THE
FLIPPIN, BRUCE & PORTER
FUNDS
SEMI-ANNUAL REPORT
SEPTEMBER 30, 1997
(Unaudited)
FBP Contrarion Equity Fund
FBP Contrarion Balanced Fund
<PAGE>
LETTER TO SHAREHOLDERS NOVEMBER 19, 1997
===============================================================================
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, 1997. The following table
displays the total return (capital change plus income) of the Funds for the past
six months and one year.
Six Twelve
MONTHS MONTHS
FBP Contrarian Equity Fund 24.7% 37.1%
FBP Contrarian Balanced Fund 19.9% 29.0%
REVIEW AND OUTLOOK
Returns through September continued to reflect the very positive conditions
for investing in the U.S. stock and bond markets. Low inflation, strong
corporate profit growth and the investing needs of the "Baby Boom" generation
have been the drivers. In the last few weeks, events have unfolded that bring
into question the continuation of these excellent returns.
The recent turmoil in Southeast Asia has shaken and certainly increased the
volatility of the world markets. The economies of Latin America have also become
a concern due to austerity measures being taken by the Brazilian government. In
addition, Iraq has once again become a focus of our foreign policy and military
intervention is a possibility.
What does this imply for the financial markets as we look forward into next
year? First, volatility has increased and the stock markets have corrected from
their highs. Our economy should remain healthy, but grow more slowly than would
have otherwise been the case. Manufacturing companies with large exports,
including technology and capital goods companies, will be more affected than
domestic based companies or those with more consumer oriented products.
An offset to this is lower inflation than would have been expected, as
products imported into the U.S. will become less expensive. Interest rates have
declined as a result, improving returns from fixed income investments. Our
economy will benefit also from the reduced borrowing costs for consumers.
Our investment philosophy for equities has served us well in this market. We
study and are concerned about world economies. However, our primary focus is on
investing in large, out of favor companies where we believe the valuation is
compelling and a fundamental case for improvement exists.
A recent purchase for the funds, Electronic Data Systems, is such an example.
It is one of the largest information technology companies in the world. Wall
Street is ignoring this depressed stock due to concerns over near term earnings.
EDS is currently reducing its cost structure and adding substantially to new
business. This should lead to higher profitability in 1998 and beyond.
We will continue to maintain a defensive posture with the fixed income
portion of the Balanced Fund due to the present level of interest rates. Our
focus will remain on short term government and high coupon, callable corporate
issues.
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. Over time, this index has outpaced the FBP Contrarian Balanced
Fund which maintains at least a 25% commitment to 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 completely
invested in stocks. Results are also compared to the Consumer Price Index, a
measure of inflation.
Thank you for your continued confidence and investment in The Flippin, Bruce
& Porter Funds.
/s/John T. Bruce
John T. Bruce, CFA
Vice President-Portfolio Manager
<PAGE>
FBP CONTRARIAN EQUITY FUND
Comparison of the Change in Value of a $10,000 Investment in the FBP
Contrarian Equity Fund, the Standard & Poor's 500 Index and the Consumer
Price Index
FBP Contratian Equity Fund
Average Annual Total Returns
1 Year Since Inception*
37.05% 21.13%
Past performance is not predictive of future performance.
*Initial public offering of shares was July 30, 1993.
Line chart:
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 INDEX: FBP CONTRARIAN EQUITY FUND:
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
<S> <C> <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
12/31/96 8.34% 18,061 12/31/96 8.47% 17,604
03/31/97 2.68% 18,545 03/31/97 1.30% 17,833
06/30/97 17.46% 21,783 06/30/97 13.93% 20,318
09/30/97 7.49% 23,414 09/30/97 9.47% 22,241
<CAPTION>
CONSUMER PRICE INDEX:
QTRLY
DATE RETURN BALANCE
<S> <C> <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
12/31/96 0.82% 10,991
03/31/97 0.70% 11,068
06/30/97 0.19% 11,088
09/30/97 0.44% 11,137
</TABLE>
FBP CONTRARIAN BALANCED FUND
Comparison of the Change in Value of a $10,000 Investment in the FBP
Contrarian Balanced Fund, the Standard & Poor's 500 Index and the Consumer
Price Index
FBP Contratian Balanced Fund
Average Annual Total Returns
1 Year 5 Years Since Inception*
29.00% 16.01% 12.48%
Past performance is not predictive of future performance.
*Initial public offering of shares was July 3, 1989.
Line chart:
<TABLE>
<CAPTION>
STANDARD & POOR'S 500 INDEX: FBP CONTRARIAN BALANCED FUND:
QTRLY QTRLY
DATE RETURN BALANCE DATE RETURN BALANCE
<S> <C> <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
12/31/96 8.34% 28,992 12/31/96 6.62% 21,784
03/31/97 2.68% 29,769 03/31/97 0.92% 21,983
06/30/97 17.46% 34,967 06/30/97 11.41% 24,490
09/30/97 7.49% 37,586 09/30/97 7.62% 26,357
<CAPTION>
CONSUMER PRICE INDEX:
QTRLY
DATE RETURN BALANCE
<S> <C> <C> <C>
07/03/89 10,000
09/30/89 0.75% 10,075
12/31/89 1.00% 10,176
03/31/90 2.01% 10,380
06/30/90 0.90% 10,474
09/30/90 1.71% 10,653
12/31/90 1.71% 10,835
03/31/91 0.90% 10,933
06/30/91 0.40% 10,977
09/30/91 0.60% 11,043
12/31/91 0.90% 11,142
03/31/92 0.70% 11,221
06/30/92 0.80% 11,311
09/30/92 0.70% 11,390
12/31/92 0.80% 11,481
03/31/93 0.90% 11,585
06/30/93 0.60% 11,654
09/30/93 0.40% 11,701
12/31/93 0.70% 11,783
03/31/94 0.50% 11,842
06/30/94 0.60% 11,913
09/30/94 0.90% 12,020
12/31/94 0.60% 12,093
03/31/95 0.80% 12,190
06/30/95 0.90% 12,300
09/30/95 0.40% 12,349
12/31/95 0.50% 12,411
03/31/96 0.80% 12,510
06/30/96 1.10% 12,649
09/30/96 0.44% 12,704
12/31/96 0.82% 12,809
03/31/97 0.70% 12,898
06/30/97 0.19% 12,923
09/30/97 0.44% 12,979
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1997 (UNAUDITED)
==========================================================================================================
SHARES COMMON STOCKS -- 85.3% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS INFORMATION SERVICES -- 1.0%
9,000 Dun & Bradstreet Corporation............................................... $ 255,375
---------------
CHEMICALS -- 3.0%
4,100 Dow Chemical Company....................................................... 371,819
11,500 Ethyl Corporation.......................................................... 107,094
5,600 Great Lakes Chemical Corporation........................................... 276,150
---------------
........................................................................ 755,063
---------------
COMMERCIAL BANKING -- 11.3%
8,400 Banc One Corporation....................................................... 468,825
5,000 Chase Manhattan Corporation................................................ 590,000
4,600 Citicorp................................................................... 616,112
6,190 First Chicago NBD Corporation.............................................. 465,798
12,000 NationsBank Corporation.................................................... 742,500
---------------
........................................................................ 2,883,235
---------------
COMMUNICATIONS -- 4.0%
9,900 GTE Corporation............................................................ 449,212
8,000 Harris Corporation......................................................... 366,000
16,600 Paging Network, Inc.(b) ................................................... 210,613
---------------
........................................................................ 1,025,825
---------------
COMPUTERS/COMPUTER TECHNOLOGY SERVICES -- 10.3%
5,250 Compaq Computer Corporation(b) ............................................ 392,438
16,000 Electronic Data Systems Corporation........................................ 568,000
4,000 Hewlett-Packard Company.................................................... 278,250
9,600 International Business Machines(c) ....................................... 1,017,000
40,000 Novell, Inc.(b) ........................................................... 358,750
---------------
........................................................................ 2,614,438
---------------
CONSUMER GOODS & SERVICES -- 4.6%
15,400 Philip Morris Companies, Inc............................................... 640,062
23,000 Shaw Industries, Inc....................................................... 288,937
8,000 UST, Inc................................................................... 244,500
---------------
........................................................................ 1,173,499
---------------
DRUGS/MEDICAL EQUIPMENT -- 9.8%
12,600 Allergan, Inc.............................................................. 455,963
5,200 Amgen, Inc.(b) ............................................................ 249,275
6,000 Bristol-Myers Squibb Company(c) ........................................... 496,500
6,000 Johnson & Johnson ........................................................ 345,750
9,800 Mallinckrodt, Inc.......................................................... 352,800
2,500 Merck & Company, Inc....................................................... 249,844
9,300 Pharmacia & Upjohn, Inc.................................................... 339,450
---------------
........................................................................ 2,489,582
---------------
DURABLE GOODS -- 6.1%
14,500 Digital Equipment Corporation(b) ......................................... 628,031
2,400 General Electric Company................................................... 163,350
12,500 Genuine Parts Company...................................................... 385,156
10,600 Waste Management, Inc...................................................... 370,337
---------------
........................................................................ 1,546,874
---------------
<PAGE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
==========================================================================================================
SHARES COMMON STOCKS -- 85.3% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRICITY -- 1.6%
18,000 Unicom Corporation ........................................................ $ 420,750
---------------
FINANCE -- 2.9%
4,800 SLM Holding Corporation.................................................... 741,600
---------------
HOTELS -- 1.0%
3,300 HFS, Inc.(b) .............................................................. 245,644
---------------
INSURANCE -- 3.4%
6,500 Aetna Life & Casualty Company ............................................. 529,344
4,400 Marsh & McLennan Companies, Inc............................................ 337,150
---------------
866,494
---------------
OIL & OIL DRILLING -- 4.9%
8,000 Equitable Resources, Inc................................................... 252,000
18,000 Oryx Energy Company(b) .................................................... 457,875
3,900 Pennzoil Company........................................................... 310,781
2,800 Schlumberger Limited ..................................................... 235,725
---------------
1,256,381
---------------
PAPER & FOREST PRODUCTS -- 1.7%
7,300 Weyerhaeuser Company....................................................... 433,437
---------------
PHOTOGRAPHICAL PRODUCTS -- 1.8%
7,000 Eastman Kodak Company...................................................... 454,562
---------------
PRINTING -- 1.5%
11,000 R. R. Donnelley & Sons Company............................................. 392,562
---------------
RETAIL STORES -- 12.9%
22,000 Apple South, Inc........................................................... 423,500
10,000 Circuit City Stores, Inc................................................... 403,125
16,700 Cracker Barrel Old Country Store, Inc...................................... 540,663
45,000 K-Mart Corporation(b) ..................................................... 630,000
11,000 The Limited, Inc. ......................................................... 268,813
13,600 Toys R Us, Inc.(b) ........................................................ 482,800
14,500 Wal-Mart Stores, Inc....................................................... 531,063
---------------
3,279,964
---------------
TRANSPORTATION -- 2.9%
10,000 Alexander & Baldwin, Inc................................................... 258,750
6,000 Federal Express Corporation(b) ........................................... 480,000
---------------
738,750
---------------
TRAVEL & INVESTMENT SERVICES -- .6%
2,000 American Express Company................................................... 163,750
---------------
TOTAL COMMON STOCKS (COST $14,752,670) ................................... $ 21,737,785
---------------
<PAGE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
==========================================================================================================
FACE
AMOUNT REPURCHASE AGREEMENTS(A) -- 16.6% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 4,220,000 Star Bank N.A., 5.70%, dated 09/30/97, due 10/01/97,
repurchase proceeds $4,220,668 (Cost $4,220,000)........................... $ 4,220,000
---------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS AT VALUE-- 101.9% ............. $ 25,957,785
LIABILITIES IN EXCESS OF OTHER ASSETS-- (1.9)% ............................ (480,115)
---------------
NET ASSETS-- 100.0% ....................................................... $ 25,477,670
===============
<FN>
(a) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8475, 7.125%, due 07/20/24. The aggregate market value of the collateral
at September 30, 1997 was $22,045,359. The Fund's pro-rata interest in the
collateral at September 30, 1997 was $4,320,812.
(b) Non-income producing security.
(c) Security covers a call option.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<TABLE>
<CAPTION>
==========================================================================================================
FBP CONTRARIAN EQUITY FUND
SCHEDULE OF OPEN OPTIONS WRITTEN
SEPTEMBER 30, 1997 (UNAUDITED)
==========================================================================================================
MARKET
VALUE OF PREMIUMS
SHARES COVERED CALL OPTIONS OPTION RECEIVED
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Business Machines,
1,000 10/18/97 at $90...................................... $ 17,750 $ 6,710
============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1997 (UNAUDITED)
==========================================================================================================
SHARES COMMON STOCKS -- 66.5% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS INFORMATION SERVICES -- .5%
9,000 Dun & Bradstreet Corporation............................................... $ 255,375
---------------
CHEMICALS -- 2.5%
8,000 Dow Chemical Company....................................................... 725,500
20,000 Ethyl Corporation.......................................................... 186,250
7,000 Great Lakes Chemical Corporation........................................... 345,188
---------------
1,256,938
---------------
COMMERCIAL BANKING -- 7.5%
13,590 Banc One Corporation....................................................... 758,492
7,500 Chase Manhattan Corporation................................................ 885,000
6,125 Citicorp .................................................................. 820,367
5,430 First Chicago NBD Corporation.............................................. 408,608
14,800 NationsBank Corporation.................................................... 915,750
---------------
3,788,217
---------------
COMMUNICATIONS -- 3.4%
15,000 GTE Corporation............................................................ 680,625
17,000 Harris Corporation......................................................... 777,750
22,000 Paging Network, Inc.(b) ................................................... 279,125
---------------
1,737,500
---------------
COMPUTERS/COMPUTER TECHNOLOGY SERVICES -- 8.0%
5,775 Compaq Computer Corporation(b) ............................................ 431,681
18,000 Electronic Data Systems Corporation........................................ 639,000
6,100 Hewlett-Packard Company.................................................... 424,331
20,200 International Business Machines(c) ....................................... 2,139,937
45,000 Novell, Inc.(b) ........................................................... 403,594
---------------
4,038,543
---------------
CONSUMER GOODS & SERVICES -- 2.8%
19,000 Philip Morris Companies, Inc .............................................. 789,687
29,000 Shaw Industries, Inc....................................................... 364,313
8,500 UST, Inc. ................................................................. 259,781
---------------
1,413,781
---------------
DRUGS/MEDICAL EQUIPMENT -- 7.3%
19,000 Allergan, Inc.............................................................. 687,562
6,800 Amgen, Inc.(b) ............................................................ 325,975
6,000 Bristol-Myers Squibb Company(c) ........................................... 496,500
14,600 Johnson & Johnson ......................................................... 841,325
8,100 Mallinckrodt, Inc.......................................................... 291,600
4,200 Merck & Company, Inc....................................................... 419,738
16,400 Pharmacia & Upjohn, Inc.................................................... 598,600
---------------
3,661,300
---------------
DURABLE GOODS -- 5.1%
20,000 Digital Equipment Corporation(b) .......................................... 866,250
11,200 General Electric Company................................................... 762,300
11,950 Genuine Parts Company...................................................... 368,209
16,000 Waste Management, Inc...................................................... 559,000
---------------
2,555,759
---------------
<PAGE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
==========================================================================================================
SHARES COMMON STOCKS -- 66.5% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRICITY -- 1.3%
27,000 Unicom Corporation......................................................... $ 631,125
---------------
FINANCE -- 2.4%
7,700 SLM Holding Corporation ................................................... 1,189,650
---------------
INSURANCE -- 4.2%
8,300 Aetna Life & Casualty Company ............................................. 675,931
6,412 American International Group(c) ........................................... 661,638
10,000 Marsh & McLennan Companies, Inc............................................ 766,250
---------------
2,103,819
---------------
HOTELS -- 1.1%
7,425 HFS, Inc.(b) .............................................................. 552,698
---------------
OIL & OIL DRILLING -- 3.6%
6,800 Equitable Resources, Inc................................................... 214,200
25,000 Oryx Energy Company(b) .................................................... 635,937
5,600 Pennzoil Company........................................................... 446,250
6,000 Schlumberger Limited ...................................................... 505,125
---------------
1,801,512
---------------
PAPER & FOREST PRODUCTS -- 1.2%
10,000 Weyerhaeuser Company....................................................... 593,750
---------------
PHOTOGRAPHICAL PRODUCTS -- 1.1%
8,500 Eastman Kodak Company ..................................................... 551,969
---------------
PRINTING -- 1.2%
17,000 R. R. Donnelley & Sons Company............................................. 606,688
---------------
RETAIL STORES -- 9.5%
33,300 Apple South, Inc........................................................... 641,025
10,400 Circuit City Stores, Inc................................................... 419,250
25,200 Cracker Barrel Old Country Store, Inc...................................... 815,850
68,000 K-Mart Corporation(b) ..................................................... 952,000
20,000 The Limited, Inc. ......................................................... 488,750
19,000 Toys R Us, Inc.(b) ........................................................ 674,500
21,500 Wal-Mart Stores, Inc....................................................... 787,438
---------------
4,778,813
---------------
TRANSPORTATION -- 2.5%
8,600 Alexander & Baldwin, Inc................................................... 222,525
13,000 Federal Express Corporation(b) ............................................ 1,040,000
---------------
1,262,525
---------------
TRAVEL & INVESTMENT SERVICES -- 1.3%
8,300 American Express Company .................................................. 679,563
---------------
TOTAL COMMON STOCKS (COST $17,776,840) ................................... $ 33,459,525
---------------
<PAGE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
==========================================================================================================
PAR VALUE U.S. GOVERNMENT AND AGENCY OBLIGATIONS-- 16.2% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY NOTES -- 13.1%
$ 500,000 5.375%, due 05/31/98.................................................... $ 499,219
500,000 5.875%, due 08/15/98.................................................... 500,782
500,000 5.50%, due 02/28/99..................................................... 498,281
500,000 6.75%, due 06/30/99..................................................... 507,813
500,000 7.75%, due 01/31/00..................................................... 520,156
500,000 5.625%, due 02/28/01.................................................... 495,313
750,000 6.125%, due 12/31/01.................................................... 753,750
500,000 6.625% due 04/30/02..................................................... 512,032
500,000 6.375%, due 08/15/02.................................................... 507,656
500,000 6.25%, due 02/15/03..................................................... 504,844
500,000 7.25%, due 05/15/04..................................................... 531,250
750,000 7.00%, due 07/15/06..................................................... 790,781
---------------
6,621,877
---------------
FEDERAL HOME LOAN BANK -- 1.5%
750,000 8.00%, due 01/10/12..................................................... 744,004
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.6%
750,000 8.625%, due 10/18/21.................................................... 796,765
---------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $8,017,183) ............ $ 8,162,646
---------------
<CAPTION>
==========================================================================================================
PAR VALUE CORPORATE BONDS -- 8.5% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCE -- 2.5%
Bankers Trust New York Corporation,
$ 750,000 7.375%, due 05/01/08.................................................... $ 777,485
Signet Banking Corporation,
150,000 9.625%, due 06/01/99.................................................... 157,316
United Dominion Realty,
300,000 7.25%, due 04/01/99..................................................... 300,961
---------------
1,235,762
---------------
INDUSTRIAL -- 1.9%
Baxter International, Inc.,
75,000 9.25%, due 12/15/99..................................................... 79,735
Boise Cascade Corporation,
175,000 10.125%, due 12/15/97................................................... 176,480
Dayton Hudson Corporation,
27,000 9.25%, due 11/15/16..................................................... 27,095
52,000 9.875%, due 06/01/17.................................................... 54,699
<PAGE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
==========================================================================================================
PAR VALUE CORPORATE BONDS -- 8.5% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Georgia Pacific Corporation,
$ 300,000 9.75%, due 01/15/18..................................................... $ 314,079
Hilton Hotels,
300,000 7.70%, due 07/15/02..................................................... 309,857
---------------
961,945
---------------
UTILITIES -- 4.1%
Niagara Mohawk Power,
500,000 9.50%, due 03/01/21..................................................... 532,414
US WEST Communications Group,
750,000 7.30%, due 01/15/07..................................................... 768,198
West Penn Power Company,
750,000 8.875%, due 02/01/21.................................................... 791,001
---------------
2,091,613
---------------
TOTAL CORPORATE BONDS (COST $4,115,702) .................................. $ 4,289,320
---------------
TOTAL INVESTMENTS AT VALUE (COST $29,909,725)-- 91.2% .................... $ 45,911,491
---------------
<CAPTION>
==========================================================================================================
FACE
AMOUNT REPURCHASE AGREEMENTS(A) -- 9.6% VALUE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 4,833,000 Star Bank N.A., 5.70%, dated 09/30/97, due 10/01/97,
repurchase proceeds $4,833,765 (Cost $4,833,000)........................ $ 4,833,000
---------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS AT VALUE-- 100.8% ............. $ 50,744,491
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.8)% ........................... (383,263)
---------------
NET ASSETS-- 100.0% ....................................................... $ 50,361,228
===============
<FN>
(a) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8457, 7.125%, due 07/20/24. The aggregate market value of the collateral
at September 30, 1997 was $22,045,359. The Fund's pro-rata interest in the
collateral at September 30, 1997 was $4,948,456.
(b) Non-income producing security.
(c) Security covers a call option.
</FN>
</TABLE>
See accompanying notes to the financial statements.
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN BALANCED FUND
SCHEDULE OF OPEN OPTIONS WRITTEN
SEPTEMBER 30, 1997 (UNAUDITED)
==========================================================================================================
MARKET
VALUE OF PREMIUMS
SHARES COVERED CALL OPTIONS OPTION RECEIVED
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
American International Group,
1,500 11/15/97 at $150..................................... $ 8,625 $ 10,209
International Business Machines,
5,000 10/18/97 at $90...................................... 88,750 33,649
-------------- ---------------
$ 97,375 $ 43,858
============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FLIPPIN, BRUCE & PORTER FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
==========================================================================================================
FBP FBP
CONTRARIAN CONTRARIAN
EQUITY BALANCED
FUND FUND
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost................................................. $ 14,752,670 $ 29,909,725
============== ===============
At value (Note 1)................................................... $ 21,737,785 $ 45,911,491
Investments in repurchase agreements (Note 1)......................... 4,220,000 4,833,000
Cash.................................................................. 630 451
Interest receivable................................................... 668 220,824
Dividends receivable.................................................. 36,570 54,674
Receivable for capital shares sold.................................... 2,160 4,504
Other assets.......................................................... 652 3,755
-------------- ---------------
TOTAL ASSETS........................................................ 25,998,465 51,028,699
-------------- ---------------
LIABILITIES
Payable for securities purchased...................................... 468,315 489,625
Payable for capital shares redeemed................................... 1,500 11,068
Dividends payable..................................................... 9,001 24,366
Accrued advisory fees (Note 3)........................................ 14,987 30,757
Accrued administration fees (Note 3).................................. 4,100 7,800
Other accrued expenses................................................ 5,142 6,480
Covered call options, at value (Notes 1 and 4)
(premiums received $6,710 and $43,858, respectively) ............... 17,750 97,375
-------------- ---------------
TOTAL LIABILITIES................................................... 520,795 667,471
-------------- ---------------
NET ASSETS .............................................................. $ 25,477,670 $ 50,361,228
============== ===============
Net assets consist of:
Paid-in capital....................................................... $ 17,939,703 $ 32,355,918
Undistributed net investment income................................... 2,133 8,316
Accumulated net realized gains from security transactions............. 561,759 2,048,745
Net unrealized appreciation on investments............................ 6,974,075 15,948,249
-------------- ---------------
Net assets............................................................... $ 25,477,670 $ 50,361,228
============== ===============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value)............................................. 1,277,365 2,677,135
============== ===============
Net asset value, offering price and redemption price per share (Note 1).. $ 19.95 $ 18.81
============== ===============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE FLIPPIN, BRUCE & PORTER FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
==========================================================================================================
FBP FBP
CONTRARIAN CONTRARIAN
EQUITY BALANCED
FUND FUND
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest.............................................................. $ 76,403 $ 536,587
Dividends............................................................. 159,087 258,815
-------------- ---------------
TOTAL INVESTMENT INCOME............................................. 235,490 795,402
-------------- ---------------
EXPENSES
Investment advisory fees (Note 3)..................................... 76,092 173,253
Administration fees (Note 3).......................................... 20,283 43,404
Registration fees..................................................... 7,025 6,317
Professional fees..................................................... 4,428 6,178
Printing of shareholder reports....................................... 2,563 3,074
Custodian fees........................................................ 2,118 3,381
Trustees' fees and expenses........................................... 2,089 2,089
Other expenses........................................................ 2,076 2,548
-------------- ---------------
TOTAL EXPENSES...................................................... 116,674 240,244
-------------- ---------------
NET INVESTMENT INCOME ................................................... 118,816 555,158
-------------- ---------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions......................... 395,298 1,345,928
Net realized gains on option contracts written........................ 4,522 18,759
Net change in unrealized appreciation/depreciation on investments..... 3,809,080 6,313,435
-------------- ---------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS ........................ 4,208,900 7,678,122
-------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 4,327,716 $ 8,233,280
============== ===============
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, 1997 AND MARCH 31, 1997
==========================================================================================================
FBP CONTRARIAN FBP CONTRARIAN
EQUITY FUND BALANCED FUND
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
SEPTEMBER 30, ENDED SEPTEMBER 30, ENDED
1997 MARCH 31, 1997 MARCH 31,
(UNAUDITED) 1997 (UNAUDITED) 1997
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income....................... $ 118,816 $ 190,264 $ 555,158 $ 1,042,511
Net realized gains on:
Security transactions..................... 395,298 309,235 1,345,928 1,386,944
Option contracts written.................. 4,522 11,061 18,759 41,494
Net change in unrealized appreciation/
depreciation on investments............... 3,809,080 1,419,505 6,313,435 2,379,725
------------ -------------- ------------- --------------
Net increase in net assets from operations..... 4,327,716 1,930,065 8,233,280 4,850,674
------------ -------------- ------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income.................. ( 117,991) ( 190,839 ) ( 554,543 ) ( 1,041,994)
From net realized gains..................... -- ( 303,199 ) -- ( 1,212,659)
------------ -------------- ------------- --------------
Decrease in net assets from
distributions to shareholders............... ( 117,991) ( 494,038 ) ( 554,543 ) ( 2,254,653)
------------ -------------- ------------- --------------
FROM CAPITAL SHARE TRANSACTIONS(a)
Proceeds from shares sold................... 5,341,987 7,247,789 2,747,955 5,369,393
Net asset value of shares issued in reinvestment
of distributions to shareholders.......... 100,360 415,382 507,997 2,148,852
Payments for shares redeemed................ ( 514,670) ( 1,848,844 ) ( 1,427,813 ) ( 4,900,645)
------------ -------------- ------------- --------------
Net increase in net assets from
capital share transactions.................. 4,927,677 5,814,327 1,828,139 2,617,600
------------ -------------- ------------- --------------
TOTAL INCREASE IN NET ASSETS .................. 9,137,402 7,250,354 9,506,876 5,213,621
NET ASSETS
Beginning of period......................... 16,340,268 9,089,914 40,854,352 35,640,731
------------ -------------- ------------- --------------
End of period - (including undistributed net
investment income of $2,133, $1,308,
$8,316 and $7,701, respectively).......... $ 25,477,670 $ 16,340,268 $50,361,228 $40,854,352
============ ============== ============= ==============
(a) Summary of capital share activity:
Shares sold................................. 284,069 467,711 154,689 346,188
Shares issued in reinvestment of distributions
to shareholders........................... 5,241 27,437 27,897 140,100
Shares redeemed............................. ( 28,028) ( 118,787 ) ( 79,420 ) ( 310,312)
------------ -------------- ------------- --------------
Net increase in shares outstanding.......... 261,282 376,361 103,166 175,976
Shares outstanding, beginning of period..... 1,016,083 639,722 2,573,969 2,397,993
------------ -------------- ------------- --------------
Shares outstanding, end of period........... 1,277,365 1,016,083 2,677,135 2,573,969
============ ============== ============= ==============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN EQUITY FUND
FINANCIAL HIGHLIGHTS
==========================================================================================================
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
==========================================================================================================
SIX MONTHS
ENDED YEAR YEAR YEAR JULY 30,
SEPTEMBER 30, ENDED ENDED ENDED 1993(a) TO
1997 MARCH 31, MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period.......... $ 16.08 $ 14.21 $ 11.21 $ 10.15 $ 10.00
----------- ---------- ---------- --------- ----------
Income from investment operations:
Net investment income........................ 0.10 0.22 0.24 0.21 0.12
Net realized and unrealized gains on
investments................................ 3.87 2.24 3.05 1.14 0.19
----------- ---------- ---------- --------- ----------
Total from investment operations................ 3.97 2.46 3.29 1.35 0.31
----------- ---------- ---------- --------- ----------
Less distributions:
Dividends from net investment income......... ( 0.10 ) ( 0.22) ( 0.24) ( 0.23) ( 0.10)
Distributions from net realized gains........ -- ( 0.37) ( 0.05) ( 0.06) ( 0.06)
----------- ---------- ---------- --------- ----------
Total distributions............................. ( 0.10 ) ( 0.59) ( 0.29) ( 0.29) ( 0.16)
----------- ---------- ---------- --------- ----------
Net asset value at end of period................ $ 19.95 $ 16.08 $ 14.21 $ 11.21 $ 10.15
=========== ========== ========== ========= ==========
Total return.................................... 24.72% 17.65% 29.54% 13.52% 4.59%(c)
=========== ========== ========== ========= ==========
Net assets at end of period (000's)............. $ 25,478 $ 16,340 $ 9,090 $ 5,323 $ 3,135
=========== ========== ========== ========= ==========
Ratio of expenses to average net assets(b) ..... 1.15% (c) 1.21% 1.25% 1.25% 1.25%(c)
Ratio of net investment income to average
net assets................................. 1.17% (c) 1.50% 1.89% 2.15% 1.98%(c)
Portfolio turnover rate......................... 13% (c) 9% 12% 9% 7%
Average commission rate per share............... $ 0.0938 $ 0.0925 $ -- $ -- $ --
<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 1.25%, 1.67%, 2.27% and
3.10%(c) for the periods ended March 31, 1997, 1996, 1995 and 1994,
respectively (Note 3).
(c) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FBP CONTRARIAN 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,
1997
(UNAUDITED) 1997 1996 1995 1994 1993
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period..... $ 15.87 $ 14.86 $ 12.80 $ 12.19 $ 12.10 $ 11.10
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income................... 0.21 0.42 0.43 0.38 0.33 0.34
Net realized and unrealized gains
on investments........................ 2.94 1.49 2.44 0.87 0.15 1.06
---------- ---------- --------- --------- --------- ---------
Total from investment operations........... 3.15 1.91 2.87 1.25 0.48 1.40
---------- ---------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income.... ( 0.21) ( 0.42) ( 0.43 ) ( 0.39 ) ( 0.32 ) ( 0.35)
Distributions from net realized gains... -- ( 0.48) ( 0.38 ) ( 0.25 ) ( 0.07 ) ( 0.05)
---------- ---------- --------- --------- --------- ---------
Total distributions........................ ( 0.21) ( 0.90) ( 0.81 ) ( 0.64 ) ( 0.39 ) ( 0.40)
---------- ---------- --------- --------- --------- ---------
Net asset value at end of period........... $ 18.81 $ 15.87 $ 14.86 $ 12.80 $ 12.19 $ 12.10
========== ========== ========= ========= ========= =========
Total return............................... 19.90% 13.15% 22.86% 10.54% 3.88% 12.76%
========== ========== ========= ========= ========= =========
Net assets at end of period (000's)........ $ 50,361 $ 40,854 $ 35,641 $25,976 $21,969 $ 16,435
========== ========== ========= ========= ========= =========
Ratio of expenses to average net assets.... 1.04%(c) 1.08% 1.17% 1.17% (a) 1.25% (b) 1.31% (b)
Ratio of net investment income
to average net assets................... 2.40%(c) 2.65% 3.04% 3.10% 2.64% 3.09%
Portfolio turnover rate.................... 17%(c) 24% 17% 14% 28% 27%
Average commission rate per share.......... $ 0.0651 $ 0.0779 $ -- $ -- $ -- $ --
<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% and 1.43% and for the
years ended March 31, 1994 and 1993, 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, 1997 (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, 1997:
- -----------------------------------------------------------------------------
FBP CONTRARIAN FBP CONTRARIAN
EQUITY FUND BALANCED FUND
- -----------------------------------------------------------------------------
Gross unrealized appreciation........... $ 7,183,118 $ 16,363,888
Gross unrealized depreciation........... ( 209,043) ( 415,639)
-------------- ---------------
Net unrealized appreciation............. $ 6,974,075 $ 15,948,249
============== ==============
- ---------------------------------------------------------------------------
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, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $5,164,919 and $1,145,790, respectively, for the FBP
Contrarian Equity Fund and $4,606,149 and $3,680,663, 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. 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
Countrywide Funds Services, Inc. (CFS), CFS provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Funds. For these services, CFS 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 CFS.
4. COVERED CALL OPTIONS
A summary of covered call option contracts during the six months ended September
30, 1997 is as follows:
<TABLE>
- --------------------------------------------------------------------------------------------------------------
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..... 37 $ 18,173 184 $ 78,289
Options written................................ 10 6,710 65 43,859
Options cancelled in closing purchase
transactions................................ -- -- ( 15 ) ( 6,690)
Options expired................................ ( 5) ( 4,522 ) ( 30 ) ( 14,005)
Options exercised.............................. ( 32) ( 13,651 ) ( 139 ) ( 57,595)
------------ -------------- ------------- --------------
Options outstanding at end of period........... 10 $ 6,710 65 $ 43,858
============ ============== ============= ==============
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<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
Countrywide Fund Services, Inc.
P.O. Box 5354
Cincinnati, Ohio 45201-5354
800-443-4249
LEGAL COUNSEL
Sullivan & Worcester LLP
One Post Office Square
Boston, MA 02109
OFFICERS
John M. Flippin, President
John T. Bruce, Vice President
and Portfolio Manager
R. Gregory Porter, III, Vice President
TRUSTEES
Austin Brockenbrough, III
John T. Bruce
Charles M. Caravati
J. Finley Lee, Jr.
Richard Mitchell
Richard L. Morrill
Harris V. Morrissette
Fred T. Tattersall
Erwin H. Will, Jr.
Samuel B. Witt, III
<PAGE>
The Government Street Funds
The Alabama Tax Free Bond Fund
No Load Mutual Funds
Semi-Annual Report
September 30, 1997
(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, 1997 (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................................... $ 35,315,226 $ 31,418,020 $ 18,472,514
=============== =============== ===============
At value (Note 1)..................................... $ 60,642,395 $ 31,660,133 $ 19,077,195
Investments in repurchase agreements (Note 1)............ 3,103,000 743,000 --
Cash .................................................... 216 372 --
Receivable for capital shares sold....................... 101,300 25,100 850
Interest receivable...................................... 491 610,483 235,805
Dividends receivable..................................... 55,585 -- --
Other assets............................................. 4,459 3,940 2,715
--------------- --------------- ---------------
TOTAL ASSETS.......................................... 63,907,446 33,043,028 19,316,565
--------------- --------------- ---------------
LIABILITIES
Payable for securities purchased......................... -- -- 405,702
Payable for capital shares redeemed...................... 1,200 39,697 2,500
Dividends payable........................................ 5,620 18,183 18,521
Accrued advisory fees (Note 3)........................... 31,004 13,432 2,953
Accrued administration fees (Note 3)..................... 9,500 2,100 2,400
Other accrued expenses and liabilities................... 10,202 7,408 2,900
--------------- --------------- ---------------
TOTAL LIABILITIES..................................... 57,526 80,820 434,976
--------------- --------------- ---------------
NET ASSETS .............................................. $ 63,849,920 $ 32,962,208 $ 18,881,589
=============== =============== ===============
Net assets consist of:
Paid-in capital ......................................... $ 36,794,799 $ 33,145,478 $ 18,476,923
Accumulated net realized gains (losses)
from security transactions............................ 1,720,529 ( 431,839 ) ( 200,015
)
Undistributed net investment income...................... 7,423 6,456 --
Net unrealized appreciation on investments............... 25,327,169 242,113 604,681
--------------- --------------- ---------------
Net assets............................................... $ 63,849,920 $ 32,962,208 $ 18,881,589
=============== =============== ===============
Shares of beneficial interest outstanding (unlimited
number of shares authorized, no par value)............ 1,589,776 1,572,560 1,811,186
=============== =============== ===============
Net asset value, offering price and
redemption price per share (Note 1)................... $ 40.16 $ 20.96 $ 10.42
=============== =============== ===============
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, 1997 (Unaudited)
==========================================================================================================
Government Government Alabama
Street Street Tax Free
Equity Bond Bond
Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Interest.............................................. $ 79,857 $ 1,115,649 $ 436,692
Dividends............................................. 427,554 -- --
--------------- --------------- ---------------
TOTAL INVESTMENT INCOME............................. 507,411 1,115,649 436,692
--------------- --------------- ---------------
EXPENSES
Investment advisory fees (Note 3)..................... 174,428 77,853 31,419
Administrative fees (Note 3).......................... 52,980 12,120 13,489
Professional fees..................................... 5,928 5,928 4,403
Pricing costs......................................... 1,051 4,682 6,420
Printing of shareholder reports....................... 3,602 2,964 3,216
Custodian fees........................................ 3,684 1,976 1,800
Trustees' fees and expenses........................... 2,089 2,089 2,089
Postage and supplies.................................. 2,007 1,625 1,627
Registration fees..................................... 1,924 2,166 1,048
Other expenses........................................ 8,134 5,503 1,096
--------------- --------------- ---------------
TOTAL EXPENSES...................................... 255,827 116,906 66,607
Fees waived by the Adviser (Note 3)................... -- -- ( 8,257)
--------------- --------------- ---------------
NET EXPENSES........................................ 255,827 116,906 58,350
--------------- --------------- ---------------
NET INVESTMENT INCOME ................................... 251,584 998,743 378,342
--------------- --------------- ---------------
REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS
Net realized gains (losses)
from security transactions.......................... 576,277 ( 34,015 ) --
Net change in unrealized appreciation/depreciation
on investments...................................... 11,075,104 761,992 420,237
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAINS
ON INVESTMENTS ....................................... 11,651,381 727,977 420,237
--------------- --------------- ---------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ...................................... $ 11,902,965 $ 1,726,720 $ 798,579
=============== =============== ===============
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, 1997 and March 31, 1997
==============================================================================================================
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
1997 March 31, 1997 March 31, 1997 March 31,
(Unaudited) 1997 (Unaudited) 1997 (Unaudited) 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income............. $ 251,584 $ 536,422 $ 998,743 $1,901,229 $ 378,342 $ 688,356
Net realized gains (losses)
from security transactions...... 576,277 2,262,399 ( 34,015) ( 201,643 ) -- 6,155
Net change in unrealized appreciation/
depreciation on investments...... 11,075,104 4,313,961 761,992 ( 362,072) 420,237 ( 76,770)
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets
from operations................ 11,902,965 7,112,782 1,726,720 1,337,514 798,579 617,741
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income........ ( 256,183) ( 526,528) ( 1,004,014) ( 1,892,341) ( 378,342) ( 688,356)
From net realized gains........... -- (1,910,988) -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Decrease in net assets from distributions
to shareholders.................. ( 256,183) (2,437,516) (1,004,014) (1,892,341) ( 378,342) ( 688,356)
----------- ----------- ----------- ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS(a):
Proceeds from shares sold......... 4,258,341 5,118,742 2,980,768 3,531,544 1,762,525 2,068,564
Net asset value of shares issued in
reinvestment of distributions
to shareholders.................. 243,054 2,347,971 896,359 1,663,544 260,195 480,364
Payments for shares redeemed...... (1,927,208) (3,933,851) (1,080,090) (3,915,554) (362,026) ( 1,158,134)
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets from
capital share transactions........ 2,574,187 3,532,862 2,797,037 1,279,534 1,660,694 1,390,794
----------- ----------- ----------- ----------- ----------- -----------
TOTAL INCREASE IN NET ASSETS ....... 14,220,969 8,208,128 3,519,743 724,707 2,080,931 1,320,179
NET ASSETS:
Beginning of period............... 49,628,951 41,420,823 29,442,465 28,717,758 16,800,658 15,480,479
----------- ----------- ----------- ----------- ----------- -----------
End of period..................... $63,849,920 $49,628,951 $32,962,208 $29,442,465 $18,881,589 $16,800,658
=========== =========== =========== =========== =========== ===========
UNDISTRIBUTED NET
INVESTMENT INCOME ................ $ 7,423 $ 12,022 $ 6,456 $ 11,727 $ -- $ --
=========== =========== =========== =========== =========== ===========
(a) Summary of capital share activity:
Shares sold...................... 112,470 162,325 142,862 170,003 171,485 202,023
Shares issued in reinvestment of
distributions to shareholders.. 6,257 76,331 43,103 80,355 25,166 46,910
Shares redeemed.................. ( 51,952) ( 124,086) ( 52,025) ( 188,067) ( 35,066) ( 112,871)
----------- ----------- ----------- ----------- ----------- -----------
Net increase in shares
outstanding.................... 66,775 114,570 133,940 62,291 161,585 136,062
Shares outstanding, beginning of
period......................... 1,523,001 1,408,431 1,438,620 1,376,329 1,649,601 1,513,539
----------- ----------- ----------- ----------- ----------- -----------
Shares outstanding, end of
period......................... 1,589,776 1,523,001 1,572,560 1,438,620 1,811,186 1,649,601
=========== =========== =========== =========== =========== ===========
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
Sept. 30,
1997 Years Ended March 31,
(Unaudited) 1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period...................... $ 32.59 $ 29.41 $ 23.87 $ 22.69 $ 23.06 $ 21.37
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income............. 0.16 0.37 0.40 0.38 0.30 0.34
Net realized and unrealized
gains (losses) on investments.... 7.58 4.50 5.75 1.19 ( 0.37) 1.71
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations.... 7.74 4.87 6.15 1.57 ( 0.07) 2.05
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net investment
income........................ ( 0.17) ( 0.36) ( 0.40) ( 0.39) ( 0.30) ( 0.36)
Distributions from net realized
gains......................... -- ( 1.33) ( 0.21) -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions................. ( 0.17 ) ( 1.69 ) ( 0.61) ( 0.39 ) ( 0.30 ) ( 0.36)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 40.16 $ 32.59 $ 29.41 $ 23.87 $ 22.69 $ 23.06
=========== =========== =========== =========== =========== ===========
Total return........................ 23.75% 16.94% 25.96% 7.02% ( 0.31% ) 9.66%
=========== =========== =========== =========== =========== ===========
Net assets at end of period (000's). $ 63,850 $ 49,629 $ 41,421 $ 31,473 $ 27,101 $ 21,735
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average net
assets (a)......................... 0.88%(b) 0.89% 0.94% 0.91% 1.00% 1.00%
Ratio of net investment income
to average net assets............. 0.86%(b) 1.17% 1.50% 1.71% 1.33% 1.55%
Portfolio turnover rate............. 11%(b) 20% 31% 55% 63% 59%
Average commission rate per share... $ 0.0373 $ 0.0410 $ -- $ -- $ -- $ --
<FN>
(a) 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% and 1.20% for the years
ended March 31, 1995, 1994 and 1993, respectively.
(b) 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
Sept. 30,
1997 Years Ended March 31,
(Unaudited) 1997 1996 1995 1994 1993
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period...................... $ 20.47 $ 20.87 $ 20.33 $ 20.87 $ 21.77 $ 20.67
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income............. 0.67 1.34 1.35 1.35 1.32 1.34
Net realized and unrealized
gains (losses) on investments.... 0.49 ( 0.40) 0.54 ( 0.53) ( 0.90) 1.10
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations.... 1.16 0.94 1.89 0.82 0.42 2.44
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net investment
income........................ ( 0.67) ( 1.34) ( 1.35) ( 1.36) ( 1.32) ( 1.33)
Distributions from net realized
gains......................... -- -- -- -- -- ( 0.01)
----------- ----------- ----------- ----------- ----------- -----------
Total distributions................. ( 0.67 ) ( 1.34 ) ( 1.35) ( 1.36 ) ( 1.32 ) ( 1.34)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 20.96 $ 20.47 $ 20.87 $ 20.33 $ 20.87 $ 21.77
=========== =========== =========== =========== =========== ===========
Total return........................ 5.74% 4.60% 9.43% 4.12% 1.85% 12.14%
=========== =========== =========== =========== =========== ===========
Net assets at end of period (000's). $ 32,962 $ 29,442 $ 28,718 $ 27,780 $ 22,633 $ 15,955
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average net
assets(a)...................... 0.75% (b) 0.75% 0.76% 0.85% 0.86% 0.88%
Ratio of net investment income
to average net assets............. 6.41% (b) 6.44% 6.38% 6.68% 6.15% 6.44%
Portfolio turnover rate............. 14% (b) 20% 10% 11% 10% 17%
<FN>
(a) Absent investment advisory fees waived by the Adviser, the ratios of
expenses to average net assets would have been 1.03% and 1.09% for the years
ended March 31, 1994 and 1993, respectively (Note 3).
(b) 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
1997 March 31, August 31,
(Unaudited) 1997 1996 1995 1994(a) 1993
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of
period......................... $ 10.18 $ 10.23 $ 9.96 $ 9.96 $ 10.30 $ 10.00
----------- ----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income............. 0.22 0.43 0.42 0.45 0.26 0.23
Net realized and unrealized
gains (losses) on investments.... 0.24 ( 0.05 ) 0.27 -- ( 0.34 ) 0.30
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations.... 0.46 0.38 0.69 0.45 ( 0.08 ) 0.53
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net investment
income........................ ( 0.22) ( 0.43) ( 0.42) ( 0.45) (0.26) ( 0.23)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value at end of period.... $ 10.42 $ 10.18 $ 10.23 $ 9.96 $ 9.96 $ 10.30
=========== =========== =========== =========== =========== ===========
Total return........................ 4.54% 3.82% 7.02% 4.66% (1.50%) (d) 8.79% (d)
=========== =========== =========== =========== =========== ===========
Net assets at end of period (000's). $ 18,882 $ 16,801 $ 15,480 $ 12,816 $ 9,716 $ 3,429
=========== =========== =========== =========== =========== ===========
Ratio of expenses to average net
assets(c)...................... 0.65% (d) 0.66% 0.75% 0.75% 0.75% (d) 0.75% (d)
Ratio of net investment income
to average net assets............. 4.21% (d) 4.24% 4.11% 4.56% 4.46% (d) 4.01% (d)
Portfolio turnover rate............. 2% (d) 6% 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
0.74%(d), 0.78%, 0.86%, 1.05%, 1.76%(d) and 2.75%(d) for the periods ended
September 30, 1997, March 31, 1997, 1996, 1995, 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, 1997 (Unaudited)
==============================================================================================================
Shares COMMON STOCKS -- 94.9% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Aerospace -- 1.6%
18,200 Boeing Company............................................................. $ 990,762
--------------
Chemicals and Drugs -- 15.0%
20,000 Becton Dickinson & Company................................................. 957,500
15,000 Biomet, Inc.(a) ........................................................... 360,000
20,000 Cardinal Health, Inc....................................................... 1,420,035
15,000 ChemFirst, Inc............................................................. 376,875
24,000 duPont (E.I.) de Nemours & Company......................................... 1,477,500
6,500 Eli Lilly & Company........................................................ 782,844
18,000 Goodrich (B.F.) Company.................................................... 814,500
15,000 Johnson & Johnson.......................................................... 864,375
6,200 Merck & Company, Inc....................................................... 619,612
6,680 Mississippi Chemical Corporation........................................... 130,260
20,000 Schering-Plough Corporation................................................ 1,030,000
22,000 Sigma-Aldrich.............................................................. 724,625
--------------
9,558,126
--------------
Construction -- 5.8%
12,750 Blount, Inc. - Class A..................................................... 643,078
24,000 Caterpiller, Inc........................................................... 1,294,500
20,312 Clayton Homes, Inc......................................................... 377,041
5,000 Florida Rock Industries, Inc............................................... 297,500
8,000 Lowe's Companies, Inc...................................................... 311,000
25,600 Valspar Corporation........................................................ 803,200
--------------
3,726,319
--------------
Consumer Products -- 10.8%
21,633 Archer-Daniels-Midland Company............................................. 518,558
13,500 Belo (A.H.) Corporation - Class A.......................................... 654,750
12,000 General Motors Corporation................................................. 803,250
14,500 Gillette Company........................................................... 1,251,531
20,000 Kimberly-Clark Corporation................................................. 978,750
10,000 Motorola, Inc.............................................................. 718,750
12,000 Polygram NV................................................................ 689,250
17,000 Procter & Gamble Company................................................... 1,174,063
2,000 Sun Microsystems, Inc. (a) ................................................ 93,625
--------------
6,882,527
--------------
Durable Goods -- 16.3%
10,000 Cabletron Systems, Inc.(a) ................................................ 320,000
25,000 Cisco Systems, Inc.(a) .................................................... 1,826,563
10,000 Compaq Computer Corporation(a) ............................................ 747,500
7,000 Cummins Engine Company, Inc. .............................................. 546,437
9,000 Deere & Company............................................................ 483,750
9,000 Diebold, Inc............................................................... 426,375
23,000 General Electric Company .................................................. 1,565,437
8,000 General Signal Corporation ................................................ 346,000
4,000 Grainger (W.W.), Inc. ..................................................... 356,000
7,000 Intel Corporation.......................................................... 646,188
8,700 International Business Machines Corporation................................ 921,656
16,000 Philips Electronics NV..................................................... 1,344,000
11,500 Raytheon Company........................................................... 679,938
4,000 Shared Medical Systems, Inc................................................ 211,500
--------------
10,421,344
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Shares COMMON STOCKS -- 94.9% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial -- 13.2%
9,695 Aetna, Inc................................................................. $ 789,537
15,000 AFLAC, Inc................................................................. 813,750
10,000 American Express Company................................................... 818,750
3,000 Citicorp................................................................... 401,812
22,000 Freddie Mac................................................................ 775,500
10,000 Fleet Financial Group, Inc................................................. 655,625
2,000 MBNA Corporation........................................................... 81,000
28,000 Mellon Bank Corporation.................................................... 1,533,000
33,000 Star Banc Corporation...................................................... 1,515,938
10,000 Synovus Financial Corporation.............................................. 215,000
7,000 Torchmark Corporation...................................................... 274,750
8,000 Travelers, Inc............................................................. 546,000
--------------
8,420,662
--------------
Food/Beverages -- 3.6%
5,000 Anheuser-Busch Companies, Inc.............................................. 225,625
60,000 Coca-Cola Enterprises...................................................... 1,616,250
20,000 Hudson Foods, Inc. - Class A............................................... 426,250
--------------
2,268,125
--------------
Metal and Mining -- 1.6%
9,000 Aluminum Company of America................................................ 738,000
9,543 Freeport McMoran Copper & Gold, Inc. - Class B............................. 274,958
--------------
1,012,958
--------------
Oil/Energy -- 10.4%
12,500 Amoco Corporation.......................................................... 1,204,687
13,000 Chevron Corporation........................................................ 1,081,438
14,650 Exxon Corporation.......................................................... 938,516
6,000 Halliburton Company........................................................ 312,000
5,000 Helmerich & Payne, Inc..................................................... 400,000
7,500 Kerr McGee Corporation..................................................... 516,094
5,000 Pennzoil Company........................................................... 398,438
28,500 Shell Transport & Trading PLC.............................................. 1,268,250
10,000 Sonat, Inc................................................................. 508,750
--------------
6,628,173
--------------
Paper and Forest Products -- 1.6%
10,000 Georgia Pacific Corporation................................................ 1,043,750
--------------
Retail -- 4.9%
16,000 American Stores Company.................................................... 390,000
17,700 Home Depot, Inc............................................................ 922,612
10,000 Nike, Inc. - Class B....................................................... 530,000
13,000 Pep Boys - Manny, Moe & Jack............................................... 354,250
5,000 Wal-Mart Stores, Inc....................................................... 183,125
30,000 Walgreen Company........................................................... 768,750
--------------
3,148,737
--------------
Services - Computer -- 2.0%
11,100 Automatic Data Processing, Inc............................................. 555,000
10,000 Computer Sciences Corporation(a) .......................................... 707,500
--------------
1,262,500
--------------
Telecommunication Equipment -- 1.3%
11,000 Corning, Inc............................................................... 519,750
14,000 Scientific - Atlanta, Inc.................................................. 316,750
--------------
836,500
--------------
Transportation -- 2.0%
16,000 Federal Express Corporation(a) ............................................ 1,280,000
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Shares COMMON STOCKS -- 94.9% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Utilities -- 4.8%
14,500 Ameritech Corporation...................................................... $ 964,250
7,000 Bellsouth Corporation...................................................... 323,750
15,490 Duke Power Company......................................................... 765,787
8,000 Hong Kong Telecommunications, LTD.......................................... 179,000
14,000 SBC Communications, Inc.................................................... 859,250
--------------
3,092,037
--------------
Total Common Stocks (Cost $35,262,097) ...................................... $60,572,520
--------------
<CAPTION>
==============================================================================================================
Shares PREFERRED STOCKS -- .1% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial -- .1%
898 Aetna Inc., Convertible.................................................... $ 69,875
--------------
Total Preferred Stocks (cost $53,129)........................................ $ 69,875
--------------
Total Investments at Value (cost $35,315,226) - 95.0%........................ $ 60,642,395
--------------
<CAPTION>
==============================================================================================================
Face
Amount REPURCHASE AGREEMENTS(b) -- 4.8% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Star Bank,
$ 3,103,000 5.70%, dated 09/30/1997, due 10/01/1997,
repurchase proceeds $3,103,491 (Cost $3,103,000)......................... $ 3,103,000
--------------
Total Investments and Repurchase Agreements at Value 99.8% ................. $ 63,745,395
Other Assets in Excess of Liabilities-- .2% ................................. 104,525
--------------
Net Assets-- 100.0% ......................................................... $ 63,849,920
==============
<FN>
(a) Non-income producing security.
(b) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8457, 7.125%, due 07/20/2024. The aggregate market value of the
collateral at September 30, 1997 was $22,045,359. The Fund's pro-rata interest
in the collateral at September 30, 1997 was $3,177,128.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1997 (Unaudited)
==========================================================================================================
Par Value U.S. TREASURY AND AGENCY OBLIGATIONS-- 43.6% Value
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Notes -- 7.7%
$ 65,000 8.75%, due 10/15/1997...................................................... $ 65,101
10,000 7.875%, due 01/15/1998..................................................... 10,075
70,000 7.875%, due 04/15/1998..................................................... 70,875
50,000 8.25%, due 07/15/1998...................................................... 51,000
855,000 7.125%, due 10/15/1998..................................................... 867,291
225,000 7.00%, due 04/15/1999...................................................... 229,008
150,000 6.375%, due 07/15/1999..................................................... 151,453
100,000 8.00%, due 08/15/1999...................................................... 103,812
200,000 6.00%, due 10/15/1999...................................................... 200,875
250,000 7.50%, due 10/31/1999...................................................... 257,969
50,000 7.875%, due 11/15/1999..................................................... 52,000
100,000 8.50%, due 02/15/2000...................................................... 105,750
20,000 8.75%, due 08/15/2000...................................................... 21,494
50,000 8.50%, due 11/15/2000...................................................... 53,641
140,000 8.00%, due 05/15/2001...................................................... 149,231
125,000 7.875%, due 08/15/2001..................................................... 133,086
--------------
2,522,661
--------------
U.S. Treasury Strips -- .1%
Coupon Treasury Investment Growth Security,
11,000 due 08/15/1998........................................................... 10,474
--------------
Federal Home Loan Bank Bonds -- 1.6%
500,000 7.57%, due 08/19/2004...................................................... 534,338
--------------
Federal Home Loan Mortgage Corporation Bonds -- 9.1%
240,000 7.12%, due 09/30/2005...................................................... 240,447
200,000 6.73%, due 01/05/2006...................................................... 199,689
300,000 7.52%, due 04/21/2006...................................................... 307,394
500,000 7.55%, due 04/26/2006...................................................... 509,418
895,000 7.44%, due 09/20/2006...................................................... 923,163
800,000 7.04%, due 01/09/2007...................................................... 814,234
--------------
2,994,345
--------------
Federal National Mortgage Association Bonds -- 18.9%
750,000 7.85%, due 09/10/1998...................................................... 764,068
100,000 8.45%, due 07/12/1999...................................................... 104,259
100,000 5.98%, due 03/22/2000...................................................... 99,621
650,000 6.85%, due 05/04/2001...................................................... 654,859
175,000 6.83%, due 04/02/2003...................................................... 501,632
500,000 7.90%, due 06/28/2006...................................................... 512,173
500,000 8.00%, due 06/15/2006...................................................... 508,552
650,000 7.65%, due 10/06/2006...................................................... 671,527
500,000 7.36%, due 02/07/2007...................................................... 505,796
400,000 7.70%, due 04/10/2007...................................................... 413,069
500,000 6.62%, due 06/25/2007...................................................... 509,412
500,000 7.16%, due 06/26/2007...................................................... 504,369
500,000 7.00%, due 07/17/2007...................................................... 503,909
--------------
6,253,246
--------------
Private Export Funding Bonds -- 1.4%
470,000 7.90%, due 03/31/2000...................................................... 490,945
--------------
Tennessee Valley Authority Bonds -- 4.8%
799,000 7.45%, due 10/15/2001...................................................... 820,646
745,000 6.875%, due 01/15/2002..................................................... 756,779
--------------
1,577,425
--------------
Total U.S. Treasury and Agency Obligations (Cost $14,285,007) ............... $ 14,383,434
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Par Value MORTGAGE-BACKED SECURITIES -- 1.3% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal National Mortgage Association -- .3%
$ 96,715 Series #G92-40, Class G, 7.00%, due 07/25/2002............................. $ 97,244
--------------
Government National Mortgage Association -- .4%
29,129 Pool #15032, 7.50%, due 02/15/2007......................................... 29,612
22,597 Pool #176413, 7.50%, due 09/15/2016........................................ 22,972
43,392 Pool #170784, 8.00%, due 12/15/2016........................................ 44,844
28,789 Pool #181540, 8.00%, due 02/15/2017........................................ 29,752
--------------
127,180
--------------
Other Mortgage-Backed Securities -- .6%
Collateralized Mortgage Securities Corporation,
200,000 Series 1991-8PF, 7.30%, due 08/20/2020................................ 201,090
--------------
Total Mortgage-Backed Securities (Cost $426,404) ............................ $ 425,514
--------------
<CAPTION>
==============================================================================================================
Par Value CORPORATE BONDS -- 51.1% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Finance -- 25.2%
American Express Company,
$ 350,000 8.50%, due 08/15/2001.................................................... $ 375,829
--------------
AmSouth Bancorp,
425,000 9.375%, due 05/01/1999................................................... 445,175
550,000 7.75%, due 05/15/2004.................................................... 579,721
--------------
1,024,896
--------------
Associates Corporation, N.A.,
300,000 8.80%, due 08/01/1998.................................................... 307,036
--------------
Banc One Corporation,
600,000 7.00%, due 07/15/2005.................................................... 610,780
--------------
BankAmerica Corporation,
496,000 8.375%, due 03/15/2002................................................... 532,009
--------------
Bear Stearns Company,
170,000 9.375%, due 06/01/2001................................................... 186,097
--------------
General Electric Capital Corporation,
100,000 7.24%, due 01/15/2002.................................................... 103,819
150,000 7.50%, due 03/15/2002.................................................... 157,387
--------------
261,206
--------------
Merrill Lynch & Company, Inc.,
745,000 7.375%, due 08/17/2002................................................... 774,174
--------------
J.P. Morgan & Company,
500,000 7.25%, due 01/15/2002.................................................... 516,719
--------------
NationsBank,
550,000 7.625%, due 04/15/2005................................................... 578,161
--------------
Regions Financial Corporation,
350,000 7.80%, due 12/01/2002.................................................... 364,568
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Par Value CORPORATE BONDS -- 51.1% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Salomon, Inc.,
$ 400,000 7.25%, due 01/15/2000.................................................... $ 408,089
480,000 7.50%, due 02/01/2003.................................................... 497,717
--------------
905,806
--------------
Southtrust Bank, Alabama,
500,000 7.00%, due 11/15/2008.................................................... 506,900
--------------
Transamerica Financial Corporation,
785,000 7.50%, due 03/15/2004.................................................... 818,957
--------------
Wachovia Corporation,
535,000 7.00%, due 12/15/1999.................................................... 544,830
--------------
Total Finance Corporate Bonds ............................................... 8,307,968
--------------
Industrial -- 22.4%
BP America Inc.,
265,000 8.50%, due 04/15/2001................................................... 283,796
--------------
Campbell Soup Company,
500,000 6.90%, due 10/15/2006.................................................... 512,899
--------------
Coca-Cola Company,
401,000 7.875%, due 09/15/1998.................................................. 408,262
500,000 6.625%, due 08/01/2004.................................................. 501,561
--------------
909,823
--------------
duPont (E.I.) de Nemours & Company,
150,000 9.15%, due 04/15/2000.................................................... 160,509
300,000 6.75%, due 10/15/2002.................................................... 304,993
--------------
465,502
--------------
Hanson Overseas,
1,100,000 7.375%, due 01/15/2003................................................... 1,136,361
--------------
International Business Machines Corporation,
1,000,000 7.25%, due 11/01/2002.................................................... 1,038,875
--------------
Kimberly-Clark Corporation,
240,000 8.625%, due 05/01/2001................................................... 258,751
--------------
Limited, Inc.,
150,000 8.875%, due 08/15/1999................................................... 156,298
--------------
Mobil Corporation,
100,000 8.375%, due 02/12/2001................................................... 106,680
--------------
Philip Morris Companies, Inc.,
305,000 7.375%, due 02/15/1999................................................... 309,607
175,000 7.75%, due 05/01/1999.................................................... 178,937
--------------
488,544
--------------
Procter & Gamble Company,
150,000 8.70%, due 08/01/2001.................................................... 162,490
--------------
Raytheon Company,
800,000 6.50%, due 07/15/2005.................................................... 790,750
--------------
<PAGE>
<CAPTION>
THE GOVERNMENT STREET BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Par Value CORPORATE BONDS -- 51.1% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Wal-Mart Stores, Inc.,
$ 170,000 9.10%, due 07/15/2000.................................................... $ 182,739
100,000 8.625%, due 04/01/2001................................................... 107,397
745,000 7.50%, due 05/15/2004.................................................... 786,214
--------------
1,076,350
--------------
Total Industrial Corporate Bonds ............................................ 7,387,119
--------------
Utility -- 3.5%
Consolidated Edison,
785,000 7.60%, due 01/15/2000.................................................... 807,751
--------------
Emerson Electric Company,
352,000 6.30%, due 11/01/2005.................................................... 348,347
--------------
Total Utility Corporate Bonds ............................................... 1,156,098
--------------
Total Corporate Bonds (Cost $16,706,609) .................................... $ 16,851,185
--------------
Total Investments at Value (Cost $31,418,020)-- 96.0% ...................... $ 31,660,133
--------------
<CAPTION>
==============================================================================================================
Face
Amount REPURCHASE AGREEMENTS(a) -- 2.3% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Star Bank,
$ 743,000 5.70%, dated 09/30/1997, due 10/01/1997,
repurchase proceeds $743,118 (Cost $743,000)............................. $ 743,000
--------------
Total Investments and Repurchase Agreements at Value-- 98.3% ................ $ 32,403,133
Other Assets in Excess of Liabilities-- 1.7% ................................ 559,075
--------------
Net Assets-- 100.0% ......................................................... $ 32,962,208
==============
<FN>
(a) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8457, 7.125%, due 07/20/2004. The aggregate market value of the
collateral at September 30, 1997 was $22,045,359. The Fund's pro-rata interest
in the collateral at September 30, 1997 was $760,750.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1997 (Unaudited)
==============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 96.4% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Alabama Housing Finance Auth. Rev.,
$ 15,000 6.00%, due 10/01/1997...................................................... $ 15,001
245,000 4.90%, due 10/01/1998...................................................... 247,391
--------------
262,392
--------------
Alabama Mental Health Finance Auth. Special Tax,
300,000 5.00%, due 05/01/2006...................................................... 308,421
--------------
Alabama State GO,
200,000 5.90%, due 03/01/1999...................................................... 205,428
100,000 5.70%, due 12/01/2002...................................................... 106,241
--------------
311,669
--------------
Alabama State Corrections Institutions Rev.,
100,000 4.20%, due 04/01/1998...................................................... 100,220
--------------
Alabama State Industrial Access Road & Bridge Corp. GO,
100,000 4.00%, due 06/01/1998...................................................... 100,094
85,000 5.25%, due 06/01/2003...................................................... 88,197
--------------
188,291
--------------
Alabama State Mun. Elec. Auth. Power Supply Rev.,
150,000 5.625%, due 09/01/2000..................................................... 156,102
340,000 5.75%, due 09/01/2001...................................................... 358,472
400,000 6.50%, due 09/01/2005, prerefunded 09/01/2001 at 101....................... 436,312
--------------
950,886
--------------
Alabama State Public School & College Auth. Rev.,
100,000 4.40%, due 12/01/2000...................................................... 100,908
250,000 5.25%, due 11/01/2005...................................................... 261,720
80,000 5.00%, due 06/01/2003...................................................... 82,594
--------------
445,222
--------------
Alabama Water Pollution Control Rev.,
25,000 7.00%, due 08/15/2001...................................................... 26,202
200,000 6.25%, due 08/15/2004...................................................... 220,736
--------------
246,938
--------------
Anniston, AL, GO,
250,000 5.50%, due 01/01/2004...................................................... 265,432
--------------
Anniston, AL, Regional Medical Center Board Hospital Rev.,
30,000 7.375%, due 07/01/2006, ETM................................................ 32,985
--------------
Auburn University, Alabama Rev.,
25,000 6.10%, due 06/01/1999...................................................... 25,826
50,000 4.90%, due 06/01/2001...................................................... 51,227
150,000 5.20%, due 06/01/2004...................................................... 156,158
325,000 5.25%, due 04/01/2005...................................................... 339,323
--------------
572,534
--------------
Baldwin Co., AL, GO,
200,000 5.85%, due 08/01/2003...................................................... 215,516
400,000 5.00%, due 02/01/2007...................................................... 409,872
--------------
625,388
--------------
Baldwin Co., AL, Board of Education Rev.,
50,000 5.40%, due 12/01/1998...................................................... 50,787
300,000 5.90%, due 12/01/2001...................................................... 310,230
--------------
361,017
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 96.4% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Birmingham, AL, GO,
$ 100,000 5.80%, due 04/01/2002...................................................... $ 105,872
200,000 5.90%, due 04/01/2003...................................................... 214,320
--------------
320,192
--------------
Birmingham, AL, Special Facilities Rev.,
100,000 4.45%, due 06/01/1999...................................................... 100,715
--------------
Birmingham, AL, Industrial Water Board Rev.,
100,000 5.00%, due 03/01/2001...................................................... 102,722
100,000 6.00%, due 07/01/2007...................................................... 110,646
--------------
213,368
--------------
Birmingham, AL, Medical Clinic Board Rev.,
60,000 7.30%, due 07/01/2005, ETM................................................. 66,349
--------------
Birmingham, AL, Waterworks & Sewer Board Rev.,
50,000 5.90%, due 01/01/2003...................................................... 53,503
400,000 6.15%, due 01/01/2006...................................................... 430,260
--------------
483,763
--------------
DCH Health Care Auth. of Alabama Rev.,
55,000 5.00%, due 06/01/2004...................................................... 56,406
--------------
Decatur, AL, GO,
300,000 5.00%, due 06/01/2009...................................................... 303,942
--------------
Fairhope, AL, Utility, Rev.,
200,000 5.10%, due 12/01/2008...................................................... 203,226
--------------
Greenville, AL, GO,
300,000 5.10%, due 12/01/2009...................................................... 304,836
--------------
Hoover, AL, Board of Education GO,
400,000 6.00%, due 02/15/2006...................................................... 436,600
--------------
Hoover, AL, Board of Education Special Tax,
200,000 6.625%, due 02/01/2010, prerefunded 02/01/2001 at 102...................... 218,556
--------------
Houston Co., AL, GO,
100,000 4.20%, due 10/01/1998...................................................... 100,289
250,000 5.00%, due 07/01/2002...................................................... 257,000
--------------
357,289
--------------
Huntsville, AL, GO,
115,000 5.15%, due 08/01/2000...................................................... 118,196
100,000 5.20%, due 11/01/2000...................................................... 103,155
500,000 5.50%, due 11/01/2002...................................................... 527,365
100,000 5.90%, due 11/01/2005...................................................... 107,797
300,000 5.40%, due 02/01/2010...................................................... 308,613
--------------
1,165,126
--------------
Huntsville, AL, Electric Systems Rev.,
150,000 6.10%, due 12/01/2000...................................................... 158,547
150,000 5.00%, due 12/01/2003...................................................... 154,644
--------------
313,191
--------------
Huntsville, AL, Water Systems Rev.,
150,000 5.15%, due 05/01/2004...................................................... 155,672
150,000 5.25%, due 05/01/2005...................................................... 155,911
--------------
311,583
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 96.4% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Jefferson Co., AL, GO,
$ 150,000 5.55%, due 04/01/2002...................................................... $ 157,164
100,000 5.00%, due 04/01/2004...................................................... 102,508
--------------
259,672
--------------
Jefferson Co., AL, Board of Education Capital Outlay Warrants,
300,000 5.70%, due 02/15/2011...................................................... 315,315
--------------
Jefferson Co., AL, Sewer Rev .,
140,000 5.15%, due 09/01/2002...................................................... 145,712
50,000 5.50%, due 09/01/2003...................................................... 53,077
300,000 5.75%, due 09/01/2005...................................................... 323,538
--------------
522,327
--------------
Lee Co., AL, GO,
300,000 5.50%, due 02/01/2007...................................................... 318,648
--------------
Madison, AL, Board of Education School Warrants,
100,000 5.00%, due 02/01/1999...................................................... 101,417
--------------
Madison, AL, Warrants,
325,000 5.55%, due 04/01/2007...................................................... 348,293
--------------
Madison Co., AL, Board of Education Capital Outlay Tax Antic. Warrants,
175,000 5.20%, due 09/01/2004...................................................... 183,055
250,000 5.10%, due 09/01/2011...................................................... 252,570
--------------
435,625
--------------
Mobile, AL, GO,
200,000 5.00%, due 08/15/1998...................................................... 202,050
150,000 5.20%, due 02/15/1999...................................................... 152,570
200,000 5.40%, due 08/15/2000...................................................... 207,084
25,000 6.25%, due 08/01/2001...................................................... 26,797
25,000 6.30%, due 08/01/2001...................................................... 26,840
275,000 6.20%, due 02/15/2007, ETM................................................. 305,971
--------------
921,312
--------------
Mobile, AL, Water & Sewer Commissioners Rev.,
55,000 6.30%, due 01/01/2003...................................................... 59,795
--------------
Mobile Co., AL, GO,
50,000 6.10%, due 02/01/2002, prerefunded 02/01/2000 at 102....................... 53,124
160,000 6.70%, due 02/01/2011, prerefunded 02/01/2000 at 102....................... 172,189
--------------
225,313
--------------
Mobile Co., AL., Board of Education Capital Outlay Warrants,
400,000 5.00%, due 03/01/2008...................................................... 406,580
--------------
Mobile Co., AL, Gas Tax Antic. Warrants Rev.,
100,000 3.80%, due 02/01/1998...................................................... 100,011
100,000 4.50%, due 02/01/2003...................................................... 100,425
--------------
200,436
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
ALABAMA FIXED RATE REVENUE AND GENERAL
Par Value OBLIGATION (GO) BONDS-- 96.4% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Montgomery, AL, GO,
$ 200,000 4.25%, due 05/01/1999, ETM................................................. $ 200,724
200,000 4.70%, due 05/01/2002...................................................... 202,958
500,000 5.10%, due 10/01/2008...................................................... 511,845
--------------
915,527
--------------
Montgomery, AL, Waterworks & Sanitation Rev.,
200,000 5.85%, due 03/01/2003...................................................... 213,344
400,000 5.60%, due 09/01/2009...................................................... 422,352
--------------
635,696
--------------
Montgomery Co., AL, GO,
100,000 5.20%, due 11/01/2006...................................................... 103,712
--------------
Mountain Brook, AL, Board of Education Capital Outlay Warrants,
405,000 4.80%, due 02/15/2011...................................................... 399,399
--------------
Muscle Shoals, AL, GO,
400,000 5.60%, due 08/01/2010...................................................... 419,752
--------------
Opelika, AL, GO,
100,000 4.60%, due 03/01/2003...................................................... 101,289
100,000 5.30%, due 07/01/2003...................................................... 104,886
--------------
206,175
--------------
Shelby Co., AL, GO,
205,000 5.20%, due 08/01/2000...................................................... 211,078
50,000 5.35%, due 08/01/2001...................................................... 52,069
--------------
263,147
--------------
Shelby Co., AL, Hospital Board Rev.,
35,000 6.60%, due 02/01/2001, ETM................................................. 37,554
25,000 6.60%, due 02/01/2002, ETM................................................. 27,220
40,000 6.60%, due 02/01/2003, ETM................................................. 44,182
--------------
108,956
--------------
Shelby Co., AL, Board of Education Capital Outlay Special Tax Warrants,
100,000 4.80%, due 02/01/1998...................................................... 100,341
--------------
Tuscaloosa, AL, Board of Education GO,
100,000 5.10%, due 02/01/2004...................................................... 103,381
--------------
Tuscaloosa, AL, Board of Education Special Tax Warrants,
75,000 5.70%, due 02/15/2005...................................................... 79,615
125,000 6.00%, due 02/15/2009...................................................... 132,981
--------------
212,596
--------------
University of Alabama General Fee Series A Rev.,
250,000 4.15%, due 10/01/1999...................................................... 250,667
50,000 5.00%, due 11/01/2000...................................................... 51,232
200,000 5.10%, due 10/01/2002...................................................... 206,860
400,000 5.25%, due 06/01/2010...................................................... 407,500
--------------
916,259
--------------
Vestavia Hills, AL, Board of Education Capital Outlay Rev.,
55,000 5.25%, due 02/01/2004...................................................... 57,244
--------------
Vestavia Hills, AL, Warrants,
125,000 4.90%, due 04/01/2005...................................................... 127,515
--------------
Total Alabama (Cost $17,606,289) ............................................ $ 18,210,970
--------------
<PAGE>
<CAPTION>
THE ALABAMA TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
==============================================================================================================
Shares MONEY MARKETS -- 4.6% Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 866,225 Star Tax-Free Money Market Fund (Cost $866,225).............................. $ 866,225
-------------
Total Investments at Value (Cost $18,472,514)-- 101.0% ..................... $ 19,077,195
Liabilities in Excess of Other Assets-- (1.0)% .............................. ( 195,606)
--------------
Net Assets-- 100.0% ......................................................... $ 18,881,589
==============
<FN>
ETM - Escrowed to maturity.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (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 fixed income 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, 1997:
<TABLE>
- ----------------------------------------------------------------------------------------------------------
Government Government Alabama
Street Street Tax Free
Equity Fund Bond Fund Bond Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized appreciation....................... $ 25,532,698 $ 600,390 $ 621,435
Gross unrealized depreciation....................... ( 205,529) ( 358,277) ( 16,754)
--------------- --------------- ---------------
Net unrealized appreciation......................... $ 25,327,169 $ 242,113 $ 604,681
=============== =============== ===============
- ----------------------------------------------------------------------------------------------------------
</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, 1997, The Government Street Bond Fund and The Alabama Tax Free
Bond Fund had capital loss carryforwards for federal income tax purposes of
$307,540, and $200,015, respectively, which expire through the year 2005. In
addition, The Government Street Bond Fund realized net capital losses of $90,284
during the period from November 1, 1996 through March 31, 1997, which are
treated for federal income tax purposes as arising in the tax year ending March
31, 1998. These capital loss carryforwards and "post-October" losses may be
utilized in the current and/or 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, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $4,931,870 and $2,907,537, respectively, for The
Government Street Equity Fund, $5,115,622 and $2,117,779, respectively, for The
Government Street Bond Fund, and $1,787,239 and $160,000, 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 $8,257 of its investment advisory fees from the
Fund during the six months ended September 30, 1997.
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
Countrywide Fund Services, Inc. (CFS), CFS provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Funds. For these services, CFS 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, CFS 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, CFS 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 CFS.
<PAGE>
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
Countrywide Fund Services, Inc.
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
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
Erwin H. Will, Jr.
Samuel B. Witt, III
PORTFOLIO MANAGERS
Thomas W. Leavell,
The Government Street Equity Fund
Mary Shannon Hope,
The Government Street Bond Fund
Timothy S. Healey,
The Alabama Tax Free Bond Fund
<PAGE>
THE JAMESTOWN BALANCED FUND
No Load Mutual Fund
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
Investment Adviser Administrator
LOWE, BROCKENBROUGH & TATTERSALL, INC. COUNTRYWIDE FUND SERVICES, INC.
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, 1997
(Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 63,651,911
==============
At value (Note 1) $ 86,333,526
Investments in repurchase agreements (Note 1) 2,114,000
Cash 932
Receivable for securities sold 1,440,452
Receivable for capital shares sold 644
Interest receivable 403,580
Dividends receivable 38,615
Other assets 4,862
--------------
TOTAL ASSETS 90,336,611
--------------
LIABILITIES
Payable for capital shares redeemed 23,645
Dividends payable 34,905
Payable for securities purchased 1,632,451
Accrued advisory fees (Note 3) 47,263
Accrued administration fees (Note 3) 12,700
Other accrued expenses 17,828
Other payables 165
-------------
TOTAL LIABILITIES 1,768,957
-------------
NET ASSETS $ 88,567,654
=============
Net assets consist of:
Paid-in capital $ 62,062,967
Accumulated net realized gains from security transactions 3,797,675
Undistributed net investment income 25,397
Net unrealized appreciation on investments 22,681,615
-------------
Net assets $ 88,567,654
=============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 5,051,947
=============
Net asset value, offering price and redemption price per share (Note 1) $ 17.53
=============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BALANCED FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1997
(Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 980,140
Dividends 345,215
-------------
TOTAL INVESTMENT INCOME 1,325,355
-------------
EXPENSES
Investment advisory fees (Note 3) 270,089
Administrative fees (Note 3) 71,648
Custodian fees 6,974
Professional fees 6,928
Registration fees 5,643
Pricing costs 3,012
Trustees' fees and expenses 2,089
Insurance expense 2,081
Other expenses 12,585
-------------
TOTAL EXPENSES 381,049
Expenses reimbursed through a directed brokerage arrangement (Note 4) (12,000)
-------------
NET EXPENSES 369,049
-------------
NET INVESTMENT INCOME 956,306
-------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 2,543,051
Net change in unrealized appreciation/depreciation on investments 8,915,583
-------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 11,458,634
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 12,414,940
=============
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, 1997 and March 31, 1997
Six Months
Ended Year
September 30, Ended
1997 March 31,
(Unaudited) 1997
-------------- -------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 956,306 $ 1,532,966
Net realized gains from security transactions 2,543,051 3,339,264
Net change in unrealized appreciation/depreciation
on investments 8,915,583 2,746,030
-------------- -------------
Net increase in net assets from operations 12,414,940 7,618,260
-------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (956,473) (1,518,758)
From net realized gains from security transactions -- (4,545,144)
-------------- -------------
Decrease in net assets from distributions to shareholders (956,473) (6,063,902)
-------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 9,966,343 9,763,400
Net asset value of shares issued in reinvestment
of distributions to shareholders 893,198 5,853,635
Payments for shares redeemed (4,403,925) (8,094,099)
-------------- -------------
Net increase in net assets from capital share transactions 6,455,616 7,522,936
-------------- -------------
TOTAL INCREASE IN NET ASSETS 17,914,083 9,077,294
NET ASSETS:
Beginning of period 70,653,571 61,576,277
-------------- -------------
End of period - (including undistributed net investment
income of $25,397 and $25,564, respectively) $ 88,567,654 $ 70,653,571
============== =============
(a)Number of shares:
Sold 601,717 631,119
Reinvested 51,945 383,386
Redeemed (260,317) (526,294)
-------------- -------------
Net increase in shares outstanding 393,345 488,211
Shares outstanding, beginning of period 4,658,602 4,170,391
-------------- -------------
Shares outstanding, end of period 5,051,947 4,658,602
============== =============
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 Years Ended March 31,
September 30,
1997 -------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
--------- --------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $15.17 $14.77 $12.76 $12.15 $12.49 $11.52
--------- --------- -------- -------- --------- --------
Income from investment operations:
Net investment income 0.19 0.35 0.36 0.33 0.30 0.31
Net realized and unrealized gains (losses)
on investments 2.36 1.45 2.50 0.90 (0.18) 1.11
--------- --------- -------- -------- --------- --------
Total from investment operations 2.55 1.80 2.86 1.23 0.12 1.42
--------- --------- -------- -------- --------- --------
Less distributions:
Dividends from net investment income (0.19) (0.35) (0.36) (0.33) (0.30) (0.31)
Distributions from net realized gains -- (1.05) (0.49) (0.29) (0.16) (0.14)
--------- --------- -------- -------- --------- --------
Total distributions (0.19) (1.40) (0.85) (0.62) (0.46) (0.45)
--------- --------- -------- -------- --------- --------
Net asset value at end of period $17.53 $15.17 $14.77 $12.76 $12.15 $12.49
========= ========= ======== ======== ========= ========
Total return 16.84% 12.29% 22.79% 10.54% 0.94% 12.50%
========= ========= ======== ======== ========= ========
Net assets at end of year (000's) $88,568 $70,654 $61,576 $52,062 $46,928 $40,512
========= ========= ======== ======== ========= ========
Ratio of gross expenses to average net assets 0.92%(b) 0.91% 0.93% 0.99% 1.01% 1.07%
Ratio of net expenses to average net assets (a) 0.89%(b) 0.87% 0.88% 0.96% 0.98% 0.99%
Ratio of net investment income to average net assets 2.30%(b) 2.31% 2.52% 2.72% 2.47% 2.59%
Portfolio turnover rate 78%(b) 58% 72% 95% 123% 134%
Average commission rate per share $0.0690 $0.0667 -- -- -- --
<FN>
(a)Ratios were determined based on net expenses after expense reimbursements
through a directed brokerage arrangement (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, 1997 (Unaudited)
Shares Value
<S> <C> <C>
COMMON STOCKS - 65.7%
Advertising - 1.1%
$ 19,500 Interpublic Group of Companies, Inc. $ 1,000,594
------------------
Building and Construction - 1.3%
26,000 Foster Wheeler Corporation 1,142,375
------------------
Chemicals - 1.5%
15,500 Air Products & Chemicals, Inc. 1,285,531
------------------
Commercial Banking - 5.1%
26,800 Federal National Mortgage Association 1,259,600
33,400 First Union Corporation 1,672,088
25,000 NationsBank Corporation 1,546,875
------------------
4,478,563
------------------
Communications - 2.1%
60,200 Equifax, Inc. 1,892,537
------------------
Computers/Computer Technology Services - 7.3%
30,000 Cabletron Systems (b) 960,000
12,000 Cisco Systems, Inc. (b) 876,750
23,800 Computer Sciences Corporation (b) 1,683,850
24,400 Diebold, Inc. 1,155,950
19,000 Intel Corporation 1,753,938
------------------
6,430,488
------------------
Consumer Products - 9.5%
22,000 Avon Products, Inc. 1,364,000
32,000 General Electric Company 2,178,000
14,000 Gillette Company 1,208,375
28,000 Kimberly-Clark Corporation 1,370,250
11,000 Procter & Gamble Company 759,688
40,000 Sysco Corporation 1,477,500
------------------
8,357,813
------------------
Drugs/Medical Equipment - 8.1%
22,000 Abbott Laboratories 1,406,625
15,000 Amgen, Inc. (b) 719,062
19,000 Merck and Company, Inc. 1,898,813
17,000 R.P. Scherer Corporation (b) 1,052,938
40,000 Schering-Plough Corporation 2,060,000
------------------
7,137,438
------------------
Durable Goods - 1.0%
14,500 Avnet, Inc. 921,656
------------------
<PAGE>
<CAPTION>
Shares Value
COMMON STOCKS - Continued
<S> <C> <C>
Electronics - 2.0%
25,000 Hewlett-Packard Company $ 1,739,062
------------------
Entertainment - 1.7%
19,000 Walt Disney Company 1,531,875
------------------
Fire Systems - 2.8%
30,000 Tyco International Ltd. 2,461,875
------------------
Food Productions - 1.6%
22,000 Conagra, Inc. 1,452,000
------------------
Funeral Services - 1.0%
27,000 Service Corporation International 869,062
------------------
Health Care Centers - 1.7%
45,000 Manor Care, Inc. 1,496,250
------------------
Hotels - 2.1%
95,000 Choice Hotel International, Inc. (b) 1,828,750
------------------
Insurance - 3.6%
18,000 American International Group 1,857,375
17,000 Jefferson-Pilot Corporation 1,343,000
------------------
3,200,375
------------------
Oil and Gas Drilling - 4.7%
13,000 Amoco Corporation 1,252,875
28,000 Coastal Corporation 1,715,000
19,600 Texaco, Inc. 1,204,175
------------------
4,172,050
------------------
Oil Field Machinery and Equipment - 1.7%
35,500 Dresser Industries, Inc. 1,526,500
------------------
Real Estate - 1.2%
72,000 United Dominion Realty Trust 1,080,000
------------------
Restaurants - 1.8%
65,000 Applebee's International, Inc. 1,625,000
------------------
Retail Stores - 2.8%
56,000 AutoZone, Inc. (b) 1,680,000
20,000 Circuit City Stores, Inc. 806,250
------------------
2,486,250
------------------
Total Common Stocks (Cost $35,728,118) $ 58,116,044
------------------
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
U.S. TREASURY & AGENCY OBLIGATIONS - 16.1%
U.S. Treasury Notes - 15.3%
$ 2,675,000 7.75%, due 11/30/1999 $ 2,776,971
4,975,000 6.50%, due 05/31/2001 5,059,724
3,705,000 7.25%, due 08/15/2004 3,938,860
1,885,000 5.625%, due 02/15/2006 1,817,837
------------------
13,593,392
------------------
U.S. Treasury Inflation-Protection Notes - 0.7%
390,823 3.625%, due 07/15/2002 389,479
207,663 3.375%, due 01/15/2007 203,638
------------------
593,117
------------------
Tennessee Valley Authority Bonds - 0.1%
100,000 6.875%, due 08/01/2002 100,875
------------------
Total U.S. Treasury & Agency Obligations
(Cost $14,144,085) $ 14,287,384
------------------
MORTGAGE-BACKED SECURITIES - 5.6%
Federal Home Loan Mortgage Corporation - 1.9%
$ 277,205 Pool #G50153, 4.50%, due 05/01/1999 $ 272,298
500,000 Pool #1490-PE, 5.75%, due 07/15/2006 497,810
574,579 Pool #1561-ZB, 6.00%, due 08/15/2006 567,035
175,000 Pool #1655-HB, 6.50%, due 10/01/2008 174,452
121,548 Pool #162-E, 7.00%, due 02/15/2020 121,623
------------------
1,633,218
Federal National Mortgage Association - 3.0%
400,000 Series #1993-63-PE, 6.25%, due 06/25/2005 400,124
624,574 Series #375296, 6.92%, due 08/01/2007 638,236
818,094 Series #274698, 5.50%, due 01/01/2009 792,218
220,128 Series #70, 8.50%, due 01/01/2012 231,009
208,119 Series #88-29-B, 9.50%, due 12/25/2018 223,076
345,092 Series #1990-35-E, 9.50%, due 04/25/2020 374,963
------------------
2,659,626
------------------
Government National Mortgage Association - 0.6%
547,851 Series #343536, 7.5%, due 02/15/2023 559,559
Other Mortgage-Backed Securities - 0.1%
Lehman Brothers Mortgage Trust #91-2-A1,
114,926 800%, due 03/20/1999 116,435
------------------
Total Mortgage-Backed Securities (Cost $4,896,323) $ 4,968,838
------------------
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
ASSET-BACKED SECURITIES - 1.8%
Advanta Mortgage Loan Trust #92-2-A2,
$ 365,000 7.03%, due 03/25/2011 $ 367,665
AFG Receivables Trust #95-A-A,
158,669 6.15%, due 09/15/2000 159,066
Fleetwood Credit Corporation Grantor Trust #95-A-A,
441,196 8.45%, due 11/15/2010 458,293
GMAC Commercial Mortgage Securities Inc. #97-C1-A2,
300,000 6.85%, due 09/15/06 304,406
NationsCredit Grantor Trust #96-1-A,
317,519 5.85%, due 09/15/2011 312,375
------------------
Total Asset-Backed Securities (Cost $1,604,867) $ 1,601,805
------------------
CORPORATE BONDS - 8.3%
Beneficial Corporation Medium Term Notes,
$ 275,000 8.05%, due 11/16/1998 $ 281,534
275,000 9.35%, due 03/15/2001 300,734
Caterpillar Financial Services Medium Term Notes,
450,000 6.80%, due 06/15/1999 455,494
Countrywide Home Loan,
50,000 7.26%, due 05/10/2004 51,587
Crestar Financial Corporation,
50,000 8.25%, due 07/15/2002 53,296
Finova Capital Corporation,
1,000,000 6.25%, due 08/15/2000 999,240
Fleet Mortgage Group Medium Term Notes,
400,000 7.25%, due 01/15/1998 401,360
Ford Motor Credit,
200,000 8.00%, due 12/01/1997 200,724
50,000 8.00%, due 06/15/2002 53,101
Ford Motor Credit Medium Term Notes,
225,000 7.55%, due 07/19/1999 230,706
280,000 5.99%, due 02/27/2001 277,474
GMAC Medium Term Notes,
525,000 6.65%, due 05/24/2000 530,455
International Paper Company,
735,000 8.68%, due 09/14/2001 793,609
International Lease Finance Corporation,
425,000 6.42%, due 09/11/2000 427,333
Merrill Lynch and Company,
50,000 7.375%, due 08/17/2002 51,882
Merrill Lynch and Company Medium Term Notes,
410,000 7.26%, due 03/25/2002 414,420
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
CORPORATE BONDS - Continued
Morgan Stanley Group,
$ 425,000 6.875%, due 03/01/2007 $ 427,648
NationsBank Medium Term Notes,
500,000 5.80%, due 01/31/2001 491,735
Northern Trust Corporation Medium Term Notes,
100,000 9.00%, due 05/15/1998 102,023
SBC Communications, Inc.,
400,000 6.875%, due 08/15/2006 406,900
Sears Roebuck Acceptance,
400,000 6.99%, due 09/30/2002 408,200
Total Corporate Bonds (Cost $7,278,518) $ 7,359,455
------------------
Total Investments at Value (Cost $63,651,911) - 97.5% $ 86,333,526
------------------
<CAPTION>
Face
Value
<S> <C> <C>
REPURCHASE AGREEMENTS (a) - 2.4%
Star Bank, N.A., 5.70%, dated 09/30/1997, due 10/01/1997
$ 2,114,000 repurchase proceeds $2,114,335 (Cost $2,114,000) $ 2,114,000
------------------
Total Investments and Repurchase Agreements
at Value - 99.9% $ 88,447,526
Other Assets in Excess of Liabilities - 0.1% 120,128
------------------
Net Assets - 100.0% $ 88,567,654
==================
<FN>
(a) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8457, 7.125%, due 07/20/2024. The aggregate market value of the
collateral at September 30, 1997 was $22,045,359. The Fund's pro-rata
interest in the collateral at September 30, 1997 was $2,164,502.
(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, 1997 (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 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 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>
THE JAMESTOWN BALANCED FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 $63,651,911 as of September 30, 1997:
Gross unrealized appreciation....................................$22,921,402
Gross unrealized depreciation.................................... (239,787)
-----------
Net unrealized appreciation..................................... $22,681,615
===========
2. INVESTMENT TRANSACTIONS
During the six months ended September 30, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $38,690,573 and $30,926,560, respectively.
<PAGE>
THE JAMESTOWN BALANCED FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 with the Trust,
Countrywide Fund Services, Inc. (CFS) provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Fund. For these services, CFS 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 CFS.
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 $12,000 for the six months ended September 30,
1997.
<PAGE>
THE JAMESTOWN BOND FUND
No Load Mutual Fund
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
Investment Adviser Administrator
LOWE, BROCKENBROUGH & TATTERSALL COUNTRYWIDE FUND SERVICES, INC.
STRATEGIC ADVISORS, INC. 312 Walnut Street
6620 West Broad Street P.O. Box 5354
Suite 300 Cincinnati, Ohio 45201-5354
Richmond, Virginia 23230 1.800.443.4249
1.804.288.0404
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1997 (Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 79,543,059
=============
At value (Note 1) $ 81,691,203
Investments in repurchase agreements (Note 1) 2,980,000
Cash 28,319
Receivable for securities sold 1,721,625
Receivable for capital shares sold 207
Interest receivable 827,679
Dividends receivable 2,380
Other assets 10,838
-------------
TOTAL ASSETS 87,262,251
-------------
LIABILITIES
Payable for securities purchased 2,378,666
Dividends payable 30,696
Accrued advisory fees (Note 3) 25,952
Accrued administration fees (Note 3) 5,300
Other accrued expenses 9,555
-------------
TOTAL LIABILITIES 2,450,169
-------------
NET ASSETS $ 84,812,082
=============
Net assets consist of:
Paid in capital $ 83,864,691
Accumulated net realized losses from security transactions (1,234,039)
Undistributed net investment income 33,286
Net unrealized appreciation on investments 2,148,144
-------------
Net assets $ 84,812,082
=============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 7,961,376
=============
Net asset value, offering price and redemption price per share (Note 1) $ 10.65
=============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1997 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 2,514,202
Dividends 200,380
-------------
TOTAL INVESTMENT INCOME 2,714,582
-------------
EXPENSES
Investment advisory fees (Note 3) 152,398
Administration fees (Note 3) 30,457
Professional fees 7,902
Custodian fees 7,279
Pricing costs 5,127
Registration fees 2,828
Insurance expense 2,338
Trustees' fees and expenses 2,089
Other expenses 4,261
-------------
TOTAL EXPENSES 214,679
Expenses reimbursed through a directed brokerage arrangement (Note 4) (11,481)
-------------
NET EXPENSES 203,198
-------------
NET INVESTMENT INCOME 2,511,384
-------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 294,944
Net change in unrealized appreciation/depreciation of investments 2,658,693
-------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 2,953,637
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 5,465,021
=============
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, 1997 and March 31, 1997
Six Months
Ended Year
September 30, Ended
1997 March 31,
(Unaudited) 1997
-------------- --------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 2,511,384 $ 5,005,951
Net realized gains (losses) from security transactions 294,944 (391,414)
Net change in unrealized appreciation/depreciation
on investments 2,658,693 (405,910)
-------------- --------------
Net increase in net assets from operations 5,465,021 4,208,627
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (2,501,574) (5,104,234)
-------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 4,258,118 9,262,915
Net asset value of shares issued in reinvestment
of distributions to shareholders 2,439,222 4,238,186
Payments for shares redeemed (1,348,199) (10,880,119)
-------------- --------------
Net increase in net assets from capital share transactions 5,349,141 2,620,982
TOTAL INCREASE IN NET ASSETS 8,312,588 1,725,375
NET ASSETS:
Beginning of period 76,499,494 74,774,119
-------------- --------------
End of period - (including undistributed net investment
income of $33,286 and $23,476, respectively) $ 84,812,082 $ 76,499,494
============== ==============
(a) Number of shares:
Sold 403,196 892,247
Reinvested 230,885 409,635
Redeemed (126,954) (1,043,163)
-------------- --------------
Net increase (decrease) in shares outstanding 507,127 258,719
Shares outstanding, beginning of period 7,454,249 7,195,530
-------------- --------------
Shares outstanding, end of period 7,961,376 7,454,249
============== ==============
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
September 30, Years Ended March 31,
1997 -----------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
--------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $10.26 $10.39 $9.97 $10.15 $10.82 $10.42
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income 0.33 0.68 0.70 0.62 0.55 0.64
Net realized and unrealized gains (losses) on investments 0.39 (0.12) 0.41 (0.18) (0.30) 0.55
------ ------ ------ ------ ------ ------
Total from investment operations 0.72 0.56 1.11 0.44 0.25 1.19
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.33) (0.69) (0.69) (0.62) (0.55) (0.64)
Distributions from net realized gains -- -- -- -- (0.19) (0.15)
Distributions in excess of net realized gains -- -- -- -- (0.18) --
------ ------ ------ ------ ------ ------
Total distributions (0.33) (0.69) (0.69) (0.62) (0.92) (0.79)
Net asset value at end of period $10.65 $10.26 $10.39 $9.97 $10.15 $10.82
====== ====== ======= ===== ====== ======
Total return 7.02% 5.52% 11.23% 4.56% 2.12% 11.69%
====== ====== ======= ===== ====== ======
Net assets at end of period (000's) $84,812 $76,499 $74,774 $72,029 $64,029 $55,718
====== ====== ======= ===== ====== ======
Ratio of gross expenses to average net assets 0.53%(b) 0.53% 0.56% 0.57% 0.60% 0.59%
Ratio of net expenses to average net assets (a) 0.50%(b) 0.50% 0.53% 0.53% 0.60% 0.59%
Ratio of net investment income to average net assets 6.18%(b) 6.48% 6.54% 6.28% 5.03% 6.09%
Portfolio turnover rate 202%(b) 207% 268% 381% 381% 454%
<FN>
(a)Ratios were determined based on net expenses after reimbursements
through a directed brokerage arrangement for periods after March 31, 1994
(Note 4).
(b)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1997 (Unaudited)
Par Value Value
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 31.9%
U.S. Treasury Bonds - 18.5%
$ 12,665,000 8.50%, due 02/15/2020 $ 15,655,080
--------------------
U.S. Treasury Notes - 9.8%
2,840,000 7.75%, due 11/30/1999 2,948,261
2,650,000 6.50%, due 05/31/2001 2,695,129
2,770,000 5.625%, due 02/15/2006 2,671,305
--------------------
8,314,695
--------------------
U.S. Treasury Inflation-Protection Notes - 3.6%
2,309,864 3.625%, due 07/15/2002 2,301,918
769,872 3.375%, due 01/15/2007 754,952
3,056,870
--------------------
Total U.S. Treasury Obligations (Cost $25,829,563) $ 27,026,645
--------------------
MORTGAGE-BACKED SECURITIES - 35.8%
Federal Home Loan Mortgage Corporation - 5.0%
1,085,315 Pool #1561-ZB, 6.00%, due 08/15/2006 $ 1,071,065
825,000 Pool #1655-HB, 6.50%, due 10/15/2008 822,418
1,650,000 Pool #1610-PE, 6.00%, due 04/15/2017 1,642,773
725,000 Pool #1434-J, 7.00%, due 05/15/2022 732,250
--------------------
4,268,506
--------------------
Federal National Mortgage Association - 12.8%
1,473,938 Pool #375299, 6.81%, due 08/01/2004 1,501,574
605,679 Pool #73061, 8.66%, due 01/05/2005 665,490
750,000 Series #93-209-E, 5.75%, due 07/01/2005 743,198
1,000,000 Series #93-221, 5.75%, due 11/25/2006 987,810
514,039 Series #92-61-ZB, 7.50%, due 05/25/2007 527,533
994,887 Pool #270269, 5.50%, due 12/01/2008 963,418
685,000 Series #94-10-H, 6.5%, due 08/01/2022 682,000
717,144 Series #G92-44-Z, 8.00%, due 07/25/2022 765,099
885,000 Series #G93-13-H, 6.00%, due 09/25/2022 847,662
725,000 Series #1997-M-6, 6.85%, due 08/01/2027 726,359
821,293 Pool #65581, 6.114%, adjustable rate, due 08/01/2028 815,388
1,622,000 Pool #303742, 6.110%, adjustable rate, due 08/01/2029 1,610,338
--------------------
10,835,869
--------------------
<CAPTION>
Par Value Value
<S> <C> <C>
MORTGAGE-BACKED SECURITIES - Continued
Government National Mortgage Association - 10.5%
$ 94,209 Pool #223997, 8.85%, due 05/15/2018 $ 100,964
655,627 Pool #224002, 8.85%, due 07/15/2018 702,636
421,341 Pool #333658, 7.50%, due 01/15/2023 430,345
924,072 Pool #342526, 7.50%, due 02/15/2023 943,820
1,062,902 Pool #349314, 7.50%, due 02/15/2023 1,085,616
793,210 Pool #352143, 7.50%, due 07/15/2023 810,161
810,345 Pool #346772, 7.50%, due 09/15/2023 827,662
817,418 Pool #372822, 7.50%, due 11/15/2023 834,886
1,045,838 Pool #359451, 7.50%, due 12/15/2023 1,068,188
447,159 Pool #354831, 7.50%, due 06/15/2024 456,437
989,157 Pool #8459, 7.125% adjustable rate, due 07/20/2024 1,019,296
582,977 Pool #28484, 7.125% adjustable rate, due 08/20/2024 600,559
--------------------
8,880,570
--------------------
Student Loan Marketing Association - 3.3%
2,815,000 Pool #97-2-A1, 5.57%, adjustable rate, due 10/25/2005 2,804,444
--------------------
Other Mortgage-Backed Securities - 4.2%
Chase Commercial Mortgage Securities Corporation #96-2-A2,
1,050,000 6.90%, due 09/19/2006 1,065,094
Lehman Brothers Mortgage Trust #91-2-A1,
570,035 8.00%, due 03/20/1999 577,516
Prudential Home Mortgage Securities #93-48,
1,175,000 6.25%, due 12/25/2008 1,159,208
Resolution Funding Mortgage Security I #94-S12-A2,
800,000 6.50%, due 04/25/2009 798,496
--------------------
3,600,314
--------------------
Total Mortgage-Backed Securities (Cost $30,114,225) $ 30,389,703
--------------------
ASSET-BACKED SECURITIES - 6.0%
Bank America Manufactured Housing Contract #96-1-A6,
650,000 8.00%, due 10/10/2026 $ 688,740
CIT RV Trust #95-B-A1,
285,530 6.50%, due 04/15/2011 286,729
CIT RV Trust #96-A-A1,
718,626 5.40%, due 12/15/2011 707,797
Contimortgage Home Equity Loan Trust #95-4-A3,
255,927 6.20%, due 10/15/2010 255,446
Fleetwood Credit Corporation Grantor Trust #94-A-A,
532,645 4.70%, due 07/15/2009 519,159
Fleetwood Credit Corporation Grantor Trust #96-A-A,
529,865 6.75%, due 10/15/2011 531,355
<CAPTION>
Par Value Value
<S> <C> <C>
ASSET-BACKED SECURITIES - Continued
Green Tree Financial Corporation, #97-3-A7,
$ 1,350,000 7.64%, due 07/15/2028 $ 1,384,169
Green Tree Financial Corporation, #97-2-A7,
700,000 7.62%, due 04/15/2028 722,526
--------------------
Total Asset-Backed Securities (Cost $5,009,686) $ 5,095,921
--------------------
CORPORATE BONDS - 15.4%
Allmerica Financial Corporation,
$ 650,000 7.625%, due 10/15/2025 $ 669,773
Associates Corporation,
700,000 5.75%, due 10/15/2003 673,484
Baltimore Gas & Electric Corporation,
1,000,000 8.90%, due 07/01/1998 1,021,590
Beneficial Corporation Medium Term Notes,
900,000 8.27%, due 11/30/1998 924,129
Ford Motor Credit Medium Term Note,
950,000 7.45%, due 04/13/2000 977,759
General Motors Acceptance Corporation Medium Term Notes,
1,400,000 6.80%, due 04/17/2001 1,421,140
International Lease Finance Medium Term Notes,
1,315,000 6.42%, due 09/11/2000 1,322,219
JDN Realty Corporation,
750,000 6.95%, due 08/01/2007 744,600
Lehman Brothers Holdings,
1,850,000 6.40%, due 12/27/1999 1,856,512
May Department Stores Company,
275,000 7.45%, due 09/15/2011 288,315
Mellon Financial Company,
915,000 7.625%, due 11/15/1999 940,611
Morgan Stanley Group,
690,000 6.875%, due 03/01/2007 694,299
Sears Roebuck & Company,
750,000 6.86%, due 07/03/2001 762,465
750,000 6.99%, due 09/30/2002 765,375
--------------------
Total Corporate Bonds (Cost $12,857,057) $ 13,062,271
--------------------
<CAPTION>
Shares Value
<S> <C> <C>
CLOSED-END MUTUAL FUNDS - 7.2%
161,600 Blackrock 2001 Term Trust, Inc. $ 1,373,600
1,200 Blackrock Broad Investment Grade 2009 Term Trust, Inc. 14,625
53,900 Blackrock Investment Quality Term Trust, Inc. 444,675
110,300 Blackrock Strategic Term Trust, Inc. 916,869
12,000 Dean Witter Government Inc. Trust 101,250
7,400 Excelsior Income Shares, Inc. 118,862
16,800 Hyperion 1997 Term Trust, Inc. 120,750
147,200 Hyperion 1999 Term Trust, Inc. 1,002,800
164,200 Hyperion 2002 Term Trust, Inc. 1,282,813
4,100 Hyperion 2005 Investment Grade Opportunity Term Trust, Inc. 33,569
16,400 Income Opportunities Fund, Inc. - 1999 154,775
28,900 MFS Government Markets Income Trust 195,075
47,600 Putnam Intermediate Government Trust 357,000
--------------------
Total Closed-End Funds (Cost $5,732,528) $ 6,116,663
--------------------
Total Investments at Value (Cost $79,543,059) - 96.3% $ 81,691,203
--------------------
<CAPTION>
Face
Amount
<S> <C> <C>
REPURCHASE AGREEMENTS (a) - 3.5%
Star Bank, N.A., 5.70%, dated 09/30/1997, due 10/01/1997
$ 2,980,000 repurchase proceeds $2,980,472 (Cost $2,980,000) $ 2,980,000
--------------------
Total Investments and Repurchase Agreements
at Value - 99.8% $ 84,671,203
Other Assets in Excess of Liabilities - 0.2% 140,879
--------------------
Net Assets - 100.0% $ 84,812,082
====================
<FN>
(a) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8457, 7.125%, due 07/20/2024. The aggregate market value of the
collateral at September 30, 1997 was $22,045,359. The Fund's pro-rata
interest in the collateral at March 31, 1997 was $3,051,190.
See accompanying notes to the financial statements.
</FN>
</TABLE>
<PAGE>
THE JAMESTOWN BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (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>
THE JAMESTOWN BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 $xx,xxx,xxx as of September 30, 1997:
Gross unrealized appreciation....................................$ 2,241,370
Gross unrealized depreciation........................................(93,226)
Net unrealized depreciation......................................$ 2,148,144
As of March 31, 1997, the Fund had capital loss carryforwards for federal income
tax purposes of $1,440,604 which expire on March 31, 2004. 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, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $75,200,151 and $74,957,419, respectively.
<PAGE>
THE JAMESTOWN BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
3. TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall Strategic
Advisors, Inc. (the Advisor) under the terms of an Investment Advisory
Agreement. Under the Investment Advisory Agreement, the Fund pays the Advisor 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 Advisor.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement with the Trust,
Countrywide Fund Services, Inc. (CFS) provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Fund. For these services, CFS 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 CFS.
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 reimbursed
through the directed brokerage arrangement totaled $11,481 for the six months
ended September 30, 1997.
<PAGE>
THE JAMESTOWN SHORT TERM BOND FUND
No Load Mutual Fund
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
Investment Adviser Administrator
LOWE, BROCKENBROUGH & TATTERSALL COUNTRYWIDE FUND SERVICES, INC.
STRATEGIC ADVISORS, INC. 312 Walnut Street
6620 West Broad Street P.O. Box 5354
Suite 300 Cincinnati, Ohio 45201-5354
Richmond, Virginia 23230 1.800.443.4249
1.804.288.0404
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1997
(Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 9,836,021
============
At value (Note 1) $ 9,809,906
Investments in repurchase agreements (Note 1) 562,000
Cash 88
Receivable for capital shares sold 182
Interest receivable 77,107
Due from Adviser (Note 3) 2,703
Other assets 1,686
------------
TOTAL ASSETS 10,453,672
------------
LIABILITIES
Payable for securities purchased 253,310
Accrued administration fees 2,000
Other accrued expenses 1,950
TOTAL LIABILITIES 257,260
------------
NET ASSETS $ 10,196,412
============
Net assets consist of:
Paid-in capital $ 10,777,656
Accumulated net realized losses from security transactions (557,175)
Undistributed net investment income 2,046
Net unrealized depreciation on investments (26,115)
------------
Net assets $ 10,196,412
============
Shares of beneficial interest outstanding (unlimited number
of shares authorized, no par value) 1,059,148
============
Net asset value, offering price and redemption price
per share (Note 1) $ 9.63
============
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, 1997 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 304,777
------------
EXPENSES
Investment advisory fees (Note 3) 18,435
Administration fees (Note 3) 12,000
Professional fees 6,153
Trustees' fees and expenses 2,089
Pricing costs 2,023
Custodian fees 1,800
Printing of shareholder reports 1,115
Registration fees 717
Insurance expense 436
Other expenses 950
------------
TOTAL EXPENSES 45,718
Fees waived and expenses reimbursed by the Adviser (Note 3) (21,138)
------------
NET EXPENSES 24,580
------------
NET INVESTMENT INCOME 280,197
------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses from security transactions (10,927)
Net change in unrealized appreciation/depreciation on investments 24,821
------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 13,894
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 294,091
============
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, 1997 and March 31, 1997
Six Months
Ended Year
September 30, Ended
1997 March 31,
(Unaudited) 1997
-------------- --------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 280,197 $ 581,834
Net realized losses from security transactions (10,927) (101,843)
Net change in unrealized appreciation/depreciation
on investments 24,821 (3,365)
-------------- --------------
Net increase in net assets from operations 294,091 476,626
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (280,783) (582,861)
-------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 1,658,290 2,203,737
Net asset value of shares issued in reinvestment
of distributions to shareholders 280,782 582,861
Payments for shares redeemed (1,680,446) (2,181,641)
-------------- --------------
Net increase in net assets from capital share transactions 258,626 604,957
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 271,934 498,722
NET ASSETS:
Beginning of period 9,924,478 9,425,756
-------------- --------------
End of period - (including undistributed net investment
income of $2,046 and $2,632, respectively) $ 10,196,412 $ 9,924,478
(a)Number of Shares:
Sold 171,027 226,810
Reinvested 29,173 60,494
Redeemed (173,961) (224,329)
-------------- --------------
Net increase (decrease) in shares outstanding 26,239 62,975
Shares outstanding, beginning of period 1,032,909 969,934
-------------- --------------
Shares outstanding, end of period 1,059,148 1,032,909
============== ==============
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
September 30, Years Ended March 31,
1997 ---------------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
-------- -------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $9.61 $9.72 $9.64 $9.82 $10.07 $9.93
-------- -------- ------- -------- -------- --------
Income from investment operations:
Net investment income 0.27 0.58 0.62 0.60 0.51 0.50
Net realized and unrealized gains (losses)
on investments 0.02 (0.11) 0.08 (0.17) (0.23) 0.13
-------- -------- ------- -------- -------- --------
Total from investment operations 0.29 0.47 0.70 0.43 0.28 0.63
-------- -------- ------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.27) (0.58) (0.62) (0.61) (0.51) (0.49)
Distributions from net realized gains -- -- -- -- (0.02) --
-------- -------- ------- -------- -------- --------
Total distributions (0.27) (0.58) (0.62) (0.61) (0.53) (0.49)
-------- -------- ------- -------- -------- --------
Net asset value at end of period $9.63 $9.61 $9.72 $9.64 $9.82 $10.07
======== ======== ======= ======== ======== ========
Total return 3.04% 5.01% 7.38% 4.53% 2.76% 6.40%
======== ======== ======= ======== ======== ========
Net assets at end of period (000's) $10,196 $9,924 $9,426 $14,122 $18,715 $15,580
======== ======== ======= ======== ======== ========
Ratio of expenses to average net assets (a) 0.50%(b) 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to average net assets 5.70%(b) 5.96% 6.27% 6.04% 5.22% 5.24%
Portfolio turnover rate 74%(b) 62% 157% 144% 324% 289%
<FN>
(a)Absent investment advisory fees waived and expenses reimbursed by the Adviser,
the ratios of expenses to average net assets would have been 0.93%(b), 0.94%,
0.85%, 0.85%, 0.81%, and 0.82% for the periods ended September 30, 1997,
March 31, 1997, 1996, 1995, 1994, and 1993, respectively (Note 3).
(b)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN SHORT TERM BOND FUND
PORTFOLIO OF INVESTMENTS
September 30, 1997
Par Value Value
<S> <C> <C>
COMMERCIAL PAPER - 30.1%
$ 400,000 American Express Company, due 02/05/1998 $ 392,253
400,000 AT&T Corporation, due 10/16/1997 399,019
350,000 E. I. DuPont de Nemours & Company, due 02/10/1998 342,980
400,000 Household Finance, due 11/26/1997 396,515
350,000 IBM Credit Corporation, due 01/23/1998 343,937
400,000 John Deere Capital Corporation, due 12/18/1997 395,216
400,000 Prudential Funding Corporation, due 11/10/1997 397,498
400,000 United Parcel Service of America, Inc., due 10/30/1997 398,157
------------------
Total Commercial Paper (Cost $3,065,575) $ 3,065,575
------------------
U.S. TREASURY AND AGENCY OBLIGATIONS - 13.8%
U.S. Treasury Notes - 3.7%
$ 50,000 5.125%, due 04/30/1998 $ 49,891
320,000 7.75%, due 11/30/1999 332,198
------------------
382,089
------------------
U.S. Treasury Inflation-Protection Notes - 2.0%
200,422 3.625%, due 07/15/2002 199,733
------------------
Federal National Mortgage Association - 3.9%
400,000 due 10/14/1997 399,200
------------------
Student Loan Marketing Association - 4.2%
425,000 5.36%, adjustable rate, due 02/17/1998 425,493
------------------
Total U.S. Treasury and Agency Obligations (Cost $1,405,107) $ 1,406,515
------------------
MORTGAGE-BACKED SECURITIES - 28.3%
Federal Home Loan Mortgage Corporation - 6.6%
$ 141,980 Series #1272-D, 7.50%, due 11/15/2005 $ 143,799
443,865 Series #1559-VC, 5.20%, due 05/15/2013 442,338
89,135 Series #162-E, 7.00%, due 02/15/2020 89,191
------------------
675,328
------------------
Federal National Mortgage Association - 6.0%
225,000 Series #91-131-E, 7.709%, due 10/25/1998 226,827
169,941 Pool #124029, 8.00%, due 12/01/2002 173,066
210,000 Series #94-13-PE, 5.8%, due 12/25/2006 207,440
------------------
607,333
------------------
Government National Mortgage Association - 2.6%
259,101 Pool #28484, 7.125%, adjustable rate, due 08/20/2024 266,915
------------------
Student Loan Marketing Association - 4.9%
500,000 Series #97-2-A1, 5.57%, adjustable rate, due 10/25/2005 498,125
------------------
<PAGE>
<CAPTION>
Par Value Value
<S> <C> <C>
MORTGAGE-BACKED SECURITIES - Continued
Other Mortgage-Backed Securities - 8.2%
Lehman Brothers Mortgage Trust #91-2-A1,
$ 86,195 8.00%, due 03/20/1999 $ 87,326
CMC Securities Corporation #93-E-S4,
400,000 5.75%, due 11/25/2008 398,000
GE Capital Mortgage Services, Inc. #94-2-A4,
230,000 6.00%, due 01/25/2009 227,267
GE Capital Mortgage Services, Inc. #93-4A-A1,
126,022 6.388%, floating rate, due 03/25/2023 126,416
------------------
839,009
------------------
Total Mortgage-Backed Securities (Cost $2,892,141) $ 2,886,710
------------------
ASSET-BACKED SECURITIES - 8.7%
Premier Auto Trust #95-1-A6,
$ 350,000 8.05%, due 04/04/2000 $ 355,030
CIT RV Trust #96-A-A,
268,704 5.40%, due 12/15/2011 264,654
Fleetwood Credit Corp. Grantor Trust #97-B-A,
265,000 6.40%, due 05/15/2013 265,768
------------------
Total Asset-Backed Securities (Cost $886,072) $ 885,452
------------------
CORPORATE BONDS - 15.4%
Beneficial Corporation Medium Term Notes,
$ 400,000 8.27%, due 11/30/1998 $ 410,724
Ford Motor Credit Corporation,
40,000 8.00%, due 12/01/1997 40,145
International Bank Reconstruction and Development,
265,000 5.10%, due 09/15/1999 261,020
Mellon Financial Corporation,
375,000 6.50%, due 12/01/1997 375,338
J.C. Penny & Company,
300,000 10.00%, due 10/15/1997 300,405
Xerox Corporation Medium Term Notes,
175,000 7.13%, due 04/30/1999 178,022
------------------
Total Corporate Bonds (Cost $1,587,126) $ 1,565,654
------------------
Total Investments at Value (Cost $9,836,021) - 96.3% $ 9,809,906
------------------
<PAGE>
<CAPTION>
Face
Amount
<S> <C> <C>
REPURCHASE AGREEMENTS (a) - 5.4%
$ 562,000 Star Bank, N.A., 5.70%, dated 09/30/1997, due 10/01/1997
repurchase proceeds $562,089 (Cost $562,000) $ 562,000
------------------
Total Investments and Repurchase Agreements
at Value - 101.7% $ 10,371,906
Liabilities in Excess of Other Assets - (1.7)% (175,494)
------------------
Net Assets - 100.0% $ 10,196,412
==================
<FN>
(a) Joint repurchase agreement is fully collaterized by $20,650,000 GNMA II,
Pool #8373, 6.50%, due 02/20/2024. The aggregate market value of the
collateral at March 31, 1997 was $20,897,370. The Fund's pro-rata interest
in the collateral at March 31, 1997 was $832,725.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (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>
THE JAMESTOWN SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 the Fund as of September 30, 1997:
Gross unrealized appreciation..........................$ 28,995
Gross unrealized depreciation........................... (55,110)
----------
Net unrealized depreciation............................$ (26,115)
==========
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, 1997, the Fund
had capital loss carryforwards for federal income tax purposes of $508,929 which
expire on March 31, 2004. In addition, the Fund had net realized capital losses
of $37,319 during the period from November 1, 1996 through March 31, 1997, which
are treated for federal income tax purposes as arising during the Fund's tax
year ending March 31, 1998. These capital loss carryforwards and "post-October"
losses 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, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $2,110,878 and $1,691,847, respectively.
<PAGE>
THE JAMESTOWN SHORT TERM BOND FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
3. TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY AGREEMENT
The Fund's investments are managed by Lowe, Brockenbrough & Tattersall Strategic
Advisors, Inc. (the Advisor) under the terms of an Investment Advisory
Agreement. Under the Investment Advisory Agreement, the Fund pays the Advisor a
fee, which is computed and accrued daily and paid monthly at an annual rate of
.375% of its average daily net assets. The Advisor currently intends to limit
the total operating expenses of the Fund to .50% of its average daily net
assets; accordingly, the Advisor waived its entire investment advisory fee of
$18,435 and reimbursed the Fund for $2,703 of other operating expenses for the
six months ended September 30, 1997. Certain trustees and officers of the Trust
are also officers of the Advisor.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement with the Trust,
Countrywide Fund Services, Inc. (CFS) provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Fund. For these services, CFS 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 CFS.
<PAGE>
THE JAMESTOWN EQUITY FUND
No Load Mutual Fund
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
Investment Adviser Administrator
LOWE, BROCKENBROUGH & TATTERSALL, INC. COUNTRYWIDE FUND SERVICES, INC.
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>
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1997 (Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 24,686,040
=============
At value (Note 1) $ 35,734,394
Investments in repurchase agreements (Note 1) 2,976,000
Cash 577
Receivable for capital shares sold 1,208
Dividends receivable 23,640
Interest receivable 471
Other assets 5,600
-------------
TOTAL ASSETS 38,741,890
-------------
LIABILITIES
Dividends payable 4,854
Payable for capital shares redeemed 10,000
Accrued advisory fees (Note 3) 20,407
Accrued administration fees (Note 3) 6,100
Other accrued expenses 695
-------------
TOTAL LIABILITIES 42,056
-------------
NET ASSETS $ 38,699,834
=============
Net assets consist of:
Paid-in capital $ 26,090,416
Accumulated net realized gains from security transactions 1,556,761
Undistributed net investment income 4,303
Net unrealized appreciation on investments 11,048,354
-------------
Net assets $ 38,699,834
=============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 2,028,404
=============
Net asset value, offering price and redemption price per share (Note 1) $ 19.08
=============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1997
(Unaudited)
<S> <C>
INVESTMENT INCOME
Dividends $ 209,272
Interest 70,788
-------------
TOTAL INVESTMENT INCOME 280,060
-------------
EXPENSES
Investment advisory fees (Note 3) 117,508
Administration fees (Note 3) 34,673
Professional fees 4,428
Registration fees 4,036
Custodian fees 2,855
Trustees' fees and expenses 2,089
Postage and supplies 1,138
Insurance expense 1,068
Other expenses 908
-------------
TOTAL EXPENSES 168,703
Expenses reimbursed through a directed brokerage arrangement (Note 4) (6,000)
-------------
NET EXPENSES 162,703
-------------
NET INVESTMENT INCOME 117,357
-------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 1,047,074
Net change in unrealized appreciation/depreciation on investments 5,833,244
-------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 6,880,318
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,997,675
=============
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, 1997 and March 31, 1997
Six Months
Ended Year
September 30, Ended
1997 March 31,
(Unaudited) 1997
------------- ------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 117,357 $ 211,890
Net realized gains from security transactions 1,047,074 777,388
Net change in unrealized appreciation/depreciation
on investments 5,833,244 2,328,613
------------- ------------
Net increase in net assets from operations 6,997,675 3,317,891
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (121,217) (206,587)
From net realized gains from security transactions -- (521,388)
------------- ------------
Decrease in net assets from distributions to shareholders (121,217) (727,975)
------------- ------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 2,638,538 11,827,742
Net asset value of shares issued in reinvestment
of distributions to shareholders 110,020 671,223
Payments for shares redeemed (2,105,430) (1,765,155)
------------- ------------
Net increase in net assets from capital share transactions 643,128 10,733,810
------------- ------------
TOTAL INCREASE IN NET ASSETS 7,519,586 13,323,726
NET ASSETS:
Beginning of period 31,180,248 17,856,522
------------- ------------
End of period - (including undistributed net investment
income of $4,303 and $8,163, respectively) $ 38,699,834 $ 31,180,248
============= ============
(a)Number of shares:
Sold 148,005 788,755
Reinvested 5,931 43,245
Redeemed (116,706) (120,237)
------------- ------------
Net increase in shares outstanding 37,230 711,763
Shares outstanding, beginning of period 1,991,174 1,279,411
------------- ------------
Shares outstanding, end of period 2,028,404 1,991,174
============= ============
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
eptember 30, Years ended March 31, Ended
1997 ---------------------------------------------- March 31,
(Unaudited) 1997 1996 1995 1994 1993 (a)
------------ ------ ------ ------ ------ ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period $15.66 $13.96 $11.29 $10.19 $10.18 $10.00
------------ ------ ------ ------ ------ ----------
Income from investment operations:
Net investment income 0.06 0.13 0.15 0.10 0.08 0.04
Net realized and unrealized gains (losses)
on investments 3.42 2.00 2.98 1.15 (0.01) 0.18
------------ ------ ------ ------ ------ ----------
Total from investment operations 3.48 2.13 3.13 1.25 0.07 0.22
------------ ------ ------ ------ ------ ----------
Less distributions:
Dividends from net investment income (0.06) (0.13) (0.15) (0.12) (0.06) (0.04)
Distributions from net realized gains -- (0.30) (0.31) (0.03) -- --
------------ ------ ------ ------ ------ ----------
Total distributions (0.06) (0.43) (0.46) (0.15) (0.06) (0.04)
------------ ------ ------ ------ ------ ----------
Net asset value at end of period $19.08 $15.66 $13.96 $11.29 $10.19 $10.18
============ ====== ====== ====== ====== ==========
Total return 22.23% 15.27% 28.00% 12.33% 0.67% 6.81%(d)
============ ====== ====== ====== ====== ==========
Net assets at end of period (000's) $38,700 $31,180 $17,857 $8,111 $2,811 $1,953
============ ====== ====== ====== ====== ==========
Ratio of gross expenses to average net assets 0.93%(d) 0.98% 1.14% 1.99% 3.16% 3.19%(d)
Ratio of net expenses to average net assets 0.90%(b)(d) 0.92%(b) 1.01%(b) 1.44%(c) 1.50%(c) 1.50%(c)(d)
Ratio of net investment income to average net assets 0.65%(d) 0.85% 1.27% 1.18% 0.82% 1.13%(d)
Portfolio turnover rate 51%(d) 44% 54% 48% 92% 54%
Average commission rate per share $0.0696 $0.0688 -- -- -- --
<FN>
(a) Represents the period from the commencement of operations
(December 1, 1992) through March 31, 1993.
(b) Ratios were determined based on net expenses after expense reimbursements
through a directed brokerage arrangement (Note 4).
(c)Ratios were determined based on net expenses after the Advisor waived all
or a portion of its advisory fee and/or reimbursed the Fund for
operating expenses.
(d) Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN EQUITY FUND
PORTFOLIO OF INVESTMENTS
September 30, 1997 (Unaudited)
<S> <C> <C>
Shares Value
COMMON STOCKS - 92.4%
Advertising - 1.6%
12,000 Interpublic Group of Companies, Inc. $ 615,750
-----------------
Building and Construction - 1.9%
17,000 Foster Wheeler Corporation 746,937
-----------------
Chemicals - 2.0%
9,400 Air Products & Chemicals, Inc. 779,612
-----------------
Commercial Banking - 7.1%
17,000 Federal National Mortgage Association 799,000
19,000 First Union Corporation 951,188
16,000 NationsBank Corporation 990,000
-----------------
2,740,188
-----------------
Communications - 3.5%
38,800 Equifax, Inc. 1,219,775
2,000 Lucent Technologies, Inc. 162,750
-----------------
1,382,525
-----------------
Computers/Computer Technology Services - 10.8%
19,000 Cabletron Systems (b) 608,000
8,000 Cisco Systems, Inc. (b) 584,500
15,000 Computer Sciences Corporation (b) 1,061,250
17,000 Diebold, Inc. 805,375
12,100 Intel Corporation 1,116,981
-----------------
4,176,106
-----------------
Consumer Products - 13.7%
14,000 Avon Products, Inc. 868,000
19,000 General Electric Company 1,293,188
9,500 Gillette Company 819,969
18,000 Kimberly-Clark Corporation 880,875
6,000 Procter & Gamble Company 414,375
27,800 Sysco Corporation 1,026,862
-----------------
5,303,269
-----------------
Drugs/Medical Equipment - 10.6%
11,500 Abbott Laboratories 735,281
8,000 Amgen, Inc. (b) 383,500
12,000 Merck and Company, Inc. 1,199,250
12,000 R.P. Scherer Corporation (b) 743,250
20,000 Schering-Plough Corporation 1,030,000
-----------------
4,091,281
-----------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Durable Goods - 1.4%
8,800 Avnet, Inc. $ 559,350
-----------------
Electronics - 2.9%
16,000 Hewlett-Packard Company 1,113,000
-----------------
Entertainment - 2.5%
12,000 Walt Disney Company 967,500
-----------------
Fire Systems - 3.4%
16,000 Tyco International Ltd. 1,313,000
-----------------
Food Productions - 2.4%
14,000 Conagra, Inc. 924,000
-----------------
Funeral Services - 1.4%
17,000 Service Corporation International 547,188
-----------------
Health Care Centers - 2.4%
28,000 Manor Care, Inc. 931,000
-----------------
Hotels - 3.0%
60,000 Choice Hotel International, Inc. (b) 1,155,000
-----------------
Insurance - 5.5%
12,000 American International Group 1,238,250
11,000 Jefferson-Pilot Corporation 869,000
-----------------
2,107,250
-----------------
Oil and Gas Drilling - 7.0%
7,500 Amoco Corporation 722,813
18,000 Coastal Corporation 1,102,500
14,000 Texaco, Inc. 860,125
-----------------
2,685,438
-----------------
Oil Field Machinery and Equipment - 2.4%
22,000 Dresser Industries, Inc. 946,000
-----------------
Real Estate - 1.4%
35,000 United Dominion Realty Trust 525,000
-----------------
Restaurants - 2.8%
43,000 Applebee's International, Inc. 1,075,000
-----------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Retail Stores - 2.7%
35,000 AutoZone, Inc. (b) $ 1,050,000
-----------------
Total Common Stocks (Cost $24,686,040) $ 35,734,394
-----------------
<CAPTION>
Face
Value
<S> <C> <C>
REPURCHASE AGREEMENTS (a) - 7.7%
2,976,000 Star Bank, N.A., 5.70%, dated 09/30/1997, due 10/01/1997,
repurchase proceeds $2,976,471 (Cost $2,976,000) $ 2,976,000
-----------------
Total Investments and Repurchase Agreements
at Value - 100.1% $ 38,710,394
Liabilities in Excess of Other Assets - (.1)% (10,560)
-----------------
Net Assets - 100.0% $ 38,699,834
=================
<FN>
(a) Joint repurchase agreement is fully collateralized by $21,275,000 GNMA II,
Pool #8457, 7.125%, due 07/20/2024. The aggregate market value of the
collateral at September 30, 1997 was $22,045,359. The Fund's pro-rata
interest in the collateral at September 30, 1997 was $3,047,094.
(b) Non-income producing security.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (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>
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 $24,686,040 as of September 30, 1997:
Gross unrealized appreciation.................................$11,195,342
Gross unrealized depreciation............................... (146,988)
-----------
Net unrealized appreciation...................................$11,048,354
===========
2. INVESTMENT TRANSACTIONS
During the six months ended September 30, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $9,066,559 and $8,487,371, 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 with the Trust,
Countrywide Fund Services, Inc. (CFS) provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Fund. For these services, CFS 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 CFS.
<PAGE>
THE JAMESTOWN EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 $6,000 for the six months ended September 30,
1997.
<PAGE>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
No Load Mutual Fund
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
Investment Adviser Administrator
LOWE, BROCKENBROUGH & TATTERSALL, INC. COUNTRYWIDE FUND SERVICES, INC.
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, 1997
(Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 15,732,563
=============
At value (Note 1) $ 16,229,695
Receivable for securities sold 463,609
Interest receivable 247,651
Other assets 2,502
-------------
TOTAL ASSETS 16,943,457
-------------
LIABILITIES
Dividends payable 24,027
Payable for investment securities purchased 490,417
Payable for capital shares redeemed 419
Accrued advisory fees (Note 3) 4,261
Accrued administration fees (Note 3) 2,000
Other accrued expenses 1,600
-------------
TOTAL LIABILITIES 522,724
-------------
NET ASSETS $ 16,420,733
=============
Net assets consist of:
Paid-in capital $ 15,957,727
Accumulated net realized losses from security transactions (34,126)
Net unrealized appreciation on investments 497,132
-------------
Net assets $ 16,420,733
=============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 1,628,667
=============
Net asset value, offering price and redemption price per share (Note 1) $ 10.08
=============
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, 1997 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest $ 345,038
-------------
EXPENSES
Investment advisory fees (Note 3) 26,416
Administration fees (Note 3) 12,000
Professional fees 4,403
Pricing costs 2,622
Trustees' fees and expenses 2,089
Printing of shareholder reports 1,992
Custodian fees 1,800
Registration fees 794
Postage and supplies 583
Other expenses 768
TOTAL EXPENSES 53,467
Fees waived by the Adviser (Note 3) (3,938)
-------------
NET EXPENSES 49,529
-------------
NET INVESTMENT INCOME 295,509
-------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains from security transactions 22,994
Net change in unrealized appreciation/depreciation on investments 314,847
-------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 337,841
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 633,350
=============
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 30,1997 and March 31, 1997
Six Months
Ended Year
September 30, Ended
1997 March 31,
(Unaudited) 1997
------------- --------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 295,509 $ 468,504
Net realized gains from security transactions 22,994 16,747
Net change in unrealized appreciation/depreciation
on investments 314,847 (32,780)
------------- --------------
Net increase in net assets from operations 633,350 452,471
------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (295,509) (468,504)
------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (a):
Proceeds from shares sold 5,330,621 3,430,016
Net asset value of shares issued in reinvestment
of distributions to shareholders 151,313 251,004
Payments for shares redeemed (596,168) (1,247,016)
------------- --------------
Net increase in net assets from capital share transactions 4,885,766 2,434,004
------------- --------------
TOTAL INCREASE IN NET ASSETS 5,223,607 2,417,971
------------- --------------
NET ASSETS:
Beginning of period 11,197,126 8,779,155
------------- --------------
End of period $ 16,420,733 $ 11,197,126
============= ==============
(a)Number of shares:
Sold 534,143 349,394
Reinvested 15,125 25,420
Redeemed (60,043) (126,290)
------------- --------------
Net increase in shares outstanding 489,225 248,524
Shares outstanding, beginning of period 1,139,442 890,918
------------- --------------
Shares outstanding, end of period 1,628,667 1,139,442
============= ==============
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 Period
September 30, Years ended March 31, Ended
1997 March 31,
(Unaudited) 1997 1996 1995 1994 (a)
--------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period $9.83 $9.85 $9.68 $9.61 $10.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income 0.22 0.45 0.45 0.44 0.23
Net realized and unrealized gains (losses) on investments 0.25 (0.02) 0.17 0.07 (0.39)
------- ------- ------- ------- -------
Total from investment operations 0.47 0.43 0.62 0.51 (0.16)
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.22) (0.45) (0.45) (0.44) (0.23)
------- ------- ------- ------- -------
Net asset value at end of period $10.08 $9.83 $9.85 $9.68 $9.61
======= ======= ======= ======= =======
Total return 4.86% 4.39% 6.51% 5.47% (2.96)% (c)
======= ======= ======= ======= =======
Net assets at end of period (000's) $16,421 $11,197 $8,779 $7,712 $2,056
======= ======= ======= ======= =======
Ratio of expenses to average net assets (b) 0.75%(c) 0.75% 0.75% 0.75% 0.75%(c)
Ratio of net investment income to average net assets 4.47%(c) 4.51% 4.57% 4.64% 4.07%(c)
Portfolio turnover rate 24%(c) 24% 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
0.81%(b), 0.88%, 1.04%, 1.62% and 4.83%(c) for the periods ended September
30, 1997, March 31, 1997, 1996, 1995 and 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, 1997 (Unaudited)
Par
Amount Value
<S> <C> <C>
VIRGINIA FIXED RATE REVENUE AND GENERAL
OBLIGATION (GO) BONDS - 98.0%
Arlington Co., Virginia, GO,
$ 300,000 5.60%, due 08/01/2006 $ 324,564
-----------------
Augusta Co., Virginia, Industrial Dev. Authority, Hospital, Revenue,
500,000 7.00%, due 09/01/2021, prerefunded 09/01/2001 557,235
-----------------
Brunswick Co., Virginia, Industrial Dev. Authority, Revenue,
300,000 5.45%, due 07/01/2006 318,846
-----------------
Cheasapeake, Virginia, GO.
200,000 5.60%, due 05/01/2000 207,482
-----------------
Chesterfield Co., Virginia, GO,
350,000 6.25%, due 07/15/2005 378,294
-----------------
Fairfax Co., Virginia, GO,
350,000 5.60%, due 05/01/2003 362,460
-----------------
Fairfax Co., Virginia, Park Authority, Revenue,
300,000 6.25%, due 07/15/2005 323,607
-----------------
Fairfax Co., Virginia, Sewer, Revenue,
350,000 5.625%, due 07/15/2008 377,440
-----------------
Hanover Co., Virginia, Industrial Dev. Authority, Revenue,
225,000 6.25%, due 10/01/2011 240,986
-----------------
Harrisonburg, Virginia, GO,
250,000 5.50%, due 07/15/2000 259,260
-----------------
Henrico Co., Virginia, GO,
500,000 4.70%, due 01/15/2002 509,890
-----------------
James City Co., Virginia, GO,
500,000 5.25%, due 12/15/2015 498,795
-----------------
Loudoun Co., Virginia, GO,
300,000 5.50%, due 06/01/2009 317,352
-----------------
Lynchburg, Virginia, GO,
500,000 5.30%, due 05/01/2014 504,820
-----------------
<PAGE>
<CAPTION>
Par
Amount Value
<S> <C> <C>
Virginia - Continued
Martinsville, Virginia, Industrial Dev. Authority, Hospital
Facility, Revenue,
$ 150,000 6.50%, due 01/01/1999 $ 154,490
-----------------
Newport News, Virginia, GO,
400,000 5.40%, due 07/01/2002 410,312
-----------------
Norfolk, Virginia, GO,
300,000 5.75%, due 06/01/2011 318,249
-----------------
Norfolk, Virginia, Industrial Dev. Authority, Hospital, Revenue,
350,000 6.80%, due 06/01/2005 398,290
-----------------
Petersburg, Virginia, GO,
500,000 5.125%, due 01/15/2013 500,130
-----------------
Peumansend Creek, Virginia, Regional Jail Authority, Revenue,
300,000 5.75%, due 06/01/2017 313,206
-----------------
Pittsylvania Co., Virginia, GO,
300,000 5.65%, due 07/01/2006 322,464
-----------------
Portsmouth, Virginia, GO,
200,000 5.90%, due 11/01/2001 212,482
-----------------
Prince William Co., Virginia, GO,
400,000 4.90%, due 08/01/2005 411,244
-----------------
Prince William Co., Virginia, Park Authority, Revenue,
250,000 6.10%, due 10/15/2004 270,460
-----------------
Prince William Co., Virginia, Service Auth. Water & Sewer, Revenue,
150,000 6.40%, due 07/01/2004 162,700
-----------------
Richmond, Virginia, GO,
400,000 6.25%, due 01/15/2018 422,516
-----------------
Richmond, Virginia, Metropolitan Authority, Expressway, Revenue,
250,000 6.00%, due 07/15/2004 270,925
500,000 6.05%, due 07/15/2005 541,335
-----------------
812,260
-----------------
Richmond, Virginia, Public Utility, Revenue,
150,000 7.10%, due 01/15/2000 154,380
-----------------
Riverside, Virginia, Regional Jail Authority, Revenue,
300,000 5.30%, due 07/01/2002 312,882
-----------------
<PAGE>
<CAPTION>
Par
Amount Value
<S> <C> <C>
Virginia - Continued
Roanoke, Virginia, GO,
$ 300,000 6.40%, due 08/01/2012 $ 323,490
-----------------
Roanoke Co., Virginia, Water System, Revenue,
400,000 6.00%, due 07/01/2031, prerefunded 07/01/2001 425,156
-----------------
Spotsylvania Co., Virginia, GO,
400,000 5.75%, due 07/15/2011 419,448
-----------------
Suffolk, Virginia, GO,
350,000 5.80%, due 06/01/2011 374,104
-----------------
Virginia Beach, Virginia, GO,
325,000 6.20%, due 09/01/2013 350,987
-----------------
Virginia College Building Authority, Educational Facilities, Revenue,
500,000 5.00%, due 09/01/2014 488,815
-----------------
Virginia State, GO,
500,000 5.375%, due 06/01/2015 508,100
-----------------
Virginia State Housing Dev. Authority, Commonwealth Mortgages, Revenue,
150,000 5.60%, due 01/01/2002 154,566
-----------------
Virginia State Housing Dev. Authority, Multi Family, Revenue,
150,000 6.60%, due 11/01/2012 159,698
150,000 6.30%, due 11/01/2015 157,698
-----------------
317,396
-----------------
Virginia State Public Building Authority, Building, Revenue,
500,000 6.00%, due 08/01/2003 533,245
-----------------
Virginia State Resource Authority Solid Waste Disposal System, Revenue,
500,000 5.50%, due 04/01/2015 504,045
-----------------
Virginia State Public School Authority, Revenue,
150,000 6.50%, due 08/01/2005 163,035
250,000 5.90%, due 08/01/2006 268,282
-----------------
431,317
-----------------
Virginia State Transportation Board, Revenue,
350,000 6.25%, due 05/15/2012 377,324
-----------------
Virginia State University, Virginia Commonwealth University, Revenue,
250,000 5.75%, due 05/01/2006 270,563
-----------------
<PAGE>
<CAPTION>
Par
Amount Value
<S> <C> <C>
Virginia - Continued
York Co., Virginia, Certificates of Participation, Revenue,
$ 250,000 6.625%, due 03/01/2012 $ 265,815
-----------------
Total Virginia Fixed Rate Revenue and General
Obligation (GO) Bonds (Cost $15,604,335) $ 16,101,467
-----------------
<CAPTION>
Shares
<S> <C> <C>
MONEY MARKETS - .8%
128,228 Star Tax Free Fund (Cost $128,228) $ 128,228
-----------------
Total Investments at Value (Cost $15,732,563) - 98.8% $ 16,229,695
Other Assets in Excess of Liabilities - 1.2% 191,038
-----------------
Net Assets - 100.0% $ 16,420,733
=================
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (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>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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, 1997:
Gross unrealized appreciation......................................$ 500,393
Gross unrealized depreciation........................................ (3,261)
---------
Net unrealized appreciation .......................................$ 497,132
=========
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, 1997, the Fund
had capital loss carryforwards for federal income tax purposes of $57,120 which
expire on March 31, 2004. 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, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $6,876,024 and $1,574,276, respectively.
<PAGE>
THE JAMESTOWN TAX EXEMPT VIRGINIA FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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
$3,938 of its investment advisory fee for the six months ended September 30,
1997. Certain trustees and officers of the Trust are also officers of the
Adviser.
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement with the Trust,
Countrywide Fund Services, Inc. (CFS) provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Fund. For these services, CFS 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 CFS.
<PAGE>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
No Load Mutual Fund
SEMI-ANNUAL REPORT
September 30, 1997
(Unaudited)
Investment Adviser Administrator
LOWE, BROCKENBROUGH & TATTERSALL, INC. COUNTRYWIDE FUND SERVICES, INC.
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, 1997 (Unaudited)
<S> <C>
ASSETS
Investments in securities:
At acquisition cost $ 30,035,507
============
At value (Note 1) $ 36,634,807
Cash denominated in foreign currencies (cost $3,945) 4,525
Cash 1,774,943
Net unrealized appreciation on forward foreign currency exchange
contracts (Note 5) 10,853
Receivable for securities sold 185,157
Receivable for capital shares sold 1,194
Dividends receivable 73,734
Interest receivable 4,907
Other assets 1,029
------------
TOTAL ASSETS 38,691,149
------------
LIABILITIES
Accrued advisory fees (Note 3) 30,312
Accrued administration fees (Note 3) 7,500
Other accrued expenses 24,418
Other payables 119
------------
TOTAL LIABILITIES 62,349
------------
NET ASSETS $ 38,628,800
============
Net assets consist of:
Paid-in capital $ 32,555,344
Undistributed net investment income 154,644
Accumulated net realized losses from security and foreign currency
transactions (689,859)
Net unrealized appreciation on investments 6,599,300
Net unrealized appreciation on translation of assets and liabilities in
foreign currencies 9,371
------------
Net assets $ 38,628,800
============
Shares of beneficial interest outstanding (unlimited number of shares
authorized, no par value) 3,266,578
============
Net asset value, offering price and redemption price per share (Note 1) $ 11.83
============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1997 (Unaudited)
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $31,216) $ 313,645
Interest 33,595
------------
TOTAL INVESTMENT INCOME 347,240
EXPENSES
Investment advisory fees (Note 3) 172,015
Administration fees (Note 3) 41,796
Custodian fees 30,213
Registration fees 11,816
Pricing costs 5,285
Professional fees 3,703
Shareholder report printing 2,181
Trustees' fees and expenses 2,089
Insurance expense 1,029
Postage and supplies 780
Other expenses 4,318
------------
TOTAL EXPENSES 275,225
------------
NET INVESTMENT INCOME 72,015
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
AND FOREIGN CURRENCIES (Note 4)
Net realized gains from:
Security transactions 540,329
Foreign currency transactions 102,650
Net change in unrealized appreciation/depreciation on:
Investments 5,598,327
Translation of assets and liabilities in foreign currencies 9,931
------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
AND FOREIGN CURRENCIES 6,251,237
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,323,252
============
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
For the Periods Ended September 30, 1997 and March 31, 1997
Six Months
Ended Period
September 30, Ended
1997 March 31,
(Unaudited) 1997 (a)
-------------- -------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income (loss) $ 72,015 $ (36,671)
Net realized gains (losses) from security transactions 540,329 (1,230,188)
Net realized gains from foreign currency transactions 102,650 185,973
Net change in unrealized appreciation/depreciation on investments 5,598,327 1,000,973
Net change in unrealized appreciation/depreciation on translation
of assets and liabilities in foreign currencies 9,931 (560)
-------------- -------------
Net decrease in net assets from operations 6,323,252 (80,473)
-------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (62,236) --
In excess of net investment income -- (107,087)
-------------- -------------
Decrease in net assets from distributions to shareholders (62,236) (107,087)
-------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (b):
Proceeds from shares sold 3,040,042 29,619,931
Net asset value of shares issued in reinvestment
of distributions to shareholders 61,613 105,780
Payments for shares redeemed (24,288) (247,734)
-------------- -------------
Net increase in net assets from capital share transactions 3,077,367 29,477,977
-------------- -------------
TOTAL INCREASE IN NET ASSETS 9,338,383 29,290,417
NET ASSETS:
Beginning of period 29,290,417 0
-------------- -------------
End of period - (including undistributed net investment
income of $154,644 and $42,215, repectively) $ 38,628,800 $ 29,290,417
============== =============
(a)Represents the period from the start of business (April 16, 1996)
through March 31, 1997.
(b)Number of capital shares:
Sold 277,272 3,000,775
Reinvested 5,433 10,836
Redeemed (2,337) (25,401)
-------------- -------------
Net increase in shares outstanding 280,368 2,986,210
Shares outstanding, beginning of period 2,986,210 0
-------------- -------------
Shares outstanding, end of period 3,266,578 2,986,210
============== =============
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 Each Period
Six Months
Ended Period
September 30, Ended
1997 March 31,
(Unaudited) 1997 (a)
--------- -------
<S> <C> <C>
Net asset value at beginning of period $9.81 $10.00
------ ------
Income from investment operations:
Net investment gain (loss) 0.02 (0.01)
Net realized and unrealized gains (losses)
on investments and foreign currency 2.02 (0.14)
------ ------
Total from investment operations 2.04 (0.15)
------ ------
Less distributions:
Dividends from net investment income (0.02) --
Dividends in excess of net investment income -- (0.04)
------ ------
Total distributions (0.02) (0.04)
------ ------
Net asset value at end of period $11.83 $9.81
====== ======
Total return 41.49%(c) -1.56%(c)
====== ======
Net assets at end of period (000's) $38,629 $29,290
======= =======
Ratio of expenses to average net assets (b) 1.60%(c) 1.60%(c)
Ratio of net investment loss to average net assets 0.41%(c) -0.15%(c)
Portfolio turnover rate 50%(c) 70%(c)
Average commission rate per share $0.0280 $0.0258
<FN>
(a)Represents the period from the start of business (April 16, 1996)
through March 31, 1997.
(b)Absent investment advisory fees waived by the Adviser, the ratio of
expenses to average net assets would have been 1.71%(c) for the period
ended March 31, 1997.
(c)Annualized.
</FN>
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
September 30, 1997 (Unaudited)
Shares Value
<S> <C> <C>
COMMON STOCKS - 94.8%
Australia - 4.5%
73,400 Australia and New Zealand Banking Group Ltd. $ 599,549
70,600 Coca-Cola Amatil Ltd. 755,049
81,991 News Corporation Ltd. 420,180
------------
1,774,778
Brazil - 1.9%
4,400 Telecomunicacoes Brasileiras SA - Telebras - ADR 566,500
4,800 Uniao de Bancos Brasileiros SA - GDR 175,800
------------
742,300
------------
France - 8.1%
23,487 Renault SA (a) 696,428
7,915 Schneider SA 499,673
7,130 Suez Lyonnaise des Eaux 795,666
5,802 Total SA - Class B 664,096
7,339 Valeo SA 481,991
------------
3,137,854
------------
Germany - 6.9%
7,090 Daimler-Benz AG 585,285
13,114 Hoechst AG 582,123
1,461 Mannesmann AG 696,507
1,139 Volkswagen AG 791,283
------------
2,655,198
------------
Hong Kong - 3.5%
57,000 Hutchison Whampoa Ltd. 561,639
85,000 New World Development 514,052
25,000 Sun Hung Kai Properties Ltd. 293,984
------------
1,369,675
------------
India - 2.5%
5,600 Hindalco Industries Ltd. - GDR (a) 193,200
9,300 Reliance Industries Ltd. - GDR 214,132
4,220 Richter Gedeon Rt. - GDR 447,728
13,200 Tata Engineering and Locomotive Company Ltd. - GDR 125,400
------------
980,460
------------
Indonesia - 0.7%
62,000 PT Hanjaya Mandala Sampoerna - foreign registered 127,982
27,000 PT Indosat 68,738
4,000 PT Telekomunikasi Indonesia - ADR 89,500
------------
286,220
------------
<PAGE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - Continued
Italy - 8.3%
187,522 Credito Italiano (a) $ 507,477
111,165 Fiat SPA 396,822
116,200 Mediaset SPA (a) 599,299
151,155 Pirelli SPA 443,221
186,202 Telecom Italia SPA (a) 1,240,879
------------
3,187,698
------------
Japan - 16.7%
24,000 Canon, Inc. 701,731
25,000 Denso Corporation 606,726
500 Isetan Company 4,804
7,000 Ito-Yokado Co. Ltd. 379,193
16,000 Mitsui Fudosan Company, Ltd. 194,815
15,000 Murata Manufacturing Company Ltd. 648,554
53 Nippon Telegraph & Telephone Corporation 487,286
14,000 Nomura Securities Company Ltd. 182,059
13 NTT Data Communications Systems Company 589,000
7,000 Rohm Company 823,325
23,000 Sharp Corporation 209,558
6,500 Sony Corporation 613,766
39,000 Sumitomo Bank 587,923
53,000 Sumitomo Realty & Development 419,241
------------
6,447,981
------------
Malaysia - 0.6%
233,000 Renong Berhad 230,013
------------
Mexico - 5.3%
135,119 Grupo Financiero Banamex Accival, SA de CV - Class B 419,665
30,500 Grupo Carso SA de CV - ADR 245,552
12,300 Grupo Televisa SA 440,494
60,000 Kimberly-Clark de Mexico, SA de CV - Class A 308,275
11,900 Telefonos De Mexico SA - ADR 615,825
------------
2,029,811
------------
Netherlands - 4.9%
8,600 Philips Electronics NV 727,973
7,913 ING Groep NV 363,548
34,670 VNU-Verenigde Nederlandse Uitgeversbedrijven
Verenigd Bezit 805,139
------------
1,896,660
------------
Philippines - 0.5%
540,000 Filinvest Land Inc. (a) 58,952
16,800 Metropolitan Bank and Trust Company 150,393
------------
209,345
------------
<PAGE>
<CAPTION>
COMMON STOCKS - Continued
Shares Value
<S> <C> <C>
Poland - 0.5%
14,400 Bank Handlowy W. Warszawie (a) $ 206,374
------------
Spain - 3.9%
15,600 Banco Santander SA 511,390
32,007 Telefonica de Espana 1,006,320
------------
1,517,710
------------
Sweden - 4.9%
31,349 Astra AB - Class A 578,818
20,660 Hennes and Mauritz AB - Class B 903,242
29,820 Skandinaviska Enskilda Banken - Class A (a) 361,814
------------
1,843,874
------------
Switzerland - 5.8%
414 Nestle SA 577,553
581 Novartis AG 892,141
85 Roche Holding AG 755,024
------------
2,224,718
------------
Thailand - 0.3%
20,000 Bangkok Bank Public Company Ltd. - foreign
registered 101,928
------------
United Kingdom - 15.0%
27,500 BOC Group PLC 490,658
34,870 British Aerospace PLC 937,034
51,258 British Petroleum Company PLC 774,615
31,800 Glaxo Wellcome PLC 716,352
46,920 Imperial Chemical Industries PLC 762,494
218,070 LucasVarity PLC 824,314
79,496 Safeway PLC 516,882
143,331 Vodafone Group PLC 769,861
------------
5,792,210
------------
Total Common Stocks (Cost $30,035,507) - 94.8% $ 36,634,807
Other Assets in Excess of Liabilities - 5.2% 1,993,993
------------
Net Assets - 100.0% $ 38,628,800
============
<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, 1997 (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. 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>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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 $28,060,261 as of September 30, 1997:
Gross unrealized appreciation...............................$ 7,650,859
Gross unrealized depreciation................................ (1,051,559)
------------
Net unrealized appreciation..................................$ 6,599,300
============
As of March 31, 1997, the Fund had capital loss carryforwards for federal income
tax purposes of $137,352 which expire on March 31, 2005. In addition, the Fund
had net realized capital losses of $1,067,584 during the period from November 1,
1996 through March 31, 1997, which are treated for federal income tax purposes
as arising during the Fund's tax year ending March 31, 1998. These capital loss
carryforwards and "post-October" losses 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, 1997, purchases and proceeds from
sales and maturities of investment securities, other than short-term
investments, amounted to $9,662,669 and $8,202,500, 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. Certain trustees and officers of the
Trust are also officers of the Adviser.
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 JAMESTOWN INTERNATIONAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
ADMINISTRATIVE SERVICES AGREEMENT
Under the terms of an Administrative Services Agreement between the Trust and
Countrywide Fund Services, Inc. (CFS), CFS provides administrative, pricing,
accounting, dividend disbursing, shareholder servicing and transfer agent
services for the Fund. For these services, CFS 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 CFS.
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>
THE JAMESTOWN INTERNATIONAL EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997 (Unaudited)
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, 1997, the Fund had forward foreign currency exchange contracts
outstanding as follows:
<TABLE>
<CAPTION>
NET
UNREALIZED
DELIVERY TO RECEIVE INITIAL MARKET APPRECIATION
DATE (TO DELIVER) VALUE VALUE (DEPRECIATION)
<S> <C> <C> <C> <C>
CONTRACTS TO SELL
10/06/97 (14,903,167) ITL $ (85,186) $ (85,157) $ 29
==============
10/07/97 (172,613,424) ITL (100,008) (100,067) (59)
==============
12/17/97 (2,465,000,000) ITL (1,422,184) (1,429,466) (7,282)
==============
12/17/97 (128,328,000) JPY (1,079,293) (1,078,012) 1,281
============== ------------- -------------- -----------
TOTAL SELL CONTRACTS (2,686,671) (2,692,702) (6,031)
------------- -------------- -----------
CONTRACTS TO BUY
12/17/97 2,465,000,000 ITL 1,423,062 1,429,466 6,404
==============
12/17/97 128,328,000 JPY 1,067,532 1,078,012 10,480
============== ------------- -------------- -----------
TOTAL BUY CONTRACTS 2,490,594 2,507,478 16,884
------------- -------------- -----------
NET CONTRACTS $ (196,077) $ (185,224) $ 10,853
============= ============== ===========
ITL - Italian Lira
JPY - Japanese Yen
</TABLE>
<PAGE>
<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-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 34,742,725
<INVESTMENTS-AT-VALUE> 50,744,491
<RECEIVABLES> 280,002
<ASSETS-OTHER> 3,755
<OTHER-ITEMS-ASSETS> 451
<TOTAL-ASSETS> 51,028,699
<PAYABLE-FOR-SECURITIES> 489,625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177,846
<TOTAL-LIABILITIES> 667,471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,355,918
<SHARES-COMMON-STOCK> 2,677,135
<SHARES-COMMON-PRIOR> 2,573,969
<ACCUMULATED-NII-CURRENT> 8,316
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,048,745
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,948,249
<NET-ASSETS> 50,361,228
<DIVIDEND-INCOME> 258,815
<INTEREST-INCOME> 536,587
<OTHER-INCOME> 0
<EXPENSES-NET> 240,244
<NET-INVESTMENT-INCOME> 555,158
<REALIZED-GAINS-CURRENT> 1,364,687
<APPREC-INCREASE-CURRENT> 6,313,435
<NET-CHANGE-FROM-OPS> 8,233,280
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 554,543
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,689
<NUMBER-OF-SHARES-REDEEMED> 79,420
<SHARES-REINVESTED> 27,897
<NET-CHANGE-IN-ASSETS> 9,506,876
<ACCUMULATED-NII-PRIOR> 7,701
<ACCUMULATED-GAINS-PRIOR> 684,058
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 173,253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 240,244
<AVERAGE-NET-ASSETS> 46,126,567
<PER-SHARE-NAV-BEGIN> 15.87
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 2.94
<PER-SHARE-DIVIDEND> .21
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.81
<EXPENSE-RATIO> 1.04
<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-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 65,765,911
<INVESTMENTS-AT-VALUE> 88,447,526
<RECEIVABLES> 1,883,291
<ASSETS-OTHER> 4,862
<OTHER-ITEMS-ASSETS> 932
<TOTAL-ASSETS> 90,336,611
<PAYABLE-FOR-SECURITIES> 1,632,451
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 136,506
<TOTAL-LIABILITIES> 1,768,957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,062,967
<SHARES-COMMON-STOCK> 5,051,947
<SHARES-COMMON-PRIOR> 4,658,602
<ACCUMULATED-NII-CURRENT> 25,397
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,797,675
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,681,615
<NET-ASSETS> 88,567,654
<DIVIDEND-INCOME> 345,215
<INTEREST-INCOME> 980,140
<OTHER-INCOME> 0
<EXPENSES-NET> 369,049
<NET-INVESTMENT-INCOME> 956,306
<REALIZED-GAINS-CURRENT> 2,543,051
<APPREC-INCREASE-CURRENT> 8,915,583
<NET-CHANGE-FROM-OPS> 12,414,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 956,473
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 601,717
<NUMBER-OF-SHARES-REDEEMED> 260,317
<SHARES-REINVESTED> 51,945
<NET-CHANGE-IN-ASSETS> 17,914,083
<ACCUMULATED-NII-PRIOR> 25,564
<ACCUMULATED-GAINS-PRIOR> 1,254,624
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 270,089
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 381,049
<AVERAGE-NET-ASSETS> 82,975,122
<PER-SHARE-NAV-BEGIN> 15.17
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 2.36
<PER-SHARE-DIVIDEND> .19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.53
<EXPENSE-RATIO> .92
<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-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 82,523,059
<INVESTMENTS-AT-VALUE> 84,671,203
<RECEIVABLES> 2,551,891
<ASSETS-OTHER> 10,838
<OTHER-ITEMS-ASSETS> 28,319
<TOTAL-ASSETS> 87,262,251
<PAYABLE-FOR-SECURITIES> 2,378,666
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,503
<TOTAL-LIABILITIES> 2,450,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,864,691
<SHARES-COMMON-STOCK> 7,961,376
<SHARES-COMMON-PRIOR> 7,454,249
<ACCUMULATED-NII-CURRENT> 33,286
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,234,039)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,148,144
<NET-ASSETS> 84,812,082
<DIVIDEND-INCOME> 200,380
<INTEREST-INCOME> 2,514,202
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