The Government Street Funds
The Alabama Tax Free Bond Fund
No Load Mutual Funds
Investment Adviser
T. Leavell & Associates, Inc.
150 Government Street
Post Office Box 1307
Mobile, AL 36633
Administrator
MGF Service Corp.
312 Walnut Street
P.O. Box 5354
Cincinnati, OH 45201-5354
1-800-443-4249
Legal Counsel
Sullivan & Worcester LLP
One Post Office Square
Boston, MA 02109
Board of Trustees
Richard Mitchell, President
Jack E. Brinson
Austin Brockenbrough, III
John T. Bruce
Charles M. Caravati, Jr. M.D.
J. Finley Lee, Jr.
Richard L. Morrill
Harris V. Morrissette
Fred T. Tattersall
Samuel B. Witt, III
Portfolio Managers
Thomas W. Leavell,
The Government Street Funds
Timothy S. Healey,
The Alabama Tax Free Bond Fund
The Government Street Funds
The Alabama Tax Free Bond Fund
No Load Mutual Funds
Semi-Annual Report
September 30, 1996
(Unaudited)
Investment Adviser
T. Leavell & Associates, Inc.
Founded 1979
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET FUNDS
THE ALABAMA TAX FREE BOND FUND
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
===========================================================================================================
Government Government Alabama
Street Street Tax Free
Equity Bond Bond
Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities:
At acquisition cost................................... $ 30,973,888 $ 28,885,055 $ 15,691,177
=============== =============== ===============
At value (Note 1)..................................... $ 42,882,680 $ 28,556,818 $ 15,937,238
Investments in repurchase agreements (Note 1)............ 2,419,000 685,000 --
Cash .................................................... 560 11 1
Receivable for capital shares sold....................... 6,850 225 680
Interest receivable...................................... 373 522,014 210,989
Dividends receivable..................................... 67,190 -- --
Other assets............................................. 3,875 3,795 2,443
--------------- --------------- ---------------
TOTAL ASSETS.......................................... 45,380,528 29,767,863 16,151,351
--------------- --------------- ---------------
LIABILITIES
Payable for capital shares redeemed...................... 11,648 25,440 2,500
Dividends payable........................................ 4,677 20,127 16,073
Accrued advisory fees (Note 3)........................... 21,601 12,053 610
Accrued administration fees (Note 3)..................... 7,300 2,000 2,000
Other accrued expenses and liabilities................... 4,909 2,860 2,860
--------------- --------------- ---------------
TOTAL LIABILITIES..................................... 50,135 62,480 24,043
--------------- --------------- ---------------
NET ASSETS .............................................. $ 45,330,393 $ 29,705,383 $ 16,127,308
=============== =============== ===============
Net assets consist of:
Capital shares........................................... $ 31,455,331 $ 30,315,895 $ 16,096,551
Accumulated net realized gains (losses)
from security transactions............................ 1,963,408 (282,650) (215,304)
Undistributed net investment income...................... 2,862 375 --
Net unrealized appreciation (depreciation)
on investments........................................ 11,908,792 (328,237) 246,061
--------------- --------------- ---------------
Net assets............................................... $ 45,330,393 $ 29,705,383 $ 16,127,308
=============== =============== ===============
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value)............ 1,433,823 1,436,606 1,579,440
=============== =============== ===============
Net asset value, offering price and
redemption price per share (Note 1)................... $ 31.62 $ 20.68 $ 10.21
=============== =============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET FUNDS
THE ALABAMA TAX FREE BOND FUND
STATEMENTS OF OPERATIONS
Six Months Ended September 30, 1996 (Unaudited)
===========================================================================================================
Government Government Alabama
Street Street Tax Free
Equity Bond Bond
Fund Fund Fund
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Interest.............................................. $ 63,788 $ 1,054,781 $ 389,610
Dividends............................................. 413,414 -- --
--------------- --------------- ---------------
TOTAL INVESTMENT INCOME............................. 477,202 1,054,781 389,610
--------------- --------------- ---------------
EXPENSES
Investment advisory fees (Note 3)..................... 128,321 72,786 27,672
Administrative fees (Note 3).......................... 40,935 12,000 12,039
Custodian fees........................................ 8,204 4,711 3,656
Professional fees..................................... 5,641 5,641 4,104
Printing of shareholder reports....................... 4,828 4,622 5,321
Pricing costs......................................... 899 5,697 6,962
Trustees' fees and expenses........................... 2,706 2,706 2,706
Postage and supplies.................................. 2,346 2,446 1,480
Registration fees..................................... 1,416 1,225 973
Other expenses........................................ 3,603 257 1,142
--------------- --------------- ---------------
TOTAL EXPENSES...................................... 198,899 112,091 66,055
Fees waived by the Adviser (Note 3)................... -- -- (13,055)
--------------- --------------- ---------------
NET EXPENSES........................................ 198,899 112,091 53,000
--------------- --------------- ---------------
NET INVESTMENT INCOME ................................... 278,303 942,690 336,610
--------------- --------------- ---------------
REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS
Net realized gains (losses)
from security transactions.......................... 1,170,567 (86,469) (9,134)
Net change in unrealized appreciation/depreciation
on investments...................................... 1,970,688 (170,430) (15,153)
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS ....................................... 3,141,255 (256,899) (24,287)
--------------- --------------- ---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ...................................... $ 3,419,558 $ 685,791 $ 312,323
=============== =============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET FUNDS
THE ALABAMA TAX FREE BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
Periods Ended September 30, 1996 and March 31, 1996
=============================================================================================================
Government Street Government Street Alabama Tax Free
Equity Fund Bond Fund Bond Fund
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
Sept. 30, Ended Sept. 30, Ended Sept. 30, Ended
1996 March 31, 1996 March 31, 1996 March 31,
(Unaudited) 1996 (Unaudited) 1996 (Unaudited) 1996
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income............. $ 278,303 $ 553,483 $ 942,690 $1,830,191 $ 336,610 $ 583,437
Net realized gains (losses)
from security transactions...... 1,170,567 1,093,838 (86,469) (43,990) (9,134) (3,107)
Net change in unrealized
appreciation/depreciation
on investments.................. 1,970,688 6,795,880 (170,430) 791,184 (15,153) 340,163
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets
from operations.................. 3,419,558 8,443,201 685,791 2,577,385 312,323 920,493
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income........ (277,569) (552,981) (945,154) (1,829,817) (336,610) (583,437)
From net realized gains........... -- ( 280,943) -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Decrease in net assets from
distributions to shareholders.... (277,569) (833,924) (945,154) (1,829,817) (336,610) (583,437)
----------- ----------- ----------- ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS(A):
Proceeds from shares sold......... 1,944,331 7,310,859 1,850,071 2,484,795 878,651 2,543,833
Net asset value of shares issued in
reinvestment of distributions
to shareholders.................. 267,210 798,493 824,087 1,597,448 234,140 410,869
Payments for shares redeemed...... (1,443,960) (5,771,194) (1,427,170) (3,891,999) (441,675) (627,496)
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets from
capital share transactions........ 767,581 2,338,158 1,246,988 190,244 671,116 2,327,206
----------- ----------- ----------- ----------- ----------- -----------
TOTAL INCREASE IN NET ASSETS ....... 3,909,570 9,947,435 987,625 937,812 646,829 2,664,262
NET ASSETS:
Beginning of period............... 41,420,823 31,473,388 28,717,758 27,779,946 15,480,479 12,816,217
----------- ----------- ----------- ----------- ----------- -----------
End of period..................... $45,330,393 $41,420,823 $29,705,383 $ 28,717,758 $16,127,308 $15,480,479
=========== =========== =========== =========== =========== ===========
UNDISTRIBUTED NET
INVESTMENT INCOME ................ $ 2,862 $ 2,128 $ 375 $ 2,839 $ -- $ --
=========== =========== =========== =========== =========== ===========
(a) Summary of capital share activity:
Shares sold...................... 64,930 273,855 89,414 117,710 86,322 247,956
Shares issued in reinvestment of
distributions to shareholders 8,672 29,243 39,987 75,860 22,997 40,072
Shares redeemed.................. (48,210) (213,229) (69,124) (183,993) (43,418) (61,341)
----------- ----------- ----------- ----------- ----------- -----------
Net increase in shares
outstanding 25,392 89,869 60,277 9,577 65,901 226,687
Shares outstanding, beginning
of period 1,408,431 1,318,562 1,376,329 1,366,752 1,513,539 1,286,852
----------- ----------- ----------- ----------- ----------- -----------
Shares outstanding, end of period 1,433,823 1,408,431 1,436,606 1,376,329 1,579,440 1,513,539
=========== =========== =========== =========== =========== ===========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET EQUITY FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
===================================================================================================================
Six Months
Ended June 3,
Sept. 30, Years Ended March 31, 1991(a) to
1996 March 31,
(Unaudited) 1996 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period........................ $ 29.41 $ 23.87 $ 22.69 $ 23.06 $ 21.37 $ 20.00
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income............. 0.20 0.40 0.38 0.30 0.34 0.28
Net realized and unrealized
gains (losses) on investments.... 2.21 5.75 1.19 (0.37) 1.71 1.35
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations.... 2.41 6.15 1.57 (0.07) 2.05 1.63
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net investment
income.......................... (0.20) (0.40) (0.39) (0.30) (0.36) (0.26)
Distributions from net
realized gains -- (0.21) -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions................. (0.20) (0.61) (0.39) (0.30) (0.36) (0.26)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 31.62 $ 29.41 $ 23.87 $ 22.69 $ 23.06 $ 21.37
=========== =========== =========== =========== =========== ===========
Total return........................ 16.39%(c) 25.96% 7.02% (0.31%) 9.66% 9.99%(c)
=========== =========== =========== =========== =========== ===========
Net assets at end of period (000's). $ 45,330 $ 41,421 $ 31,473 $ 27,101 $ 21,735 $ 14,971
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average
net assets (b)................... 0.93%(c) 0.94% 0.91% 1.00% 1.00% 1.00%(c)
Ratio of net investment income
to average net assets............. 1.30%(c) 1.50% 1.71% 1.33% 1.55% 1.88%(c)
Portfolio turnover rate............. 23%(c) 31% 55% 63% 59% 20%
Average commission rate per share... $ 0.0402 $ -- $ -- $ -- $ -- $ --
<FN>
(a) Commencement of operations.
(b) In an effort to reduce the total operating expenses of the Fund, a portion
of the Fund's administrative and custodian fees for periods ended prior to
March 31, 1996 were paid through an arrangement with a third-party
broker-dealer who was compensated through commission trades. Payment of the
fees was based on a percentage of commissions earned. Absent expenses
reimbursed through the directed brokerage arrangement, the ratios of
expenses to average net assets would have been 1.00%, 1.16%, 1.20% and
1.18%(c) for the periods ended March 31, 1995, 1994, 1993 and 1992,
respectively.
(c) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
===================================================================================================================
Six Months
Ended June 3,
Sept. 30, Years Ended March 31, 1991(a) to
1996 March 31,
(Unaudited) 1996 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period $ 20.87 $ 20.33 $ 20.87 $ 21.77 $ 20.67 $ 20.00
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income............. 0.67 1.35 1.35 1.32 1.34 0.95
Net realized and unrealized
gains (losses) on investments.... (0.19) 0.54 (0.53) (0.90) 1.10 0.67
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations.... 0.48 1.89 0.82 0.42 2.44 1.62
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net investment
income (0.67) (1.35) (1.36) (1.32) (1.33) (0.95)
Distributions from net realized
gains -- -- -- -- (0.01) --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions................. (0.67) (1.35) (1.36) (1.32) (1.34) (0.95)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 20.68 $ 20.87 $ 20.33 $ 20.87 $ 21.77 $ 20.67
=========== =========== =========== =========== =========== ===========
Total return........................ 4.71%(c) 9.43% 4.12% 1.85% 12.14% 9.95%(c)
=========== =========== =========== =========== =========== ===========
Net assets at end of period (000's). $ 29,705 $ 28,718 $ 27,780 $ 22,633 $ 15,955 $ 6,506
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average net
assets(b)......................... 0.77%(c) 0.76% 0.85% 0.86% 0.88% 0.93%(c)
Ratio of net investment income
to average net assets............. 6.47%(c) 6.38% 6.68% 6.15% 6.44% 7.02%(c)
Portfolio turnover rate............. 15%(c) 10% 11% 10% 17% 15%
<FN>
(a) Commencement of operations.
(b) Absent investment advisory fees waived by the Adviser, the ratios of
expenses to average net assets would have been 1.03%, 1.09% and 1.30%(c) for
the periods ended March 31, 1994, 1993 and 1992, respectively (Note 3).
(c) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
===================================================================================================================
Six Months Seven
Ended Months January 15,
Sept. 30, Years Ended March 31, Ended 1993(b) to
1996 March 31, August 31,
(Unaudited) 1996 1995 1994(a) 1993
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period.... $ 10.23 $ 9.96 $ 9.96 $ 10.30 $ 10.00
----------- ----------- ---------- ---------- -----------
Income from investment operations:
Net investment income.................. 0.22 0.42 0.45 0.26 0.23
Net realized and unrealized
gains (losses) on investments........ (0.02) 0.27 -- (0.34) 0.30
----------- ----------- ---------- ---------- -----------
Total from investment operations.......... 0.20 0.69 0.45 (0.08) 0.53
----------- ----------- ---------- ---------- -----------
Less distributions:
Dividends from net investment income... (0.22) (0.42) (0.45) (0.26) (0.23)
----------- ----------- ---------- ---------- -----------
Net asset value at end of period.......... $ 10.21 $ 10.23 $ 9.96 $ 9.96 $ 10.30
=========== =========== ========== ========== ===========
Total return.............................. 3.89%(d) 7.02% 4.66% (1.50%)(d) 8.79%(d)
=========== =========== ========== ========== ===========
Net assets at end of period (000's)....... $ 16,127 $ 15,480 $ 12,816 $ 9,716 $ 3,429
=========== =========== ========== ========== ===========
Ratio of expenses to average net assets(c) 0.67%(d) 0.75% 0.75% 0.75%(d) 0.75%(d)
Ratio of net investment income
to average net assets.................. 4.26%(d) 4.11% 4.56% 4.46%(d) 4.01%(d)
Portfolio turnover rate................... 6%(d) 4% 36% 3% 2%
<FN>
(a) Effective April 1, 1994, the Fund was reorganized and changed its
fiscal year end from August 31 to March 31.
(b) Commencement of operations.
(c) Absent investment advisory fees waived and/or expenses reimbursed by the
Adviser, the ratios of expenses to average net assets would have been
0.84%(d), 0.86%, 1.05%, 1.76%(d) and 2.75%(d) for the periods ended
September 30, 1996, March 31, 1996, March 31, 1995, March 31, 1994 and
August 31, 1993, respectively (Note 3).
(d) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET EQUITY FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
=============================================================================================================
Shares COMMON STOCKS -- 94.5% Value
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS AND DRUGS -- 17.6%
20,000 Becton Dickinson & Company................................................. $ 885,000
13,000 Biomet, Inc.(a) ........................................................... 212,875
14,375 Cardinal Health, Inc....................................................... 1,187,734
14,000 duPont (E.I.) de Nemours & Company......................................... 1,235,500
6,500 Eli Lilly & Company........................................................ 419,250
20,000 First Mississippi Corporation.............................................. 537,500
18,000 Goodrich (B.F.) Company.................................................... 812,250
14,500 Johnson & Johnson.......................................................... 743,125
10,000 Schering-Plough Corporation................................................ 615,000
18,000 Schulman (A.), Inc......................................................... 418,500
12,000 Sigma-Aldrich.............................................................. 684,000
5,000 Union Carbide Corporation.................................................. 228,125
--------------
......................................................................... 7,978,859
--------------
CONSTRUCTION -- 5.4%
12,750 Blount, Inc. - Class A..................................................... 428,719
12,000 Caterpiller, Inc........................................................... 904,500
16,250 Clayton Homes, Inc......................................................... 357,500
5,000 Florida Rock Industries, Inc............................................... 144,375
12,800 Valspar Corporation........................................................ 630,400
--------------
2,465,494
--------------
CONSUMER PRODUCTS -- 12.8%
20,632 Archer-Daniels-Midland Company............................................. 397,166
13,000 Belo (A.H.) Corporation - Class A.......................................... 448,500
11,500 General Motors Corporation................................................. 552,000
16,000 Gillette Company........................................................... 1,154,000
10,000 Kimberly-Clark Corporation................................................. 881,250
15,500 Motorola, Inc.............................................................. 800,188
13,300 Polygram NV................................................................ 741,475
8,500 Procter & Gamble Company................................................... 828,750
--------------
5,803,329
--------------
DURABLE GOODS -- 16.7%
10,000 AMP, Inc................................................................... 387,500
10,000 Cabletron Systems, Inc.(a) ................................................ 682,500
26,800 Cisco Systems, Inc.(a) .................................................... 1,663,275
12,500 Cummins Engine Company, Inc. .............................................. 492,188
11,500 General Electric Company .................................................. 1,046,500
4,600 International Business Machines Corporation................................ 572,700
18,000 Loral Space & Communications............................................... 283,500
16,000 McDonnell Douglas Corporation.............................................. 840,000
16,000 Philips Electronics NV(a) ................................................. 574,000
11,000 Raytheon Company........................................................... 611,875
7,000 Shared Medical Systems, Inc................................................ 399,000
--------------
7,553,038
--------------
FINANCIAL -- 8.9%
3,695 Aetna, Inc................................................................. 260,036
15,000 AFLAC, Inc................................................................. 532,500
10,000 American Express Company................................................... 462,500
4,000 Federal Home Loan Mortgage Corporation..................................... 391,500
6,000 Fleet Financial Group, Inc................................................. 267,000
13,000 Mellon Bank Corporation.................................................... 770,250
16,000 Star Banc Corporation...................................................... 1,362,000
--------------
4,045,786
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
============================================================================================================
Shares COMMON STOCKS -- 94.5% Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FOOD/BEVERAGES -- 2.8%
22,000 Coca-Cola Enterprises...................................................... $ 995,500
20,000 Hudson Foods, Inc. - Class A............................................... 287,500
--------------
1,283,000
--------------
METAL AND MINING -- 4.3%
9,000 Aluminum Company of America................................................ 531,000
24,400 Broken Hill Proprietary Company, LTD....................................... 628,300
9,543 Freeport McMoran Copper & Gold, Inc. - Class B(a) ......................... 298,219
20,000 Placer Dome, Inc........................................................... 472,500
--------------
1,930,019
--------------
OIL/ENERGY -- 9.7%
12,500 Amoco Corporation.......................................................... 881,250
13,000 Chevron Corporation........................................................ 814,125
7,325 Exxon Corporation.......................................................... 609,806
12,500 Kerr McGee Corporation..................................................... 760,937
9,500 Shell Transport & Trading PLC.............................................. 881,125
10,000 Sonat, Inc................................................................. 442,500
--------------
4,389,743
--------------
PAPER AND FOREST PRODUCTS -- 1.6%
9,000 Georgia Pacific Corporation................................................ 712,125
--------------
RETAIL -- 5.0%
9,500 Home Depot, Inc............................................................ 540,313
7,000 Nike, Inc. - Class B....................................................... 850,500
5,000 Pep Boys - Manny, Moe & Jack............................................... 178,125
5,000 Wal-Mart Stores, Inc....................................................... 131,875
15,000 Walgreen Company........................................................... 555,000
--------------
2,255,813
--------------
SERVICES - COMPUTER PROCESSING -- .9%
9,000 Automatic Data Processing, Inc............................................. 392,625
--------------
TRANSPORTATION -- 1.4%
8,000 Federal Express Corporation(a) ............................................ 634,000
--------------
UTILITIES -- 7.4%
14,500 Ameritech Corporation...................................................... 763,062
11,000 AT&T Company............................................................... 574,750
22,400 DPL, Inc................................................................... 523,600
14,890 Duke Power Company......................................................... 694,246
8,000 Hong Kong Telecommunications, LTD.......................................... 144,000
14,000 SBC Communications, Inc.................................................... 673,750
--------------
3,373,408
--------------
TOTAL COMMON STOCKS (COST $30,939,849) ...................................... $42,817,239
--------------
<CAPTION>
===============================================================================================================
Shares PREFERRED STOCKS -- .1% Value
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL -- .1%
898 Aetna Inc., Convertible.................................................... $ 65,441
--------------
TOTAL PREFERRED STOCKS (COST $34,039)........................................ $ 65,441
--------------
TOTAL INVESTMENTS AT VALUE (COST $30,973,888) - 94.6%........................ $ 42,882,680
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Face
Amount REPURCHASE AGREEMENTS(b) -- 5.3% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Star Bank,
$ 2,419,000 5.55%, dated 09/30/1996, due 10/01/1996,
repurchase proceeds $2,419,373 (Cost $2,419,000)......................... $ 2,419,000
--------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS AT VALUE 99.9% ................. $ 45,301,680
OTHER ASSETS IN EXCESS OF LIABILITIES-- .1% ................................. 28,713
--------------
NET ASSETS-- 100.0% ......................................................... $ 45,330,393
==============
<FN>
(a) Non-income producing security.
(b) Joint repurchase agreement is fully collateralized by $20,205,000
GNMA II, Pool #8373, 5.00%, due 02/20/2024. The aggregate market
value of the collateral at September 30, 1996 was $20,377,093.
The Fund's pro-rata interest in the collateral at September 30, 1996
was $2,628,636.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
=============================================================================================================
Par Value U.S. TREASURY AND AGENCY OBLIGATIONS-- 39.7% Value
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY NOTES -- 16.4%
$ 325,000 8.00%, due 10/15/1996...................................................... $ 325,406
50,000 8.00%, due 01/15/1997...................................................... 50,391
150,000 6.25%, due 01/31/1997...................................................... 150,422
800,000 6.875%, due 03/31/1997..................................................... 805,750
975,000 6.75%, due 05/31/1997...................................................... 982,007
40,000 8.50%, due 07/15/1997...................................................... 40,850
65,000 8.75%, due 10/15/1997...................................................... 66,889
10,000 7.875%, due 01/15/1998..................................................... 10,237
70,000 7.875%, due 04/15/1998..................................................... 71,903
50,000 8.25%, due 07/15/1998...................................................... 51,828
855,000 7.125%, due 10/15/1998..................................................... 871,566
225,000 7.00%, due 04/15/1999...................................................... 229,078
150,000 6.375%, due 07/15/1999..................................................... 150,516
100,000 8.00%, due 08/15/1999...................................................... 104,406
200,000 6.00%, due 10/15/1999...................................................... 198,562
250,000 7.50%, due 10/31/1999...................................................... 258,125
50,000 7.875%, due 11/15/1999..................................................... 52,172
100,000 8.50%, due 02/15/2000...................................................... 106,406
20,000 8.75%, due 08/15/2000...................................................... 21,575
50,000 8.50%, due 11/15/2000...................................................... 53,687
140,000 8.00%, due 05/15/2001...................................................... 148,488
125,000 7.875%, due 08/15/2001..................................................... 132,227
--------------
4,882,491
--------------
U.S. TREASURY STRIPS -- .3%
Coupon Treasury Investment Growth Security,
37,188 due 11/15/1996........................................................... 36,949
13,140 due 02/15/1997........................................................... 12,877
11,000 due 08/15/1998........................................................... 9,828
--------------
59,654
--------------
Treasury Investment Growth Receipts,
17,000 due 11/15/1996........................................................... 16,893
--------------
76,547
--------------
FEDERAL HOME LOAN BANK BONDS -- 1.8%
500,000 7.57%, due 08/19/2004...................................................... 519,957
--------------
FEDERAL HOME LOAN MORTGAGE CORPORATION BONDS -- 5.8%
240,000 7.12%, due 09/30/2005...................................................... 234,644
200,000 6.73%, due 01/05/2006...................................................... 192,164
300,000 7.52%, due 04/21/2006...................................................... 301,088
500,000 7.55%, due 04/26/2006...................................................... 499,126
500,000 7.44%, due 09/20/2006...................................................... 499,986
--------------
1,727,008
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION BONDS -- 8.6%
50,000 7.60%, due 01/10/1997...................................................... 50,275
750,000 7.85%, due 09/10/1998...................................................... 773,047
100,000 8.45%, due 07/12/1999...................................................... 105,072
200,000 5.98%, due 03/22/2000...................................................... 97,918
600,000 7.20%, due 01/10/2002...................................................... 593,828
175,000 7.90%, due 04/10/2002...................................................... 175,351
250,000 7.00%, due 08/12/2002...................................................... 246,285
500,000 8.00%, due 06/15/2006...................................................... 509,690
--------------
2,551,466
--------------
PRIVATE EXPORT FUNDING BONDS -- 1.6%
470,000 7.90%, due 03/31/2000...................................................... 491,111
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
=============================================================================================================
Par Value U.S. TREASRUY AND AGENCY OBLIGATIONS-- 39.7% Value
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TENNESSEE VALLEY AUTHORITY BONDS -- 5.2%
$ 799,000 7.45%, due 10/15/2001...................................................... $ 812,294
745,000 6.875%, due 01/15/2002..................................................... 743,805
--------------
1,556,099
--------------
TOTAL U.S. TREASURY AND AGENCY OBLIGATIONS (COST $11,944,460) ............... $ 11,804,679
--------------
<CAPTION>
==============================================================================================================
Par Value MORTGAGE-BACKED SECURITIES -- 1.5% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- .3%
$ 100,000 Series #G92-40, Class G, 7.00%, due 07/25/2002............................. $ 100,223
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- .5%
35,963 Pool #15032, 7.50%, due 02/15/2007......................................... 35,526
26,803 Pool #176413, 7.50%, due 09/15/2016........................................ 26,476
47,495 Pool #170784, 8.00%, due 12/15/2016........................................ 47,970
34,422 Pool #181540, 8.00%, due 02/15/2017........................................ 34,767
--------------
144,739
--------------
OTHER MORTGAGE-BACKED SECURITIES -- .7%
Collateralized Mortgage Securities Corporation,
200,000 Series 1991-8PF, 7.30%, due 08/20/2020................................ 201,096
--------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $450,934) ............................ $ 446,058
--------------
<CAPTION>
==============================================================================================================
Par Value CORPORATE BONDS -- 54.9% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 29.5%
American Express Company,
$ 350,000 8.50%, due 08/15/2001.................................................... $ 373,761
--------------
American Express Credit Corporation,
250,000 7.75%, due 03/01/1997................................................... 252,026
--------------
AmSouth Bancorp,
425,000 9.375%, due 05/01/1999................................................... 452,284
300,000 7.75%, due 05/15/2004.................................................... 306,836
--------------
. 759,120
--------------
Associates Corporation, N.A.,
300,000 8.80%, due 08/01/1998.................................................... 312,598
--------------
Banc One Corporation,
600,000 7.00%, due 07/15/2005.................................................... 588,601
--------------
BankAmerica Corporation,
496,000 8.375%, due 03/15/2002................................................... 526,794
--------------
Bear Stearns Company,
170,000 9.375%, due 06/01/2001................................................... 185,796
--------------
Chevron Capital Corporation,
500,000 7.45%, due 08/15/2004.................................................... 504,603
--------------
Ford Motor Credit Corporation,
500,000 7.875%, due 01/15/1997................................................... 502,887
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
=============================================================================================================
Par Value CORPORATE BONDS -- 54.9% Value
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
General Electric Capital Corporation,
$ 110,000 8.75%, due 11/26/1996.................................................... $ 110,484
100,000 7.24%, due 01/15/2002.................................................... 101,889
150,000 7.50%, due 03/15/2002.................................................... 154,578
--------------
366,951
--------------
Merrill Lynch & Company, Inc.,
745,000 7.375%, due 08/17/2002................................................... 756,273
--------------
NationsBank,
550,000 7.625%, due 04/15/2005................................................... 559,949
--------------
Regions Financial Corporation,
350,000 7.80%, due 12/01/2002.................................................... 357,977
--------------
Salomon, Inc.,
400,000 7.25%, due 01/15/2000.................................................... 402,210
480,000 7.50%, due 02/01/2003.................................................... 478,207
--------------
880,417
--------------
Transamerica Financial Corporation,
785,000 7.50%, due 03/15/2004.................................................... 797,926
--------------
Wachovia Corporation,
1,035,000 7.00%, due 12/15/1999.................................................... 1,046,769
--------------
TOTAL FINANCE CORPORATE BONDS ............................................... 8,772,448
--------------
INDUSTRIAL -- 21.6%
BP America Inc.,
265,000 8.50%, due 04/15/2001................................................... 282,415
--------------
Coca-Cola Company,
401,000 7.875%, due 09/15/1998.................................................. 411,894
--------------
duPont (E.I.) de Nemours & Company,
270,000 8.45%, due 10/15/1996.................................................... 270,239
150,000 9.15%, due 04/15/2000.................................................... 161,668
300,000 6.75%, due 10/15/2002.................................................... 298,105
--------------
730,012
--------------
Hanson Overseas,
1,100,000 7.375%, due 01/15/2003................................................... 1,113,286
--------------
International Business Machines Corporation,
700,000 7.25%, due 11/01/2002.................................................... 712,923
--------------
Kimberly-Clark Corporation,
240,000 8.625%, due 05/01/2001................................................... 257,828
--------------
Limited, Inc.,
150,000 8.875%, due 08/15/1999................................................... 156,461
--------------
Mobil Corporation,
100,000 8.375%, due 02/12/2001................................................... 106,153
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
===================================================================================================================
Par Value CORPORATE BONDS -- 54.9% Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Philip Morris Companies, Inc.,
$ 150,000 8.75%, due 06/15/1997.................................................... $ 152,607
305,000 7.375%, due 02/15/1999................................................... 309,878
175,000 7.75%, due 05/01/1999.................................................... 179,318
--------------
641,803
--------------
Procter & Gamble Company,
150,000 8.70%, due 08/01/2001.................................................... 161,702
--------------
Raytheon Company,
800,000 6.50%, due 07/15/2005.................................................... 765,030
--------------
Wal-Mart Stores, Inc.,
170,000 9.10%, due 07/15/2000.................................................... 183,399
100,000 8.625%, due 04/01/2001................................................... 106,978
745,000 7.50%, due 05/15/2004.................................................... 765,259
--------------
1,055,636
--------------
TOTAL INDUSTRIAL CORPORATE BONDS ............................................ 6,395,143
--------------
UTILITY -- 3.8%
Consolidated Edison,
785,000 7.60%, due 01/15/2000.................................................... 804,697
--------------
Emerson Electric Company,
352,000 6.30%, due 11/01/2005.................................................... 333,793
--------------
TOTAL UTILITY CORPORATE BONDS ............................................... 1,138,490
--------------
TOTAL CORPORATE BONDS (COST $16,489,661) .................................... $ 16,306,081
--------------
TOTAL INVESTMENTS AT VALUE (COST $28,885,055)-- 96.1% ...................... $28,556,818
--------------
<CAPTION>
===============================================================================================================
Face
Amount REPURCHASE AGREEMENTS(a) -- 2.3% Value
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Star Bank,
$ 685,000 5.55%, dated 09/30/1996, due 10/01/1996,
repurchase proceeds $685,106 (Cost $685,000)............................. $ 685,000
--------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS AT VALUE-- 98.4% ................ $ 29,241,818
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.6% ................................ 463,565
--------------
NET ASSETS-- 100.0% ......................................................... $29,705,383
==============
<FN>
(a) Joint repurchase agreement is fully collateralized by $20,205,000
GNMA II, Pool #8373, 5.00%, due 02/20/2004. The aggregate market
value of the collateral at September 30, 1996 was $20,377,093. The
Fund's pro-rata interest in the collateral at September 30, 1996 was $744,364.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
===========================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 98.4% Value
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Alabama Housing Finance Auth. Rev.,
$ 5,000 10.00%, due 12/01/1996..................................................... $ 5,018
25,000 6.00%, due 10/01/1997...................................................... 25,305
245,000 4.90%, due 10/01/1998...................................................... 248,261
15,000 6.45%, due 04/01/2001...................................................... 15,583
--------------
294,167
--------------
Alabama Mental Health Finance Auth. Special Tax,
300,000 5.00%, due 05/01/2006...................................................... 296,838
--------------
Alabama State GO,
200,000 5.90%, due 03/01/1999...................................................... 207,318
100,000 5.70%, due 12/01/2002...................................................... 105,404
--------------
312,722
--------------
Alabama State Corrections Institutions Rev.,
100,000 4.20%, due 04/01/1998...................................................... 100,231
--------------
Alabama State Industrial Access Road & Bridge Corp. GO,
100,000 4.00%, due 06/01/1998...................................................... 99,533
85,000 5.25%, due 06/01/2003...................................................... 86,091
--------------
185,624
--------------
Alabama State Mun. Elec. Auth. Power Supply Rev.,
150,000 5.625%, due 09/01/2000..................................................... 155,995
340,000 5.75%, due 09/01/2001...................................................... 357,024
400,000 6.50%, due 09/01/2005, prerefunded 09/01/2001 at 101....................... 435,380
--------------
948,399
--------------
Alabama State Public School & College Auth. Rev.,
100,000 4.40%, due 12/01/2000...................................................... 99,536
250,000 5.25%, due 11/01/2005...................................................... 253,960
50,000 5.00%, due 12/01/2005...................................................... 49,960
--------------
403,456
--------------
Alabama Water Pollution Control Rev.,
150,000 4.60%, due 02/15/1997...................................................... 150,479
160,000 3.75%, due 08/15/1997...................................................... 159,910
25,000 7.00%, due 08/15/2001...................................................... 26,604
200,000 6.25%, due 08/15/2004...................................................... 217,180
--------------
554,173
--------------
Anniston, AL, GO,
250,000 5.50%, due 01/01/2004...................................................... 260,592
--------------
Anniston, AL, Regional Medical Center Board Hospital Rev.,
30,000 7.375%, due 07/01/2006, ETM................................................ 32,444
--------------
Auburn University, Alabama Rev.,
25,000 6.10%, due 06/01/1999...................................................... 26,032
50,000 4.90%, due 06/01/2001...................................................... 50,663
150,000 5.20%, due 06/01/2004...................................................... 152,550
325,000 5.25%, due 04/01/2005...................................................... 329,898
--------------
559,143
--------------
Baldwin Co., AL, GO,
200,000 5.85%, due 08/01/2003...................................................... 212,388
400,000 5.00%, due 02/01/2007...................................................... 391,136
--------------
603,524
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 98.4% Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Baldwin Co., AL, Board of Education Rev.,
$ 50,000 5.40%, due 12/01/1998...................................................... $ 51,104
300,000 5.90%, due 12/01/2001...................................................... 310,629
--------------
361,733
--------------
Birmingham, AL, GO,
100,000 5.80%, due 04/01/2002...................................................... 104,884
200,000 5.90%, due 04/01/2003...................................................... 211,318
--------------
316,202
--------------
Birmingham, AL, Special Facilities Rev.,
100,000 4.45%, due 06/01/1999...................................................... 100,129
100,000 4.75%, due 06/01/2001...................................................... 100,493
--------------
200,622
--------------
Birmingham, AL, Industrial Water Board Rev.,
100,000 5.00%, due 03/01/2001...................................................... 101,460
100,000 6.00%, due 07/01/2007...................................................... 104,231
--------------
205,691
--------------
Birmingham, AL, Medical Clinic Board Rev.,
60,000 7.30%, due 07/01/2005, ETM................................................. 65,422
--------------
Birmingham, AL, Waterworks & Sewer Board Rev.,
50,000 5.90%, due 01/01/2003...................................................... 52,870
50,000 4.60%, due 01/01/2004...................................................... 48,739
400,000 6.15%, due 01/01/2006...................................................... 424,412
--------------
526,021
--------------
DCH Health Care Auth. of Alabama Rev.,
55,000 5.00%, due 06/01/2004...................................................... 54,788
--------------
Hoover, AL, Board of Education GO,
100,000 4.10%, due 02/15/1997...................................................... 100,153
400,000 6.00%, due 02/15/2006...................................................... 425,616
--------------
525,769
--------------
Hoover, AL, Board of Education Special Tax,
200,000 6.625%, due 02/01/2010, prerefunded 02/01/2001 at 102...................... 218,736
--------------
Houston Co., AL, GO,
100,000 4.20%, due 10/01/1998...................................................... 100,049
250,000 5.00%, due 07/01/2002...................................................... 252,970
--------------
353,019
--------------
Huntsville, AL, GO,
40,000 4.50%, due 12/01/1996...................................................... 40,050
115,000 5.15%, due 08/01/2000...................................................... 117,518
100,000 5.20%, due 11/01/2000...................................................... 102,507
500,000 5.50%, due 11/01/2002...................................................... 520,400
100,000 5.90%, due 11/01/2005...................................................... 105,826
--------------
886,301
--------------
Huntsville, AL, Electric Systems Rev.,
150,000 6.10%, due 12/01/2000...................................................... 158,553
150,000 5.00%, due 12/01/2003...................................................... 151,068
--------------
309,621
--------------
Huntsville, AL, Water Systems Rev.,
150,000 5.15%, due 05/01/2004...................................................... 152,061
150,000 5.25%, due 05/01/2005...................................................... 152,054
--------------
304,115
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 98.4% Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Jefferson Co., AL, GO,
$ 150,000 5.55%, due 04/01/2002...................................................... $ 154,946
50,000 4.75%, due 04/01/2002...................................................... 49,737
100,000 5.00%, due 04/01/2004...................................................... 99,629
--------------
304,312
--------------
Jefferson Co., AL, Board of Education Capital Outlay Warrants,
300,000 5.70%, due 02/15/2011...................................................... 302,880
--------------
Jefferson Co., AL, Sewer Rev
140,000 5.15%, due 09/01/2002...................................................... 143,363
50,000 5.50%, due 09/01/2003...................................................... 51,918
300,000 5.75%, due 09/01/2005...................................................... 313,752
--------------
509,033
--------------
Lee Co., AL, GO,
300,000 5.50%, due 02/01/2007...................................................... 304,944
--------------
Madison, AL, Board of Education School Warrants,
100,000 5.00%, due 02/01/1999...................................................... 101,557
--------------
Madison, AL, Warrants,
325,000 5.55%, due 04/01/2007...................................................... 333,483
--------------
Madison Co., AL, Board of Education Capital Outlay Tax Antic. Warrants,
175,000 5.20%, due 09/01/2004...................................................... 178,635
--------------
Mobile, AL, GO,
200,000 5.00%, due 08/15/1998...................................................... 203,352
150,000 5.20%, due 02/15/1999...................................................... 153,044
200,000 5.40%, due 08/15/2000...................................................... 206,468
25,000 6.25%, due 08/01/2001...................................................... 26,653
25,000 6.30%, due 08/01/2001...................................................... 26,766
275,000 6.20%, due 02/15/2007, ETM................................................. 293,089
--------------
909,372
--------------
Mobile, AL, Water & Sewer Commissioners Rev.,
55,000 6.30%, due 01/01/2003...................................................... 59,191
--------------
Mobile Co., AL, GO,
50,000 6.10%, due 02/01/2002, prerefunded 02/01/2000 at 102....................... 53,253
160,000 6.70%, due 02/01/2011, prerefunded 02/01/2000 at 102....................... 173,547
--------------
226,800
--------------
Mobile Co., AL., Board of Education Capital Outlay Warrants,
400,000 5.00%, due 03/01/2008...................................................... 387,468
--------------
Mobile Co., AL, Gas Tax Antic. Warrants Rev.,
100,000 3.80%, due 02/01/1998...................................................... 99,751
100,000 4.50%, due 02/01/2003...................................................... 97,838
--------------
197,589
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 98.4% Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Montgomery, AL, GO,
$ 200,000 4.25%, due 05/01/1999, ETM................................................. $ 199,026
200,000 4.70%, due 05/01/2002...................................................... 199,274
--------------
398,300
--------------
Montgomery, AL, Waterworks & Sanitation Rev.,
200,000 5.85%, due 03/01/2003...................................................... 209,674
400,000 5.60%, due 09/01/2009...................................................... 404,016
--------------
613,690
--------------
Montgomery Co., AL, GO,
100,000 5.20%, due 11/01/2006...................................................... 100,388
--------------
Muscle Shoals, AL, GO,
400,000 5.60%, due 08/01/2010...................................................... 402,704
--------------
Opelika, AL, GO,
100,000 4.60%, due 03/01/2003...................................................... 98,761
100,000 5.30%, due 07/01/2003...................................................... 102,963
--------------
201,724
--------------
Shelby Co., AL, GO,
205,000 5.20%, due 08/01/2000...................................................... 210,137
50,000 5.35%, due 08/01/2001...................................................... 51,650
--------------
261,787
--------------
Shelby Co., AL, Hospital Board Rev.,
35,000 6.60%, due 02/01/2001, ETM................................................. 37,544
25,000 6.60%, due 02/01/2002, ETM................................................. 27,089
40,000 6.60%, due 02/01/2003, ETM................................................. 43,699
--------------
108,332
--------------
Shelby Co., AL, Board of Education Capital Outlay Special Tax Warrants,
100,000 4.80%, due 02/01/1998...................................................... 101,039
--------------
Tuscaloosa, AL, Board of Education GO,
100,000 5.10%, due 02/01/2004...................................................... 101,336
--------------
Tuscaloosa, AL, Board of Education Special Tax Warrants,
75,000 5.70%, due 02/15/2005...................................................... 78,395
125,000 6.00%, due 02/15/2009...................................................... 129,985
--------------
208,380
--------------
University of Alabama General Fee Series A Rev.,
250,000 4.15%, due 10/01/1999...................................................... 247,885
50,000 5.00%, due 11/01/2000...................................................... 50,847
200,000 5.10%, due 10/01/2002...................................................... 203,724
--------------
502,456
--------------
Vestavia Hills, AL, Board of Education Capital Outlay Rev.,
55,000 5.25%, due 02/01/2004...................................................... 56,069
--------------
Vestavia Hills, AL, Warrants,
125,000 4.90%, due 04/01/2005...................................................... 123,191
--------------
TOTAL ALABAMA (COST $15,627,952) ............................................ $ 15,874,013
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Shares MONEY MARKETS -- .4% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 63,225 Star Tax-Free Money Market Fund (Cost $63,225)............................... $ 63,225
-------------
TOTAL INVESTMENTS AT VALUE (COST $15,691,177)-- 98.8% ...................... $ 15,937,238
OTHER ASSETS IN EXCESS OF LIABILITIES-- 1.2% ................................ 190,070
--------------
NET ASSETS-- 100.0% ......................................................... $ 16,127,308
==============
<FN>
ETM - Escrowed to maturity.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
==============================================================================
1. Significant Accounting Policies
The Government Street Equity Fund, The Government Street Bond Fund, and The
Alabama Tax Free Bond Fund (the Funds) are each a no-load series of The
Williamsburg Investment Trust (the Trust). The Trust, an open-end management
investment company registered under the Investment Company Act of 1940, as
amended, was organized as a Massachusetts business trust on July 18, 1988.
The Government Street Equity Fund's investment objective is to seek capital
appreciation through the compounding of dividends and capital gains, both
realized and unrealized, on its investments in common stocks. Current
income is of secondary importance.
The Government Street Bond Fund's investment objectives are to preserve
capital, to provide current income and to protect the value of the portfolio
against the effects of inflation by limiting investments to securities in the
four highest quality ratings. Capital appreciation is of secondary importance.
The Alabama Tax Free Bond Fund's investment objectives are to provide current
income exempt from both federal income taxes and the personal income taxes of
Alabama and to preserve capital. Capital appreciation is of secondary
importance.
The following is a summary of the Funds' significant accounting policies:
Securities valuation -- The Funds' portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise,
at the last quoted bid price. Securities traded on a national stock exchange
are valued based upon the closing price on the principal exchange where the
security is traded. It is expected that fixed income securities will
ordinarily be traded on the over-the-counter market, and common stocks will
ordinarily be traded on a national securities exchange, but may also be traded
on the over-the-counter market. When market quotations are not readily
available, fixed income securities may be valued on the basis of prices
provided by an independent pricing service.
Repurchase agreements -- The Funds generally enter into joint repurchase
agreements with other funds within the Trust. The joint repurchase agreement,
which is collateralized by U.S. Government obligations, is valued at cost
which, together with accrued interest, approximates market value. At the time
the Funds enter into the joint repurchase agreement, the Funds take possession
of the underlying securities and the seller agrees that the value of the
underlying securities, including accrued interest, will at all times be equal
to or exceed the face amount of the repurchase agreement. In addition, each
Fund actively monitors and seeks additional collateral, as needed.
Share valuation -- The net asset value per share of each Fund is calculated
daily by dividing the total value of each Fund's assets, less liabilities, by
the number of shares outstanding. The offering price and redemption price per
share of each Fund is equal to the net asset value per share.
Investment income -- Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Discounts and premiums on securities
purchased are amortized in accordance with income tax regulations which
approximate generally accepted accounting principles.
Distributions to shareholders -- Dividends arising from net investment income
are declared and paid quarterly to shareholders of The Government Street
Equity Fund; declared and paid monthly to shareholders of The Government
Street Bond Fund; and declared daily and paid monthly to shareholders of The
Alabama Tax Free Bond 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. Income distributions and
capital gain distributions are determined in accordance with income tax
regulations.
<PAGE>
Security transactions -- Security transactions are accounted for on trade
date. Securities sold are valued on a specific identification basis.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is each Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so
qualifies, and distributes at least 90% of its taxable net income, the Fund
(but not the shareholders) will be relieved of federal income tax on the
income distributed. Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during
the twelve months ended October 31) plus undistributed amounts from prior
years.
The following information is based upon the federal income tax cost of
portfolio investments of each Fund as of September 30, 1996:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Government Government Alabama
Street Street Tax Free
Equity Fund Bond Fund Bond Fund
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized appreciation............................ $ 12,286,471 $ 318,477 $ 308,012
Gross unrealized depreciation............................ (377,679) (646,714) (61,951)
--------------- --------------- ---------------
Net unrealized appreciation (depreciation)............... $ 11,908,792 $ (328,237) $ 246,061
=============== =============== ===============
- --------------------------------------------------------------------------------------------------------------
</TABLE>
The tax basis of investments for each Fund is equal to the acquisition cost as
shown on the Statements of Assets and Liabilities.
As of March 31, 1996, The Government Street Bond Fund and The Alabama Tax Free
Bond Fund had capital loss carryforwards for federal income tax purposes of
$178,365, and $203,770, respectively, which expire through the year 2004. In
addition, The Government Street Bond Fund and The Alabama Tax Free Bond Fund
realized net capital losses of $17,816 and $2,400, respectively, during the
period from November 1, 1995 through March 31, 1996, which are treated for
federal income tax purposes as arising in the tax year ending March 31, 1997.
These capital loss carryforwards and "post-October" losses may be utilized in
future years to offset net realized capital gains prior to distributing such
gains to shareholders.
2. Investment Transactions
During the six months ended September 30, 1996, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $5,112,419 and $4,705,145, respectively, for The
Government Street Equity Fund, $3,522,032 and $2,063,499, respectively, for
The Government Street Bond Fund, and $1,476,570 and $487,608, respectively,
for The Alabama Tax Free Bond Fund.
<PAGE>
3. Transactions with Affiliates
INVESTMENT ADVISORY AGREEMENT
The Funds' investments are managed by T. Leavell & Associates, Inc. (the
Adviser) under the terms of an Investment Advisory Agreement. Under the
Investment Advisory Agreement, The Government Street Equity Fund pays the
Adviser a fee, which is computed and accrued daily and paid monthly at an
annual rate of .60% of its average daily net assets up to $100 million and
.50% of such assets in excess of $100 million. The Government Street Bond Fund
pays the Adviser a fee at an annual rate of .50% of its average daily net
assets up to $100 million and .40% of such net assets in excess of $100
million. The Alabama Tax Free Bond Fund pays the Adviser a fee at an annual
rate of .35% of its average daily net assets up to $100 million and .25% of
such net assets in excess of $100 million.
The Adviser currently intends to limit the total operating expenses of the
Alabama Tax Free Bond Fund to .65% of its average daily net assets.
Accordingly, the Adviser voluntarily waived $13,055 of its investment advisory
fees from the Fund during the six months ended September 30, 1996.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Funds. For these services, MGF receives a monthly fee from The Government
Street Equity Fund at an annual rate of .20% of its average daily net assets
up to $25 million; .175% of the next $25 million of such assets; and .15% of
such net assets in excess of $50 million. From The Government Street Bond
Fund, MGF receives a monthly fee of .075% of its average daily net assets up
to $200 million and .05% of such assets in excess of $200 million. From The
Alabama Tax Free Bond Fund, MGF receives a monthly fee of .15% of its average
daily net assets up to $200 million and .10% of such assets in excess of $200
million. The fee for each Fund is subject to a $2,000 monthly minimum. In
addition, each Fund pays out-of-pocket expenses including, but not limited to,
postage, supplies, and costs of pricing the Funds' portfolio securities.
Certain officers of the Trust are also officers of MGF.
<PAGE>
The Flippin, Bruce & Porter Funds
Investment Adviser
Flippin, Bruce & Porter, Inc.
800 Main Street, Suite 202
P.O. Box 6138
Lynchburg, Virginia 24505
800-FBP-9375
Transfer Agent and
Shareholder Servicing Agent
MGF Service Corp.
P.O. Box 5354
Cincinnati, Ohio 45201-5354
800-443-4249
Officers
John M. Flippin, President
John T. Bruce, Vice President
and Portfolio Manager
R.Gregory Porter, III, Vice President
Trustees
Jack E. Brinson
Austin Brockenbrough, III
John T. Bruce
Charles M. Caravati
J. Finley Lee, Jr.
Richard Mitchell
Richard L. Morrill
Harris V. Morrissette
Fred T. Tattersall
Samuel B. Witt, III
<PAGE>
The Flippin, Bruce & Porter Funds
Semi-Annual Report
September 30, 1996
(Unaudited)
FBP Contrarian Equity Fund
FBP Contrarian Balanced Fund
<PAGE>
LETTER TO SHAREHOLDERS..... NOVEMBER 11, 1996
===============================================================================
We are pleased to report on the progress of your Fund and its investments
for the semi-annual period from April 1 to September 30, 1996. The following
table displays the total return (capital change plus income) of the Funds for
the past six months and one year.
<TABLE>
<CAPTION>
Six Twelve
MONTHS MONTHS
- ----------------------------------------------------
<S> <C> <C>
FBP Contrarian Equity Fund 7.1% 16.8%
FBP Contrarian Balanced Fund 5.2% 12.7%
</TABLE>
REVIEW AND OUTLOOK
The equity markets continued their positive direction as major indices moved to
new highs during the past quarter. Following July's brief decline, the markets
rallied as interest rates stabilized and earnings improved.
The economy is growing at a moderate pace that allows improving earnings
across many industries, without igniting inflationary pressures. This presents
an ideal environment for equity gains as we have already witnessed. However,
trading at 18 times 1996 projected earnings, the stock market reflects this
positive environment and leaves little room for earnings disappointments or
interest rate pressures.
While we expect the economy to move forward at a moderate pace over the balance
of 1996 and into next year, we do expect consumer spending to be strong this
Christmas season. Overall, we look for corporate profit growth to slow, offset
somewhat by a positive interest rate setting.
The equity market is becoming much more selective, rewarding those companies
that report earnings above expectations with repeatedly higher stock prices.
This narrowing of the market will eventually lead to some very good value
opportunities. In the interim, we expect a difficult, although positive,
environment.
We have been pleased with the strong performance from our investments in retail
and financial issues, as well as our largest holding, IBM. Also helping our
returns are our PHH Group and First Colony Life Insurance holdings, which are
being acquired at prices favorable to our shareholders.
The Funds have received positive reviews during the period. Morningstar, a
mutual fund rating company, has given both Funds a "four star" rating for the
one and three year periods ending September 30, 1996. The Balanced Fund
received a "four star" rating for the five year period as well. In the July 22
issue of Barron's, both Funds were listed favorably with the Balanced Fund the
highest rated according to its objective.
COMPARATIVE CHARTS
Performance for each Fund is compared on the next page to the most appropriate
broad-based index, the S&P 500, an unmanaged index of 500 large common stocks.
For the six months and one year ended September 30, 1996, the total return of
the S&P 500 index was 7.7% and 20.3%, respectively. Over time, this index has
outpaced the FBP Contrarian Balanced Fund which maintains at least 25% bonds.
Balanced funds have the growth potential to outpace inflation, but they will
typically be outperformed by a 100% stock index over the long term because of
the bond portion of their portfolios. However, the advantage of the bond portion
is that it can make the return and principal of a balanced fund more stable
than a portfolio invested completely in stocks. Results are also compared to
the Consumer Price Index, a measure of inflation.
Each Fund declared and paid a dividend on October 31 for capital gains realized
over the past year. Many funds wait until yearend to make this distribution. By
proceeding now, our Funds become more attractive for new and existing
shareholders who may want to invest.
Thank you for your continued confidence and investment in The Flippin, Bruce &
Porter Funds.
/s/ John M. Flippin
John M. Flippin
President
/s/John T. Bruce, CFA
John T. Bruce, CFA
Vice President and Portfolio Manager
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
Comparison of the Change in Value of a $10,000 Investment in FBP Contrarian
Equity Fund and the Standard & Poor's 500 Index and Consumer Price Index
STANDARD & POOR'S 500 INDEX: FBP CONTRARIAN EQUITY FUND:
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
<S> <C> <C> <C> <C> <C>
07/31/93 10,000 07/31/93 10,000
09/30/93 2.99% 10,299 09/30/93 3.05% 10,305
12/31/93 2.32% 10,538 12/31/93 1.99% 10,510
03/31/94 -3.79% 10,139 03/31/94 -1.92% 10,308
06/30/94 0.42% 10,181 06/30/94 0.69% 10,379
09/30/94 4.88% 10,678 09/30/94 7.34% 11,141
12/31/94 -0.02% 10,676 12/31/94 -1.30% 10,996
03/31/95 9.74% 11,716 03/31/95 6.42% 11,702
06/30/95 9.55% 12,834 06/30/95 9.37% 12,798
09/30/95 7.95% 13,854 09/30/95 8.53% 13,890
12/31/95 6.02% 14,688 12/31/95 3.24% 14,340
03/31/96 5.37% 15,477 03/31/96 5.71% 15,158
06/30/96 4.49% 16,171 06/30/96 4.54% 15,846
09/30/96 3.09% 16,671 09/30/96 2.42% 16,229
<CAPTION>
CONSUMER PRICE INDEX:
QTRLY
DATE RETURN BALANCE
<S> <C> <C>
07/31/93 10,000
09/30/93 0.40% 10,040
12/31/93 0.70% 10,110
03/31/94 0.50% 10,161
06/30/94 0.60% 10,222
09/30/94 0.90% 10,314
12/31/94 0.60% 10,376
03/31/95 0.80% 10,460
06/30/95 0.90% 10,554
09/30/95 0.40% 10,596
12/31/95 0.50% 10,649
03/31/96 0.80% 10,735
06/30/96 1.10% 10,853
09/30/96 0.44% 10,901
FBP Contrarian Equity Fund - Average Annual Total Returns
1 Year Since Inception*
16.845 16.51%
<FN>
* Initial public offering of shares was July 30, 1993.
</FN>
</TABLE>
<TABLE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
Comparison of the Change in Value of a $10,000 Investment in FBP Contrarian
Balanced Fund and the Standard & Poor's 500 Index and Consumer Price Index
STANDARD & POOR'S 500 INDEX: FBP CONTRARIAN BALANCED FUND:
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
<S> <C> <C> <C> <C> <C>
07/03/89 10,000 07/03/89 10,000
09/30/89 10.71% 11,071 09/30/89 -1.08% 9,892
12/31/89 2.06% 11,299 12/31/89 0.05% 9,897
03/31/90 -3.00% 10,960 03/31/90 -0.30% 9,867
06/30/90 6.28% 11,648 06/30/90 1.95% 10,059
09/30/90 -13.75% 10,047 09/30/90 -13.02% 8,749
12/31/90 8.97% 10,948 12/31/90 4.22% 9,118
03/31/91 14.53% 12,539 03/31/91 15.76% 10,555
06/30/91 -0.23% 12,510 06/30/91 1.21% 10,683
09/30/91 5.35% 13,179 09/30/91 4.18% 11,130
12/31/91 8.38% 14,284 12/31/91 4.29% 11,607
03/31/92 -2.53% 13,922 03/31/92 5.23% 12,214
06/30/92 1.90% 14,187 06/30/92 1.80% 12,434
09/30/92 3.15% 14,634 09/30/92 0.89% 12,545
12/31/92 5.03% 15,370 12/31/92 5.82% 13,275
03/31/93 4.36% 16,040 03/31/93 3.74% 13,772
06/30/93 0.48% 16,117 06/30/93 0.75% 13,875
09/30/93 2.58% 16,533 09/30/93 4.13% 14,448
12/31/93 2.32% 16,916 12/31/93 1.04% 14,598
03/31/94 -3.79% 16,275 03/31/94 -2.00% 14,306
06/30/94 0.42% 16,343 06/30/94 0.13% 14,324
09/30/94 4.88% 17,141 09/30/94 4.82% 15,015
12/31/94 -0.02% 17,138 12/31/94 -0.97% 14,870
03/31/95 9.74% 18,807 03/31/95 6.35% 15,814
06/30/95 9.55% 20,602 06/30/95 7.70% 17,031
09/30/95 7.95% 22,240 09/30/95 6.43% 18,126
12/31/95 6.02% 23,579 12/31/95 3.10% 18,689
03/31/96 5.37% 24,844 03/31/96 3.96% 19,429
06/30/96 4.49% 25,959 06/30/96 3.40% 20,089
09/30/96 3.09% 26,762 09/30/96 1.70% 20,431
<CAPTION>
CONSUMER PRICE INDEX:
QTRLY
DATE RETURN BALANCE
<S> <C> <C>
07/03/89 10,000
09/30/89 0.75% 10,075
12/31/89 1.00% 10,151
03/31/90 2.01% 10,355
06/30/90 0.90% 10,448
09/30/90 1.71% 10,627
12/31/90 1.71% 10,808
03/31/91 0.90% 10,906
06/30/91 0.40% 10,950
09/30/91 0.60% 11,015
12/31/91 0.90% 11,115
03/31/92 0.70% 11,193
06/30/92 0.80% 11,283
09/30/92 0.70% 11,362
12/31/92 0.80% 11,453
03/31/93 0.90% 11,556
06/30/93 0.60% 11,626
09/30/93 0.40% 11,672
12/31/93 0.70% 11,754
03/31/94 0.50% 11,813
06/30/94 0.60% 11,884
09/30/94 0.90% 11,991
12/31/94 0.60% 12,063
03/31/95 0.80% 12,159
06/30/95 0.90% 12,269
09/30/95 0.40% 12,318
12/31/95 0.50% 12,380
03/31/96 0.80% 12,479
06/30/96 1.10% 12,617
09/30/96 0.44% 12,673
FBP Contrarian Balanced Fund - Average Annual Total returns
1 Year 5 Years Since Inception*
12.72% 12.92% 10.37%
<FN>
* Initial public offering of shares was July 3, 1989.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
===============================================================================
SHARES COMMON STOCKS -- 82.3% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS INFORMATION SERVICES -- 1.8%
3,500 Dun & Bradstreet Corporation.................... $ 208,688
-------------
CHEMICALS -- 2.8%
1,400 Dow Chemical Company............................ 112,350
11,500 Ethyl Corporation............................... 103,500
2,100 Great Lakes Chemical Corporation................ 119,700
-------------
335,550
-------------
COMMERCIAL BANKING -- 11.8%
6,344 Banc One Corporation............................ 260,104
3,900 Chase Manhatten Corporation..................... 312,487
2,700 Citicorp........................................ 244,688
5,090 First Chicago NBD Corporation................... 230,322
4,200 NationsBank Corporation......................... 364,875
-------------
1,412,476
-------------
COMMUNICATIONS -- 3.9%
7,600 GTE Corporation................................. 292,600
2,700 Harris Corporation.............................. 175,837
-------------
468,437
-------------
COMPUTERS/COMPUTER TECHNOLOGY SERVICES -- 6.7%
2,600 Hewlett-Packard Company......................... 126,750
4,400 International Business Machines ................ 547,800
11,300 Tandem Computers, Inc.(b) ...................... 121,475
-------------
796,025
-------------
CONSUMER GOODS & SERVICES -- 5.0%
7,000 Beverly Enterprises(b) ......................... 76,125
6,500 Dean Foods Company............................... 183,625
3,800 Philip Morris Companies, Inc..................... 341,050
------------
600,800
------------
DRUGS/MEDICAL EQUIPMENT -- 9.6%
5,300 Allergan, Inc.................................... 202,062
3,800 Bristol-Myers Squibb Company..................... 366,225
3,400 Johnson & Johnson .............................. 174,250
3,000 Merck & Company, Inc............................. 211,125
4,640 Pharmacia & Upjohn, Inc.......................... 191,400
------------
1,145,062
------------
DURABLE GOODS -- 7.3%
9,500 Digital Equipment Corporation(b) (c) ............ 339,625
1,200 General Electric Company......................... 109,200
4,600 Genuine Parts Company............................ 201,250
6,700 WMX Technologies, Inc............................ 220,263
------------
870,338
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
===============================================================================
SHARES COMMON STOCKS -- 82.3% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 2.6%
4,200 Student Loan Marketing Association............... $ 313,425
------------
INSURANCE -- 4.3%
1,200 Aetna Life & Casualty Company.................... 84,450
6,000 First Colony Corporation......................... 213,000
2,200 Marsh & McLennan Companies, Inc.................. 213,675
------------
511,125
------------
MANAGEMENT SERVICES -- 2.0%
8,000 PHH Corporation.................................. 238,000
------------
OIL & OIL DRILLING -- 5.7%
5,500 Equitable Resources, Inc......................... 156,750
12,500 Oryx Energy Company(b) .......................... 221,875
3,500 Pennzoil Company................................. 185,063
1,400 Schlumberger Limited ........................... 118,300
------------
681,988
------------
PAPER & FOREST PRODUCTS -- 1.2%
3,000 Weyerhaeuser Company............................. 138,375
------------
PHOTOGRAPHICAL PRODUCTS -- 1.6%
2,500 Eastman Kodak Company............................ 196,250
------------
PRINTING -- 2.0%
7,300 R. R. Donnelley & Sons Company................... 235,425
------------
RETAIL STORES -- 10.6%
10,000 Apple South, Inc................................. 133,750
6,900 Circuit City Stores, Inc......................... 249,263
9,400 Cracker Barrel Old Country Store, Inc............ 212,675
27,000 K-Mart Corporation(b) ........................... 276,750
6,000 Toys R Us, Inc.(b) .............................. 174,750
8,400 Wal-Mart Stores, Inc............................. 221,550
------------
1,268,738
------------
TRANSPORTATION -- 2.6%
4,800 Alexander & Baldwin, Inc......................... 117,600
2,500 Federal Express Corporation(b) ................. 198,125
------------
315,725
------------
TRAVEL & INVESTMENT SERVICES -- .8%
2,000 American Express Company......................... 92,500
------------
TOTAL COMMON STOCKS (COST $7,514,130) .......... $ 9,828,927
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
===============================================================================
FACE
AMOUNT REPURCHASE AGREEMENTS(A) -- 19.6% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
$ 2,341,000 Star Bank N.A., 5.55%, dated 09/30/96,
due 10/01/96, repurchase proceeds
$2,341,361 (Cost $2,341,000)................. $ 2,341,000
------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS
AT VALUE-- 101.9% ........................... $ 12,169,927
LIABILITIES IN EXCESS OF OTHER
ASSETS-- (1.9)% ............................. (230,189)
------------
NET ASSETS-- 100.0% ............................ $ 11,939,738
=============
<FN>
(a) Joint repurchase agreement is fully collateralized by $20,205,000 GNMA II,
Pool #8373, 5.00%, due 02/20/24. The aggregate market value of the
collateral at September 30, 1996 was $20,377,093. The Fund's pro-rata
interest in the collateral at September 30, 1996 was $2,543,877.
(b) Non-income producing security.
(c) Security covers a call option.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
===============================================================================
FBP CONTRARIAN EQUITY FUND
SCHEDULE OF OPEN OPTIONS WRITTEN
SEPTEMBER 30, 1996 (UNAUDITED)
===============================================================================
MARKET
VALUE OF PREMIUMS
SHARES COVERED CALL OPTIONS OPTION RECEIVED
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Digital Equipment Corporation,
400 01/18/97 at $70.............. $ 25 $ 3,371
------------ -------------
<FN>
See accompanying notes to the financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
===============================================================================
SHARES COMMON STOCKS -- 60.7% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS INFORMATION SERVICES -- 1.4%
9,000 Dun & Bradstreet Corporation.................. $ 536,625
-------------
CHEMICALS -- 2.3%
6,000 Dow Chemical Company.......................... 481,500
20,000 Ethyl Corporation............................. 180,000
4,400 Great Lakes Chemical Corporation.............. 250,800
-------------
912,300
-------------
COMMERCIAL BANKING -- 7.5%
13,590 Banc One Corporation.......................... 557,190
7,500 Chase Manhatten Corporation................... 600,937
8,000 Citicorp(c) .................................. 725,000
5,430 First Chicago NBD Corporation................. 245,707
9,400 NationsBank Corporation....................... 816,625
-------------
2,945,459
-------------
COMMUNICATIONS -- 2.9%
15,000 GTE Corporation............................... 577,500
8,500 Harris Corporation............................ 553,563
-------------
1,131,063
-------------
COMPUTERS/COMPUTER TECHNOLOGY SERVICES -- 4.9%
6,000 Hewlett-Packard Company....................... 292,500
10,000 International Business Machines .............. 1,245,000
37,000 Tandem Computers, Inc.(b) .................... 397,750
-------------
1,935,250
-------------
CONSUMER GOODS & SERVICES -- 3.5%
10,000 Beverly Enterprises(b) ....................... 108,750
9,000 Dean Foods Company............................ 254,250
11,200 Philip Morris Companies, Inc.................. 1,005,200
-------------
1,368,200
-------------
DRUGS/MEDICAL EQUIPMENT -- 7.5%
13,000 Allergan, Inc................................. 495,625
7,000 Bristol-Myers Squibb Company.................. 674,625
14,400 Johnson & Johnson ............................ 738,000
5,000 Merck & Company, Inc.......................... 351,875
16,400 Pharmacia & Upjohn, Inc....................... 676,500
-------------
2,936,625
-------------
DURABLE GOODS -- 5.0%
20,000 Digital Equipment Corporation(b)(c) .......... 715,000
5,600 General Electric Company...................... 509,600
4,300 Genuine Parts Company......................... 188,125
16,000 WMX Technologies, Inc......................... 526,000
-------------
1,938,725
-------------
<PAGE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
===============================================================================
SHARES COMMON STOCKS -- 60.7% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 1.9%
10,000 Student Loan Marketing Association............ $ 746,250
-------------
INSURANCE -- 4.7%
5,300 Aetna Life & Casualty Company................. 372,988
4,275 American International Group.................. 430,706
15,000 First Colony Corporation...................... 532,500
5,000 Marsh & McLennan Companies, Inc............... 485,625
-------------
1,821,819
-------------
MANAGEMENT SERVICES -- 1.4%
18,000 PHH Corporation............................... 535,500
-------------
OIL & OIL DRILLING -- 3.6%
6,800 Equitable Resources, Inc...................... 193,800
25,000 Oryx Energy Company(b) ....................... 443,750
9,600 Pennzoil Company.............................. 507,600
3,000 Schlumberger Limited ......................... 253,500
-------------
1,398,650
-------------
PAPER & FOREST PRODUCTS -- 1.2%
10,000 Weyerhaeuser Company.......................... 461,250
-------------
PHOTOGRAPHICAL PRODUCTS -- 1.2%
5,800 Eastman Kodak Company ........................ 455,300
-------------
PRINTING -- 1.3%
16,000 R. R. Donnelley & Sons Company................ 516,000
-------------
RETAIL STORES -- 7.6%
20,000 Apple South, Inc.............................. 267,500
15,600 Circuit City Stores, Inc...................... 563,550
16,000 Cracker Barrel Old Country Store, Inc......... 362,000
68,000 K-Mart Corporation(b) ........................ 697,000
19,000 Toys R Us, Inc.(b) ........................... 553,375
20,000 Wal-Mart Stores, Inc.......................... 527,500
-------------
2,970,925
-------------
TRANSPORTATION -- 1.9%
8,600 Alexander & Baldwin, Inc...................... 210,700
6,500 Federal Express Corporation(b) ............... 515,125
-------------
725,825
-------------
TRAVEL & INVESTMENT SERVICES -- .9%
8,000 American Express Company...................... 370,000
-------------
TOTAL COMMON STOCKS (COST $15,412,775) ...... $ 23,705,766
-------------
<PAGE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
===============================================================================
PAR VALUE U.S. GOVERNMENT AND AGENCY OBLIGATIONS-- 18.8% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY NOTES -- 16.5%
$ 500,000 6.25%, due 01/31/97........................ $ 501,406
500,000 5.625%, due 06/30/97....................... 500,000
200,000 5.50%, due 09/30/97........................ 199,500
500,000 5.375%, due 05/31/98....................... 494,688
500,000 5.875%, due 08/15/98....................... 498,125
500,000 5.50%, due 02/28/99........................ 492,188
500,000 6.75%, due 06/30/99........................ 506,093
500,000 7.75%, due 01/31/00........................ 520,468
500,000 5.625%, due 02/28/01....................... 484,375
500,000 6.375%, due 08/15/02....................... 496,406
500,000 6.25%, due 02/15/03........................ 492,031
500,000 7.25%, due 05/15/04........................ 517,343
750,000 7.00%, due 07/15/06........................ 765,234
-------------
6,467,857
-------------
FEDERAL FARM CREDIT BANK -- .5%
200,000 5.84%, due 12/23/96........................ 200,269
-------------
FEDERAL HOME LOAN BANK -- .5%
200,000 6.16%, due 01/02/97........................ 200,311
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.3%
460,000 8.625%, due 10/18/21....................... 488,257
-------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(COST $7,318,389) ......................... $ 7,356,694
-------------
<CAPTION>
===============================================================================
PAR VALUE CORPORATE BONDS -- 8.4% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 1.2%
Signet Banking Corporation,
$ 150,000 9.625%, due 06/01/99....................... $ 159,683
United Dominion Realty,
300,000 7.25%, due 04/01/99........................ 301,329
-------------
461,012
-------------
INDUSTRIAL -- 3.9%
Baxter International, Inc.,
75,000 9.25%, due 12/15/99........................ 80,133
Boise Cascade Corporation,
175,000 10.125%, due 12/15/97...................... 182,715
Comdisco, Inc.,
150,000 9.75%, due 01/15/97........................ 151,602
Dayton Hudson Corporation,
125,000 9.25%, due 11/15/16........................ 130,946
195,000 9.875%, due 06/01/17....................... 206,166
<PAGE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
===============================================================================
PAR VALUE CORPORATE BONDS -- 8.4% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
Delta Air Equipment Trust,
$ 146,000 9.43%, due 11/17/96........................ $ 146,542
Georgia Pacific Corporation,
300,000 9.75%, due 01/15/18........................ 315,660
Hilton Hotels,
300,000 7.70%, due 07/15/02........................ 303,299
-------------
1,517,063
-------------
UTILITIES -- 3.3%
Commonwealth Edison Company,
300,000 9.50%, due 05/01/16........................ 314,727
Northern State Power Wisconsin,
300,000 9.125%, due 04/01/21....................... 316,578
Niagara Mohawk Power,
500,000 9.50%, due 03/01/21........................ 477,679
Texas Eastern Transmission,
185,000 10.00%, due 10/01/11....................... 194,250
-------------
1,303,234
-------------
TOTAL CORPORATE BONDS (COST $3,235,255) ..... $ 3,281,309
-------------
TOTAL INVESTMENTS AT VALUE
(COST $25,966,419)-- 87.9% ............... $ 34,343,769
-------------
<CAPTION>
===============================================================================
FACE
AMOUNT REPURCHASE AGREEMENTS(A) -- 13.1% VALUE
- -------------------------------------------------------------------------------
<S> <C> <C>
$ 5,119,000 Star Bank N.A., 5.55%, dated 09/30/96,
due 10/01/96, repurchase proceeds
$5,119,789 (Cost $5,119,000)............... $ 5,119,000
-------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS
AT VALUE-- 101.0% ......................... $ 39,462,769
LIABILITIES IN EXCESS OF OTHER
ASSETS-- (1.0)% ............................ ( 377,393)
-------------
NET ASSETS-- 100.0% ........................... $ 39,085,376
=============
<FN>
(a) Joint repurchase agreement is fully collateralized by $20,205,000 GNMA II,
Pool #8373, 5.00%, due 02/20/24. The aggregate market value of the
collateral at September 30, 1996 was $20,377,093. The Fund's pro-rata
interest in the collateral at September 30, 1996 was $5,562,625.
(b) Non-income producing security.
(c) Security covers a call option.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
SCHEDULE OF OPEN OPTIONS WRITTEN
SEPTEMBER 30, 1996 (UNAUDITED)
==============================================================================================================
MARKET
VALUE OF PREMIUMS
SHARES COVERED CALL OPTIONS OPTION RECEIVED
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Citicorp,
2,000 01/18/97 at $90...................................... $ 11,750 $ 10,170
Digital Equipment Corporation,
1,000 01/18/97 at $70...................................... 62 8,488
-------------- ---------------
$ 11,812 $ 18,658
============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FLIPPIN, BRUCE & PORTER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996 (UNAUDITED)
==============================================================================================================
FBP FBP
CONTRARIAN CONTRARIAN
EQUITY BALANCED
FUND FUND
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost................................................. $ 7,514,130 $ 25,966,419
============== =============
At value (Note 1)................................................... $ 9,828,927 $ 34,343,769
Investments in repurchase agreements (Note 1)......................... 2,341,000 5,119,000
Cash.................................................................. 965 669
Interest receivable................................................... 361 193,761
Dividends receivable.................................................. 20,296 45,792
Receivable for capital shares sold.................................... 1,400 18,160
Other assets.......................................................... 365 3,358
-------------- -------------
TOTAL ASSETS........................................................ 12,193,314 39,724,509
-------------- -------------
LIABILITIES
Payable for securities purchased...................................... 229,753 554,893
Payable for capital shares redeemed................................... 1,500 9,525
Dividends payable..................................................... 7,288 19,046
Accrued advisory fees (Note 3)........................................ 8,360 23,726
Accrued administration fees (Note 3).................................. 2,000 6,200
Other accrued expenses................................................ 4,650 13,931
Covered call options, at value (Notes 1 and 4)
(premiums received $3,371 and $18,658, respectively) ............... 25 11,812
-------------- -------------
TOTAL LIABILITIES................................................... 253,576 639,133
-------------- -------------
NET ASSETS .............................................................. $ 11,939,738 $ 39,085,376
============== =============
Net assets consist of:
Capital shares........................................................ $ 9,405,486 $ 29,991,606
Undistributed net investment income................................... 824 7,214
Accumulated net realized gains from security transactions............. 215,285 702,360
Net unrealized appreciation on investments............................ 2,318,143 8,384,196
-------------- -------------
Net assets............................................................... $ 11,939,738 $ 39,085,376
============== =============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value)............................................. 790,843 2,533,944
============== =============
Net asset value, offering price and redemption price per share (Note 1).. $ 15.10 $ 15.42
============== =============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FLIPPIN, BRUCE & PORTER FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
============================================================================================================
FBP FBP
CONTRARIAN CONTRARIAN
EQUITY BALANCED
FUND FUND
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest.............................................................. $ 58,399 $ 474,624
Dividends............................................................. 93,103 235,377
-------------- -------------
TOTAL INVESTMENT INCOME............................................. 151,502 710,001
-------------- -------------
EXPENSES
Investment advisory fees (Note 3)..................................... 40,277 137,739
Administration fees (Note 3).......................................... 12,000 35,307
Custodian fees........................................................ 6,278 9,132
Professional fees..................................................... 4,141 5,891
Trustees' fees and expenses........................................... 2,706 2,706
Registration fees..................................................... 2,031 3,353
Printing of shareholder reports....................................... 2,395 2,821
Postage and supplies.................................................. 1,753 2,856
Pricing costs......................................................... 601 2,384
Other expenses........................................................ 242 7,174
-------------- -------------
TOTAL EXPENSES...................................................... 72,424 209,363
Fees waived by the Adviser (Note 3)................................... ( 5,300 ) --
-------------- -------------
NET EXPENSES........................................................ 67,124 209,363
-------------- -------------
NET INVESTMENT INCOME ................................................... 84,378 500,638
-------------- -------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions......................... 62,753 201,075
Net realized gains on option contracts written........................ 7,690 33,006
Net change in unrealized appreciation/depreciation on investments..... 572,653 1,129,107
-------------- -------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ........................ 643,096 1,363,188
-------------- -------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 727,474 $ 1,863,826
============== =============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FLIPPIN, BRUCE & PORTER FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
PERIODS ENDED SEPTEMBER 30, 1996 AND MARCH 31, 1996
=============================================================================================================================
FBP CONTRARIAN FBP CONTRARIAN
EQUITY FUND BALANCED FUND
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
SEPTEMBER 30, ENDED SEPTEMBER 30, ENDED
1996 MARCH 31, 1996 MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income .......................................... $ 84,378 $ 124,921 $ 500,638 $ 959,151
Net realized gains on:
Security transactions ........................................ 62,753 162,612 201,075 1,151,459
Option contracts written ..................................... 7,690 5,145 33,006 17,162
Net change in unrealized appreciation/
depreciation on investments .................................. 572,653 1,328,851 1,129,107 4,142,023
------------ ------------ ------------ ------------
Net increase in net assets from operations ........................ 727,474 1,621,529 1,863,826 6,269,795
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income ..................................... (85,437) ( 124,493 ) ( 500,608 ) ( 958,803 )
From net realized gains ........................................ -- ( 22,509 ) -- ( 863,702 )
------------ ------------ ------------ ------------
Decrease in net assets from
distributions to shareholders .................................. (85,437) ( 147,002 ) ( 500,608 ) ( 1,822,505 )
------------ ------------ ------------ ------------
FROM CAPITAL SHARE TRANSACTIONS(a)
Proceeds from shares sold ...................................... 2,905,535 3,064,694 3,312,924 6,203,415
Net asset value of shares issued in reinvestment
of distributions to shareholders ............................. 71,231 105,309 465,219 1,739,955
Payments for shares redeemed ................................... (768,979) ( 877,596 ) ( 1,696,716 ) ( 2,725,615 )
------------ ------------ ------------ ------------
Net increase in net assets from
capital share transactions ..................................... 2,207,787 2,292,407 2,081,427 5,217,755
------------ ------------ ------------ ------------
TOTAL INCREASE IN NET ASSETS ...................................... 2,849,824 3,766,934 3,444,645 9,665,045
NET ASSETS
Beginning of period ............................................ 9,089,914 5,322,980 35,640,731 25,975,686
------------ ------------ ------------ ------------
End of period - (including undistributed net
investment income of $824, $1,883,
$7,214 and $7,184, respectively) ............................. $ 11,939,738 $ 9,089,914 $ 39,085,376 $ 35,640,731
============ ============ ============ ============
(a)Summary of capital share activity:
Shares sold .................................................... 199,144 227,338 218,431 437,108
Shares issued in reinvestment of distributions
to shareholders .............................................. 4,762 7,962 30,328 122,643
Shares redeemed ................................................ (52,785) ( 70,241 ) ( 112,808 ) ( 191,450 )
------------ ------------ ------------ ------------
Net increase in shares outstanding ............................. 151,121 165,059 135,951 368,301
Shares outstanding, beginning of period ........................ 639,722 474,663 2,397,993 2,029,692
------------ ------------ ------------ ------------
Shares outstanding, end of period .............................. 790,843 639,722 2,533,944 2,397,993
============ ============ ============ ============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
FBP CONTRARIAN EQUITY FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR JULY 30,
SEPTEMBER 30, ENDED ENDED 1993(A) TO
1996 MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 1996 1995 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period......... $ 14.21 $ 11.21 $ 10.15 $ 10.00
------------ -------------- ------------- --------------
Income from investment operations:
Net investment income....................... 0.11 0.24 0.21 0.12
Net realized and unrealized gains
on investments 0.89 3.05 1.14 0.19
------------ -------------- ------------- --------------
Total from investment operations............... 1.00 3.29 1.35 0.31
------------ -------------- ------------- --------------
Less distributions:
Dividends from net investment income........ ( 0.11) ( 0.24 ) ( 0.23 ) ( 0.10 )
Distributions from net realized gains....... -- ( 0.05 ) ( 0.06 ) ( 0.06 )
------------ -------------- ------------- --------------
Total distributions............................ ( 0.11) ( 0.29 ) ( 0.29 ) ( 0.16 )
------------ -------------- ------------- --------------
Net asset value at end of period............... $ 15.10 $ 14.21 $ 11.21 $ 10.15
============ ============== ============= ==============
Total return................................... 14.13%(c) 29.54% 13.52% 4.59% (c)
============ ============== ============= ==============
Net assets at end of period (000's)............ $ 11,940 $ 9,090 $ 5,323 $ 3,135
============ ============== ============= ==============
Ratio of expenses to average net assets(b) .... 1.25%(c) 1.25% 1.25% 1.25% (c)
Ratio of net investment income to average
net assets 1.57%(c) 1.89% 2.15% 1.98% (c)
Portfolio turnover rate........................ 7%(c) 12% 9% 7%
Average commission rate per share.............. $ 0.1152 $ -- $ -- $ --
<FN>
(a) Commencement of operations.
(b) Absent fee waivers and/or expense reimbursements by the Adviser, the
ratios of expenses to average net assets would have been 1.35%(c),1.67%,
2.27% and 3.10%(c) for the periods ended September 30, 1996, March 31, 1996,
1995 and 1994, respectively (Note 3).
(c) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
FBP CONTRARIAN BALANCED FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR
===================================================================================================================
<CAPTION>
SIX MONTHS
ENDED
SEPT. 30, YEARS ENDED MARCH 31,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period..... $ 14.86 $ 12.80 $ 12.19 $ 12.10 $ 11.10 $ 9.90
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................... 0.21 0.43 0.38 0.33 0.34 0.36
Net realized and unrealized gains
on investments........................ 0.56 2.44 0.87 0.15 1.06 1.17
---------- ---------- --------- --------- --------- ---------
Total from investment operations........... 0.77 2.87 1.25 0.48 1.40 1.53
---------- ---------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income.... ( 0.21) ( 0.43) ( 0.39 ) ( 0.32 ) ( 0.35 ) ( 0.33 )
Distributions from net realized gains... -- ( 0.38) ( 0.25 ) ( 0.07 ) ( 0.05 ) --
---------- ---------- --------- --------- --------- ---------
Total distributions........................ ( 0.21) ( 0.81) ( 0.64 ) ( 0.39 ) ( 0.40 ) ( 0.33 )
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 15.42 $ 14.86 $ 12.80 $ 12.19 $ 12.10 $ 11.10
========== ========== ========= ========= ========= =========
Total return............................... 10.32%(c) 22.86% 10.54% 3.88% 12.76% 15.71%
========== ========== ========= ========= ========= =========
Net assets at end of period (000's)........ $ 39,085 $ 35,641 $ 25,976 $21,969 $16,435 $ 9,572
========== ========== ========= ========= ========= =========
Ratio of expenses to average net assets.... 1.14%(c) 1.17% 1.17%(a) 1.25%(b) 1.31%(b) 1.35%(b)
Ratio of net investment income
to average net assets................... 2.72%(c) 3.04% 3.10% 2.64% 3.09% 3.61%
Portfolio turnover rate.................... 16%(c) 17% 14% 28% 27% 14%
Average commission rate per share.......... $ 0.0848 $ -- $ -- $ -- $ -- $ --
<FN>
(a) In an effort to reduce the total operating expenses of the Fund, a portion
of the Fund's custodian fees for the year ended March 31, 1995 was paid
through an arrangement with a third-party broker-dealer who was compensated
through commission trades. Payment of the fees was based on a percentage of
commissions earned. Absent expenses reimbursed through the directed
brokerage arrangement, the ratio of expenses to average net assets would
have been 1.20% for the year ended March 31, 1995.
(b) Absent fee waivers and/or expense reimbursements by the Adviser, the
ratios of expenses to average net assets would have been 1.36%, 1.43% and
1.66% for the years ended March 31, 1994, 1993 and 1992, respectively (Note
3).
(c) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE FLIPPIN, BRUCE & PORTER FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
==============================================================================
1. SIGNIFICANT ACCOUNTING POLICIES
The FBP Contrarian Equity Fund and the FBP Contrarian Balanced Fund (the
Funds) are no-load, diversified 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 Trust was organized as a
Massachusetts business trust on July 18, 1988.
The FBP Contrarian Equity Fund seeks long-term growth of capital through
investment in a diversified portfolio comprised primarily of equity
securities, with current income as a secondary objective.
The FBP Contrarian Balanced Fund seeks long-term capital appreciation and
current income through investment in a balanced portfolio of equity and fixed
income securities assuming a moderate level of investment risk.
The following is a summary of the Funds' significant accounting policies:
Securities valuation -- The Funds' portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise,
at the last quoted bid price. Securities traded on a national stock exchange
are valued based upon the closing price on the principal exchange where the
security is traded. It is expected that fixed income securities of the FBP
Contrarian Balanced Fund will ordinarily be traded on the over-the-counter
market, and common stocks of each Fund will ordinarily be traded on a national
securities exchange, but may also be traded on the over-the-counter market.
When market quotations are not readily available, fixed income securities may
be valued on the basis of prices provided by an independent pricing service.
Repurchase agreements -- The Funds generally enter into joint repurchase
agreements with other funds within the Trust. The joint repurchase agreement,
which is collateralized by U.S. Government obligations, is valued at cost
which, together with accrued interest, approximates market value. At the time
the Funds enter into the joint repurchase agreement, the Funds take possession
of the underlying securities and the seller agrees that the value of the
underlying securities, including accrued interest, will at all times be equal
to or exceed the face amount of the repurchase agreement. In addition, each
Fund actively monitors and seeks additional collateral, as needed.
Share valuation -- The net asset value per share of each Fund is calculated
daily by dividing the total value of each Fund's assets, less liabilities, by
the number of shares outstanding. The offering price and redemption price per
share of each Fund is equal to the net asset value per share.
Investment income -- Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Discounts and premiums on securities
purchased are amortized in accordance with income tax regulations which
approximate generally accepted accounting principles.
Distributions to shareholders -- Dividends arising from net investment income
are declared and paid quarterly to shareholders of each 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. Income distributions and capital gain distributions are determined
in accordance with income tax regulations.
Security transactions -- Security transactions are accounted for on trade
date. Securities sold are valued on a specific identification basis.
<PAGE>
Options transactions -- The Funds may write covered call options for which
premiums are received and are recorded as liabilities, and are subsequently
valued daily at the closing prices on their primary exchanges. Premiums
received from writing options which expire are treated as realized gains.
Premiums received from writing options which are exercised increase the
proceeds used to calculate the realized gain or loss on the sale of the
security. If a closing purchase transaction is used to terminate the Funds'
obligation on a call, a gain or loss will be realized, depending upon whether
the price of the closing purchase transaction is more or less than the premium
previously received on the call written.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is each Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so
qualifies and distributes at least 90% of its taxable net income, the Fund
(but not the shareholders) will be relieved of federal income tax on the
income distributed. Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during
the twelve months ended October 31) plus undistributed amounts from prior
years.
The following information is based upon the federal income tax cost of
portfolio investments of each Fund as of September 30, 1996:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
FBP CONTRARIAN FBP CONTRARIAN
EQUITY FUND BALANCED FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gross unrealized appreciation............................................ $ 2,498,080 $ 8,951,258
Gross unrealized depreciation............................................ ( 179,937 ) ( 567,062 )
============= =============
Net unrealized appreciation.............................................. $ 2,318,143 $ 8,384,196
============= =============
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
The tax basis of investments for each Fund is equal to the acquisition cost as
shown on the Statements of Assets and Liabilities.
2. INVESTMENT TRANSACTIONS
During the six months ended September 30, 1996, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $2,215,438 and $292,575, respectively, for the FBP
Contrarian Equity Fund and $3,657,865 and $2,534,523, respectively, for the
FBP Contrarian Balanced Fund.
3. TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY AGREEMENT
The Funds' investments are managed by Flippin, Bruce & Porter, Inc. (the
Adviser) under the terms of an Investment Advisory Agreement. Under the
Investment Advisory Agreement, each Fund pays the Adviser a fee, which is
computed and accrued daily and paid monthly at an annual rate of .75% of its
average daily net assets up to $250 million; .65% of the next $250 million of
such net assets; and .50% of such net assets in excess of $500 million.
The Adviser currently intends to limit the total operating expenses of the FBP
Contrarian Equity Fund to 1.25% of average daily net assets. Accordingly, the
Adviser voluntarily waived $5,300 of its investment advisory fees from the FBP
Contrarian Equity Fund for the six months ended September 30, 1996.
Certain trustees and officers of the Trust are also officers of the Adviser.
<PAGE>
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Funds. For these services, MGF receives a monthly fee from each Fund at an
annual rate of .20% on its average daily net assets up to $25 million; .175%
on the next $25 million of such net assets; and .15% on such net assets in
excess of $50 million, subject to a $2,000 minimum monthly fee. In addition,
each Fund pays out-of-pocket expenses including, but not limited to, postage,
supplies, and costs of pricing the Funds' portfolio securities.
Certain officers of the Trust are also officers of MGF.
4. COVERED CALL OPTIONS
A summary of covered call option contracts during the six months ended
September 30, 1996 is as follows:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
FBP CONTRARIAN FBP CONTRARIAN
EQUITY FUND BALANCED FUND
NUMBER OF OPTION NUMBER OF OPTION
OPTIONS PREMIUMS OPTIONS PREMIUMS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Options outstanding at beginning of period..... 21 $ 13,224 100 $ 56,127
Options written................................ -- -- 50 17,984
Options cancelled in closing purchase
transactions................................ ( 3) ( 1,573 ) ( 22 ) ( 11,549 )
Options expired................................ ( 10) ( 6,420 ) ( 65 ) ( 29,924 )
Options exercised.............................. ( 4) ( 1,860 ) ( 33 ) ( 13,980 )
------------ -------------- ------------- --------------
Options outstanding at end of period........... 4 $ 3,371 30 $ 18,658
============ ============== ============= ==============
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
The Jamestown Balanced Fund
No Load Mutual Fund
Semi-Annual Report
September 30, 1996
(Unaudited)
Investment Adviser Administrator
Lowe, Brockenbrough & Tattersall, Inc. MGF Service Corp.
6620 West Broad Street 312 Walnut Street
Suite 300 P.O. Box 5354
Richmond, Virginia 23230 Cincinnati, Ohio 45201-5354
1.804.288.0404 1.800.443.4249
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 50,199,071
==========
At value (Note 1) $ 61,807,936
Investments in repurchase agreements (Note 1) 3,067,000
Cash 807
Receivable for securities sold 7,725
Receivable for capital shares sold 662
Interest receivable 238,493
Dividends receivable 61,365
Other assets 1,864
----------
TOTAL ASSETS 65,185,852
----------
LIABILITIES
Payable for securities purchased 1,200,854
Payable for capital shares redeemed 22,380
Dividends payable 20,881
Accrued advisory fees (Note 3) 33,290
Accrued administration fees (Note 3) 9,400
Other accrued expenses 12,751
---------
TOTAL LIABILITIES 1,299,556
---------
NET ASSETS $ 63,886,296
==========
Net assets consist of:
Capital shares $ 47,757,894
Accumulated net realized gains from security transactions 4,513,891
Undistributed net investment income 5,646
Net unrealized appreciation on investments 11,608,865
----------
Net assets $ 63,886,296
==========
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 4,148,413
==========
Net asset value, offering price and redemption price per share (Note 1) $ 15.40
==========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BALANCED FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1996 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 667,452
Dividends 362,804
---------
TOTAL INVESTMENT INCOME 1,030,256
---------
EXPENSES
Investment advisory fees (Note 3) 199,851
Administration fees (Note 3) 55,523
Custodian fees 10,011
Professional fees 6,634
Trustees' fees and expenses 2,706
Pricing costs 2,677
Registration expenses 2,473
Insurance expense 2,145
Postage and supplies 1,609
Printing of shareholder reports 1,248
Other expenses 4,900
---------
TOTAL EXPENSES 289,777
Expenses reimbursed through a directed brokerage arrangement (Note 4) (13,061)
---------
NET EXPENSES 276,716
---------
NET INVESTMENT INCOME 753,540
---------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 2,053,387
Net change in unrealized appreciation/depreciation on investments 588,863
---------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 2,642,250
---------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 3,395,790
=========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BALANCED FUND
STATEMENT OF CHANGES IN NET ASSETS
Periods Ended September 30, 1996 and March 31, 1996
Six Months
Ended Year
Sept. 30 Ended
1996 March 31,
(Unaudited) 1996
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 753,540 $ 1,446,610
Net realized gains from security transactions 2,053,387 4,448,919
Net change in unrealized appreciation/depreciation
on investments 588,863 5,730,142
--------- ----------
Net increase in net assets from operations 3,395,790 11,625,671
--------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (759,250) (1,451,395)
From net realized gains from security transactions -- (1,982,339)
-------- ----------
Decrease in net assets from distributions to shareholders (759,250) (3,433,734)
-------- ----------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 3,025,760 5,197,403
Net asset value of shares issued in reinvestment
of distributions to shareholders 718,587 3,265,651
Payments for shares redeemed (4,070,868) (7,140,816)
--------- ---------
Net increase (decrease) in net assets from capital share transactions (326,521) 1,322,238
--------- ---------
TOTAL INCREASE IN NET ASSETS 2,310,019 9,514,175
NET ASSETS:
Beginning of period 61,576,277 52,062,102
---------- ----------
End of period - (including undistributed net investment
income of $5,646 and $11,356, respectively) $ 63,886,296 $ 61,576,277
========== ==========
(a)Number of shares:
Sold 200,637 370,290
Reinvested 47,064 229,365
Redeemed (269,679) (510,212)
---------- ----------
Net increase (decrease) in shares outstanding (21,978) 89,443
Shares outstanding, beginning of period 4,170,391 4,080,948
---------- ---------
Shares outstanding, end of period 4,148,413 4,170,391
========== =========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BALANCED FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
Six Months
Ended
Sept. 30 Years Ended March 31,
1996
(Unaudited) 1996 1995 1994 1993 1992
--------- ------- ------- ------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $14.77 $12.76 $12.15 $12.49 $11.52 $10.88
--------- ------- ------- ------ ------- -------
Income from investment operations:
Net investment income 0.19 0.36 0.33 0.30 0.31 0.32
Net realized and unrealized gains (losses)
on investments 0.63 2.50 0.90 (0.18) 1.11 0.67
--------- ------- ------- ------- ------- -------
Total from investment operations 0.82 2.86 1.23 0.12 1.42 0.99
--------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.19) (0.36) (0.33) (0.30) (0.31) (0.31)
Distributions from net realized gains -- (0.49) (0.29) (0.16) (0.14) (0.04)
--------- ------- ------- ------- ------- -------
Total distributions (0.19) (0.85) (0.62) (0.46) (0.45) (0.35)
--------- ------- ------- ------- ------- -------
Net asset value at end of period $15.40 $14.77 $12.76 $12.15 $12.49 $11.52
======== ======= ======= ======= ======= =======
Total return 11.07%(b) 22.79% 10.54% 0.94% 12.50% 9.16%
======== ======= ======= ======= ======= =======
Net assets at end of period (000's) $63,886 $61,576 $52,062 $46,928 $40,512 $23,786
======== ======= ======= ======= ======= =======
Ratio of expenses to average net assets (a) 0.94%(b) 0.93% 0.96% 0.98% 0.99% 1.19%
Ratio of net investment income to average
net assets 2.41%(b) 2.52% 2.72% 2.47% 2.59% 3.00%
Portfolio turnover rate 76%(b) 72% 95% 123% 134% 153%
Average commission rate per share $0.0666 -- -- -- -- --
<FN>
(a)For the periods ended September 30, 1996 and March 31, 1996, the ratio of expenses to average
net assets was determined based on gross expenses prior to expense reimbursements through a directed
brokerage arrangement. For years prior to March 31,1996, the ratio was determined based on net
expenses after expense reimbursements through the directed brokerage arrangement. Absent such
expense reimbursements, the ratios of expenses to average net assets would have been 0.99%, 1.01%
and 1.07% for the years ended March 31, 1995, 1994 and 1993, respectively (Note 4).
(b)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BALANCED FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
Shares Value
<S> <C> <C>
COMMON STOCKS - 67.5%
Advertising - 1.8%
25,000 Interpublic Group of Companies, Inc. $ 1,181,250
----------
Aerospace - 2.3%
26,000 Raytheon Company 1,446,250
----------
Building and Construction - 2.3%
33,400 Foster Wheeler Corporation 1,461,250
----------
Chemicals - 2.4%
14,000 Air Products & Chemicals, Inc. 815,500
15,800 Loctite Corporation 714,950
----------
1,530,450
----------
Commercial Banking - 3.8%
16,000 Federal National Mortgage Association 558,000
16,700 First Union Corporation 1,114,725
9,000 NationsBank Corporation 781,875
----------
2,454,600
----------
Communications - 2.8%
41,000 Alltel Corporation 1,142,875
26,000 Equifax, Inc. 685,750
----------
1,828,625
----------
Computers/Computer Technology Services - 6.0%
12,500 Cabletron Systems (b) 853,125
14,000 Cisco Systems, Inc. (b) 868,875
14,600 Computer Sciences Corporation (b) 1,122,375
10,300 Intel Corporation 983,006
----------
3,827,381
----------
Consumer Products - 13.0%
19,800 Avon Products, Inc. 982,575
74,000 Coleman Company, Inc. (b) 1,091,500
16,000 General Electric Company 1,456,000
14,500 Kimberly-Clark Corporation 1,277,812
11,000 Motorola, Inc. 567,875
7,500 Procter & Gamble Company 731,250
41,000 Sysco Corporation 1,378,625
35,000 Whitman Corporation 809,375
8,295,012
----------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Drugs/Medical Equipment - 6.4%
30,000 Abbott Laboratories $ 1,477,500
18,900 Merck and Company, Inc. 1,330,088
21,000 Schering-Plough 1,291,500
----------
4,099,088
----------
Durable Goods - 2.0%
26,000 Avnet, Inc. 1,261,000
----------
Electronics - 1.7%
22,000 Hewlett-Packard Company 1,072,500
----------
Entertainment - 1.8%
18,270 Walt Disney Company 1,157,861
----------
Fast Food Restaurants - 1.5%
20,000 McDonald's Corporation 947,500
----------
Fire Systems - 2.1%
32,000 Tyco International Ltd. 1,380,000
----------
Food Productions - 2.2%
6,900 Conagra, Inc. 339,825
14,000 CPC International, Inc. 1,048,250
----------
1,388,075
----------
Health Care Centers - 4.6%
30,000 Columbia/HCA Healthcare Corporation 1,706,250
32,000 Manor Care, Inc. 1,228,000
----------
2,934,250
----------
Insurance - 2.9%
12,000 American International Group 1,209,000
12,000 Jefferson-Pilot Corporation 621,000
----------
1,830,000
----------
Oil and Gas Drilling - 4.8%
17,500 Amoco Corporation 1,233,750
24,000 Coastal Corporation 990,000
9,200 Texaco, Inc. 846,400
----------
3,070,150
----------
Real Estate - 1.6%
72,000 United Dominion Realty Trust 1,008,000
----------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Retail Stores - 1.5% $
27,000 Circuit City Stores, Inc. 975,375
----------
Total Common Stocks (Cost $31,621,319) $ 43,148,617
----------
<CAPTION>
Par Value
<S> <C> <C>
U.S. TREASURY NOTES - 12.7%
$ 1,000,000 5.125%, due 04/30/1998 $ 986,560
1,125,000 7.75%, due 11/30/1999 1,170,000
1,765,000 6.25%, due 02/15/2003 1,736,866
4,075,000 7.25%, due 08/15/2004 4,221,455
----------
Total U.S. Treasury Notes (Cost $8,030,183) $ 8,114,881
----------
MORTGAGE-BACKED SECURITIES - 5.2%
Federal Home Loan Mortgage Corporation - 1.9%
$ 356,515 Pool #G50153, 4.50%, due 05/01/1999 $ 342,812
222,886 Pool #162-E, 7.00%, due 12/15/2020 224,418
127,976 Pool #D69139, 6.5%, due 03/01/2026 120,498
553,677 Pool #D70284, 6.5%, due 04/01/2026 520,800
----------
1,208,528
----------
Federal National Mortgage Association - .8%
250,365 Series #88-29B, 9.50%, due 12/25/2018 259,910
267,710 Series #70, 8.50%, due 01/01/2012 277,195
----------
537,105
----------
Government National Mortgage Association - 1.1%
609,949 Series #343536, 7.5%, due 02/15/2023 606,308
92,227 Series #327273, 7.5%, due 08/15/2022 91,677
----------
697,985
----------
Other Mortgage-Backed Securities - 1.4%
Agricultural Mortgage Backed Securities #BA-1001-1,
375000 6.921%, due 01/25/2003 369,609
Lehman Brothers Mortgage Trust #91-2-A1,
187,710 8.00%, due 03/20/1999 190,819
Resolution Trust Corporation #95-1-A2B,
300,000 7.50%, due 10/25/2028 300,656
----------
861,084
----------
Total Mortgage-Backed Securities (Cost $3,297,919) $ 3,304,702
----------
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
ASSET-BACKED SECURITIES - 2.6%
Advanta Mortgage Loan Trust #92-2-A2,
$ 365,000 7.03%, due 03/25/2011 $ 364,818
AFG Receivables Trust #95-A-A,
309,625 6.15%, due 09/15/2000 308,944
Fleetwood Credit Corporation Grantor Trust #95-A-A,
572,031 8.45%, due 11/15/2010 591,869
Nationscredit Grantor Trust #96-1-A,
425,271 5.85%, due 09/15/2011 414,767
----------
Total Asset-Backed Securities (Cost $1,694,991) $ 1,680,398
----------
CORPORATE BONDS - 8.7%
Beneficial Corporation Medium Term Notes,
$ 275,000 8.05%, due 11/16/1998 $ 282,870
Caterpillar Financial Services Medium Term Notes,
450,000 6.80%, due 06/15/1999 452,065
Commercial Credit Corporation,
275,000 10.00%, due 05/01/1999 296,766
Commonwealth Edison,
350,000 7.00%, due 02/01/1997 350,900
Fleet Mortgage Group Medium Term Notes,
400,000 7.25%, due 01/15/1998 404,588
Ford Motor Credit Medium Term Notes,
225,000 7.55%, due 07/19/1999 230,060
Ford Motor Credit,
200,000 8.00%, due 12/01/1997 203,868
GMAC Medium Term Notes,
525,000 6.65%, due 05/24/2000 522,139
International Lease Finance Corporation,
425,000 6.42%, due 09/11/2000 418,765
Meridian Bancorp, Inc.,
175,000 5.69%, floating rate, due 12/01/1996 175,088
Merrill Lynch and Company Medium Term Notes,
375,000 7.05%, due 05/08/2001 377,749
National City Corporation,
175,000 5.77%, floating rate, due 01/31/1997 175,137
Nationsbank Medium Term Notes,
500,000 5.80%, due 01/31/2001 479,800
Northern Trust Corporation,
100,000 9.00%, due 05/15/1998 104,164
Pacific Bell,
400,000 6.875%, due 08/15/2006 391,292
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
COPORATE BONDS - Continued
Sears Roebuck & Co. Medium Term Notes,
$ 275,000 5.96%, due 12/07/2000 $ 266,354
World Savings and Loan Association,
425,000 7.625%, due 02/18/1997 427,733
----------
Total Corporate Bonds (Cost $5,554,659) $ 5,559,338
----------
Total Investments at Value (Cost $50,199,071) - 96.7% $ 61,807,936
----------
Face Value
REPURCHASE AGREEMENTS (a) - 4.8%
Star Bank, N.A., 5.55%, dated 09/30/1996, due 10/01/1996
$ 3,067,000 repurchase proceeds $3,067,473 (Cost $3,067,000) $ 3,067,000
----------
Total Investments and Repurchase Agreements
at Value - 101.5% $ 64,874,936
Liabilities in Excess of Other Assets - (1.5)% (988,640)
----------
Net Assets - 100.0% $ 63,886,296
==========
<FN>
(a)Joint repurchase agreement is fully collateralized by $20,205,000 GNMA II, Pool
#8373, 5.00%, due 02/20/2024. The aggregate market value of the collateral at
September 30, 1996 was $20,377,093. The Fund's pro-rata interest in the collateral
at September 30, 1996 was $3,332,794.
(b)Non-income producing security.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN BALANCED FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
1. Significant Accounting Policies
The Jamestown Balanced Fund (the Fund) is a no-load, diversified series of the
Williamsburg Investment Trust (the Trust), an open-end management investment
company registered under the Invest- ment Company Act of 1940, as amended. The
Trust was organized as a Massachusetts business trust on July 18, 1988. The Fund
began operations on July 3, 1989.
The Fund's investment objectives are long-term growth of capital and income
through investment in a balanced portfolio of equity and fixed income
securities. Capital protection and low volatility are important investment
goals.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise, at
the last quoted bid price. Securities traded on a national stock exchange are
valued based upon the closing price on the principal exchange where the security
is traded. It is expected that fixed income securities of the Fund will
ordinarily be traded on the over-the-counter market, and common stocks of the
Fund will ordinarily be traded on a national securities exchange, but may also
be traded on the over-the-counter market. When market quotations are not readily
available, fixed income securities may be valued on the basis of prices provided
by an independent pricing service. If a pricing service cannot provide a
valuation, securities will be valued in good faith at fair market value using
methods consistent with those determined by the Board of Trustees.
Repurchase agreements -- The Fund generally enters into joint repurchase
agreements with other funds within the Trust. The joint repurchase agreement,
which is collateralized by U.S. Government obligations, is valued at cost which,
together with accrued interest, approximates market. At the time the Fund enters
into the joint repurchase agreement, the seller agrees that the value of the
underlying securities, including accrued interest, will at all times be equal to
or exceed the face amount of the repurchase agreement. In addition, the Fund
actively monitors and seeks additional collateral, as needed.
Share valuation -- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The offering price and redemption price per share
of the Fund is equal to the net asset value per share.
Investment income and distributions to shareholders -- Interest income is
accrued as earned. Discounts and premiums on securities purchased are amortized
in accordance with tax regulations. Dividend income is recorded on the
ex-dividend date. Discounts arising from net investment income 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. Income
distributions and capital gain distributions are determined in accordance with
income tax regulations, which may differ from generally accepted accounting
principles.
<PAGE>
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
Securities traded on a "to-be-announced" basis -- The Fund occasionally trades
securities on a "to-be-announced" (TBA) basis. In a TBA transaction, the Fund
has committed to purchase securities for which all specific information is not
yet known at the time of the trade, particularly the face amount in
mortgage-backed securities transactions. Securities purchased on a TBA basis are
not settled until they are delivered to the Fund, normally 15 to 45 days later.
These transactions are subject to market fluctuations and their current value is
determined in the same manner as for other portfolio securities.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect reported amounts of assets and liabilites at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments of $50,313,812 as of September 30, 1996:
Gross unrealized appreciation. . . . . . . . $12,111,287
Gross unrealized depreciation. . . . . . . . (617,163)
-----------
Net unrealized appreciation. . . . . . . . . $11,494,124
===========
2. Investment Transactions
During the six months ended September 30, 1996, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $23,269,673 and $21,991,542, respectively.
<PAGE>
3. Transactions with Affiliates
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall, Inc.
(the Adviser) under the terms of an Investment Advisory Agreement. Under the
Investment Advisory Agreement, the Fund pays the Adviser a fee, which is
computed and accrued daily and paid monthly at an annual rate of .65% of its
average daily net assets up to $250 million; .60% of the next $250 million of
such net assets; and .55% of such net assets in excess of $500 million.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Fund. For these services, MGF receives a monthly fee from the Fund at an annual
rate of .20% of its average daily net assets up to $25 million; .175% of the
next $25 million of such net assets; and .15% of such net assets in excess of
$50 million, subject to a $2,000 minimum monthly fee. In addition, the Fund pays
out-of-pocket expenses including, but not limited to, postage, supplies, and
cost of pricing the Fund's portfolio securities.
Certain officers of the Trust are also officers of MGF.
4. Directed Brokerage Arrangement
In order to reduce the total operating expenses of the Fund, the Fund's
custodian fees and a portion of other operating expenses have been paid through
an arrangement with a third-party broker-dealer who is compensated through
commission trades. Payment of expenses by the broker-dealer is based on a
percentage of commissions earned. Expenses reimbursed through the directed
brokerage arrangement totaled $13,061 for the six months ended September 30,
1996.
<PAGE>
The Jamestown Equity Fund
No Load Mutual Fund
Semi-Annual Report
September 30, 1996
(Unaudited)
Investment Adviser Administrator
Lowe, Brockenbrough & Tattersall, Inc. MGF Service Corp.
6620 West Broad Street 312 Walnut Street
Suite 300 P.O. Box 5354
Richmond, Virginia 23230 Cincinnati, Ohio 45201-5354
1.804.288.0404 1.800.443.4249
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
ASSETS
<S> <C>
Investments in securities:
At acquisition cost $ 17,870,893
===========
At value (Note 1) $ 21,651,872
Investments in repurchase agreements (Note 1) 1,962,000
Cash 339
Receivable for capital shares sold 1,876
Dividends receivable 31,037
Interest receivable 303
Other assets 4,557
-----------
TOTAL ASSETS 23,651,984
-----------
LIABILITIES
Payable for securities purchased 284,399
Dividends payable 5,956
Accrued advisory fees (Note 3) 11,877
Accrued administration fees (Note 3) 3,700
Other accrued expenses 841
-----------
TOTAL LIABILITIES 306,773
-----------
NET ASSETS $ 23,345,211
===========
Net assets consist of:
Capital shares $ 18,878,735
Accumulated net realized gains from security transactions 685,209
Undistributed net investment income 288
Net unrealized appreciation on investments 3,780,979
-----------
Net assets $ 23,345,211
===========
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 1,572,539
===========
Net asset value, offering price and redemption price per
share (Note 1) $ 14.85
===========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1996 (Unaudited)
<S> <C>
INVESTMENT INCOME
Dividends $ 162,015
Interest 41,702
----------
TOTAL INVESTMENT INCOME 203,717
----------
EXPENSES
Investment advisory fees (Note 3) 66,103
Administration fees (Note 3) 20,327
Custodian fees 5,512
Professional fees 4,104
Registration fees 3,654
Trustees' fees and expenses 2,706
Printing of shareholder reports 1,131
Other expenses 1,049
----------
TOTAL EXPENSES 104,586
Expenses reimbursed through a directed brokerage arrangement (Note 4) (5,940)
----------
NET EXPENSES 98,646
----------
NET INVESTMENT INCOME 105,071
----------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 431,522
Net change in unrealized appreciation/depreciation on investments 894,482
----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 1,326,004
----------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,431,075
==========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
Periods Ended September 30, 1996 and March 31, 1996
Six Months
Ended Year
Sept. 30, Ended
1996 March 31,
(Unaudited) 1996
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 105,071 $ 155,881
Net realized gains from security transactions 431,522 567,635
Net change in unrealized appreciation/depreciation
on investments 894,482 2,204,131
---------- ----------
Net increase in net assets from operations 1,431,075 2,927,647
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (107,643) (153,763)
From net realized gains from security transactions -- (304,491)
---------- ----------
Decrease in net assets from distributions to shareholders (107,643) (458,254)
---------- ----------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 5,223,425 7,025,441
Net asset value of shares issued in reinvestment
of distributions to shareholders 96,128 420,203
Payments for shares redeemed (1,154,296) (169,689)
---------- ----------
Net increase in net assets from capital share transactions 4,165,257 7,275,955
---------- ----------
TOTAL INCREASE IN NET ASSETS 5,488,689 9,745,348
NET ASSETS:
Beginning of period 17,856,522 8,111,174
----------- ----------
End of period - (including undistributed net investment
income of $288 and $2,860, respectively) $ 23,345,211 $ 17,856,522
=========== ==========
(a)Number of shares:
Sold 368,937 542,324
Reinvested 6,546 31,979
Redeemed (82,355) (13,292)
----------- ----------
Net increase in shares outstanding 293,128 561,011
Shares outstanding, beginning of period 1,279,411 718,400
----------- ----------
Shares outstanding, end of period 1,572,539 1,279,411
=========== ==========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
Six Months
Ended Period
Sept. 30, Years ended March 31, Ended
1996 March 31,
(Unaudited) 1996 1995 1994 1993 (a)
----------- ------- ------- ------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period $13.96 $11.29 $10.19 $10.18 $10.00
----------- -------- -------- -------- ---------
Income from investment operations:
Net investment income 0.07 0.15 0.10 0.08 0.04
Net realized and unrealized gains (losses)
on investments 0.89 2.98 1.15 (0.01) 0.18
----------- -------- -------- -------- ----------
Total from investment operations 0.96 3.13 1.25 0.07 0.22
----------- -------- -------- -------- ----------
Less distributions:
Dividends from net investment income (0.07) (0.15) (0.12) (0.06) (0.04)
Distributions from net realized gains -- (0.31) (0.03) -- --
----------- -------- -------- -------- ----------
Total distributions (0.07) (0.46) (0.15) (0.06) (0.04)
----------- -------- -------- -------- ----------
Net asset value at end of period $14.85 $13.96 $11.29 $10.19 $10.18
=========== ======== ======== ======== ==========
Total return 13.80%(c) 28.00% 12.33% 0.67% 6.81%(c)
=========== ======== ======== ======== ==========
Net assets at end of period (000's) $23,345 $17,857 $8,111 $2,811 $1,953
=========== ======== ======== ======== ===========
Ratio of expenses to average net assets (b) 1.03%(c) 1.14% 1.44% 1.50% 1.50%(c)
Ratio of net investment income to average net assets 0.97%(c) 1.27% 1.18% 0.82% 1.13%(c)
Portfolio turnover rate 49%(c) 54% 48% 92% 54%
Average commission rate per share $0.0688 -- -- -- --
<FN>
(a)Represents the period from the commencement of operations (December 1, 1992) through March 31, 1993.
(b)For the periods ended September 30, 1996 and March 31, 1996, the ratio of expenses to average net
assets was determined based on gross expenses prior to expense reimbursements through a directed
brokerage arrangement (Note 4). Absent investment advisory fees waived and/or expenses reimbursed by
the Adviser, the ratios of expenses to average net assets would have been 1.99%, 3.16% and 3.19%
(c) for the periods ended March 31, 1995, 1994 and 1993, respectively.
(c)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
Shares Value
<S> <C> <C>
COMMON STOCKS - 92.7%
Advertising - 2.6%
12,900 Interpublic Group of Companies, Inc. $ 609,525
---------------
Aerospace - 3.2%
13,300 Raytheon Company 739,813
---------------
Building and Construction - 3.2%
17,000 Foster Wheeler Corporation 743,750
---------------
Chemicals - 3.3%
6,900 Air Products & Chemicals, Inc. 401,925
8,100 Loctite Corporation 366,525
---------------
768,450
---------------
Commercial Banking - 5.4%
9,500 Federal National Mortgage Association 331,313
8,200 First Union Corporation 547,350
4,500 NationsBank Corporation 390,937
---------------
1,269,600
---------------
Communications - 4.4%
22,300 Alltel Corporation 621,612
11,900 Equifax, Inc. 313,863
2,000 Lucent Technologies, Inc. 91,750
---------------
1,027,225
---------------
Computers/Computer Technology Services - 8.3%
6,300 Cabletron Systems (b) 429,975
8,000 Cisco Systems, Inc. (b) 496,500
6,500 Computer Sciences Corporation (b) 499,687
5,300 Intel Corporation 505,819
---------------
1,931,981
---------------
Consumer Products - 20.7%
9,400 Avon Products, Inc. 466,475
39,000 Coleman Company, Inc. (b) 575,250
7,100 CPC International, Inc. 531,612
8,800 General Electric Company 800,800
7,700 Kimberly-Clark Corporation 678,562
4,700 Motorola, Inc. 242,638
3,500 Procter & Gamble Company 341,250
21,700 Sysco Corporation 729,662
20,500 Whitman Corporation 474,063
---------------
4,840,312
---------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Drugs/Medical Equipment - 8.5%
13,400 Abbott Laboratories $ 659,950
9,500 Merck and Company, Inc. 668,562
10,800 Schering-Plough Corporation 664,200
---------------
1,992,712
---------------
Durable Goods - 2.8%
13,600 Avnet, Inc. 659,600
---------------
Electronics - 1.9%
9,000 Hewlett-Packard Company 438,750
---------------
Entertainment - 2.4%
8,903 Walt Disney Company 564,228
---------------
Fast Food Restaurants - 1.8%
9,000 McDonald's Corporation 426,375
---------------
Fire Systems - 2.9%
15,500 Tyco International Ltd. 668,438
---------------
Food Productions - .8%
4,000 Conagra, Inc. 197,000
---------------
Health Care Centers - 6.5%
15,700 Columbia/HCA Healthcare Corporation 892,938
16,000 Manor Care, Inc. 614,000
---------------
1,506,938
---------------
Insurance - 3.9%
5,700 American International Group 574,275
6,500 Jefferson-Pilot Corporation 336,375
---------------
910,650
---------------
Oil and Gas Drilling - 6.5%
9,000 Amoco Corporation 634,500
12,000 Coastal Corporation 495,000
4,200 Texaco, Inc. 386,400
---------------
1,515,900
---------------
Real Estate - 1.6%
26,500 United Dominion Realty Trust 371,000
---------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Retail Stores - 2.0%
13,000 Circuit City Stores, Inc. $ 469,625
---------------
Total Common Stocks (Cost $17,870,893) $ 21,651,872
---------------
Face
Value
REPURCHASE AGREEMENTS (a) - 8.5%
$ 1,962,000 Star Bank, N.A., 5.55%, dated 09/30/1996, due 10/01/1996,
repurchase proceeds $1,962,302 (Cost $1,962,000) $ 1,962,000
---------------
Total Investments and Repurchase Agreements
at Value - 101.2% $ 23,613,872
Liabilities in Excess of Other Assets - (1.2)% (268,661)
---------------
Net Assets - 100.0% $ 23,345,211
===============
<FN>
(a)Joint repurchase agreement is fully collateralized by $20,205,000 GNMA
II, Pool #8373, 5.00%, due 02/20/2024. The aggregate market value of the
collateral at September 30, 1996 was $20,377,093. The Fund's pro-rata interest
in the collateral at September 30, 1996 was $2,132,032.
(b)Non-income producing security.
</FN>
See accompanying notes to the finacial statements.
</TABLE>
<PAGE>
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
1. Significant Accounting Policies
The Jamestown Equity Fund (the Fund) is a no-load, diversified 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 Trust was organized as a Massachusetts business trust on July 18,
1988. The Fund began operations on December 1, 1992.
The Fund's investment objective is long-term growth of capital through
investment in a diversified portfolio composed primarily of common stocks.
Current income is incidental to this objective and may not be significant.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of
the close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise,
at the last quoted bid price. Securities traded on a national stock exchange
are valued based upon the closing price on the principal exchange where the
security is traded.
Repurchase agreements -- The Fund generally enters into joint repurchase
agreements with other funds within the Trust. The joint repurchase agreement,
which is collateralized by U.S. Government obligations, is valued at cost
which, together with accrued interest, approximates market. At the time the
Fund enters into the joint repurchase agreement, the seller agrees that the
value of the underlying securities, including accrued interest, will at all
times be equal to or exceed the face amount of the repurchase agreement. In
addition, the Fund actively monitors and seeks additional collateral, as
needed.
Share valuation -- The net asset value per share of the Fund is
calculated daily by dividing the total value of the Fund's assets, less
liabilities, by the number of shares outstanding. The offering price and
redemption price per share of the Fund is equal to the net asset value per
share.
Investment income and distributions to shareholders -- Interest income is
accrued as earned. Dividend income is recorded on the ex-dividend date.
Dividends arising from net investment income 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. Income distributions
and capital gain distributions are determined in accordance with income tax
regulations, which may differ from generally accepted accounting principles.
Security transactions -- Security transactions are accounted for on trade
date. Securities sold are valued on a specific identification basis.
Estimates -- The preparation of financial statements in conformity with
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
<PAGE>
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so
qualifies and distributes at least 90% of its taxable net income, the Fund
(but not the shareholders) will be relieved of federal income tax on the
income distributed. Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during
the twelve months ended October 31) plus undistributed amounts from prior
years.
The following information is based upon the federal income tax cost of
portfolio investments of $17,893,455 as of September 30, 1996:
Gross unrealized appreciation. . . . . . . . $ 4,060,126
Gross unrealized depreciation. . . . . . . . (301,709)
Net unrealized appreciation. . . . . . . . . $ 3,758,417
2. Investment Transactions
During the six months ended September 30, 1996, purchases and proceeds
from sales and maturities of investment securities, other than short-term
investments, amounted to $8,733,344 and $4,561,752, respectively.
3. Transactions with Affiliates
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall,
Inc. (the Adviser) under the terms of an Investment Advisory Agreement. Under
the Investment Advisory Agreement, the Fund pays the Adviser a fee, which is
computed and accrued daily and paid monthly at an annual rate of .65% of its
average daily net assets up to $500 million and .50% of such net assets in
excess of $500 million.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust
and MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Fund. For these services, MGF receives a monthly fee from the Fund at an
annual rate of .20% of its average daily net assets up to $25 million; .175%
of the next $25 million of such net assets; and .15% of such net assets in
excess of $50 million, subject to a $2,000 minimum monthly fee. In addition,
the Fund pays out-of-pocket expenses including, but not limited to, postage,
supplies, and costs of pricing the Fund's portfolio securities.
Certain officers of the Trust are also officers of MGF.
<PAGE>
4. Directed Brokerage Arrangement
In order to reduce the total operating expenses of the Fund, the Fund's
custodian fees and a portion of other operating expenses have been paid
through an arrangement with a third-party broker-dealer who is compensated
through commission trades. Payment of expenses by the broker-dealer is based
on a percentage of commissions earned. Expenses reimbursed through the
directed brokerage arrangement totaled $5,940 for the six months ended
September 30, 1996.
<PAGE>
The Jamestown Bond Fund
No Load Mutual Fund
Semi-Annual Report
September 30, 1996
(Unaudited)
Investment Adviser Administrator
Lowe, Brockenbrough & Tattersall, Inc. MGF Service Corp.
6620 West Broad Street 312 Walnut Street
Suite 300 P.O. Box 5354
Richmond, Virginia 23230 Cincinnati, Ohio 45201-5354
1.804.288.0404 1.800.443.4249
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 77,143,249
============
At value (Note 1) $ 77,171,354
Investments in repurchase agreements (Note 1) 2,532,000
Cash 434
Receivable for securities sold 1,313,113
Receivable for capital shares sold 6,122
Interest receivable 880,468
Dividends receivable 21,131
Other assets 18,384
------------
TOTAL ASSETS 81,943,006
------------
LIABILITIES
Payable for securities purchased 3,732,175
Dividends payable 291,342
Accrued advisory fees (Note 3) 23,799
Accrued administration fees (Note 3) 4,900
Other accrued expenses 23,060
------------
TOTAL LIABILITIES 4,075,276
------------
NET ASSETS $ 77,867,730
============
Net assets consist of:
Capital shares $ 79,469,108
Accumulated net realized losses from security transactions (1,757,982)
Undistributed net investment income 128,499
Net unrealized appreciation on investments 28,105
------------
Net assets $ 77,867,730
============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 7,540,748
============
Net asset value, offering price and redemption price per share (Note 1) $ 10.33
============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
THE JAMESTOWN BOND FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1996 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 2,424,627
Dividends 284,079
---------------
TOTAL INVESTMENT INCOME 2,708,706
---------------
EXPENSES
Investment advisory fees (Note 3) 143,976
Administration fees (Note 3) 28,789
Custodian fees 12,953
Professional fees 7,633
Pricing costs 3,164
Insurance expense 2,902
Trustees' fees and expenses 2,706
Registration fees 2,119
Other expenses 19,073
---------------
TOTAL EXPENSES 223,315
Expenses reimbursed through a directed brokerage arrangement (Note 4) (19,828)
---------------
NET EXPENSES 203,487
---------------
NET INVESTMENT INCOME 2,505,219
---------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized loss from security transactions (620,413)
Net change in unrealized appreciation/depreciation of investments 132,744
---------------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS (487,669)
---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 2,017,550
===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
Periods Ended September 30, 1996 and March 31, 1996
Six Months
Ended Year
Sept. 30, Ended
1996 March 31,
(Unaudited) 1996
------------- ------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 2,505,219 $ 5,309,480
Net realized gains (losses) from security transactions (620,413) 3,596,533
Net change in unrealized appreciation/depreciation
on investments 132,744 (949,624)
---------- ----------
Net increase in net assets from operations 2,017,550 7,956,389
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (2,498,479) (5,212,243)
---------- ----------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 5,210,781 16,330,832
Net asset value of shares issued in reinvestment
of distributions to shareholders 1,882,753 4,066,804
Payments for shares redeemed (3,518,994) (20,396,366)
---------- -----------
Net increase in net assets from capital share transactions 3,574,540 1,270
TOTAL INCREASE IN NET ASSETS 3,093,611 2,745,416
NET ASSETS:
Beginning of period 74,774,119 72,028,703
---------- ----------
End of period - (including undistributed net investment
income of $128,499 and $121,759, respectively) $ 77,867,730 $ 74,774,119
========== ==========
(a)Number of shares:
Sold 503,804 1,534,918
Reinvested 182,431 386,962
Redeemed (341,017) (1,951,756)
---------- ----------
Net increase (decrease) in shares outstanding 345,218 (29,876)
Shares outstanding, beginning of period 7,195,530 7,225,406
---------- ----------
Shares outstanding, end of period 7,540,748 7,195,530
========== ==========
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
Six Months
Ended
Sept. 30, Years Ended March 31,
1996
Unaudited) 1996 1995 1994 1993 1992
------------ ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $10.39 $9.97 $10.15 $10.82 $10.42 $9.97
------------ ------- ------- ------- ------- ------
Income from investment operations:
Net investment income 0.34 0.70 0.62 0.55 0.64 0.54
Net realized and unrealized gains (losses) on
investments (0.06) 0.41 (0.18) (0.30) 0.55 0.48
------------ ------- ------- ------- ------- ------
Total from investment operations 0.28 1.11 0.44 0.25 1.19 1.02
------------ ------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income (0.34) (0.69) (0.62) (0.55) (0.64) (0.54)
Distributions from net realized gains -- -- -- (0.19) (0.15) (0.03)
Distributions in excess of net realized gains -- -- -- (0.18) -- --
------------ ------- ------- ------- ------- ------
Total distributions (0.34) (0.69) (0.62) (0.92) (0.79) (0.57)
------------ ------- ------- ------- ------- ------
Net asset value at end of period $10.33 $10.39 $9.97 $10.15 $10.82 $10.42
============ ======= ======= ======= ======= ======
Total return 5.35%(b) 11.23% 4.56% 2.12% 11.69% 10.33%
============ ======= ======= ======= ======= ======
Net assets at end of period (000's) $77,868 $74,774 $72,029 $64,029 $55,718 $29,727
============ ======= ====== ======= ======= ======
Ratio of expenses to average net assets (a) 0.58%(b) 0.56% 0.53% 0.60% 0.59% 0.60%(c)
Ratio of net investment income to average net assets 6.47%(b) 6.54% 6.28% 5.03% 6.09% 6.67%
Portfolio turnover rate 202%(b) 268% 381% 381% 454% 484%
<FN>
(a)For the periods ended September 30, 1996 and March 31, 1996, the ratio of expenses
to average net assets was determined based on gross expenses prior to expense
reimbursements through a directed brokerage arrangement. For periods prior to
September 30, 1995, the ratio was determined based on net expenses after expense
reimbursements through the directed brokerage arrangement. Absent such expense
reimbursements, the ratio of expenses to average net assets would have been 0.57% for the
year ended March 31, 1995 (Note 4).
(b)Annualized.
(c)Absent investment advisory fees waived by the Adviser, the ratio of expenses to average
net assets would have been 0.80% for the period ended March 31, 1992.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
Par Value Value
<S> <C> <C>
U.S. TREASURY AND AGENCY OBLIGATIONS - 33.0%
U.S. Treasury Bonds - 14.4%
$ 6,475,000 8.50%, due 02/15/2020 $ 7,522,137
3,650,000 7.125%, due 02/15/2023 3,676,791
-----------------
11,198,928
-----------------
U.S. Treasury Notes - 18.6%
12,265,000 7.75%, due 11/30/1999 12,755,600
1,645,000 7.25%, due 08/15/2004 1,704,121
-----------------
14,459,721
-----------------
Total U.S. Treasury and Agency Obligations
(Cost $25,531,361) $ 25,658,649
-----------------
MORTGAGE-BACKED SECURITIES - 32.0%
Federal Home Loan Mortgage Corporation - 6.6%
$ 732,299 Pool #1021K-Z, 9.50%, due 12/15/2020 $ 812,851
82,692 Pool #D69139, 6.50%, due 03/01/2026 77,860
3,294,205 Pool #D70628, 6.50%, due 04/01/2026 3,098,595
1,173,618 Pool #C80406, 6.50%, due 06/01/2026 1,103,928
-----------------
5,093,234
-----------------
Federal National Mortgage Association - 7.5%
2,125,000 Series #93-55E, 6.20%, due 04/25/2005 2,109,063
600,000 Series #93-29PE, 6.00%, due 11/25/2019 591,558
1,025,000 Series #89-76E, 9.00%, due 11/25/2019 1,115,323
456,610 Series #90-144WZ, 9.50%, due 12/25/2020 505,695
875,000 Series #91-10J, 7.95%, due 02/25/2021 886,480
662,183 Series #G92-44Z, 8.00%, due 07/25/2022 657,832
-----------------
5,865,951
-----------------
Government National Mortgage Association - 12.7%
1,355,136 Pool #780215, 8.50%, due 10/15/2017 1,413,177
498,030 Pool #327273, 7.50%, due 08/15/2022 495,056
440,318 Pool #325612, 7.50%, due 10/15/2022 437,690
472,970 Pool #333658, 7.50%, due 01/15/2023 470,146
1,010,130 Pool #342526, 7.50%, due 02/15/2023 1,004,099
1,196,571 Pool #349314, 7.50%, due 02/15/2023 1,189,427
127,452 Pool #352166, 7.50%, due 06/15/2023 126,691
892,643 Pool #352143, 7.50%, due 07/15/2023 887,314
910,989 Pool #372822, 7.50%, due 11/15/2023 904,985
1,180,387 Pool #359451, 7.50%, due 12/15/2023 1,173,340
484,253 Pool #354831, 7.50%, due 06/15/2024 480,756
1,325,000 TBA, 6.50%, adjustable rate, due 10/25/2026 1,329,141
-----------------
9,911,822
-----------------
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
Other Mortgage-Backed Securities - 5.2%
Lehman Brothers Mortgage Trust #91-2-A1,
$ 931,043 8.00%, due 03/20/1999 $ 946,464
Resolution Trust Corporation #95-1A-A-2D,
1,295,000 7.50%, due 10/25/2028 1,272,742
Vendee Mortgage Trust #96-2-1K,
655,000 6.75%, due 06/15/2009 627,163
Vendee Mortgage Trust #96-1-1K,
600,000 6.75%, due 11/15/2012 564,936
Vendee Mortgage Trust #96-31F,
710,000 6.75%, due 01/15/2022 646,100
-----------------
4,057,405
-----------------
Total Mortgage-Backed Securities (Cost $25,001,502) $ 24,928,412
-----------------
ASSET-BACKED SECURITIES - 8.0%
BankAmerica Manufactured Housing Contract #96-1-A6,
$ 650,000 8.00%, due 10/10/2026 $ 654,745
CIT RV Trust #95-B-A1,
398,044 6.50%, due 04/15/2011 398,761
CIT RV Trust #96-A-A1,
994,561 5.40%, due 12/15/2011 970,095
Contimortgage Home Equity Loan Trust #95-4-A3,
1,495,000 6.20%, due 10/15/2010 1,489,319
Fleetwood Credit Corporation Grantor Trust #94-A-A,
694,930 4.70%, due 07/15/2009 669,085
Fleetwood Credit Corporation Grantor Trust #96-A,
707,193 6.75%, due 10/15/2011 708,183
Green Tree Financial Corporation #96-5-A7,
1,350,000 8.25%, due 7/15/2027 1,368,981
-----------------
Total Asset-Backed Securities (Cost $6,272,890) $ 6,259,169
-----------------
CORPORATE BONDS - 16.8%
Associates Corporation,
$ 700,000 5.75%, due 10/15/2003 $ 644,539
Baltimore Gas & Electric Corporation,
1,000,000 8.90%, due 07/01/1998 1,040,220
Beneficial Corporation Medium Term Notes,
900,000 8.27%, due 11/30/1998 929,943
Ford Motor Credit Medium Term Note,
950,000 7.45%, due 04/13/2000 969,522
General Motors Acceptance Corporation Medium Term Notes,
1,725,000 6.65%, due 05/24/2000 1,715,599
Golden West Financial Corporation,
980,000 8.625%, due 08/30/1998 1,015,496
International Lease Finance Medium Term Notes,
1,315,000 6.42%, due 09/11/2000 1,295,709
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
CORPORATE BONDS - Continued
Key Bank of Washington,
$ 1,000,000 7.125%, due 08/15/2006 $ 982,430
May Department Stores,
700,000 7.45%, due 09/15/2011 700,266
Mellon Financial,
915,000 7.625%, due 11/15/1999 937,161
Sears Roebuck & Company,
1,300,000 6.18%, due 12/01/2000 1,269,593
750,000 6.86%, due 07/03/2001 748,178
Virginia Electric & Power Corporation,
825,000 7.25%, due 03/01/1997 829,818
-----------------
Total Corporate Bonds (Cost $13,068,316) $ 13,078,474
-----------------
<CAPTION>
Shares
<S> <C> <C>
CLOSED-END MUTUAL FUNDS - 9.3%
144,200 Blackrock 2001 Term Trust, Inc. $ 1,117,550
1,500 Blackrock Broad Investment Grade 2009 Term Trust 16,312
53,900 Blackrock Investment Quality Term Trust, Inc. 404,250
70,300 Blackrock Strategic Term Trust, Inc. 544,825
12,000 Dean Witter Government Inc. Trust 99,000
7,400 Excelsior Income Shares, Inc. 115,625
108,200 Hyperion 1999 Term Trust 703,300
142,500 Hyperion 2002 Term Trust 997,500
51,300 Hyperion 2005 Investment Grade Opportunity Term Trust, Inc. 365,513
26,400 Income Opportunities Fund, Inc. - 1999 224,400
24,200 Kemper Intermediate Government Trust 178,475
14,700 Liberty Term Trust, Inc. - 1999 113,925
133,900 MFS Government Markets Income Trust 887,087
60,900 MFS Intermediate Income Trust 418,688
51,000 Putnam Intermediate Government Trust 382,500
40,300 TCW/DW Term Trust 2000 312,325
27,000 TCW/DW Term Trust 2003 205,875
22,000 Templeton Global Income Trust 159,500
-----------------
Total Closed-End Funds (Cost $7,269,180) $ 7,246,650
-----------------
Total Investments at Value (Cost $77,143,249) - 99.1% $ 77,171,354
-----------------
<PAGE>
<CAPTION>
Face
Amount Value
<S> <C> <C>
REPURCHASE AGREEMENTS (a) - 3.3%
Star Bank N. A., 5.55%, dated 09/30/1996, due 10/01/1996
$ 2,532,000 repurchase proceeds $2,532,390 (Cost $2,532,000) $ 2,532,000
-----------------
Total Investments and Repurchase Agreements
at Value - 102.4% $ 79,703,354
Liabilities in Excess of Other Assets - (2.4)% (1,835,624)
-----------------
Net Assets - 100.0% $ 77,867,730
=================
<FN>
(a)Joint repurchase agreement is fully collateralized by $20,205,000 GNMA II, Pool
#8373, 5.00%, due 02/20/2024. The aggregate market value of the collateral at
September 30, 1996 was $20,377,093. The Fund's pro-rata interest in the collateral at
September 30, 1996 was $2,751,429.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
1. Significant Accounting Policies
The Jamestown Bond Fund (the Fund) is a no-load, diversified 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
Trust was organized as a Massachusetts business trust on July 18, 1988. The Fund
began operations on December 13, 1990.
The Fund's investment objective is to maximize total return, consisting of
current income and capital appreciation (both realized and unrealized),
consistent with the preservation of capital through active management of
investment grade fixed income securities.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise, at
the last quoted bid price. Securities traded on a national exchange are valued
based upon the closing price on the principal exchange where the security is
traded. It is expected that fixed income securities of the Fund will ordinarily
be traded on the over-the-counter market. When market quotations are not readily
available, securities may be valued on the basis of prices provided by an
independent pricing service. If a pricing service cannot provide a valuation,
securities will be valued in good faith at fair market value using methods
consistent with those determined by the Board of Trustees.
Repurchase agreements -- The Fund generally enters into joint repurchase
agreements with other funds within the Trust. The joint repurchase agreement,
which is collateralized by U.S. Government obligations, is valued at cost which,
together with accrued interest, approximates market. At the time the Fund enters
into the joint repurchase agreement, the seller agrees that the value of the
underlying securities, including accrued interest, will at all times be equal to
or exceed the face amount of the repurchase agreement. In addition, the Fund
actively monitors and seeks additional collateral, as needed.
Share valuation -- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The offering price and redemption price per share
of the Fund is equal to the net asset value per share.
Investment income and distributions to shareholders -- Dividend income is
recorded on the ex-dividend date. Interest income is accrued as earned.
Discounts and premiums on securities purchased are amortized in accordance with
income tax regulations. Dividends arising from net investment income 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. Income
distributions and capital gain distributions are determined in accordance with
income tax regulations, which may differ from generally accepted accounting
principles.
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
<PAGE>
Securities traded on a "to-be-announced" basis -- The Fund occasionally trades
securities on a "to-be-announced" (TBA) basis. In a TBA transaction, the Fund
has committed to purchase securities for which all specific information is not
yet known at the time of the trade, particularly the face amount in
mortgage-backed securities transactions. Securities purchased on a TBA basis are
not settled until they are delivered to the Fund, normally 15 to 45 days later.
These transactions are subject to market fluctuations and their current value is
determined in the same manner as for other portfolio securities.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting priciples requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made. 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% of
its net realized capital gains (earned during the twelve months ended October
31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments of $77,234,211 as of September 30, 1996:
Gross unrealized appreciation. . . . . . . $ 718,752
Gross unrealized depreciation. . . . . . . (781,609)
---------
Net unrealized appreciation. . . . . . . . $ (62,857)
=========
As of March 31, 1996, the Fund had capital loss carryforwards for federal income
tax purposes of $1,046,606 which expire on March 31, 2003. These capital loss
carryforwards may be utilized in the current and future years to offset net
realized capital gains prior to distributing such gains to shareholders.
2. Investment Transactions
During the six months ended September 30, 1996, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $78,726,954 and $74,358,370, respectively.
<PAGE>
3. Transactions with Affiliates
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall, Inc.
(the Adviser) under the terms of an Investment Advisory Agreement. Under the
Investment Advisory Agreement, the Fund pays the Adviser a fee, which is
computed and accrued daily and paid monthly at an annual rate of .375% of its
average daily net assets.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Fund. For these services, MGF receives a monthly fee from the Fund at an annual
rate of .075% of its average daily net assets up to $200 million and .05% of
such net assets in excess of $200 million, subject to a $2,000 minimum monthly
fee. In addition, the Fund pays out-of-pocket expenses including, but not
limited to, postage, supplies, and cost of pricing the Fund's portfolio
securities.
Certain officers of the Trust are also officers of MGF.
4. Directed Brokerage Arrangement
In order to reduce the total operating expenses of the Fund, a portion of the
Fund's custodian fees have been paid through an arrangement with a third-party
broker-dealer who is compensated through security trades. Expenses reimbrage
arrangement totaled $19,828 for the six months ended September 30, 1996.ursed
through the directed brokerage arrangement totaled $19,828 for the six months
ended September 30, 1996.
<PAGE>
The Jamestown Short Term Bond Fund
No Load Mutual Fund
Semi-Annual Report
September 30, 1996
(Unaudited)
Investment Adviser Administrator
Lowe, Brockenbrough & Tattersall, Inc. MGF Service Corp.
6620 West Broad Street 312 Walnut Street
Suite 300 P.O. Box 5354
Richmond, Virginia 23230 Cincinnati, Ohio 45201-5354
1.804.288.0404 1.800.443.4249
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
ASSETS
<S> <C>
Investments in securities:
At acquisition cost $ 9,122,309
====================
At value (Note 1) $ 9,072,448
Investments in repurchase agreements (Note 1) 627,000
Cash 565
Receivable for capital shares sold 358
Interest receivable 113,207
Due from Adviser (Note 3) 5,897
Other assets 2,156
--------------------
TOTAL ASSETS 9,821,631
--------------------
LIABILITIES
Payable for securities purchased 309,680
Accrued administration fees 2,000
Other accrued expenses 1,050
--------------------
TOTAL LIABILITIES 312,730
--------------------
NET ASSETS $ 9,508,901
====================
Net assets consist of:
Capital shares $ 10,073,078
Accumulated net realized losses from security transactions (514,883)
Undistributed net investment income 567
Net unrealized depreciation on investments (49,861)
--------------------
Net assets $ 9,508,901
====================
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 986,584
====================
Net asset value, offering price and redemption price per share (Note 1) $ 9.64
====================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1996 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 321,104
--------------------
EXPENSES
Investment advisory fees (Note 3) 18,147
Administration fees (Note 3) 12,000
Professional fees 5,884
Custodian fees 4,587
Trustees' fees and expenses 2,706
Pricing costs 1,616
Shareholder report printing fees 1,044
Other expenses 2,256
-------------------
TOTAL EXPENSES 48,240
Fees waived and expenses reimbursed by the Adviser (Note 3) (24,044)
-------------------
NET EXPENSES 24,196
-------------------
NET INVESTMENT INCOME 296,908
-------------------
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS
Net realized losses from security transactions (70,478)
Net change in unrealized appreciation/depreciation on investments (2,290)
-------------------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS (72,768)
-------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 224,140
===================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
Periods Ended September 30, 1996 and March 31, 1996
Six Months
Ended Year
Sept. 30, Ended
1996 March 31,
(Unaudited) 1996
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 296,908 $ 790,385
Net realized gains (losses) from security transactions (70,478) 192,225
Net change in unrealized appreciation/depreciation
on investments (2,290) (10,516)
--------------- ---------------
Net increase in net assets from operations 224,140 972,094
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (300,000) (793,655)
--------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 1,341,822 2,046,872
Net asset value of shares issued in reinvestment
of distributions to shareholders 300,000 563,410
Payments for shares redeemed (1,482,817) (7,485,406)
--------------- ---------------
Net increase (decrease) in net assets from capital share transactions 159,005 (4,875,124)
--------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 83,145 (4,696,685)
NET ASSETS:
Beginning of period 9,425,756 14,122,441
End of period - (including undistributed net investment --------------- ---------------
income of $567 and $3,659, respectively) $ 9,508,901 $ 9,425,756
=============== ===============
(a)Number of Shares:
Sold 138,228 208,453
Reinvested 31,120 57,652
Redeemed (152,698) (761,014)
--------------- ---------------
Net increase (decrease) in shares outstanding 16,650 (494,909)
Shares outstanding, beginning of period 969,934 1,464,843
--------------- ---------------
Shares outstanding, end of period 986,584 969,934
=============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
Six Months
Ended Period
Sept. 30, Years Ended March 31, Ended
1996 March 31,
(Unaudited) 1996 1995 1994 1993 1992(a)
------------- ------ ------ ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $9.72 $9.64 $9.82 $10.07 $9.93 $10.00
-------- ------- ------ ------- ------ -------
Income from investment operations:
Net investment income 0.31 0.62 0.60 0.51 0.50 0.09
Net realized and unrealized gains (losses)
on investments (0.08) 0.08 (0.17) (0.23) 0.13 (0.07)
-------- ------- ------ -------- ------ -------
Total from investment operations 0.23 0.70 0.43 0.28 0.63 0.02
-------- ------- ------ -------- ------ -------
Less distributions:
Dividends from net investment income (0.31) (0.62) (0.61) (0.51) (0.49) (0.09)
Distributions from net realized gains -- -- -- (0.02) -- --
-------- ------- ------ -------- ------ -------
Total distributions (0.31) (0.62) (0.61) (0.53) (0.49) (0.09)
-------- ------- ------ -------- ------ -------
Net asset value at end of period $9.64 $9.72 $9.64 $9.82 $10.07 $9.93
======== ======= ====== ======== ====== =======
Total return 4.68%(c) 7.38% 4.53% 2.76% 6.40% 0.99%(c)
======== ======= ====== ======== ====== =======
Net assets at end of period (000's) $9,509 $9,426 $14,122 $18,715 $15,580 $5,320
======== ======= ====== ======== ====== =======
Ratio of expenses to average net assets (b) 0.50%(c) 0.50% 0.50% 0.50% 0.50% 0.50%(c)
Ratio of net investment income to average net assets 6.14%(c) 6.27% 6.04% 5.22% 5.24% 4.86%(c)
Portfolio turnover rate 62%(c) 157% 144% 324% 289% 97%
<FN>
(a)Represents the period from the commencement of operations (January 21, 1992)
through March 31, 1992.
(b)Absent investment advisory fees waived and expenses reimbursed by the Adviser,
the ratios of expenses to average net assets would have been 1.00% (c) for the six
months ended September 30, 1996 and 0.85%, 0.85%, 0.81%, 0.82% and 0.81% (c) for
the periods ended March 31, 1996, 1995, 1994, 1993 and 1992, respectively (Note 3).
(c)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
Par Value Value
<S> <C> <C>
COMMERCIAL PAPER - 35.0%
$ 375,000 American Express Company, due 10/30/1996 $ 370,290
375,000 American General Finance Corporation, due 11/19/1996 370,050
375,000 AT&T Corporation, due 11/05/1996 368,812
375,000 E.I. du Pont de Nemours & Company, due 11/07/1996 369,866
375,000 Eli Lilly & Company, due 10/23/1996 369,956
375,000 Hewlett-Packard Company, due 10/11/1996 370,097
375,000 Merrill Lynch & Company, Inc., due 11/14/1996 371,806
375,000 Phillip Morris Companies, Inc., due 10/07/1996 370,349
375,000 Proctor & Gamble Company, due 10/17/1996 369,788
-----------------
Total Commercial Paper (Cost $3,331,013) $ 3,331,014
-----------------
U.S. TREASURY NOTES - 9.6%
$ 200,000 5.125%, due 04/30/1998 $ 197,312
690,000 7.75%, due 11/30/1999 717,600
-----------------
Total U.S. Treasury Notes (Cost $918,095) $ 914,912
-----------------
MORTGAGE-BACKED SECURITIES - 17.0%
Federal Home Loan Mortgage Corporation - 3.6%
$ 175,000 Series #1272-D, 7.50%, due 11/15/2005 $ 177,898
163,450 Series #162-E, 7.00%, due 02/15/2020 164,573
-----------------
342,471
-----------------
Federal National Mortgage Association - 5.0%
225,000 Series #91-131E, 7.709%, due 10/25/1998 228,656
234,522 Pool #124029, 8.00%, due 12/01/2002 239,644
-----------------
468,300
-----------------
Government National Mortgage Association - 2.2%
210,323 Series #8163, 6.50%, adjustable rate, due 03/20/2023 212,853
-----------------
Other Mortgage-Backed Securities - 6.2%
Lehman Brothers Mortgage Trust #91-2-A1,
140,783 8.00%, due 03/20/1999 143,114
Resolution Trust Corporation #95-1-A2-B,
275,000 7.50%, due 10/25/2028 275,602
GE Capital Management Services #93-4-A1,
168,401 6.26%, floating rate, due 03/25/2023 169,189
-----------------
587,905
-----------------
Total Mortgage-Backed Securities (Cost $1,610,885) $ 1,611,529
-----------------
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
ASSET-BACKED SECURITIES - 2.2%
Chemical Financial Acceptance Corporation Grantor Trust #90-A,
$ 209,158 9.40%, due 03/15/1997 $ 209,026
-----------------
Total Asset-Backed Securities (Cost $211,935) $ 209,026
-----------------
CORPORATE BONDS - 31.6%
Beneficial Corporation,
$ 400,000 8.27%, due 11/30/1998 $ 413,308
Ford Motor Credit Corporation Medium Term Notes,
350,000 7.50%, due 02/14/1997 352,005
Ford Motor Credit Corporation,
40,000 8.00%, due 12/01/1997 40,774
International Bank Reconstruction and Development,
265,000 5.10%, due 09/15/1999 255,357
Mellon Financial,
375,000 6.50%, due 12/01/1997 375,757
National City Corporation,
215,000 5.766%, floating rate, due 01/31/1997 215,168
Norwest Financial,
275,000 6.25%, due 02/15/1997 275,267
J.C. Penny & Company,
300,000 10.00%, due 10/15/1997 311,181
Ryder System, Inc.,
300,000 8.38%, due 12/08/1999 313,287
Virginia Electric & Power Company,
275,000 7.25%, due 03/01/1997 276,606
Xerox Corporation Medium Term Notes,
175,000 7.13%, due 04/30/1999 177,257
-----------------
Total Corporate Bonds (Cost $3,050,381) $ 3,005,967
-----------------
Total Investments at Value (Cost $9,122,309) - 95.4% $ 9,072,448
-----------------
<PAGE>
<CAPTION>
Face
Amount Value
<S> <C> <C>
REPURCHASE AGREEMENTS (a) - 6.6%
$ 627,000 Star Bank N.A., 5.55%, dated 09/30/1996, due 10/01/1996
repurchase proceeds $627,096 (Cost $627,000) $ 627,000
-----------------
Total Investments and Repurchase Agreements
at Value - 102.0% $ 9,699,448
Liabilities in Excess of Other Assets - (2.0)% (190,547)
-----------------
Net Assets - 100.0% $ 9,508,901
-----------------
<FN>
(a)Joint repurchase agreement is fully collaterized by $20,205,000 GNMA II, Pool
#8373, 5.00%, due 02/20/2024. The aggregate market value of the collateral at September
30, 1996 was $20,377,093. The Fund's pro-rata interest in the collateral at September 30,
1996 was $681,337.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
1. Significant Accounting Policies
The Jamestown Short Term Bond Fund (the Fund) is a no-load, diversified 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 Trust was organized as a Massachusetts business trust on July 18,
1988. The Fund began operations on January 21, 1992.
The Fund's investment objective is to maximize total return, consisting of
current income and capital appreciation (both realized and unrealized),
consistent with the preservation of capital through active management of high
quality short-term fixed income securities.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise, at
the last quoted bid price. Securities traded on a national exchange are valued
based upon the closing price on the principal exchange where the security is
traded. It is expected that securities of the Fund will ordinarily be traded on
the over-the-counter market. When market quotations are not readily available,
securities may be valued on the basis of prices provided by an independent
pricing service. If a pricing service cannot provide a valuation, securities
will be valued in good faith at fair market value using methods consistent with
those determined by the Board of Trustees.
Repurchase agreements -- The Fund generally enters into joint repurchase
agreements with other funds within the Trust. The joint repurchase agreement,
which is collateralized by U.S. Government obligations, is valued at cost which,
together with accrued interest, approximates market. At the time the Fund enters
into the joint repurchase agreement, the seller agrees that the value of the
underlying securities, including accrued interest, will at all times be equal to
or exceed the face amount of the repurchase agreement. In addition, the Fund
actively monitors and seeks additional collateral, as needed.
Share valuation -- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The offering price and redemption price per share
of the Fund is equal to the net asset value per share.
Investment income and distributions to shareholders -- Interest income is
accrued as earned. Discounts and premiums on securities purchased are amortized
in accordance with income tax regulations. Dividends arising from net investment
income 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. Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles.
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
<PAGE>
Securities traded on a "to-be-announced" basis -- The Fund occasionally trades
securities on a "to-be-announced" (TBA) basis. In a TBA transaction, the Fund
has committed to purchase securities for which all specific information is not
yet known at the time of the trade, particularly the face amount in
mortgage-backed securities transactions. Securities purchased on a TBA basis are
not settled until they are delivered to the Fund, normally 15 to 45 days later.
These transactions are subject to market fluctuations and their current value is
determined in the same manner as for other portfolio securities.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments of $9,123,655 as of September 30, 1996:
Gross unrealized appreciation. . . . . . . . $ 31,542
Gross unrealized depreciation. . . . . . . . (82,749)
-------
Net unrealized depreciation. . . . . . . . . $ (51,207)
=======
As of March 31, 1996, the Fund had capital loss carryforwards for federal income
tax purposes of $443,059 which expire on March 31, 2003. These capital loss
carryforwards may be utilized in the current and future years to offset net
realized capital gains prior to distributing such gains to shareholders.
2. Investment Transactions
During the year ended September 30, 1996, purchases and proceeds from sales and
maturities of investment securi- ties, other than short-term investments,
amounted to $2,283,201 and $5,791,574, respectively.
<PAGE>
3. Transactions with Affiliates
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall, Inc.
(the Adviser) under the terms of an Investment Advisory Agreement. Under the
Investment Advisory Agreement, the Fund pays the Adviser a fee, which is
computed and accrued daily and paid monthly at an annual rate of .375% of its
average daily net assets.
The Adviser currently intends to limit the total operating expenses of the Fund
to .50% of its average daily net assets; accordingly, the Adviser waived its
entire investment advisory fee of $18,147 and reimbursed the Fund for $5,897 of
other operating expenses for the six months ended September 30, 1996.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Fund. For these services, MGF receives a monthly fee from the Fund at an annual
rate of .075% of its average daily net assets up to $200 million and .05% of
such net assets in excess of $200 million, subject to a $2,000 minimum monthly
fee. In addition, the Fund pays out-of-pocket expenses including, but not
limited to, postage, supplies and cost of pricing the Fund's portfolio
securities.
Certain officers of the Trust are also officers of MGF.
<PAGE>
The Jamestown Tax Exempt Virginia Fund
No Load Mutual Fund
Semi-Annual Report
September 30, 1996
(Unaudited)
Investment Adviser Administrator
Lowe, Brockenbrough & Tattersall, Inc. MGF Service Corp.
6620 West Broad Street 312 Walnut Street
Suite 300 P.O. Box 5354
Richmond, Virginia 23230 Cincinnati, Ohio 45201-5354
1.804.288.0404 1.800.443.4249
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
ASSETS
<S> <C>
Investments in securities:
At acquisition cost $ 10,145,454
=====================
At value (Note 1) $ 10,364,597
Interest receivable 155,540
Other assets 2,242
---------------------
TOTAL ASSETS 10,522,379
---------------------
LIABILITIES
Dividends payable 13,127
Payable for capital shares redeemed 419
Accrued advisory fees (Note 3) 1,724
Accrued administration fees (Note 3) 2,000
Other accrued expenses 1,250
---------------------
TOTAL LIABILITIES 18,520
---------------------
NET ASSETS $ 10,503,859
=====================
Net assets consist of:
Capital shares $ 10,346,377
Accumulated net realized losses from security transactions (61,661)
Net unrealized appreciation on investments 219,143
---------------------
Net assets $ 10,503,859
=====================
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 1,065,944
=====================
Net asset value, offering price and redemption price per share (Note 1) $ 9.85
=====================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1996 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 259,315
------------------
EXPENSES
Investment advisory fees (Note 3) 19,637
Administration fees (Note 3) 12,000
Professional fees 4,104
Custodian fees 2,924
Trustees' fees and expenses 2,706
Pricing costs 2,492
Printing of shareholder reports 1,862
Other expenses 1,160
------------------
TOTAL EXPENSES 46,885
Fees waived by the Adviser (Note 3) (10,059)
------------------
NET EXPENSES 36,826
------------------
NET INVESTMENT INCOME 222,489
------------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 12,206
Net change in unrealized appreciation/depreciation on investments 4,078
------------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 16,284
------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 238,773
==================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
STATEMENT OF CHANGES IN NET ASSETS
Periods Ended September 30, 1996 and March 31, 1996
Six Months
Ended Year
Sept. 30, Ended
1996 March 31,
(Unaudited) 1996
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 222,489 $ 378,620
Net realized gains from security transactions 12,206 44,594
Net change in unrealized appreciation/depreciation
on investments 4,078 87,707
--------------- ---------------
Net increase in net assets from operations 238,773 510,921
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (222,489) (378,620)
--------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 2,473,975 1,576,152
Net asset value of shares issued in reinvestment
of distributions to shareholders 130,208 242,402
Payments for shares redeemed (895,763) (883,247)
--------------- ---------------
Net increase in net assets from capital share transactions 1,708,420 935,307
--------------- ---------------
TOTAL INCREASE IN NET ASSETS 1,724,704 1,067,608
NET ASSETS:
Beginning of period 8,779,155 7,711,547
--------------- ---------------
End of period $ 10,503,859 $ 8,779,155
=============== ===============
(a)Number of shares:
Sold 252,831 159,428
Reinvested 13,258 24,511
Redeemed (91,063) (89,606)
--------------- ----------------
Net increase in shares outstanding 175,026 94,333
Shares outstanding, beginning of period 890,918 796,585
--------------- ----------------
Shares outstanding, end of period 1,065,944 890,918
=============== ================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Period
Six Months
Ended Year Year Period
Sept. 30, Ended Ended Ended
1996 March 31, March 31, March 31,
(Unaudited) 1996 1995 1994 (a)
------------ ---------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value at beginning of period $9.85 $9.68 $9.61 $10.00
------------ ---------- ----------- -----------
Income from investment operations:
Net investment income 0.22 0.45 0.44 0.23
Net realized and unrealized gains (losses) on investments -- 0.17 0.07 (0.39)
------------ ---------- ----------- -----------
Total from investment operations 0.22 0.62 0.51 (0.16)
------------ ---------- ----------- -----------
Less distributions:
Dividends from net investment income (0.22) (0.45) (0.44) (0.23)
------------ ---------- ----------- -----------
Net asset value at end of period $9.85 $9.85 $9.68 $9.61
============ ========== =========== ===========
Total return 4.57%(c) 6.51% 5.47% (2.96)%(c)
============ ========== =========== ===========
Net assets at end of period (000's) $10,504 $8,779 $7,712 $2,056
============ ========== =========== ===========
Ratio of expenses to average net assets (b) 0.75%(c) 0.75% 0.75% 0.75%(c)
Ratio of net investment income to average net assets 4.53%(c) 4.57% 4.64% 4.07%(c)
Portfolio turnover rate 46%(c) 14% 97% 33%
<FN>
(a)Represents the period from the commencement of operations (September 1, 1993)
through March 31, 1994.
(b)Absent investment advisory fees waived and/or expenses reimbursed by the Adviser,
the ratios of expenses to average net assets would have been 0.95% (c), 1.04%, 1.62%
and 4.83%(c) for the periods ended September 30, 1996, March 31, 1996, March 31, 1995
and March 31, 1994, respectively (Note 3).
(c)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
Par
Amount Value
<S> <C> <C>
FIXED RATE REVENUE AND GENERAL
OBLIGATION (GO) BONDS - 93.9%
Virginia - 91.4%
Arlington Co., Virginia, GO,
$ 300,000 5.60%, due 08/01/2006 $ 314,304
---------------
Brunswick Co, Virginia, Revenue,
300,000 5.45%, due 07/01/2006 305,655
---------------
Cheasapeake, Virginia, GO,
200,000 5.60%, due 05/01/2000 207,336
---------------
Chesterfield Co., Virginia, GO,
350,000 6.25%, due 07/15/2005 375,791
---------------
Fairfax Co., Virginia, GO,
350,000 5.60%, due 05/01/2003 361,865
---------------
Fairfax Co., Virginia, Park Authority, Revenue,
300,000 6.25%, due 07/15/2005 312,729
---------------
Fairfax Co., Virginia, Sewer, Revenue,
350,000 5.625%, due 07/15/2008 358,460
---------------
Hanover Co., Virginia, Industrial Dev. Authority, Revenue,
225,000 6.25%, due 10/01/2011 236,030
---------------
Harrisonburg, Virginia, GO,
250,000 5.50%, due 07/15/2000 258,343
---------------
Loudoun Co., Virginia, GO,
300,000 5.50%, due 06/01/2009 301,515
---------------
Martinsville, Virginia, Industrial Dev. Authority, Hospital Facility, Revenue,
150,000 6.50%, due 01/01/1999 156,314
---------------
Newport News, Virginia, GO,
400,000 5.40%, due 07/01/2002 409,656
---------------
Norfolk, Virginia, GO,
300,000 5.75%, due 06/01/2011 306,444
---------------
Norfolk, Virginia, Industrial Dev. Authority, Hospital, Revenue,
350,000 6.80%, due 06/01/2005 387,978
---------------
Pittsylvania Co., Virginia, GO,
300,000 5.65%, due 07/01/2006 309,966
---------------
<PAGE>
<CAPTION>
Par
Amount Value
<S> <C> <C>
Virginia - Continued
Portsmouth, Virginia, GO,
$ 200,000 5.90%, due 11/01/2001 $ 211,384
---------------
Prince William Co., Virginia, Park Authority, Revenue,
250,000 6.10%, due 10/15/2004 264,122
---------------
Prince William Co., Virginia, Service Auth. Water & Sewer, Revenue,
150,000 6.40%, due 07/01/2004 161,673
---------------
Richmond, Virginia, GO,
350,000 6.25%, due 01/15/2018 361,326
---------------
Richmond, Virginia, Metropolitan Authority, Revenue,
250,000 6.00%, due 07/15/2004 267,215
---------------
Richmond, Virginia, Public Utility, Revenue,
150,000 7.10%, due 01/15/2000 157,581
---------------
Riverside, Virginia, Regional Jail Authority, Revenue,
300,000 5.30%, due 07/01/2002 308,805
---------------
Roanoke, Virginia, GO,
300,000 6.40%, due 08/01/2012 317,910
---------------
Suffolk, Virginia, GO,
350,000 5.80%, due 06/01/2011 356,629
---------------
Virginia Beach, Virginia, GO,
325,000 6.20%, due 09/01/2013 341,182
---------------
Virginia State, GO,
300,000 5.90%, due 06/01/2005 314,973
---------------
Virginia State Housing Dev. Authority, Revenue,
150,000 5.60%, due 01/01/2002 153,585
150,000 6.60%, due 11/01/2012 157,974
---------------
311,559
---------------
Virginia State Public Building Authority, Revenue,
250,000 5.30%, due 08/01/1998 255,195
---------------
Virginia State Public School Authority, Revenue,
150,000 6.50%, due 08/01/2005 162,381
250,000 5.90%, due 08/01/2006 262,372
---------------
424,753
---------------
<PAGE>
<CAPTION>
Par
Amount Value
<S> <C> <C>
Virginia - Continued
Virginia State Transportation Board, Revenue,
$ 350,000 6.25%, due 05/15/2012 $ 368,011
---------------
Winchester, Virginia, Industrial Dev. Authority, Revenue
280,000 7.25%, due 01/01/2000, prerefunded at 102 307,250
---------------
York Co., Virginia, Certificates of Participation, Revenue,
250,000 6.625%, due 03/01/2012 266,590
---------------
Total Virginia 9,598,544
---------------
Puerto Rico - 2.5%
Puerto Rico Commonwealth, GO,
100,000 5.80%, due 07/01/2003 104,040
---------------
Puerto Rico Commonwealth, Highway and Transp. Authority, Revenue,
150,000 6.375%, due 07/01/2007 159,480
---------------
Total Puerto Rico 263,520
---------------
Total Fixed Rate Revenue and General Obligation Bonds
(Cost $9,642,921) $ 9,862,064
---------------
<CAPTION>
Shares
<S> <C> <C>
MONEY MARKETS - 4.8%
$ 502,533 Star Tax Free Fund (Cost $502,533) $ 502,533
---------------
Total Investments at Value (Cost $10,164,681) - 98.7% $ 10,364,597
Other Assets in Excess of Liabilities - 1.3% 139,262
---------------
Net Assets - 100.0% $ 10,503,859
===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
1. Significant Accounting Policies
The Jamestown Tax Exempt Virginia Fund (the Fund) is 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
Trust was organized as a Massachusetts business trust on July 18, 1988. The Fund
began operations on September 1, 1993.
The Fund's investment objectives are to provide current income exempt from
federal income taxes and from the personal income taxes of Virginia, to preserve
capital, to limit credit risk and to take advantage of opportunities to increase
and enhance the value of an investment in the Fund. The Fund invests primarily
in debt obligations issued by the State of Virginia and its political
subdivisions, agencies, authorities and instrumentalities and by other issuers
the interest from which is exempt from the personal income taxes of Virginia.
The marketability and market value of these obligations may be affected by
certain Virginia constitutional amendments, legislative measures, executive
orders, administrative regulations, voter initiatives and other political and
economic developments. If any such developments arise, they could adversely
affect the ability of various Virginia issuers to meet their financial
obligations and could impact the Fund's portfolio.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise, at
the last quoted bid price. The Fund's securities will ordinarily be traded on
the over-the-counter market. When market quotations are not readily available,
securities may be valued on the basis of prices provided by an independent
pricing service. If a pricing service cannot provide a valuation, securities
will be valued in good faith at fair market value using methods consistent with
those determined by the Board of Trustees.
Share valuation -- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The offering price and redemption price per share
of the Fund is equal to the net asset value per share.
Investment income and distributions to shareholders -- Interest income is
accrued as earned. Discounts and premiums on securities purchased are amortized
in accordance with income tax regulations. Dividends arising from net investment
income are declared daily and paid on the last business day of each month 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. Income distributions and capital
gain distributions are determined in accordance with income tax regulations,
which may differ from generally accepted accounting principles.
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
<PAGE>
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments of the Fund as of September 30, 1996:
Gross unrealized appreciation. . . . . . . $ 234,185
Gross unrealized depreciation. . . . . . . (15,042)
---------
Net unrealized appreciation . . . . . . . $ 219,143
=========
The tax basis of investments of the Fund is equal to the acquisition cost as
shown on the Statement of Assets and Liabilities. As of March 31, 1996, the Fund
had capital loss carryforwards for federal income tax purposes of $73,867 which
expire on March 31, 2003. These capital loss carryforwards may be utilized in
current and future years to offset net realized capital gains prior to
distributing such gains to shareholders.
2. Investment Transactions
During the six months ended September 30, 1996, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $3,554,800 and $2,048,695, respectively.
<PAGE>
3. Transactions with Affiliates
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall, Inc.
(the Adviser) under the terms of an Investment Advisory Agreement. Under the
Investment Advisory Agreement, the Fund pays the Adviser a fee, which is
computed and accrued daily and paid monthly at an annual rate of .40% of its
average daily net assets up to $250 million; .35% of the next $250 million of
such net assets; and .30% of such net assets in excess of $500 million.
The Adviser currently intends to limit the total operating expenses of the Fund
to .75% of average daily net assets. Accordingly, the Adviser voluntarily waived
$10,059 of its investment advisory fee for the six months ended September 30,
1996.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Fund. For these services, MGF receives a monthly fee from the Fund at an annual
rate of .15% of its average daily net assets up to $200 million and .10% of such
net assets in excess of $200 million, subject to a $2,000 minimum monthly fee.
In addition, the Fund pays out-of-pocket expenses including, but not limited to,
postage, supplies and costs of pricing the Fund's portfolio securities.
Certain officers of the Trust are also officers of MGF.
<PAGE>
The Jamestown International Equity Fund
No Load Mutual Fund
Semi-Annual Report
For the Period Ended September 30, 1996
(Unaudited)
Investment Adviser Administrator
Lowe, Brockenbrough & Tattersall, Inc. MGF Service Corp.
6620 West Broad Street 312 Walnut Street
Suite 300 P.O. Box 5354
Richmond, Virginia 23230 Cincinnati, Ohio 45201-5354
1.804.288.0404 1.800.443.4249
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996 (Unaudited)
ASSETS
<S> <C>
Investments in securities:
At acquisition cost $ 26,067,823
==================
At value (Note 1) $ 25,022,857
Cash denominated in foreign currencies (at cost $82,229) 82,211
Cash 2,246,934
Receivable for securities sold 135,104
Receivable for capital shares sold 726
Dividends receivable 52,106
Interest receivable 2,875
Other assets 3,377
------------------
TOTAL ASSETS 27,546,190
------------------
LIABILITIES
Payable for securities purchased 371,135
Net unrealized depreciation on forward foreign currency exchange contracts (Note 5) 521
Accrued advisory fees (Note 3) 13,650
Accrued administration fees (Note 3) 5,300
Other accrued expenses 17,650
------------------
TOTAL LIABILITIES 408,256
------------------
NET ASSETS $ 27,137,934
==================
Net assets consist of:
Capital shares $ 28,161,870
Undistributed net investment income 6,456
Accumulated net realized losses from security transactions (42,026)
Accumulated net realized gains from foreign currency transactions 56,824
Net unrealized depreciation on investments (1,044,966)
Net unrealized depreciation on translation of assets and liabilities in foreign currencies (224)
------------------
Net assets $ 27,137,934
==================
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 2,850,069
==================
Net asset value, offering price and redemption price per share (Note 1) $ 9.52
==================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
STATEMENT OF OPERATIONS
For the Period Ended September 30, 1996 (a) (Unaudited)
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $22,638) $ 155,405
Interest 60,012
------------------
TOTAL INVESTMENT INCOME 215,417
------------------
EXPENSES
Investment advisory fees (Note 3) 99,915
Custodian fees 36,170
Administration fees (Note 3) 24,235
Professional fees 8,730
Pricing costs 5,016
Registration fees 4,271
Trustees' fees and expenses 2,235
Other expenses 932
------------------
TOTAL EXPENSES 181,504
Fees waived by the Adviser (Note 3) (21,640)
------------------
NET EXPENSES 159,864
------------------
NET INVESTMENT INCOME 55,553
------------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
AND FOREIGN CURRENCIES (Note 4)
Net realized gains (losses) from:
Security transactions (42,026)
Foreign currency transactions 56,824
Net change in unrealized appreciation/depreciation on:
Investments (1,044,966)
Translation of assets and liabilities in foreign currencies (224)
------------------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS
AND FOREIGN CURRENCIES (1,030,392)
------------------
NET DECREASE IN NET ASSETS FROM OPERATIONS $ (974,839)
==================
<FN>
(a)Represents the period from the start of business (April 16, 1996) through September 30, 1996.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
For the Period Ended September 30, 1996 (a) (Unaudited)
<S> <C>
FROM OPERATIONS:
Net investment income $ 55,553
Net realized losses from security transactions (42,026)
Net realized gains from foreign currency transactions 56,824
Net change in unrealized appreciation/depreciation on investments (1,044,966)
Net change in unrealized appreciation/depreciation on translation
of assets and liabilities in foreign currencies (224)
---------------------
Net decrease in net assets from operations (974,839)
---------------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (49,097)
---------------------
FROM CAPITAL SHARE TRANSACTIONS (b):
Proceeds from shares sold 28,318,458
Net asset value of shares issued in reinvestment
of distributions to shareholders 48,497
Payments for shares redeemed (205,085)
---------------------
Net increase in net assets from capital share transactions 28,161,870
---------------------
TOTAL INCREASE IN NET ASSETS 27,137,934
NET ASSETS:
Beginning of period 0
---------------------
End of period - (including undistributed net investment
income of $6,456) $ 27,137,934
=====================
(a)Represents the period from the start of business (April 16, 1996) through September 30, 1996.
(b)Number of capital shares:
Sold 2,866,129
Reinvested 4,949
Redeemed (21,009)
---------------------
Net increase in shares outstanding 2,850,069
Shares outstanding, beginning of period 0
---------------------
Shares outstanding, end of period 2,850,069
=====================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
Selected Per Share Data and Ratios for a Share Outstanding
Throughout the Period Ended September 30, 1996(a) (Unaudited)
<S> <C>
Net asset value at beginning of period $10.00
----------
Income from investment operations:
Net investment income 0.02
Net realized and unrealized losses
on investments and foreign currency (0.48)
-----------
Total from investment operations (0.46)
-----------
Less distributions:
Dividends from net investment income (0.02)
-----------
Net asset value at end of period $9.52
===========
Total return (4.61)%
===========
Net assets at end of period (000's) $27,138
===========
Ratio of expenses to average net assets (b) 1.59%(c)
Ratio of net investment income to average net assets 0.55%(c)
Portfolio turnover rate 12%(c)
Average commission rate per share $0.0256
<FN>
(a)Represents the period from the start of business (April 16, 1996) through
September 30, 1996.
(b)Absent investment advisory fees waived by the Adviser, the ratio of expenses
to average net assets would have been 1.80%(c) for the period ended
September 30, 1996.
(c)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
September 30, 1996 (Unaudited)
Shares Value
<S> <C> <C>
COMMON STOCKS - 92.2%
Australia - 4.2%
23,834 Australia and New Zealand Banking Group Ltd. $ 136,345
8,587 Broken Hill Proprietary Company Ltd. 110,068
68,538 News Corporation Ltd. 359,542
112,000 Sydney Harbour Casino Holdings Ltd. (a) 153,310
60,322 WMC Ltd. 388,036
------------------
1,147,301
------------------
Canada - 1.5%
23,191 Echo Bay Mines Ltd. 204,371
8,908 Placer Dome, Inc. 210,451
------------------
414,822
------------------
Denmark - 1.7%
2,965 Novo-Nordisk A/S - Class B 462,227
------------------
France - 7.9%
6,342 Alcatel Alsthom (Cie Gen El) 535,130
4,737 Cie Financiere de Paribas 304,710
2,269 Compagnie Bancaire SA 236,956
4,270 Compagnie Generale Des Eaux 464,126
6,158 Sidel SA 255,208
5,768 Valeo SA 339,920
-------------------
2,136,050
-------------------
Germany - 7.1%
14,130 Daimler-Benz AG (a) 777,246
1,717 Mannesmann AG 643,904
1,340 Volkswagen AG 499,887
-------------------
1,921,037
-------------------
Hong Kong - 4.1%
24,000 Hang Seng Bank 254,493
29,600 Hong Kong Telecommunications Ltd. 53,589
42,000 Hutchison Whampoa Ltd. 282,425
51,000 New World Development 267,761
23,000 Sun Hung Kai Properties Ltd. 244,633
-------------------
1,102,901
-------------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Italy - 4.8%
102,200 Banca Commerciale Italiana $ 204,125
184,300 Fiat SPA 518,251
37,100 Istituto Nazionale delle Assicurazioni 53,747
294,100 Olivetti Group (a) 107,820
141,800 Pirelli SPA 258,530
46,400 Stet Societa Finanziaria Telefonica SPA 161,114
------------------
1,303,587
------------------
Japan - 36.2%
1,000 Bank of Tokyo - Mitsubishi 21,818
39,000 Daiei, Inc. 371,178
4,800 Daiwa Securites Co. Ltd. 551,650
64 DDI Corporation 517,746
12,000 Eisai Company Ltd. 228,417
7,500 Isetan Company 103,030
4,000 Ito-Yokado Co. Ltd. 227,340
4 Japan Tobbacco, Inc. 29,522
63,000 Kawasaki Heavy Industries 303,758
12,000 Komori Corporation 276,902
4,000 Kyocera Corporation 285,522
8,000 Matsuzakaya Company 86,914
22,000 Mitsubishi Trust & Banking 337,778
2,000 Murata Manufacturing Company Ltd. 71,470
29,000 NEC Corporation 341,100
42,000 Nichido Fire & Marine Insurance 294,896
5,000 Nikon Corporation 59,708
177,000 Nippon Steel Company 549,872
64 Nippon Telegraph and Telephone Corporation 471,201
80,000 Nissan Motor Co. Ltd. 645,746
72,000 NKK Corporation (a) 184,889
8,000 Nomura Securities Company Ltd. 147,250
16 NTT Data Communications Systems Company 497,059
27,000 Obayashi Corporation 221,576
13,000 Pioneer Electronic Corporation (a) 266,128
1,000 Rohm Company 63,120
62,000 Sharp Corporation 1,029,854
8,200 Sony Corporation 517,585
26,000 Sumitomo Bank 480,898
62,000 Sumitomo Realty & Development 477,630
25,000 Taisei Corporation 162,289
------------------
9,823,846
------------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Malaysia - 1.8%
10,000 Genting Berhad $ 72,611
46,000 Resorts World Berhad 260,600
103,000 Renong Berhad 157,796
------------------
491,007
------------------
Netherlands - 1.6%
3,448 Wolters Kluwer NV 433,884
------------------
Singapore - 2.0%
1,000 City Developments Ltd. 8,522
8,000 Development Bank of Singapore Ltd. 98,285
12,000 Fraser & Neave Holdings BHD 123,567
25,000 Keppel Corporation 193,516
9,000 Overseas-Chinese Banking Corporation Ltd. 108,014
------------------
531,904
------------------
Spain - 3.2%
4,310 Banco Santander SA 224,219
3,220 Repsol SA 105,824
29,150 Telefonica de Espana 541,433
------------------
871,476
------------------
Sweden - 3.8%
20,926 Astra AB - Class A 884,550
55 Astra AB - Class B 2,262
1,353 Diligentia AB (a) 16,136
13,530 Skandinaviska Enskilda Banken - Class A 118,469
------------------
1,021,417
------------------
Switzerland - 2.5%
219 Ciba-Geigy AG 280,225
17 Roche Holding AG 125,240
240 Sandoz AG 288,333
------------------
693,798
------------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
United Kingdom - 9.8%
252,600 ASDA Group PLC $ 416,635
36,225 Cable & Wireless PLC 254,004
17,900 Glaxo Wellcome PLC 280,268
16,908 Grand Metropolitan PLC 125,958
88,535 Ladbroke Group PLC 289,980
31,611 Orange PLC (a) 90,440
42,978 Rentokil Group PLC 280,862
61,706 Safeway PLC 316,908
143,416 Vodafone Group PLC 496,639
15,707 W.H. Smith Group PLC 115,906
------------------
2,667,600
------------------
Total Common Stocks (Cost $26,067,823) - 92.2% $ 25,022,857
Other Assets in Excess of Liabilities - 7.8% 2,115,077
------------------
Net Assets - 100.0% $ 27,137,934
==================
<FN>
(a)Non-income producing security.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1996 (Unaudited)
1. Significant Accounting Policies
The Jamestown International Equity Fund (the Fund) is a no-load, diversified
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 Trust was organized as a Massachusetts business trust on July 18,
1988. The Fund began operations on April 16, 1996.
The Fund's investment objective is to achieve superior total returns through
investment in equity securities of issuers located outside the United States.
The following is a summary of the Fund's significant accounting policies:
Securities valuation -- The Fund's portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). Securities which are traded
over-the-counter are valued at the last sales price, if available, otherwise, at
the last quoted bid price. Securities traded on a national or foreign stock
exchange are valued based upon the closing price on the principal exchange where
the security is traded. Foreign securities are translated from the local
currency into U.S. dollars using currency exchange rates supplied by a quotation
service.
Share valuation -- The net asset value per share of the Fund is calculated daily
by dividing the total value of the Fund's assets, less liabilities, by the
number of shares outstanding. The offering price and redemption price per share
of the Fund is equal to the net asset value per share.
Investment income and distributions to shareholders -- Interest income is
accrued as earned. Dividend income is recorded on the ex-dividend date.
Dividends arising from net investment income 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. Income distributions and capital
gain distributions are determined in accordance with income tax regulations,
which may differ from generally accepted accounting principles.
Security transactions -- Security transactions are accounted for on trade date.
Securities sold are valued on a specific identification basis.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
<PAGE>
Federal income tax -- It is the Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
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% of its net realized capital gains (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
The following information is based upon the federal income tax cost of portfolio
investments of the Fund as of September 30, 1996:
Gross unrealized appreciation. . . . . . . . $ 578,698
Gross unrealized depreciation. . . . . . . . (1,623,664)
-----------
Net unrealized depreciation. . . . . . . . . $ (1,044,966)
===========
The tax basis of investments for the Fund is equal to the acquisition cost as
shown on the Statement of Assets and Liabilities.
2. Investment Transactions
During the period ended September 30, 1996, purchases and proceeds from sales
and maturities of investment securities, other than short-term investments,
amounted to $27,238,454 and $1,128,605, respectively.
3. Transactions with Affiliates
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
Lowe, Brockenbrough & Tattersall, Inc. (the Adviser), under the terms of an
Investment Advisory Agreement, provides general investment supervisory services
to the Fund. Under the Investment Advisory Agreement, the Fund pays the Adviser
a fee, which is computed and accrued daily and paid monthly, at an annual rate
of 1.00% of its average daily net assets.
The Adviser retains Oechsle International Advisors, Inc. (Oechsle) to provide
the Fund with a continuous program of supervision of the Fund's assets,
including the composition of its portfolio, and to furnish advice and
recommendations with respect to investments, investment policies and the
purchase and sale of securities, pursuant to the terms of a Sub-Advisory
Agreement. Under the Sub-Advisory Agreement, the Adviser, not the Fund, pays
Oechsle a fee in the amount of one-half of the monthly advisory fee received by
the Adviser, net of any advisory fee waivers.
<PAGE>
The Adviser currently intends to limit the total operating expenses of the Fund
to 1.60% of its average daily net assets. Accordingly, the Adviser waived
$21,640 of its investment advisory fees for the period ended September 30, 1996.
Certain trustees and officers of the Trust are also officers of the Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
MGF Service Corp. (MGF), MGF provides administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services for the
Fund. For these services, MGF receives a monthly fee from the Fund at an annual
rate of .25% of its average daily net assets up to $25 million; .225% of the
next $25 million of such net assets; and .20% of such net assets in excess of
$50 million, subject to a $4,000 minimum monthly fee. In addition, the Fund pays
out-of-pocket expenses including, but not limited to, postage, supplies, and
cost of pricing the Fund's portfolio securities.
Certain officers of the Trust are also officers of MGF.
4. Foreign Currency Translation
Amounts denominated in or expected to settle in foreign currencies are
translated into U.S. dollars based on exchange rates on the following basis:
A. The market values of investment securities and other assets and liabilities
are translated at the closing rate of exchange each day.
B. Purchases and sales of investment securities and income and expenses are
translated at the rate of exchange prevailing on the respective dates of such
transactions.
C. The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from those resulting from
changes in market prices of securities held. Such fluctuations are included with
the net realized and unrealized gains or losses from investments.
Reported net realized foreign exchange gains or losses arise from 1) 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, interest 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, other than investment
securities, resulting from changes in exchange rates.
<PAGE>
5. Forward Foreign Currency Exchange Contracts
The Fund enters into forward foreign currency exchange contracts as a way of
managing foreign exchange rate risk. The Fund may enter into these contracts for
the purchase or sale of a specific foreign currency at a fixed price on a future
date as a hedge or cross-hedge against either specific transactions or portfolio
positions. The objective of the Fund's foreign currency hedging transactions is
to reduce risk that the U.S. dollar value of the Fund's securities denominated
in foreign currency will decline in value due to changes in foreign currency
exchange rates. All foreign currency exchange contracts are "marked-to-market"
daily at the applicable translation rates resulting in unrealized gains or
losses. Realized and unrealized gains or losses are included in the Fund's
Statement of Assets and Liabilities and Statement of Operations. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar.
At September 30, 1996, the Fund had forward foreign currency exchange contracts
outstanding as follows:
<TABLE>
<CAPTION>
Net
Unrealized
Delivery Initial Market Appreciation
Date To Receive Value Value (Depreciation)
<S> <C> <C> <C> <C>
CONTRACTS TO BUY
10/02/96 414,928 HKD $ 53,659 $ 53,657 $ (2)
=============
10/01/96 4,260,714 JPY 38,611 38,255 (356)
=============
10/02/96 3,334,004 JPY 30,104 29,935 (169)
=============
10/03/96 3,563,875 JPY 32,006 32,012 6
============= ---------------- ---------------- ----------------
TOTAL BUY CONTRACTS $ 154,380 $ 153,859 $ (521)
================ ================ ================
<FN>
HKD - Hong Kong Dollar
JPY - Japanese Yen
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842512
<NAME> WILLIAMSBURG INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> FBP CONTRARIAN BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 31,085,419
<INVESTMENTS-AT-VALUE> 39,462,769
<RECEIVABLES> 257,713
<ASSETS-OTHER> 3,358
<OTHER-ITEMS-ASSETS> 669
<TOTAL-ASSETS> 39,724,509
<PAYABLE-FOR-SECURITIES> 554,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,240
<TOTAL-LIABILITIES> 639,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,991,606
<SHARES-COMMON-STOCK> 2,533,944
<SHARES-COMMON-PRIOR> 2,397,993
<ACCUMULATED-NII-CURRENT> 7,214
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 702,360
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,384,196
<NET-ASSETS> 39,085,376
<DIVIDEND-INCOME> 235,377
<INTEREST-INCOME> 474,624
<OTHER-INCOME> 0
<EXPENSES-NET> 209,363
<NET-INVESTMENT-INCOME> 500,638
<REALIZED-GAINS-CURRENT> 234,081
<APPREC-INCREASE-CURRENT> 1,129,107
<NET-CHANGE-FROM-OPS> 1,863,826
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 500,608
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218,431
<NUMBER-OF-SHARES-REDEEMED> 112,808
<SHARES-REINVESTED> 30,328
<NET-CHANGE-IN-ASSETS> 3,444,645
<ACCUMULATED-NII-PRIOR> 7,184
<ACCUMULATED-GAINS-PRIOR> 468,279
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 137,739
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,363
<AVERAGE-NET-ASSETS> 36,749,212
<PER-SHARE-NAV-BEGIN> 14.86
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .56
<PER-SHARE-DIVIDEND> .21
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.42
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842512
<NAME> WILLIAMSBURG INVESTMENT TRUST
<SERIES>
<NUMBER> 2
<NAME> THE JAMESTOWN BALANCED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 53,266,071
<INVESTMENTS-AT-VALUE> 64,874,936
<RECEIVABLES> 308,245
<ASSETS-OTHER> 1,864
<OTHER-ITEMS-ASSETS> 807
<TOTAL-ASSETS> 65,185,852
<PAYABLE-FOR-SECURITIES> 1,200,854
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,702
<TOTAL-LIABILITIES> 1,299,556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,757,894
<SHARES-COMMON-STOCK> 4,148,413
<SHARES-COMMON-PRIOR> 4,170,391
<ACCUMULATED-NII-CURRENT> 5,646
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,513,891
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,608,865
<NET-ASSETS> 63,886,296
<DIVIDEND-INCOME> 362,804
<INTEREST-INCOME> 667,452
<OTHER-INCOME> 0
<EXPENSES-NET> 276,716
<NET-INVESTMENT-INCOME> 753,540
<REALIZED-GAINS-CURRENT> 2,053,387
<APPREC-INCREASE-CURRENT> 588,863
<NET-CHANGE-FROM-OPS> 3,395,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 759,250
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 200,637
<NUMBER-OF-SHARES-REDEEMED> 269,679
<SHARES-REINVESTED> 47,064
<NET-CHANGE-IN-ASSETS> 2,310,019
<ACCUMULATED-NII-PRIOR> 11,356
<ACCUMULATED-GAINS-PRIOR> 2,460,504
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 199,851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 289,777
<AVERAGE-NET-ASSETS> 61,505,013
<PER-SHARE-NAV-BEGIN> 14.77
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .63
<PER-SHARE-DIVIDEND> .19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.40
<EXPENSE-RATIO> .94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842512
<NAME> WILLIAMSBURG INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> THE JAMESTOWN BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 79,675,249
<INVESTMENTS-AT-VALUE> 79,703,354
<RECEIVABLES> 2,220,834
<ASSETS-OTHER> 18,384
<OTHER-ITEMS-ASSETS> 434
<TOTAL-ASSETS> 81,943,006
<PAYABLE-FOR-SECURITIES> 3,732,175
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 343,101
<TOTAL-LIABILITIES> 4,075,276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,469,108
<SHARES-COMMON-STOCK> 7,540,748
<SHARES-COMMON-PRIOR> 7,195,530
<ACCUMULATED-NII-CURRENT> 128,499
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,757,982)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,105
<NET-ASSETS> 77,867,730
<DIVIDEND-INCOME> 284,079
<INTEREST-INCOME> 2,424,627
<OTHER-INCOME> 0
<EXPENSES-NET> 203,487
<NET-INVESTMENT-INCOME> 2,505,219
<REALIZED-GAINS-CURRENT> (620,413)
<APPREC-INCREASE-CURRENT> 132,744
<NET-CHANGE-FROM-OPS> 2,017,550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,498,479
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 503,804
<NUMBER-OF-SHARES-REDEEMED> 341,017
<SHARES-REINVESTED> 182,431
<NET-CHANGE-IN-ASSETS> 3,093,611
<ACCUMULATED-NII-PRIOR> 121,759
<ACCUMULATED-GAINS-PRIOR> (1,137,569)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143,976
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223,315
<AVERAGE-NET-ASSETS> 76,803,961
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> .34
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842512
<NAME> WILLIAMSBURG INVESTMENT TRUST
<SERIES>
<NUMBER> 4
<NAME> THE GOVERNMENT STREET EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 33,392,888
<INVESTMENTS-AT-VALUE> 45,301,680
<RECEIVABLES> 74,413
<ASSETS-OTHER> 3,875
<OTHER-ITEMS-ASSETS> 560
<TOTAL-ASSETS> 45,380,528
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,135
<TOTAL-LIABILITIES> 50,135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,455,331
<SHARES-COMMON-STOCK> 1,433,823
<SHARES-COMMON-PRIOR> 1,408,431
<ACCUMULATED-NII-CURRENT> 2,862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,963,408
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,908,792
<NET-ASSETS> 45,330,393
<DIVIDEND-INCOME> 413,414
<INTEREST-INCOME> 63,788
<OTHER-INCOME> 0
<EXPENSES-NET> 198,899
<NET-INVESTMENT-INCOME> 278,303
<REALIZED-GAINS-CURRENT> 1,170,567
<APPREC-INCREASE-CURRENT> 1,970,688
<NET-CHANGE-FROM-OPS> 3,419,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 277,569
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,930
<NUMBER-OF-SHARES-REDEEMED> 48,210
<SHARES-REINVESTED> 8,672
<NET-CHANGE-IN-ASSETS> 3,909,570
<ACCUMULATED-NII-PRIOR> 2,128
<ACCUMULATED-GAINS-PRIOR> 792,841
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 128,321
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198,899
<AVERAGE-NET-ASSETS> 42,795,286
<PER-SHARE-NAV-BEGIN> 29.41
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 2.21
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.62
<EXPENSE-RATIO> .93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842512
<NAME> WILLIAMSBURG INVESTMENT TRUST
<SERIES>
<NUMBER> 5
<NAME> THE GOVERNMENT STREET BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 29,570,055
<INVESTMENTS-AT-VALUE> 29,241,818
<RECEIVABLES> 522,239
<ASSETS-OTHER> 3,795
<OTHER-ITEMS-ASSETS> 11
<TOTAL-ASSETS> 29,767,863
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,480
<TOTAL-LIABILITIES> 62,480
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,315,895
<SHARES-COMMON-STOCK> 1,436,606
<SHARES-COMMON-PRIOR> 1,376,329
<ACCUMULATED-NII-CURRENT> 375
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (282,650)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (328,237)
<NET-ASSETS> 29,705,383
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,054,781
<OTHER-INCOME> 0
<EXPENSES-NET> 112,091
<NET-INVESTMENT-INCOME> 942,690
<REALIZED-GAINS-CURRENT> (86,469)
<APPREC-INCREASE-CURRENT> (170,430)
<NET-CHANGE-FROM-OPS> 685,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 945,154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89,414
<NUMBER-OF-SHARES-REDEEMED> 69,124
<SHARES-REINVESTED> 39,987
<NET-CHANGE-IN-ASSETS> 987,625
<ACCUMULATED-NII-PRIOR> 2,839
<ACCUMULATED-GAINS-PRIOR> (196,181)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72,786
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112,091
<AVERAGE-NET-ASSETS> 29,120,021
<PER-SHARE-NAV-BEGIN> 20.87
<PER-SHARE-NII> .67
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> .67
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.68
<EXPENSE-RATIO> .77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000842512
<NAME> WILLIAMSBURG INVESTMENT TRUST
<SERIES>
<NUMBER> 6
<NAME> THE JAMESTOWN SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 9,749,309
<INVESTMENTS-AT-VALUE> 9,699,448
<RECEIVABLES> 119,462
<ASSETS-OTHER> 2,156
<OTHER-ITEMS-ASSETS> 565
<TOTAL-ASSETS> 9,821,631
<PAYABLE-FOR-SECURITIES> 309,680
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