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.

The Jamestown Equity Fund

(JAMEX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about The Jamestown Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/jamestown/. You can also request this information by contacting us at (866) 738-1126.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Jamestown Equity Fund (The)	$104	0.95%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Jamestown Equity Fund (The)	S&P 500^® Index
Mar-2016	$10,000	$10,000
Mar-2017	$11,214	$11,717
Mar-2018	$12,711	$13,357
Mar-2019	$13,525	$14,625
Mar-2020	$12,691	$13,605
Mar-2021	$20,335	$21,271
Mar-2022	$22,960	$24,599
Mar-2023	$21,607	$22,698
Mar-2024	$28,193	$29,480
Mar-2025	$30,284	$31,913
Mar-2026	$36,314	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Jamestown Equity Fund (The)	19.91%	12.30%	13.76%
S&P 500^® Index	17.80%	12.06%	14.16%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (866) 738-1126.

Fund Statistics

Net Assets$62,756,704
Number of Portfolio Holdings48
Advisory Fee $407,141
Portfolio Turnover7%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	85.3%
Exchange-Traded Funds	12.1%
Money Market Funds	2.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

The Jamestown Equity Fund (JAMEX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funddocs.filepoint.com/jamestown/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-JAMEX

The Government Street Equity Fund

(GVEQX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about The Government Street Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/govstreet/. You can also request this information by contacting us at (866) 738-1125.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Government Street Equity Fund (The)	$94	0.85%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Government Street Equity Fund (The)	S&P 500^® Index
Mar-2016	$10,000	$10,000
Mar-2017	$11,232	$11,717
Mar-2018	$12,926	$13,357
Mar-2019	$13,657	$14,625
Mar-2020	$13,378	$13,605
Mar-2021	$20,797	$21,271
Mar-2022	$24,439	$24,599
Mar-2023	$22,317	$22,698
Mar-2024	$28,843	$29,480
Mar-2025	$31,417	$31,913
Mar-2026	$38,374	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Government Street Equity Fund (The)	22.14%	13.03%	14.39%
S&P 500^® Index	17.80%	12.06%	14.16%

Fund Statistics

Net Assets$100,967,079
Number of Portfolio Holdings80
Advisory Fee $609,142
Portfolio Turnover19%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Closed-End Funds	4.5%
Common Stocks	88.9%
Exchange-Traded Funds	4.5%
Money Market Funds	2.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

The Government Street Equity Fund (GVEQX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funddocs.filepoint.com/govstreet/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-GVEQX

The Government Street Opportunities Fund

(GVMCX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about The Government Street Opportunities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/govstreet/. You can also request this information by contacting us at (866) 738-1125.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Government Street Opportunities Fund (The)	$112	1.03%

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Government Street Opportunities Fund (The)	Russell 3000^® Index	S&P MidCap 400^® Index
Mar-2016	$10,000	$10,000	$10,000
Mar-2017	$11,644	$11,807	$12,092
Mar-2018	$13,351	$13,438	$13,419
Mar-2019	$13,913	$14,616	$13,767
Mar-2020	$12,775	$13,282	$10,668
Mar-2021	$20,057	$21,587	$19,571
Mar-2022	$23,089	$24,161	$20,469
Mar-2023	$21,955	$22,088	$19,420
Mar-2024	$27,784	$28,558	$23,951
Mar-2025	$28,007	$30,620	$23,303
Mar-2026	$32,873	$36,157	$27,346

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Government Street Opportunities Fund (The)	17.37%	10.39%	12.64%
Russell 3000^® Index	18.09%	10.87%	13.72%
S&P MidCap 400^® Index	17.35%	6.92%	10.58%

Fund Statistics

Net Assets$83,731,987
Number of Portfolio Holdings88
Advisory Fee $605,250
Portfolio Turnover20%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Closed-End Funds	4.4%
Common Stocks	80.1%
Exchange-Traded Funds	10.2%
Money Market Funds	5.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

The Government Street Opportunities Fund (GVMCX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funddocs.filepoint.com/govstreet/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-GVMCX

Davenport Core Leaders Fund

(DAVPX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about Davenport Core Leaders Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Davenport Core Leaders Fund	$88	0.85%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Davenport Core Leaders Fund	Bloomberg US 500 Index	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000
Mar-2017	$11,656	$11,745	$11,717
Mar-2018	$12,983	$13,411	$13,357
Mar-2019	$14,048	$14,696	$14,625
Mar-2020	$13,014	$13,773	$13,605
Mar-2021	$19,286	$21,829	$21,271
Mar-2022	$21,387	$24,917	$24,599
Mar-2023	$18,956	$22,792	$22,698
Mar-2024	$25,924	$29,758	$29,480
Mar-2025	$27,429	$32,218	$31,913
Mar-2026	$29,517	$37,968	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Davenport Core Leaders Fund	7.61%	8.88%	11.43%
Bloomberg US 500 Index	17.84%	11.71%	14.27%
S&P 500^® Index	17.80%	12.06%	14.16%

Fund Statistics

Net Assets$1,157,530,138
Number of Portfolio Holdings40
Advisory Fee $8,988,261
Portfolio Turnover16%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	95.2%
Money Market Funds	4.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

Davenport Core Leaders Fund (DAVPX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-DAVPX

Davenport Value & Income Fund

(DVIPX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about Davenport Value & Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Davenport Value & Income Fund	$91	0.86%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Davenport Value & Income Fund	Bloomberg US 1000 Value Index	Russell 1000^® Value Index	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000	$10,000
Mar-2017	$11,360	$11,944	$11,922	$11,717
Mar-2018	$12,572	$13,000	$12,751	$13,357
Mar-2019	$12,944	$13,496	$13,474	$14,625
Mar-2020	$10,748	$11,036	$11,161	$13,605
Mar-2021	$16,073	$17,502	$17,421	$21,271
Mar-2022	$18,362	$20,118	$19,454	$24,599
Mar-2023	$16,193	$19,143	$18,303	$22,698
Mar-2024	$18,587	$23,095	$22,013	$29,480
Mar-2025	$20,120	$24,917	$23,593	$31,913
Mar-2026	$22,447	$29,580	$27,337	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Davenport Value & Income Fund	11.57%	6.91%	8.42%
Bloomberg US 1000 Value Index	18.71%	11.07%	11.45%
Russell 1000^® Value Index	15.87%	9.43%	10.58%
S&P 500^® Index	17.80%	12.06%	14.16%

Fund Statistics

Net Assets$1,010,396,324
Number of Portfolio Holdings44
Advisory Fee $7,272,731
Portfolio Turnover30%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	95.0%
Money Market Funds	5.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

Davenport Value & Income Fund (DVIPX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-DVIPX

Davenport Equity Opportunities Fund

(DEOPX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about Davenport Equity Opportunities Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Davenport Equity Opportunities Fund	$86	0.87%

How did the Fund perform during the reporting period?

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

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

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

To close, we remain attracted to the collection of high quality, durable growth businesses that anchor this strategy. We look forward to compounding alongside them for years to come. Thank you for your trust and partnership.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Davenport Equity Opportunities Fund	Bloomberg US Mid Cap Total Return Index	Russell Midcap^® Index	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000	$10,000
Mar-2017	$10,757	$11,887	$11,703	$11,717
Mar-2018	$12,208	$13,376	$13,130	$13,357
Mar-2019	$13,553	$14,162	$13,980	$14,625
Mar-2020	$12,316	$11,698	$11,421	$13,605
Mar-2021	$20,470	$20,464	$19,831	$21,271
Mar-2022	$21,879	$22,352	$21,203	$24,599
Mar-2023	$19,855	$20,316	$19,341	$22,698
Mar-2024	$26,607	$24,787	$23,663	$29,480
Mar-2025	$25,289	$25,210	$24,277	$31,913
Mar-2026	$24,637	$29,261	$28,156	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Davenport Equity Opportunities Fund	-2.58%	3.78%	9.44%
Bloomberg US Mid Cap Total Return Index	16.07%	7.41%	11.33%
Russell Midcap^® Index	15.98%	7.26%	10.91%
S&P 500^® Index	17.80%	12.06%	14.16%

Fund Statistics

Net Assets$754,534,063
Number of Portfolio Holdings32
Advisory Fee $6,434,889
Portfolio Turnover29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	94.8%
Money Market Funds	5.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

Davenport Equity Opportunities Fund (DEOPX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-DEOPX

Davenport Small Cap Focus Fund

(DSCPX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about Davenport Small Cap Focus Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Davenport Small Cap Focus Fund	$89	0.88%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Davenport Small Cap Focus Fund	Bloomberg US 2000 Index	Russell 2000^® Index	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000	$10,000
Mar-2017	$12,987	$12,571	$12,622	$11,717
Mar-2018	$14,322	$13,873	$14,110	$13,357
Mar-2019	$14,881	$14,279	$14,399	$14,625
Mar-2020	$12,786	$10,409	$10,945	$13,605
Mar-2021	$23,633	$21,548	$21,326	$21,271
Mar-2022	$25,253	$20,984	$20,092	$24,599
Mar-2023	$24,353	$18,476	$17,760	$22,698
Mar-2024	$30,342	$21,812	$21,260	$29,480
Mar-2025	$26,011	$21,143	$20,409	$31,913
Mar-2026	$26,356	$26,561	$25,659	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Davenport Small Cap Focus Fund	1.33%	2.20%	10.18%
Bloomberg US 2000 Index	25.63%	4.27%	10.26%
Russell 2000^® Index	25.72%	3.77%	9.88%
S&P 500^® Index	17.80%	12.06%	14.16%

Fund Statistics

Net Assets$595,208,820
Number of Portfolio Holdings29
Advisory Fee $5,867,700
Portfolio Turnover39%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	94.6%
Money Market Funds	5.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

Davenport Small Cap Focus Fund (DSCPX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-DSCPX

Davenport Balanced Income Fund

(DBALX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about Davenport Balanced Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Davenport Balanced Income Fund	$96	0.92%

How did the Fund perform during the reporting period?

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

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Davenport Balanced Income Fund	60% Bloomberg US 1000 Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index	60% Russell 1000^® Value Index/40% Bloomberg Intermediate U.S. Government/Credit Index	Bloomberg Intermediate U.S. Government/Credit Bond Index	Bloomberg US 1000 Value Index	Russell 1000^® Value Index	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000	$10,000	$10,000	$10,000	$10,000
Mar-2017	$10,859	$11,156	$11,143	$10,042	$11,944	$11,922	$11,717
Mar-2018	$11,382	$11,767	$11,628	$10,078	$13,000	$12,751	$13,357
Mar-2019	$11,763	$12,273	$12,256	$10,505	$13,496	$13,474	$14,625
Mar-2020	$10,518	$11,272	$11,330	$11,228	$11,036	$11,161	$13,605
Mar-2021	$14,004	$15,057	$14,984	$11,453	$17,502	$17,421	$21,271
Mar-2022	$15,054	$16,123	$15,771	$10,984	$20,118	$19,454	$24,599
Mar-2023	$13,823	$15,614	$15,158	$10,801	$19,143	$18,303	$22,698
Mar-2024	$15,251	$17,698	$17,148	$11,092	$23,095	$22,013	$29,480
Mar-2025	$16,279	$18,963	$18,302	$11,719	$24,917	$23,593	$31,913
Mar-2026	$17,642	$21,411	$20,361	$12,236	$29,580	$27,337	$37,594

Average Annual Total Returns

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

Fund Statistics

Net Assets$279,922,882
Number of Portfolio Holdings82
Advisory Fee $1,990,013
Portfolio Turnover36%

Asset Weighting (% of total investments)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

Davenport Balanced Income Fund (DBALX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-DBALX

Davenport Insider Buying Fund

(DBUYX)

Annual Shareholder Report - March 31, 2026

Fund Overview

This annual shareholder report contains important information about Davenport Insider Buying Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.investdavenport.com/davenport-asset-management/documents-applications/. You can also request this information by contacting us at (800) 281-3217.

What were the Fund’s annualized costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Davenport Insider Buying Fund	$108	1.01%

How did the Fund perform during the reporting period?

The Davenport Insider Buying Fund (DBUYX) gained 13.90% in the twelve-month period ended March 31, 2026, lagging the S&P 500^® Index, which gained 17.80% for the period. The market’s proverbial “wall of worry” included a few additional partitions, including war in the Middle East, a back-up in bond yields, and increased concern about the ramifications of artificial intelligence.

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

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

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Davenport Insider Buying Fund	Bloomberg US 500 Index	Russell 1000^® Value Index	S&P 500^® Index
Nov-2023	$10,000	$10,000	$10,000	$10,000
Mar-2024	$11,331	$11,547	$11,502	$11,558
Mar-2025	$10,394	$12,502	$12,328	$12,512
Mar-2026	$11,839	$14,733	$14,284	$14,739

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (November 30, 2023)
Davenport Insider Buying Fund	13.90%	7.50%
Bloomberg US 500 Index	17.84%	18.06%
Russell 1000^® Value Index	15.87%	16.50%
S&P 500^® Index	17.80%	18.08%

Fund Statistics

Net Assets$88,406,117
Number of Portfolio Holdings39
Advisory Fee $670,596
Portfolio Turnover42%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	95.1%
Money Market Funds	4.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Top 10 Holdings (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended March 31, 2026.

Davenport Insider Buying Fund (DBUYX)

Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.investdavenport.com/davenport-asset-management/documents-applications/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 033126-DBUYX

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

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

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

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.

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

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

Accounting Pronouncement — In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Management concludes there is no material impact on the Funds’ financial statements.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of change in net assets from operations during the reporting period. Actual results could differ from those estimates.

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 March 31, 2026:

The difference between the federal income tax cost of investments and the financial statement cost of investments for the Funds is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales and adjustments to basis on partnerships.

As of March 31, 2026, Davenport Insider Buying Fund had short-term capital loss carryforwards (“CLCFs”) of $5,802 for federal income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any.

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

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

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

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

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

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

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended March 31, 2026:

During the year ended March 31, 2026, cost of purchases and proceeds from sales of long-term U.S. government securities for Davenport Balanced Income Fund were $19,209,688 and $22,310,000, respectively.

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

For the Davenport Insider Buying Fund, pursuant to an Expense Limitation Agreement between the Fund and the Adviser (the “ELA”), the Adviser has agreed, until August 1, 2026, to reduce its management fees and reimburse other expenses to limit total annual operating expenses (exclusive of acquired fund fees and expenses, brokerage costs, taxes, interest, costs to organize the Fund, and extraordinary expenses) to an amount not exceeding 1.25% of the Fund’s average daily net assets.

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

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

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

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

Northern Lights Compliance Services, LLC (“NLCS”) provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the Consulting Agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.

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

If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund’s portfolio would be adversely affected. As of March 31, 2026, Davenport Core Leaders Fund had 30.8% of the value of its net assets invested in common stocks within the Technology sector.

A company is considered an affiliate of a Fund under the 1940 Act if the Fund’s holdings in that company represent 5% or more of the outstanding voting shares of the company. During the year ended March 31, 2026, the Davenport Small Cap Focus Fund held shares of one issuer that meets this definition, but as of March 31, 2026, this security was no longer held by the Fund. Further information on this holding for the year ended March 31, 2026 appears below:

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.

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

To the Shareholders of The Davenport Funds and
Board of Trustees of Williamsburg Investment Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Accounting pronouncement — In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Management concludes there is no material impact on the Funds’ financial statements.

Securities valuation — All investments in securities are recorded at their estimated fair value. The Funds’ portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks, closed-end funds and exchange-traded funds (“ETFs”), if any, are valued based upon the closing price on the principal exchange where the security is traded, if

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

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

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below:

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

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

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

Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net change in net assets from operations during the reporting period. Actual results could differ from those estimates.

Federal income tax — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and any net realized capital gains are distributed in accordance with the Code. In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

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

During the year ended March 31, 2026, The Government Street Equity Fund and The Government Street Opportunities Fund realized $6,941,808 and $6,044,684, respectively, of net capital gains resulting from in-kind redemptions (redemptions in which shareholders who redeemed Fund shares receive investment securities held by the Fund rather than cash). The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these gains against paid-in capital on the Statements of Assets and Liabilities. Such reclassifications, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on each Fund’s net assets or NAV per share.

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

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended March 31, 2026:

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

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

The Funds have adopted a Shareholder Servicing Plan (the “Plan”), which allows each Fund to make payments to financial organizations (including payments directly to the Adviser and the Distributor) for providing account administration and account

maintenance services to Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of each Fund’s average daily net assets. During the year ended March 31, 2026, The Government Street Equity Fund and The Government Street Opportunities Fund incurred fees of $41,690 and $35,728, respectively, under the Plan.

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

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 March 31, 2026, The Government Street Equity Fund had 26.6% of its net assets invested in securities within the Technology sector.

To the Shareholders of The Government Street Funds and
Board of Trustees of Williamsburg Investment Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Accounting pronouncement — In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Management concludes there is no material impact on the Fund’s financial statements.

Securities valuation — All investments in securities are recorded at their estimated fair value. The Fund’s portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m., Eastern time). Securities traded on a national stock exchange, including common stocks and exchange-traded funds (“ETFs”), are generally valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, other than ETFs but including money market funds, are valued at their net

asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).

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

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

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

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

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

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

Reported net realized foreign exchange gains or losses arise from 1) purchases and sales of foreign currencies, 2) currency gains or losses realized between the trade and settlement dates on securities transactions and 3) the difference between the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities that result from changes in exchange rates.

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

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

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

Investment income — Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received.

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

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

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

Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of change in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

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

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

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

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the year ended March 31, 2026.

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

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

Northern Lights Compliance Services, LLC (“NLCS)” provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the Compliance Consulting Agreement, NLCS receives fees from the Fund. NLCS is a wholly-owned subsidiary of Ultimus.

The Fund has adopted a Shareholder Servicing Plan (the “Plan”), which allows the Fund to make payments to financial organizations (including payments directly to the Adviser and the Distributor) for providing account administration and account maintenance services to Fund shareholders. The annual service fee may not exceed an amount equal to 0.25% of the Fund’s average daily net assets. During the year ended March 31, 2026, the Fund incurred fees of $6,932 under the Plan.

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

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

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

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.

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.

To the Shareholders of The Jamestown Equity Fund and
Board of Trustees of Williamsburg Investment Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30.a-2(b)): Attached hereto.

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.

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











		*Davenport Core Leaders Fund (DAVPX)*

		*Davenport Value & Income Fund (DVIPX)*

		*Davenport Equity Opportunities Fund (DEOPX)*

		*Davenport Small Cap Focus Fund (DSCPX)*

		*Davenport Balanced Income Fund (DBALX)*

		*Davenport Insider Buying Fund (DBUYX)*





	ANNUAL FINANCIAL STATEMENTS
	AND ADDITIONAL INFORMATION

	March 31, 2026

COMMON STOCKS — 95.3%	Shares		Value
Communications — 8.9%
Alphabet, Inc. - Class A		117,912	$	33,906,774
Meta Platforms, Inc. - Class A		46,506		26,607,478
Spotify Technology S.A. ^(a)		39,591		19,198,072
Uber Technologies, Inc. ^(a)		313,270		22,533,511
				102,245,835
Consumer Discretionary — 9.1%
Amazon.com, Inc. ^(a)		301,467		62,786,532
Home Depot, Inc. (The)		35,360		11,629,551
TJX Companies, Inc. (The)		195,356		31,198,353
				105,614,436
Consumer Staples — 2.0%
Costco Wholesale Corporation		22,961		22,879,029

Energy — 2.5%
EOG Resources, Inc.		201,017		29,061,028

Financials — 13.0%
Aon plc - Class A		81,417		26,279,779
Berkshire Hathaway, Inc. - Class B ^(a)		62,311		29,859,431
Brookfield Corporation		1,298,519		52,551,064
Intercontinental Exchange, Inc.		153,815		24,192,023
Markel Group, Inc. ^(a)		9,263		17,730,031
				150,612,328
Health Care — 10.7%
Abbott Laboratories		183,874		18,878,344
Danaher Corporation		150,801		28,591,870
Intuitive Surgical, Inc. ^(a)		38,285		17,649,002
UnitedHealth Group, Inc.		133,188		36,039,341
Vertex Pharmaceuticals, Inc. ^(a)		49,884		22,275,201
				123,433,758
Industrials — 11.9%
Cintas Corporation		101,703		17,202,045
Quanta Services, Inc.		35,405		19,438,053
Republic Services, Inc.		80,582		17,649,070
Rockwell Automation, Inc.		100,505		36,069,234
Trane Technologies plc		45,871		19,116,281
Union Pacific Corporation		116,869		28,354,757
				137,829,440
Materials — 4.7%
Martin Marietta Materials, Inc.		49,805		29,319,207
Sherwin-Williams Company (The)		78,158		25,053,547
				54,372,754

COMMON STOCKS — 95.3% (Continued)	Shares		Value
Technology — 30.8%
Accenture plc - Class A		105,134	$	20,847,021
Analog Devices, Inc.		99,863		31,770,415
Apple, Inc.		191,897		48,701,540
Broadcom, Inc.		84,736		26,226,639
Marvell Technology, Inc.		220,132		21,804,075
Mastercard, Inc. - Class A		61,617		30,787,550
Microsoft Corporation		143,446		53,099,406
NVIDIA Corporation		358,232		62,475,661
Palo Alto Networks, Inc. ^(a)		105,982		16,991,034
ServiceNow, Inc. ^(a)		188,310		19,687,810
Visa, Inc. - Class A		80,027		24,187,360
				356,578,511
Utilities — 1.7%
Constellation Energy Corporation		71,340		19,921,695

Total Common Stocks (Cost $655,022,768)			$	1,102,548,814

MONEY MARKET FUNDS — 4.8%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.59% ^(b) (Cost $55,973,083)		55,973,083	$	55,973,083

Total Investments at Value — 100.1% (Cost $710,995,851)			$	1,158,521,897

Liabilities in Excess of Other Assets — (0.1%)				(991,759	)

Net Assets — 100.0%			$	1,157,530,138

Registrant’s telephone number, including area code:	(513) 587-3400

Date of fiscal year end:	March 31

Date of reporting period:	March 31, 2026

COMMON STOCKS — 95.1%	Shares		Value
Communications — 2.9%
Comcast Corporation - Class A		1,024,757	$	29,420,774

Consumer Discretionary — 5.0%
Genuine Parts Company		114,184		12,074,958
Lowe’s Companies, Inc.		75,071		17,737,776
McDonald’s Corporation		67,919		21,108,546
				50,921,280
Consumer Staples — 6.1%
Anheuser-Busch InBev S.A./N.V. - ADR		451,227		31,301,617
PepsiCo, Inc.		97,080		15,075,553
Philip Morris International, Inc.		88,820		14,685,499
				61,062,669
Energy — 10.0%
Chevron Corporation		157,080		32,499,852
Enbridge, Inc.		415,078		22,472,323
Exxon Mobil Corporation		130,485		22,138,085
SLB Ltd.		468,752		24,089,165
				101,199,425
Financials — 21.2%
Berkshire Hathaway, Inc. - Class B ^(a)		63,807		30,576,314
Brookfield Asset Management Ltd. - Class A		503,572		22,383,775
Brookfield Corporation		544,600		22,039,962
Citigroup, Inc.		186,915		21,198,030
Fairfax Financial Holdings Ltd.		13,333		22,692,766
Fidelity National Financial, Inc.		268,304		12,443,940
JPMorgan Chase & Company		74,213		21,830,496
Markel Group, Inc. ^(a)		11,438		21,893,133
Marsh & McLennan Companies, Inc.		133,620		23,176,389
Wells Fargo & Company		202,365		16,110,278
				214,345,083
Health Care — 13.9%
Becton, Dickinson and Company		150,856		23,719,089
Elevance Health, Inc.		72,133		21,116,936
Johnson & Johnson		145,892		35,661,840
Medtronic plc		252,099		21,844,378
Sanofi - ADR		452,417		21,797,451
UnitedHealth Group, Inc.		61,781		16,717,321
				140,857,015

COMMON STOCKS — 95.1% (Continued)	Shares		Value
Industrials — 16.7%
Johnson Controls International plc		182,612	$	23,913,041
L3Harris Technologies, Inc.		77,096		26,609,684
Norfolk Southern Corporation		90,814		26,063,618
TE Connectivity plc		144,697		30,244,567
Union Pacific Corporation		65,288		15,840,175
United Parcel Service, Inc. - Class B		175,884		17,303,468
Watsco, Inc.		78,829		28,677,202
				168,651,755
Materials — 3.5%
Avery Dennison Corporation		69,142		11,939,440
Eastman Chemical Company		305,483		23,314,463
				35,253,903
Real Estate — 6.7%
American Tower Corporation		179,213		30,928,580
Lamar Advertising Company - Class A		166,231		21,054,818
Weyerhaeuser Company		638,268		15,592,887
				67,576,285
Technology — 5.1%
Accenture plc - Class A		79,532		15,770,400
Cisco Systems, Inc.		264,925		20,555,531
Texas Instruments, Inc.		77,366		15,019,835
				51,345,766
Utilities — 4.0%
NextEra Energy, Inc.		435,887		40,485,185

Total Common Stocks (Cost $712,406,846)			$	961,119,140

MONEY MARKET FUNDS — 5.0%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.59% ^(b) (Cost $50,312,921)		50,312,921	$	50,312,921

Total Investments at Value — 100.1% (Cost $762,719,767)			$	1,011,432,061

Liabilities in Excess of Other Assets — (0.1%)				(1,035,737	)

Net Assets — 100.0%			$	1,010,396,324

COMMON STOCKS — 94.4%	Shares		Value
Communications — 7.0%
Cable One, Inc.		164,410	$	14,995,836
Liberty Live Holdings, Inc. - Series C ^(a)		196,476		18,490,357
Stubhub Holdings, Inc. - Class A ^(a)		1,343,026		8,380,482
				41,866,675
Consumer Discretionary — 16.8%
Caesars Entertainment, Inc. ^(a)		1,150,792		30,415,432
Monarch Casino & Resort, Inc.		511,768		48,925,021
OneSpaWorld Holdings Ltd.		906,026		20,793,297
				100,133,750
Consumer Staples — 3.0%
J & J Snack Foods Corporation		227,522		18,035,669

Energy — 4.1%
California Resources Corporation		267,312		18,503,337
CNX Resources Corporation ^(a)		148,470		5,723,518
				24,226,855
Financials — 17.8%
Atlantic Union Bankshares Corporation		511,882		18,294,663
Bowhead Specialty Holdings, Inc. ^(a)		294,784		6,612,005
Cohen & Steers, Inc.		297,919		18,634,833
Kinsale Capital Group, Inc.		113,098		38,641,063
Stewart Information Services Corporation		389,909		24,010,596
				106,193,160
Health Care — 8.1%
Enovis Corporation ^(a)		998,443		22,714,578
HealthEquity, Inc. ^(a)		304,228		25,424,334
				48,138,912
Industrials — 22.6%
Cognex Corporation		317,627		15,560,547
ESAB Corporation		204,323		19,749,861
Generac Holdings, Inc. ^(a)		86,854		16,965,192
Hexcel Corporation		281,528		22,784,061
Janus International Group, Inc. ^(a)		2,628,701		13,537,810
Kirby Corporation ^(a)		198,234		26,341,334
Verra Mobility Corporation - Class A ^(a)		1,354,580		19,356,948
				134,295,753
Materials — 5.2%
NewMarket Corporation		19,333		12,391,486
Trex Company, Inc. ^(a)		504,680		18,380,446
				30,771,932

COMMON STOCKS — 94.4% (Continued)	Shares		Value
Real Estate — 8.5%
Americold Realty Trust, Inc.		2,498,890	$	28,637,280
Rayonier, Inc.		1,050,000		21,651,000
				50,288,280
Technology — 1.3%
Cohu, Inc. ^(a)		260,000		7,961,200

Total Common Stocks (Cost $547,753,475)			$	561,912,186

MONEY MARKET FUNDS — 5.4%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.59% ^(b) (Cost $31,992,430)		31,992,430	$	31,992,430

Total Investments at Value — 99.8% (Cost $579,745,905)			$	593,904,616

Other Assets in Excess of Liabilities — 0.2%				1,304,204

Net Assets — 100.0%			$	595,208,820

COMMON STOCKS — 56.9%	Shares		Value
Communications — 1.6%
Comcast Corporation - Class A		153,367	$	4,403,166

Consumer Discretionary — 2.7%
Genuine Parts Company		17,247		1,823,870
Lowe’s Companies, Inc.		11,344		2,680,361
McDonald’s Corporation		9,828		3,054,444
				7,558,675
Consumer Staples — 4.3%
Anheuser-Busch InBev S.A./N.V. - ADR		67,657		4,693,366
PepsiCo, Inc.		14,405		2,236,953
Philip Morris International, Inc.		13,175		2,178,354
Smithfield Foods, Inc.		104,000		2,908,880
				12,017,553
Energy — 6.5%
Chevron Corporation		23,552		4,872,909
Enbridge, Inc.		60,275		3,263,289
Enterprise Products Partners, L.P.		87,000		3,292,080
Exxon Mobil Corporation		19,361		3,284,787
SLB Ltd.		70,121		3,603,518
				18,316,583
Financials — 12.4%
Berkshire Hathaway, Inc. - Class B ^(a)		9,567		4,584,506
Brookfield Asset Management Ltd. - Class A		76,217		3,387,846
Brookfield Corporation		80,532		3,259,130
Citigroup, Inc.		28,034		3,179,336
Cohen & Steers, Inc.		43,000		2,689,650
Fairfax Financial Holdings Ltd.		1,994		3,393,788
Fidelity National Financial, Inc.		39,078		1,812,437
JPMorgan Chase & Company		11,118		3,270,471
Markel Group, Inc. ^(a)		1,665		3,186,927
Marsh & McLennan Companies, Inc.		20,040		3,475,938
Wells Fargo & Company		30,316		2,413,457
				34,653,486
Health Care — 7.5%
Becton, Dickinson and Company		23,020		3,619,435
Elevance Health, Inc.		10,726		3,140,037
Johnson & Johnson		21,894		5,351,769
Medtronic plc		36,857		3,193,659
Sanofi - ADR		68,467		3,298,740
UnitedHealth Group, Inc.		9,182		2,484,557
				21,088,197

COMMON STOCKS — 56.9% (Continued)	Shares		Value
Industrials — 9.0%
Johnson Controls International plc		28,026	$	3,670,005
L3Harris Technologies, Inc.		11,574		3,994,766
Norfolk Southern Corporation		13,517		3,879,379
TE Connectivity plc		20,730		4,332,984
Union Pacific Corporation		9,767		2,369,670
United Parcel Service, Inc. - Class B		26,017		2,559,552
Watsco, Inc.		11,792		4,289,812
				25,096,168
Materials — 1.9%
Avery Dennison Corporation		10,339		1,785,339
Eastman Chemical Company		45,820		3,496,982
				5,282,321
Real Estate — 4.5%
American Tower Corporation		26,593		4,589,420
Lamar Advertising Company - Class A		24,867		3,149,654
Rayonier, Inc.		123,850		2,553,787
Weyerhaeuser Company		95,820		2,340,883
				12,633,744
Technology — 2.7%
Accenture plc - Class A		11,789		2,337,641
Cisco Systems, Inc.		39,748		3,084,047
Texas Instruments, Inc.		11,615		2,254,936
				7,676,624
Utilities — 3.8%
Brookfield Infrastructure Partners, L.P.		61,867		2,234,636
Brookfield Renewable Partners, L.P.		76,999		2,513,247
NextEra Energy, Inc.		63,059		5,856,920
				10,604,803

Total Common Stocks (Cost $122,331,613)			$	159,331,320

FIXED RATE CORPORATE BONDS — 26.1%	Par Value		Value
Communications — 2.8%
Meta Platforms, Inc., 4.950%, due 05/15/2033	$	4,990,000	$	5,034,953
Walt Disney Company (The), 4.625%, due 03/14/2036		3,000,000		2,919,721
				7,954,674
Consumer Staples — 2.0%
Keurig Dr Pepper, Inc., 5.050%, due 03/15/2029		2,500,000		2,526,947
Phillip Morris International, Inc., 5.375%, due 02/15/2033		2,995,000		3,076,068
				5,603,015
Energy — 5.0%
Boardwalk Pipelines, L.P., 4.450%, due 07/15/2027		2,200,000		2,197,580
BP Capital Markets America, 4.812%, due 02/13/2033		2,990,000		3,001,824
MPLX, L.P., 4.125%, due 03/01/2027		3,250,000		3,240,914
Occidental Petroleum Corporation, 5.550%, due 10/01/2034		3,500,000		3,556,182
ONEOK, Inc., 5.550%, due 11/01/2026		1,995,000		2,006,568
				14,003,068
Financials — 5.7%
AON North America, Inc., 5.450%, due 03/01/2034		3,000,000		3,066,449
BlackRock, Inc., 4.750%, due 05/25/2033		3,000,000		3,017,503
Charles Schwab Corporation (The), 5.875%, due 08/24/2026		3,750,000		3,771,628
Loews Corporation, 4.940%, due 04/01/2036		3,000,000		2,937,325
Royal Bank of Canada, 5.000%, due 05/02/2033		3,000,000		3,028,335
				15,821,240
Health Care — 5.8%
Abbott Laboratories, 4.650%, due 03/15/2036		5,000,000		4,893,008
Bristol-Myers Squibb Company, 5.900%, due 11/15/2033		1,475,000		1,581,951
HCA, Inc., 5.450%, due 04/01/2031		3,500,000		3,588,620
Merck & Company, Inc.,
4.450%, due 12/04/2032		3,581,000		3,556,741
4.500%, due 05/17/2033		2,490,000		2,480,547
				16,100,867
Industrials — 0.7%
Waste Management, Inc., 4.875%, due 02/15/2029		1,995,000		2,028,486

Materials — 2.2%
Ferguson Enterprises, Inc., 4.350%, due 03/15/2031		3,200,000		3,147,091
Sherwin-Williams Company (The), 4.300%, due 08/15/2028		3,000,000		2,991,512
				6,138,603
Technology — 1.9%
Fiserv, Inc., 3.200%, due 07/01/2026		2,325,000		2,317,996
Paychex, Inc., 5.100%, due 04/15/2030		3,000,000		3,025,140
				5,343,136

Total Fixed Rate Corporate Bonds (Cost $72,621,685)			$	72,993,089

MUNICIPAL BONDS — 0.9%	Par Value		Value
Richmond, VA, GO, Public Improvement Bonds Series, 4.800%, due 03/01/2033 (Cost $2,521,130)	$	2,455,000	$	2,507,292

U.S. GOVERNMENT &
AGENCY OBLIGATIONS — 8.1%	Par Value		Value
Federal Farm Credit Bank — 7.1%
4.940%, due 03/24/2034	$	5,000,000	$	4,976,208
5.030%, due 10/15/2035		5,000,000		4,983,333
5.000%, due 10/29/2035		5,000,000		4,984,526
5.330%, due 10/17/2039		5,000,000		5,000,758
				19,944,825
Federal Home Loan Bank — 1.0%
5.150%, due 06/04/2038		2,750,000		2,723,012

Total U.S. Government & Agency Obligations
(Cost $22,699,536)			$	22,667,837

U.S. TREASURY OBLIGATIONS — 1.6%	Par Value		Value
U.S. Treasury Notes — 1.6%
4.875%, due 04/30/2026	$	2,500,000	$	2,502,199
3.875%, due 08/15/2033		2,000,000		1,964,297
Total U.S. Treasury Obligations (Cost $4,385,357)			$	4,466,496

MONEY MARKET FUNDS — 6.0%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.59% ^(b) (Cost $16,801,930)		16,801,930	$	16,801,930

Total Investments at Value — 99.6% (Cost $241,361,251)			$	278,767,964

Other Assets in Excess of Liabilities — 0.4%				1,154,918

Net Assets — 100.0%			$	279,922,882

COMMON STOCKS — 95.0%	Shares		Value
Consumer Discretionary — 8.7%
Builders FirstSource, Inc. ^(a)		19,000	$	1,564,270
DraftKings, Inc. - Class A ^(a)		58,500		1,264,770
LKQ Corporation		45,000		1,321,650
NIKE, Inc. - Class B		41,500		2,192,030
Wynn Resorts Ltd.		13,000		1,320,150
				7,662,870
Consumer Staples — 3.4%
Darling Ingredients, Inc. ^(a)		48,000		2,968,800

Energy — 2.5%
ConocoPhillips		17,000		2,244,000

Financials — 6.9%
Aon plc - Class A		9,500		3,066,410
Charles Schwab Corporation (The)		32,500		3,054,350
				6,120,760
Health Care — 13.3%
Abbott Laboratories		23,000		2,361,410
Align Technology, Inc. ^(a)		13,000		2,228,590
Becton, Dickinson and Company		9,000		1,415,070
Cooper Companies, Inc. (The) ^(a)		35,000		2,502,500
Elevance Health, Inc.		7,000		2,049,250
Eli Lilly & Company		1,300		1,195,701
				11,752,521
Industrials — 24.3%
Amphenol Corporation - Class A		16,000		2,021,600
Carrier Global Corporation		38,000		2,139,780
Clean Harbors, Inc. ^(a)		10,500		3,010,665
Eaton Corporation plc		7,800		2,789,826
Emerson Electric Company		18,000		2,358,360
FedEx Corporation		4,000		1,424,720
Hexcel Corporation		33,000		2,670,690
Keysight Technologies, Inc. ^(a)		11,000		3,106,070
United Parcel Service, Inc. - Class B		20,000		1,967,600
				21,489,311
Materials — 9.1%
Corteva, Inc.		25,000		2,092,750
International Flavors & Fragrances, Inc.		42,000		3,047,100
Martin Marietta Materials, Inc.		5,000		2,943,400
				8,083,250

COMMON STOCKS — 95.0% (Continued)	Shares		Value
Technology — 23.4%
Applied Materials, Inc.		7,000	$	2,392,530
Booz Allen Hamilton Holding Corporation		20,000		1,560,600
Broadridge Financial Solutions, Inc.		10,000		1,624,800
Leidos Holdings, Inc.		9,000		1,399,680
Marvell Technology, Inc.		30,000		2,971,500
Mastercard, Inc. - Class A		5,000		2,498,300
Microsoft Corporation		4,500		1,665,765
MSCI, Inc.		4,700		2,533,347
TransUnion		26,000		1,798,940
Zebra Technologies Corporation - Class A ^(a)		10,500		2,195,340
				20,640,802
Utilities — 3.4%
NextEra Energy, Inc.		32,500		3,018,600

Total Common Stocks (Cost $74,179,373)			$	83,980,914

MONEY MARKET FUNDS — 4.9%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.59% ^(b) (Cost $4,359,648)		4,359,648	$	4,359,648

Total Investments at Value — 99.9% (Cost $78,539,021)			$	88,340,562

Other Assets in Excess of Liabilities — 0.1%				65,555

Net Assets — 100.0%			$	88,406,117

			Davenport		Davenport
	Davenport		Value &		Equity
	Core Leaders		Income		Opportunities
	Fund		Fund		Fund
ASSETS
Investments in securities:
At cost	$	710,995,851	$	762,719,767	$	568,997,395
At value (Note 2)	$	1,158,521,897	$	1,011,432,061	$	758,857,330
Receivable for capital shares sold		192,845		428,304		225,990
Dividends receivable		309,825		1,155,772		160,584
Tax reclaims receivable		126,331		13,063		—
Other assets		16,098		15,918		14,935
TOTAL ASSETS		1,159,166,996		1,013,045,118		759,258,839

LIABILITIES
Payable for capital shares redeemed		785,289		910,661		448,306
Payable for investment securities purchased		—		1,003,122		3,710,772
Accrued management fees (Note 4)		752,861		646,982		490,176
Payable to administrator (Note 4)		84,040		74,920		64,810
Other accrued expenses		14,668		13,109		10,712
TOTAL LIABILITIES		1,636,858		2,648,794		4,724,776

CONTINGENCIES AND COMMITMENTS (Note 7)		—		—		—

NET ASSETS	$	1,157,530,138	$	1,010,396,324	$	754,534,063

Net assets consist of:
Paid-in capital	$	676,964,009	$	745,727,488	$	559,686,402
Distributable earnings		480,566,129		264,668,836		194,847,661
Net assets	$	1,157,530,138	$	1,010,396,324	$	754,534,063

Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)		32,277,599		50,671,618		33,685,539

Net asset value, offering price and redemption price per share (Note 2)	$	35.86	$	19.94	$	22.40

	Year			Year
	Ended			Ended
	March 31,			March 31,
	2026			2025
FROM OPERATIONS
Net investment income	$	288,144		$	1,063,783
Net realized gains from investment transactions		63,563,164			52,508,653
Net change in unrealized appreciation (depreciation) on investments		18,713,323			3,010,038
Net change in net assets from operations		82,564,631			56,582,474

DISTRIBUTIONS TO SHAREHOLDERS (Note 2)		(53,056,096	)		(57,569,579	)

FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		104,275,399			102,118,223
Net asset value of shares issued in reinvestment of distributions to shareholders		48,543,213			52,958,493
Payments for shares redeemed		(94,959,066	)		(69,124,506	)
Net change in net assets from capital share transactions		57,859,546			85,952,210

TOTAL CHANGE IN NET ASSETS		87,368,081			84,965,105

NET ASSETS
Beginning of year		1,070,162,057			985,196,952
End of year	$	1,157,530,138		$	1,070,162,057

CAPITAL SHARE ACTIVITY
Shares sold		2,784,030			2,835,428
Shares reinvested		1,279,083			1,462,833
Shares redeemed		(2,519,013	)		(1,926,990	)
Net change in shares outstanding		1,544,100			2,371,271
Shares outstanding at beginning of year		30,733,499			28,362,228
Shares outstanding at end of year		32,277,599			30,733,499

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			March 31,			March 31,			March 31,			March 31,
	2026			2025			2024			2023			2022
Net asset value at beginning of year	$	34.82		$	34.74		$	27.12		$	32.09		$	31.48

Income (loss) from investment operations:
Net investment income		0.01			0.03			0.10			0.18			0.01
Net realized and unrealized gains (losses) on investments		2.71			2.04			9.48			(3.88	)		3.38
Total from investment operations		2.72			2.07			9.58			(3.70	)		3.39

Less distributions from:
Net investment income		(0.01	)		(0.04	)		(0.10	)		(0.18	)		(0.00	) ^(a)
Net realized gains		(1.67	)		(1.95	)		(1.86	)		(1.09	)		(2.78	)
Total distributions		(1.68	)		(1.99	)		(1.96	)		(1.27	)		(2.78	)

Net asset value at end of year	$	35.86		$	34.82		$	34.74		$	27.12		$	32.09

Total return ^(b)		7.61	%		5.81	%		36.76	%		(11.37	%)		10.89	%

Net assets at end of year (000’s)	$	1,157,530		$	1,070,162		$	985,197		$	716,818		$	845,650

Ratio of total expenses to average net assets		0.85	%		0.85	%		0.87	%		0.87	%		0.86	%

Ratio of net investment income to average net assets		0.02	%		0.10	%		0.34	%		0.66	%		0.04	%

Portfolio turnover rate		16	%		17	%		22	%		19	%		20	%

							Period
	Year Ended			Year Ended			Ended
	March 31,			March 31,			March 31,
	2026			2025			2024^(a)
Net asset value at beginning of period	$	10.28		$	11.30		$	10.00

Income (loss) from investment operations:
Net investment income ^(b)		0.06			0.09			0.03
Net realized and unrealized gains (losses) on investments		1.37			(0.99	)		1.30
Total from investment operations		1.43			(0.90	)		1.33

Less distributions from:
Net investment income		(0.06	)		(0.08	)		(0.03	)
Net realized gains		—			(0.04	)		—
Total distributions		(0.06	)		(0.12	)		(0.03	)

Net asset value at end of period	$	11.65		$	10.28		$	11.30

Total return ^(c)		13.90	%		(8.27	%)		13.31	% ^(d)

Net assets at end of period (000’s)	$	88,406		$	91,896		$	79,554

Ratio of total expenses to average net assets ^(e)		1.01	%		1.01	%		1.09	% ^(f)

Ratio of net investment income to average net assets ^(e)		0.49	%		0.78	%		1.00	% ^(f)

Portfolio turnover rate		42	%		67	%		2	% ^(d)

Davenport Core Leaders Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,102,548,814	$	—	$	—	$	1,102,548,814
Money Market Funds		55,973,083		—		—		55,973,083
Total	$	1,158,521,897	$	—	$	—	$	1,158,521,897


Davenport Value & Income Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	961,119,140	$	—	$	—	$	961,119,140
Money Market Funds		50,312,921		—		—		50,312,921
Total	$	1,011,432,061	$	—	$	—	$	1,011,432,061


Davenport Equity Opportunities Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	719,066,981	$	—	$	—	$	719,066,981
Money Market Funds		39,790,349		—		—		39,790,349
Total	$	758,857,330	$	—	$	—	$	758,857,330


Davenport Small Cap Focus Fund	Level 1		Level 2		Level 3		Total
Common Stocks	$	561,912,186	$	—	$	—	$	561,912,186
Money Market Funds		31,992,430		—		—		31,992,430
Total	$	593,904,616	$	—	$	—	$	593,904,616

	Year	Ordinary		Long-Term		Total
	Ended	Income		Capital Gains		Distributions
Davenport Core Leaders Fund	03/31/26	$	4,710,789	$	48,345,307	$	53,056,096
	03/31/25	$	1,309,623	$	56,259,956	$	57,569,579
Davenport Value & Income Fund	03/31/26	$	17,701,688	$	46,442,393	$	64,144,081
	03/31/25	$	15,263,731	$	54,959,418	$	70,223,149
Davenport Equity Opportunities Fund	03/31/26	$	7,609,517	$	17,064,710	$	24,674,227
	03/31/25	$	842,488	$	—	$	842,488
Davenport Small Cap Focus Fund	03/31/26	$	3,643,680	$	—	$	3,643,680
	03/31/25	$	12,316,389	$	12,409,824	$	24,726,213
Davenport Balanced Income Fund	03/31/26	$	6,948,675	$	6,972,585	$	13,921,260
	03/31/25	$	5,997,369	$	2,796,335	$	8,793,704
Davenport Insider Buying Fund	03/31/26	$	448,905	$	—	$	448,905
	03/31/25	$	760,550	$	—	$	760,550

						Davenport
	Davenport		Davenport			Equity
	Core Leaders		Value &			Opportunities
	Fund		Income Fund			Fund
Paid-in capital	$	—	$	—		$	—
Distributable earnings	$	—	$	—		$	—


	Davenport		Davenport			Davenport
	Small Cap		Balanced			Insider Buying
	Focus Fund		Income Fund			Fund
Paid-in capital	$	—	$	(330	)	$	(1,444	)
Distributable earnings	$	—	$	330		$	1,444


	Golden
	Entertainment,
	Inc.
Percentage of Outstanding Voting Shares Owned as of March 31, 2026		0.00	%
Shares at Beginning of Year	$	1,414,226
Shares Purchased During the Year		164,036
Shares Sold During the Year		(1,578,262	)
Shares at End of Year		—
Market Value at Beginning of Year	$	37,321,424
Cost of Purchases During the Year		3,894,834
Cost of Sales During the Year		(46,749,733	)
Change in Unrealized Appreciation (Depreciation)		5,533,475
Market Value at End of Year	$	—
Net Realized Losses During Year		(1,197,887	)
Dividend Income Earned During the Year	$	823,056

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


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






	THE DAVENPORT FUNDS

	Investment Adviser
	Davenport & Company LLC
	One James Center
	901 East Cary Street
	Richmond, Virginia 23219-4037

	Administrator
	Ultimus Fund Solutions, LLC
	P.O. Box 46707
	Cincinnati, Ohio 45246-0707
	1-800-281-3217

	Custodian
	U.S. Bank, N.A.
	425 Walnut Street
	Cincinnati, Ohio 45202

	Independent Registered Public
	Accounting Firm
	Cohen & Company, Ltd.
	1350 Euclid Ave.,
	Suite 800
	Cleveland, Ohio 44115

	Legal Counsel
	Sullivan & Worcester LLP
	1666 K Street, N.W.
	Washington, DC 20006

	Board of Trustees
	Robert S. Harris, Ph.D., Chairman
	John P. Ackerly, IV
	George K. Jennison
	Harris V. Morrissette
	Elizabeth W. Robertson
	Mark J. Seger

	Officers
	John P. Ackerly, IV, President
	Carly Carmichael, Vice President
	Alison S. Crowder, Vice President
	George L. Smith, III, Vice President

CLOSED-END FUNDS — 4.5%	Shares		Value
Commodity — 4.5%
Sprott Physical Gold Trust ^(a)		78,000	$	2,764,320
Sprott Physical Silver Trust ^(a)		73,750		1,798,763
Total Closed-End Funds (Cost $4,255,968)			$	4,563,083

COMMON STOCKS — 88.9%	Shares		Value
Communications — 7.9%
Alphabet, Inc. - Class A		5,700	$	1,639,092
Alphabet, Inc. - Class C		11,840		3,396,422
Booking Holdings, Inc.		200		842,064
Meta Platforms, Inc. - Class A		3,200		1,830,816
Uber Technologies, Inc. ^(a)		4,000		287,720
				7,996,114
Consumer Discretionary — 6.6%
Amazon.com, Inc. ^(a)		12,000		2,499,240
Home Depot, Inc. (The)		3,000		986,670
Lowe’s Companies, Inc.		2,500		590,700
McDonald’s Corporation		5,000		1,553,950
Tesla, Inc. ^(a)		2,200		817,850
Tractor Supply Company		5,000		226,500
				6,674,910
Consumer Staples — 4.3%
Coca-Cola Company (The)		4,000		304,200
Procter & Gamble Company (The)		4,000		577,760
Walmart, Inc.		27,500		3,417,700
				4,299,660
Energy — 4.0%
Cheniere Energy, Inc.		4,000		1,135,040
Chevron Corporation		4,000		827,600
ONEOK, Inc.		10,000		903,900
Phillips 66		6,400		1,165,952
				4,032,492
Financials — 12.1%
Aflac, Inc.		12,000		1,316,520
Ares Management Corporation - Class A		4,000		436,400
Banco Bilbao Vizcaya Argentaria S.A. - ADR		10,000		216,600
Bank of New York Mellon Corporation (The)		5,500		652,465
Blackstone, Inc.		9,000		1,034,910
Brookfield Corporation		40,500		1,639,035
CME Group, Inc.		3,500		1,033,725

COMMON STOCKS — 88.9% (Continued)	Shares		Value
Financials — 12.1% (Continued)
Goldman Sachs Group, Inc. (The)		1,150	$	972,888
Intercontinental Exchange, Inc.		1,500		235,920
JPMorgan Chase & Company		16,000		4,706,560
				12,245,023
Health Care — 6.3%
Abbott Laboratories		9,500		975,365
AbbVie, Inc.		11,500		2,501,135
Bio-Techne Corporation		18,000		940,680
CRISPR Therapeutics AG ^(a)		7,000		332,990
GE HealthCare Technologies, Inc.		7,000		498,260
Merck & Company, Inc.		1,500		180,435
Thermo Fisher Scientific, Inc.		900		442,377
Vertex Pharmaceuticals, Inc. ^(a)		1,000		446,540
				6,317,782
Industrials — 15.5%
AeroVironment, Inc. ^(a)		800		146,440
Argan, Inc.		1,000		544,650
Eaton Corporation plc		2,500		894,175
Emerson Electric Company		4,500		589,590
GE Vernova, Inc.		1,000		872,900
General Dynamics Corporation		3,700		1,269,914
General Electric Company		4,000		1,135,080
Honeywell International, Inc.		2,000		452,060
Lockheed Martin Corporation		2,000		1,208,780
MasTec, Inc. ^(a)		1,400		450,436
Parker-Hannifin Corporation		1,425		1,275,717
Quanta Services, Inc.		4,000		2,196,080
RTX Corporation		14,000		2,700,600
TE Connectivity plc		9,000		1,881,180
				15,617,602
Materials — 2.8%
Cameco Corporation		4,000		434,440
Freeport-McMoRan, Inc.		25,000		1,469,500
Linde plc		1,200		594,912
Nucor Corporation		1,600		270,560
Solstice Advanced Materials, Inc.		1,275		97,104
				2,866,516

MONEY MARKET FUNDS — 2.1%	Shares		Value
Fidelity Institutional Money Market Government Portfolio - Class I, 3.53% ^(b) (Cost $2,094,972)		2,094,972	$	2,094,972

Total Investments at Value — 100.1%
(Cost $38,066,789)			$	101,025,235

Liabilities in Excess of Other Assets — (0.1%)				(58,156	)

Net Assets — 100.0%			$	100,967,079

CLOSED-END FUNDS — 4.4%	Shares		Value
Commodity — 4.4%
Sprott Physical Gold Trust ^(a)		66,000	$	2,339,040
Sprott Physical Silver Trust ^(a)		54,000		1,317,060
Total Closed-End Funds (Cost $3,469,823)			$	3,656,100

COMMON STOCKS — 80.1%	Shares		Value
Consumer Discretionary — 3.7%
Dick’s Sporting Goods, Inc.		1,700	$	337,093
Gildan Activewear, Inc.		10,000		556,500
Service Corporation International		13,000		1,072,630
Tesla, Inc. ^(a)		1,000		371,750
Toll Brothers, Inc.		3,000		409,410
Viking Holdings Ltd. ^(a)		5,000		367,400
				3,114,783
Consumer Staples — 1.8%
Celsius Holdings, Inc. ^(a)		8,000		283,840
Church & Dwight Company, Inc.		9,000		839,880
Kroger Company (The)		5,600		405,216
				1,528,936
Energy — 3.6%
Cheniere Energy, Inc.		750		212,820
ConocoPhillips		6,375		841,500
ONEOK, Inc.		11,000		994,290
Targa Resources Corporation		3,700		927,701
				2,976,311
Financials — 15.0%
Ares Management Corporation - Class A		7,200		785,520
Arthur J. Gallagher & Company		6,000		1,299,480
Banco Bilbao Vizcaya Argentaria S.A. - ADR		10,000		216,600
Bank of New York Mellon Corporation (The)		1,500		177,945
Berkley (W.R.) Corporation		25,143		1,666,478
Brown & Brown, Inc.		10,000		652,100
CME Group, Inc.		6,000		1,772,100
Dave, Inc. ^(a)		2,000		348,180
Intercontinental Exchange, Inc.		9,000		1,415,520
Morgan Stanley		9,565		1,574,112
Nasdaq, Inc.		22,000		1,867,580
Old Republic International Corporation		20,000		798,000
				12,573,615

COMMON STOCKS — 80.1% (Continued)	Shares		Value
Health Care — 6.1%
Bio-Techne Corporation		15,000	$	783,900
Charles River Laboratories International, Inc. ^(a)		3,000		517,500
Chemed Corporation		2,000		755,480
GE HealthCare Technologies, Inc.		5,000		355,900
Illumina, Inc. ^(a)		2,000		246,520
Labcorp Holdings, Inc.		4,000		1,067,240
Penumbra, Inc. ^(a)		1,500		492,555
ResMed, Inc.		1,200		269,376
Waters Corporation ^(a)		2,000		595,600
				5,084,071
Industrials — 19.8%
AeroVironment, Inc. ^(a)		2,000		366,100
Argan, Inc.		3,750		2,042,437
ATI, Inc. ^(a)		2,200		320,012
Construction Partners, Inc. - Class A ^(a)		1,650		183,348
Donaldson Company, Inc.		12,000		1,018,440
Expeditors International of Washington, Inc.		8,000		1,145,840
Fastenal Company		25,500		1,183,200
GE Vernova, Inc.		500		436,450
Generac Holdings, Inc. ^(a)		2,800		546,924
Graco, Inc.		11,000		931,150
Jacobs Solutions, Inc.		8,000		1,018,240
Kratos Defense & Security Solutions, Inc. ^(a)		2,300		162,173
L3Harris Technologies, Inc.		5,250		1,812,038
MasTec, Inc. ^(a)		3,000		965,220
MSC Industrial Direct Company, Inc. - Class A		5,000		461,350
Pentair plc		3,200		278,752
RBC Bearings, Inc. ^(a)		400		217,248
Waste Connections, Inc.		10,500		1,705,620
Woodward, Inc.		5,000		1,789,600
				16,584,142
Materials — 6.0%
Cameco Corporation		7,000		760,270
Martin Marietta Materials, Inc.		1,500		883,020
Packaging Corporation of America		5,000		1,061,100
Ramaco Resources, Inc. - Class B		1,130		11,525
SSR Mining, Inc. ^(a)		7,800		229,320
Steel Dynamics, Inc.		9,000		1,620,000
Valvoline, Inc. ^(a)		10,236		344,748
Wheaton Precious Metals Corporation		1,000		131,010
				5,040,993

MONEY MARKET FUNDS — 5.3%	Shares		Value
Fidelity Institutional Money Market Government Portfolio - Class I, 3.53% ^(b) (Cost $4,446,331)		4,446,331	$	4,446,331

Total Investments at Value — 100.0%
(Cost $34,648,095)			$	83,706,136

Other Assets in Excess of Liabilities — 0.0% ^(c)				25,851

Net Assets — 100.0%			$	83,731,987