REPORT TO STOCKHOLDERS
TO THE STOCKHOLDERS
The Annual Report of Old Dominion Investors Trust, Inc. covers the 12
month period of our year from September 1, 1997 through August 31, 1998.
There were no factors, strategies, or techniques that materially affected
the Fund over the past year. Management continued to purchase good quality blue
chip stocks listed on the New York Stock Exchange. All securities that are
purchased for the Fund must have paid continuous dividends for at least 10
years. We believe this gives the Fund additional stability.
We focus on buying and adding stocks of companies with average dividend
yields and good prospects for improving earnings.
The Fund, through August 31, 1998, received $182,776 from expired call
options ($.47 per share). This income is distributed to stockholders in the
form of cash distributions. We will continue to sell options on portfolio
securities as market conditions warrant. Management believes this is a good
strategy to achieve above average income. Otherwise, high yields are just not
to be found in many stocks.
The Fund will continue to seek out attractive investments that sell at
reasonable prices in relation to earnings.
Sincerely yours,
Cabell B. Birdsong
President, Investors Security Co., Inc.
Investment Advisor and Manager
James F. Hope
President, Old Dominion Investors
Trust, Inc.
October 1, 1998
<PAGE>
COMPARISON OF THE CHANGE IN A $10,000 INVESTMENT IN OLD DOMINION INVESTORS'
TRUST AND THE STANDARD & POORS 500 INDEX AS OF AUGUST 31, 1998
[GRAPH]
Average Annual Returns for the periods ended August 31, 1998*
1 Year 5 Year 10 Year
------ ------ ---------
-4.41% 11.74% 10.29%
*Average annual return for the Fund assumes the purchase of shares at the
maximum offering price and the deduction of all fees and expenses
<TABLE>
<CAPTION>
Value at August 31, 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
<S> <C>
Old Dominion Investors' Trust $ 9,599 $12,123 $10,442 $12,643 $13,312 $14,674 $15,542 $18,354 $20,980 $26,737 $26,625
Standard & Poors 500 Index $10,000 $13,923 $13,228 $16,788 $18,120 $20,879 $22,022 $26,746 $31,752 $44,653 $48,267
</TABLE>
Performance and data represent past performance. Investment return and
principal value of an investment in the Fund will fluctuate. Your shares, when
redeemed, may be worth more or less than their original cost.
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
PORTFOLIO OF INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES VALUE
- -------- COMMON STOCKS: 85.7% ------------
<S> <C>
AUTOMOBILES: 1.5%
3,000 Chrysler Corp. $ 133,875
----------
AUTOMOTIVE PARTS & SUPPLIES: 2.4%
4,400 Goodyear Tire & Rubber Company 215,600
----------
BUILDING PRODUCTS: 2.1%
3,900 Armstrong World Industries Inc. 187,200
----------
CHEMICALS: 5.7%
2,000 DuPont E.I. DeNemours & Co. 115,375
6,000 Lilly Eli & Co. 393,000
----------
508,375
----------
COMMUNICATIONS: 10.7%
8,200 AT & T Corp. 411,025
7,200 Bell Atlantic Corp. 317,700
4,400 GTE Corp. 220,000
----------
Total 948,725
----------
CONSTRUCTION EQUIPMENT: 3.7%
7,000 Caterpillar 295,312
1,000 Deere & Co. 32,937
----------
328,249
----------
CONSUMER GOODS AND SERVICES: 7.5%
7,000 American Home Products Corp. 350,875
2,500 Colgate-Palmolive Co. 180,313
2,000 Johnson & Johnson 138,000
----------
Total 669,188
----------
ENERGY PRODUCTS: 13.4%
5,000 Atlantic Richfield Co. 290,000
3,000 Exxon Corp. 196,313
4,900 Mobil Corp. 338,713
6,600 Texaco Inc. 366,712
----------
Total 1,191,738
----------
ENERGY SERVICES: 0.9%
3,600 Williams Companies Inc. 82,800
----------
FINANCIAL SERVICES: 11.8%
3,500 Bankers Trust NY Corp. 260,094
4,200 Chase Manhattan Corp. 222,600
3,500 Fleet Financial Group Inc. 229,469
5,900 Nations Bank Corp. 336,300
----------
Total 1,048,463
----------
INDUSTRIAL MANUFACTURING: 7.3%
3,000 Cooper Industries Inc. 127,687
4,000 General Electric 320,000
4,000 PPG Industries Inc. 203,250
----------
Total 650,937
----------
</TABLE>
3
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
PORTFOLIO OF INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES VALUE
- --------- COMMON STOCKS: 85.7% ---------
<S> <C>
OFFICE EQUIPMENT: 3.5%
3,500 Xerox Corp. 307,344
-------
RETAIL: 6.6%
5,500 J.C. Penney 272,594
7,000 Sears Roebuck & Co. 318,062
-------
Total 590,656
-------
TRANSPORTATION: 8.6%
10,000 CSX Corp. 377,500
13,700 Norfolk Southern Corp. 386,169
-------
763,669
-------
Total common stocks (Cost $8,376,196) 7,626,819
---------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
- ------------- REPURCHASE AGREEMENT: 11.3%
<S> <C>
$1,000,000 United Missouri Bank, 5.22%, Dated 8/28/97, Due 9/4/98, Repurchase
price $1,001,015 (collateralized by U.S. Treasury Notes, 7.125%, Due
2/29/00, Market Value $1,023,980, including accrued interest.)
(Cost $1,000,000) 1,000,000
---------
Total Investments in Securities (Cost $9,376,196)*(Notes 1A and 2) 97.0% 8,626,819
Cash and Other Assets in Excess of Liabilities -- Net 3.0% 269,263
----- ---------
Total New Assets 100.0% $8,896,082
===== ==========
</TABLE>
*Cost for federal income tax purposes is $9,376,196 and net unrealized
appreciation consists of:
<TABLE>
<S> <C>
Gross Unrealized Appreciation $ 236,709
Gross Unrealized Depreciation (986,086)
----------
Net Unrealized Appreciation $(749,377)
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
PORTFOLIO OF INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
NUMBER OF
CONTRACTS VALUE
- ----------- ---------
<S> <C>
COVERED CALL OPTIONS:
30 American Home Products, October $60 $ 2,250
10 American Home Products, January $65 1,313
25 Atlantic Richfield, January $80 1,562
15 AT&T Corp., October $70 375
25 AT&T Corp., January $70 1,406
15 Bankers Trust, October $130 188
10 Bell Atlantic, October $50 437
25 Bell Atlantic, January $50 3,750
10 Caterpillar Inc., November $60 438
20 Caterpillar Inc., January $55 2,750
10 Chase Manhattan, September $75 250
10 Chase Manhattan, December $75 1,000
10 Chrysler Corp., October $55 1,500
10 Chrysler Corp., October $65 250
10 Colgate-Palmolive, November $95 500
10 Colgate-Palmolive, November $100 219
15 Cooper Industries, January $60 844
10 CSX Corp., November $55 125
20 CSX Corp., November $60 250
20 DuPont, January $75 1,750
30 Eli Lilly, October $75 3,750
15 Exxon, October $80 375
15 Fleet Financial, October $95 187
20 General Electric, September $95 500
20 Goodyear Tire, October $70 375
10 Goodyear Tire, October $75 125
10 GTE Corp., September $65 125
10 GTE Corp., December $65 219
10 J.C. Penney, February $65 1,000
10 Johnson & Johnson, October $80 1,000
20 Mobil Corp., November $80 3,000
10 Mobil Corp., November $85 625
10 NationsBank Corp., November $90 219
20 NationsBank Corp., January $85 1,500
20 PPG Industries, January $65 1,000
10 Sears Roebuck & Co., January $65 812
30 Sears Roebuck & Co., January $60 4,500
10 Texaco, October $70 250
20 Texaco, January $70 1,500
20 Williams Companies, November $30 1,750
10 Xerox Corp., September $120 125
10 Xerox Corp., October $120 250
-------
Total (premiums received $90,397)(Notes 1A, 1D and 3) $44,344
=======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 1998
<TABLE>
<S> <C>
ASSETS
Investments in securities, at value (identified cost $9,376,196) (Notes 1A and 2) $ 8,626,819
Cash 270,336
Receivable for:
Dividends and interest 31,471
Securities sold 140,219
Capital stock sold 96
Prepaid expenses 14,523
-----------
Total assets 9,083,464
-----------
LIABILITIES
Payable for:
Securities purchased 100,714
Call options written, at value (premiums received $90,397) (Note 3) 44,344
Accrued expenses 42,324
-----------
Total liabilities 187,382
-----------
NET ASSETS
(Applicable to 387,397 shares of capital stock outstanding; 500,000 shares of $12.50
par value authorized) $ 8,896,082
===========
Computation of offering price:
Net asset value and redemption price per share ($8,896,082 / 387,397 shares) $ 22.96
===========
Offering price per share (100/96 of net asset value)* $ 23.92
===========
*On investments of $100,000 or more the offering price is reduced.
Net assets consist of:
Paid-in capital $ 8,428,037
Undistributed net investment income 102,831
Undistributed net realized gain on investments 1,068,538
Net unrealized appreciation of investments and call options written (703,324)
-----------
$ 8,896,082
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
STATEMENT OF OPERATIONS
YEAR ENDED AUGUST 31, 1998
<TABLE>
<S> <C>
INVESTMENT INCOME
Income
Dividends $ 208,122
Interest 47,189
------------
Total income 255,311
------------
Expenses
Investment management fee (Note 4) 49,908
Professional fees 12,500
Insurance expense 16,095
Printing shareholder reports 11,109
Directors' fees 8,000
Distribution expenses 10,187
------------
Total expenses 107,799
------------
NET INVESTMENT INCOME 147,512
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on options contracts written 248,786
Net realized gain on investments 1,326,755
Net change in unrealized depreciation of investments and option
contracts written (1,758,011)
------------
NET LOSS ON INVESTMENTS (182,470)
------------
NET DECREASE IN NET ASSETS FROM OPERATIONS $ (34,958)
============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
1998 1997
--------------- -------------
<S> <C>
OPERATIONS
Net investment income $ 147,512 $ 161,099
Net realized gain on option contracts written 248,786 105,888
Net realized gain on investments 1,326,755 1,011,506
Net change in unrealized depreciation of investments and
option contracts written (1,758,011) 774,110
------------ ----------
Net increase (decrease) in net assets resulting from operations (34,958) 2,052,603
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income ($.22 and $.62 per share, respectively) (77,335) (210,465)
Distributions from realized gain on investments ($3.65 and $1.65 per share,
respectively) (1,295,332) (559,937)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from the change in the number of
outstanding shares (a) 825,231 403,186
------------ ----------
Total increase (decrease) in net assets (582,394) 1,685,387
NET ASSETS
Beginning of the period 9,478,476 7,793,089
------------ ----------
End of the period
(including undistributed net investment income of $102,831 and $32,654, respectively) $ 8,896,082 $9,478,476
============ ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(A) TRANSACTIONS IN CAPITAL SHARES WERE AS FOLLOWS:
<TABLE>
<CAPTION>
1998 1997
------------------------------ ------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ --------------- ------------ ---------------
<S> <C>
Shares sold 42,392 $ 1,145,997 41,538 $ 1,103,685
Shares issued in reinvestment of distributions from net
investment income and realized gain on investments and
options contracts written 41,541 1,031,217 21,619 520,109
------ ------------ ------ ------------
83,933 2,177,214 63,157 1,623,794
Shares redeemed (50,036) (1,351,983) (47,215) (1,220,608)
------- ------------ ------- ------------
Net increase 33,897 $ 825,231 15,942 $ 403,186
======= ============ ======= ============
</TABLE>
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
Year ended August 31,
<TABLE>
<CAPTION>
1998 1997 1996 1995
------------- -------------- -------------- -----------
<S> <C>
PER SHARE OPERATING
PERFORMANCE
Net asset value, beginning
of period $ 26.81 $ 23.09 $ 21.52 $ 19.64
--------- --------- --------- -------
Income from investment
operations --
Net investment income 0.40 0.47 0.53 0.68
Net realized and unrealized
gain (loss) on investments (0.38) 5.52 2.46 2.67
---------- --------- --------- -------
Total from investment
operations 0.02 5.99 2.99 3.35
---------- --------- --------- -------
Less distributions --
Distributions from net
investment income 0.22 0.62 0.29 0.78
Distributions from realized
gains on investments 3.65 1.65 1.13 0.44
Distributions in excess of
realized gains on
investment -- -- -- 0.25
---------- ---------- ---------- -------
Total distributions 3.87 2.27 1.42 1.47
---------- ---------- ---------- -------
Net asset value, end of period $ 22.96 $ 26.81 $ 23.09 $ 21.52
========== ========== ========== =======
TOTAL RETURN* (0.42)% 27.44% 23.09% 18.05%
Average commission per
share $ 0.4344 $ 0.4073 $ 0.4008 --
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in thousands) $ 8,896 $ 9,478 $ 7,793 $ 7,277
Ratio to average net
assets --
Expenses 1.08 % 1.60% 1.30% 1.39%
Net investment income 1.48 % 1.88% 2.35% 3.42%
Portfolio turnover rate 86 % 86% 119% 64%
<CAPTION>
1994 1993 1992 1991 1990 1989
----------- ----------- ----------- ----------- ------------- -----------
<S> <C>
PER SHARE OPERATING
PERFORMANCE
Net asset value, beginning
of period $ 20.24 $ 19.71 $ 20.09 $ 18.23 $ 23.49 $ 20.37
------- ------- ------- ------- --------- -------
Income from investment
operations --
Net investment income 0.63 0.54 0.71 0.64 0.75 0.67
Net realized and unrealized
gain (loss) on investments 0.51 1.39 0.31 2.88 ( 3.78) 4.37
------- ------- ------- ------- --------- -------
Total from investment
operations 1.14 1.93 1.02 3.52 ( 3.03) 5.04
------- ------- ------- ------- --------- -------
Less distributions --
Distributions from net
investment income 0.64 0.45 0.66 0.71 0.82 0.75
Distributions from realized
gains on investments 1.10 0.95 0.74 0.95 1.41 1.17
Distributions in excess of
realized gains on
investment -- -- -- -- -- --
-------- -------- -------- -------- --------- --------
Total distributions 1.74 1.40 1.40 1.66 2.23 1.92
-------- -------- -------- -------- --------- --------
Net asset value, end of period $ 19.64 $ 20.24 $ 19.71 $ 20.09 $ 18.23 $ 23.49
======== ======== ======== ======== ========= ========
TOTAL RETURN* 5.92% 10.23% 5.29% 21.09% (13.87)% 26.29%
Average commission per
share -- -- -- -- -- --
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in thousands) $ 6,918 $ 6,718 $ 6,745 $ 6,525 $ 6,202 $ 6,796
Ratio to average net
assets --
Expenses 1.33% 1.17% 1.34% 1.33% 1.20 % 1.54%
Net investment income 3.29% 2.69% 2.73% 3.46% 3.69 % 3.07%
Portfolio turnover rate 67% 76% 54% 56% 76 % 88%
</TABLE>
*Calculated without deduction of sales load.
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1998
NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES
Old Dominion Investors' Trust, Inc. (the "Trust") is registered under the
Investment Company Act of 1940 (the "1940 Act") as a diversified, open-end
management investment company. The primary investment objective of the Trust is
to seek income with long-term growth of capital being a secondary objective.
There can be no assurance that the Trust's objective will be achieved. The
Trust's assets are invested in marketable securities whose prices fluctuate.
Therefore, the value of the outstanding shares of the trust are not fixed, but
vary with the daily changes in market value of those securities held in the
Trust's portfolio.
The following is a summary of the significant accounting policies followed
by the Trust:
A. SECURITY VALUATION. Portfolio securities which are traded on an exchange
are valued at the last reported sale price on the date of valuation. If
there is no reported sale then the valuation is based upon the mean
between the bid and ask prices. Securities for which reliable quotations
are not readily available are valued at fair market value as determined in
good faith by the Trust's Board of Directors. Short-term investments are
valued at cost which when combined with accrued interest equals fair
market value.
B. FEDERAL INCOME TAXES. The Trust intends to continue to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to its
shareholders. Therefore, no federal income tax provision is required.
C. SECURITY TRANSACTIONS AND DIVIDENDS. As is common in the industry,
security transactions are accounted for on the trade date. Dividend income
and distributions to shareholders are recorded on the ex-dividend date.
Interest income is recorded on the accrual basis.
D. OPTION ACCOUNTING PRINCIPLES. When the Trust sells an option, the
premium received is recorded as a liability. Each day the option contract
liability is valued in accordance with the procedures for security
valuations discussed above. When an offsetting option is purchased
(closing transaction) or the option contract expires, the Trust realizes a
gain or loss and the liability related to such option contract is
eliminated. When an option is exercised, the Trust realizes a gain or loss
from the sale of the underlying security and the proceeds of the sale are
increased by the premiums originally received.
E. USE OF ESTIMATES. In preparing financial statements in accordance with
generally accepted accounting principles, management is required to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the
date of the financial statements, and revenue and expenses during the
reporting period. Actual results could differ from those estimates.
NOTE 2 -- INVESTMENTS
During the year ended August 31, 1998, the cost of purchases and the
proceeds from sale of securities, excluding short-term notes, were $7,747,143
and $7,375,141, respectively.
NOTE 3 -- OPTIONS WRITTEN
A summary of option contracts written by the Trust during the year is as
follows:
<TABLE>
<CAPTION>
CALLS PUTS
--------------------------- --------------------------
NUMBER OF OPTION NUMBER OF OPTION
OPTIONS PREMIUMS OPTIONS PREMIUMS
----------- ------------- ----------- ------------
<S> <C>
Options outstanding at beginning of year 539 $ 72,412 129 $ 32,039
Options written 2,417 308,872 317 63,302
Options closed (55) (3,960) (68) (11,388)
Options expired (1,391) (182,776) (269) (58,950)
Options exercised (860) (104,151) (109) (25,003)
------ ---------- ---- ---------
Options outstanding at end of year 650 $ 90,397 -- $ --
====== ========== ==== =========
</TABLE>
As of August 31, 1998, portfolio securities valued at $3,539,063 were
subject to covered call options written by the Trust.
9
<PAGE>
NOTE 4 -- INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investors Security Company, Inc. ("Investors Security") provides the Trust
with investment management and advisory services pursuant to an investment
advisory agreement and contract. Investors Security furnished all investment
advice, office space and salaries of personnel needed by the Trust.
Additionally, Investors Security has agreed to act as the Trust's registrar and
transfer agent and to bear all related costs associated with the registration
and transfer of the Trust's shares. As compensation for its services, the
Manager is paid a monthly fee which is equal to an annual rate of .50% of the
Trust's average net assets.
The Trust has adopted a Plan pursuant to Rule 12B-1 under the 1940 Act
(the "Plan"), whereby it may pay up to .25% of average daily net assets to its
principal underwriter, Investors' Security Company, Inc. ("ISC"), for expenses
incurred in the distribution of the Trust's shares. Pursuant to this Plan, ISC
is entitled to reimbursement for payments to securities dealers providing
shareholder services. Distribution expenses incurred by ISC were $10,187 for
the year ended August 31, 1998.
Investors Security is a registered securities broker/dealer and serves as
the Trust's principal underwriter. During the year ended August 31, 1998,
Investors Security received $55 in underwriter's concessions and $29,317 in
commissions as a retail dealer in the Trust's shares. Investors Security also
received $104,646 in brokerage commissions on the execution of certain of the
Trust's portfolio transactions.
Certain officers and directors of the Trust are also officers and/or
directors of Investors Security.
10
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders and Board of Directors of
Old Dominion Investors' Trust, Inc.
Suffolk, Virginia
We have audited the accompanying statement of assets and liabilities of Old
Dominion Investors' Trust, Inc., including the portfolio of investments and
schedule of option contracts written, as of August 31, 1998, the related
statement of operations for the year then ended, and the statement of changes
in net assets, and the financial highlights for each of the two years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights of Old Dominion Investors' Trust, Inc. for
each of the eight years in the period ended August 31, 1996 were audited by
other auditors whose report dated September 26, 1996, expressed an unqualified
opinion on the financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
August 31, 1998, by correspondence with the custodian and brokers. Where
brokers did not reply to our confirmation requests, we carried out other
appropriate auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Old
Dominion Investors' Trust, Inc. as of August 31, 1998, the results of its
operations for the year then ended, and the changes in its net assets, and the
financial highlights for each of the two years in the period then ended in
conformity with generally accepted accounting principles.
BRIGGS, BUNTING & DOUGHERTY, LLP
Philadelphia, Pennsylvania
September 17, 1998
11
<PAGE>
OLD DOMINION INVESTORS' TRUST, INC.
110 BANK STREET
SUFFOLK, VIRGINIA 23434
PHONE 757-539-2396
Custodian
UMB BANK
928 Grand Avenue
Kansas City, Missouri 64141
Counsel
KAUFMAN & CANOLES
Nations Bank Center
P.O. Box 3037
Norfolk, VA 23574
Auditors
BRIGGS, BUNTING & DOUGHERTY, LLP
Two Logan Square,
Suite 2121
Philadelphia, Pennsylvania 19103-4901
Manager, Underwriter
INVESTORS' SECURITY COMPANY, INC.
110 Bank Street
Suffolk, Virginia 23434
Phone: (757) 539-2396
Transfer Agent
FIRST DATA INVESTOR SERVICES GROUP
3200 Horizon Drive
P.O. Box 61503
King of Prussia, PA 19406-0903
Phone: (610) 239-4500
[OLD DOMINION INVESTORS TRUST, INC. LOGO]
ANNUAL REPORT
AUGUST 31, 1998
