March 3, 1997
WILLIAMSBURG INVESTMENT TRUST
The Jamestown Balanced Fund/The Jamestown Equity Fund
Supplement to Prospectus Dated August 1, 1996
On February 28, 1997, as a consequence of the reorganization
of the Fund's investment advisor, shareholders of each Fund voted to
approve new Investment Advisory Agreements between the Trust, on
behalf of the Funds, and Lowe, Brockenbrough & Tattersall, Inc.
Shareholders of The Jamestown Balanced Fund also voted to approve a
new Sub-Advisory Agreement among the Trust, Lowe, Brockenbrough &
Tattersall, Inc. and Lowe, Brockenbrough & Tattersall Strategic
Advisors, Inc.
The section "Prospectus Summary--Investment Advisor" on page 2 of the
Prospectus is revised as follows:
Lowe, Brockenbrough & Tattersall, Inc. (the "Advisor") serves as
investment advisor to each of the Funds. For its services, the
Advisor receives compensation of 0.65% of the average daily net
assets of each Fund. The fees are reduced for either Fund when
the assets of the particular Fund exceed $250 million. (See
"Management of the Funds.")
Pursuant to a Sub-Advisory Agreement, the Advisor has retained
Lowe, Brockenbrough & Tattersall Strategic Advisors, Inc. (the
"Sub-Advisor") to serve as investment advisor to that portion of
The Jamestown Balanced Fund's portfolio invested in fixed income
securities.
The section "Prospectus Summary--Management" on page 2 of the
Prospectus is revised as follows:
The Funds are series of the Williamsburg Investment Trust (the
"Trust"), the Board of Trustees of which is responsible for
overall management of the Trust and Funds. The Trust has
employed Countrywide Fund Services, Inc. (the "Administrator") to
provide administration, accounting and transfer agent services.
(See "Management of the Funds.")
The section "Management of the Funds--Investment Advisor" on page 13
of the Prospectus is revised as follows:
Subject to the authority of the Board of Trustees, Lowe,
Brockenbrough & Tattersall, Inc. (the "Advisor") provides the
Funds with a continuous program of supervision of each Fund's
assets, including the composition of its portfolio, and furnishes
advice and recommendations with respect to investments,
investment policies and the purchase and sale of securities,
pursuant to Investment Advisory Agreements with the Trust. The
Advisor is also responsible for the selection of broker-dealers
through which the Funds execute portfolio transactions, subject
to brokerage policies established by the Trustees, and provides
certain executive personnel to the Funds.
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The Advisor was organized as a Virginia corporation in 1970
and is controlled by Austin Brockenbrough, III. In addition to
acting as Advisor to the Funds, the Advisor also provides
investment advice to corporations, trusts, pension and profit
sharing plans, other business and institutional accounts and
individuals. The Advisor also serves as investment advisor to
The Jamestown International Equity Fund and The Jamestown Tax
Exempt Virginia Fund (two series of the Trust), the subjects of
separate prospectuses.
Henry C. Spalding, Jr. is primarily responsible for managing the
portfolio of each Fund and has acted in this capacity since the
Funds' inception. Mr. Spalding has been Executive Vice President
of the Advisor since 1988. The fixed income portion of the
Balanced Fund is managed on a day to day basis by a committee
comprised of its sub-advisors fixed income portfolio management
professionals, each portfolio professional responsible for
designated specific sectors of the fixed income market.
Compensation of the Advisor with respect to the Balanced Fund,
based upon the Fund's average daily net assets, is at the
following annual rates: On the first $250 million, 0.65%; on the
next $250 million, 0.60%; on assets over $500 million, 0.55%.
For the fiscal year ended March 31, 1996, the Advisor received
$373,945 in investment advisory fees from the Balanced Fund,
which represented 0.65% of the Fund's average daily net assets.
Compensation of the Advisor with respect to the Equity Fund,
based upon the Fund's average daily net assets, is at the
following annual rates: on the first $500 million, 0.65%; on
assets over $500 million, 0.55%. For the fiscal year ended March
31, 1996, the Advisor received $79,891 in investment advisory
fees from the Equity Fund, which represented 0.65% of the Fund's
average daily net assets. The Advisor has retained Lowe,
Brockenbrough & Tattersall Strategic Advisors, Inc. (the "Sub-
Advisor") to manage that portion of the Balanced Fund invested in
fixed income securities, pursuant to a Sub-Advisory Agreement
among the Trust, the Advisor and the Sub-Advisor. The Sub-
Advisor will select fixed income securities for investment by the
Balanced Fund, and, upon making any purchase or sale decision,
place orders for the execution of such portfolio transaction.
Compensation of the Sub-Advisor, with respect to the Balanced
Fund, is paid by the Advisor (not the Fund) at the rate of $1,250
for each fiscal quarter of the Trust. The Sub-Advisor is a
Virginia corporation controlled by Fred T. Tattersall.
The address of both the Advisor and the Sub-Advisor is 6620 West
Broad Street, Suite 300, Richmond, Virginia 23230.
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The section "Management of the Funds--Administrator" on page 13 of the
Prospectus is revised as follows:
The Funds have retained Countrywide Fund Services, Inc., P.O. Box
5354, Cincinnati, Ohio 45201, to provide administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer
agent services. On February 28, 1997, MGF Service Corp. (the
"Administrator") changed its name to Countrywide Fund Services, Inc.
to reflect its acquisition, as a wholly-owned indirect subsidiary, by
Countrywide Credit Industries, Inc. Countrywide Credit Industries,
Inc. is a New York Stock Exchange listed company principally engaged
in residential mortgage lending.
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March 3, 1997
WILLIAMSBURG INVESTMENT TRUST
The Jamestown Bond Funds
Supplement to Prospectus Dated August 1, 1996
On February 28, 1997, as a consequence of the reorganization of the
Fund's investment advisor, shareholders of each Fund voted to approve new
Investment Advisory Agreements between the Trust, on behalf of the Funds, and
Lowe, Brockenbrough & Tattersall Strategic Advisors, Inc.
The section "Prospectus Summary--Investment Advisor" on page 2 of the Prospectus
is revised as follows:
Lowe, Brockenbrough & Tattersall Strategic Advisors, Inc. (the
"Advisor") serves as investment advisor to each of the Funds.
For its services, the Advisor receives compensation of 0.375% of
the average daily net assets of each Fund. (See "Management of
the Funds.")
The section "Prospectus Summary--Management" on page 2 of the Prospectus is
revised as follows:
The Funds are series of the Williamsburg Investment Trust (the
"Trust"), the Board of Trustees of which is responsible for overall
management of the Trust and the Funds. The Trust has employed
Countrywide Fund Services, Inc. (the "Administrator") to provide
administration, accounting and transfer agent services.
(See "Management of the Funds.")
The section "Management of the Funds--Investment Advisor" on page 14 of the
Prospectus is revised as follows:
Subject to the authority of the Board of Trustees, Lowe, Brockenbrough
& Tattersall Strategic Advisors, Inc. (the "Advisor") provides the
Funds with a continuous program of supervision of each Fund's assets,
including the composition of its portfolio, and furnishes advice and
recommendations with respect to investments, investment policies and
the purchase and sale of securities, pursuant to Investment Advisory
Agreements with the Trust. The Advisor is also responsible for the
selection of broker-dealers through which the Funds execute portfolio
transactions, subject to brokerage policies established by the
Trustees, and provides certain executive personnel to the Funds.
The Advisor is a Virginia corporation controlled by Fred T. Tattersall.
In addition to acting as Advisor to the Funds, the Advisor also
provides investment advice to corporations, trusts, pension and profit
sharing plans, other business and institutional accounts and
individuals. The Advisor also serves as sub-advisor to The Jamestown
Balanced Fund (another series of the Trust), the subject of a separate
prospectus.
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Since each Fund's inception, both the Bond Fund and the Short Term Bond
Fund have been managed on a day to day basis by a committee comprised
of its Advisor's fixed income portfolio management professionals, each
portfolio professional responsible for designated specific sectors of
the fixed income market.
Compensation of the previous advisor, Lowe, Brockenbrough & Tattersall,
Inc., is at the annual rate of 0.375% of each Fund's average daily net
assets. For the fiscal year ended March 31, 1996, the previous advisor
received $305,247 in investment advisory fees from the Bond Fund, which
represented 0.375% of the Bond Fund's average daily net assets. For the
fiscal year ended March 31, 1996, the previous advisor received $3,786
in investment advisory fees from the Short Term Bond Fund (net of fee
waivers), which represented 0.03% of the Short Term Bond Fund's average
daily net assets.
The Advisor currently intends to waive its investment advisory fees to
the extent necessary to limit the total operating expenses of the Short
Term Fund to 0.50% per annum of its average daily net assets. However,
there is no assurance that any voluntary fee waivers will continue in
the current or future fiscal years, and expenses of the Short Term Fund
may therefore exceed 0.50% of its average daily net assets.
The Advisor's address is 6620 West Broad Street, Suite 300, Richmond,
Virginia 23230.
The first paragraph of the section "Management of the Funds-- Administrator" on
page 15 of the Prospectus is revised as follows:
The Funds have retained Countrywide Fund Services, Inc., P.O. Box
5354, Cincinnati, Ohio 45201, to provide administrative, pricing,
accounting, dividend disbursing, shareholder servicing and
transfer agent services. On February 28, 1997, MGF Service
Corp. (the "Administrator") changed its name to Countrywide Fund
Services, Inc. to reflect its acquisition, as a wholly-owned
indirect subsidiary, by Countrywide Credit Industries, Inc.
Countrywide Credit Industries, Inc. is a New York Stock Exchange
listed company principally engaged in the business of residential
mortgage lending.
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March 3, 1997
WILLIAMSBURG INVESTMENT TRUST
The Jamestown International Equity Fund
Supplement to Prospectus Dated September 30, 1996
On February 28, 1997, as a consequence of the reorganization of the
Fund's investment advisor, shareholders of the Fund voted to approve a new
Investment Advisory Agreement between the Trust, on behalf of the Fund,
and Lowe, Brockenbrough & Tattersall, Inc.
The section "Prospectus Summary--Management" on page 2 of the Prospectus is
revised as follows:
The Fund is a series of the Williamsburg Investment Trust (the
"Trust"), the Board of Trustees of which is responsible for overall
management of the Trust and the Fund. The Trust has employed
Countrywide Fund Services, Inc. (the "Administrator") to provide
administration, accounting and transfer agent services.
(See "Management of the Fund.")
The section "Management of the Fund--Investment Advisor" on page 14 of the
Prospectus is revised as follows:
Subject to the authority of the Board of Trustees, Lowe, Brockenbrough
& Tattersall, Inc. (the "Advisor") provides the Fund with general
investment supervisory services pursuant to an Investment Advisory
Agreement with the Trust.
The Advisor was organized as a Virginia corporation in 1970 and is
controlled by Austin Brockenbrough, III. In addition to acting as
Advisor to the Fund, the Advisor also provides investment advice to
corporations, trusts, pension and profit sharing plans, other business
and institutional accounts and individuals. The Advisor also serves as
investment advisor to The Jamestown Balanced Fund, The Jamestown Equity
Fund and The Jamestown Tax Exempt Virginia Fund (three series of the
Trust), the subjects of separate prospectuses.
Compensation of the Advisor is at the annual rate of 1.00% of the
Fund's average daily net assets. The Advisor currently intends to waive
its advisory fees to the extent necessary to limit the total operating
expenses of the Fund to 1.60% per annum of its average daily net
assets. However, there is no assurance that any voluntary fee waivers
will continue in the current or future fiscal years, and the expenses
of the Fund may therefore exceed 1.60% of its average daily net
assets.
The Advisor's address is 6620 West Broad Street, Suite 300, Richmond,
Virginia 23230.
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The following should be read in conjunction with the section "Management of the
Fund -- Sub-Advisor" on page 15 of the Prospectus:
Since January 1997, Kathleen Harris has primary responsibility for the
day-to-day management of the Fund's portfolio. Ms. Harris has been
employed by the Sub-Advisor since January, 1995. Prior to her
employment with the Sub-Advisor, she was Portfolio Manager and
Investment Director for the State of Wisconsin Investment Board, where
she managed international equity assets. Walter Oechsle participates in
the management of the Fund particularly with respect to country asset
allocation decisions, which are made by both Mr. Oechsle and Ms.
Harris.
The first two sentences of the section "Management of the Fund-- Administrator"
on page 15 of the Prospectus is revised as follows:
The Fund has retained Countrywide Fund Services, Inc., P.O. Box 5354,
Cincinnati, Ohio 45201, to provide administrative, pricing, accounting,
dividend disbursing, shareholder servicing and transfer agent services.
On February 28, 1997, MGF Service Corp. (the "Administrator") changed
its name to Countrywide Fund Services, Inc. to reflect its acquisition,
as a wholly-owned indirect subsidiary, by Countrywide Credit
Industries, Inc. Countrywide Credit Industries, Inc. is a New York
Stock Exchange listed company principally engaged in the business of
residential mortgage lending.
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March 3, 1997
WILLIAMSBURG INVESTMENT TRUST
The Jamestown Tax Exempt Virginia Fund
Supplement to Prospectus Dated August 1, 1996
On February 28, 1997, as a consequence of the reorganization of the
Fund's investment advisor, shareholders of the Fund voted to approve a new
Investment Advisory Agreement between the Trust, on behalf of the Fund, and
Lowe, Brockenbrough & Tattersall, Inc.
The section "Prospectus Summary--Management" on page 3 of the Prospectus is
revised as follows:
The Fund is a series of the Williamsburg Investment Trust (the
"Trust"), the Board of Trustees of which is responsible for overall
management of the Trust and the Fund. The Trust has employed
Countrywide Fund Services, Inc. (the "Administrator") to provide
administration, accounting and transfer agent services.
(See "Management of the Fund.")
The section "Management of the Fund--Investment Advisor" on page 13 of the
Prospectus is revised as follows:
Subject to the authority of the Board of Trustees, Lowe, Brockenbrough
& Tattersall, Inc. (the "Advisor") provides the Fund with a continuous
program of supervision of the Fund's assets, including the composition
of its portfolio, and furnishes advice and recommendations with respect
to investments, investment policies and the purchase and sale of
securities, pursuant to an Investment Advisory Agreement with the
Trust. The Advisor is also responsible for the selection of
broker-dealers through which the Fund executes portfolio transactions,
subject to brokerage policies established by the Trustees, and provides
certain executive personnel to the Fund.
The Advisor was organized as a Virginia corporation in 1970 and is
controlled by Austin Brockenbrough, III. In addition to acting as
Advisor to the Fund, the Advisor also provides investment advice to
corporations, trusts, pension and profit sharing plans, other business
and institutional accounts and individuals. The Advisor also serves as
investment advisor to The Jamestown Balanced Fund, The Jamestown Equity
Fund and The Jamestown International Equity Fund (three series of the
Trust), the subjects of separate prospectuses.
Beth Ann Walk, CFA is primarily responsible for managing the portfolio
of the Fund and has acted in this capacity since the Fund's inception.
Ms. Walk is a Portfolio Manager of the Advisor and has been with the
firm since 1983.
Compensation of the Advisor with respect to the Fund, based upon the
Fund's average daily net assets, is at the following rates: On the
first $250 million, 0.40%; on the next $250 million, 0.35%; on assets
over $500 million, 0.30%. For the fiscal year ended March 31, 1996, the
Advisor received $9,576 in investment advisory fees from the Fund (net
of fee waivers), which represented 0.11% of the Fund's average daily
net assets.
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The Advisor currently intends to waive its investment advisory fees to
the extent necessary to limit the total operating expenses of the Fund
to 0.75% per annum of its average daily net assets. However, there is
no assurance that any voluntary fee waivers will continue in the
current or future fiscal years, and expenses of Fund may therefore
exceed 0.75% of its average daily net assets.
The Advisor's address is 6620 West Broad Street, Suite 300, Richmond,
Virginia 23230.
The first paragraph of the section "Management of the Fund-- Administrator" on
page 14 of the Prospectus is revised as follows:
The Fund has retained Countrywide Fund Services, Inc., P.O. Box
5354, Cincinnati, Ohio 45201, to provide administrative, pricing,
accounting, dividend disbursing, shareholder servicing and
transfer agent services. On February 28, 1997, MGF Service
Corp. (the "Administrator") changed its name to Countrywide Fund
Services, Inc. to reflect its acquisition, as a wholly-owned
indirect subsidiary, by Countrywide Credit Industries, Inc.
Countrywide Credit Industries, Inc. is a New York Stock Exchange
listed company principally engaged in the business of residential
mortgage lending.
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