health Care — 14.8% | | | | | | | | |
| Becton, Dickinson and Company | | | 85,677 | | | | 20,656,725 | |
| Bristol-Myers Squibb Company | | | 445,188 | | | | 23,034,027 | |
| Elevance Health, Inc. | | | 32,827 | | | | 17,070,040 | |
| Johnson & Johnson | | | 196,306 | | | | 31,813,350 | |
| Medtronic plc | | | 252,099 | | | | 22,696,473 | |
| Sanofi - ADR | | | 349,990 | | | | 20,169,924 | |
| | | | | | | | 135,440,539 | |
DAVENPORT VALUE & INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 95.6% (Continued) | | Shares | | | Value | |
| Industrials — 16.0% | | | | | | | | |
| FedEx Corporation | | | 51,370 | | | $ | 14,058,942 | |
| Johnson Controls International plc | | | 290,375 | | | | 22,536,004 | |
| L3Harris Technologies, Inc. | | | 119,534 | | | | 28,433,552 | |
| Norfolk Southern Corporation | | | 87,110 | | | | 21,646,835 | |
| TE Connectivity plc (a) | | | 144,697 | | | | 21,847,800 | |
| United Parcel Service, Inc. - Class B | | | 135,009 | | | | 18,407,127 | |
| Watsco, Inc. | | | 39,678 | | | | 19,516,815 | |
| | | | | | | | 146,447,075 | |
| Real Estate — 6.5% | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | | 140,900 | | | | 16,731,875 | |
| American Tower Corporation | | | 89,669 | | | | 20,853,423 | |
| Lamar Advertising Company - Class A | | | 166,231 | | | | 22,208,461 | |
| | | | | | | | 59,793,759 | |
| Technology — 4.4% | | | | | | | | |
| HP, Inc. | | | 414,127 | | | | 14,854,736 | |
| Oracle Corporation | | | 148,255 | | | | 25,262,652 | |
| | | | | | | | 40,117,388 | |
| Utilities — 4.0% | | | | | | | | |
| NextEra Energy, Inc. | | | 435,887 | | | | 36,845,528 | |
| | | | | | | | | |
| Total Common Stocks (Cost $639,974,460) | | | | | | $ | 876,055,769 | |
| MONEY MARKET FUNDS — 3.4% | | Shares | | | Value | |
| First American Treasury Obligations Fund - Class X, 4.80% (b) (Cost $31,103,194) | | | 31,103,194 | | | $ | 31,103,194 | |
| | | | | | | | | |
Total Investments at Value — 99.0%
(Cost $671,077,654) | | | | | | $ | 907,158,963 | |
| | | | | | | | | |
| Other Assets in Excess of Liabilities — 1.0% | | | | | | | 9,329,229 | |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 916,488,192 | |
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
DAVENPORT EQUITY OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 96.3% | | Shares | | | Value | |
| Communications — 2.0% | | | | | | | | |
| Take-Two Interactive Software, Inc. (a) | | | 120,367 | | | $ | 18,501,612 | |
| | | | | | | | | |
| Consumer Discretionary — 22.3% | | | | | | | | |
| Cannae Holdings, Inc. | | | 693,855 | | | | 13,224,876 | |
| CarMax, Inc. (a) | | | 402,058 | | | | 31,111,248 | |
| DraftKings, Inc. - Class A (a) | | | 931,916 | | | | 36,531,107 | |
| Etsy, Inc. (a) | | | 356,933 | | | | 19,820,489 | |
| Live Nation Entertainment, Inc. (a) | | | 490,291 | | | | 53,681,962 | |
| Mobileye Global, Inc. - Class A (a) | | | 847,700 | | | | 11,613,490 | |
| O’Reilly Automotive, Inc. (a) | | | 29,823 | | | | 34,344,167 | |
| | | | | | | | 200,327,339 | |
| Consumer Staples — 2.4% | | | | | | | | |
| Casey’s General Stores, Inc. | | | 56,984 | | | | 21,409,459 | |
| | | | | | | | | |
| Financials — 23.5% | | | | | | | | |
| Brookfield Asset Management Ltd. - Class A | | | 468,039 | | | | 22,133,564 | |
| Brookfield Corporation | | | 1,035,707 | | | | 55,047,827 | |
| Fairfax Financial Holdings Ltd. | | | 26,140 | | | | 32,894,315 | |
| Fidelity National Financial, Inc. | | | 432,326 | | | | 26,830,152 | |
| Kinsale Capital Group, Inc. | | | 104,149 | | | | 48,488,650 | |
| Markel Group, Inc. (a) | | | 16,445 | | | | 25,795,298 | |
| | | | | | | | 211,189,806 | |
| Health Care — 7.1% | | | | | | | | |
| Align Technology, Inc. (a) | | | 138,947 | | | | 35,337,001 | |
| Avantor, Inc. (a) | | | 1,118,470 | | | | 28,934,819 | |
| | | | | | | | 64,271,820 | |
| Industrials — 19.8% | | | | | | | | |
| Clean Harbors, Inc. (a) | | | 150,054 | | | | 36,269,552 | |
| Enovis Corporation (a) | | | 811,227 | | | | 34,923,322 | |
| ESAB Corporation | | | 267,670 | | | | 28,455,998 | |
| J.B. Hunt Transport Services, Inc. | | | 137,578 | | | | 23,708,817 | |
| Watsco, Inc. | | | 46,599 | | | | 22,921,116 | |
| Xylem, Inc. | | | 236,567 | | | | 31,943,642 | |
| | | | | | | | 178,222,447 | |
| Materials — 7.1% | | | | | | | | |
| Martin Marietta Materials, Inc. | | | 61,832 | | | | 33,281,074 | |
| Sherwin-Williams Company (The) | | | 79,460 | | | | 30,327,498 | |
| | | | | | | | 63,608,572 | |
DAVENPORT EQUITY OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 96.3% (Continued) | | Shares | | | Value | |
| Real Estate — 6.0% | | | | | | | | |
| American Tower Corporation | | | 105,282 | | | $ | 24,484,382 | |
| Lamar Advertising Company - Class A | | | 221,240 | | | | 29,557,664 | |
| | | | | | | | 54,042,046 | |
| Technology — 6.1% | | | | | | | | |
| Alight, Inc. - Class A (a) | | | 3,171,260 | | | | 23,467,324 | |
| Autodesk, Inc. (a) | | | 57,011 | | | | 15,705,390 | |
| PTC, Inc. (a) | | | 87,424 | | | | 15,794,020 | |
| | | | | | | | 54,966,734 | |
| | | | | | | | | |
| Total Common Stocks (Cost $602,574,316) | | | | | | $ | 866,539,835 | |
| MONEY MARKET FUNDS — 3.8% | | Shares | | | Value | |
| First American Treasury Obligations Fund - Class X, 4.80% (b) (Cost $34,170,429) | | | 34,170,429 | | | $ | 34,170,429 | |
| | | | | | | | | |
Total Investments at Value — 100.1%
(Cost $636,744,745) | | | | | | $ | 900,710,264 | |
| | | | | | | | | |
| Liabilities in Excess of Other Assets — (0.1%) | | | | | | | (751,667 | ) |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 899,958,597 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
DAVENPORT SMALL CAP FOCUS FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 94.2% | | Shares | | | Value | |
| Communications — 6.1% | | | | | | | | |
| Cable One, Inc. | | | 62,961 | | | $ | 22,023,128 | |
| Liberty Latin America Ltd. - Class C (a) | | | 2,799,601 | | | | 26,568,214 | |
| Shenandoah Telecommunications Company | | | 857,458 | | | | 12,098,732 | |
| | | | | | | | 60,690,074 | |
| Consumer Discretionary — 22.0% | | | | | | | | |
| Cannae Holdings, Inc. | | | 688,743 | | | | 13,127,442 | |
| DraftKings, Inc. - Class A (a) | | | 365,564 | | | | 14,330,109 | |
| Etsy, Inc. (a) | | | 575,876 | | | | 31,978,394 | |
| Golden Entertainment, Inc. | | | 1,015,893 | | | | 32,295,238 | |
| Monarch Casino & Resort, Inc. | | | 762,194 | | | | 60,419,118 | |
| OneSpaWorld Holdings Ltd. | | | 3,026,147 | | | | 49,961,687 | |
| Six Flags Entertainment Corporation | | | 360,000 | | | | 14,511,600 | |
| | | | | | | | 216,623,588 | |
| Consumer Staples — 4.1% | | | | | | | | |
| J & J Snack Foods Corporation | | | 234,819 | | | | 40,417,046 | |
| | | | | | | | | |
| Energy — 8.1% | | | | | | | | |
| California Resources Corporation | | | 701,380 | | | | 36,801,409 | |
| CNX Resources Corporation (a) | | | 607,346 | | | | 19,781,259 | |
| Peyto Exploration & Development Corporation | | | 2,043,280 | | | | 23,211,661 | |
| | | | | | | | 79,794,329 | |
| Financials — 11.1% | | | | | | | | |
| Kinsale Capital Group, Inc. | | | 108,795 | | | | 50,651,688 | |
| SoFi Technologies, Inc. (a) | | | 2,022,602 | | | | 15,897,652 | |
| Stewart Information Services Corporation | | | 579,150 | | | | 43,285,671 | |
| | | | | | | | 109,835,011 | |
| Health Care — 2.7% | | | | | | | | |
| Perrigo Company plc | | | 1,023,550 | | | | 26,847,716 | |
| | | | | | | | | |
| Industrials — 15.7% | | | | | | | | |
| Chart Industries, Inc. (a) | | | 269,161 | | | | 33,413,646 | |
| Enovis Corporation (a) | | | 888,618 | | | | 38,255,005 | |
| ESAB Corporation | | | 380,800 | | | | 40,482,848 | |
| Generac Holdings, Inc. (a) | | | 269,120 | | | | 42,757,786 | |
| | | | | | | | 154,909,285 | |
| Materials — 4.5% | | | | | | | | |
| NewMarket Corporation | | | 39,914 | | | | 22,028,138 | |
| Trex Company, Inc. (a) | | | 329,157 | | | | 21,915,273 | |
| | | | | | | | 43,943,411 | |
DAVENPORT SMALL CAP FOCUS FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 94.2% (Continued) | | Shares | | | Value | |
| Real Estate — 10.0% | | | | | | | | |
| FRP Holdings, Inc. (a) | | | 295,888 | | | $ | 8,835,216 | |
| Janus International Group, Inc. (a) | | | 2,855,736 | | | | 28,871,491 | |
| Lamar Advertising Company - Class A | | | 169,204 | | | | 22,605,654 | |
| Outfront Media, Inc. | | | 2,062,775 | | | | 37,913,804 | |
| | | | | | | | 98,226,165 | |
| Technology — 9.9% | | | | | | | | |
| Alight, Inc. - Class A (a) | | | 3,926,768 | | | | 29,058,083 | |
| HealthEquity, Inc. (a) | | | 385,483 | | | | 31,551,784 | |
| Verra Mobility Corporation (a) | | | 1,349,927 | | | | 37,541,470 | |
| | | | | | | | 98,151,337 | |
| | | | | | | | | |
| Total Common Stocks (Cost $786,754,388) | | | | | | $ | 929,437,962 | |
| EXCHANGE-TRADED FUNDS — 2.7% | | Shares | | | Value | |
| ALPS Medical Breakthroughs ETF (Cost $22,485,097) | | | 723,402 | | | $ | 27,004,597 | |
| MONEY MARKET FUNDS — 3.0% | | Shares | | | Value | |
| First American Treasury Obligations Fund - Class X, 4.80% (b) (Cost $29,720,565) | | | 29,720,565 | | | $ | 29,720,565 | |
| | | | | | | | | |
Total Investments at Value — 99.9%
(Cost $838,960,050) | | | | | | $ | 986,163,124 | |
| | | | | | | | | |
| Other Assets in Excess of Liabilities — 0.1% | | | | | | | 728,818 | |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 986,891,942 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 57.2% | | Shares | | | Value | |
| Communications — 2.3% | | | | | | |
| Comcast Corporation - Class A | | | 85,519 | | | $ | 3,572,129 | |
| Walt Disney Company (The) | | | 20,518 | | | | 1,973,626 | |
| | | | | | | | 5,545,755 | |
| Consumer Discretionary — 3.5% | | | | | | | | |
| Genuine Parts Company | | | 17,247 | | | | 2,409,061 | |
| Lowe’s Companies, Inc. | | | 11,344 | | | | 3,072,523 | |
| McDonald’s Corporation | | | 9,828 | | | | 2,992,724 | |
| | | | | | | | 8,474,308 | |
| Consumer Staples — 8.6% | | | | | | | | |
| Anheuser-Busch InBev S.A./N.V. - ADR | | | 60,248 | | | | 3,993,840 | |
| Hershey Company (The) | | | 10,245 | | | | 1,964,786 | |
| Kenvue, Inc. | | | 108,000 | | | | 2,498,040 | |
| Keurig Dr Pepper, Inc. | | | 86,948 | | | | 3,258,811 | |
| PepsiCo, Inc. | | | 14,405 | | | | 2,449,570 | |
| Philip Morris International, Inc. | | | 34,859 | | | | 4,231,883 | |
| Walmart, Inc. | | | 31,149 | | | | 2,515,282 | |
| | | | | | | | 20,912,212 | |
| Energy — 5.2% | | | | | | | | |
| Chevron Corporation | | | 31,803 | | | | 4,683,628 | |
| Enbridge, Inc. | | | 60,275 | | | | 2,447,768 | |
| Enterprise Products Partners, L.P. | | | 87,000 | | | | 2,532,570 | |
| Schlumberger Ltd. | | | 66,615 | | | | 2,794,499 | |
| | | | | | | | 12,458,465 | |
| Financials — 10.4% | | | | | | | | |
| Berkshire Hathaway, Inc. - Class B (a) | | | 6,141 | | | | 2,826,457 | |
| Brookfield Asset Management Ltd. - Class A | | | 60,284 | | | | 2,850,830 | |
| Brookfield Corporation | | | 60,623 | | | | 3,222,112 | |
| Citigroup, Inc. | | | 33,536 | | | | 2,099,354 | |
| Fairfax Financial Holdings Ltd. | | | 2,819 | | | | 3,547,401 | |
| Fidelity National Financial, Inc. | | | 39,078 | | | | 2,425,181 | |
| JPMorgan Chase & Company | | | 13,486 | | | | 2,843,658 | |
| Markel Group, Inc. (a) | | | 1,665 | | | | 2,611,686 | |
| Wells Fargo & Company | | | 47,098 | | | | 2,660,566 | |
| | | | | | | | 25,087,245 | |
| Health Care — 8.2% | | | | | | | | |
| Becton, Dickinson and Company | | | 12,941 | | | | 3,120,075 | |
| Bristol-Myers Squibb Company | | | 64,412 | | | | 3,332,677 | |
| Elevance Health, Inc. | | | 4,937 | | | | 2,567,240 | |
| Johnson & Johnson | | | 28,470 | | | | 4,613,848 | |
| Medtronic plc | | | 36,857 | | | | 3,318,236 | |
| Sanofi - ADR | | | 50,797 | | | | 2,927,431 | |
| | | | | | | | 19,879,507 | |
DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 57.2% (Continued) | | Shares | | | Value | |
| Industrials — 8.9% | | | | | | |
| FedEx Corporation | | | 7,451 | | | $ | 2,039,190 | |
| Johnson Controls International plc | | | 42,024 | | | | 3,261,482 | |
| L3Harris Technologies, Inc. | | | 17,290 | | | | 4,112,772 | |
| Norfolk Southern Corporation | | | 12,931 | | | | 3,213,353 | |
| TE Connectivity plc (a) | | | 20,730 | | | | 3,130,023 | |
| United Parcel Service, Inc. - Class B | | | 20,308 | | | | 2,768,793 | |
| Watsco, Inc. | | | 5,866 | | | | 2,885,368 | |
| | | | | | | | 21,410,981 | |
| Real Estate — 3.7% | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | | 21,189 | | | | 2,516,194 | |
| American Tower Corporation | | | 13,316 | | | | 3,096,769 | |
| Lamar Advertising Company - Class A | | | 24,867 | | | | 3,322,231 | |
| | | | | | | | 8,935,194 | |
| Technology — 2.4% | | | | | | | | |
| HP, Inc. | | | 60,099 | | | | 2,155,751 | |
| Oracle Corporation | | | 22,153 | | | | 3,774,871 | |
| | | | | | | | 5,930,622 | |
| Utilities — 4.0% | | | | | | | | |
| Brookfield Infrastructure Partners, L.P. | | | 61,867 | | | | 2,167,820 | |
| Brookfield Renewable Partners, L.P. | | | 76,999 | | | | 2,169,832 | |
| NextEra Energy, Inc. | | | 63,059 | | | | 5,330,377 | |
| | | | | | | | 9,668,029 | |
| | | | | | | | | |
| Total Common Stocks (Cost $104,400,436) | | | | | | $ | 138,302,318 | |
DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| FIXED RATE CORPORATE BONDS — 29.9% | | Par Value | | | Value | |
| Communications — 3.8% | | | | | | | | |
| Meta Platforms, Inc., 4.950%, due 05/15/2033 | | $ | 4,990,000 | | | $ | 5,233,281 | |
| VeriSign, Inc., 5.250%, due 04/01/2025 | | | 3,950,000 | | | | 3,948,180 | |
| | | | | | | | 9,181,461 | |
| Consumer Discretionary — 0.6% | | | | | | | | |
| Lowe’s Companies, Inc., 4.400%, due 09/08/2025 | | | 1,525,000 | | | | 1,524,290 | |
| | | | | | | | | |
| Consumer Staples — 3.3% | | | | | | | | |
| Keurig Dr Pepper, Inc., 5.050%, due 03/15/2029 | | | 2,500,000 | | | | 2,578,527 | |
| Phillip Morris International, Inc., 5.375%, due 02/15/2033 | | | 2,995,000 | | | | 3,129,601 | |
| Walgreens Boots Alliance, Inc., 3.800%, due 11/18/2024 | | | 2,245,000 | | | | 2,237,188 | |
| | | | | | | | 7,945,316 | |
| Energy — 5.8% | | | | | | | | |
| Boardwalk Pipelines, L.P., 4.450%, due 07/15/2027 | | | 2,200,000 | | | | 2,203,436 | |
| BP Capital Markets America, 4.812%, due 02/13/2033 | | | 2,990,000 | | | | 3,024,503 | |
| MPLX, L.P., 4.125%, due 03/01/2027 | | | 3,250,000 | | | | 3,232,137 | |
| Occidental Petroleum Corporation, 5.550%, due 10/01/2034 | | | 3,500,000 | | | | 3,555,973 | |
| ONEOK, Inc., 5.550%, due 11/01/2026 | | | 1,995,000 | | | | 2,040,019 | |
| | | | | | | | 14,056,068 | |
| Financials — 6.9% | | | | | | | | |
| Bank of Montreal, 5.920%, due 09/25/2025 | | | 3,990,000 | | | | 4,050,602 | |
| BlackRock, Inc., 4.750%, due 05/25/2033 | | | 3,000,000 | | | | 3,084,247 | |
| Charles Schwab Corporation (The), 5.875%, due 08/24/2026 | | | 3,750,000 | | | | 3,858,250 | |
| Royal Bank of Canada, 5.000%, due 05/02/2033 | | | 3,000,000 | | | | 3,100,994 | |
| Wells Fargo & Company, 4.811%, due 01/15/2026 | | | 2,500,000 | | | | 2,518,822 | |
| | | | | | | | 16,612,915 | |
| Health Care — 5.2% | | | | | | | | |
| Bristol-Myers Squibb Company, 5.900%, due 11/15/2033 | | | 3,000,000 | | | | 3,312,541 | |
| HCA, Inc., 5.450%, due 04/01/2031 | | | 3,500,000 | | | | 3,644,137 | |
| Merck & Company, Inc., 4.500%, due 05/17/2033 | | | 2,490,000 | | | | 2,528,479 | |
| Zoetis, Inc., 5.400%, due 11/14/2025 | | | 2,990,000 | | | | 3,018,049 | |
| | | | | | | | 12,503,206 | |
| Industrials — 0.9% | | | | | | | | |
| Waste Management, Inc., 4.875%, due 02/15/2029 | | | 1,995,000 | | | | 2,060,892 | |
| | | | | | | | | |
| Technology — 2.2% | | | | | | | | |
| Fiserv, Inc., 3.200%, due 07/01/2026 | | | 2,325,000 | | | | 2,281,937 | |
| Oracle Corporation, 5.800%, due 11/10/2025 | | | 2,990,000 | | | | 3,036,406 | |
| | | | | | | | 5,318,343 | |
| Utilities — 1.2% | | | | | | | | |
| NextEra Energy Capital Holdings, Inc., 6.051%, due 03/01/2025 | | | 2,995,000 | | | | 3,007,558 | |
| | | | | | | | | |
| Total Fixed Rate Corporate Bonds (Cost $70,689,062) | | | | | | $ | 72,210,049 | |
DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| MUNICIPAL BONDS — 1.0% | | Par Value | | | Value | |
| Richmond, VA, GO, Public Improvement Bonds, 4.800%, due 03/01/2033 (Cost $2,533,073) | | $ | 2,455,000 | | | $ | 2,540,520 | |
| U.S. TREASURY OBLIGATIONS — 7.2% | | Par Value | | | Value | |
| U.S. Treasury Bills — 0.8% | | | | | | | | |
| 5.357%, due 11/14/2024 (b) | | $ | 2,000,000 | | | $ | 1,988,612 | |
| | | | | | | | | |
| U.S. Treasury Notes — 6.4% | | | | | | | | |
| 2.750%, due 06/30/2025 | | | 4,810,000 | | | | 4,763,685 | |
| 4.750%, due 07/31/2025 | | | 2,000,000 | | | | 2,010,969 | |
| 4.875%, due 04/30/2026 | | | 2,500,000 | | | | 2,542,871 | |
| 4.625%, due 09/15/2026 | | | 4,000,000 | | | | 4,071,250 | |
| 3.875%, due 08/15/2033 | | | 2,000,000 | | | | 2,014,140 | |
| | | | | | | | 15,402,915 | |
| | | | | | | | | |
| Total U.S. Treasury Obligations (Cost $17,136,171) | | | | | | $ | 17,391,527 | |
| MONEY MARKET FUNDS — 3.6% | | Shares | | | Value | |
| First American Treasury Obligations Fund - Class X, 4.80% (c) (Cost $8,686,508) | | | 8,686,508 | | | $ | 8,686,508 | |
| | | | | | | | | |
Total Investments at Value — 98.9%
(Cost $203,445,250) | | | | | | $ | 239,130,922 | |
| | | | | | | | | |
| Other Assets in Excess of Liabilities — 1.1% | | | | | | | 2,612,574 | |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 241,743,496 | |
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the annualized yield at the time of purchase. |
| (c) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
DAVENPORT INSIDER BUYING FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 96.1% | | Shares | | | Value | |
| Consumer Discretionary — 8.5% | | | | | | | | |
| Genuine Parts Company | | | 19,875 | | | $ | 2,776,140 | |
| LKQ Corporation | | | 33,000 | | | | 1,317,360 | |
| Mobileye Global, Inc. - Class A (a) | | | 58,370 | | | | 799,669 | |
| NIKE, Inc. - Class B | | | 36,183 | | | | 3,198,577 | |
| | | | | | | | 8,091,746 | |
| Consumer Staples — 6.1% | | | | | | | | |
| Darling Ingredients, Inc. (a) | | | 41,000 | | | | 1,523,560 | |
| Kenvue, Inc. | | | 80,000 | | | | 1,850,400 | |
| Keurig Dr Pepper, Inc. | | | 65,000 | | | | 2,436,200 | |
| | | | | | | | 5,810,160 | |
| Energy — 3.7% | | | | | | | | |
| EOG Resources, Inc. | | | 29,000 | | | | 3,564,970 | |
| | | | | | | | | |
| Financials — 8.9% | | | | | | | | |
| Aon plc - Class A | | | 8,500 | | | | 2,940,915 | |
| Charles Schwab Corporation (The) | | | 56,000 | | | | 3,629,360 | |
| Everest Group Ltd. | | | 5,000 | | | | 1,959,150 | |
| | | | | | | | 8,529,425 | |
| Health Care — 11.8% | | | | | | | | |
| Align Technology, Inc. (a) | | | 14,500 | | | | 3,687,640 | |
| Bristol-Myers Squibb Company | | | 37,243 | | | | 1,926,953 | |
| Charles River Laboratories International, Inc. (a) | | | 14,800 | | | | 2,915,156 | |
| Zimmer Biomet Holdings, Inc. | | | 25,990 | | | | 2,805,620 | |
| | | | | | | | 11,335,369 | |
| Industrials — 21.1% | | | | | | | | |
| Amphenol Corporation - Class A | | | 32,000 | | | | 2,085,120 | |
| Chart Industries, Inc. (a) | | | 11,500 | | | | 1,427,610 | |
| Eaton Corporation plc | | | 6,200 | | | | 2,054,928 | |
| Emerson Electric Company | | | 27,000 | | | | 2,952,990 | |
| FedEx Corporation | | | 8,000 | | | | 2,189,440 | |
| Hexcel Corporation | | | 23,500 | | | | 1,453,005 | |
| Keysight Technologies, Inc. (a) | | | 20,000 | | | | 3,178,600 | |
| Norfolk Southern Corporation | | | 10,877 | | | | 2,702,935 | |
| United Parcel Service, Inc. - Class B | | | 16,000 | | | | 2,181,440 | |
| | | | | | | | 20,226,068 | |
| Materials — 11.0% | | | | | | | | |
| Air Products & Chemicals, Inc. | | | 11,000 | | | | 3,275,140 | |
| Ball Corporation | | | 35,500 | | | | 2,410,805 | |
| Corteva, Inc. | | | 40,000 | | | | 2,351,600 | |
| PPG Industries, Inc. | | | 18,500 | | | | 2,450,510 | |
| | | | | | | | 10,488,055 | |
DAVENPORT INSIDER BUYING FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 96.1% (Continued) | | Shares | | | Value | |
| Real Estate — 1.6% | | | | | | | | |
| Mid-America Apartment Communities, Inc. | | | 9,500 | | | $ | 1,509,550 | |
| | | | | | | | | |
| Technology — 19.6% | | | | | | | | |
| Marvell Technology, Inc. | | | 26,500 | | | | 1,911,180 | |
| Mastercard, Inc. - Class A | | | 7,400 | | | | 3,654,120 | |
| Maximus, Inc. | | | 33,000 | | | | 3,074,280 | |
| MSCI, Inc. | | | 3,870 | | | | 2,255,939 | |
| Skyworks Solutions, Inc. | | | 25,000 | | | | 2,469,250 | |
| TransUnion | | | 28,000 | | | | 2,931,600 | |
| Zebra Technologies Corporation - Class A (a) | | | 6,708 | | | | 2,484,107 | |
| | | | | | | | 18,780,476 | |
| Utilities — 3.8% | | | | | | | | |
| NextEra Energy, Inc. | | | 42,500 | | | | 3,592,525 | |
| | | | | | | | | |
| Total Common Stocks (Cost $84,062,147) | | | | | | $ | 91,928,344 | |
| MONEY MARKET FUNDS — 3.9% | | Shares | | | Value | |
| First American Treasury Obligations Fund - Class X, 4.80% (b) (Cost $3,708,384) | | | 3,708,384 | | | $ | 3,708,384 | |
| | | | | | | | | |
Total Investments at Value — 100.0%
(Cost $87,770,531) | | | | | | $ | 95,636,728 | |
| | | | | | | | | |
| Liabilities in Excess of Other Assets — (0.0%) (c) | | | | | | | (24,074 | ) |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 95,612,654 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
| (c) | Percentage rounds to less than 0.1%. |
See accompanying notes to financial statements.
THE DAVENPORT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2024 (Unaudited)
| | | Davenport
Core Leaders
Fund | | | Davenport
Value &
Income
Fund | | | Davenport
Equity
Opportunities
Fund | |
| ASSETS | | | | | | | | | |
| Investments in securities: | | | | | | | | | | | | |
| At cost | | $ | 601,964,816 | | | $ | 671,077,654 | | | $ | 636,744,745 | |
| At value (Note 2) | | $ | 1,078,448,772 | | | $ | 907,158,963 | | | $ | 900,710,264 | |
| Receivable for capital shares sold | | | 152,503 | | | | 153,211 | | | | 209,536 | |
| Receivable for investment securities sold | | | — | | | | 8,442,145 | | | | — | |
| Dividends receivable | | | 133,857 | | | | 1,326,088 | | | | 157,594 | |
| Tax reclaims receivable | | | 43,678 | | | | 87,539 | | | | — | |
| Other assets | | | 25,698 | | | | 25,023 | | | | 25,021 | |
| TOTAL ASSETS | | | 1,078,804,508 | | | | 917,192,969 | | | | 901,102,415 | |
| | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | |
| Payable for capital shares redeemed | | | 438,777 | | | | 74,219 | | | | 522,669 | |
| Accrued management fees (Note 4) | | | 649,324 | | | | 552,763 | | | | 540,211 | |
| Payable to administrator (Note 4) | | | 72,810 | | | | 65,930 | | | | 66,970 | |
| Other accrued expenses | | | 18,298 | | | | 11,865 | | | | 13,968 | |
| TOTAL LIABILITIES | | | 1,179,209 | | | | 704,777 | | | | 1,143,818 | |
| | | | | | | | | | | | | |
| NET ASSETS | | $ | 1,077,625,299 | | | $ | 916,488,192 | | | $ | 899,958,597 | |
| | | | | | | | | | | | | |
| Net assets consist of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 566,732,293 | | | $ | 642,424,138 | | | $ | 630,277,240 | |
| Accumulated earnings | | | 510,893,006 | | | | 274,064,054 | | | | 269,681,357 | |
| Net assets | | $ | 1,077,625,299 | | | $ | 916,488,192 | | | $ | 899,958,597 | |
| | | | | | | | | | | | | |
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value) | | | 29,339,334 | | | | 45,352,618 | | | | 36,657,305 | |
| | | | | | | | | | | | | |
| Net asset value, offering price and redemption price per share (Note 2) | | $ | 36.73 | | | $ | 20.21 | | | $ | 24.55 | |
See accompanying notes to financial statements.
THE DAVENPORT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
September 30, 2024 (Unaudited)
| | | Davenport
Small Cap
Focus
Fund | | | Davenport
Balanced
Income
Fund | | | Davenport
Insider
Buying
Fund | |
| ASSETS | | | | | | | | | | | | |
| Investments in securities: | | | | | | | | | | | | |
| At cost | | $ | 838,960,050 | | | $ | 203,445,250 | | | $ | 87,770,531 | |
| At value (Note 2) | | $ | 986,163,124 | | | $ | 239,130,922 | | | $ | 95,636,728 | |
| Receivable for capital shares sold | | | 930,219 | | | | 218,501 | | | | 163,894 | |
| Receivable for investment securities sold | | | — | | | | 1,275,675 | | | | — | |
| Dividends and interest receivable | | | 832,971 | | | | 1,291,412 | | | | 86,639 | |
| Tax reclaims receivable | | | — | | | | 5,255 | | | | — | |
| Other assets | | | 40,652 | | | | 19,450 | | | | 23,777 | |
| TOTAL ASSETS | | | 987,966,966 | | | | 241,941,215 | | | | 95,911,038 | |
| | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | |
| Payable for capital shares redeemed | | | 385,785 | | | | 25,619 | | | | 4,195 | |
| Payable for investment securities purchased | | | — | | | | — | | | | 220,273 | |
| Accrued management fees (Note 4) | | | 593,477 | | | | 142,265 | | | | 57,245 | |
| Payable to administrator (Note 4) | | | 74,700 | | | | 22,840 | | | | 9,620 | |
| Other accrued expenses | | | 21,062 | | | | 6,995 | | | | 7,051 | |
| TOTAL LIABILITIES | | | 1,075,024 | | | | 197,719 | | | | 298,384 | |
| | | | | | | | | | | | | |
| NET ASSETS | | $ | 986,891,942 | | | $ | 241,743,496 | | | $ | 95,612,654 | |
| | | | | | | | | | | | | |
| Net assets consist of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 892,161,180 | | | $ | 202,444,107 | | | $ | 88,531,812 | |
| Accumulated earnings | | | 94,730,762 | | | | 39,299,389 | | | | 7,080,842 | |
| Net assets | | $ | 986,891,942 | | | $ | 241,743,496 | | | $ | 95,612,654 | |
| | | | | | | | | | | | | |
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value) | | | 56,065,400 | | | | 17,743,635 | | | | 8,512,970 | |
| | | | | | | | | | | | | |
| Net asset value, offering price and redemption price per share (Note 2) | | $ | 17.60 | | | $ | 13.62 | | | $ | 11.23 | |
See accompanying notes to financial statements.
THE DAVENPORT FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended September 30, 2024 (Unaudited)
| | | Davenport
Core Leaders
Fund | | | Davenport
Value &
Income
Fund | | | Davenport
Equity
Opportunities
Fund | |
| INVESTMENT INCOME | | | | | | | | | | | | |
| Dividends | | $ | 4,865,752 | | | $ | 11,877,175 | | | $ | 4,178,114 | |
| Foreign withholding taxes on dividends | | | (14,747 | ) | | | (275,629 | ) | | | (77,219 | ) |
| TOTAL INVESTMENT INCOME | | | 4,851,005 | | | | 11,601,546 | | | | 4,100,895 | |
| | | | | | | | | | | | | |
| EXPENSES | | | | | | | | | | | | |
| Management fees (Note 4) | | | 3,775,356 | | | | 3,226,695 | | | | 3,202,065 | |
| Administration fees (Note 4) | | | 413,032 | | | | 377,137 | | | | 386,896 | |
| Registration and filing fees | | | 20,906 | | | | 15,237 | | | | 18,591 | |
| Postage and supplies | | | 21,918 | | | | 22,552 | | | | 24,290 | |
| Custodian and bank service fees | | | 29,787 | | | | 25,791 | | | | 25,667 | |
| Trustees’ fees and expenses (Note 4) | | | 13,919 | | | | 13,919 | | | | 13,919 | |
| Compliance service fees (Note 4) | | | 17,897 | | | | 15,454 | | | | 15,400 | |
| Audit and tax services fees | | | 8,682 | | | | 8,682 | | | | 8,682 | |
| Legal fees | | | 5,095 | | | | 5,095 | | | | 5,095 | |
| Insurance expense | | | 6,698 | | | | 6,007 | | | | 6,197 | |
| Shareholder reporting expenses | | | 4,046 | | | | 4,138 | | | | 4,225 | |
| Other expenses | | | 5,080 | | | | 5,495 | | | | 5,224 | |
| TOTAL EXPENSES | | | 4,322,416 | | | | 3,726,202 | | | | 3,716,251 | |
| | | | | | | | | | | | | |
| NET INVESTMENT INCOME | | | 528,589 | | | | 7,875,344 | | | | 384,644 | |
| | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES | | | | | | | | | | | | |
| Net realized gains from: | | | | | | | | | | | | |
| Investments | | | 34,543,184 | | | | 37,054,450 | | | | 18,334,355 | |
| Foreign currency transactions | | | — | | | | 2,112 | | | | — | |
| Net change in unrealized appreciation (depreciation) on investments | | | 50,681,271 | | | | 29,115,555 | | | | (30,794,074 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES | | | 85,224,455 | | | | 66,172,117 | | | | (12,459,719 | ) |
| | | | | | | | | | | | | |
| NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | $ | 85,753,044 | | | $ | 74,047,461 | | | $ | (12,075,075 | ) |
See accompanying notes to financial statements.
THE DAVENPORT FUNDS
STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended September 30, 2024 (Unaudited)
| | | Davenport
Small Cap
Focus
Fund | | | Davenport
Balanced
Income
Fund | | | Davenport
Insider
Buying
Fund | |
| INVESTMENT INCOME | | | | | | | | | | | | |
| Dividends | | $ | 7,479,218 | | | $ | 2,096,664 | | | $ | 764,078 | |
| Foreign withholding taxes on dividends | | | (171,464 | ) | | | (56,064 | ) | | | — | |
| Interest | | | — | | | | 2,103,105 | | | | — | |
| TOTAL INVESTMENT INCOME | | | 7,307,754 | | | | 4,143,705 | | | | 764,078 | |
| | | | | | | | | | | | | |
| EXPENSES | | | | | | | | | | | | |
| Management fees (Note 4) | | | 3,588,881 | | | | 859,296 | | | | 327,431 | |
| Administration fees (Note 4) | | | 436,138 | | | | 129,854 | | | | 52,797 | |
| Registration and filing fees | | | 43,265 | | | | 15,157 | | | | 18,047 | |
| Postage and supplies | | | 53,043 | | | | 5,458 | | | | 3,889 | |
| Custodian and bank service fees | | | 29,813 | | | | 7,558 | | | | 5,506 | |
| Trustees’ fees and expenses (Note 4) | | | 13,919 | | | | 13,919 | | | | 11,919 | |
| Compliance service fees (Note 4) | | | 17,097 | | | | 5,411 | | | | 3,121 | |
| Audit and tax services fees | | | 8,682 | | | | 9,432 | | | | 8,682 | |
| Legal fees | | | 5,095 | | | | 5,095 | | | | 7,663 | |
| Insurance expense | | | 7,082 | | | | 1,941 | | | | 931 | |
| Shareholder reporting expenses | | | 4,604 | | | | 3,199 | | | | 2,398 | |
| Other expenses | | | 5,740 | | | | 7,773 | | | | 4,965 | |
| TOTAL EXPENSES | | | 4,213,359 | | | | 1,064,093 | | | | 447,349 | |
| | | | | | | | | | | | | |
| NET INVESTMENT INCOME | | | 3,094,395 | | | | 3,079,612 | | | | 316,729 | |
| | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES | | | | | | | | | | | | |
| Net realized gains (losses) from: | | | | | | | | | | | | |
| Investments | | | (52,907,714 | ) | | | 6,850,029 | | | | (787,912 | ) |
| Foreign currency transactions | | | — | | | | 307 | | | | — | |
| Net change in unrealized appreciation (depreciation) on investments | | | (8,628,389 | ) | | | 5,677,312 | | | | 964,425 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES | | | (61,536,103 | ) | | | 12,527,648 | | | | 176,513 | |
| | | | | | | | | | | | | |
| NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | | $ | (58,441,708 | ) | | $ | 15,607,260 | | | $ | 493,242 | |
See accompanying notes to financial statements.
DAVENPORT CORE LEADERS FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
September 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 528,589 | | | $ | 2,790,976 | |
| Net realized gains from investment transactions | | | 34,543,184 | | | | 53,592,737 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 50,681,271 | | | | 206,587,913 | |
| Net increase in net assets from operations | | | 85,753,044 | | | | 262,971,626 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (26,904,737 | ) | | | (52,585,924 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 43,220,883 | | | | 74,132,286 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 24,787,512 | | | | 48,682,171 | |
| Payments for shares redeemed | | | (34,428,355 | ) | | | (64,821,183 | ) |
| Net increase in net assets from capital share transactions | | | 33,580,040 | | | | 57,993,274 | |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 92,428,347 | | | | 268,378,976 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 985,196,952 | | | | 716,817,976 | |
| End of period | | $ | 1,077,625,299 | | | $ | 985,196,952 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 1,244,743 | | | | 2,429,095 | |
| Shares reinvested | | | 721,559 | | | | 1,647,862 | |
| Shares redeemed | | | (989,196 | ) | | | (2,149,294 | ) |
| Net increase in shares outstanding | | | 977,106 | | | | 1,927,663 | |
| Shares outstanding at beginning of period | | | 28,362,228 | | | | 26,434,565 | |
| Shares outstanding at end of period | | | 29,339,334 | | | | 28,362,228 | |
See accompanying notes to financial statements.
DAVENPORT VALUE & INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
September 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 7,875,344 | | | $ | 13,045,577 | |
| Net realized gains from: | | | | | | | | |
| Investments | | | 37,054,450 | | | | 36,498,496 | |
| Foreign currency transactions | | | 2,112 | | | | 2,146 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 29,115,555 | | | | 63,256,914 | |
| Net increase in net assets from operations | | | 74,047,461 | | | | 112,803,133 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (23,829,691 | ) | | | (13,278,633 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 21,180,676 | | | | 43,382,234 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 21,802,437 | | | | 11,840,065 | |
| Payments for shares redeemed | | | (40,666,406 | ) | | | (94,722,701 | ) |
| Net increase (decrease) in net assets from capital share transactions | | | 2,316,707 | | | | (39,500,402 | ) |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 52,534,477 | | | | 60,024,098 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 863,953,715 | | | | 803,929,617 | |
| End of period | | $ | 916,488,192 | | | $ | 863,953,715 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 1,111,531 | | | | 2,493,356 | |
| Shares reinvested | | | 1,177,377 | | | | 666,033 | |
| Shares redeemed | | | (2,143,241 | ) | | | (5,459,707 | ) |
| Net increase (decrease) in shares outstanding | | | 145,667 | | | | (2,300,318 | ) |
| Shares outstanding at beginning of period | | | 45,206,951 | | | | 47,507,269 | |
| Shares outstanding at end of period | | | 45,352,618 | | | | 45,206,951 | |
See accompanying notes to financial statements.
DAVENPORT EQUITY OPPORTUNITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
September 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 384,644 | | | $ | 1,871,080 | |
| Net realized gains from investment transactions | | | 18,334,355 | | | | 3,583,484 | |
| Net change in unrealized appreciation (depreciation) on investments | | | (30,794,074 | ) | | | 219,661,532 | |
| Net increase (decrease) in net assets from operations | | | (12,075,075 | ) | | | 225,116,096 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (842,488 | ) | | | (37,152,062 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 45,146,396 | | | | 74,922,250 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 771,373 | | | | 35,103,341 | |
| Payments for shares redeemed | | | (30,697,623 | ) | | | (54,199,095 | ) |
| Net increase in net assets from capital share transactions | | | 15,220,146 | | | | 55,826,496 | |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 2,302,583 | | | | 243,790,530 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 897,656,014 | | | | 653,865,484 | |
| End of period | | $ | 899,958,597 | | | $ | 897,656,014 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 1,941,018 | | | | 3,507,025 | |
| Shares reinvested | | | 34,268 | | | | 1,686,051 | |
| Shares redeemed | | | (1,312,895 | ) | | | (2,550,382 | ) |
| Net increase in shares outstanding | | | 662,391 | | | | 2,642,694 | |
| Shares outstanding at beginning of period | | | 35,994,914 | | | | 33,352,220 | |
| Shares outstanding at end of period | | | 36,657,305 | | | | 35,994,914 | |
See accompanying notes to financial statements.
DAVENPORT SMALL CAP FOCUS FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
September 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 3,094,395 | | | $ | 5,019,167 | |
| Net realized gains (losses) from investment transactions | | | (52,907,714 | ) | | | 26,575,598 | |
| Net change in unrealized appreciation (depreciation) on investments | | | (8,628,389 | ) | | | 140,358,482 | |
| Net increase (decrease) in net assets from operations | | | (58,441,708 | ) | | | 171,953,247 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (20,673,755 | ) | | | (29,129,523 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 109,136,720 | | | | 318,128,012 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 19,576,352 | | | | 27,543,724 | |
| Payments for shares redeemed | | | (70,845,130 | ) | | | (68,515,961 | ) |
| Net increase in net assets from capital share transactions | | | 57,867,942 | | | | 277,155,775 | |
| | | | | | | | | |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | | | (21,247,521 | ) | | | 419,979,499 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 1,008,139,463 | | | | 588,159,964 | |
| End of period | | $ | 986,891,942 | | | $ | 1,008,139,463 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 6,240,327 | | | | 18,489,577 | |
| Shares reinvested | | | 1,177,835 | | | | 1,676,487 | |
| Shares redeemed | | | (4,098,155 | ) | | | (4,103,496 | ) |
| Net increase in shares outstanding | | | 3,320,007 | | | | 16,062,568 | |
| Shares outstanding at beginning of period | | | 52,745,393 | | | | 36,682,825 | |
| Shares outstanding at end of period | | | 56,065,400 | | | | 52,745,393 | |
See accompanying notes to financial statements.
DAVENPORT BALANCED INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
September 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 3,079,612 | | | $ | 5,316,915 | |
| Net realized gains from: | | | | | | | | |
| Investments | | | 6,850,029 | | | | 680,044 | |
| Foreign currency transactions | | | 307 | | | | 289 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 5,677,312 | | | | 15,606,852 | |
| Net increase in net assets from operations | | | 15,607,260 | | | | 21,604,100 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (2,671,294 | ) | | | (5,189,358 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 10,433,985 | | | | 19,677,555 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 2,400,863 | | | | 4,688,217 | |
| Payments for shares redeemed | | | (12,090,532 | ) | | | (31,364,831 | ) |
| Net increase (decrease) in net assets from capital share transactions | | | 744,316 | | | | (6,999,059 | ) |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 13,680,282 | | | | 9,415,683 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 228,063,214 | | | | 218,647,531 | |
| End of period | | $ | 241,743,496 | | | $ | 228,063,214 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 801,351 | | | | 1,618,082 | |
| Shares reinvested | | | 182,785 | | | | 380,685 | |
| Shares redeemed | | | (934,097 | ) | | | (2,580,435 | ) |
| Net increase (decrease) in shares outstanding | | | 50,039 | | | | (581,668 | ) |
| Shares outstanding at beginning of period | | | 17,693,596 | | | | 18,275,264 | |
| Shares outstanding at end of period | | | 17,743,635 | | | | 17,693,596 | |
See accompanying notes to financial statements.
DAVENPORT INSIDER BUYING FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
September 30,
2024
(Unaudited) | | | Period Ended
March 31,
2024(a) | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 316,729 | | | $ | 194,374 | |
| Net realized gains (losses) from investments transactions | | | (787,912 | ) | | | 34,861 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 964,425 | | | | 6,901,772 | |
| Net increase in net assets from operations | | | 493,242 | | | | 7,131,007 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (360,324 | ) | | | (183,083 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 19,091,837 | | | | 74,099,997 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 349,559 | | | | 177,323 | |
| Payments for shares redeemed | | | (3,515,434 | ) | | | (1,671,470 | ) |
| Net increase in net assets from capital share transactions | | | 15,925,962 | | | | 72,605,850 | |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 16,058,880 | | | | 79,553,774 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 79,553,774 | | | | — | |
| End of period | | $ | 95,612,654 | | | $ | 79,553,774 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 1,767,538 | | | | 7,175,696 | |
| Shares reinvested | | | 32,442 | | | | 16,298 | |
| Shares redeemed | | | (324,750 | ) | | | (154,254 | ) |
| Net increase in shares outstanding | | | 1,475,230 | | | | 7,037,740 | |
| Shares outstanding at beginning of period | | | 7,037,740 | | | | — | |
| Shares outstanding at end of period | | | 8,512,970 | | | | 7,037,740 | |
| (a) | Represents the period from the commencement of operations (November 30, 2023) through March 31, 2024. |
See accompanying notes to financial statements.
| DAVENPORT CORE LEADERS FUND |
| FINANCIAL HIGHLIGHTS |
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | | | Year Ended
March 31,
2023 | | | Year Ended
March 31,
2022 | | | Year Ended
March 31,
2021 | | | Year Ended
March 31,
2020 | |
| Net asset value at beginning of period | | $ | 34.74 | | | $ | 27.12 | | | $ | 32.09 | | | $ | 31.48 | | | $ | 21.48 | | | $ | 23.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.02 | | | | 0.10 | | | | 0.18 | | | | 0.01 | | | | 0.05 | | | | 0.14 | |
| Net realized and unrealized gains (losses) on investments | | | 2.91 | | | | 9.48 | | | | (3.88 | ) | | | 3.38 | | | | 10.27 | | | | (1.80 | ) |
| Total from investment operations | | | 2.93 | | | | 9.58 | | | | (3.70 | ) | | | 3.39 | | | | 10.32 | | | | (1.66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.02 | ) | | | (0.10 | ) | | | (0.18 | ) | | | (0.00 | )(a) | | | (0.07 | ) | | | (0.14 | ) |
| Net realized gains | | | (0.92 | ) | | | (1.86 | ) | | | (1.09 | ) | | | (2.78 | ) | | | (0.25 | ) | | | (0.47 | ) |
| Total distributions | | | (0.94 | ) | | | (1.96 | ) | | | (1.27 | ) | | | (2.78 | ) | | | (0.32 | ) | | | (0.61 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 36.73 | | | $ | 34.74 | | | $ | 27.12 | | | $ | 32.09 | | | $ | 31.48 | | | $ | 21.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | 8.63 | %(c) | | | 36.76 | % | | | (11.37 | %) | | | 10.89 | % | | | 48.20 | % | | | (7.36 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 1,077,625 | | | $ | 985,197 | | | $ | 716,818 | | | $ | 845,650 | | | $ | 756,050 | | | $ | 486,569 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets | | | 0.86 | %(d) | | | 0.87 | % | | | 0.87 | % | | | 0.86 | % | | | 0.87 | % | | | 0.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets | | | 0.10 | %(d) | | | 0.34 | % | | | 0.66 | % | | | 0.04 | % | | | 0.17 | % | | | 0.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 8 | %(c) | | | 22 | % | | | 19 | % | | | 20 | % | | | 30 | % | | | 12 | % |
| (a) | Amount rounds to less than $0.01 per share. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | Annualized. |
See accompanying notes to financial statements.
| DAVENPORT VALUE & INCOME FUND |
| FINANCIAL HIGHLIGHTS |
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | | | Year Ended
March 31,
2023 | | | Year Ended
March 31,
2022 | | | Year Ended
March 31,
2021 | | | Year Ended
March 31,
2020 | |
| Net asset value at beginning of period | | $ | 19.11 | | | $ | 16.92 | | | $ | 20.29 | | | $ | 18.58 | | | $ | 13.04 | | | $ | 16.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.18 | | | | 0.28 | | | | 0.35 | | | | 0.29 | | | | 0.28 | | | | 0.35 | |
| Net realized and unrealized gains (losses) on investments and foreign currencies | | | 1.45 | | | | 2.20 | | | | (2.75 | ) | | | 2.32 | | | | 5.98 | | | | (3.00 | ) |
| Total from investment operations | | | 1.63 | | | | 2.48 | | | | (2.40 | ) | | | 2.61 | | | | 6.26 | | | | (2.65 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.15 | ) | | | (0.29 | ) | | | (0.35 | ) | | | (0.30 | ) | | | (0.27 | ) | | | (0.36 | ) |
| Net realized gains | | | (0.38 | ) | | | — | | | | (0.62 | ) | | | (0.60 | ) | | | (0.45 | ) | | | (0.33 | ) |
| Total distributions | | | (0.53 | ) | | | (0.29 | ) | | | (0.97 | ) | | | (0.90 | ) | | | (0.72 | ) | | | (0.69 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 20.21 | | | $ | 19.11 | | | $ | 16.92 | | | $ | 20.29 | | | $ | 18.58 | | | $ | 13.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (a) | | | 8.81 | %(b) | | | 14.78 | % | | | (11.81 | %) | | | 14.24 | % | | | 49.55 | % | | | (16.97 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 916,488 | | | $ | 863,954 | | | $ | 803,930 | | | $ | 920,055 | | | $ | 789,652 | | | $ | 549,112 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets | | | 0.87 | %(c) | | | 0.87 | % | | | 0.87 | % | | | 0.86 | % | | | 0.87 | % | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets | | | 1.83 | %(c) | | | 1.61 | % | | | 2.00 | % | | | 1.46 | % | | | 1.78 | % | | | 2.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 14 | %(b) | | | 37 | % | | | 21 | % | | | 20 | % | | | 34 | % | | | 28 | % |
| (a) | 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. |
| (b) | Not annualized. |
| (c) | Annualized. |
See accompanying notes to financial statements.
| DAVENPORT EQUITY OPPORTUNITIES FUND |
| FINANCIAL HIGHLIGHTS |
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | | | Year Ended
March 31,
2023 | | | Year Ended
March 31,
2022 | | | Year Ended
March 31,
2021 | | | Year Ended
March 31,
2020 | |
| Net asset value at beginning of period | | $ | 24.94 | | | $ | 19.60 | | | $ | 23.54 | | | $ | 24.54 | | | $ | 16.56 | | | $ | 18.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.01 | | | | 0.05 | | | | 0.08 | | | | (0.05 | ) | | | (0.03 | ) | | | (0.00 | )(a) |
| Net realized and unrealized gains (losses) on investments | | | (0.38 | ) | | | 6.38 | | | | (2.39 | ) | | | 1.80 | | | | 10.42 | | | | (1.59 | ) |
| Total from investment operations | | | (0.37 | ) | | | 6.43 | | | | (2.31 | ) | | | 1.75 | | | | 10.39 | | | | (1.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.02 | ) | | | (0.06 | ) | | | (0.06 | ) | | | — | | | | — | | | | — | |
| Net realized gains | | | — | | | | (1.03 | ) | | | (1.57 | ) | | | (2.75 | ) | | | (2.41 | ) | | | (0.83 | ) |
| Total distributions | | | (0.02 | ) | | | (1.09 | ) | | | (1.63 | ) | | | (2.75 | ) | | | (2.41 | ) | | | (0.83 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 24.55 | | | $ | 24.94 | | | $ | 19.60 | | | $ | 23.54 | | | $ | 24.54 | | | $ | 16.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | (1.46 | %)(c) | | | 34.01 | % | | | (9.25 | %) | | | 6.89 | % | | | 66.20 | % | | | (9.13 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 899,959 | | | $ | 897,656 | | | $ | 653,865 | | | $ | 741,496 | | | $ | 659,114 | | | $ | 385,163 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets | | | 0.87 | %(d) | | | 0.87 | % | | | 0.88 | % | | | 0.87 | % | | | 0.88 | % | | | 0.90 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income (loss) to average net assets | | | 0.09 | %(d) | | | 0.25 | % | | | 0.40 | % | | | (0.20 | %) | | | (0.13 | %) | | | (0.02 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 12 | %(c) | | | 24 | % | | | 26 | % | | | 22 | % | | | 31 | % | | | 21 | % |
| (a) | Amount rounds to less than $0.01 per share. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | Annualized. |
See accompanying notes to financial statements.
| DAVENPORT SMALL CAP FOCUS FUND |
| FINANCIAL HIGHLIGHTS |
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | | | Year Ended
March 31,
2023 | | | Year Ended
March 31,
2022 | | | Year Ended
March 31,
2021 | | | Year Ended
March 31,
2020 | |
| Net asset value at beginning of period | | $ | 19.11 | | | $ | 16.03 | | | $ | 17.85 | | | $ | 19.37 | | | $ | 11.14 | | | $ | 13.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (a) | | | 0.06 | | | | 0.11 | | | | 0.15 | | | | 0.11 | | | | 0.04 | | | | 0.05 | |
| Net realized and unrealized gains (losses) on investments | | | (1.19 | ) | | | 3.71 | | | | (0.90 | ) | | | 1.20 | | | | 9.28 | | | | (1.84 | ) |
| Total from investment operations | | | (1.13 | ) | | | 3.82 | | | | (0.75 | ) | | | 1.31 | | | | 9.32 | | | | (1.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.04 | ) | | | (0.12 | ) | | | (0.13 | ) | | | (0.13 | ) | | | (0.20 | ) | | | (0.10 | ) |
| Net realized gains | | | (0.34 | ) | | | (0.62 | ) | | | (0.94 | ) | | | (2.70 | ) | | | (0.89 | ) | | | (0.22 | ) |
| Total distributions | | | (0.38 | ) | | | (0.74 | ) | | | (1.07 | ) | | | (2.83 | ) | | | (1.09 | ) | | | (0.32 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 17.60 | | | $ | 19.11 | | | $ | 16.03 | | | $ | 17.85 | | | $ | 19.37 | | | $ | 11.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | (5.79 | %)(c) | | | 24.59 | % | | | (3.56 | %) | | | 6.85 | % | | | 84.84 | % | | | (14.08 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 986,892 | | | $ | 1,008,139 | | | $ | 588,160 | | | $ | 587,568 | | | $ | 491,256 | | | $ | 180,077 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets (d) | | | 0.88 | %(e) | | | 0.88 | % | | | 0.89 | % | | | 0.88 | % | | | 0.91 | % | | | 0.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets (d) | | | 0.65 | %(e) | | | 0.71 | % | | | 0.99 | % | | | 0.49 | % | | | 0.12 | % | | | 0.40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 16 | %(c) | | | 28 | % | | | 36 | % | | | 44 | % | | | 54 | % | | | 66 | % |
| (a) | 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. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | 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. |
| (e) | Annualized. |
See accompanying notes to financial statements.
| DAVENPORT BALANCED INCOME FUND |
| FINANCIAL HIGHLIGHTS |
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | | | Year Ended
March 31,
2023 | | | Year Ended
March 31,
2022 | | | Year Ended
March 31,
2021 | | | Year Ended
March 31,
2020 | |
| Net asset value at beginning of period | | $ | 12.89 | | | $ | 11.96 | | | $ | 13.61 | | | $ | 12.85 | | | $ | 9.84 | | | $ | 11.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (a) | | | 0.17 | | | | 0.30 | | | | 0.23 | | | | 0.19 | | | | 0.20 | | | | 0.25 | |
| Net realized and unrealized gains (losses) on investments and foreign currencies | | | 0.71 | | | | 0.92 | | | | (1.35 | ) | | | 0.77 | | | | 3.04 | | | | (1.41 | ) |
| Total from investment operations | | | 0.88 | | | | 1.22 | | | | (1.12 | ) | | | 0.96 | | | | 3.24 | | | | (1.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.15 | ) | | | (0.29 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.23 | ) | | | (0.23 | ) |
| Net realized gains | | | — | | | | — | | | | (0.31 | ) | | | (0.02 | ) | | | — | | | | (0.08 | ) |
| Return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| Total distributions | | | (0.15 | ) | | | (0.29 | ) | | | (0.53 | ) | | | (0.20 | ) | | | (0.23 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 13.62 | | | $ | 12.89 | | | $ | 11.96 | | | $ | 13.61 | | | $ | 12.85 | | | $ | 9.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | 6.89 | %(c) | | | 10.33 | % | | | (8.18 | %) | | | 7.50 | % | | | 33.14 | % | | | (10.59 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 241,743 | | | $ | 228,063 | | | $ | 218,648 | | | $ | 236,259 | | | $ | 193,186 | | | $ | 143,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets (d) | | | 0.93 | %(e) | | | 0.93 | % | | | 0.93 | % | | | 0.92 | % | | | 0.93 | % | | | 0.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets (d) | | | 2.69 | %(e) | | | 2.42 | % | | | 1.88 | % | | | 1.42 | % | | | 1.73 | % | | | 2.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 11 | %(c) | | | 45 | % | | | 24 | % | | | 23 | % | | | 29 | % | | | 29 | % |
| (a) | Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies, if any, in which the Fund invests, if any. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of expenses of the underlying investment companies, if any, in which the Fund invests, if any. |
| (e) | Annualized. |
See accompanying notes to financial statements.
| DAVENPORT INSIDER BUYING FUND |
| FINANCIAL HIGHLIGHTS |
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Period Ended
March 31,
2024(a) | |
| Net asset value at beginning of period | | $ | 11.30 | | | $ | 10.00 | |
| | | | | | | | | |
| Income from investment operations: | | | | | | | | |
| Net investment income (b) | | | 0.04 | | | | 0.03 | |
| Net realized and unrealized gains on investments | | | (0.03 | )(c) | | | 1.30 | |
| Total from investment operations | | | 0.01 | | | | 1.33 | |
| | | | | | | | | |
| Less distributions from: | | | | | | | | |
| Net investment income | | | (0.04 | ) | | | (0.03 | ) |
| Net realized gains | | | (0.04 | ) | | | — | |
| Total distributions | | | (0.08 | ) | | | (0.03 | ) |
| | | | | | | | | |
| Net asset value at end of period | | $ | 11.23 | | | $ | 11.30 | |
| | | | | | | | | |
| Total return (d) | | | (0.22 | %)(e) | | | 13.31 | %(e) |
| | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 95,613 | | | $ | 79,554 | |
| | | | | | | | | |
| Ratio of total expenses to average net assets (f) | | | 1.02 | %(g) | | | 1.09 | %(g) |
| | | | | | | | | |
| Ratio of net investment income to average net assets (f) | | | 0.72 | %(g) | | | 1.00 | %(g) |
| | | | | | | | | |
| Portfolio turnover rate | | | 31 | %(e) | | | 2 | %(e) |
| (a) | Represents the period from the commencement of operations (November 30, 2023) through March 31, 2024. |
| (b) | 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. |
| (c) | Represents a balancing figure derived from other amounts in the financial highlights table that captures all other changes affecting net asset value per share. This per share amount does not correlate to the aggregate of the net realized and unrealized gains on the Statements of Operations for the same period. |
| (d) | 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. |
| (e) | Not annualized. |
| (f) | 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. |
| (g) | Annualized. |
See accompanying notes to financial statements.
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024 (Unaudited)
1. Organization
Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund (individually, a “Fund,” and, collectively, the “Funds”) are each a no-load series of the Williamsburg Investment Trust (the “Trust”), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not incorporated in this report.
Davenport Core Leaders Fund’s investment objective is long-term growth of capital.
Davenport Value & Income Fund’s investment objective is to achieve long-term growth while generating current income through dividend payments on portfolio securities.
Davenport Equity Opportunities Fund’s investment objective is long-term capital appreciation.
Davenport Small Cap Focus Fund’s investment objective is long-term capital appreciation.
Davenport Balanced Income Fund’s investment objective is current income and an opportunity for long-term growth.
Davenport Insider Buying Fund’s investment objective is long-term growth of capital.
Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund are each classified as a diversified fund. Davenport Equity Opportunities Fund is classified as a non-diversified fund.
2. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The following is a summary of the Funds’ significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Regulatory update — Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
Securities valuation — All investments in securities are recorded at their estimated fair value. The Funds’ portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks and ETFs if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of money market funds and other open-end investment companies, other than ETFs, are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).
Fixed income securities, including corporate bonds, municipal bonds and U.S. Treasury obligations, are typically valued on the basis of prices provided by an independent pricing service. The prices provided by the pricing service are determined with consideration given to institutional bid and last sale prices and take into account securities prices, yields, maturities, call features, ratings, institutional trading in similar groups of securities, and developments related to specific securities. Given the inputs used by the pricing service, these securities are classified as Level 2 within the fair value hierarchy.
When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of fair value, securities will be valued in good faith at fair value as determined by Davenport & Company LLC (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 – quoted prices in active markets for identical securities |
| ● | Level 2 – other significant observable inputs |
| ● | Level 3 – significant unobservable inputs |
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 DAVENPORT 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 September 30, 2024, by security type:
| Davenport Core Leaders Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 1,059,340,368 | | | $ | — | | | $ | — | | | $ | 1,059,340,368 | |
| Money Market Funds | | | 19,108,404 | | | | — | | | | — | | | | 19,108,404 | |
| Total | | $ | 1,078,448,772 | | | $ | — | | | $ | — | | | $ | 1,078,448,772 | |
| | | | | | | | | | | | | | | | | |
| Davenport Value & Income Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 876,055,769 | | | $ | — | | | $ | — | | | $ | 876,055,769 | |
| Money Market Funds | | | 31,103,194 | | | | — | | | | — | | | | 31,103,194 | |
| Total | | $ | 907,158,963 | | | $ | — | | | $ | — | | | $ | 907,158,963 | |
| | | | | | | | | | | | | | | | | |
| Davenport Equity Opportunities Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 866,539,835 | | | $ | — | | | $ | — | | | $ | 866,539,835 | |
| Money Market Funds | | | 34,170,429 | | | | — | | | | — | | | | 34,170,429 | |
| Total | | $ | 900,710,264 | | | $ | — | | | $ | — | | | $ | 900,710,264 | |
| | | | | | | | | | | | | | | | | |
| Davenport Small Cap Focus Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 929,437,962 | | | $ | — | | | $ | — | | | $ | 929,437,962 | |
| Exchange-Traded Funds | | | 27,004,597 | | | | — | | | | — | | | | 27,004,597 | |
| Money Market Funds | | | 29,720,565 | | | | — | | | | — | | | | 29,720,565 | |
| Total | | $ | 986,163,124 | | | $ | — | | | $ | — | | | $ | 986,163,124 | |
| | | | | | | | | | | | | | | | | |
| Davenport Balanced Income Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 138,302,318 | | | $ | — | | | $ | — | | | $ | 138,302,318 | |
| Fixed Rate Corporate Bonds | | | — | | | | 72,210,049 | | | | — | | | | 72,210,049 | |
| Municipal Bonds | | | — | | | | 2,540,520 | | | | — | | | | 2,540,520 | |
| U.S. Treasury Obligations | | | — | | | | 17,391,527 | | | | — | | | | 17,391,527 | |
| Money Market Funds | | | 8,686,508 | | | | — | | | | — | | | | 8,686,508 | |
| Total | | $ | 146,988,826 | | | $ | 92,142,096 | | | $ | — | | | $ | 239,130,922 | |
| | | | | | | | | | | | | | | | | |
| Davenport Insider Buying Fund | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 91,928,344 | | | $ | — | | | $ | — | | | $ | 91,928,344 | |
| Money Market Funds | | | 3,708,384 | | | | — | | | | — | | | | 3,708,384 | |
| Total | | $ | 95,636,728 | | | $ | — | | | $ | — | | | $ | 95,636,728 | |
| | | | | | | | | | | | | | | | | |
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
Refer to each Fund’s Schedule of Investments for a listing of the securities by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the six months ended September 30, 2024.
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:
| A. | The fair values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day. |
| 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. |
| C. | The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. |
Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies and 2) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.
Cash — Each Fund’s cash position, if any, is held in a bank account with balances which, at times, may exceed United States federally insured limits set by the amount covered by federal deposit insurance. The Funds maintain these balances with a high quality financial institution and may incur charges on cash overdrafts.
Share valuation — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share.
Investment income — Interest income is accrued as earned. Discounts and premiums on fixed-income securities are amortized using the effective interest method. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. The Funds record distributions received from investments in real estate investment trusts (also known as “REITs”) in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. These amounts are recorded once the issuers provide information about the actual classification of the distributions. Withholding taxes on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s rules and tax rates.
Investment transactions — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investment securities sold are determined on a specific identification basis.
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 tax character of distributions paid during the periods ended September 30, 2024 and March 31, 2024 was as follows:
| | | Year/Period
Ended | | | Ordinary
Income | | | Long-Term
Capital Gains | | | Total
Distributions | |
| Davenport Core Leaders Fund | | 09/30/24 | | | $ | 599,973 | | | $ | 26,304,764 | | | $ | 26,904,737 | |
| | | 03/31/24 | | | $ | 2,775,090 | | | $ | 49,810,834 | | | $ | 52,585,924 | |
| | | | | | | | | | | | | | | | |
| Davenport Value & Income Fund | | 09/30/24 | | | $ | 6,881,651 | | | $ | 16,948,040 | | | $ | 23,829,691 | |
| | | 03/31/24 | | | $ | 13,047,723 | | | $ | 230,910 | | | $ | 13,278,633 | |
| | | | | | | | | | | | | | | | |
| Davenport Equity Opportunities Fund | | 09/30/24 | | | $ | 842,488 | | | $ | — | | | $ | 842,488 | |
| | | 03/31/24 | | | $ | 2,126,237 | | | $ | 35,025,825 | | | $ | 37,152,062 | |
| | | | | | | | | | | | | | | | |
| Davenport Small Cap Focus Fund | | 09/30/24 | | | $ | 8,259,320 | | | $ | 12,414,435 | | | $ | 20,673,755 | |
| | | 03/31/24 | | | $ | 5,878,538 | | | $ | 23,250,985 | | | $ | 29,129,523 | |
| | | | | | | | | | | | | | | | |
| Davenport Balanced Income Fund | | 09/30/24 | | | $ | 2,671,294 | | | $ | — | | | $ | 2,671,294 | |
| | | 03/31/24 | | | $ | 5,189,358 | | | $ | — | | | $ | 5,189,358 | |
| | | | | | | | | | | | | | | | |
| Davenport Insider Buying Fund | | 09/30/24 | | | $ | 360,324 | | | $ | — | | | $ | 360,324 | |
| | | 03/31/24 | | | $ | 183,083 | | | $ | — | | | $ | 183,083 | |
Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.
Federal income tax — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and net realized capital gains are distributed in accordance with the Code.
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 following information is computed on a tax basis for each item as of September 30, 2024:
| | | Davenport
Core Leaders
Fund | | | Davenport
Value &
Income Fund | | | Davenport
Equity
Opportunities
Fund | |
| Cost of investments | | $ | 602,082,704 | | | $ | 671,144,885 | | | $ | 636,744,745 | |
| Gross unrealized appreciation | | $ | 480,669,374 | | | $ | 245,395,025 | | | $ | 316,189,786 | |
| Gross unrealized depreciation | | | (4,303,306 | ) | | | (9,380,947 | ) | | | (52,224,267 | ) |
| Net unrealized appreciation | | | 476,366,068 | | | | 236,014,078 | | | | 263,965,519 | |
| Accumulated ordinary income (loss) | | | (16,112 | ) | | | 995,805 | | | | (10,595 | ) |
| Other gains | | | 34,543,050 | | | | 37,054,171 | | | | 5,726,433 | |
| Accumulated earnings | | $ | 510,893,006 | | | $ | 274,064,054 | | | $ | 269,681,357 | |
| | | | | | | | | | | | | |
| | | Davenport
Small Cap
Focus Fund | | | Davenport
Balanced Income
Fund | | | Davenport
Insider Buying
Fund | |
| Cost of investments | | $ | 842,054,893 | | | $ | 202,835,494 | | | $ | 87,816,041 | |
| Gross unrealized appreciation | | $ | 206,166,441 | | | $ | 37,923,522 | | | $ | 10,308,381 | |
| Gross unrealized depreciation | | | (62,058,210 | ) | | | (1,628,094 | ) | | | (2,487,694 | ) |
| Net unrealized appreciation | | | 144,108,231 | | | | 36,295,428 | | | | 7,820,687 | |
| Accumulated ordinary income | | | 972,984 | | | | 408,625 | | | | 3,224 | |
| Capital loss carryforwards | | | — | | | | (4,254,693 | ) | | | — | |
| Other gains (losses) | | | (50,350,453 | ) | | | 6,850,029 | | | | (743,069 | ) |
| Accumulated earnings | | $ | 94,730,762 | | | $ | 39,299,389 | | | $ | 7,080,842 | |
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The difference between the federal income tax cost of investments and the financial statement cost of investments for Davenport Core Leaders Fund, Davenport Value & Income Fund, Davenport Small Cap Focus Fund, Davenport Balanced Income Fund and Davenport Insider Buying Fund is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales and adjustments to basis on partnerships.
As of March 31, 2024, Davenport Balanced Income Fund had short-term capital loss carryforwards of $2,631,190 and long-term capital loss carryforwards of $1,623,503 for federal income tax purposes. These capital loss carryforwards, which do not expire, may be utilized in the current and future years to offset net realized capital gains, if any.
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for each Fund for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended September 30, 2024, the Funds did not incur any interest or penalties.
3. Investment Transactions
Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended September 30, 2024:
| | | Davenport
Core Leaders
Fund | | | Davenport
Value &
Income Fund | | | Davenport
Equity
Opportunities
Fund | |
| Purchases of investment securities | | $ | 96,698,600 | | | $ | 115,910,862 | | | $ | 100,919,285 | |
| Proceeds from sales of investment securities | | $ | 78,983,216 | | | $ | 153,754,724 | | | $ | 100,399,167 | |
| | | | | | | | | | | | | |
| | | Davenport
Small Cap
Focus Fund | | | Davenport
Balanced
Income Fund | | | Davenport
Insider Buying
Fund | |
| Purchases of investment securities | | $ | 218,379,778 | | | $ | 21,352,456 | | | $ | 41,233,225 | |
| Proceeds from sales of investment securities | | $ | 150,454,787 | | | $ | 27,341,746 | | | $ | 26,692,296 | |
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During the six months ended September 30, 2024, cost of purchases and proceeds from sales of long-term U.S. government securities for Davenport Balanced Income Fund were $2,494,336 and $4,468,184, respectively.
4. Transactions with Related Parties
INVESTMENT ADVISORY AGREEMENTS
Each Fund’s investments are managed by the Adviser under the terms of an Investment Advisory Agreement. Under the Investment Advisory Agreement, each Fund pays the Adviser a management fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.75% of its average daily net assets. Certain officers and a Trustee of the Trust are also officers of the Adviser.
For the Davenport Insider Buying Fund, pursuant to an Expense Limitation Agreement between the Fund and the Adviser (the “ELA”), the Advisor has agreed, until August 1, 2025, to reduce its management fees and reimburse other expenses to limit total annual operating expenses (exclusive
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
of acquired fund fees and expenses, brokerage costs, taxes, interest, costs to organize the Fund, and extraordinary expenses) to an amount not exceeding 1.25% of the Fund’s average daily net assets.
Under the terms of the ELA, management fee reductions and/or expenses reimbursed by the Advisor are subject to recoupment by the Fund for a period of 3 years from the date such fees and expenses were reduced or reimbursed, provided that the recoupments do not cause total operating expenses of the Fund to exceed the lesser of (i) the expense limitation then in effect, if any, and (ii) the expense limitation in effect at the time the expenses to be repaid were incurred.
For the six months ended September 30, 2024 the Adviser did not reduce its management fees. Organizational and/or offering costs incurred, if any, to launch the Fund were paid by the Adviser and not the Fund.
A significant portion of the Funds’ investment trades are executed through an affiliated broker-dealer of the Adviser. No commissions are paid by the Funds to the Adviser or the affiliate for these trades.
OTHER SERVICE PROVIDERS
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds’ portfolio securities. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the “Distributor”), the principal underwriter of each Fund’s shares and an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.
Effective July 1, 2024, under the terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus. Prior to July 1, 2024, Ultimus provided the Chief Compliance Officer and Anti-Money Laundering Officer and compliance services to the Funds.
COMPENSATION OF TRUSTEES
Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus will receive from the Trust an annual retainer of $41,000, payable quarterly; a fee of $2,000 for attendance at each meeting of the Board of Trustees (except that such fee is $3,000 for the independent chair); and a fee of $1,000 for attendance at each meeting of any committee of the Board (except that such fee is $1,500 for the committee chair); plus reimbursement of travel and other expenses incurred in attending meetings. Each series of the Trust paid its share of such fees.
THE DAVENPORT FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. Sector Risk
If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio would be adversely affected. As of September 30, 2024, Davenport Core Leaders Fund had 32.3% of the value of its net assets invested in common stocks within the Technology sector.
6. 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.
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 DAVENPORT FUNDS
OTHER INFORMATION (Unaudited)
A description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-800-281-3217, or on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-800-281-3217, or on the SEC’s website at www.sec.gov.
The Trust files a complete listing of portfolio holdings for each Fund with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These filings are available upon request by calling 1-800-281-3217. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov.
A complete listing of portfolio holdings for each Fund is updated daily and can be reviewed at the Funds’ website at www.investdavenport.com.
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| THE DAVENPORT FUNDS |
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| Investment Adviser |
| Davenport & Company LLC |
| One James Center |
| 901 East Cary Street |
| Richmond, Virginia 23219-4037 |
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| Administrator |
| Ultimus Fund Solutions, LLC |
| P.O. Box 46707 |
| Cincinnati, Ohio 45246-0707 |
| 1-800-281-3217 |
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| Custodian |
| U.S. Bank, N.A. |
| 425 Walnut Street |
| Cincinnati, Ohio 45202 |
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| Independent Registered Public |
| Accounting Firm |
| Cohen & Company, Ltd. |
| 342 N Water Street, |
| Suite 830 |
| Milwaukee, WI 53202 |
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| Legal Counsel |
| Sullivan & Worcester LLP |
| 1666 K Street, N.W. |
| Washington, DC 20006 |
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| Board of Trustees |
| Robert S. Harris, Ph.D., Chairman |
| John P. Ackerly, IV |
| George K. Jennison |
| Harris V. Morrissette |
| Elizabeth W. Robertson |
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| Officers |
| John P. Ackerly, IV, President |
| Carly Carmichael, Vice President |
| Alison S. Crowder, Vice President |
| George L. Smith, III, Vice President |
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| THE |
| GOVERNMENT STREET |
| FUNDS |
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| No-Load Mutual Funds |
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| Financial Statements |
| September 30, 2024 |
| (Unaudited) |
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The Government Street Equity Fund
The Government Street Opportunities Fund |
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THE GOVERNMENT STREET EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 90.0% | | Shares | | | Value | |
| Communications — 6.7% | | | | | | | | |
| Alphabet, Inc. - Class A | | | 5,700 | | | $ | 945,345 | |
| Alphabet, Inc. - Class C | | | 13,340 | | | | 2,230,315 | |
| Booking Holdings, Inc. | | | 250 | | | | 1,053,030 | |
| Meta Platforms, Inc. - Class A | | | 3,200 | | | | 1,831,808 | |
| Uber Technologies, Inc. (a) | | | 3,000 | | | | 225,480 | |
| | | | | | | | 6,285,978 | |
| Consumer Discretionary — 7.4% | | | | | | | | |
| Amazon.com, Inc. (a) | | | 11,500 | | | | 2,142,795 | |
| Home Depot, Inc. (The) | | | 3,000 | | | | 1,215,600 | |
| Lowe’s Companies, Inc. | | | 2,500 | | | | 677,125 | |
| McDonald’s Corporation | | | 5,000 | | | | 1,522,550 | |
| NIKE, Inc. - Class B | | | 2,500 | | | | 221,000 | |
| NVR, Inc. (a) | | | 40 | | | | 392,472 | |
| Tesla, Inc. (a) | | | 1,700 | | | | 444,771 | |
| Tractor Supply Company | | | 1,000 | | | | 290,930 | |
| | | | | | | | 6,907,243 | |
| Consumer Staples — 3.4% | | | | | | | | |
| Coca-Cola Company (The) | | | 3,500 | | | | 251,510 | |
| Procter & Gamble Company (The) | | | 4,000 | | | | 692,800 | |
| Walmart, Inc. | | | 27,500 | | | | 2,220,625 | |
| | | | | | | | 3,164,935 | |
| Energy — 3.6% | | | | | | | | |
| Cheniere Energy, Inc. | | | 3,500 | | | | 629,440 | |
| Marathon Petroleum Corporation | | | 3,400 | | | | 553,894 | |
| ONEOK, Inc. | | | 9,250 | | | | 842,953 | |
| Phillips 66 | | | 6,400 | | | | 841,280 | |
| Valero Energy Corporation | | | 4,000 | | | | 540,120 | |
| | | | | | | | 3,407,687 | |
| Financials — 13.6% | | | | | | | | |
| Aflac, Inc. | | | 14,000 | | | | 1,565,200 | |
| Apollo Global Management, Inc. | | | 1,000 | | | | 124,910 | |
| Arch Capital Group Ltd. (a) | | | 2,500 | | | | 279,700 | |
| Ares Management Corporation - Class A | | | 5,500 | | | | 857,120 | |
| Berkshire Hathaway, Inc. - Class B (a) | | | 1,600 | | | | 736,416 | |
| Blackstone, Inc. | | | 12,500 | | | | 1,914,125 | |
| Brookfield Corporation | | | 28,000 | | | | 1,488,200 | |
| CME Group, Inc. | | | 3,500 | | | | 772,275 | |
| Intercontinental Exchange, Inc. | | | 1,500 | | | | 240,960 | |
| JPMorgan Chase & Company | | | 19,500 | | | | 4,111,770 | |
| Marsh & McLennan Companies, Inc. | | | 2,500 | | | | 557,725 | |
| | | | | | | | 12,648,401 | |
THE GOVERNMENT STREET EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 90.0% (Continued) | | Shares | | | Value | |
| Health Care — 8.5% | | | | | | | | |
| Abbott Laboratories | | | 9,500 | | | $ | 1,083,095 | |
| AbbVie, Inc. | | | 11,500 | | | | 2,271,020 | |
| Bio-Techne Corporation | | | 23,000 | | | | 1,838,390 | |
| Danaher Corporation | | | 1,250 | | | | 347,525 | |
| Edwards Lifesciences Corporation (a) | | | 4,800 | | | | 316,752 | |
| GE HealthCare Technologies, Inc. | | | 5,000 | | | | 469,250 | |
| Merck & Company, Inc. | | | 2,100 | | | | 238,476 | |
| Thermo Fisher Scientific, Inc. | | | 900 | | | | 556,713 | |
| UnitedHealth Group, Inc. | | | 1,000 | | | | 584,680 | |
| Vertex Pharmaceuticals, Inc. (a) | | | 500 | | | | 232,540 | |
| | | | | | | | 7,938,441 | |
| Industrials — 11.9% | | | | | | | | |
| Eaton Corporation plc | | | 1,600 | | | | 530,304 | |
| Emerson Electric Company | | | 4,500 | | | | 492,165 | |
| General Dynamics Corporation | | | 3,700 | | | | 1,118,140 | |
| General Electric Company | | | 2,100 | | | | 396,018 | |
| Honeywell International, Inc. | | | 7,000 | | | | 1,446,970 | |
| Lockheed Martin Corporation | | | 3,500 | | | | 2,045,960 | |
| Parker-Hannifin Corporation | | | 1,300 | | | | 821,366 | |
| Quanta Services, Inc. | | | 4,000 | | | | 1,192,600 | |
| RTX Corporation | | | 14,000 | | | | 1,696,240 | |
| TE Connectivity plc (a) | | | 9,000 | | | | 1,358,910 | |
| | | | | | | | 11,098,673 | |
| Materials — 2.2% | | | | | | | | |
| Cameco Corporation | | | 3,500 | | | | 167,160 | |
| Freeport-McMoRan, Inc. | | | 25,000 | | | | 1,248,000 | |
| Linde plc | | | 800 | | | | 381,488 | |
| Nucor Corporation | | | 1,000 | | | | 150,340 | |
| Sherwin-Williams Company (The) | | | 350 | | | | 133,584 | |
| | | | | | | | 2,080,572 | |
| Real Estate — 1.7% | | | | | | | | |
| Mid-America Apartment Communities, Inc. | | | 9,800 | | | | 1,557,220 | |
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| Technology — 29.6% | | | | | | | | |
| Accenture plc - Class A | | | 3,500 | | | | 1,237,180 | |
| Apple, Inc. | | | 11,900 | | | | 2,772,700 | |
| ASML Holding N.V. | | | 600 | | | | 499,950 | |
| International Business Machines Corporation | | | 1,700 | | | | 375,836 | |
| Mastercard, Inc. - Class A | | | 2,000 | | | | 987,600 | |
| Microsoft Corporation | | | 8,500 | | | | 3,657,550 | |
| NVIDIA Corporation | | | 109,500 | | | | 13,297,680 | |
| ON Semiconductor Corporation (a) | | | 4,500 | | | | 326,745 | |
| Oracle Corporation | | | 2,000 | | | | 340,800 | |
THE GOVERNMENT STREET EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 90.0% (Continued) | | Shares | | | Value | |
| Technology — 29.6% (Continued) | | | | | | | | |
| Palantir Technologies, Inc. - Class A (a) | | | 5,000 | | | $ | 186,000 | |
| Palo Alto Networks, Inc. (a) | | | 600 | | | | 205,080 | |
| QUALCOMM, Inc. | | | 3,000 | | | | 510,150 | |
| Skyworks Solutions, Inc. | | | 8,000 | | | | 790,160 | |
| Texas Instruments, Inc. | | | 5,200 | | | | 1,074,164 | |
| Visa, Inc. - Class A | | | 5,000 | | | | 1,374,750 | |
| | | | | | | | 27,636,345 | |
| Utilities — 1.4% | | | | | | | | |
| Constellation Energy Corporation | | | 800 | | | | 208,016 | |
| WEC Energy Group, Inc. | | | 11,000 | | | | 1,057,980 | |
| | | | | | | | 1,265,996 | |
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| Total Common Stocks (Cost $26,695,354) | | | | | | $ | 83,991,491 | |
| EXCHANGE-TRADED FUNDS — 6.0% | | Shares | | | Value | |
| Invesco S&P 500® Equal Weight ETF | | | 22,300 | | | $ | 3,995,268 | |
| Vanguard Value ETF | | | 9,000 | | | | 1,571,130 | |
| Total Exchange-Traded Funds (Cost $4,797,400) | | | | | | $ | 5,566,398 | |
| MONEY MARKET FUNDS — 3.9% | | Shares | | | Value | |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.83% (b) (Cost $3,661,206) | | | 3,661,206 | | | $ | 3,661,206 | |
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| Total Investments at Value — 99.9% | | | | | | | | |
| (Cost $35,153,960) | | | | | | $ | 93,219,095 | |
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| Other Assets in Excess of Liabilities — 0.1% | | | | | | | 51,909 | |
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| Net Assets — 100.0% | | | | | | $ | 93,271,004 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
THE GOVERNMENT STREET OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 83.9% | | Shares | | | Value | |
| Consumer Discretionary — 3.6% | | | | | | | | |
| CarMax, Inc. (a) | | | 1,700 | | | $ | 131,546 | |
| Coupang, Inc. (a) | | | 8,000 | | | | 196,400 | |
| Dick’s Sporting Goods, Inc. | | | 1,700 | | | | 354,790 | |
| Gildan Activewear, Inc. | | | 10,000 | | | | 471,100 | |
| NVR, Inc. (a) | | | 15 | | | | 147,177 | |
| Service Corporation International | | | 13,000 | | | | 1,026,090 | |
| Toll Brothers, Inc. | | | 3,000 | | | | 463,470 | |
| | | | | | | | 2,790,573 | |
| Consumer Staples — 2.2% | | | | | | | | |
| Bunge Global S.A. | | | 3,500 | | | | 338,240 | |
| Celsius Holdings, Inc. (a) | | | 10,500 | | | | 329,280 | |
| Church & Dwight Company, Inc. | | | 9,000 | | | | 942,480 | |
| Kenvue, Inc. | | | 1,500 | | | | 34,695 | |
| Kroger Company (The) | | | 600 | | | | 34,380 | |
| | | | | | | | 1,679,075 | |
| Energy — 4.2% | | | | | | | | |
| Devon Energy Corporation | | | 10,000 | | | | 391,200 | |
| Enphase Energy, Inc. (a) | | | 6,000 | | | | 678,120 | |
| Marathon Oil Corporation | | | 25,000 | | | | 665,750 | |
| ONEOK, Inc. | | | 5,725 | | | | 521,719 | |
| PBF Energy, Inc. - Class A | | | 13,000 | | | | 402,350 | |
| Targa Resources Corporation | | | 3,700 | | | | 547,637 | |
| Valaris Ltd. (a) | | | 1,000 | | | | 55,750 | |
| | | | | | | | 3,262,526 | |
| Financials — 19.0% | | | | | | | | |
| American Financial Group, Inc. | | | 8,600 | | | | 1,157,560 | |
| Ares Management Corporation - Class A | | | 7,200 | | | | 1,122,048 | |
| Arthur J. Gallagher & Company | | | 8,000 | | | | 2,250,960 | |
| Berkley (W.R.) Corporation | | | 25,143 | | | | 1,426,362 | |
| Brown & Brown, Inc. | | | 20,000 | | | | 2,072,000 | |
| CME Group, Inc. | | | 5,000 | | | | 1,103,250 | |
| Dave, Inc. (a) | | | 1,000 | | | | 39,960 | |
| Intercontinental Exchange, Inc. | | | 9,000 | | | | 1,445,760 | |
| Morgan Stanley | | | 9,565 | | | | 997,056 | |
| Nasdaq, Inc. | | | 23,000 | | | | 1,679,230 | |
| Old Republic International Corporation | | | 24,400 | | | | 864,248 | |
| United Bancorporation of Alabama, Inc. - Class A | | | 2,000 | | | | 101,800 | |
| Voya Financial, Inc. | | | 5,000 | | | | 396,100 | |
| | | | | | | | 14,656,334 | |
| Health Care — 9.9% | | | | | | | | |
| Bio-Rad Laboratories, Inc. - Class A (a) | | | 1,500 | | | | 501,870 | |
| Bio-Techne Corporation | | | 15,000 | | | | 1,198,950 | |
| Centene Corporation (a) | | | 4,000 | | | | 301,120 | |
THE GOVERNMENT STREET OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 83.9% (Continued) | | Shares | | | Value | |
| Health Care — 9.9% (Continued) | | | | | | | | |
| Charles River Laboratories International, Inc. (a) | | | 4,000 | | | $ | 787,880 | |
| Chemed Corporation | | | 2,500 | | | | 1,502,425 | |
| GE HealthCare Technologies, Inc. | | | 4,000 | | | | 375,400 | |
| Illumina, Inc. (a) | | | 600 | | | | 78,246 | |
| Labcorp Holdings, Inc. | | | 2,574 | | | | 575,238 | |
| Penumbra, Inc. (a) | | | 1,500 | | | | 291,465 | |
| ResMed, Inc. | | | 1,200 | | | | 292,944 | |
| Teleflex, Inc. | | | 3,950 | | | | 976,914 | |
| Waters Corporation (a) | | | 2,000 | | | | 719,780 | |
| | | | | | | | 7,602,232 | |
| Industrials — 15.3% | | | | | | | | |
| AeroVironment, Inc. (a) | | | 1,000 | | | | 200,500 | |
| Argan, Inc. | | | 2,000 | | | | 202,860 | |
| C.H. Robinson Worldwide, Inc. | | | 4,000 | | | | 441,480 | |
| Donaldson Company, Inc. | | | 13,000 | | | | 958,100 | |
| Expeditors International of Washington, Inc. | | | 8,000 | | | | 1,051,200 | |
| Fastenal Company | | | 18,000 | | | | 1,285,560 | |
| Graco, Inc. | | | 13,000 | | | | 1,137,630 | |
| Jacobs Solutions, Inc. | | | 8,475 | | | | 1,109,377 | |
| L3Harris Technologies, Inc. | | | 5,250 | | | | 1,248,818 | |
| MSC Industrial Direct Company, Inc. - Class A | | | 5,000 | | | | 430,300 | |
| nVent Electric plc | | | 4,200 | | | | 295,092 | |
| Pentair plc | | | 3,200 | | | | 312,928 | |
| Snap-on, Inc. | | | 1,475 | | | | 427,322 | |
| Waste Connections, Inc. | | | 10,500 | | | | 1,877,610 | |
| Woodward, Inc. | | | 5,000 | | | | 857,550 | |
| | | | | | | | 11,836,327 | |
| Materials — 7.9% | | | | | | | | |
| Ashland, Inc. | | | 6,000 | | | | 521,820 | |
| ATI, Inc. (a) | | | 2,200 | | | | 147,202 | |
| Cameco Corporation | | | 5,000 | | | | 238,800 | |
| Martin Marietta Materials, Inc. | | | 3,000 | | | | 1,614,750 | |
| Packaging Corporation of America | | | 6,000 | | | | 1,292,400 | |
| Ramaco Resources, Inc. - Class A | | | 4,000 | | | | 46,800 | |
| Steel Dynamics, Inc. | | | 14,000 | | | | 1,765,120 | |
| Valvoline, Inc. (a) | | | 10,236 | | | | 428,377 | |
| | | | | | | | 6,055,269 | |
| Real Estate — 3.0% | | | | | | | | |
| Digital Realty Trust, Inc. | | | 1,700 | | | | 275,111 | |
| Mid-America Apartment Communities, Inc. | | | 12,800 | | | | 2,033,920 | |
| | | | | | | | 2,309,031 | |
| Technology — 18.6% | | | | | | | | |
| Advanced Micro Devices, Inc. (a) | | | 1,964 | | | | 322,253 | |
| Amentum Holdings, Inc. (a) | | | 8,475 | | | | 273,319 | |
THE GOVERNMENT STREET OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 83.9% (Continued) | | Shares | | | Value | |
| Technology — 18.6% (Continued) | | | | | | |
| Analog Devices, Inc. | | | 3,671 | | | $ | 844,954 | |
| ANSYS, Inc. (a) | | | 3,000 | | | | 955,890 | |
| Arrow Electronics, Inc. (a) | | | 8,500 | | | | 1,129,055 | |
| Broadridge Financial Solutions, Inc. | | | 3,500 | | | | 752,605 | |
| InterDigital, Inc. | | | 1,400 | | | | 198,282 | |
| Lam Research Corporation | | | 1,075 | | | | 877,286 | |
| Microchip Technology, Inc. | | | 8,800 | | | | 706,552 | |
| NVIDIA Corporation | | | 65,500 | | | | 7,954,320 | |
| Palantir Technologies, Inc. - Class A (a) | | | 8,000 | | | | 297,600 | |
| | | | | | | | 14,312,116 | |
| Utilities — 0.2% | | | | | | | | |
| Constellation Energy Corporation | | | 700 | | | | 182,014 | |
| | | | | | | | | |
| Total Common Stocks (Cost $17,137,919) | | | | | | $ | 64,685,497 | |
| EXCHANGE-TRADED FUNDS — 11.8% | | Shares | | | Value | |
| iShares Core S&P Mid-Cap ETF | | | 40,000 | | | $ | 2,492,800 | |
| SPDR S&P MidCap 400® ETF Trust | | | 7,000 | | | | 3,987,620 | |
| Vanguard U.S. Value Factor ETF | | | 21,500 | | | | 2,591,610 | |
| Total Exchange-Traded Funds (Cost $8,057,304) | | | | | | $ | 9,072,030 | |
| MONEY MARKET FUNDS — 4.3% | | Shares | | | Value | |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.83% (b) (Cost $3,351,092) | | | 3,351,092 | | | $ | 3,351,092 | |
| | | | | | | | | |
Total Investments at Value — 100.0%
(Cost $28,546,315) | | | | | | $ | 77,108,619 | |
| | | | | | | | | |
| Other Assets in Excess of Liabilities — 0.0% (c) | | | | | | | 14,158 | |
| | | | | | | | | |
| Net Assets — 100.0% | | | | | | $ | 77,122,777 | |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
| (c) | Percentage rounds to less than 0.1%. |
See accompanying notes to financial statements.
THE GOVERNMENT STREET FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2024 (Unaudited)
| | | The
Government
Street
Equity
Fund | | | The
Government
Street
Opportunities
Fund | |
| ASSETS | | | | | | | | |
| Investments in securities: | | | | | | | | |
| At cost | | $ | 35,153,960 | | | $ | 28,546,315 | |
| At value (Note 2) | | $ | 93,219,095 | | | $ | 77,108,619 | |
| Receivable for capital shares purchased | | | 99,976 | | | | 10,195 | |
| Dividends receivable | | | 22,313 | | | | 49,901 | |
| Other assets | | | 13,761 | | | | 14,185 | |
| TOTAL ASSETS | | | 93,355,145 | | | | 77,182,900 | |
| | | | | | | | | |
| LIABILITIES | | | | | | | | |
| Distributions payable | | | 1,865 | | | | — | |
| Payable for capital shares redeemed | | | 22,487 | | | | — | |
| Accrued management fees (Note 4) | | | 44,564 | | | | 46,358 | |
| Payable to administrator (Note 4) | | | 7,950 | | | | 6,780 | |
| Other accrued expenses | | | 7,275 | | | | 6,985 | |
| TOTAL LIABILITIES | | | 84,141 | | | | 60,123 | |
| | | | | | | | | |
| NET ASSETS | | $ | 93,271,004 | | | $ | 77,122,777 | |
| | | | | | | | | |
| Net assets consists of: | | | | | | | | |
| Paid-in capital | | $ | 34,391,704 | | | $ | 27,143,397 | |
| Accumulated earnings | | | 58,879,300 | | | | 49,979,380 | |
| Net assets | | $ | 93,271,004 | | | $ | 77,122,777 | |
| | | | | | | | | |
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value) | | | 743,695 | | | | 1,675,728 | |
| | | | | | | | | |
| Net asset value, offering price and redemption price per share (Note 2) | | $ | 125.42 | | | $ | 46.02 | |
See accompanying notes to financial statements.
THE GOVERNMENT STREET FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended September 30, 2024 (Unaudited)
| | | The
Government
Street
Equity
Fund | | | The
Government
Street
Opportunities
Fund | |
| INVESTMENT INCOME | | | | | | | | |
| Dividends | | $ | 666,988 | | | $ | 582,235 | |
| Foreign withholding taxes on dividends | | | — | | | | (1,513 | ) |
| TOTAL INVESTMENT INCOME | | | 666,988 | | | | 580,722 | |
| | | | | | | | | |
| EXPENSES | | | | | | | | |
| Management fees (Note 4) | | | 259,629 | | | | 276,114 | |
| Administration fees (Note 4) | | | 43,930 | | | | 37,557 | |
| Shareholder servicing fees (Note 4) | | | 17,063 | | | | 15,931 | |
| Trustees’ fees and expenses (Note 4) | | | 11,919 | | | | 11,919 | |
| Audit and tax services fees | | | 8,682 | | | | 8,682 | |
| Registration and filing fees | | | 8,043 | | | | 8,885 | |
| Legal fees | | | 5,095 | | | | 5,095 | |
| Compliance fees and expenses (Note 4) | | | 3,500 | | | | 3,500 | |
| Custodian and bank service fees | | | 3,570 | | | | 3,305 | |
| Shareholder reporting expenses | | | 3,323 | | | | 3,188 | |
| Postage and supplies | | | 1,729 | | | | 1,802 | |
| Other expenses | | | 3,070 | | | | 2,966 | |
| TOTAL EXPENSES | | | 369,553 | | | | 378,944 | |
| | | | | | | | | |
| NET INVESTMENT INCOME | | | 297,435 | | | | 201,778 | |
| | | | | | | | | |
| REALIZED AND UNREALIZED GAINS ON INVESTMENTS | | | | | | | | |
| Net realized gains from investments | | | 819,791 | | | | 1,215,372 | |
| Net realized gains from in-kind redemptions (Note 2) | | | 274,254 | | | | 227,171 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 8,812,132 | | | | 1,020,843 | |
| NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS | | | 9,906,177 | | | | 2,463,386 | |
| | | | | | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 10,203,612 | | | $ | 2,665,164 | |
See accompanying notes to financial statements.
THE GOVERNMENT STREET EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 297,435 | | | $ | 661,393 | |
| Net realized gains from investments | | | 819,791 | | | | 2,459,656 | |
| Net realized gains from in-kind redemptions (Note 2) | | | 274,254 | | | | 1,850,014 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 8,812,132 | | | | 14,174,579 | |
| Net increase in net assets resulting from operations | | | 10,203,612 | | | | 19,145,642 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (956,503 | ) | | | (3,953,443 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 1,836,574 | | | | 730,022 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 947,198 | | | | 3,911,061 | |
| Payments for shares redeemed | | | (1,451,171 | ) | | | (4,437,299 | ) |
| Net increase in net assets from capital share transactions | | | 1,332,601 | | | | 203,784 | |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 10,579,710 | | | | 15,395,983 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 82,691,294 | | | | 67,295,311 | |
| End of period | | $ | 93,271,004 | | | $ | 82,691,294 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 15,772 | | | | 7,112 | |
| Shares reinvested | | | 7,953 | | | | 40,628 | |
| Shares redeemed | | | (12,451 | ) | | | (44,069 | ) |
| Net increase in shares outstanding | | | 11,274 | | | | 3,671 | |
| Shares outstanding, beginning of period | | | 732,421 | | | | 728,750 | |
| Shares outstanding, end of period | | | 743,695 | | | | 732,421 | |
See accompanying notes to financial statements.
THE GOVERNMENT STREET OPPORTUNITIES FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 201,778 | | | $ | 483,847 | |
| Net realized gains from investments | | | 1,215,372 | | | | 491,593 | |
| Net realized gains from in-kind redemptions (Note 2) | | | 227,171 | | | | 2,723,959 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 1,020,843 | | | | 12,035,561 | |
| Net increase in net assets resulting from operations | | | 2,665,164 | | | | 15,734,960 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (479,420 | ) | | | (1,252,425 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 1,980,456 | | | | 2,226,498 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 474,499 | | | | 1,238,230 | |
| Payments for shares redeemed | | | (1,374,232 | ) | | | (4,670,189 | ) |
| Net increase (decrease) in net assets from capital share transactions | | | 1,080,723 | | | | (1,205,461 | ) |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 3,266,467 | | | | 13,277,074 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 73,856,310 | | | | 60,579,236 | |
| End of period | | $ | 77,122,777 | | | $ | 73,856,310 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 45,018 | | | | 56,411 | |
| Shares reinvested | | | 10,841 | | | | 32,365 | |
| Shares redeemed | | | (31,374 | ) | | | (118,436 | ) |
| Net increase (decrease) in shares outstanding | | | 24,485 | | | | (29,660 | ) |
| Shares outstanding, beginning of period | | | 1,651,243 | | | | 1,680,903 | |
| Shares outstanding, end of period | | | 1,675,728 | | | | 1,651,243 | |
See accompanying notes to financial statements.
THE GOVERNMENT STREET EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024 | | | Years Ended March 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value at beginning of period | | $ | 112.90 | | | $ | 92.34 | | | $ | 104.58 | | | $ | 98.83 | | | $ | 68.30 | | | $ | 73.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (a) | | | 0.40 | | | | 0.90 | | | | 0.97 | | | | 0.58 | | | | 0.64 | | | | 0.80 | |
| Net realized and unrealized gains (losses) on investments | | | 13.42 | | | | 25.07 | | | | (10.23 | ) | | | 16.42 | | | | 36.33 | | | | (1.82 | ) |
| Total from investment operations | | | 13.82 | | | | 25.97 | | | | (9.26 | ) | | | 17.00 | | | | 36.97 | | | | (1.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.42 | ) | | | (0.89 | ) | | | (0.98 | ) | | | (0.58 | ) | | | (0.64 | ) | | | (0.80 | ) |
| Net realized gains | | | (0.88 | ) | | | (4.52 | ) | | | (2.00 | ) | | | (10.67 | ) | | | (5.80 | ) | | | (3.25 | ) |
| Total distributions | | | (1.30 | ) | | | (5.41 | ) | | | (2.98 | ) | | | (11.25 | ) | | | (6.44 | ) | | | (4.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 125.42 | | | $ | 112.90 | | | $ | 92.34 | | | $ | 104.58 | | | $ | 98.83 | | | $ | 68.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | 12.30 | %(c) | | | 29.25 | % | | | (8.68 | %) | | | 17.51 | % | | | 55.46 | % | | | (2.04 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 93,271 | | | $ | 82,691 | | | $ | 67,295 | | | $ | 76,446 | | | $ | 69,948 | | | $ | 49,981 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets (d) | | | 0.85 | %(e) | | | 0.87 | % | | | 0.87 | % | | | 0.84 | % | | | 0.86 | % | | | 0.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets (d) | | | 0.69 | %(e) | | | 0.92 | % | | | 1.07 | % | | | 0.55 | % | | | 0.71 | % | | | 1.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 6 | %(c) | | | 23 | % | | | 14 | % | | | 14 | % | | | 17 | % | | | 14 | % |
| (a) | 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. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | 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. |
| (e) | Annualized. |
See accompanying notes to financial statements.
THE GOVERNMENT STREET OPPORTUNITIES FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024 | | | Years Ended March 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value at beginning of period | | $ | 44.73 | | | $ | 36.04 | | | $ | 39.61 | | | $ | 35.73 | | | $ | 23.56 | | | $ | 26.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (a) | | | 0.12 | | | | 0.29 | | | | 0.27 | | | | 0.17 | | | | 0.10 | | | | 0.16 | |
| Net realized and unrealized gains (losses) on investments | | | 1.46 | | | | 9.14 | | | | (2.31 | ) | | | 5.20 | | | | 13.19 | | | | (2.16 | ) |
| Total from investment operations | | | 1.58 | | | | 9.43 | | | | (2.04 | ) | | | 5.37 | | | | 13.29 | | | | (2.00 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.05 | ) | | | (0.30 | ) | | | (0.19 | ) | | | (0.18 | ) | | | (0.10 | ) | | | (0.16 | ) |
| Net realized gains | | | (0.24 | ) | | | (0.44 | ) | | | (1.34 | ) | | | (1.31 | ) | | | (1.02 | ) | | | (1.06 | ) |
| Total distributions | | | (0.29 | ) | | | (0.74 | ) | | | (1.53 | ) | | | (1.49 | ) | | | (1.12 | ) | | | (1.22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 46.02 | | | $ | 44.73 | | | $ | 36.04 | | | $ | 39.61 | | | $ | 35.73 | | | $ | 23.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | 3.56 | %(c) | | | 26.55 | % | | | (4.91 | %) | | | 15.11 | % | | | 57.00 | % | | | (8.18 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 77,123 | | | $ | 73,856 | | | $ | 60,579 | | | $ | 64,413 | | | $ | 58,288 | | | $ | 39,422 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets (d) | | | 1.03 | %(e) | | | 1.04 | % | | | 1.05 | % | | | 1.02 | % | | | 1.07 | % | | | 1.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets (d) | | | 0.55 | %(e) | | | 0.76 | % | | | 0.78 | % | | | 0.44 | % | | | 0.32 | % | | | 0.57 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 4 | %(c) | | | 17 | % | | | 9 | % | | | 8 | % | | | 13 | % | | | 2 | % |
| (a) | 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. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | 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. |
| (e) | Annualized. |
See accompanying notes to financial statements.
THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024 (Unaudited)
1. Organization
The Government Street Equity Fund and The Government Street Opportunities Fund (the “Funds”) are each a diversified, no-load series of the Williamsburg Investment Trust (the “Trust”), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not included in this report.
The investment objective of The Government Street Equity Fund is to seek capital appreciation.
The investment objective of The Government Street Opportunities Fund is to seek capital appreciation.
2. Significant Accounting Policies
Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The following is a summary of the Funds’ significant accounting policies. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Regulatory update — Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – On January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.
Securities valuation — All investments in securities are recorded at their estimated fair value. The Funds’ portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks and exchange-traded funds (“ETFs”), if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs but including money market funds, are valued
THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).
When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of fair value, securities will be valued in good faith at fair value as determined by Leavell Investment Management, Inc. (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 – quoted prices in active markets for identical securities |
| ● | Level 2 – other significant observable inputs |
| ● | Level 3 – significant unobservable inputs |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the Funds’ investments based on the inputs used to value the investments as of September 30, 2024, by asset type:
| The Government Street Equity Fund: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 83,991,491 | | | $ | — | | | $ | — | | | $ | 83,991,491 | |
| Exchange-Traded Funds | | | 5,566,398 | | | | — | | | | — | | | | 5,566,398 | |
| Money Market Funds | | | 3,661,206 | | | | — | | | | — | | | | 3,661,206 | |
| Total | | $ | 93,219,095 | | | $ | — | | | $ | — | | | $ | 93,219,095 | |
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THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| The Government Street Opportunities Fund: | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 64,685,497 | | | $ | — | | | $ | — | | | $ | 64,685,497 | |
| Exchange-Traded Funds | | | 9,072,030 | | | | — | | | | — | | | | 9,072,030 | |
| Money Market Funds | | | 3,351,092 | | | | — | | | | — | | | | 3,351,092 | |
| Total | | $ | 77,108,619 | | | $ | — | | | $ | — | | | $ | 77,108,619 | |
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Refer to each Fund’s Schedule of Investments for a listing of the common stocks by sector type. There were no Level 3 securities or derivative instruments held by the Funds as of or during the six months ended September 30, 2024.
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 gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either temporary or permanent in nature.
The tax character of distributions paid during the periods ended September 30, 2024 and March 31, 2024 was as follows:
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| Periods
Ended |
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| Ordinary
Income |
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| Long-Term
Capital Gains |
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| Total
Distributions* |
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| The Government Street Equity Fund | | 09/30/24 | | | $ | 309,640 | | | $ | 646,863 | | | $ | 956,503 | |
| | | 03/31/24 | | | $ | 654,277 | | | $ | 3,300,436 | | | $ | 3,954,713 | |
| The Government Street Opportunities Fund | | 09/30/24 | | | $ | 86,169 | | | $ | 393,251 | | | $ | 479,420 | |
| | | 03/31/24 | | | $ | 509,193 | | | $ | 743,232 | | | $ | 1,252,425 | |
| * | Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to distributions payable amounts. |
THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
Investment transactions — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investment securities sold are determined on a specific identification basis.
Common expenses — Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.
Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.
Federal income tax — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and any net realized capital gains are distributed in accordance with the Code. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.
The following information is computed on a tax basis for each item as of September 30, 2024:
| | | The Government
Street Equity
Fund | | | The Government
Street Opportunities
Fund | |
| Cost of investments | | $ | 35,156,768 | | | $ | 28,560,511 | |
| Gross unrealized appreciation | | $ | 58,197,289 | | | $ | 48,764,010 | |
| Gross unrealized depreciation | | | (134,962 | ) | | | (215,902 | ) |
| Net unrealized appreciation | | | 58,062,327 | | | | 48,548,108 | |
| Accumulated ordinary income (loss) | | | (945 | ) | | | 201,713 | |
| Other gains | | | 819,783 | | | | 1,229,559 | |
| Distributions payable | | | (1,865 | ) | | | — | |
| Total accumulated earnings | | $ | 58,879,300 | | | $ | 49,979,380 | |
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The difference between federal income tax cost of investments and the financial statement cost of investments for the Funds is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These
THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
“book/tax” differences are temporary in nature and are primarily due to adjustments to basis for passive foreign investment companies and tax deferral of losses on wash sales.
During the six months ended September 30, 2024, The Government Street Equity Fund and The Government Street Opportunities Fund realized $274,254 and $227,171, respectively, of net capital gains resulting from in-kind redemptions (redemptions in which shareholders who redeemed Fund shares receive investment securities held by the Fund rather than cash). The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these gains against paid-in capital on the Statements of Assets and Liabilities. Such reclassifications, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on the each Fund’s net assets or NAV per share.
The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on federal income tax returns for the current and all open tax years (generally, three years) of each Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended September 30, 2024, the Funds did not incur any interest or penalties.
3. Investment Transactions
Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended September 30, 2024:
| | | The Government
Street Equity
Fund | | | The Government
Street Opportunities
Fund | |
| Purchases of investment securities | | $ | 5,175,167 | | | $ | 5,632,209 | |
| Proceeds from sales of investment securities | | $ | 4,874,312 | | | $ | 2,866,474 | |
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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,
THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
at annual rates of 0.60% of its average daily net assets up to $100 million and 0.50% of such assets in excess of $100 million. The Government Street Opportunities Fund pays the Adviser a management fee, which is computed and accrued daily and paid monthly, at an annual rate of 0.75% of its average daily net assets.
Certain officers of the Trust are also officers of the Adviser and are not paid by the Funds for serving in such capacities.
OTHER SERVICE PROVIDERS
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agent services to the Funds. The Funds pay Ultimus fees in accordance with the agreements for such services. In addition, the Funds pay out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Funds’ portfolio securities. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the “Distributor”), the principal underwriter of each Fund’s shares and an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.
Effective July 1, 2024, under the terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus. Prior to July 1, 2024, Ultimus provided the Chief Compliance Officer and Anti-Money Laundering Officer and compliance services to the Funds.
SHAREHOLDER SERVICING PLAN
The Funds have adopted a Shareholder Servicing Plan (the “Plan”), which allows each Fund to make payments to financial organizations (including payments directly to the Adviser and the distributor) for providing account administration and account maintenance services to Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of each Fund’s average daily net assets. During the six months ended September 30, 2024, The Government Street Equity Fund and The Government Street Opportunities Fund incurred fees of $17,063 and $15,931, respectively, under the Plan.
COMPENSATION OF TRUSTEES
Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus will receive from the Trust an annual retainer of $41,000, payable quarterly; a fee of $2,000 for attendance at each meeting of the Board of Trustees (except that such fee is $3,000 for the independent chair); and a fee of $1,000 for attendance at each meeting of any committee of the Board (except that such fee is $1,500 for the committee chair); plus reimbursement of travel and other expenses incurred in attending meetings. Each series of the Trust paid its share of such fees.
THE GOVERNMENT STREET FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. Contingencies and Commitments
The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.
6. Sector Risk
If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio would be adversely affected. As of September 30, 2024, the Government Street Equity Fund had 29.6% 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
OTHER INFORMATION (Unaudited)
A description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-866-738-1125, or on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-866-738-1125 or on the SEC’s website at www.sec.gov.
The Trust files a complete listing of portfolio holdings for the Funds with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The filings are available upon request, by calling 1-866-738-1125. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov and the Funds’ website https://funddocs.filepoint.com/govstreet/.
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| | | | The Government Street Funds | | | |
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| | | | Investment Adviser Leavell Investment Management, Inc. 210 St. Joseph Street Mobile, AL 36602 Administrator Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, OH 45246-0707 1-866-738-1125 Legal Counsel Sullivan & Worcester LLP 1666 K Street, N.W. Washington, DC 20006 Independent Registered Public Accounting Firm Cohen & Company, Ltd. 342 N Water Street, Suite 830 Milwaukee, WI 53202 Board of Trustees Robert S. Harris, Ph.D., Chairman John P. Ackerly, IV George K. Jennison Harris V. Morrissette Elizabeth W. Robertson Portfolio Manager Thomas W. Leavell, The Government Street Equity Fund The Government Street Opportunities Fund | | | |
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| | | THE | | |
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| | | EQUITY FUND | | |
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| | | No-Load Fund | | |
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| | | Financial Statements | | |
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| | | September 30, 2024 | | |
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| | | Investment Adviser | | |
| | | Lowe, Brockenbrough & Company, Inc. | | |
| | | Richmond, Virginia | | |
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THE JAMESTOWN EQUITY FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS — 87.1% | | Shares | | | Value | |
| Communications — 9.5% | | | | | | | | |
| Alphabet, Inc. - Class C | | | 10,000 | | | $ | 1,671,900 | |
| Booking Holdings, Inc. | | | 275 | | | | 1,158,333 | |
| Meta Platforms, Inc. - Class A | | | 4,800 | | | | 2,747,712 | |
| | | | | | | | 5,577,945 | |
| Consumer Discretionary — 7.2% | | | | | | | | |
| Amazon.com, Inc. (a) | | | 11,000 | | | | 2,049,630 | |
| Home Depot, Inc. (The) | | | 1,350 | | | | 547,020 | |
| Lowe’s Companies, Inc. | | | 2,300 | | | | 622,955 | |
| TJX Companies, Inc. (The) | | | 8,700 | | | | 1,022,598 | |
| | | | | | | | 4,242,203 | |
| Consumer Staples — 6.4% | | | | | | | | |
| PepsiCo, Inc. | | | 2,690 | | | | 457,434 | |
| Procter & Gamble Company (The) | | | 4,850 | | | | 840,020 | |
| Target Corporation | | | 4,300 | | | | 670,198 | |
| Unilever plc - ADR | | | 16,000 | | | | 1,039,360 | |
| Walmart, Inc. | | | 9,000 | | | | 726,750 | |
| | | | | | | | 3,733,762 | |
| Energy — 5.2% | | | | | | | | |
| Chevron Corporation | | | 7,500 | | | | 1,104,525 | |
| Exxon Mobil Corporation | | | 7,170 | | | | 840,467 | |
| Schlumberger Ltd. | | | 11,545 | | | | 484,313 | |
| TotalEnergies SE - ADR | | | 9,500 | | | | 613,890 | |
| | | | | | | | 3,043,195 | |
| Financials — 10.4% | | | | | | | | |
| Ameriprise Financial, Inc. | | | 2,800 | | | | 1,315,468 | |
| Chubb Ltd. | | | 1,800 | | | | 519,102 | |
| Goldman Sachs Group, Inc. (The) | | | 1,800 | | | | 891,198 | |
| JPMorgan Chase & Company | | | 7,900 | | | | 1,665,794 | |
| Morgan Stanley | | | 7,500 | | | | 781,800 | |
| PNC Financial Services Group, Inc. (The) | | | 4,800 | | | | 887,280 | |
| | | | | | | | 6,060,642 | |
| Health Care — 8.9% | | | | | | | | |
| Amgen, Inc. | | | 1,300 | | | | 418,873 | |
| CVS Health Corporation | | | 8,500 | | | | 534,480 | |
| Elevance Health, Inc. | | | 1,650 | | | | 858,000 | |
| Johnson & Johnson | | | 4,000 | | | | 648,240 | |
| Merck & Company, Inc. | | | 4,000 | | | | 454,240 | |
| Pfizer, Inc. | | | 27,510 | | | | 796,139 | |
| Thermo Fisher Scientific, Inc. | | | 1,400 | | | | 865,998 | |
| UnitedHealth Group, Inc. | | | 1,107 | | | | 647,241 | |
| | | | | | | | 5,223,211 | |
THE JAMESTOWN EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS — 87.1% (Continued) | | Shares | | | Value | |
| Industrials — 9.8% | | | | | | | | |
| Eaton Corporation plc | | | 2,900 | | | $ | 961,176 | |
| Lockheed Martin Corporation | | | 1,753 | | | | 1,024,734 | |
| Norfolk Southern Corporation | | | 3,200 | | | | 795,200 | |
| RTX Corporation | | | 11,000 | | | | 1,332,760 | |
| Trane Technologies plc | | | 3,250 | | | | 1,263,372 | |
| United Parcel Service, Inc. - Class B | | | 2,600 | | | | 354,484 | |
| | | | | | | | 5,731,726 | |
| Real Estate — 1.7% | | | | | | | | |
| American Tower Corporation | | | 4,192 | | | | 974,892 | |
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| Technology — 26.0% | | | | | | | | |
| Adobe, Inc. (a) | | | 1,400 | | | | 724,892 | |
| Apple, Inc. | | | 13,650 | | | | 3,180,450 | |
| Applied Materials, Inc. | | | 5,650 | | | | 1,141,583 | |
| Broadcom, Inc. | | | 8,000 | | | | 1,380,000 | |
| Cisco Systems, Inc. | | | 17,750 | | | | 944,655 | |
| Microsoft Corporation | | | 6,800 | | | | 2,926,040 | |
| NVIDIA Corporation | | | 20,800 | | | | 2,525,952 | |
| Oracle Corporation | | | 9,000 | | | | 1,533,600 | |
| Visa, Inc. - Class A | | | 3,175 | | | | 872,966 | |
| | | | | | | | 15,230,138 | |
| Utilities — 2.0% | | | | | | | | |
| Duke Energy Corporation | | | 10,290 | | | | 1,186,437 | |
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| Total Common Stocks (Cost $17,958,746) | | | | | | $ | 51,004,151 | |
| EXCHANGE-TRADED FUNDS — 10.5% | | Shares | | | Value | |
| Consumer Staples Select Sector SPDR Fund | | | 7,550 | | | $ | 626,650 | |
| Health Care Select Sector SPDR Fund | | | 5,965 | | | | 918,729 | |
| Invesco KBW Bank ETF | | | 12,165 | | | | 712,991 | |
| iShares Expanded Tech-Software Sector ETF (a) | | | 8,150 | | | | 728,366 | |
| iShares Semiconductor ETF | | | 4,800 | | | | 1,106,832 | |
| Vanguard Information Technology ETF | | | 3,500 | | | | 2,052,820 | |
| Total Exchange-Traded Funds (Cost $2,796,852) | | | | | | $ | 6,146,388 | |
THE JAMESTOWN EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
| MONEY MARKET FUNDS — 2.5% | | Shares | | | Value | |
| Federated Hermes Government Obligations Fund - Institutional Class, 4.79% (b) (Cost $1,474,750) | | | 1,474,750 | | | $ | 1,474,750 | |
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| Total Investments at Value — 100.1% | | | | | | | | |
| (Cost $22,230,348) | | | | | | $ | 58,625,289 | |
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| Liabilities in Excess of Other Assets — (0.1%) | | | | | | | (61,175 | ) |
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| Net Assets — 100.0% | | | | | | $ | 58,564,114 | |
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
THE JAMESTOWN EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2024 (Unaudited)
| ASSETS | | | | |
| Investments in securities: | | | | |
| At cost | | $ | 22,230,348 | |
| At value (Note 2) | | $ | 58,625,289 | |
| Dividends receivable | | | 24,434 | |
| Tax reclaims receivable | | | 2,207 | |
| Other assets | | | 13,092 | |
| TOTAL ASSETS | | | 58,665,022 | |
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| LIABILITIES | | | | |
| Distributions payable | | | 13,462 | |
| Payable for capital shares redeemed | | | 39,839 | |
| Accrued management fees (Note 4) | | | 36,857 | |
| Payable to administrator (Note 4) | | | 6,000 | |
| Other accrued expenses | | | 4,750 | |
| TOTAL LIABILITIES | | | 100,908 | |
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| NET ASSETS | | $ | 58,564,114 | |
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| Net assets consist of: | | | | |
| Paid-in capital | | $ | 20,985,694 | |
| Accumulated earnings | | | 37,578,420 | |
| Net assets | | $ | 58,564,114 | |
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Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value) | | | 1,688,852 | |
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| Net asset value, offering price and redemption price per share (Note 2) | | $ | 34.68 | |
See accompanying notes to financial statements.
THE JAMESTOWN EQUITY FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 2024 (Unaudited)
| INVESTMENT INCOME | | | | |
| Dividends | | $ | 497,048 | |
| Foreign withholding taxes on dividends | | | (1,018 | ) |
| TOTAL INVESTMENT INCOME | | | 496,030 | |
| | | | | |
| EXPENSES | | | | |
| Management fees (Note 4) | | | 180,962 | |
| Administration fees (Note 4) | | | 30,658 | |
| Trustees’ fees and expenses (Note 4) | | | 11,919 | |
| Audit and tax services fees | | | 8,682 | |
| Registration and filing fees | | | 7,333 | |
| Compliance service fees (Note 4) | | | 6,000 | |
| Legal fees | | | 5,095 | |
| Shareholder reporting expense | | | 3,564 | |
| Custodian and bank service fees | | | 3,435 | |
| Shareholder servicing fees (Note 4) | | | 3,294 | |
| Postage and supplies | | | 2,642 | |
| Insurance expense | | | 731 | |
| Other expenses | | | 3,615 | |
| TOTAL EXPENSES | | | 267,930 | |
| Fees voluntarily waived by the Adviser (Note 4) | | | (3,221 | ) |
| NET EXPENSES | | | 264,709 | |
| | | | | |
| NET INVESTMENT INCOME | | | 231,321 | |
| | | | | |
| REALIZED AND UNREALIZED GAINS ON INVESTMENTS | | | | |
| Net realized gains on investment transactions | | | 1,237,285 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 4,559,821 | |
| NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS | | | 5,797,106 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 6,028,427 | |
See accompanying notes to financial statements.
THE JAMESTOWN EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
| | | Six Months Ended
Sept. 30,
2024
(Unaudited) | | | Year Ended
March 31,
2024 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 231,321 | | | $ | 451,327 | |
| Net realized gains on investment transactions | | | 1,237,285 | | | | 2,103,408 | |
| Net change in unrealized appreciation (depreciation) on investments | | | 4,559,821 | | | | 10,229,082 | |
| Net increase in net assets resulting from operations | | | 6,028,427 | | | | 12,783,817 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS (Note 2) | | | (2,031,375 | ) | | | (1,789,251 | ) |
| | | | | | | | | |
| FROM CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| Proceeds from shares sold | | | 950,448 | | | | 205,533 | |
| Net asset value of shares issued in reinvestment of distributions to shareholders | | | 1,979,515 | | | | 1,752,769 | |
| Payments for shares redeemed | | | (2,212,239 | ) | | | (2,182,163 | ) |
| Net increase (decrease) in net assets from capital share transactions | | | 717,724 | | | | (223,861 | ) |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 4,714,776 | | | | 10,770,705 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of period | | | 53,849,338 | | | | 43,078,633 | |
| End of period | | $ | 58,564,114 | | | $ | 53,849,338 | |
| | | | | | | | | |
| CAPITAL SHARE ACTIVITY | | | | | | | | |
| Shares sold | | | 28,609 | | | | 7,226 | |
| Shares reinvested | | | 60,130 | | | | 63,645 | |
| Shares redeemed | | | (66,903 | ) | | | (78,161 | ) |
| Net increase (decrease) in shares outstanding | | | 21,836 | | | | (7,290 | ) |
| Shares outstanding, beginning of period | | | 1,667,016 | | | | 1,674,306 | |
| Shares outstanding, end of period | | | 1,688,852 | | | | 1,667,016 | |
See accompanying notes to financial statements.
THE JAMESTOWN EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data for a Share Outstanding Throughout Each Period:
| | | Six Months Ended
Sept. 30,
2024 | | | Years Ended March 31, | |
| | | (Unaudited) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value at beginning of period | | $ | 32.30 | | | $ | 25.73 | | | $ | 31.43 | | | $ | 28.96 | | | $ | 19.08 | | | $ | 21.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (a) | | | 0.14 | | | | 0.27 | | | | 0.28 | | | | 0.16 | | | | 0.17 | | | | 0.22 | |
| Net realized and unrealized gains (losses) on investments | | | 3.45 | | | | 7.37 | | | | (2.38 | ) | | | 3.57 | | | | 11.05 | | | | (1.35 | ) |
| Total from investment operations | | | 3.59 | | | | 7.64 | | | | (2.10 | ) | | | 3.73 | | | | 11.22 | | | | (1.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.14 | ) | | | (0.27 | ) | | | (0.28 | ) | | | (0.16 | ) | | | (0.18 | ) | | | (0.22 | ) |
| Net realized gains | | | (1.07 | ) | | | (0.80 | ) | | | (3.32 | ) | | | (1.10 | ) | | | (1.16 | ) | | | (1.36 | ) |
| Total distributions | | | (1.21 | ) | | | (1.07 | ) | | | (3.60 | ) | | | (1.26 | ) | | | (1.34 | ) | | | (1.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value at end of period | | $ | 34.68 | | | $ | 32.30 | | | $ | 25.73 | | | $ | 31.43 | | | $ | 28.96 | | | $ | 19.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total return (b) | | | 11.30 | %(c) | | | 30.48 | % | | | (5.89 | %) | | | 12.91 | % | | | 60.23 | % | | | (6.17 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets at end of period (000’s) | | $ | 58,564 | | | $ | 53,849 | | | $ | 43,078 | | | $ | 50,191 | | | $ | 47,399 | | | $ | 31,062 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of total expenses to average net assets (d) | | | 0.96 | %(e) | | | 1.01 | % | | | 1.04 | % | | | 0.96 | % | | | 1.05 | % | | | 1.08 | % |
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| Ratio of net expenses to average net assets (d)(f) | | | 0.95 | %(e) | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % | | | 0.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of net investment income to average net assets (a)(d)(f) | | | 0.83 | %(e) | | | 0.96 | % | | | 1.08 | % | | | 0.51 | % | | | 0.70 | % | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio turnover rate | | | 3 | %(c) | | | 9 | % | | | 6 | % | | | 8 | % | | | 10 | % | | | 18 | % |
| (a) | 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. |
| (b) | 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. |
| (c) | Not annualized. |
| (d) | 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. Ratios were also determined based on net expenses after expense reimbursements through a previously directed brokerage arrangement for the year ended March 31, 2020. |
| (e) | Annualized. |
| (f) | Ratio was determined after voluntary management fee waivers by the Adviser and reimbursed expenses (Note 4). |
See accompanying notes to financial statements.
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 2024 (Unaudited)
1. Organization
The Jamestown Equity Fund (the “Fund”) is a diversified, no-load series of Williamsburg Investment Trust (the “Trust”), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not included in this report.
The investment objective of the Fund is long-term growth of capital.
2. Significant Accounting Policies
The following is a summary of the Fund’s significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”
Regulatory update — Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) — Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Fund has implemented the rule and form requirements, as applicable, and is currently adhering to the requirements.
Securities valuation — All investments in securities are recorded at their estimated fair value. The Fund’s portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). Securities traded on a national stock exchange, including common stocks and ETFs, are generally valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs but including money market funds, are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).
When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of fair value, securities will be valued in good faith at fair value as determined by Lowe, Brockenbrough & Company, Inc., d/b/a Brockenbrough (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
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (Continued)
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 – quoted prices in active markets for identical securities |
| ● | Level 2 – other significant observable inputs |
| ● | Level 3 – significant unobservable inputs |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
The following is a summary of the Fund’s investments based on the inputs used to value the investments as of September 30, 2024, by security type:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | $ | 51,004,151 | | | $ | — | | | $ | — | | | $ | 51,004,151 | |
| Exchange-Traded Funds | | | 6,146,388 | | | | — | | | | — | | | | 6,146,388 | |
| Money Market Funds | | | 1,474,750 | | | | — | | | | — | | | | 1,474,750 | |
| Total | | $ | 58,625,289 | | | $ | — | | | $ | — | | | $ | 58,625,289 | |
| | | | | | | | | | | | | | | | | |
Refer to the Fund’s Schedule of Investments for a listing of the common stocks by sector type. There were no Level 3 securities or derivative instruments held by the Fund as of or during the six months ended September 30, 2024.
Share valuation — The NAV per share of the Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of the Fund is equal to the NAV per share.
Investment income — Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Withholding taxes on foreign dividends received by the Fund, if any, have been recorded in accordance with the Trust’s understanding of the applicable country’s rules and tax rates.
Distributions to shareholders — Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of the Fund. Net realized short-term capital gains, if any, may be distributed throughout the year and net realized long-term capital gains, if any, are
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (Continued)
distributed at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions are recorded on the ex-dividend date.
The tax character of distributions paid during the periods ended September 30, 2024 and March 31, 2024 was as follows:
| Periods | | | Ordinary | | | Long-Term | | | Total | |
| Ended | | | Income | | | Capital Gains | | | Distributions* | |
| 9/30/2024 | | | $ | 231,818 | | | $ | 1,799,557 | | | $ | 2,031,375 | |
| 3/31/2024 | | | $ | 463,284 | | | $ | 1,326,954 | | | $ | 1,790,238 | |
| * | Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to distributions payable amounts. |
Investment transactions — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investment securities sold are determined on a specific identification basis.
Common expenses — Common expenses of the Trust are allocated among the series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.
Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.
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 September 30, 2024 was as follows:
| | | | | |
| Tax cost of investments | | $ | 22,283,296 | |
| Gross unrealized appreciation | | $ | 36,502,470 | |
| Gross unrealized depreciation | | | (160,477 | ) |
| Net unrealized appreciation | | | 36,341,993 | |
| Accumulated ordinary income | | | 12,680 | |
| Other gains | | | 1,237,209 | |
| Distributions payable | | | (13,462 | ) |
| Accumulated earnings | | $ | 37,578,420 | |
| | | | | |
The difference between the federal income tax cost of investments and the financial statement cost of investments for the Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales.
The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken on Federal income tax returns for the current and all open tax years (generally three years) of the Fund and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.
The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended September 30 2024, the Fund did not incur any interest or penalties.
3. Investment Transactions
Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended September 30 2024.
| | | | | |
| Purchase of investment securities | | $ | 1,557,168 | |
| Proceeds from sales of investment securities | | $ | 1,934,007 | |
| | | | | |
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)
During the six months ended September 30 2024, the Adviser voluntarily limited the total annual operating expenses of the Fund to 0.95% of average daily net assets; accordingly, the Adviser voluntarily waived $3,221 of its management fees during the six months ended September 30, 2024. This amount is not subject to recapture in future periods.
OTHER SERVICE PROVIDERS
Ultimus Fund Solutions, LLC (“Ultimus”) provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. In addition, the Fund pays out-of-pocket expenses including, but not limited to, postage, supplies, and certain costs related to the pricing of the Fund’s portfolio securities. Certain officers of the Trust are also officers of Ultimus, or of Ultimus Fund Distributors, LLC (the “Distributor”), the principal underwriter of the Fund and an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.
Effective July 1, 2024, under terms of the Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC (“NLCS)” provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus. Prior to July 1, 2024, Ultimus provided the Chief Compliance Officer and Anti-Money Laundering Officer and compliance services to the Fund.
SHAREHOLDER SERVICING PLAN
The Fund has adopted a Shareholder Servicing Plan (the “Plan”), which allows the Fund to make payments to financial organizations (including payments directly to the Adviser and the distributor) for providing account administration and account maintenance services to Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of the Fund’s average daily net assets. During the six months ended September 30, 2024, the Fund incurred fees of $3,294 under the Plan.
COMPENSATION OF TRUSTEES
Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Trust for their services. Each Trustee who is not an affiliated person of the Adviser or Ultimus will receive from the Trust an annual retainer of $41,000, payable quarterly; a fee of $2,000 for attendance at each meeting of the Board of Trustees (except that such fee is $3,000 for the independent chair); and a fee of $1,000 for attendance at each meeting of any committee of the Board (except that such fee is $1,500 for the committee chair); plus reimbursement of travel and other expenses incurred in attending meetings. Each series of the Trust paid its share of such fees.
5. Sector Risk
If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS (Continued)
a particular sector and companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio would be adversely affected. As of September 30, 2024, the Fund had 32.6% 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
OTHER INFORMATION (Unaudited)
A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-866-738-1126, or on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-866-738-1126, or on the SEC’s website at www.sec.gov.
The Trust files a complete listing of portfolio holdings of the Fund with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The filings are available upon request, by calling 1-866-738-1126. Furthermore, you may obtain a copy of these filings on the SEC’s website at www.sec.gov and on the Fund’s website www.jamestownfunds.com.
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| | | | THE JAMESTOWN EQUITY FUND www.jamestownfunds.com | | |
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| | | | Investment Adviser | | |
| | | | Lowe, Brockenbrough & Company, Inc. | | |
| | | | d/b/a Brockenbrough | | |
| | | | 1802 Bayberry Court | | |
| | | | Suite 400 | | |
| | | | Richmond, Virginia 23226 | | |
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| | | | Administrator | | |
| | | | Ultimus Fund Solutions, LLC | | |
| | | | P.O. Box 46707 | | |
| | | | Cincinnati, Ohio 45246-0707 | | |
| | | | (Toll-Free) 1-866-738-1126 | | |
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| | | | Independent Registered | | |
| | | | Public Accounting Firm | | |
| | | | Cohen & Company, Ltd. | | |
| | | | 342 N. Water Street | | |
| | | | Suite 830 | | |
| | | | Milwaukee, Wisconsin 53202 | | |
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| | | | Legal Counsel | | |
| | | | Sullivan & Worcester LLP | | |
| | | | 1666 K Street, N.W. | | |
| | | | Washington, DC 20006 | | |
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| | | | Board of Trustees | | |
| | | | John P. Ackerly, IV | | |
| | | | George K. Jennison | | |
| | | | Robert S. Harris, Ph.D. | | |
| | | | Harris V. Morrissette | | |
| | | | Elizabeth W. Robertson | | |
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| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Included under Item 7
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable
| Item 15. | Submission of Matters to a Vote of Security Holders. |
The registrant’s Governance, Nominating, Compensation and QLCC Committee shall review shareholder recommendations to fill vacancies on the registrant’s board of trustees if such recommendations are submitted in writing, addressed to the Committee at the registrant’s offices and meet any minimum qualifications adopted by the Committee. The Committee may adopt, by resolution, a policy regarding its procedures for considering candidates for the board of trustees, including any recommended by shareholders.
| Item 16. | Controls and Procedures. |
| (a) | Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable
| Item 18. | Recovery of Erroneously Awarded Compensation. |
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
| (a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required |
| (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto |
| (2) | Change in the registrant’s independent public accountant: Not applicable |
| (b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Williamsburg Investment Trust | | |
| | | | |
| By (Signature and Title)* | | /s/ David K. James |
| | | | David James, Secretary |
| | | | |
| Date | November 26, 2024 | | |
| | | | |
| 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)* | | /s/ Thomas W. Leavell |
| | | | Thomas W. Leavell, President & Principal Executive Officer |
| | | | (The Government Street Equity Fund, The Government Street Opportunities Fund) |
| | | | |
| Date | November 26, 2024 | | |
| | | | |
| By (Signature and Title)* | | /s/ Charles M. Caravati III |
| | | | Charles M. Caravati III, President & Principal Executive Officer |
| | | | (The Jamestown Equity Fund) |
| | | | |
| Date | November 26, 2024 | | |
| | | | |
| 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 | November 26, 2024 | | |
| | | | |
| By (Signature and Title)* | | /s/ Mark J. Seger |
| | | | Mark J. Seger, Treasurer and Principal Financial Officer |
| | | | |
| Date | November 26, 2024 | | |
| * | Print the name and title of each signing officer under his or her signature. |
