OMB APPROVAL
|
OMB Number: 3235-0570
Expires: January 31, 2017
Estimated average burden hours per response: 20.6
|
225 Pictoria Drive, Suite 450 Cincinnati, Ohio
|
45246
|
(Address of principal executive offices)
|
(Zip code)
|
Item 1. | Reports to Stockholders. |
![]() SEMI-ANNUAL REPORT
September 30, 2014
(Unaudited) |
THE DAVENPORT FUNDS
LETTER TO SHAREHOLDERS |
November 3, 2014
|
Q3 2014
|
1 Year
|
3 Years**
|
5 Years**
|
10 Years**
|
Since Inception** 1/15/1998
|
Expense Ratio
|
|
Core Fund
|
-1.02%
|
14.08%
|
21.40%
|
14.80%
|
8.20%
|
6.23%
|
0.94%
|
S&P 500 Index*
|
1.13%
|
19.73%
|
22.99%
|
15.70%
|
8.11%
|
6.41%
|
—
|
* | The S&P 500 Index is comprised of 500 U.S. stocks and is an indicator of the performance of the overall U.S. stock market. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. |
** | Annualized. |
* | Source: Zephyr StyleADVISOR. Risk is measured by standard deviation, which is the variability of returns around the average return. Core Funds standard deviation for the period: 12.88%; S&P 500 standard deviation for the period: 13.20%. |
Q3 2014
|
1 Year
|
3 Year**
|
Since Inception**
12/31/2010 |
Expense Ratio
|
30 Day
SEC Yield |
|
Value & Income Fund
|
-0.54%
|
15.16%
|
21.65%
|
15.45%
|
1.07%
|
1.92%
|
S&P 500 Index*
|
1.13%
|
19.73%
|
22.99%
|
15.19%
|
—
|
—
|
Lipper Equity Income Index*
|
-0.62%
|
16.09%
|
20.50%
|
13.37%
|
—
|
—
|
* | The S&P 500 Index is comprised of 500 U.S. stocks and is an indicator of the performance of the overall U.S. stock market. The Lipper Equity Income Fund Index is an unmanaged index of the 30 largest funds, based on total year-end net asset value, in the Lipper Equity Income Fund Index. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. |
** | Annualized. |
Q3 2014
|
1 Year
|
3 Year**
|
Since Inception** 12/31/2010
|
Expense Ratio
|
|
Equity Opportunities Fund
|
-3.66%
|
12.59%
|
23.17%
|
15.97%
|
0.98%
|
Russell Midcap Index*
|
-1.66%
|
15.83%
|
23.79%
|
14.53%
|
—
|
S&P 500 Index*
|
1.13%
|
19.73%
|
22.99%
|
15.19%
|
—
|
* | The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000, which represent approximately 25% of the total market capitalization of the Russell 1000. The S&P 500 Index is comprised of 500 U.S. stocks and is an indicator of the performance of the overall U.S. stock market. An investor cannot invest in an index and its returns are not indicative of the performance of any specific investment. |
** | Annualized. |
Average Annual Total Returns(a)
(for periods ended September 30, 2014) |
|||
1 Year
|
5 Years
|
10 Years
|
|
Davenport Core Fund
|
14.08%
|
14.80%
|
8.20%
|
Standard & Poor's 500® Index
|
19.73%
|
15.70%
|
8.11%
|
(a) | The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Average Annual Total Returns(a)
(for periods ended September 30, 2014) |
||
1 Year
|
Since Inception(b)
|
|
Davenport Value & Income Fund
|
15.16%
|
15.45%
|
Standard & Poor's 500® Index
|
19.73%
|
15.19%
|
Lipper Equity Income Index
|
16.09%
|
13.37%
|
(a) | The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Commencement of operations was December 31, 2010. |
Average Annual Total Returns(a)
(for periods ended September 30, 2014) |
||
1 Year
|
Since Inception(b)
|
|
Davenport Equity Opportunities Fund
|
12.59%
|
15.97%
|
Russell Midcap® Index
|
15.83%
|
14.53%
|
Standard & Poor's 500® Index
|
19.73%
|
15.19%
|
(a) | The total returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Commencement of operations was December 31, 2010. |
Security Description
|
% of Net Assets
|
Brookfield Asset Management, Inc. - Class A
|
3.2%
|
American Tower Corporation
|
2.9%
|
Capital One Financial Corporation
|
2.9%
|
Markel Corporation
|
2.8%
|
Berkshire Hathaway, Inc. - Class B
|
2.6%
|
Celgene Corporation
|
2.5%
|
CarMax, Inc.
|
2.5%
|
Danaher Corporation
|
2.4%
|
AmerisourceBergen Corporation
|
2.2%
|
Accenture plc - Class A
|
2.2%
|
Security Description
|
% of Net Assets
|
W.P. Carey, Inc.
|
3.1%
|
Archer-Daniels-Midland Company
|
3.0%
|
Wells Fargo & Company
|
2.8%
|
Johnson & Johnson
|
2.8%
|
Markel Corporation
|
2.7%
|
Sun Communities, Inc.
|
2.5%
|
Capital One Financial Corporation
|
2.5%
|
Hartford Financial Services Group, Inc. (The)
|
2.4%
|
SPDR EURO STOXX 50 ETF
|
2.4%
|
Kinder Morgan, Inc.
|
2.4%
|
Security Description
|
% of Net Assets
|
Penn National Gaming, Inc.
|
5.8%
|
Markel Corporation
|
5.6%
|
Brookfield Asset Management, Inc. - Class A
|
5.2%
|
CarMax, Inc.
|
4.9%
|
Gaming and Leisure Properties, Inc.
|
4.8%
|
American Tower Corporation
|
4.6%
|
Capital One Financial Corporation
|
4.4%
|
Cabela's, Inc.
|
3.8%
|
Colfax Corporation
|
3.4%
|
J.M. Smucker Company (The)
|
3.4%
|
COMMON STOCKS — 94.3%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 15.3%
|
||||||||
Amazon.com, Inc. (a)
|
16,363
|
$
|
5,276,086
|
|||||
CarMax, Inc. (a)
|
162,807
|
7,562,385
|
||||||
DIRECTV (a)
|
60,515
|
5,235,758
|
||||||
Dish Network Corporation - Class A (a)
|
68,875
|
4,447,947
|
||||||
General Motors Company
|
136,775
|
4,368,594
|
||||||
Liberty Media Corporation - Series A (a)
|
42,337
|
1,997,460
|
||||||
Liberty Media Corporation - Series C (a)
|
84,674
|
3,978,831
|
||||||
PVH Corporation
|
37,972
|
4,600,308
|
||||||
Starbucks Corporation
|
49,290
|
3,719,423
|
||||||
Walt Disney Company (The)
|
50,256
|
4,474,292
|
||||||
45,661,084
|
||||||||
Consumer Staples — 8.4%
|
||||||||
Anheuser-Busch InBev SA/NV - ADR
|
37,495
|
4,156,321
|
||||||
Flowers Foods, Inc.
|
60,699
|
1,114,433
|
||||||
Hershey Company (The)
|
48,065
|
4,586,843
|
||||||
J.M. Smucker Company (The)
|
53,077
|
5,254,092
|
||||||
Nestlé SA - ADR
|
67,827
|
4,994,102
|
||||||
PepsiCo, Inc.
|
51,241
|
4,770,025
|
||||||
24,875,816
|
||||||||
Energy — 6.5%
|
||||||||
Chevron Corporation
|
39,402
|
4,701,447
|
||||||
Exxon Mobil Corporation
|
59,502
|
5,596,163
|
||||||
Range Resources Corporation
|
68,802
|
4,665,463
|
||||||
Schlumberger Ltd.
|
42,920
|
4,364,535
|
||||||
19,327,608
|
||||||||
Financials — 21.5%
|
||||||||
American Tower Corporation
|
90,837
|
8,505,068
|
||||||
Berkshire Hathaway, Inc. - Class B (a)
|
56,886
|
7,858,232
|
||||||
Brookfield Asset Management, Inc. - Class A
|
210,488
|
9,463,540
|
||||||
Capital One Financial Corporation
|
104,087
|
8,495,581
|
||||||
Citigroup, Inc.
|
89,812
|
4,654,058
|
||||||
CME Group, Inc.
|
79,336
|
6,343,310
|
||||||
JPMorgan Chase & Company
|
75,323
|
4,537,458
|
||||||
Markel Corporation (a)
|
13,013
|
8,278,220
|
||||||
Wells Fargo & Company
|
112,316
|
5,825,831
|
||||||
63,961,298
|
||||||||
Health Care — 15.2%
|
||||||||
AmerisourceBergen Corporation
|
85,985
|
6,646,641
|
||||||
Amgen, Inc.
|
35,975
|
5,053,049
|
||||||
Baxter International, Inc.
|
73,108
|
5,246,961
|
||||||
Celgene Corporation (a)
|
80,000
|
7,582,400
|
||||||
Express Scripts Holding Company (a)
|
81,126
|
5,729,929
|
||||||
Johnson & Johnson
|
54,138
|
5,770,569
|
COMMON STOCKS — 94.3% (Continued)
|
Shares
|
Value
|
||||||
Health Care — 15.2% (Continued)
|
||||||||
Valeant Pharmaceuticals International, Inc. (a)
|
32,823
|
$
|
4,306,378
|
|||||
WellPoint, Inc.
|
40,341
|
4,825,590
|
||||||
45,161,517
|
||||||||
Industrials — 9.1%
|
||||||||
American Airlines Group, Inc.
|
103,060
|
3,656,569
|
||||||
Cummins, Inc.
|
26,524
|
3,500,638
|
||||||
Danaher Corporation
|
92,577
|
7,034,000
|
||||||
General Electric Company
|
144,275
|
3,696,325
|
||||||
Parker Hannifin Corporation
|
37,945
|
4,331,422
|
||||||
United Technologies Corporation
|
45,484
|
4,803,110
|
||||||
27,022,064
|
||||||||
Information Technology — 13.5%
|
||||||||
Accenture plc - Class A
|
80,761
|
6,567,485
|
||||||
Activision Blizzard, Inc.
|
203,288
|
4,226,357
|
||||||
Apple, Inc.
|
51,590
|
5,197,692
|
||||||
Automatic Data Processing, Inc.
|
53,420
|
4,438,134
|
||||||
Cisco Systems, Inc.
|
173,988
|
4,379,278
|
||||||
Google, Inc. - Class A (a)
|
6,370
|
3,748,172
|
||||||
Google, Inc. - Class C (a)
|
6,370
|
3,677,783
|
||||||
QUALCOMM, Inc.
|
52,860
|
3,952,342
|
||||||
Visa, Inc. - Class A
|
19,269
|
4,111,427
|
||||||
40,298,670
|
||||||||
Materials — 4.8%
|
||||||||
Alcoa, Inc.
|
344,698
|
5,546,191
|
||||||
Monsanto Company
|
34,491
|
3,880,582
|
||||||
Praxair, Inc.
|
38,078
|
4,912,062
|
||||||
14,338,835
|
||||||||
Total Common Stocks (Cost $199,867,149)
|
$
|
280,646,892
|
MONEY MARKET FUNDS — 1.9%
|
Shares
|
Value
|
||||||
First American Treasury Obligations Fund - Class Z, 0.00% (b) (Cost $5,771,006)
|
5,771,006
|
$
|
5,771,006
|
|||||
Total Investments at Value — 96.2% (Cost $205,638,155)
|
$
|
286,417,898
|
||||||
Other Assets in Excess of Liabilities — 3.8%
|
11,220,535
|
|||||||
Net Assets — 100.0%
|
$
|
297,638,433
|
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2014. |
COMMON STOCKS — 90.8%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 6.1%
|
||||||||
H&R Block, Inc.
|
162,955
|
$
|
5,053,235
|
|||||
Lamar Advertising Company - Class A
|
98,770
|
4,864,422
|
||||||
McDonald's Corporation
|
56,295
|
5,337,329
|
||||||
Penn National Gaming, Inc. (a)
|
105,725
|
1,185,177
|
||||||
Six Flags Entertainment Corporation
|
127,450
|
4,383,006
|
||||||
20,823,169
|
||||||||
Consumer Staples — 14.1%
|
||||||||
Altria Group, Inc.
|
112,181
|
5,153,595
|
||||||
Anheuser-Busch InBev SA/NV - ADR
|
51,995
|
5,763,646
|
||||||
Archer-Daniels-Midland Company
|
202,055
|
10,325,010
|
||||||
Coca-Cola Company (The)
|
134,650
|
5,744,169
|
||||||
Diageo plc - ADR
|
33,035
|
3,812,239
|
||||||
PepsiCo, Inc.
|
70,810
|
6,591,703
|
||||||
Philip Morris International, Inc.
|
55,885
|
4,660,809
|
||||||
Wal-Mart Stores, Inc.
|
76,732
|
5,867,696
|
||||||
47,918,867
|
||||||||
Energy — 8.7%
|
||||||||
Chevron Corporation
|
50,211
|
5,991,177
|
||||||
Exxon Mobil Corporation
|
63,430
|
5,965,591
|
||||||
Kinder Morgan, Inc.
|
212,860
|
8,161,052
|
||||||
Marathon Petroleum Corporation
|
57,550
|
4,872,759
|
||||||
Occidental Petroleum Corporation
|
46,640
|
4,484,436
|
||||||
29,475,015
|
||||||||
Financials — 28.3%
|
||||||||
Aflac, Inc.
|
106,095
|
6,180,034
|
||||||
Capital One Financial Corporation
|
102,445
|
8,361,561
|
||||||
Citigroup, Inc.
|
138,705
|
7,187,693
|
||||||
Equity Lifestyle Properties, Inc.
|
171,555
|
7,267,070
|
||||||
FNF Group
|
207,405
|
5,753,415
|
||||||
Gaming and Leisure Properties, Inc.
|
141,119
|
4,360,577
|
||||||
Hartford Financial Services Group, Inc. (The)
|
223,875
|
8,339,344
|
||||||
JPMorgan Chase & Company
|
109,505
|
6,596,581
|
||||||
Markel Corporation (a)
|
14,356
|
9,132,569
|
||||||
Sun Communities, Inc.
|
169,203
|
8,544,751
|
||||||
W.P. Carey, Inc.
|
163,279
|
10,412,302
|
||||||
Waddell & Reed Financial, Inc. - Class A
|
94,125
|
4,865,321
|
||||||
Wells Fargo & Company
|
184,450
|
9,567,422
|
||||||
96,568,640
|
||||||||
Health Care — 8.3%
|
||||||||
Johnson & Johnson
|
89,630
|
9,553,662
|
||||||
Merck & Company, Inc.
|
100,985
|
5,986,391
|
||||||
Teva Pharmaceutical Industries Ltd. - ADR
|
134,810
|
7,246,037
|
COMMON STOCKS — 90.8%(Continued)
|
Shares
|
Value
|
||||||
Health Care — 8.3% (Continued)
|
||||||||
WellPoint, Inc.
|
47,150
|
$
|
5,640,083
|
|||||
28,426,173
|
||||||||
Industrials — 10.4%
|
||||||||
3M Company
|
44,610
|
6,320,345
|
||||||
Eaton Corporation plc
|
92,227
|
5,844,425
|
||||||
General Electric Company
|
315,695
|
8,088,106
|
||||||
Illinois Tool Works, Inc.
|
59,535
|
5,025,944
|
||||||
Raytheon Company
|
51,586
|
5,242,169
|
||||||
Watsco, Inc.
|
58,565
|
5,047,132
|
||||||
35,568,121
|
||||||||
Information Technology — 5.1%
|
||||||||
Automatic Data Processing, Inc.
|
82,980
|
6,893,978
|
||||||
Cisco Systems, Inc.
|
204,325
|
5,142,860
|
||||||
Hewlett-Packard Company
|
151,195
|
5,362,887
|
||||||
17,399,725
|
||||||||
Materials — 5.1%
|
||||||||
E.I. du Pont de Nemours and Company
|
80,790
|
5,797,491
|
||||||
Eastman Chemical Company
|
76,800
|
6,212,352
|
||||||
Nucor Corporation
|
98,230
|
5,331,924
|
||||||
17,341,767
|
||||||||
Telecommunication Services — 3.3%
|
||||||||
TELUS Corporation
|
131,970
|
4,510,735
|
||||||
Verizon Communications, Inc.
|
134,080
|
6,702,659
|
||||||
11,213,394
|
||||||||
Utilities — 1.4%
|
||||||||
Dominion Resources, Inc.
|
67,245
|
4,645,957
|
||||||
Total Common Stocks (Cost $258,845,348)
|
$
|
309,380,828
|
EXCHANGE-TRADED FUNDS — 4.5%
|
Shares
|
Value
|
||||||
db X-trackers Harvest CSI 300 China A-Shares ETF (a)
|
270,920
|
$
|
6,981,609
|
|||||
SPDR EURO STOXX 50 ETF
|
209,270
|
8,308,019
|
||||||
Total Exchange-Traded Funds (Cost $13,526,593)
|
$
|
15,289,628
|
MONEY MARKET FUNDS — 2.9%
|
Shares
|
Value
|
||||||
First American Treasury Obligations Fund - Class Z, 0.00% (b) (Cost $9,987,192)
|
9,987,192
|
$
|
9,987,192
|
|||||
Total Investments at Value — 98.2% (Cost $282,359,133)
|
$
|
334,657,648
|
||||||
Other Assets in Excess of Liabilities — 1.8%
|
6,181,725
|
|||||||
Net Assets — 100.0%
|
$
|
340,839,373
|
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2014. |
COMMON STOCKS — 90.0%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 26.1%
|
||||||||
Amazon.com, Inc. (a)
|
17,825
|
$
|
5,747,493
|
|||||
Cabela's, Inc. (a)
|
126,620
|
7,457,918
|
||||||
CarMax, Inc. (a)
|
207,870
|
9,655,561
|
||||||
Discovery Communications, Inc. - Class A (a)
|
84,070
|
3,177,846
|
||||||
Discovery Communications, Inc. - Class C (a)
|
84,070
|
3,134,130
|
||||||
Hanesbrands, Inc.
|
52,270
|
5,615,889
|
||||||
Krispy Kreme Doughnuts, Inc. (a)
|
319,475
|
5,482,191
|
||||||
Penn National Gaming, Inc. (a)
|
1,031,809
|
11,566,579
|
||||||
51,837,607
|
||||||||
Consumer Staples — 6.5%
|
||||||||
Church & Dwight Company, Inc.
|
87,965
|
6,171,624
|
||||||
J.M. Smucker Company (The)
|
67,190
|
6,651,138
|
||||||
12,822,762
|
||||||||
Energy — 1.9%
|
||||||||
Ultra Petroleum Corporation (a)
|
160,339
|
3,729,485
|
||||||
Financials — 34.0%
|
||||||||
American Tower Corporation
|
98,350
|
9,208,510
|
||||||
Brookfield Asset Management, Inc. - Class A
|
228,190
|
10,259,422
|
||||||
Capital One Financial Corporation
|
107,046
|
8,737,095
|
||||||
Fairfax Financial Holdings Ltd.
|
8,618
|
3,845,429
|
||||||
FNF Group
|
116,665
|
3,236,287
|
||||||
Gaming and Leisure Properties, Inc.
|
307,004
|
9,486,424
|
||||||
Markel Corporation (a)
|
17,595
|
11,193,059
|
||||||
Portfolio Recovery Associates, Inc. (a)
|
93,855
|
4,902,047
|
||||||
Sun Communities, Inc.
|
130,642
|
6,597,421
|
||||||
67,465,694
|
||||||||
Health Care — 2.0%
|
||||||||
Henry Schein, Inc. (a)
|
34,965
|
4,072,374
|
||||||
Industrials — 10.5%
|
||||||||
American Airlines Group, Inc.
|
162,995
|
5,783,063
|
||||||
Colfax Corporation (a)
|
119,195
|
6,790,539
|
||||||
Pall Corporation
|
62,295
|
5,214,091
|
||||||
Watsco, Inc.
|
35,045
|
3,020,178
|
||||||
20,807,871
|
||||||||
Information Technology — 3.2%
|
||||||||
Intuit, Inc.
|
72,870
|
6,387,056
|
||||||
Materials — 3.2%
|
||||||||
Alcoa, Inc.
|
396,080
|
6,372,927
|
COMMON STOCKS — 90.0% (Continued)
|
Shares
|
Value
|
||||||
Utilities — 2.6%
|
||||||||
NRG Energy, Inc.
|
169,825
|
$
|
5,176,266
|
|||||
Total Common Stocks (Cost $159,296,809)
|
$
|
178,672,042
|
CLOSED-END FUNDS — 3.2%
|
Shares
|
Value
|
||||||
Morgan Stanley China A Share Fund, Inc. (Cost $6,200,802)
|
264,855
|
$
|
6,435,976
|
MONEY MARKET FUNDS — 2.9%
|
Shares
|
Value
|
||||||
First American Treasury Obligations Fund - Class Z, 0.00% (b) (Cost $5,691,794)
|
5,691,794
|
$
|
5,691,794
|
|||||
Total Investments at Value — 96.1% (Cost $171,189,405)
|
$
|
190,799,812
|
||||||
Other Assets in Excess of Liabilities — 3.9%
|
7,666,335
|
|||||||
Net Assets — 100.0%
|
$
|
198,466,147
|
(a) | Non-income producing security. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2014. |
Davenport
Core Fund |
Davenport
Value &
Income
Fund |
Davenport Equity Opportunities Fund
|
||||||||||
ASSETS
|
||||||||||||
Investments in securities:
|
||||||||||||
At acquisition cost
|
$
|
205,638,155
|
$
|
282,359,133
|
$
|
171,189,405
|
||||||
At market value (Note 2)
|
$
|
286,417,898
|
$
|
334,657,648
|
$
|
190,799,812
|
||||||
Cash
|
7,999,487
|
4,969,476
|
6,964,398
|
|||||||||
Dividends receivable
|
170,489
|
1,044,405
|
323,814
|
|||||||||
Receivable for securities sold
|
3,274,931
|
—
|
—
|
|||||||||
Receivable for capital shares sold
|
160,724
|
660,152
|
766,753
|
|||||||||
Other assets
|
29,549
|
31,110
|
24,198
|
|||||||||
TOTAL ASSETS
|
298,053,078
|
341,362,791
|
198,878,975
|
|||||||||
LIABILITIES
|
||||||||||||
Payable for capital shares redeemed
|
169,510
|
258,887
|
250,698
|
|||||||||
Accrued investment advisory fees (Note 4)
|
208,457
|
218,391
|
135,658
|
|||||||||
Payable to administrator (Note 4)
|
32,550
|
35,950
|
24,050
|
|||||||||
Other accrued expenses and liabilities
|
4,128
|
10,190
|
2,422
|
|||||||||
TOTAL LIABILITIES
|
414,645
|
523,418
|
412,828
|
|||||||||
NET ASSETS
|
$
|
297,638,433
|
$
|
340,839,373
|
$
|
198,466,147
|
||||||
Net assets consist of:
|
||||||||||||
Paid-in capital
|
$
|
208,513,833
|
$
|
282,302,656
|
$
|
169,590,338
|
||||||
Accumulated net investment income
|
31,709
|
321,083
|
405,018
|
|||||||||
Accumulated net realized gains from security transactions
|
8,313,148
|
5,917,119
|
8,860,384
|
|||||||||
Net unrealized appreciation on investments
|
80,779,743
|
52,298,515
|
19,610,407
|
|||||||||
Net assets
|
$
|
297,638,433
|
$
|
340,839,373
|
$
|
198,466,147
|
||||||
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value) |
15,714,744
|
23,232,888
|
13,210,603
|
|||||||||
Net asset value, offering price and redemption price per share (Note 2)
|
$
|
18.94
|
$
|
14.67
|
$
|
15.02
|
Davenport
Core Fund |
Davenport
Value &
Income
Fund |
Davenport Equity Opportunities Fund
|
||||||||||
INVESTMENT INCOME
|
||||||||||||
Dividends
|
$
|
2,233,917
|
$
|
4,644,635
|
$
|
1,340,264
|
||||||
Foreign withholding taxes on dividends
|
(76,985
|
)
|
(49,655
|
)
|
(10,656
|
)
|
||||||
TOTAL INVESTMENT INCOME
|
2,156,932
|
4,594,980
|
1,329,608
|
|||||||||
EXPENSES
|
||||||||||||
Investment advisory fees (Note 4)
|
1,107,239
|
1,228,767
|
713,820
|
|||||||||
Administration fees (Note 4)
|
180,689
|
197,112
|
128,904
|
|||||||||
Registration and filing fees
|
17,847
|
23,286
|
20,351
|
|||||||||
Postage and supplies
|
15,276
|
15,781
|
17,151
|
|||||||||
Professional fees
|
15,440
|
15,682
|
11,953
|
|||||||||
Compliance service fees (Note 4)
|
14,190
|
15,442
|
10,292
|
|||||||||
Custodian and bank service fees
|
11,452
|
14,158
|
8,338
|
|||||||||
Printing of shareholder reports
|
6,078
|
6,468
|
5,428
|
|||||||||
Insurance expense
|
5,701
|
6,111
|
3,664
|
|||||||||
Trustees' fees and expenses (Note 4)
|
3,242
|
3,242
|
3,242
|
|||||||||
Other expenses
|
1,211
|
1,320
|
1,079
|
|||||||||
TOTAL EXPENSES
|
1,378,365
|
1,527,369
|
924,222
|
|||||||||
NET INVESTMENT INCOME
|
778,567
|
3,067,611
|
405,386
|
|||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
||||||||||||
Net realized gains from security transactions
|
8,334,164
|
5,918,906
|
8,860,961
|
|||||||||
Net change in unrealized appreciation/depreciation on investments
|
365,693
|
1,101,725
|
(8,610,428
|
)
|
||||||||
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
|
8,699,857
|
7,020,631
|
250,533
|
|||||||||
NET INCREASE IN NET ASSETS FROM OPERATIONS
|
$
|
9,478,424
|
$
|
10,088,242
|
$
|
655,919
|
Six Months Ended September 30,
2014 (Unaudited)
|
Year
Ended March 31, 2014 |
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
778,567
|
$
|
1,587,651
|
||||
Net realized gains from security transactions
|
8,334,164
|
24,247,628
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
365,693
|
21,071,593
|
||||||
Net increase in net assets from operations
|
9,478,424
|
46,906,872
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(773,860
|
)
|
(1,572,542
|
)
|
||||
From net realized gains from security transactions
|
(14,094,415
|
)
|
(11,297,772
|
)
|
||||
Decrease in net assets from distributions to shareholders
|
(14,868,275
|
)
|
(12,870,314
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
19,560,680
|
44,315,591
|
||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
14,382,586
|
12,476,055
|
||||||
Payments for shares redeemed
|
(12,146,200
|
)
|
(20,495,991
|
)
|
||||
Net increase in net assets from capital share transactions
|
21,797,066
|
36,295,655
|
||||||
TOTAL INCREASE IN NET ASSETS
|
16,407,215
|
70,332,213
|
||||||
NET ASSETS
|
||||||||
Beginning of period
|
281,231,218
|
210,899,005
|
||||||
End of period
|
$
|
297,638,433
|
$
|
281,231,218
|
||||
ACCUMULATED NET INVESTMENT INCOME
|
$
|
31,709
|
$
|
27,002
|
||||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
1,010,339
|
2,414,969
|
||||||
Shares reinvested
|
762,394
|
681,244
|
||||||
Shares redeemed
|
(631,487
|
)
|
(1,117,243
|
)
|
||||
Net increase in shares outstanding
|
1,141,246
|
1,978,970
|
||||||
Shares outstanding at beginning of period
|
14,573,498
|
12,594,528
|
||||||
Shares outstanding at end of period
|
15,714,744
|
14,573,498
|
Six Months Ended September 30,
2014 (Unaudited)
|
Year
Ended March 31, 2014 |
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
3,067,611
|
$
|
5,531,182
|
||||
Net realized gains from security transactions
|
5,918,906
|
14,211,440
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
1,101,725
|
22,127,758
|
||||||
Net increase in net assets from operations
|
10,088,242
|
41,870,380
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(3,003,238
|
)
|
(5,277,593
|
)
|
||||
From net realized gains from security transactions
|
(8,286,615
|
)
|
(9,157,892
|
)
|
||||
Decrease in net assets from distributions to shareholders
|
(11,289,853
|
)
|
(14,435,485
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
39,437,719
|
87,997,225
|
||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
10,387,750
|
13,263,859
|
||||||
Payments for shares redeemed
|
(12,072,093
|
)
|
(21,298,242
|
)
|
||||
Net increase in net assets from capital share transactions
|
37,753,376
|
79,962,842
|
||||||
TOTAL INCREASE IN NET ASSETS
|
36,551,765
|
107,397,737
|
||||||
NET ASSETS
|
||||||||
Beginning of period
|
304,287,608
|
196,889,871
|
||||||
End of period
|
$
|
340,839,373
|
$
|
304,287,608
|
||||
ACCUMULATED NET INVESTMENT INCOME
|
$
|
321,083
|
$
|
256,710
|
||||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
2,654,970
|
6,314,504
|
||||||
Shares reinvested
|
703,022
|
959,324
|
||||||
Shares redeemed
|
(813,284
|
)
|
(1,522,285
|
)
|
||||
Net increase in shares outstanding
|
2,544,708
|
5,751,543
|
||||||
Shares outstanding at beginning of period
|
20,688,180
|
14,936,637
|
||||||
Shares outstanding at end of period
|
23,232,888
|
20,688,180
|
Six Months Ended September 30,
2014 (Unaudited)
|
Year
Ended March 31, 2014 |
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
405,386
|
$
|
2,650,696
|
||||
Net realized gains from security transactions
|
8,860,961
|
14,022,701
|
||||||
Net change in unrealized appreciation/depreciation on investments
|
(8,610,428
|
)
|
10,046,548
|
|||||
Net increase in net assets from operations
|
655,919
|
26,719,945
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(2,452,135
|
)
|
(224,384
|
)
|
||||
From net realized gains from security transactions
|
(8,921,254
|
)
|
(7,464,989
|
)
|
||||
Decrease in net assets from distributions to shareholders
|
(11,373,389
|
)
|
(7,689,373
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
32,260,703
|
54,980,702
|
||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
10,969,996
|
7,445,644
|
||||||
Payments for shares redeemed
|
(8,536,141
|
)
|
(9,646,854
|
)
|
||||
Net increase in net assets from capital share transactions
|
34,694,558
|
52,779,492
|
||||||
TOTAL INCREASE IN NET ASSETS
|
23,977,088
|
71,810,064
|
||||||
NET ASSETS
|
||||||||
Beginning of period
|
174,489,059
|
102,678,995
|
||||||
End of period
|
$
|
198,466,147
|
$
|
174,489,059
|
||||
ACCUMULATED NET INVESTMENT INCOME
|
$
|
405,018
|
$
|
2,451,767
|
||||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
2,065,031
|
3,699,725
|
||||||
Shares reinvested
|
719,344
|
510,464
|
||||||
Shares redeemed
|
(541,677
|
)
|
(651,385
|
)
|
||||
Net increase in shares outstanding
|
2,242,698
|
3,558,804
|
||||||
Shares outstanding at beginning of period
|
10,967,905
|
7,409,101
|
||||||
Shares outstanding at end of period
|
13,210,603
|
10,967,905
|
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
19.30
|
$
|
16.75
|
$
|
15.00
|
$
|
13.73
|
$
|
12.05
|
$
|
8.36
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.05
|
0.12
|
0.11
|
0.09
|
0.07
|
0.08
|
||||||||||||||||||
Net realized and unrealized gains on investments
|
0.58
|
3.39
|
1.75
|
1.27
|
1.68
|
3.69
|
||||||||||||||||||
Total from investment operations
|
0.63
|
3.51
|
1.86
|
1.36
|
1.75
|
3.77
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.05
|
)
|
(0.12
|
)
|
(0.11
|
)
|
(0.09
|
)
|
(0.07
|
)
|
(0.08
|
)
|
||||||||||||
Distributions from net realized gains
|
(0.94
|
)
|
(0.84
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Total distributions
|
(0.99
|
)
|
(0.96
|
)
|
(0.11
|
)
|
(0.09
|
)
|
(0.07
|
)
|
(0.08
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
18.94
|
$
|
19.30
|
$
|
16.75
|
$
|
15.00
|
$
|
13.73
|
$
|
12.05
|
||||||||||||
Total return (a)
|
3.31
|
%(b)
|
21.32
|
%
|
12.47
|
%
|
9.99
|
%
|
14.61
|
%
|
45.20
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
297,638
|
$
|
281,231
|
$
|
210,899
|
$
|
174,898
|
$
|
159,894
|
$
|
132,662
|
||||||||||||
Ratio of total expenses to average net assets
|
0.93
|
%(c)
|
0.94
|
%
|
0.95
|
%
|
0.96
|
%
|
0.99
|
%
|
1.00
|
%
|
||||||||||||
Ratio of net investment income to average net assets
|
0.53
|
%(c)
|
0.64
|
%
|
0.71
|
%
|
0.66
|
%
|
0.58
|
%
|
0.75
|
%
|
||||||||||||
Portfolio turnover rate
|
16
|
%(b)
|
29
|
%
|
26
|
%
|
19
|
%
|
34
|
%
|
25
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Not annualized. |
(c) | Annualized. |
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
Year
Ended March 31, 2013 |
Year
Ended March 31, 2012 |
Period
Ended March 31, 2011 (a) |
||||||||||||||||
Net asset value at beginning of period
|
$
|
14.71
|
$
|
13.18
|
$
|
11.51
|
$
|
10.50
|
$
|
10.00
|
||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.14
|
0.30
|
0.28
|
0.23
|
0.04
|
|||||||||||||||
Net realized and unrealized gains on investments
|
0.35
|
2.04
|
1.81
|
1.02
|
0.49
|
|||||||||||||||
Total from investment operations
|
0.49
|
2.34
|
2.09
|
1.25
|
0.53
|
|||||||||||||||
Less distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.14
|
)
|
(0.29
|
)
|
(0.27
|
)
|
(0.23
|
)
|
(0.03
|
)
|
||||||||||
Distributions from net realized gains
|
(0.39
|
)
|
(0.52
|
)
|
(0.15
|
)
|
(0.01
|
)
|
—
|
|||||||||||
Total distributions
|
(0.53
|
)
|
(0.81
|
)
|
(0.42
|
)
|
(0.24
|
)
|
(0.03
|
)
|
||||||||||
Net asset value at end of period
|
$
|
14.67
|
$
|
14.71
|
$
|
13.18
|
$
|
11.51
|
$
|
10.50
|
||||||||||
Total return (b)
|
3.25
|
%(c)
|
18.25
|
%
|
18.69
|
%
|
12.23
|
%
|
5.35
|
%(c)
|
||||||||||
Net assets at end of period (000's)
|
$
|
340,839
|
$
|
304,288
|
$
|
196,890
|
$
|
98,757
|
$
|
48,831
|
||||||||||
Ratio of total expenses to average net assets
|
0.93
|
%(d)
|
0.94
|
%
|
0.96
|
%
|
1.04
|
%
|
1.25
|
%(d)
|
||||||||||
Ratio of net investment income to average net assets
|
1.85
|
%(d)
|
2.22
|
%
|
2.37
|
%
|
2.30
|
%
|
1.99
|
%(d)
|
||||||||||
Portfolio turnover rate
|
11
|
%(c)
|
32
|
%
|
29
|
%
|
27
|
%
|
10
|
%(c)
|
(a) | Represents the period from commencement of operations (December 31, 2010) through March 31, 2011. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Not annualized. |
(d) | Annualized. |
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
Year
Ended March 31, 2013 |
Year
Ended March 31, 2012 |
Period
Ended March 31, 2011 (a) |
||||||||||||||||
Net asset value at beginning of period
|
$
|
15.91
|
$
|
13.86
|
$
|
11.96
|
$
|
10.72
|
$
|
10.00
|
||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.02
|
0.24
|
0.03
|
(0.02
|
)
|
(0.01
|
)
|
|||||||||||||
Net realized and unrealized gains on investments
|
0.07
|
2.65
|
2.17
|
1.30
|
0.73
|
|||||||||||||||
Total from investment operations
|
0.09
|
2.89
|
2.20
|
1.28
|
0.72
|
|||||||||||||||
Less distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.21
|
)
|
(0.02
|
)
|
(0.02
|
)
|
—
|
—
|
||||||||||||
Distributions from net realized gains
|
(0.77
|
)
|
(0.82
|
)
|
(0.28
|
)
|
(0.04
|
)
|
—
|
|||||||||||
Total distributions
|
(0.98
|
)
|
(0.84
|
)
|
(0.30
|
)
|
(0.04
|
)
|
—
|
|||||||||||
Net asset value at end of period
|
$
|
15.02
|
$
|
15.91
|
$
|
13.86
|
$
|
11.96
|
$
|
10.72
|
||||||||||
Total return (b)
|
0.52
|
%(c)
|
21.57
|
%
|
18.77
|
%
|
12.00
|
%
|
7.20
|
%(c)
|
||||||||||
Net assets at end of period (000's)
|
$
|
198,466
|
$
|
174,489
|
$
|
102,679
|
$
|
59,135
|
$
|
34,375
|
||||||||||
Ratio of total expenses to average net assets
|
0.97
|
%(d)
|
0.97
|
%
|
1.01
|
%
|
1.10
|
%
|
1.25
|
%(d)
|
||||||||||
Ratio of net investment income (loss) to average net assets
|
0.40
|
%(d)
|
1.96
|
%
|
0.23
|
%
|
(0.22
|
%)
|
(0.40%
|
)(d)
|
||||||||||
Portfolio turnover rate
|
19
|
%(c)
|
49
|
%
|
41
|
%
|
35
|
%
|
6
|
%(c)
|
(a) | Represents the period from commencement of operations (December 31, 2010) through March 31, 2011. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Not annualized. |
(d) | Annualized. |
Davenport Core Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
280,646,892
|
$
|
—
|
$
|
—
|
$
|
280,646,892
|
||||||||
Money Market Funds
|
5,771,006
|
—
|
—
|
5,771,006
|
||||||||||||
Total
|
$
|
286,417,898
|
$
|
—
|
$
|
—
|
$
|
286,417,898
|
Davenport Value & Income Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
309,380,828
|
$
|
—
|
$
|
—
|
$
|
309,380,828
|
||||||||
Exchange-Traded Funds
|
15,289,628
|
—
|
—
|
15,289,628
|
||||||||||||
Money Market Funds
|
9,987,192
|
—
|
—
|
9,987,192
|
||||||||||||
Total
|
$
|
334,657,648
|
$
|
—
|
$
|
—
|
$
|
334,657,648
|
Davenport Equity Opportunities Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
178,672,042
|
$
|
—
|
$
|
—
|
$
|
178,672,042
|
||||||||
Closed-End Funds
|
6,435,976
|
—
|
—
|
6,435,976
|
||||||||||||
Money Market Funds
|
5,691,794
|
—
|
—
|
5,691,794
|
||||||||||||
Total
|
$
|
190,799,812
|
$
|
—
|
$
|
—
|
$
|
190,799,812
|
Periods
Ended |
Ordinary
Income |
Long-Term
Capital Gains |
Total
Distributions |
||||||||||
Davenport Core Fund
|
9/30/14
|
$
|
1,880,830
|
$
|
12,987,445
|
$
|
14,868,275
|
||||||
3/31/14
|
$
|
1,949,919
|
$
|
10,920,395
|
$
|
12,870,314
|
|||||||
Davenport Value & Income Fund
|
9/30/14
|
$
|
3,457,152
|
$
|
7,832,701
|
$
|
11,289,853
|
||||||
3/31/14
|
$
|
7,813,611
|
$
|
6,621,874
|
$
|
14,435,485
|
|||||||
Davenport Equity Opportunities Fund
|
9/30/14
|
$
|
6,946,179
|
$
|
4,427,210
|
$
|
11,373,389
|
||||||
3/31/14
|
$
|
1,238,779
|
$
|
6,450,594
|
$
|
7,689,373
|
Davenport
Core Fund |
Davenport
Value & Income Fund |
Davenport
Equity Opportunities Fund |
||||||||||
Cost of portfolio investments
|
$
|
205,650,633
|
$
|
282,382,149
|
$
|
171,190,080
|
||||||
Gross unrealized appreciation
|
$
|
82,410,025
|
$
|
55,774,072
|
$
|
26,844,313
|
||||||
Gross unrealized depreciation
|
(1,642,760
|
)
|
(3,498,573
|
)
|
(7,234,581
|
)
|
||||||
Net unrealized appreciation
|
80,767,265
|
52,275,499
|
19,609,732
|
|||||||||
Undistributed ordinary income
|
31,709
|
343,891
|
405,018
|
|||||||||
Other gains
|
8,325,626
|
5,917,327
|
8,861,059
|
|||||||||
Accumulated earnings
|
$
|
89,124,600
|
$
|
58,536,717
|
$
|
28,875,809
|
Davenport Core Fund
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value Sept. 30, 2014
|
Expenses Paid
During Period*
|
Based on Actual Fund Return
|
$1,000.00
|
$1,033.10
|
$4.74
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,020.41
|
$4.71
|
*
|
Expenses are equal to Davenport Core Fund's annualized expense ratio of 0.93% for the period, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
|
Davenport Value & Income Fund
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value Sept. 30, 2014
|
Expenses Paid
During Period*
|
Based on Actual Fund Return
|
$1,000.00
|
$1,032.50
|
$4.74
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,020.41
|
$4.71
|
*
|
Expenses are equal to Davenport Value & Income Fund's annualized expense ratio of 0.93% for the period, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
|
Davenport Equity Opportunities Fund
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value Sept. 30, 2014
|
Expenses Paid
During Period*
|
Based on Actual Fund Return
|
$1,000.00
|
$1,005.20
|
$4.88
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,020.21
|
$4.91
|
*
|
Expenses are equal to Davenport Equity Opportunities Fund's annualized expense ratio of 0.97% for the period, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
|
PRIVACY NOTICE
|
FACTS
|
WHAT DO THE DAVENPORT FUNDS DO WITH YOUR PERSONAL INFORMATION?
|
||
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
||
What?
|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
§ Social Security number
§ Assets
§ Retirement Assets
§ Transaction History
§ Checking Account Information
§ Purchase History
§ Account Balances
§ Account Transactions
§ Wire Transfer Instructions
When you are no longer our customer, we continue to share your information as described in this notice.
|
||
How?
|
All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Davenport Funds choose to share; and whether you can limit this sharing.
|
||
Reasons we can share your personal information
|
Do The Davenport
Funds share?
|
Can you limit
this sharing?
|
|
For our everyday business purposes – Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes – to offer our products and services to you
|
No
|
We don't share
|
|
For joint marketing with other financial companies
|
No
|
We don't share
|
|
For our affiliates' everyday business purposes – information about your creditworthiness
|
No
|
We don't share
|
|
For nonaffiliates to market to you
|
No
|
We don't share
|
|
Questions?
|
Call 1-800-281-3217
|
Who we are
|
|
Who is providing this notice?
|
Williamsburg Investment Trust
Ultimus Fund Distributors, LLC
Ultimus Fund Solutions, LLC
|
What we do
|
|
How do The Davenport Funds protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
|
How do The Davenport Funds collect my personal information?
|
We collect your personal information, for example, when you
§ Provide account information
§ Give us your contact information
§ Make deposits or withdrawals from your account
§ Make a wire transfer
§ Tell us where to send the money
§ Tell us who receives the money
§ Show your government-issued ID
§ Show your driver's license
We also collect your personal information from other companies.
|
Why can't I limit all sharing?
|
Federal law gives you the right to limit only
§ Sharing for affiliates' everyday business purposes – information about your creditworthiness
§ Affiliates from using your information to market to you
§ Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
§ Davenport & Company LLC, the investment adviser to The Davenport Funds, could be deemed to be an affiliate.
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies
§ The Davenport Funds do not share with nonaffiliates so they can market to you
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
§ The Davenport Funds don't jointly market.
|
THE DAVENPORT FUNDS
Investment Adviser
Davenport & Company LLC One James Center 901 East Cary Street Richmond, Virginia 23219-4037 Administrator
Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, Ohio 45246-0707 1-800-281-3217 Custodian
US Bank NA 425 Walnut Street Cincinnati, Ohio 45202 Independent Registered Public
Accounting Firm Ernst & Young LLP 1900 Scripps Center 312 Walnut Street Cincinnati, Ohio 45202 Legal Counsel
Sullivan & Worcester LLP One Post Office Square Boston, Massachusetts 02109 Board of Trustees
Robert S. Harris, Ph.D., Chairman John P. Ackerly, IV John T. Bruce J. Finley Lee, Jr., Ph.D. Harris V. Morrissette Elizabeth W. Robertson Officers
John P. Ackerly, IV, President George L. Smith, III, Vice President |
|
||||||
![]() Semi-Annual Report
September 30, 2014
(Unaudited)
No-Load Funds
|
||||||
|
Letter to Shareholders
|
November 6, 2014
|
Average Annual Total Returns(a)
(for periods ended September 30, 2014)
|
|||
|
1 Year
|
5 Years
|
10 Years
|
FBP Equity & Dividend Plus Fund
|
13.52%
|
9.86%
|
4.21%
|
FBP Appreciation & Income Opportunities Fund
|
11.68%
|
9.46%
|
5.21%
|
Standard & Poor's 500® Index
|
19.73%
|
15.70%
|
8.11%
|
Consumer Price Index
|
1.69%
|
1.96%
|
2.38%
|
(a)
|
Total returns are a measure of the change in value of an investment in the Funds over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Funds. Returns do not reflect the deduction of taxes a shareholder would pay on the Funds' distributions or the redemption of Fund shares.
|
General Information
|
|
Net Asset Value Per Share
|
$25.65
|
Total Net Assets (Millions)
|
$30.1
|
Current Expense Ratio
|
1.07%
|
Portfolio Turnover (not annualized)
|
8%
|
Fund Inception Date
|
7/30/1993
|
Stock Characteristics
|
FBP Equity &
Dividend Plus Fund
|
S&P 500® Index
|
Number of Stocks
|
48
|
500
|
Weighted Avg Market Capitalization (Billions)
|
$124.1
|
$130.7
|
Price-to-Earnings Ratio (Bloomberg 1 Yr. Forecast EPS)
|
13.0
|
15.3
|
Price-to-Book Value
|
2.0
|
2.7
|
Asset Allocation (% of Net Assets)
|
![]() |
Sector Diversification vs. the S&P 500® Index
|
Ten Largest Equity Holdings
|
% of Net Assets
|
JPMorgan Chase & Company
|
3.4%
|
ConocoPhillips
|
3.1%
|
Apple, Inc.
|
3.0%
|
Royal Dutch Shell plc - Class A - ADR
|
3.0%
|
PepsiCo, Inc.
|
2.7%
|
Cisco Systems, Inc.
|
2.7%
|
ConAgra Foods, Inc.
|
2.5%
|
Merck & Company, Inc.
|
2.5%
|
Chevron Corporation
|
2.5%
|
Best Buy Company, Inc.
|
2.5%
|
General Information
|
|
Net Asset Value Per Share
|
$18.95
|
Total Net Assets (Millions)
|
$40.0
|
Current Expense Ratio
|
1.00%
|
Portfolio Turnover (not annualized)
|
3%
|
Fund Inception Date
|
7/3/1989
|
Asset Allocation (% of Net Assets)
|
![]() |
Common Stock Portfolio (76.9% of Net Assets)
|
|
Number of Stocks
|
56
|
Weighted Avg Market Capitalization (Billion)
|
$113.1
|
Price-to-Earnings Ratio (Bloomberg 1 Yr. Forecast EPS)
|
12.6
|
Price-to-Book Value
|
1.7
|
Ten Largest Equity Holdings
|
% of Net Assets
|
JPMorgan Chase & Company
|
3.1%
|
Bank of America Corporation
|
2.9%
|
MetLife, Inc.
|
2.7%
|
Johnson & Johnson
|
2.7%
|
Cisco Systems, Inc.
|
2.5%
|
ConocoPhillips
|
2.4%
|
Lincoln National Corporation
|
2.3%
|
E.I. du Pont de Nemours and Company
|
2.2%
|
Hewlett-Packard Company
|
2.1%
|
Apple, Inc.
|
2.1%
|
Five Largest Sectors
|
% of Net Assets
|
Financials
|
18.2%
|
Energy
|
12.1%
|
Information Technology
|
11.6%
|
Materials
|
8.6%
|
Health Care
|
6.8%
|
Fixed-Income Portfolio (5.2% of Net Assets)
|
|
Number of Fixed-Income Securities
|
4
|
Average Quality
|
BBB+
|
Average Weighted Maturity
|
1.0 yrs.
|
Average Effective Duration
|
0.7 yrs.
|
Sector Breakdown
|
% of Net Assets
|
Financials
|
3.2%
|
Industrials
|
1.3%
|
Municipal Bonds
|
0.7%
|
COMMON STOCKS — 87.0%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 7.9%
|
||||||||
Best Buy Company, Inc. (a)
|
22,000
|
$
|
738,980
|
|||||
Kohl's Corporation (a)
|
9,000
|
549,270
|
||||||
Staples, Inc.
|
38,000
|
459,800
|
||||||
Target Corporation
|
9,900
|
620,532
|
||||||
2,368,582
|
||||||||
Consumer Staples — 10.7%
|
||||||||
Coca-Cola Company (The)
|
16,000
|
682,560
|
||||||
ConAgra Foods, Inc. (a)
|
23,000
|
759,920
|
||||||
PepsiCo, Inc. (a)
|
8,800
|
819,192
|
||||||
Procter & Gamble Company (The)
|
8,500
|
711,790
|
||||||
Sysco Corporation
|
6,700
|
254,265
|
||||||
3,227,727
|
||||||||
Energy — 11.1%
|
||||||||
Chevron Corporation
|
6,300
|
751,716
|
||||||
ConocoPhillips (a)
|
12,200
|
933,544
|
||||||
Occidental Petroleum Corporation
|
4,000
|
384,600
|
||||||
Royal Dutch Shell plc - Class A - ADR
|
12,000
|
913,560
|
||||||
Transocean Ltd.
|
10,900
|
348,473
|
||||||
3,331,893
|
||||||||
Financials — 12.6%
|
||||||||
BB&T Corporation
|
10,000
|
372,100
|
||||||
First Niagara Financial Group, Inc.
|
53,000
|
441,490
|
||||||
HSBC Holdings plc - ADR
|
10,200
|
518,976
|
||||||
JPMorgan Chase & Company
|
17,000
|
1,024,080
|
||||||
Manulife Financial Corporation
|
20,000
|
385,000
|
||||||
MetLife, Inc.
|
5,500
|
295,460
|
||||||
People's United Financial, Inc.
|
33,400
|
483,298
|
||||||
Prudential Financial, Inc.
|
3,000
|
263,820
|
||||||
3,784,224
|
||||||||
Health Care — 5.4%
|
||||||||
Johnson & Johnson
|
2,600
|
277,134
|
||||||
Merck & Company, Inc. (a)
|
12,800
|
758,784
|
||||||
Pfizer, Inc.
|
20,000
|
591,400
|
||||||
1,627,318
|
||||||||
Industrials — 8.8%
|
||||||||
Avery Dennison Corporation
|
5,000
|
223,250
|
||||||
Emerson Electric Company
|
10,600
|
663,348
|
||||||
General Electric Company
|
27,000
|
691,740
|
||||||
Koninklijke Philips N.V.
|
14,482
|
459,224
|
||||||
R.R. Donnelley & Sons Company
|
36,400
|
599,144
|
||||||
2,636,706
|
COMMON STOCKS — 87.0% (Continued)
|
Shares
|
Value
|
||||||
Information Technology — 15.8%
|
||||||||
Apple, Inc. (a)
|
9,100
|
$
|
916,825
|
|||||
Applied Materials, Inc. (a)
|
15,000
|
324,150
|
||||||
Cisco Systems, Inc.
|
32,000
|
805,440
|
||||||
Hewlett-Packard Company (a)
|
19,500
|
691,665
|
||||||
Intel Corporation (a)
|
16,000
|
557,120
|
||||||
International Business Machines Corporation
|
1,600
|
303,728
|
||||||
Microsoft Corporation
|
12,500
|
579,500
|
||||||
Western Union Company (The)
|
37,000
|
593,480
|
||||||
4,771,908
|
||||||||
Materials — 7.6%
|
||||||||
E.I. du Pont de Nemours and Company (a)
|
5,000
|
358,800
|
||||||
Freeport-McMoRan Copper & Gold, Inc.
|
8,400
|
274,260
|
||||||
Nucor Corporation (a)
|
10,000
|
542,800
|
||||||
Potash Corporation of Saskatchewan, Inc.
|
12,600
|
435,456
|
||||||
Rio Tinto plc - ADR (a)
|
8,600
|
422,948
|
||||||
Sealed Air Corporation (a)
|
7,000
|
244,160
|
||||||
2,278,424
|
||||||||
Telecommunication Services — 3.3%
|
||||||||
AT&T, Inc.
|
18,000
|
634,320
|
||||||
CenturyLink, Inc.
|
9,000
|
368,010
|
||||||
1,002,330
|
||||||||
Utilities — 3.8%
|
||||||||
FirstEnergy Corporation
|
19,000
|
637,830
|
||||||
PPL Corporation
|
15,300
|
502,452
|
||||||
1,140,282
|
||||||||
Total Common Stocks (Cost $19,735,160)
|
$
|
26,169,394
|
MONEY MARKET FUNDS — 13.6%
|
Shares
|
Value
|
||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b)
|
2,983,618
|
$
|
2,983,618
|
|||||
First American Government Obligations Fund - Class Z, 0.01% (b)
|
1,119,115
|
1,119,115
|
||||||
Total Money Market Funds (Cost $4,102,733)
|
$
|
4,102,733
|
||||||
Total Investments at Value — 100.6% (Cost $23,837,893)
|
$
|
30,272,127
|
||||||
Liabilities in Excess of Other Assets — (0.6%)
|
(191,587
|
)
|
||||||
Net Assets — 100.0%
|
$
|
30,080,540
|
(a) | Security covers a written call option. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2014. |
COVERED CALL OPTIONS
|
Option
Contracts
|
Value of
Options |
Premiums Received
|
|||||||||
Apple, Inc.,
|
||||||||||||
04/17/2015 at $105
|
30
|
$
|
15,750
|
$
|
16,633
|
|||||||
Applied Materials, Inc.,
|
||||||||||||
01/17/2015 at $25
|
150
|
4,500
|
15,444
|
|||||||||
Best Buy Company, Inc.,
|
||||||||||||
12/20/2014 at $30
|
100
|
45,000
|
14,696
|
|||||||||
ConAgra Foods, Inc.,
|
||||||||||||
12/20/2014 at $33
|
110
|
11,000
|
8,465
|
|||||||||
ConocoPhillips,
|
||||||||||||
01/17/2015 at $82.5
|
58
|
5,336
|
9,451
|
|||||||||
E.I. du Pont de Nemours and Company,
|
||||||||||||
01/17/2015 at $67.5
|
25
|
13,125
|
5,124
|
|||||||||
Hewlett-Packard Company,
|
||||||||||||
01/17/2015 at $35
|
90
|
19,350
|
19,076
|
|||||||||
Intel Corporation,
|
||||||||||||
01/17/2015 at $30
|
60
|
31,500
|
9,657
|
|||||||||
04/17/2015 at $37
|
100
|
14,500
|
12,696
|
|||||||||
Kohl's Corporation,
|
||||||||||||
04/17/2015 at $62.5
|
30
|
9,600
|
7,559
|
|||||||||
Merck & Company, Inc.,
|
||||||||||||
01/17/2015 at $60
|
45
|
8,955
|
8,998
|
|||||||||
Nucor Corporation,
|
||||||||||||
04/17/2015 at $57.5
|
50
|
9,650
|
8,348
|
|||||||||
PepsiCo, Inc.,
|
||||||||||||
01/17/2015 at $92.5
|
40
|
12,480
|
6,278
|
|||||||||
Rio Tinto plc - ADR,
|
||||||||||||
01/17/2015 at $62.5
|
43
|
860
|
8,147
|
|||||||||
Sealed Air Corporation,
|
||||||||||||
01/17/2015 at $35
|
70
|
13,300
|
10,287
|
|||||||||
$
|
214,906
|
$
|
160,859
|
COMMON STOCKS — 76.9%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 5.0%
|
||||||||
Best Buy Company, Inc. (a)
|
20,000
|
$
|
671,800
|
|||||
Kohl's Corporation (a)
|
9,500
|
579,785
|
||||||
Staples, Inc.
|
35,000
|
423,500
|
||||||
Target Corporation
|
5,000
|
313,400
|
||||||
1,988,485
|
||||||||
Consumer Staples — 4.4%
|
||||||||
Archer-Daniels-Midland Company (a)
|
8,000
|
408,800
|
||||||
Avon Products, Inc.
|
24,000
|
302,400
|
||||||
CVS Caremark Corporation
|
3,800
|
302,442
|
||||||
PepsiCo, Inc. (a)
|
4,200
|
390,978
|
||||||
Wal-Mart Stores, Inc.
|
4,500
|
344,115
|
||||||
1,748,735
|
||||||||
Energy — 12.1%
|
||||||||
Baker Hughes, Inc. (a)
|
9,000
|
585,540
|
||||||
Chevron Corporation
|
5,000
|
596,600
|
||||||
ConocoPhillips (a)
|
12,500
|
956,500
|
||||||
Devon Energy Corporation
|
12,000
|
818,160
|
||||||
Occidental Petroleum Corporation
|
4,200
|
403,830
|
||||||
Peabody Energy Corporation
|
26,000
|
321,880
|
||||||
Royal Dutch Shell plc - Class A - ADR
|
11,000
|
837,430
|
||||||
Transocean Ltd.
|
10,000
|
319,700
|
||||||
4,839,640
|
||||||||
Financials — 18.2%
|
||||||||
Bank of America Corporation
|
69,000
|
1,176,450
|
||||||
Bank of New York Mellon Corporation (The)
|
13,500
|
522,855
|
||||||
Capital One Financial Corporation
|
4,000
|
326,480
|
||||||
Comerica, Inc.
|
7,000
|
349,020
|
||||||
First Niagara Financial Group, Inc.
|
35,000
|
291,550
|
||||||
JPMorgan Chase & Company
|
20,300
|
1,222,872
|
||||||
Lincoln National Corporation (a)
|
17,500
|
937,650
|
||||||
Manulife Financial Corporation
|
24,000
|
462,000
|
||||||
MetLife, Inc.
|
20,000
|
1,074,400
|
||||||
People's United Financial, Inc.
|
18,000
|
260,460
|
||||||
Travelers Companies, Inc. (The)
|
7,000
|
657,580
|
||||||
7,281,317
|
||||||||
Health Care — 6.8%
|
||||||||
Johnson & Johnson
|
10,000
|
1,065,900
|
||||||
Merck & Company, Inc.
|
14,000
|
829,920
|
||||||
Pfizer, Inc.
|
28,000
|
827,960
|
||||||
2,723,780
|
COMMON STOCKS — 76.9% (Continued)
|
Shares
|
Value
|
||||||
Industrials — 5.9%
|
||||||||
Allegion plc
|
1,582
|
$
|
75,367
|
|||||
Avery Dennison Corporation
|
11,500
|
513,475
|
||||||
FedEx Corporation (a)
|
1,200
|
193,740
|
||||||
General Electric Company
|
17,000
|
435,540
|
||||||
Ingersoll-Rand plc
|
4,700
|
264,892
|
||||||
Koninklijke Philips N.V.
|
15,517
|
492,044
|
||||||
R.R. Donnelley & Sons Company
|
23,000
|
378,580
|
||||||
2,353,638
|
||||||||
Information Technology — 11.6%
|
||||||||
Apple, Inc. (a)
|
8,400
|
846,300
|
||||||
Cisco Systems, Inc.
|
40,000
|
1,006,800
|
||||||
Hewlett-Packard Company (a)
|
24,000
|
851,280
|
||||||
Intel Corporation (a)
|
10,000
|
348,200
|
||||||
International Business Machines Corporation
|
1,300
|
246,779
|
||||||
Microsoft Corporation (a)
|
17,000
|
788,120
|
||||||
Western Union Company (The)
|
34,000
|
545,360
|
||||||
4,632,839
|
||||||||
Materials — 8.6%
|
||||||||
E.I. du Pont de Nemours and Company (a)
|
12,000
|
861,120
|
||||||
Freeport-McMoRan Copper & Gold, Inc.
|
9,000
|
293,850
|
||||||
Mosaic Company (The)
|
6,000
|
266,460
|
||||||
Nucor Corporation (a)
|
8,000
|
434,240
|
||||||
Rio Tinto plc - ADR (a)
|
9,000
|
442,620
|
||||||
Sealed Air Corporation (a)
|
20,000
|
697,600
|
||||||
Sonoco Products Company
|
12,000
|
471,480
|
||||||
3,467,370
|
||||||||
Telecommunication Services — 2.1%
|
||||||||
AT&T, Inc.
|
15,000
|
528,600
|
||||||
CenturyLink, Inc.
|
8,000
|
327,120
|
||||||
855,720
|
||||||||
Utilities — 2.2%
|
||||||||
FirstEnergy Corporation
|
13,000
|
436,410
|
||||||
PPL Corporation
|
14,000
|
459,760
|
||||||
896,170
|
||||||||
Total Common Stocks (Cost $19,711,664)
|
$
|
30,787,694
|
CORPORATE BONDS — 4.5%
|
Par Value
|
Value
|
||||||
Financials — 3.2%
|
||||||||
Berkley (W.R.) Corporation, 5.60%, due 05/15/2015
|
$
|
750,000
|
$
|
771,400
|
||||
Prudential Financial, Inc., 3.00%, due 05/12/2016
|
500,000
|
516,140
|
||||||
1,287,540
|
||||||||
Industrials — 1.3%
|
||||||||
Equifax, Inc., 4.45%, due 12/01/2014
|
500,000
|
500,733
|
||||||
Total Corporate Bonds (Cost $1,755,423)
|
$
|
1,788,273
|
MUNICIPAL BONDS — 0.7%
|
Par Value
|
Value
|
||||||
Wise Co., Virginia, Industrial Dev. Authority, Revenue, 1.70%, due 02/01/2017 (Cost $299,111)
|
$
|
300,000
|
$
|
299,559
|
MONEY MARKET FUNDS — 18.0%
|
Shares
|
Value
|
||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01% (b)
|
3,961,234
|
$
|
3,961,234
|
|||||
First American Government Obligations Fund - Class Z, 0.01% (b)
|
3,256,167
|
3,256,167
|
||||||
Total Money Market Funds (Cost $7,217,401)
|
$
|
7,217,401
|
||||||
Total Investments at Value — 100.1% (Cost $28,983,599)
|
$
|
40,092,927
|
||||||
Liabilities in Excess of Other Assets — (0.1%)
|
(48,353
|
)
|
||||||
Net Assets — 100.0%
|
$
|
40,044,574
|
(a) | Security covers a written call option. |
(b) | The rate shown is the 7-day effective yield as of September 30, 2014. |
COVERED CALL OPTIONS
|
Option
Contracts
|
Value of
Options |
Premiums Received
|
|||||||||
Apple, Inc.,
|
||||||||||||
04/17/2015 at $110
|
28
|
$
|
10,108
|
$
|
11,814
|
|||||||
Archer-Daniels-Midland Company,
|
||||||||||||
01/17/2015 at $47
|
80
|
37,600
|
12,616
|
|||||||||
Baker Hughes, Inc.,
|
||||||||||||
10/18/2014 at $65
|
40
|
7,520
|
16,550
|
|||||||||
Best Buy Company, Inc.,
|
||||||||||||
12/20/2014 at $30
|
100
|
45,000
|
14,996
|
|||||||||
ConocoPhillips,
|
||||||||||||
01/17/2015 at $82.5
|
25
|
2,300
|
4,074
|
|||||||||
E.I. du Pont de Nemours and Company,
|
||||||||||||
01/17/2015 at $67.5
|
40
|
21,000
|
8,198
|
|||||||||
Fedex Corporation,
|
||||||||||||
01/17/2015 at $155
|
6
|
6,510
|
2,982
|
|||||||||
Hewlett-Packard Company,
|
||||||||||||
01/17/2015 at $35
|
80
|
17,200
|
17,387
|
|||||||||
Intel Corporation,
|
||||||||||||
01/17/2015 at $30
|
30
|
15,750
|
4,829
|
|||||||||
04/17/2015 at $37
|
30
|
4,350
|
3,809
|
|||||||||
Kohl's Corporation,
|
||||||||||||
04/17/2015 at $62.5
|
40
|
12,800
|
10,478
|
|||||||||
Lincoln National Corporation,
|
||||||||||||
04/17/2015 at $57.5
|
30
|
7,260
|
8,159
|
|||||||||
04/17/2015 at $60
|
20
|
3,760
|
4,139
|
|||||||||
Microsoft Corporation,
|
||||||||||||
04/17/2015 at $47
|
30
|
6,330
|
5,309
|
|||||||||
Nucor Corporation,
|
||||||||||||
04/17/2015 at $57.5
|
40
|
7,720
|
7,198
|
|||||||||
PepsiCo, Inc.,
|
||||||||||||
01/17/2015 at $92.5
|
10
|
3,120
|
1,569
|
|||||||||
Rio Tinto plc - ADR,
|
||||||||||||
01/17/2015 at $62.5
|
45
|
900
|
8,525
|
|||||||||
Sealed Air Corporation,
|
||||||||||||
04/17/2015 at $37
|
100
|
15,000
|
17,696
|
|||||||||
$
|
224,228
|
$
|
160,328
|
FBP Equity
& Dividend Plus Fund |
FBP
Appreciation & Income Opportunities Fund |
|||||||
ASSETS
|
||||||||
Investments in securities:
|
||||||||
At acquisition cost
|
$
|
23,837,893
|
$
|
28,983,599
|
||||
At value (Note 2)
|
$
|
30,272,127
|
$
|
40,092,927
|
||||
Cash
|
—
|
1,302
|
||||||
Dividends and interest receivable
|
51,801
|
72,128
|
||||||
Receivable for capital shares sold
|
3,507
|
163,639
|
||||||
Other assets
|
5,673
|
3,853
|
||||||
TOTAL ASSETS
|
30,333,108
|
40,333,849
|
||||||
LIABILITIES
|
||||||||
Covered call options, at value (Notes 2 and 5) (premiums received $160,859 and $160,328, respectively)
|
214,906
|
224,228
|
||||||
Distributions payable
|
3,906
|
17,169
|
||||||
Payable for capital shares redeemed
|
6,450
|
12,181
|
||||||
Accrued investment advisory fees (Note 4)
|
14,221
|
21,954
|
||||||
Payable to administrator (Note 4)
|
5,700
|
5,700
|
||||||
Other accrued expenses
|
7,385
|
8,043
|
||||||
TOTAL LIABILITIES
|
252,568
|
289,275
|
||||||
NET ASSETS
|
$
|
30,080,540
|
$
|
40,044,574
|
||||
Net assets consist of:
|
||||||||
Paid-in capital
|
$
|
23,014,281
|
$
|
28,416,922
|
||||
Accumulated (distributions in excess of) net investment income
|
329
|
(14,698
|
)
|
|||||
Accumulated net realized gains from security transactions
|
685,743
|
596,922
|
||||||
Net unrealized appreciation (depreciation) on:
|
||||||||
Investments
|
6,434,234
|
11,109,328
|
||||||
Option contracts
|
(54,047
|
)
|
(63,900
|
)
|
||||
Net assets
|
$
|
30,080,540
|
$
|
40,044,574
|
||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)
|
1,172,581
|
2,113,340
|
||||||
Net asset value, offering price and redemption price per share (Note 2)
|
$
|
25.65
|
$
|
18.95
|
FBP Equity
& Dividend Plus Fund |
FBP Appreciation
& Income Opportunities Fund |
|||||||
INVESTMENT INCOME
|
||||||||
Dividends
|
$
|
438,963
|
$
|
445,543
|
||||
Foreign withholding taxes on dividends
|
(5,224
|
)
|
(4,255
|
)
|
||||
Interest
|
—
|
37,373
|
||||||
TOTAL INVESTMENT INCOME
|
433,739
|
478,661
|
||||||
EXPENSES
|
||||||||
Investment advisory fees (Note 4)
|
102,125
|
142,054
|
||||||
Administration fees (Note 4)
|
30,000
|
30,000
|
||||||
Professional fees
|
8,345
|
8,703
|
||||||
Registration and filing fees
|
6,273
|
4,273
|
||||||
Compliance service fees (Note 4)
|
4,200
|
4,200
|
||||||
Custodian and bank service fees
|
3,825
|
4,461
|
||||||
Postage and supplies
|
4,612
|
3,653
|
||||||
Printing of shareholder reports
|
4,846
|
3,026
|
||||||
Trustees' fees and expenses (Note 4)
|
3,242
|
3,242
|
||||||
Insurance expense
|
776
|
1,038
|
||||||
Other expenses
|
3,549
|
4,174
|
||||||
TOTAL EXPENSES
|
171,793
|
208,824
|
||||||
Fees voluntarily waived by the Adviser (Note 4)
|
(15,687
|
)
|
(5,889
|
)
|
||||
NET EXPENSES
|
156,106
|
202,935
|
||||||
NET INVESTMENT INCOME
|
277,633
|
275,726
|
||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
||||||||
Net realized gains (losses) from:
|
||||||||
Security transactions
|
852,969
|
644,329
|
||||||
Option contracts (Note 5)
|
9,163
|
(47,239
|
)
|
|||||
Net change in unrealized appreciation/depreciation on:
|
||||||||
Investments
|
125,087
|
232,549
|
||||||
Option contracts (Note 5)
|
(4,579
|
)
|
(3,930
|
)
|
||||
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
|
982,640
|
825,709
|
||||||
NET INCREASE IN NET ASSETS FROM OPERATIONS
|
$
|
1,260,273
|
$
|
1,101,435
|
FBP Equity &
Dividend Plus Fund |
FBP Appreciation
& Income Opportunities Fund |
|||||||||||||||
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year Ended
March 31, 2014 |
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year Ended
March 31, 2014 |
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income
|
$
|
277,633
|
$
|
466,278
|
$
|
275,726
|
$
|
528,175
|
||||||||
Net realized gains (losses) from:
|
||||||||||||||||
Security transactions
|
852,969
|
1,384,299
|
644,329
|
1,586,562
|
||||||||||||
Option contracts (Note 5)
|
9,163
|
(84,400
|
)
|
(47,239
|
)
|
(137,226
|
)
|
|||||||||
Net realized gains from in-kind redemptions (Note 2)
|
—
|
235,484
|
—
|
210,674
|
||||||||||||
Net change in unrealized appreciation/depreciation on:
|
||||||||||||||||
Investments
|
125,087
|
1,583,397
|
232,549
|
3,640,782
|
||||||||||||
Option contracts (Note 5)
|
(4,579
|
)
|
246,913
|
(3,930
|
)
|
76,649
|
||||||||||
Net increase in net assets from operations
|
1,260,273
|
3,831,971
|
1,101,435
|
5,905,616
|
||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income
|
(281,930
|
)
|
(462,094
|
)
|
(282,891
|
)
|
(556,942
|
)
|
||||||||
From net realized gains from security transactions
|
—
|
—
|
(856,148
|
)
|
(1,448,777
|
)
|
||||||||||
Decrease in net assets from distributions to shareholders
|
(281,930
|
)
|
(462,094
|
)
|
(1,139,039
|
)
|
(2,005,719
|
)
|
||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from shares sold
|
2,497,753
|
3,288,580
|
670,916
|
739,705
|
||||||||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
274,487
|
449,317
|
1,053,274
|
1,842,320
|
||||||||||||
Payments for shares redeemed
|
(1,463,904
|
)
|
(1,883,877
|
)
|
(1,592,696
|
)
|
(3,356,340
|
)
|
||||||||
Net increase (decrease) in net assets from capital share transactions
|
1,308,336
|
1,854,020
|
131,494
|
(774,315
|
)
|
|||||||||||
TOTAL INCREASE IN NET ASSETS
|
2,286,679
|
5,223,897
|
93,890
|
3,125,582
|
||||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
27,793,861
|
22,569,964
|
39,950,684
|
36,825,102
|
||||||||||||
End of period
|
$
|
30,080,540
|
$
|
27,793,861
|
$
|
40,044,574
|
$
|
39,950,684
|
||||||||
ACCUMULATED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME
|
$
|
329
|
$
|
4,626
|
$
|
(14,698
|
)
|
$
|
(7,533
|
)
|
||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
98,290
|
140,207
|
34,917
|
40,597
|
||||||||||||
Shares reinvested
|
10,697
|
18,951
|
55,149
|
103,512
|
||||||||||||
Shares redeemed
|
(58,060
|
)
|
(78,999
|
)
|
(82,980
|
)
|
(183,790
|
)
|
||||||||
Net increase (decrease) in shares outstanding
|
50,927
|
80,159
|
7,086
|
(39,681
|
)
|
|||||||||||
Shares outstanding at beginning of period
|
1,121,654
|
1,041,495
|
2,106,254
|
2,145,935
|
||||||||||||
Shares outstanding at end of period
|
1,172,581
|
1,121,654
|
2,113,340
|
2,106,254
|
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
24.78
|
$
|
21.67
|
$
|
19.10
|
$
|
20.70
|
$
|
19.42
|
$
|
12.02
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.24
|
0.42
|
0.47
|
0.23
|
0.15
|
0.12
|
||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.87
|
3.11
|
2.56
|
(1.59
|
)
|
1.27
|
7.41
|
|||||||||||||||||
Total from investment operations
|
1.11
|
3.53
|
3.03
|
(1.36
|
)
|
1.42
|
7.53
|
|||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.24
|
)
|
(0.42
|
)
|
(0.46
|
)
|
(0.24
|
)
|
(0.14
|
)
|
(0.13
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
25.65
|
$
|
24.78
|
$
|
21.67
|
$
|
19.10
|
$
|
20.70
|
$
|
19.42
|
||||||||||||
Total return (a)
|
4.50
|
%(b)
|
16.40
|
%
|
16.19
|
%
|
(6.49
|
%)
|
7.40
|
%
|
62.84
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
30,081
|
$
|
27,794
|
$
|
22,570
|
$
|
23,194
|
$
|
27,407
|
$
|
28,617
|
||||||||||||
Ratio of total expenses to average net assets
|
1.18
|
%(c)
|
1.21
|
%
|
1.29
|
%
|
1.29
|
%
|
1.19
|
%
|
1.19
|
%
|
||||||||||||
Ratio of net expenses to average net assets (d)
|
1.07
|
%(c)
|
1.07
|
%
|
1.07
|
%
|
1.07
|
%
|
1.07
|
%
|
1.07
|
%
|
||||||||||||
Ratio of net investment income to average net assets (d)
|
1.90
|
%(c)
|
1.82
|
%
|
2.40
|
%
|
1.24
|
%
|
0.78
|
%
|
0.74
|
%
|
||||||||||||
Portfolio turnover rate
|
8
|
%(b)
|
24
|
%
|
32
|
%
|
46
|
%
|
25
|
%
|
21
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Ratios were determined after voluntary advisory fee waivers by the Adviser (Note 4). |
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
18.97
|
$
|
17.16
|
$
|
15.85
|
$
|
16.35
|
$
|
15.49
|
$
|
10.97
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.13
|
0.25
|
0.29
|
0.26
|
0.24
|
0.27
|
||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.39
|
2.50
|
1.61
|
(0.46
|
)
|
0.88
|
4.53
|
|||||||||||||||||
Total from investment operations
|
0.52
|
2.75
|
1.90
|
(0.20
|
)
|
1.12
|
4.80
|
|||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.13
|
)
|
(0.26
|
)
|
(0.30
|
)
|
(0.30
|
)
|
(0.26
|
)
|
(0.28
|
)
|
||||||||||||
Distributions from net realized gains
|
(0.41
|
)
|
(0.68
|
)
|
(0.29
|
)
|
—
|
—
|
—
|
|||||||||||||||
Total distributions
|
(0.54
|
)
|
(0.94
|
)
|
(0.59
|
)
|
(0.30
|
)
|
(0.26
|
)
|
(0.28
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
18.95
|
$
|
18.97
|
$
|
17.16
|
$
|
15.85
|
$
|
16.35
|
$
|
15.49
|
||||||||||||
Total return (a)
|
2.73
|
%(b)
|
16.50
|
%
|
12.51
|
%
|
(1.13
|
%)
|
7.35
|
%
|
44.01
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
40,045
|
$
|
39,951
|
$
|
36,825
|
$
|
39,520
|
$
|
46,406
|
$
|
45,507
|
||||||||||||
Ratio of total expenses to average net assets
|
1.03
|
%(c)
|
1.03
|
%
|
1.06
|
%
|
1.06
|
%
|
1.03
|
%
|
1.03
|
%
|
||||||||||||
Ratio of net expenses to average net assets (d)
|
1.00
|
%(c)
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
1.00
|
%
|
||||||||||||
Ratio of net investment income to average net assets (d)
|
1.36
|
%(c)
|
1.36
|
%
|
1.83
|
%
|
1.71
|
%
|
1.59
|
%
|
1.90
|
%
|
||||||||||||
Portfolio turnover rate
|
3
|
%(b)
|
10
|
%
|
15
|
%
|
17
|
%
|
24
|
%
|
24
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Ratios were determined after voluntary advisory fee waivers by the Adviser (Note 4). |
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – other significant observable inputs |
• | Level 3 – significant unobservable inputs |
FBP Equity & Dividend Plus Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities:
|
||||||||||||||||
Common Stocks
|
$
|
26,169,394
|
$
|
—
|
$
|
—
|
$
|
26,169,394
|
||||||||
Money Market Funds
|
4,102,733
|
—
|
—
|
4,102,733
|
||||||||||||
Total
|
$
|
30,272,127
|
$
|
—
|
$
|
—
|
$
|
30,272,127
|
||||||||
Other Financial Instruments:
|
||||||||||||||||
Written Covered Call Options
|
$
|
(214,906
|
)
|
$
|
—
|
$
|
—
|
$
|
(214,906
|
)
|
||||||
Total
|
$
|
(214,906
|
)
|
$
|
—
|
$
|
—
|
$
|
(214,906
|
)
|
FBP Appreciation & Income Opportunities Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments in Securities:
|
||||||||||||||||
Common Stocks
|
$
|
30,787,694
|
$
|
—
|
$
|
—
|
$
|
30,787,694
|
||||||||
Corporate Bonds
|
—
|
1,788,273
|
—
|
1,788,273
|
||||||||||||
Municipal Bonds
|
—
|
299,559
|
—
|
299,559
|
||||||||||||
Money Market Funds
|
7,217,401
|
—
|
—
|
7,217,401
|
||||||||||||
Total
|
$
|
38,005,095
|
$
|
2,087,832
|
$
|
—
|
$
|
40,092,927
|
||||||||
Other Financial Instruments:
|
||||||||||||||||
Written Covered Call Options
|
$
|
(224,228
|
)
|
$
|
—
|
$
|
—
|
$
|
(224,228
|
)
|
||||||
Total
|
$
|
(224,228
|
)
|
$
|
—
|
$
|
—
|
$
|
(224,228
|
)
|
|
Period
Ended |
Ordinary
Income
|
Long-Term Capital Gains
|
Total Distributions
|
|||||||||
FBP Equity & Dividend Plus Fund
|
9/30/2014
|
$
|
281,930
|
$
|
—
|
$
|
281,930
|
||||||
3/31/2014
|
$
|
462,094
|
$
|
—
|
$
|
462,094
|
|||||||
FBP Appreciation & Income Opportunities Fund
|
9/30/2014
|
$
|
282,891
|
$
|
856,148
|
$
|
1,139,039
|
||||||
3/31/2014
|
$
|
559,059
|
$
|
1,446,660
|
$
|
2,005,719
|
FBP Equity
& Dividend Plus Fund |
FBP Appreciation & Income Opportunities
Fund |
|||||||
Tax cost of portfolio investments
|
$
|
23,837,893
|
$
|
28,999,244
|
||||
Gross unrealized appreciation
|
$
|
6,831,302
|
$
|
11,812,649
|
||||
Gross unrealized depreciation
|
(397,068
|
)
|
(718,966
|
)
|
||||
Net unrealized appreciation on investments
|
6,434,234
|
11,093,683
|
||||||
Net unrealized depreciation on option contracts
|
(54,047
|
)
|
(63,900
|
)
|
||||
Undistributed ordinary income
|
4,235
|
18,116
|
||||||
Capital loss carryforwards
|
(176,389
|
)
|
—
|
|||||
Other gains
|
862,132
|
596,922
|
||||||
Other temporary differences
|
(3,906
|
)
|
(17,169
|
)
|
||||
Accumulated earnings
|
$
|
7,066,259
|
$
|
11,627,652
|
FBP Equity & Dividend Plus Fund |
FBP Appreciation
& Income Opportunities Fund |
|||||||||||||||
Option
Contracts
|
Option
Premiums
|
Option
Contracts
|
Option
Premiums
|
|||||||||||||
Options outstanding at beginning of period
|
1,053
|
$
|
162,724
|
493
|
$
|
107,372
|
||||||||||
Options written
|
1,046
|
169,274
|
734
|
143,779
|
||||||||||||
Options cancelled in a closing purchase transaction
|
(230
|
)
|
(28,634
|
)
|
(45
|
)
|
(9,065
|
)
|
||||||||
Options expired
|
(206
|
)
|
(35,419
|
)
|
(112
|
)
|
(21,244
|
)
|
||||||||
Options exercised
|
(662
|
)
|
(107,086
|
)
|
(296
|
)
|
(60,514
|
)
|
||||||||
Options outstanding at end of period
|
1,001
|
$
|
160,859
|
774
|
$
|
160,328
|
Fair Value |
|||||||||||||
Type of Derivative
|
Location
|
Asset
Derivatives
|
Liability Derivatives
|
Gross Notional Amount Outstanding September 30,
2014 |
|||||||||
Covered call options written
|
Covered call options, at value
|
—
|
$
|
(214,906
|
)
|
$
|
(4,374,550
|
)
|
Fair Value |
|||||||||||||
Type of Derivative
|
Location
|
Asset
Derivatives
|
Liability
Derivatives
|
Gross Notional Amount Outstanding September 30,
2014 |
|||||||||
Covered call options written
|
Covered call options, at value
|
—
|
$
|
(224,228
|
)
|
$
|
(3,886,350
|
)
|
Type of Derivative
|
Location
|
Net
Realized Gains (Losses) |
Location
|
Change in Unrealized Gains (Losses)
|
||||||
Covered call options written
|
Net realized gains (losses) from option contracts
|
$
|
60,340
|
Net change in unrealized appreciation/depreciation on option contracts
|
$
|
(4,579
|
)
|
|||
Purchased index put options
|
Net realized gains (losses) from option contracts
|
$
|
(51,177
|
)
|
Net change in unrealized appreciation/depreciation on option contracts
|
$
|
—
|
Type of Derivative
|
Location
|
Net
Realized Gains (Losses) |
Location
|
Change in Unrealized Gains (Losses)
|
||||||
Covered call options written
|
Net realized gains (losses)
from option contracts
|
$
|
29,527
|
Net change in unrealized appreciation/depreciation on option contracts
|
$
|
(3,930
|
)
|
|||
Purchased index put options
|
Net realized gains (losses)
from option contracts
|
$
|
(76,766
|
)
|
Net change in unrealized appreciation/depreciation on option contracts
|
$
|
—
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value September 30, 2014 |
Expenses Paid
During Period* |
|
Based on Actual Fund Return
|
$1,000.00
|
$1,045.00 |
$5.49
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,019.70 |
$5.42
|
*
|
Expenses are equal to the FBP Equity & Dividend Plus Fund's annualized expense ratio of 1.07% for the period, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value September 30, 2014 |
Expenses Paid
During Period* |
|
Based on Actual Fund Return
|
$1,000.00
|
$1,027.30 |
$5.08
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,020.05 |
$5.06
|
*
|
Expenses are equal to the FBP Appreciation & Income Opportunities Fund's annualized expense ratio of 1.00% for the period, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
|
|
|||||||
![]() |
|||||||
Investment Adviser
Flippin, Bruce & Porter, Inc.
800 Main Street, Second Floor
P.O. Box 6138
Lynchburg, Virginia 24505
Toll-Free 1-800-327-9375
www.fbpfunds.com
Administrator
Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, Ohio 45246-0707
Toll-Free 1-866-738-1127
Custodian
US Bank NA
425 Walnut Street
Cincinnati, Ohio 45202
Independent Registered
Public Accounting Firm Ernst & Young LLP
1900 Scripps Center
312 Walnut Street
Cincinnati, Ohio 45202
|
Legal Counsel
Sullivan & Worcester LLP
One Post Office Square
Boston, Massachusetts 02109
Officers
John T. Bruce, President
and Portfolio Manager
John M. Flippin, Vice President
John H. Hanna, IV, Vice President
David J. Marshall, Vice President R. Gregory Porter, III,
Vice President
Trustees
Robert S. Harris, Ph.D., Chairman
John P. Ackerly, IV
John T. Bruce
J. Finley Lee, Jr., Ph.D.
Harris V. Morrissette
Elizabeth W. Robertson
|
||||||
|
THE
GOVERNMENT STREET
FUNDS
No-Load Mutual Funds
Semi-Annual Report
September 30, 2014
(Unaudited)
|
The Government Street Equity Fund
The Government Street Mid-Cap Fund
The Alabama Tax Free Bond Fund
|
LETTER FROM THE PRESIDENT
|
October, 2014
|
Security Description
|
% of Net Assets
|
Apple, Inc.
|
4.8%
|
Vanguard Mid-Cap ETF
|
3.4%
|
JPMorgan Alerian MLP Index ETN
|
2.9%
|
Disney Walt Company (The)
|
2.5%
|
Visa, Inc. - Class A
|
2.3%
|
iShares Core S&P Mid-Cap ETF
|
2.3%
|
MasterCard, Inc. - Class A
|
2.1%
|
ConocoPhillips
|
2.0%
|
General Dynamics Corporation
|
2.0%
|
Gilead Sciences, Inc.
|
1.8%
|
Shire plc - ADR
|
95.45%
|
Google, Inc. - Class C
|
77.00%
|
Gilead Sciences, Inc.
|
50.23%
|
Micron Technology, Inc.
|
44.75%
|
Intel Corporation
|
34.66%
|
Protective Life Corporation
|
33.01%
|
Old Republic International Corporation
|
-10.78%
|
Range Resources Corporation
|
-14.82%
|
Tractor Supply Company
|
-14.96%
|
Google, Inc. - Class A
|
-25.07%
|
Manitowoc Company, Inc. (The)
|
-26.47%
|
HOLDING
|
3 YEARS
TOTAL RETURN |
5 YEARS
TOTAL RETURN |
The Government Street Mid-Cap Fund
|
18.63%
|
14.58%
|
S&P 400 Index
|
22.43%
|
16.37%
|
S&P 500 Index
|
22.99%
|
15.70%
|
Russell 2000 Index
|
21.26%
|
14.29%
|
Security Description
|
% of Net Assets
|
Apple, Inc.
|
4.8%
|
Vanguard Mid-Cap ETF
|
3.4%
|
JPMorgan Alerian MLP Index ETN
|
2.9%
|
Walt Disney Company (The)
|
2.5%
|
iShares Core S&P Mid-Cap ETF
|
2.3%
|
Visa, Inc. - Class A
|
2.3%
|
MasterCard, Inc. - Class A
|
2.1%
|
General Dynamics Corporation
|
2.0%
|
ConocoPhillips
|
2.0%
|
Gilead Sciences, Inc.
|
1.8%
|
Security Description
|
% of Net Assets
|
Vanguard Mid-Cap ETF
|
2.6%
|
Guggenheim Mid-Cap Core ETF
|
2.6%
|
JPMorgan Alerian MLP Index ETN
|
2.0%
|
Schwab U.S. Mid-Cap ETF
|
1.7%
|
iShares Nasdaq Biotechnology ETF
|
1.7%
|
Mid-American Apartment Communities. Inc.
|
1.6%
|
Church & Dwight Company, Inc.
|
1.5%
|
Hormel Foods Corporation
|
1.3%
|
ONEOK, Inc.
|
1.2%
|
Snap-on, Inc.
|
1.1%
|
Distribution by Rating
|
||
Rating
|
% of Holdings
|
|
AAA
|
8.0%
|
|
AA
|
82.6%
|
|
A
|
8.1%
|
|
Not Rated
|
1.3%
|
COMMON STOCKS — 86.2%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 7.8%
|
||||||||
Comcast Corporation - Class A
|
30,000
|
$
|
1,613,400
|
|||||
Home Depot, Inc. (The)
|
2,200
|
201,828
|
||||||
Johnson Controls, Inc.
|
15,400
|
677,600
|
||||||
Lowe's Companies, Inc.
|
7,000
|
370,440
|
||||||
McDonald's Corporation
|
6,500
|
616,265
|
||||||
NIKE, Inc. - Class B
|
11,300
|
1,007,960
|
||||||
Tractor Supply Company
|
9,000
|
553,590
|
||||||
Walt Disney Company (The)
|
26,125
|
2,325,909
|
||||||
7,366,992
|
||||||||
Consumer Staples — 6.7%
|
||||||||
Altria Group, Inc.
|
16,700
|
767,198
|
||||||
Anheuser-Busch InBev SA/NV - ADR
|
10,000
|
1,108,500
|
||||||
Coca-Cola Company (The)
|
12,000
|
511,920
|
||||||
CVS Health Corporation
|
6,000
|
477,540
|
||||||
Kraft Foods Group, Inc.
|
8,278
|
466,879
|
||||||
McCormick & Company, Inc. - Non-Voting Shares
|
7,000
|
468,300
|
||||||
Mondelēz International, Inc. - Class A
|
28,336
|
970,933
|
||||||
Philip Morris International, Inc.
|
7,860
|
655,524
|
||||||
Procter & Gamble Company (The)
|
10,000
|
837,400
|
||||||
6,264,194
|
||||||||
Energy — 9.1%
|
||||||||
Apache Corporation
|
2,489
|
233,642
|
||||||
BP plc - ADR
|
6,000
|
263,700
|
||||||
Chevron Corporation
|
6,100
|
727,852
|
||||||
ConocoPhillips
|
24,500
|
1,874,740
|
||||||
Halliburton Company
|
7,000
|
451,570
|
||||||
Phillips 66
|
14,300
|
1,162,733
|
||||||
Pioneer Natural Resources Company
|
7,500
|
1,477,275
|
||||||
Range Resources Corporation
|
8,000
|
542,480
|
||||||
Schlumberger Ltd.
|
5,500
|
559,295
|
||||||
Spectra Energy Corporation
|
10,000
|
392,600
|
||||||
TransCanada Corporation
|
16,000
|
824,480
|
||||||
8,510,367
|
||||||||
Financials — 12.0%
|
||||||||
Aflac, Inc.
|
10,565
|
615,411
|
||||||
American Capital Ltd. (a)
|
12,990
|
183,939
|
||||||
American Express Company
|
7,000
|
612,780
|
||||||
American International Group, Inc.
|
21,000
|
1,134,420
|
||||||
Banco Bilbao Vizcaya Argentina, S.A. - ADR
|
37,000
|
444,000
|
COMMON STOCKS — 86.2% (Continued)
|
Shares
|
Value
|
||||||
Financials — 12.0% (Continued)
|
||||||||
Brookfield Asset Management, Inc. - Class A
|
19,000
|
$
|
854,240
|
|||||
Cullen/Frost Bankers, Inc.
|
14,500
|
1,109,395
|
||||||
Goldman Sachs Group, Inc. (The)
|
6,000
|
1,101,420
|
||||||
JPMorgan Chase & Company
|
28,000
|
1,686,720
|
||||||
KKR & Company, L.P.
|
20,000
|
446,000
|
||||||
Mid-America Apartment Communities, Inc.
|
8,394
|
551,066
|
||||||
Old Republic International Corporation
|
20,000
|
285,600
|
||||||
Protective Life Corporation
|
12,000
|
832,920
|
||||||
Regions Financial Corporation
|
17,000
|
170,680
|
||||||
Wells Fargo & Company
|
24,000
|
1,244,880
|
||||||
11,273,471
|
||||||||
Health Care — 12.1%
|
||||||||
Abbott Laboratories
|
11,000
|
457,490
|
||||||
AbbVie, Inc.
|
11,500
|
664,240
|
||||||
Actavis plc (a)
|
2,100
|
506,688
|
||||||
Alexion Pharmaceuticals, Inc. (a)
|
2,190
|
363,146
|
||||||
Cardinal Health, Inc.
|
15,000
|
1,123,800
|
||||||
CareFusion Corporation (a)
|
7,000
|
316,750
|
||||||
Cerner Corporation (a)
|
8,355
|
497,707
|
||||||
Gilead Sciences, Inc. (a)
|
16,000
|
1,703,200
|
||||||
Henry Schein, Inc. (a)
|
3,500
|
407,645
|
||||||
Illumina, Inc. (a)
|
3,500
|
573,720
|
||||||
Novartis AG - ADR
|
8,000
|
753,040
|
||||||
Pfizer, Inc.
|
27,000
|
798,390
|
||||||
Regeneron Pharmaceuticals, Inc. (a)
|
2,300
|
829,196
|
||||||
Shire plc - ADR
|
3,000
|
777,150
|
||||||
Techne Corporation
|
10,000
|
935,500
|
||||||
Waters Corporation (a)
|
6,475
|
641,802
|
||||||
11,349,464
|
||||||||
Industrials — 12.9%
|
||||||||
Allegion plc
|
3,333
|
158,784
|
||||||
Boeing Company (The)
|
1,500
|
191,070
|
||||||
Emerson Electric Company
|
15,000
|
938,700
|
||||||
General Dynamics Corporation
|
15,000
|
1,906,350
|
||||||
General Electric Company
|
34,000
|
871,080
|
||||||
Ingersoll-Rand plc
|
10,000
|
563,600
|
||||||
Lockheed Martin Corporation
|
5,000
|
913,900
|
||||||
Manitowoc Company, Inc. (The)
|
7,000
|
164,150
|
||||||
Norfolk Southern Corporation
|
10,000
|
1,116,000
|
||||||
Quanta Services, Inc. (a)
|
12,500
|
453,625
|
||||||
Southwest Airlines Company
|
3,000
|
101,310
|
COMMON STOCKS — 86.2% (Continued)
|
Shares
|
Value
|
||||||
Industrials — 12.9% (Continued)
|
||||||||
Stericycle, Inc. (a)
|
7,000
|
$
|
815,920
|
|||||
Trinity Industries, Inc.
|
24,500
|
1,144,640
|
||||||
Union Pacific Corporation
|
11,000
|
1,192,620
|
||||||
United Technologies Corporation
|
15,500
|
1,636,800
|
||||||
12,168,549
|
||||||||
Information Technology — 19.3%
|
||||||||
Accenture plc - Class A
|
9,500
|
772,540
|
||||||
Adobe Systems, Inc. (a)
|
5,000
|
345,950
|
||||||
Alliance Data Systems Corporation (a)
|
1,200
|
297,924
|
||||||
Apple, Inc.
|
45,185
|
4,552,389
|
||||||
Automatic Data Processing, Inc.
|
12,400
|
1,030,192
|
||||||
Google, Inc. - Class A (a)
|
1,400
|
823,774
|
||||||
Google, Inc. - Class C (a)
|
1,400
|
808,304
|
||||||
Intel Corporation
|
7,000
|
243,740
|
||||||
International Business Machines Corporation
|
5,500
|
1,044,065
|
||||||
MasterCard, Inc. - Class A
|
26,750
|
1,977,360
|
||||||
Micron Technology, Inc. (a)
|
28,000
|
959,280
|
||||||
Oracle Corporation
|
11,000
|
421,080
|
||||||
QUALCOMM, Inc.
|
11,000
|
822,470
|
||||||
TE Connectivity Ltd.
|
11,000
|
608,190
|
||||||
Texas Instruments, Inc.
|
10,000
|
476,900
|
||||||
Visa, Inc. - Class A
|
10,000
|
2,133,700
|
||||||
Western Digital Corporation
|
6,500
|
632,580
|
||||||
Yahoo!, Inc. (a)
|
5,000
|
203,750
|
||||||
18,154,188
|
||||||||
Materials — 3.4%
|
||||||||
Dow Chemical Company (The)
|
9,000
|
471,960
|
||||||
Ecolab, Inc.
|
6,000
|
688,980
|
||||||
Freeport-McMoRan, Inc.
|
12,932
|
422,230
|
||||||
Monsanto Company
|
9,000
|
1,012,590
|
||||||
Praxair, Inc.
|
5,000
|
645,000
|
||||||
3,240,760
|
||||||||
Telecommunication Services — 1.2%
|
||||||||
Telstra Corporation Ltd. - ADR
|
30,000
|
697,800
|
||||||
Verizon Communications, Inc.
|
8,000
|
399,920
|
||||||
1,097,720
|
||||||||
Utilities — 1.7%
|
||||||||
Duke Energy Corporation
|
7,250
|
542,083
|
||||||
Southern Company (The)
|
11,000
|
480,150
|
||||||
Wisconsin Energy Corporation
|
14,000
|
602,000
|
||||||
1,624,233
|
||||||||
Total Common Stocks (Cost $47,461,565)
|
$
|
81,049,938
|
EXCHANGE-TRADED FUNDS — 6.8%
|
Shares
|
Value
|
||||||
iShares Core S&P Mid-Cap ETF
|
16,000
|
$
|
2,187,840
|
|||||
ProShares Large Cap Core Plus
|
11,000
|
1,056,660
|
||||||
Vanguard Mid-Cap ETF
|
26,900
|
3,155,639
|
||||||
Total Exchange-Traded Funds (Cost $4,103,312)
|
$
|
6,400,139
|
EXCHANGE-TRADED NOTES — 2.9%
|
Shares
|
Value
|
||||||
JPMorgan Alerian MLP Index ETN (Cost $1,865,627)
|
52,000
|
$
|
2,760,160
|
WARRANTS — 0.0% (b)
|
Shares
|
Value
|
||||||
American International Group, Inc., 01/19/2021 at $45 (a) (Cost $13,600)
|
800
|
$
|
19,120
|
COMMERCIAL PAPER — 4.5%
|
Par Value
|
Value
|
||||||
U.S. Bank, N.A., discount, 0.02% (c), due 10/01/2014 (Cost $4,246,000)
|
$
|
4,246,000
|
$
|
4,246,000
|
MONEY MARKET FUNDS — 0.1%
|
Shares
|
Value
|
||||||
Invesco STIT — STIC Prime Portfolio (The) - Institutional Class, 0.01% (d) (Cost $72,708)
|
72,708
|
$
|
72,708
|
|||||
Total Investments at Value — 100.5% Cost $57,762,812)
|
$
|
94,548,065
|
||||||
Liabilities in Excess of Other Assets — (0.5%)
|
(507,848
|
)
|
||||||
Net Assets — 100.0%
|
$
|
94,040,217
|
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
(c) | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
(d) | The rate shown is the 7-day effective yield as of September 30, 2014. |
COMMON STOCKS — 84.2%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 12.2%
|
||||||||
BorgWarner, Inc.
|
5,600
|
$
|
294,616
|
|||||
Buffalo Wild Wings, Inc. (a)
|
2,235
|
300,093
|
||||||
Chico's FAS, Inc.
|
7,100
|
104,867
|
||||||
Dollar Tree, Inc. (a)
|
5,300
|
297,171
|
||||||
Family Dollar Stores, Inc.
|
2,800
|
216,272
|
||||||
Gildan Activewear, Inc. - Class A
|
6,700
|
366,624
|
||||||
Hasbro, Inc.
|
3,525
|
193,857
|
||||||
HomeAway, Inc. (a)
|
2,500
|
88,750
|
||||||
Jarden Corporation (a)
|
7,425
|
446,317
|
||||||
Leggett & Platt, Inc.
|
2,000
|
69,840
|
||||||
Liberty Global plc - Series A (a)
|
5,475
|
232,907
|
||||||
Liberty Global plc - Series C (a)
|
4,475
|
183,542
|
||||||
Nordstrom, Inc.
|
3,900
|
266,643
|
||||||
O'Reilly Automotive, Inc. (a)
|
2,825
|
424,767
|
||||||
Panera Bread Company - Class A (a)
|
2,090
|
340,085
|
||||||
PetSmart, Inc.
|
4,500
|
315,405
|
||||||
PVH Corporation
|
3,700
|
448,255
|
||||||
Ross Stores, Inc.
|
6,000
|
453,480
|
||||||
Service Corporation International
|
15,200
|
321,328
|
||||||
Tiffany & Company
|
3,475
|
334,677
|
||||||
VF Corporation
|
4,700
|
310,341
|
||||||
6,009,837
|
||||||||
Consumer Staples — 4.6%
|
||||||||
Church & Dwight Company, Inc.
|
10,800
|
757,728
|
||||||
Energizer Holdings, Inc.
|
2,500
|
308,025
|
||||||
Hormel Foods Corporation
|
12,000
|
616,680
|
||||||
J.M. Smucker Company (The)
|
4,700
|
465,253
|
||||||
Tyson Foods, Inc. - Class A
|
3,000
|
118,110
|
||||||
2,265,796
|
||||||||
Energy — 5.6%
|
||||||||
Cameron International Corporation (a)
|
4,010
|
266,184
|
||||||
Cimarex Energy Company
|
3,250
|
411,223
|
||||||
Murphy Oil Corporation
|
3,740
|
212,843
|
||||||
Noble Corporation plc
|
5,360
|
119,099
|
||||||
ONEOK, Inc.
|
9,200
|
603,060
|
||||||
Paragon Offshore plc (a)
|
1,786
|
10,984
|
||||||
Peabody Energy Corporation
|
8,200
|
101,516
|
||||||
Range Resources Corporation
|
3,500
|
237,335
|
||||||
Schlumberger Ltd.
|
3,134
|
318,696
|
||||||
Ultra Petroleum Corporation (a)
|
9,900
|
230,274
|
||||||
Valero Energy Corporation
|
4,950
|
229,037
|
||||||
2,740,251
|
COMMON STOCKS — 84.2% (Continued)
|
Shares
|
Value
|
||||||
Financials — 15.9%
|
||||||||
Alexander & Baldwin, Inc.
|
3,000
|
$
|
107,910
|
|||||
Alleghany Corporation (a)
|
765
|
319,885
|
||||||
American Financial Group, Inc.
|
6,600
|
382,074
|
||||||
Arch Capital Group Ltd. (a)
|
5,650
|
309,168
|
||||||
Arthur J. Gallagher & Company
|
6,750
|
306,180
|
||||||
Axis Capital Holdings Ltd.
|
5,000
|
236,650
|
||||||
Bank of Hawaii Corporation
|
6,000
|
340,860
|
||||||
Berkley (W.R.) Corporation
|
6,450
|
308,310
|
||||||
CME Group, Inc.
|
2,735
|
218,677
|
||||||
Cullen/Frost Bankers, Inc.
|
4,400
|
336,644
|
||||||
Eaton Vance Corporation
|
8,500
|
320,705
|
||||||
Everest Re Group Ltd.
|
2,050
|
332,120
|
||||||
HCC Insurance Holdings, Inc.
|
4,575
|
220,927
|
||||||
IntercontinentalExchange, Inc.
|
1,850
|
360,842
|
||||||
Jones Lang LaSalle, Inc.
|
2,800
|
353,752
|
||||||
Kemper Corporation
|
6,200
|
211,730
|
||||||
Mid-America Apartment Communities, Inc.
|
11,800
|
774,670
|
||||||
NASDAQ OMX Group, Inc. (The)
|
9,500
|
402,990
|
||||||
New York Community Bancorp, Inc.
|
12,970
|
205,834
|
||||||
Old Republic International Corporation
|
21,400
|
305,592
|
||||||
PNC Financial Services Group, Inc. (The)
|
2,745
|
234,917
|
||||||
Potlatch Corporation
|
6,941
|
279,098
|
||||||
Rayonier, Inc.
|
5,250
|
163,485
|
||||||
Realty Income Corporation
|
5,025
|
204,970
|
||||||
SEI Investments Company
|
10,000
|
361,600
|
||||||
Westamerica Bancorporation
|
4,370
|
203,292
|
||||||
7,802,882
|
||||||||
Health Care — 10.6%
|
||||||||
Bio-Rad Laboratories, Inc. - Class A (a)
|
2,500
|
283,500
|
||||||
Charles River Laboratories International, Inc. (a)
|
4,000
|
238,960
|
||||||
Chemed Corporation
|
2,000
|
205,800
|
||||||
Computer Programs & Systems, Inc.
|
2,300
|
132,227
|
||||||
Covance, Inc. (a)
|
4,000
|
314,800
|
||||||
Covidien plc
|
2,500
|
216,275
|
||||||
Endo International plc (a)
|
3,000
|
205,020
|
||||||
Ensign Group, Inc. (The)
|
5,000
|
174,000
|
||||||
Henry Schein, Inc. (a)
|
3,000
|
349,410
|
||||||
Hologic, Inc. (a)
|
7,000
|
170,310
|
||||||
Illumina, Inc. (a)
|
2,000
|
327,840
|
||||||
MEDNAX, Inc. (a)
|
4,000
|
219,280
|
||||||
ResMed, Inc.
|
6,500
|
320,255
|
||||||
Shire plc - ADR
|
1,500
|
388,575
|
||||||
Techne Corporation
|
4,500
|
420,975
|
COMMON STOCKS — 84.2% (Continued)
|
Shares
|
Value
|
||||||
Health Care — 10.6% (Continued)
|
||||||||
Teleflex, Inc.
|
4,000
|
$
|
420,160
|
|||||
United Therapeutics Corporation (a)
|
1,800
|
231,570
|
||||||
Universal Health Services, Inc. - Class B
|
2,500
|
261,250
|
||||||
Valeant Pharmaceuticals International, Inc. (a)
|
1,000
|
131,200
|
||||||
Waters Corporation (a)
|
2,000
|
198,240
|
||||||
5,209,647
|
||||||||
Industrials — 12.7%
|
||||||||
AMETEK, Inc.
|
1,350
|
67,783
|
||||||
C.H. Robinson Worldwide, Inc.
|
5,000
|
331,600
|
||||||
Clean Harbors, Inc. (a)
|
1,000
|
53,920
|
||||||
Deluxe Corporation
|
5,000
|
275,800
|
||||||
Donaldson Company, Inc.
|
12,000
|
487,560
|
||||||
Engility Holdings, Inc. (a)
|
500
|
15,585
|
||||||
Expeditors International of Washington, Inc.
|
6,000
|
243,480
|
||||||
Fastenal Company
|
9,950
|
446,755
|
||||||
Graco, Inc.
|
6,000
|
437,880
|
||||||
ITT Corporation
|
3,000
|
134,820
|
||||||
Jacobs Engineering Group, Inc. (a)
|
4,475
|
218,470
|
||||||
Joy Global, Inc.
|
2,000
|
109,080
|
||||||
L-3 Communications Holdings, Inc.
|
3,000
|
356,760
|
||||||
ManpowerGroup, Inc.
|
4,000
|
280,400
|
||||||
Matson, Inc.
|
3,000
|
75,090
|
||||||
MSC Industrial Direct Company, Inc. - Class A
|
5,000
|
427,300
|
||||||
Pentair plc
|
2,400
|
157,176
|
||||||
Snap-on, Inc.
|
4,275
|
517,617
|
||||||
SPX Corporation
|
5,000
|
469,650
|
||||||
Stericycle, Inc. (a)
|
2,400
|
279,744
|
||||||
Timken Company (The)
|
5,000
|
211,950
|
||||||
Valmont Industries, Inc.
|
1,500
|
202,395
|
||||||
Waste Connections, Inc.
|
6,000
|
291,120
|
||||||
WESCO International, Inc. (a)
|
1,850
|
144,781
|
||||||
6,236,716
|
||||||||
Information Technology — 12.6%
|
||||||||
ADTRAN, Inc.
|
8,000
|
164,240
|
||||||
Arrow Electronics, Inc. (a)
|
8,600
|
476,010
|
||||||
Cree, Inc. (a)
|
5,820
|
238,329
|
||||||
Diebold, Inc.
|
6,000
|
211,920
|
||||||
DST Systems, Inc.
|
4,000
|
335,680
|
||||||
FARO Technologies, Inc. (a)
|
5,000
|
253,750
|
||||||
Harris Corporation
|
6,000
|
398,400
|
||||||
IAC/InterActiveCorporation
|
4,000
|
263,600
|
||||||
Integrated Device Technology, Inc. (a)
|
10,000
|
159,500
|
||||||
Jack Henry & Associates, Inc.
|
9,000
|
500,940
|
COMMON STOCKS — 84.2% (Continued)
|
Shares
|
Value
|
||||||
Information Technology — 12.6% (Continued)
|
||||||||
Lam Research Corporation
|
6,000
|
$
|
448,200
|
|||||
Linear Technology Corporation
|
6,000
|
266,340
|
||||||
Microchip Technology, Inc.
|
5,000
|
236,150
|
||||||
National Instruments Corporation
|
12,000
|
371,160
|
||||||
NetApp, Inc.
|
5,000
|
214,800
|
||||||
Polycom, Inc. (a)
|
8,000
|
98,280
|
||||||
Rackspace Hosting, Inc. (a)
|
4,000
|
130,200
|
||||||
Rovi Corporation (a)
|
6,000
|
118,470
|
||||||
SanDisk Corporation
|
5,000
|
489,750
|
||||||
Solera Holdings, Inc.
|
4,000
|
225,440
|
||||||
Xilinx, Inc.
|
7,000
|
296,450
|
||||||
Zebra Technologies Corporation - Class A (a)
|
4,000
|
283,880
|
||||||
6,181,489
|
||||||||
Materials — 6.9%
|
||||||||
Airgas, Inc.
|
4,000
|
442,600
|
||||||
Albemarle Corporation
|
8,000
|
471,200
|
||||||
Ashland, Inc.
|
3,000
|
312,300
|
||||||
Cabot Corporation
|
4,000
|
203,080
|
||||||
Martin Marietta Materials, Inc.
|
2,500
|
322,350
|
||||||
Packaging Corporation of America
|
5,000
|
319,100
|
||||||
Rayonier Advanced Materials, Inc.
|
1,750
|
57,592
|
||||||
Scotts Miracle-Gro Company (The) - Class A
|
4,000
|
220,000
|
||||||
Sonoco Products Company
|
5,000
|
196,450
|
||||||
Steel Dynamics, Inc.
|
12,000
|
271,320
|
||||||
TimkenSteel Corporation
|
2,500
|
116,225
|
||||||
Valspar Corporation (The)
|
6,000
|
473,940
|
||||||
3,406,157
|
||||||||
Utilities — 3.1%
|
||||||||
AGL Resources, Inc.
|
8,400
|
431,256
|
||||||
Great Plains Energy, Inc.
|
9,050
|
218,739
|
||||||
One Gas, Inc.
|
3,000
|
102,750
|
||||||
SCANA Corporation
|
7,530
|
373,563
|
||||||
Vectren Corporation
|
10,600
|
422,940
|
||||||
1,549,248
|
||||||||
Total Common Stocks (Cost $22,744,484)
|
$
|
41,402,023
|
PREFERRED STOCKS — 0.0% (b)
|
Shares
|
Value
|
||||||
Tyson Foods, Inc. (Cost $24,338)
|
500
|
$
|
25,180
|
EXCHANGE-TRADED FUNDS — 8.6%
|
Shares
|
Value
|
||||||
Guggenheim Mid-Cap Core ETF
|
26,000
|
$
|
1,256,060
|
|||||
iShares Nasdaq Biotechnology ETF
|
3,025
|
827,731
|
||||||
Schwab U.S. Mid-Cap ETF
|
22,000
|
851,396
|
||||||
Vanguard Mid-Cap ETF
|
10,850
|
1,272,813
|
||||||
Total Exchange-Traded Funds (Cost $3,083,702)
|
$
|
4,208,000
|
EXCHANGE-TRADED NOTES — 2.0%
|
Shares
|
Value
|
||||||
JPMorgan Alerian MLP Index ETN (Cost $698,490)
|
18,700
|
$
|
992,596
|
COMMERCIAL PAPER — 5.6%
|
Par Value
|
Value
|
||||||
U.S. Bank, N.A., discount, 0.02% (c), due 10/01/2014
|
$
|
1,370,000
|
$
|
1,370,000
|
||||
U.S. Bank, N.A., discount, 0.02% (c), due 10/01/2014
|
1,371,000
|
1,371,000
|
||||||
Total Commercial Paper (Cost $2,741,000)
|
$
|
2,741,000
|
MONEY MARKET FUNDS — 0.2%
|
Shares
|
Value
|
||||||
Invesco STIT - STIC Prime Portfolio (The) - Institutional Class, 0.01% (d) (Cost $78,404)
|
78,404
|
$
|
78,404
|
|||||
Total Investments at Value — 100.6% (Cost $29,370,418)
|
$
|
49,447,203
|
||||||
Liabilities in Excess of Other Assets — (0.6%)
|
(291,679
|
)
|
||||||
Net Assets — 100.0%
|
$
|
49,155,524
|
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
(c) | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
(d) | The rate shown is the 7-day effective yield as of September 30, 2014. |
ALABAMA FIXED RATE REVENUE AND GENERAL OBLIGATION (GO) BONDS — 98.7%
|
Par Value
|
Value
|
||||||
Alabama Drinking Water Financing Auth., Series A, Rev.,
|
||||||||
5.00%, due 08/15/2018
|
$
|
400,000
|
$
|
412,020
|
||||
3.00%, due 08/15/2019
|
530,000
|
571,393
|
||||||
Alabama State Public School & College Auth., Capital Improvements, Rev.,
|
||||||||
5.00%, due 12/01/2017
|
470,000
|
533,285
|
||||||
Alabama State Public School & College Auth., Capital Improvements, Series A, Rev.,
|
||||||||
4.00%, due 02/01/2017
|
250,000
|
270,160
|
||||||
3.75%, due 02/01/2018
|
200,000
|
219,424
|
||||||
Alabama State Public School & College Auth., Capital Improvements, Series D, Rev.,
|
||||||||
2.00%, due 09/01/2018
|
565,000
|
587,832
|
||||||
Alabama State, GO,
|
||||||||
5.00%, due 02/01/2016
|
575,000
|
584,401
|
||||||
Alabaster, AL, Water Rev.,
|
||||||||
3.00%, due 09/01/2017
|
400,000
|
422,280
|
||||||
Anniston, AL, Waterworks & Sewer Board, Water & Sewer Rev.,
|
||||||||
3.50%, due 06/01/2016
|
500,000
|
522,355
|
||||||
Athens, AL, Electric Rev., Warrants,
|
||||||||
3.00%, due 06/01/2016
|
510,000
|
528,579
|
||||||
3.00%, due 06/01/2019
|
375,000
|
399,979
|
||||||
Athens, AL, GO, Warrants,
|
||||||||
4.00%, due 09/01/2018
|
300,000
|
332,826
|
||||||
Auburn University, AL, General Fee Rev.,
|
||||||||
5.00%, due 06/01/2018
|
315,000
|
361,179
|
||||||
5.00%, due 06/01/2020
|
350,000
|
414,627
|
||||||
Auburn, AL, Refunding & Capital Improvements, Series B, GO, Warrants,
|
||||||||
4.00%, due 08/01/2018
|
200,000
|
222,056
|
||||||
Auburn, AL, School, Series A, GO, Warrants,
|
||||||||
5.00%, due 08/01/2018
|
500,000
|
575,890
|
||||||
Baldwin Co., AL, Board of Education, Rev.,
|
||||||||
5.00%, due 07/01/2018
|
590,000
|
649,000
|
||||||
Baldwin Co., AL, GO, Warrants,
|
||||||||
5.00%, due 02/01/2015
|
200,000
|
200,806
|
||||||
4.00%, due 06/01/2019
|
200,000
|
222,352
|
||||||
Baldwin Co., AL, Series A, GO, Warrants,
|
||||||||
5.00%, due 02/01/2017
|
320,000
|
352,829
|
ALABAMA FIXED RATE REVENUE AND GENERAL OBLIGATION (GO) BONDS — 98.7% (Continued)
|
Par Value
|
Value
|
||||||
Birmingham, AL, Waterworks Board, Water Rev.,
|
||||||||
5.00%, due 01/01/2017
|
$
|
400,000
|
$
|
437,240
|
||||
3.625%, due 07/01/2018
|
250,000
|
271,602
|
||||||
Calera, AL, GO, Warrants,
|
||||||||
3.00%, due 12/01/2016
|
250,000
|
262,475
|
||||||
3.00%, due 12/01/2017
|
410,000
|
434,038
|
||||||
Calhoun Co., AL, Gas Tax Anticipation, Series A, Rev., Warrants,
|
||||||||
4.00%, due 03/01/2016
|
445,000
|
465,296
|
||||||
Chambers Co., AL, Gasoline Tax Anticipation, Rev., Warrants,
|
||||||||
2.00%, due 11/01/2019
|
290,000
|
290,194
|
||||||
Chelsea, AL, GO,
|
||||||||
4.00%, due 05/01/2015
|
260,000
|
265,236
|
||||||
Decatur, AL, Sewer Rev., Warrants,
|
||||||||
3.00%, due 08/15/2019
|
500,000
|
537,030
|
||||||
Enterprise, AL, GO, School Warrants,
|
||||||||
4.00%, due 02/01/2016
|
400,000
|
419,296
|
||||||
Florence, AL, Board of Education, Rev.,
|
||||||||
3.00%, due 03/01/2016
|
500,000
|
516,670
|
||||||
Florence, AL, Electric Rev., Warrants,
|
||||||||
3.10%, due 06/01/2015
|
300,000
|
304,884
|
||||||
3.50%, due 06/01/2017
|
515,000
|
547,399
|
||||||
Florence, AL, GO, Warrants,
|
||||||||
4.00%, due 08/01/2018
|
575,000
|
633,846
|
||||||
Foley, AL, GO, Warrants,
|
||||||||
4.00%, due 01/01/2015
|
315,000
|
318,046
|
||||||
Foley, AL, Utilities Board, Utilities Rev.,
|
||||||||
4.00%, due 11/01/2018
|
710,000
|
789,513
|
||||||
4.00%, due 11/01/2019
|
225,000
|
253,337
|
||||||
4.50%, due 11/01/2019
|
250,000
|
261,692
|
||||||
Gadsden, AL, GO, School Warrants,
|
||||||||
3.00%, due 08/01/2015
|
250,000
|
255,250
|
||||||
Homewood, AL, Board of Education, Special Tax School Warrants,
|
||||||||
4.00%, due 04/01/2017
|
500,000
|
538,795
|
||||||
Homewood, AL, GO, Warrants,
|
||||||||
5.00%, due 09/01/2015
|
250,000
|
260,960
|
||||||
Hoover City, AL, Board of Education, Special Tax School Warrants,
|
||||||||
4.00%, due 02/15/2020
|
470,000
|
529,234
|
ALABAMA FIXED RATE REVENUE AND GENERAL OBLIGATION (GO) BONDS — 98.7% (Continued)
|
Par Value
|
Value
|
||||||
Houston Co., AL, GO,
|
||||||||
4.75%, due 10/15/2016
|
$
|
500,000
|
$
|
500,965
|
||||
Huntsville, AL, Electric Systems, Rev.,
|
||||||||
3.00%, due 12/01/2016
|
375,000
|
395,423
|
||||||
Huntsville, AL, GO, Capital Improvement Warrants,
|
||||||||
4.00%, due 03/01/2015
|
550,000
|
558,932
|
||||||
Huntsville, AL, GO, Refunding and Capital Improvement Warrants,
|
||||||||
4.00%, due 09/01/2016
|
500,000
|
534,480
|
||||||
4.00%, due 09/01/2018
|
500,000
|
559,135
|
||||||
Jacksonville, AL, GO, Warrants,
|
||||||||
2.00%, due 09/01/2016
|
200,000
|
204,548
|
||||||
Limestone Co., AL, Board of Education, Special Tax Warrants,
|
||||||||
3.00%, due 11/01/2019
|
560,000
|
587,580
|
||||||
Macon Co., AL, GO, Warrants,
|
||||||||
4.25%, due 10/01/2027,
|
||||||||
Prerefunded 10/01/2017 @ 100
|
200,000
|
221,658
|
||||||
Madison Co., AL, Board of Education, Rev., Tax Anticipation Warrants,
|
||||||||
2.00%, due 09/01/2019
|
220,000
|
225,014
|
||||||
Madison Co., AL, Series A, Water Rev., Warrants,
|
||||||||
2.00%, due 07/01/2017
|
250,000
|
258,083
|
||||||
Madison Co., AL, Water & Wastewater Board, Rev.,
|
||||||||
3.00%, due 12/01/2019
|
430,000
|
463,660
|
||||||
Montgomery, AL, GO, Warrants,
|
||||||||
3.00%, due 11/01/2014
|
500,000
|
501,180
|
||||||
2.50%, due 04/01/2021
|
500,000
|
510,300
|
||||||
Montgomery, AL, Waterworks & Sanitation, Rev.,
|
||||||||
5.00%, due 09/01/2017
|
250,000
|
280,698
|
||||||
Morgan Co., AL, Board of Education, Rev., Capital Outlay Warrants,
|
||||||||
4.00%, due 03/01/2019
|
250,000
|
277,015
|
||||||
Mountain Brook, AL, City Board of Education, GO, Warrants,
|
||||||||
3.00%, due 03/01/2020
|
300,000
|
320,760
|
||||||
North Alabama Gas District, Rev.,
|
||||||||
3.00%, due 06/01/2020
|
420,000
|
433,427
|
ALABAMA FIXED RATE REVENUE AND GENERAL OBLIGATION (GO) BONDS — 98.7% (Continued)
|
Par Value
|
Value
|
||||||
Opelika, AL, GO, Warrants,
|
||||||||
2.00%, due 11/01/2017
|
$
|
275,000
|
$
|
284,155
|
||||
Opelika, AL, Utilities Board, Series B, Rev.,
|
||||||||
3.00%, due 06/01/2016
|
475,000
|
493,311
|
||||||
3.00%, due 06/01/2018
|
215,000
|
229,010
|
||||||
Orange Beach, AL, GO, Warrants,
|
||||||||
4.00%, due 02/01/2018
|
200,000
|
220,162
|
||||||
5.00%, due 02/01/2019
|
240,000
|
277,990
|
||||||
Prattville, AL, Waterworks Board, Rev.,
|
||||||||
3.00%, due 08/01/2017
|
290,000
|
304,938
|
||||||
Sheffield, AL, Electric Rev.,
|
||||||||
4.00%, due 07/01/2017
|
600,000
|
654,228
|
||||||
Sumter Co., AL, School Rev., Warrants,
|
||||||||
4.50%, due 02/01/2031,
|
||||||||
Prerefunded 02/01/2016 @ 100
|
500,000
|
527,990
|
||||||
Trussville, AL, GO,
|
||||||||
5.00%, due 10/01/2019
|
400,000
|
472,944
|
||||||
Tuscaloosa, AL, Series B, GO, Warrants,
|
||||||||
4.00%, due 01/01/2020
|
500,000
|
562,635
|
||||||
University of Alabama, AL, Rev.,
|
||||||||
4.00%, due 10/01/2014
|
500,000
|
500,055
|
||||||
University of Alabama, AL, Series A, Rev.,
|
||||||||
3.00%, due 07/01/2016
|
340,000
|
355,789
|
||||||
5.00%, due 07/01/2017
|
245,000
|
274,099
|
||||||
Vestavia Hills, AL, GO, Warrants,
|
||||||||
4.00%, due 02/01/2018
|
515,000
|
564,425
|
||||||
Vestavia Hills, AL, Series A, GO, Warrants,
|
||||||||
3.00%, due 02/01/2018
|
240,000
|
255,785
|
||||||
Wetumpka, AL, Waterworks & Sewer, Rev.,
|
||||||||
4.00%, due 03/01/2018
|
320,000
|
342,419
|
||||||
Total Alabama Fixed Rate Revenue and General Obligation (GO) Bonds (Cost $29,498,398)
|
$
|
30,128,099
|
MONEY MARKET FUNDS — 0.6%
|
Shares
|
Value
|
||||||
Alpine Municipal Money Market Fund - Class I, 0.02% (a) (Cost $165,125)
|
165,125
|
$
|
165,125
|
|||||
Total Investments at Value — 99.3% (Cost $29,663,523)
|
$
|
30,293,224
|
||||||
Other Assets in Excess of Liabilities — 0.7%
|
228,841
|
|||||||
Net Assets — 100.0%
|
$
|
30,522,065
|
(a) | The rate shown is the 7-day effective yield as of September 30, 2014 |
Government Street
Equity Fund |
Government
Street Mid-Cap Fund |
Alabama
Tax Free Bond Fund |
||||||||||
ASSETS
|
||||||||||||
Investments in securities:
|
||||||||||||
At acquisition cost
|
$
|
57,762,812
|
$
|
29,370,418
|
$
|
29,663,523
|
||||||
At value (Note 2)
|
$
|
94,548,065
|
$
|
49,447,203
|
$
|
30,293,224
|
||||||
Cash
|
5,351
|
—
|
—
|
|||||||||
Dividends and interest receivable
|
103,548
|
21,675
|
264,054
|
|||||||||
Receivable for capital shares sold
|
50,703
|
100
|
—
|
|||||||||
Other assets
|
13,488
|
10,506
|
8,591
|
|||||||||
TOTAL ASSETS
|
94,721,155
|
49,479,484
|
30,565,869
|
|||||||||
LIABILITIES
|
||||||||||||
Distributions payable
|
4,932
|
—
|
3,124
|
|||||||||
Payable for investment securities purchased
|
386,480
|
267,122
|
—
|
|||||||||
Payable for capital shares redeemed
|
211,702
|
—
|
25,218
|
|||||||||
Accrued investment advisory fees (Note 4)
|
61,823
|
46,088
|
5,442
|
|||||||||
Payable to administrator (Note 4)
|
10,250
|
6,400
|
5,125
|
|||||||||
Other accrued expenses
|
5,751
|
4,350
|
4,895
|
|||||||||
TOTAL LIABILITIES
|
680,938
|
323,960
|
43,804
|
|||||||||
NET ASSETS
|
$
|
94,040,217
|
$
|
49,155,524
|
$
|
30,522,065
|
||||||
Net assets consist of:
|
||||||||||||
Paid-in capital
|
$
|
52,449,930
|
$
|
27,275,711
|
$
|
29,955,725
|
||||||
Accumulated net investment income
|
1,101
|
43,654
|
—
|
|||||||||
Accumulated net realized gains (losses) from security transactions
|
4,803,933
|
1,759,374
|
(63,361
|
)
|
||||||||
Net unrealized appreciation on investments
|
36,785,253
|
20,076,785
|
629,701
|
|||||||||
Net assets
|
$
|
94,040,217
|
$
|
49,155,524
|
$
|
30,522,065
|
||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, $0.01 par value)
|
1,428,974
|
2,263,870
|
2,897,074
|
|||||||||
Net asset value, offering price and redemption price per share (Note 2)
|
$
|
65.81
|
$
|
21.71
|
$
|
10.54
|
Government
Street Equity Fund |
Government
Street Mid-Cap Fund |
Alabama
Tax Free Bond Fund |
||||||||||
INVESTMENT INCOME
|
||||||||||||
Dividends
|
$
|
845,780
|
$
|
372,970
|
$
|
37
|
||||||
Foreign withholding taxes on dividends
|
(6,597
|
)
|
(282
|
)
|
—
|
|||||||
Interest
|
276
|
234
|
319,676
|
|||||||||
TOTAL INVESTMENT INCOME
|
839,459
|
372,922
|
319,713
|
|||||||||
EXPENSES
|
||||||||||||
Investment advisory fees (Note 4)
|
283,817
|
197,002
|
55,699
|
|||||||||
Administration fees (Note 4)
|
56,785
|
35,621
|
27,000
|
|||||||||
Professional fees
|
10,130
|
8,918
|
8,285
|
|||||||||
Account maintenance fees
|
13,865
|
7,550
|
3,923
|
|||||||||
Compliance fees and expenses (Note 4)
|
5,309
|
4,391
|
3,946
|
|||||||||
Registration and filing fees
|
5,079
|
4,645
|
3,870
|
|||||||||
Custodian and bank service fees
|
5,927
|
3,186
|
2,419
|
|||||||||
Postage and supplies
|
4,152
|
3,542
|
3,074
|
|||||||||
Trustees' fees and expenses (Note 4)
|
3,242
|
3,242
|
3,242
|
|||||||||
Printing of shareholder reports
|
4,350
|
2,668
|
2,086
|
|||||||||
Pricing costs
|
1,043
|
1,480
|
6,074
|
|||||||||
Insurance expense
|
2,098
|
1,351
|
861
|
|||||||||
Other expenses
|
3,314
|
1,190
|
1,932
|
|||||||||
TOTAL EXPENSES
|
399,111
|
274,786
|
122,411
|
|||||||||
Fees voluntarily waived by the Adviser (Note 4)
|
—
|
—
|
(18,969
|
)
|
||||||||
NET EXPENSES
|
399,111
|
274,786
|
103,442
|
|||||||||
NET INVESTMENT INCOME
|
440,348
|
98,136
|
216,271
|
|||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
||||||||||||
Net realized gains (losses) from security transactions
|
1,705,161
|
485,999
|
(10,382
|
)
|
||||||||
Net realized gains from in-kind redemptions (Note 2)
|
3,609,846
|
3,329,346
|
—
|
|||||||||
Net change in unrealized appreciation (depreciation) on investments
|
(394,571
|
)
|
(3,474,728
|
)
|
93,188
|
|||||||
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
|
4,920,436
|
340,617
|
82,806
|
|||||||||
NET INCREASE IN NET ASSETS FROM OPERATIONS
|
$
|
5,360,784
|
$
|
438,753
|
$
|
299,077
|
Government Street
Equity Fund |
Government Street
Mid-Cap Fund |
|||||||||||||||
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income
|
$
|
440,348
|
$
|
936,908
|
$
|
98,136
|
$
|
215,501
|
||||||||
Net realized gains from security transactions
|
1,705,161
|
422,386
|
485,999
|
198,853
|
||||||||||||
Net realized gains from in-kind redemptions (Note 2)
|
3,609,846
|
5,368,195
|
3,329,346
|
1,694,001
|
||||||||||||
Net change in unrealized appreciation (depreciation) on investments
|
(394,571
|
)
|
8,023,767
|
(3,474,728
|
)
|
6,861,214
|
||||||||||
Net increase in net assets from operations
|
5,360,784
|
14,751,256
|
438,753
|
8,969,569
|
||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income
|
(439,682
|
)
|
(917,652
|
)
|
—
|
(270,068
|
)
|
|||||||||
From net realized capital gains on security transactions
|
(429,807
|
)
|
(14,611
|
)
|
(209,998
|
)
|
(44,110
|
)
|
||||||||
Decrease in net assets from distributions to shareholders
|
(869,489
|
)
|
(932,263
|
)
|
(209,998
|
)
|
(314,178
|
)
|
||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from shares sold
|
3,646,408
|
8,616,023
|
428,316
|
3,573,791
|
||||||||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
852,572
|
893,022
|
193,490
|
279,774
|
||||||||||||
Payments for shares redeemed
|
(9,237,124
|
)
|
(10,729,648
|
)
|
(6,570,214
|
)
|
(3,551,749
|
)
|
||||||||
Net increase (decrease) in net assets from capital share transactions
|
(4,738,144
|
)
|
(1,220,603
|
)
|
(5,948,408
|
)
|
301,816
|
|||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(246,849
|
)
|
12,598,390
|
(5,719,653
|
)
|
8,957,207
|
||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
94,287,066
|
81,688,676
|
54,875,177
|
45,917,970
|
||||||||||||
End of period
|
$
|
94,040,217
|
$
|
94,287,066
|
$
|
49,155,524
|
$
|
54,875,177
|
||||||||
ACCUMULATED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME
|
$
|
1,101
|
$
|
435
|
$
|
43,654
|
$
|
(54,482
|
)
|
|||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
56,148
|
147,014
|
19,363
|
183,688
|
||||||||||||
Shares reinvested
|
12,964
|
15,199
|
8,619
|
13,169
|
||||||||||||
Shares redeemed
|
(142,079
|
)
|
(183,959
|
)
|
(295,808
|
)
|
(179,903
|
)
|
||||||||
Net increase (decrease) in shares outstanding
|
(72,967
|
)
|
(21,746
|
)
|
(267,826
|
)
|
16,954
|
|||||||||
Shares outstanding, beginning of period
|
1,501,941
|
1,523,687
|
2,531,696
|
2,514,742
|
||||||||||||
Shares outstanding, end of period
|
1,428,974
|
1,501,941
|
2,263,870
|
2,531,696
|
Alabama Tax Free
Bond Fund |
||||||||
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
216,271
|
$
|
465,168
|
||||
Net realized losses from security transactions
|
(10,382
|
)
|
(3,126
|
)
|
||||
Net change in unrealized appreciation (depreciation) on investments
|
93,188
|
(352,648
|
)
|
|||||
Net increase in net assets from operations
|
299,077
|
109,394
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(216,262
|
)
|
(466,887
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
975,797
|
2,039,630
|
||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
194,092
|
412,246
|
||||||
Payments for shares redeemed
|
(3,360,581
|
)
|
(2,729,087
|
)
|
||||
Net decrease in net assets from capital share transactions
|
(2,190,692
|
)
|
(277,211
|
)
|
||||
TOTAL DECREASE IN NET ASSETS
|
(2,107,877
|
)
|
(634,704
|
)
|
||||
NET ASSETS
|
||||||||
Beginning of period
|
32,629,942
|
33,264,646
|
||||||
End of period
|
$
|
30,522,065
|
$
|
32,629,942
|
||||
ACCUMULATED (DISTRIBUTION IN EXCESS OF)
NET INVESTMENT INCOME |
$
|
—
|
$
|
(9
|
)
|
|||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
92,420
|
194,253
|
||||||
Shares reinvested
|
18,400
|
39,198
|
||||||
Shares redeemed
|
(318,423
|
)
|
(259,072
|
)
|
||||
Net decrease in shares outstanding
|
(207,603
|
)
|
(25,621
|
)
|
||||
Shares outstanding, beginning of period
|
3,104,677
|
3,130,298
|
||||||
Shares outstanding, end of period
|
2,897,074
|
3,104,677
|
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
62.78
|
$
|
53.61
|
$
|
50.42
|
$
|
48.00
|
$
|
40.89
|
$
|
26.72
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.31
|
0.62
|
0.64
|
0.47
|
0.39
|
0.40
|
||||||||||||||||||
Net realized and unrealized gains on investments
|
3.33
|
9.17
|
4.21
|
2.66
|
7.19
|
14.17
|
||||||||||||||||||
Total from investment operations
|
3.64
|
9.79
|
4.85
|
3.13
|
7.58
|
14.57
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.31
|
)
|
(0.61
|
)
|
(0.64
|
)
|
(0.48
|
)
|
(0.39
|
)
|
(0.40
|
)
|
||||||||||||
Distributions from net realized gains
|
(0.30
|
)
|
(0.01
|
)
|
(1.02
|
)
|
(0.23
|
)
|
(0.08
|
)
|
—
|
|||||||||||||
Total distributions
|
(0.61
|
)
|
(0.62
|
)
|
(1.66
|
)
|
(0.71
|
)
|
(0.47
|
)
|
(0.40
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
65.81
|
$
|
62.78
|
$
|
53.61
|
$
|
50.42
|
$
|
48.00
|
$
|
40.89
|
||||||||||||
Total return (a)
|
5.80
|
%(b)
|
18.34
|
%
|
9.93
|
%
|
6.67
|
%
|
18.69
|
%
|
54.71
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
94,040
|
$
|
94,287
|
$
|
81,689
|
$
|
72,268
|
$
|
66,373
|
$
|
57,766
|
||||||||||||
Ratio of total expenses to average net assets
|
0.84
|
%(c)
|
0.84
|
%
|
0.85
|
%
|
0.87
|
%
|
0.88
|
%
|
0.90
|
%
|
||||||||||||
Ratio of net investment income to average net assets
|
0.93
|
%(c)
|
1.06
|
%
|
1.29
|
%
|
1.01
|
%
|
0.92
|
%
|
1.14
|
%
|
||||||||||||
Portfolio turnover rate
|
9
|
%(b)
|
36
|
%
|
38
|
%
|
36
|
%
|
26
|
%
|
30
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Not annualized. |
(c) | Annualized. |
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
21.68
|
$
|
18.26
|
$
|
16.26
|
$
|
15.89
|
$
|
12.87
|
$
|
8.46
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.04
|
0.09
|
0.10
|
0.04
|
0.03
|
0.05
|
||||||||||||||||||
Net realized and unrealized gains on investments
|
0.08
|
3.46
|
2.05
|
0.37
|
3.03
|
4.41
|
||||||||||||||||||
Total from investment operations
|
0.12
|
3.55
|
2.15
|
0.41
|
3.06
|
4.46
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
—
|
(0.11
|
)
|
(0.11
|
)
|
(0.04
|
)
|
(0.03
|
)
|
(0.05
|
)
|
|||||||||||||
In excess of net investment income
|
—
|
—
|
—
|
—
|
(0.01
|
)
|
—
|
|||||||||||||||||
Distributions from net realized gains
|
(0.09
|
)
|
(0.02
|
)
|
(0.04
|
)
|
(0.00
|
)(a)
|
—
|
—
|
||||||||||||||
Total distributions
|
(0.09
|
)
|
(0.13
|
)
|
(0.15
|
)
|
(0.04
|
)
|
(0.04
|
)
|
(0.05
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
21.71
|
$
|
21.68
|
$
|
18.26
|
$
|
16.26
|
$
|
15.89
|
$
|
12.87
|
||||||||||||
Total return (b)
|
0.53
|
%(c)
|
19.43
|
%
|
13.35
|
%
|
2.59
|
%
|
23.80
|
%
|
52.73
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
49,156
|
$
|
54,875
|
$
|
45,918
|
$
|
39,843
|
$
|
39,983
|
$
|
32,198
|
||||||||||||
Ratio of net expenses to average net assets
|
1.05
|
%(d)
|
1.06
|
%
|
1.08
|
%
|
1.09
|
%
|
1.13
|
%
|
1.13
|
%(e)
|
||||||||||||
Ratio of net investment income to average net assets
|
0.37
|
%(d)
|
0.43
|
%
|
0.63
|
%
|
0.29
|
%
|
0.21
|
%
|
0.47
|
%
|
||||||||||||
Portfolio turnover rate
|
4
|
%(c)
|
10
|
%
|
12
|
%
|
18
|
%
|
20
|
%
|
10
|
%
|
(a) | Amount rounds to less than $0.01 per share. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Absent voluntary advisory fee waivers by the Adviser, the ratio of expenses to average net assets would have been 1.18% for the year ended March 31, 2010. |
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
10.51
|
$
|
10.63
|
$
|
10.64
|
$
|
10.45
|
$
|
10.53
|
$
|
10.54
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.07
|
0.15
|
0.18
|
0.23
|
0.26
|
0.28
|
||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.03
|
(0.12
|
)
|
(0.01
|
)
|
0.19
|
(0.07
|
)
|
(0.00
|
)(a)
|
||||||||||||||
Total from investment operations
|
0.10
|
0.03
|
0.17
|
0.42
|
0.19
|
0.28
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.07
|
)
|
(0.15
|
)
|
(0.18
|
)
|
(0.23
|
)
|
(0.27
|
)
|
(0.28
|
)
|
||||||||||||
Distributions from net realized gains
|
—
|
—
|
—
|
—
|
(0.00
|
)(a)
|
(0.01
|
)
|
||||||||||||||||
Total distributions
|
(0.07
|
)
|
(0.15
|
)
|
(0.18
|
)
|
(0.23
|
)
|
(0.27
|
)
|
(0.29
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
10.54
|
$
|
10.51
|
$
|
10.63
|
$
|
10.64
|
$
|
10.45
|
$
|
10.53
|
||||||||||||
Total return (b)
|
0.97
|
%(c)
|
0.28
|
%
|
1.64
|
%
|
4.04
|
%
|
1.78
|
%
|
2.88
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
30,522
|
$
|
32,630
|
$
|
33,265
|
$
|
24,719
|
$
|
27,026
|
$
|
29,716
|
||||||||||||
Ratio of total expenses to average net assets
|
0.77
|
%(d)
|
0.76
|
%
|
0.76
|
%
|
0.80
|
%
|
0.77
|
%
|
0.75
|
%
|
||||||||||||
Ratio of net expenses to average net assets (e)
|
0.65
|
%(d)
|
0.65
|
%
|
0.65
|
%
|
0.65
|
%
|
0.65
|
%
|
0.65
|
%
|
||||||||||||
Ratio of net investment income to average net assets (e)
|
1.36
|
%(d)
|
1.41
|
%
|
1.70
|
%
|
2.17
|
%
|
2.51
|
%
|
2.85
|
%
|
||||||||||||
Portfolio turnover rate
|
0
|
%
|
10
|
%
|
7
|
%
|
18
|
%
|
21
|
%
|
32
|
%
|
(a) | Amount rounds to less than $0.01 per share. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Ratios were determined after voluntary advisory fee waivers by the Adviser (Note 4). |
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – other significant observable inputs |
• | Level 3 – significant unobservable inputs |
The Government Street Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
81,049,938
|
$
|
—
|
$
|
—
|
$
|
81,049,938
|
||||||||
Exchange-Traded Funds
|
6,400,139
|
—
|
—
|
6,400,139
|
||||||||||||
Exchange-Traded Notes
|
2,760,160
|
—
|
—
|
2,760,160
|
||||||||||||
Warrants
|
19,120
|
—
|
—
|
19,120
|
||||||||||||
Commercial Paper
|
—
|
4,246,000
|
—
|
4,246,000
|
||||||||||||
Money Market Funds
|
72,708
|
—
|
—
|
72,708
|
||||||||||||
Total
|
$
|
90,302,065
|
$
|
4,246,000
|
$
|
—
|
$
|
94,548,065
|
The Government Street Mid-Cap Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
41,402,023
|
$
|
—
|
$
|
—
|
$
|
41,402,023
|
||||||||
Preferred Stocks
|
25,180
|
—
|
—
|
25,180
|
||||||||||||
Exchange-Traded Funds
|
4,208,000
|
—
|
—
|
4,208,000
|
||||||||||||
Exchange-Traded Notes
|
992,596
|
—
|
—
|
992,596
|
||||||||||||
Commercial Paper
|
—
|
2,741,000
|
—
|
2,741,000
|
||||||||||||
Money Market Funds
|
78,404
|
—
|
—
|
78,404
|
||||||||||||
Total
|
$
|
46,706,203
|
$
|
2,741,000
|
$
|
—
|
$
|
49,447,203
|
The Alabama Tax Free Bond Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
30,128,099
|
$
|
—
|
$
|
30,128,099
|
||||||||
Money Market Funds
|
165,125
|
—
|
—
|
165,125
|
||||||||||||
Total
|
$
|
165,125
|
$
|
30,128,099
|
$
|
—
|
$
|
30,293,224
|
Period
Ended |
Ordinar
Income
|
Exempt-Interest Dividends
|
Long-Term
Gains
|
Total Distributions
|
|||||||||||||
The Government Street Equity Fund
|
9/30/14
|
$
|
439,682
|
$
|
—
|
$
|
429,807
|
$
|
869,489
|
||||||||
3/31/14
|
$
|
917,652
|
$
|
—
|
$
|
14,611
|
$
|
932,263
|
|||||||||
The Government Street Mid-Cap Fund
|
9/30/14
|
$
|
—
|
$
|
—
|
$
|
209,998
|
$
|
209,998
|
||||||||
3/31/14
|
$
|
270,068
|
$
|
—
|
$
|
44,110
|
$
|
314,178
|
|||||||||
The Alabama Tax Free Bond Fund
|
9/30/14
|
$
|
—
|
$
|
216,262
|
$
|
—
|
$
|
216,262
|
||||||||
3/31/14
|
$
|
1,238
|
$
|
465,649
|
$
|
—
|
$
|
466,887
|
The Government
Street Equity Fund
|
The Government
Street Mid-Cap Fund
|
The Alabama
Tax Free Bond Fund
|
||||||||||
Cost of portfolio investments
|
$
|
57,762,032
|
$
|
29,370,418
|
$
|
29,663,523
|
||||||
Gross unrealized appreciation
|
$
|
37,105,616
|
$
|
20,468,915
|
$
|
664,255
|
||||||
Gross unrealized depreciation
|
(319,583
|
)
|
(392,130
|
)
|
(34,554
|
)
|
||||||
Net unrealized appreciation
|
36,786,033
|
20,076,785
|
629,701
|
|||||||||
Undistributed ordinary income
|
6,033
|
43,654
|
—
|
|||||||||
Undistributed tax exempt income
|
—
|
—
|
3,124
|
|||||||||
Undistributed long-term gains
|
3,097,992
|
1,273,376
|
—
|
|||||||||
Capital loss carryforwards
|
—
|
—
|
(52,979
|
)
|
||||||||
Other gains (losses)
|
1,705,161
|
485,998
|
(10,382
|
)
|
||||||||
Other temporary differences
|
(4,932
|
)
|
—
|
(3,124
|
)
|
|||||||
Total distributable earnings
|
$
|
41,590,287
|
$
|
21,879,813
|
$
|
566,340
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value Sept. 30, 2014 |
Expenses
Paid During Period* |
|
The Government Street Equity Fund
|
|||
Based on Actual Fund Return
|
$1,000.00
|
$1,058.00
|
$4.33
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,020.86
|
$4.26
|
The Government Street Mid-Cap Fund
|
|||
Based on Actual Fund Return
|
$1,000.00
|
$1,005.30
|
$5.28
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,019.80
|
$5.32
|
The Alabama Tax Free Bond Fund
|
|||
Based on Actual Fund Return
|
$1,000.00
|
$1,009.70
|
$3.27
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,021.81
|
$3.29
|
*
|
Expenses are equal to the Funds' annualized expense ratios for the period as stated below, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
|
The Government Street Equity Fund
|
0.84%
|
The Government Street Mid-Cap Fund
|
1.05%
|
The Alabama Tax Free Bond Fund
|
0.65%
|
Fund
|
For
|
Against
|
Abstain
|
For Votes
as % of Shares Voted |
The Government Street Equity Fund
|
1,196,086.619
|
0
|
89.002
|
99.99%
|
The Government Street Mid-Cap Fund
|
2,337,436.765
|
0
|
0
|
100%
|
The Alabama Tax Free Bond Fund
|
2,574,711.440
|
0
|
0
|
100%
|
|
||||||||
The Government Street Funds
|
||||||||
No Load Mutual Funds
|
||||||||
Investment Adviser
Leavell Investment Management, Inc.
210 St. Joseph Street
Mobile, AL 36602
Administrator
Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, OH 45246-0707
1-866-738-1125
Legal Counsel
Sullivan & Worcester LLP
One Post Office Square
Boston, MA 02109
Independent Registered Public Accounting Firm
Ernst & Young LLP
1900 Scripps Center
312 Walnut Street
Cincinnati, OH 45202
Board of Trustees
Robert S. Harris, Ph.D., Chairman
John P. Ackerly, IV
John T. Bruce
J. Finley Lee, Jr., Ph.D.
Harris V. Morrissette
Elizabeth W. Robertson
Portfolio Managers
Thomas W. Leavell,
The Government Street Equity Fund
The Government Street Mid-Cap Fund
Timothy S. Healey,
The Government Street Mid-Cap Fund
The Alabama Tax Free Bond Fund
Richard E. Anthony, Jr., CFA,
The Government Street Mid-Cap Fund
Michael J. Hofto, CFA,
The Government Street Mid-Cap Fund
|
||||||||
|
|
||||||||
THE
JAMESTOWN
FUNDS
No-Load Funds
The Jamestown Balanced Fund
The Jamestown Equity Fund
The Jamestown Tax Exempt Virginia Fund
SEMI-ANNUAL REPORT
September 30, 2014
(Unaudited)
Investment Adviser
Lowe, Brockenbrough & Company, Inc.
Richmond, Virginia
|
||||||||
|
LETTER TO SHAREHOLDERS
|
November 10, 2014
|
![]() |
![]() |
Charles M. Caravati, III, CFA
President
Jamestown Balanced Fund
Jamestown Equity Fund
|
Joseph A. Jennings, III, CFA
President
Jamestown Tax Exempt Virginia Fund
|
Average Annual Total Returns(a)
(for periods ended September 30, 2014) |
|||
1 Year
|
5 Years
|
10 Years
|
|
The Jamestown Balanced Fund
|
13.43%
|
10.54%
|
6.28%
|
Standard & Poor's 500® Index
|
19.73%
|
15.70%
|
8.11%
|
60% S&P 500® Index / 40% Barclays Intermediate U.S. Government/Credit Index
|
12.51%
|
10.88%
|
6.76%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Average Annual Total Returns(a)
(for periods ended September 30, 2014) |
|||
1 Year
|
5 Years
|
10 Years
|
|
The Jamestown Equity Fund
|
19.13%
|
14.44%
|
7.25%
|
Standard & Poor's 500® Index
|
19.73%
|
15.70%
|
8.11%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Average Annual Total Returns(a)
(for periods ended September 30, 2014) |
|||
1 Year
|
5 Years
|
10 Years
|
|
The Jamestown Tax Exempt Virginia Fund
|
2.82%
|
2.24%
|
2.94%
|
Barclays 1-10 Year Municipal Blend Index
|
7.13%
|
5.05%
|
5.04%
|
Barclays 5-Year Municipal Bond Index
|
3.96%
|
3.54%
|
4.04%
|
Barclays Municipal Bond Index
|
7.93%
|
4.67%
|
4.72%
|
* | The Barclays 1-10 Year Municipal Blend Index is an unmanaged, market value-weighted index which covers the short and intermediate components of the U.S. investment-grade tax-exempt bond market. Because the composition of this Index is more representative of the maturity structure of the Jamestown Tax Exempt Virginia Fund than the Barclays 5-Year Municipal Bond Index, which represents a more narrow maturity band on the yield curve, the Barclays 1-10 Year Municipal Blend Index is believed to be the most appropriate broad-based securities market index against which to compare the Fund's performance. |
** | The Barclays 5-Year Municipal Bond Index is an unmanaged index generally representative of 5-year tax-exempt bonds. Previously, this Index was used as the Fund's primary benchmark. |
(a) | Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
Asset Allocation (% of Net Assets)
|
![]() |
Ten Largest Equity Holdings
|
% of
Net Assets |
Apple, Inc.
|
2.7%
|
General Electric Company
|
1.8%
|
JPMorgan Chase & Company
|
1.7%
|
Actavis plc
|
1.6%
|
LyondellBasell Industries NV - Class A
|
1.6%
|
Amgen, Inc.
|
1.5%
|
Discover Financial Services
|
1.5%
|
Cisco Systems, Inc.
|
1.5%
|
Principal Financial Group, Inc.
|
1.4%
|
United Technologies Corporation
|
1.4%
|
Equity Sector Concentration vs. the S&P 500® Index (64.4% of Net Assets)
|
Fixed-Income Portfolio (30.0% of Net Assets)
|
Credit Quality
|
Composite Quality
|
||
Average Stated Maturity (Years)
|
3.42
|
AAA
|
43.4%
|
|
Average Duration (Years)
|
3.08
|
AA
|
14.5%
|
|
Average Coupon
|
3.95%
|
A
|
33.3%
|
|
Average Yield to Maturity
|
1.45%
|
BBB
|
8.8%
|
|
Sector Breakdown
|
% of Fixed
Income Portfolio
|
|||
U.S. Treasury Obligations
|
26.9%
|
|||
U.S. Government Agency Obligations
|
9.8%
|
|||
Corporate Bonds
|
56.7%
|
|||
Mortgage-Backed Securities
|
4.7%
|
|||
Municipal Bonds
|
1.9%
|
Asset Allocation (% of Net Assets)
|
![]() |
Ten Largest Equity Holdings
|
% of
Net Assets |
Apple, Inc.
|
4.2%
|
General Electric Company
|
2.5%
|
JPMorgan Chase & Company
|
2.4%
|
Amgen, Inc.
|
2.2%
|
CVS Health Corporation
|
2.2%
|
AmerisourceBergen Corporation
|
2.2%
|
Ameriprise Financial, Inc.
|
2.2%
|
Actavis plc
|
2.2%
|
Discover Financial Services
|
2.1%
|
McKesson Corporation
|
2.0%
|
Sector Concentration vs. the S&P 500® Index
|
Characteristics
|
|
30-day SEC Yield
|
1.67%
|
Tax-Equivalent Yield
|
2.95%*
|
Average Stated Maturity (years)
|
5.6
|
Average Duration (years)
|
3.7
|
Average Quality
|
AA
|
Number of Issues
|
54
|
* Assumes a maximum 43.4% federal tax rate.
|
Maturity Breakdown
(% of Portfolio) |
![]() |
Credit Quality (% of Portfolio)
|
Sector Diversification (% of Portfolio)
|
|
![]() |
![]() |
COMMON STOCKS — 64.4%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 8.7%
|
||||||||
Comcast Corporation - Class A
|
4,700
|
$
|
252,766
|
|||||
Dollar Tree, Inc. (a)
|
4,500
|
252,315
|
||||||
Johnson Controls, Inc.
|
5,400
|
237,600
|
||||||
Macy's, Inc.
|
4,200
|
244,356
|
||||||
Priceline Group, Inc. (The) (a)
|
105
|
121,651
|
||||||
TJX Companies, Inc. (The)
|
4,300
|
254,431
|
||||||
Viacom, Inc. - Class B
|
2,900
|
223,126
|
||||||
1,586,245
|
||||||||
Consumer Staples — 4.5%
|
||||||||
Archer-Daniels-Midland Company
|
4,500
|
229,950
|
||||||
CVS Health Corporation
|
3,100
|
246,729
|
||||||
PepsiCo, Inc.
|
2,200
|
204,798
|
||||||
Procter & Gamble Company (The)
|
1,700
|
142,358
|
||||||
823,835
|
||||||||
Energy — 6.1%
|
||||||||
Apache Corporation
|
2,300
|
215,901
|
||||||
Baker Hughes, Inc.
|
1,800
|
117,108
|
||||||
Chevron Corporation
|
1,500
|
178,980
|
||||||
Hess Corporation
|
2,600
|
245,232
|
||||||
Marathon Oil Corporation
|
4,900
|
184,191
|
||||||
Noble Corporation plc
|
8,000
|
177,760
|
||||||
1,119,172
|
||||||||
Financials — 10.5%
|
||||||||
Ameriprise Financial, Inc.
|
2,000
|
246,760
|
||||||
Discover Financial Services
|
4,200
|
270,438
|
||||||
Invesco Ltd.
|
4,650
|
183,582
|
||||||
JPMorgan Chase & Company
|
5,200
|
313,248
|
||||||
MetLife, Inc.
|
4,600
|
247,112
|
||||||
Morgan Stanley
|
4,100
|
141,737
|
||||||
PNC Financial Services Group, Inc. (The)
|
2,850
|
243,903
|
||||||
Principal Financial Group, Inc.
|
5,000
|
262,350
|
||||||
1,909,130
|
||||||||
Health Care — 10.4%
|
||||||||
Abbott Laboratories
|
3,000
|
124,770
|
||||||
AbbVie, Inc.
|
2,500
|
144,400
|
||||||
Actavis plc (a)
|
1,200
|
289,536
|
||||||
Aetna, Inc.
|
2,000
|
162,000
|
||||||
AmerisourceBergen Corporation
|
3,200
|
247,360
|
||||||
Amgen, Inc.
|
2,000
|
280,920
|
||||||
McKesson Corporation
|
1,300
|
253,071
|
||||||
Thermo Fisher Scientific, Inc.
|
2,100
|
255,570
|
||||||
UnitedHealth Group, Inc.
|
1,600
|
138,000
|
||||||
1,895,627
|
COMMON STOCKS — 64.4% (Continued)
|
Shares
|
Value
|
||||||
Industrials — 9.7%
|
||||||||
Dover Corporation
|
3,000
|
$
|
240,990
|
|||||
Eaton Corporation plc
|
3,500
|
221,795
|
||||||
FedEx Corporation
|
1,500
|
242,175
|
||||||
General Electric Company
|
12,850
|
329,217
|
||||||
Norfolk Southern Corporation
|
2,200
|
245,520
|
||||||
Ryder System, Inc.
|
2,500
|
224,925
|
||||||
United Technologies Corporation
|
2,425
|
256,080
|
||||||
1,760,702
|
||||||||
Information Technology — 11.6%
|
||||||||
Apple, Inc.
|
4,900
|
493,675
|
||||||
Cisco Systems, Inc.
|
10,500
|
264,285
|
||||||
EMC Corporation
|
8,500
|
248,710
|
||||||
Google, Inc. - Class A (a)
|
325
|
191,233
|
||||||
Google, Inc. - Class C (a)
|
325
|
187,642
|
||||||
Microsoft Corporation
|
3,700
|
171,532
|
||||||
Oracle Corporation
|
4,800
|
183,744
|
||||||
QUALCOMM, Inc.
|
3,300
|
246,741
|
||||||
TE Connectivity Ltd.
|
2,100
|
116,109
|
||||||
2,103,671
|
||||||||
Materials — 1.6%
|
||||||||
LyondellBasell Industries N.V. - Class A
|
2,600
|
282,516
|
||||||
Telecommunication Services — 1.3%
|
||||||||
Verizon Communications, Inc.
|
4,900
|
244,951
|
||||||
Total Common Stocks (Cost $6,516,084)
|
$
|
11,725,849
|
U.S. TREASURY OBLIGATIONS — 8.1%
|
Par Value
|
Value
|
||||||
U.S. Treasury Notes — 8.1%
|
||||||||
4.25%, 11/15/2014
|
$
|
350,000
|
$
|
351,791
|
||||
0.375%, 08/31/2015
|
300,000
|
300,762
|
||||||
4.25%, 11/15/2017
|
400,000
|
437,875
|
||||||
2.625%, 08/15/2020
|
175,000
|
180,906
|
||||||
2.125%, 08/15/2021
|
120,000
|
119,400
|
||||||
2.75%, 02/15/2024
|
80,000
|
81,881
|
||||||
Total U.S. Treasury Obligations (Cost $1,436,658)
|
$
|
1,472,615
|
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.9%
|
Par Value
|
Value
|
||||||
Federal Home Loan Mortgage Corporation — 2.9%
|
||||||||
5.25%, due 04/18/2016 (Cost $498,444)
|
$
|
500,000
|
$
|
536,794
|
CORPORATE BONDS — 17.0%
|
Par Value
|
Value
|
||||||
Consumer Discretionary — 1.1%
|
||||||||
Anheuser-Busch Companies, Inc.,
4.50%, due 04/01/2018 |
$
|
100,000
|
$
|
108,786
|
||||
Comcast Corporation,
5.70%, due 07/01/2019 |
75,000
|
86,652
|
||||||
195,438
|
||||||||
Consumer Staples — 2.3%
|
||||||||
Colgate-Palmolive Company,
1.95%, due 02/01/2023 |
100,000
|
92,889
|
||||||
General Mills, Inc.,
5.70%, due 02/15/2017 |
150,000
|
165,706
|
||||||
PepsiCo, Inc.,
3.10%, due 01/15/2015 |
75,000
|
75,597
|
||||||
Wal-Mart Stores, Inc.,
4.25%, due 04/15/2021 |
75,000
|
82,548
|
||||||
416,740
|
||||||||
Energy — 1.2%
|
||||||||
Shell International Finance B.V.,
4.30%, due 09/22/2019 |
100,000
|
109,795
|
||||||
Total Capital S.A.,
3.00%, due 06/24/2015 |
100,000
|
101,925
|
||||||
211,720
|
||||||||
Financials — 6.0%
|
||||||||
Aflac, Inc.,
2.65%, due 02/15/2017 |
75,000
|
77,310
|
||||||
American Express Credit Corporation,
2.125%, due 03/18/2019 |
80,000
|
79,673
|
||||||
BB&T Corporation,
2.15%, due 03/22/2017 |
100,000
|
101,627
|
||||||
Berkshire Hathaway Financial Corporation,
2.90%, due 10/15/2020 |
100,000
|
101,649
|
||||||
General Electric Capital Corporation,
4.65%, due 10/17/2021 |
84,000
|
92,523
|
||||||
Goldman Sachs Group, Inc.,
3.70%, due 08/01/2015 |
100,000
|
102,515
|
||||||
JPMorgan Chase & Company,
3.40%, due 06/24/2015 |
110,000
|
112,308
|
CORPORATE BONDS — 17.0% (Continued)
|
Par Value
|
Value
|
||||||
Financials — 6.0% (Continued)
|
||||||||
JPMorgan Chase & Company,
1.125%, due 05/16/2017 |
$
|
95,000
|
$
|
94,637
|
||||
PNC Funding Corporation,
5.125%, due 02/08/2020 |
110,000
|
124,025
|
||||||
Royal Bank of Canada,
2.30%, due 07/20/2016 |
100,000
|
102,683
|
||||||
Wells Fargo Bank,
5.75%, due 05/16/2016 |
105,000
|
113,137
|
||||||
1,102,087
|
||||||||
Health Care — 3.2%
|
||||||||
Amgen, Inc.,
5.85%, due 06/01/2017 |
125,000
|
139,238
|
||||||
GlaxoSmithKline plc,
5.65%, due 05/15/2018 |
200,000
|
226,405
|
||||||
Medtronic, Inc.,
4.75%, due 09/15/2015 |
100,000
|
104,077
|
||||||
Novartis Securities Investment Ltd.,
5.125%, due 02/10/2019 |
100,000
|
112,306
|
||||||
582,026
|
||||||||
Industrials — 0.5%
|
||||||||
Illinois Tool Works, Inc.,
3.50%, due 03/01/2024 |
100,000
|
101,628
|
||||||
Information Technology — 0.9%
|
||||||||
Cisco Systems, Inc.,
4.95%, due 02/15/2019 |
71,000
|
79,462
|
||||||
Oracle Corporation,
2.50%, due 10/15/2022 |
100,000
|
95,570
|
||||||
175,032
|
||||||||
Telecommunication Services — 1.0%
|
||||||||
Discovery Communications, Inc.,
5.05%, due 06/01/2020 |
100,000
|
110,893
|
||||||
Verizon Communications, Inc.,
2.50%, due 09/15/2016 |
65,000
|
66,709
|
||||||
177,602
|
||||||||
Utilities — 0.8%
|
||||||||
Virginia Electric & Power Company,
5.00%, due 06/30/2019 |
125,000
|
140,551
|
||||||
Total Corporate Bonds (Cost $3,017,290)
|
$
|
3,102,824
|
MORTGAGE-BACKED SECURITIES — 1.4%
|
Par Value
|
Value
|
||||||
Federal Home Loan Mortgage Corporation — 0.4%
|
||||||||
Pool #A97047, 4.50%, due 02/01/2041
|
$
|
60,947
|
$
|
65,792
|
||||
Federal National Mortgage Association — 1.0%
|
||||||||
Pool #618465, 5.00%, due 12/01/2016
|
11,696
|
12,527
|
||||||
Pool #255455, 5.00%, due 10/01/2024
|
39,780
|
43,876
|
||||||
Pool #255702, 5.00%, due 05/01/2025
|
52,153
|
57,522
|
||||||
Pool #808413, 5.50%, due 01/01/2035
|
59,231
|
66,172
|
||||||
180,097
|
||||||||
Government National Mortgage Association — 0.0% (b)
|
||||||||
Pool #781344, 6.50%, due 10/15/2031
|
8,211
|
9,419
|
||||||
Total Mortgage-Backed Securities (Cost $234,846)
|
$
|
255,308
|
VIRGINIA REVENUE AND GENERAL OBLIGATION (GO) BONDS — 0.6%
|
Par Value
|
Value
|
||||||
Virginia State, Build America Bonds, Taxable, GO, 2.95%, due 06/01/2019 (Cost $99,954)
|
$
|
100,000
|
$
|
105,779
|
||||
Total Investments at Value — 94.4% (Cost $11,803,276)
|
$
|
17,199,169
|
||||||
Other Assets in Excess of Liabilities — 5.6%
|
1,022,310
|
|||||||
Net Assets — 100.0%
|
$
|
18,221,479
|
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
COMMON STOCKS — 93.4%
|
Shares
|
Value
|
||||||
Consumer Discretionary — 12.3%
|
||||||||
Comcast Corporation - Class A
|
11,500
|
$
|
618,470
|
|||||
Dollar Tree, Inc. (a)
|
10,700
|
599,949
|
||||||
Johnson Controls, Inc.
|
12,700
|
558,800
|
||||||
Macy's, Inc.
|
10,000
|
581,800
|
||||||
Priceline Group, Inc. (The) (a)
|
300
|
347,574
|
||||||
TJX Companies, Inc. (The)
|
9,800
|
579,866
|
||||||
Viacom, Inc. - Class B
|
6,800
|
523,192
|
||||||
3,809,651
|
||||||||
Consumer Staples — 7.5%
|
||||||||
Archer-Daniels-Midland Company
|
10,700
|
546,770
|
||||||
CVS Health Corporation
|
8,600
|
684,474
|
||||||
PepsiCo, Inc.
|
5,100
|
474,759
|
||||||
Procter & Gamble Company (The)
|
3,800
|
318,212
|
||||||
Wal-Mart Stores, Inc.
|
3,800
|
290,586
|
||||||
2,314,801
|
||||||||
Energy — 8.6%
|
||||||||
Apache Corporation
|
5,300
|
497,511
|
||||||
Baker Hughes, Inc.
|
4,300
|
279,758
|
||||||
Chevron Corporation
|
3,500
|
417,620
|
||||||
Hess Corporation
|
6,300
|
594,216
|
||||||
Marathon Oil Corporation
|
12,200
|
458,598
|
||||||
Noble Corporation plc
|
18,500
|
411,070
|
||||||
2,658,773
|
||||||||
Financials — 15.1%
|
||||||||
Ameriprise Financial, Inc.
|
5,500
|
678,590
|
||||||
Discover Financial Services
|
9,900
|
637,461
|
||||||
Invesco Ltd.
|
11,650
|
459,942
|
||||||
JPMorgan Chase & Company
|
12,500
|
753,000
|
||||||
MetLife, Inc.
|
11,000
|
590,920
|
||||||
Morgan Stanley
|
9,700
|
335,329
|
||||||
PNC Financial Services Group, Inc. (The)
|
7,100
|
607,618
|
||||||
Principal Financial Group, Inc.
|
12,000
|
629,640
|
||||||
4,692,500
|
||||||||
Health Care — 14.8%
|
||||||||
Abbott Laboratories
|
6,600
|
274,494
|
||||||
AbbVie, Inc.
|
6,000
|
346,560
|
||||||
Actavis plc (a)
|
2,780
|
670,758
|
||||||
Aetna, Inc.
|
4,600
|
372,600
|
||||||
AmerisourceBergen Corporation
|
8,800
|
680,240
|
COMMON STOCKS — 93.4% (Continued)
|
Shares
|
Value
|
||||||
Health Care — 14.8% (Continued)
|
||||||||
Amgen, Inc.
|
4,900
|
$
|
688,254
|
|||||
McKesson Corporation
|
3,250
|
632,678
|
||||||
Thermo Fisher Scientific, Inc.
|
5,000
|
608,500
|
||||||
UnitedHealth Group, Inc.
|
3,800
|
327,750
|
||||||
4,601,834
|
||||||||
Industrials — 13.6%
|
||||||||
Dover Corporation
|
6,750
|
542,227
|
||||||
Eaton Corporation plc
|
8,500
|
538,645
|
||||||
FedEx Corporation
|
3,600
|
581,220
|
||||||
General Electric Company
|
30,400
|
778,848
|
||||||
Norfolk Southern Corporation
|
5,300
|
591,480
|
||||||
Ryder System, Inc.
|
6,250
|
562,313
|
||||||
United Technologies Corporation
|
5,800
|
612,480
|
||||||
4,207,213
|
||||||||
Information Technology — 17.6%
|
||||||||
Apple, Inc.
|
12,900
|
1,299,675
|
||||||
Cisco Systems, Inc.
|
24,000
|
604,080
|
||||||
EMC Corporation
|
21,000
|
614,460
|
||||||
Google, Inc. - Class A (a)
|
750
|
441,307
|
||||||
Google, Inc. - Class C (a)
|
750
|
433,020
|
||||||
International Business Machines Corporation
|
1,800
|
341,694
|
||||||
Microsoft Corporation
|
8,300
|
384,788
|
||||||
Oracle Corporation
|
12,100
|
463,188
|
||||||
QUALCOMM, Inc.
|
7,700
|
575,729
|
||||||
TE Connectivity Ltd.
|
5,300
|
293,037
|
||||||
5,450,978
|
||||||||
Materials — 2.0%
|
||||||||
LyondellBasell Industries N.V. - Class A
|
5,700
|
619,362
|
||||||
Telecommunication Services — 1.9%
|
||||||||
Verizon Communications, Inc.
|
11,600
|
579,884
|
||||||
Total Common Stocks — 93.4% (Cost $16,480,404)
|
$
|
28,934,996
|
||||||
Other Assets in Excess of Liabilities — 6.6%
|
2,054,043
|
|||||||
Net Assets — 100.0%
|
$
|
30,989,039
|
(a) | Non-income producing security. |
VIRGINIA REVENUE AND GENERAL OBLIGATION (GO) BONDS — 91.7%
|
Par Value
|
Value
|
||||||
Capital Region Airport Commission,
Virginia, Airport Revenue, 4.50%, due 07/01/2016 |
$
|
520,000
|
$
|
555,963
|
||||
Chesterfield Co., Virginia, GO,
5.00%, due 01/01/2025 |
460,000
|
567,714
|
||||||
Chesterfield Co., Virginia, GO,
5.00%, due 01/01/2020 |
700,000
|
769,139
|
||||||
5.00%, due 01/01/2024
|
250,000
|
297,975
|
||||||
Fairfax Co., Virginia, Industrial Dev. Authority, Revenue,
5.00%, due 05/15/2022 |
750,000
|
849,825
|
||||||
Fairfax Co., Virginia, Sewer, Revenue,
4.50%, due 07/15/2030 |
250,000
|
277,252
|
||||||
Fairfax Co., Virginia, Water, Revenue,
5.00%, due 04/01/2027 |
500,000
|
595,395
|
||||||
Fauquier Co., Virginia, GO,
5.00%, due 07/01/2017, |
||||||||
prerefunded 07/01/2016 @ 100
|
500,000
|
541,140
|
||||||
Hampton Roads Sanitation District, Virginia,
Wastewater, Revenue, 5.00%, due 04/01/2022 |
400,000
|
453,640
|
||||||
Hampton Roads Sanitation District, Virginia,
Wastewater, Series A, Revenue, 5.00%, due 01/01/2027 |
400,000
|
462,552
|
||||||
Hampton, Virginia, GO,
5.00%, due 04/01/2020, |
||||||||
prerefunded 04/01/2015 @ 100
|
500,000
|
512,285
|
||||||
5.00%, due 04/01/2025
|
500,000
|
588,875
|
||||||
Harrisonburg, Virginia, GO,
5.00%, due 07/15/2022 |
350,000
|
424,263
|
||||||
Henrico Co., Virginia, Public Improvement, Series A, GO,
5.00%, due 12/01/2015 |
250,000
|
264,050
|
||||||
Henrico Co., Virginia, Water & Sewer, Revenue,
5.00%, due 05/01/2020 |
350,000
|
408,156
|
||||||
5.00%, due 05/01/2022
|
430,000
|
501,702
|
||||||
James City, Virginia, School District, GO,
5.00%, due 12/15/2018 |
500,000
|
529,095
|
||||||
Leesburg, Virginia, GO,
5.00%, due 09/15/2016 |
500,000
|
545,475
|
||||||
Lynchburg, Virginia, GO,
5.00%, due 06/01/2015 |
500,000
|
516,260
|
||||||
Lynchburg, Virginia, Public Improvement, Series A, GO,
5.00%, due 08/01/2019 |
625,000
|
734,900
|
||||||
Manassas, Virginia, Public Improvement, Series D, GO,
5.00%, due 07/01/2019 |
250,000
|
295,152
|
VIRGINIA REVENUE AND GENERAL OBLIGATION (GO) BONDS — 91.7% (Continued)
|
Par Value
|
Value
|
||||||
New Kent Co., Virginia, Economic Dev. Authority, Revenue,
5.00%, due 02/01/2019 |
$
|
500,000
|
$
|
545,825
|
||||
Portsmouth, Virginia, GO,
5.00%, due 04/01/2016, |
||||||||
prerefunded 04/01/2015 @ 100
|
160,000
|
163,920
|
||||||
5.00%, due 04/01/2016
|
90,000
|
92,190
|
||||||
Portsmouth, Virginia, Series D, GO,
4.00%, due 12/01/2017 |
215,000
|
236,865
|
||||||
Prince William Co., Virginia, Lease Participation Certificates,
5.00%, due 10/01/2020 |
500,000
|
589,710
|
||||||
Roanoke, Virginia, Public Improvement, Series A, GO,
5.00%, due 07/15/2025 |
400,000
|
481,360
|
||||||
Southeastern Public Service Authority, Virginia, Revenue,
5.00%, due 07/01/2015, ETM |
510,000
|
528,442
|
||||||
Spotsylvania Co., Virginia, Economic
Dev. Authority, Revenue, 5.00%, due 06/01/2021 |
300,000
|
357,549
|
||||||
Spotsylvania Co., Virginia, GO,
5.00%, due 01/15/2023 |
400,000
|
486,704
|
||||||
Spotsylvania Co., Virginia, Water & Sewer, Revenue,
5.00%, due 06/01/2026 |
500,000
|
515,175
|
||||||
Suffolk, Virginia, Public Improvement, Series A, GO,
4.00%, due 08/01/2018 |
250,000
|
279,352
|
||||||
Upper Occoquan, Virginia, Sewer Authority, Revenue,
5.15%, due 07/01/2020 |
250,000
|
285,463
|
||||||
Virginia Beach, Virginia, Public Improvement, GO,
5.00%, due 06/01/2021, |
||||||||
prerefunded 06/01/2019 @ 100
|
250,000
|
294,420
|
||||||
Virginia Biotechnology Research Partnership Authority, Lease Revenue,
5.00%, due 09/01/2020 |
500,000
|
594,490
|
||||||
Virginia College Building Authority,
Educational Facilities, Revenue, 5.00%, due 04/01/2017 |
500,000
|
511,640
|
||||||
5.00%, due 03/01/2019
|
250,000
|
290,233
|
||||||
4.00%, due 09/01/2026
|
500,000
|
550,805
|
||||||
Virginia Commonwealth Transportation Board, Federal
Highway Reimbursement Anticipation Notes, Revenue, 5.00%, due 03/15/2025 |
500,000
|
596,275
|
||||||
5.00%, due 09/28/2015
|
500,000
|
523,990
|
||||||
Virginia Polytechnic Institute & State University,
General and Athletic Facilities, Series D, Revenue, 5.00%, due 06/01/2016 |
115,000
|
116,615
|
VIRGINIA REVENUE AND GENERAL OBLIGATION (GO) BONDS — 91.7% (Continued)
|
Par Value
|
Value
|
||||||
Virginia Small Business Financing Authority,
Healthcare Facilities, Revenue, 5.00%, due 11/01/2017 |
$
|
250,000
|
$
|
280,685
|
||||
Virginia State Commonwealth Transportation Board,
Federal Transportation Grant Anticipation Notes, Series A, Revenue, 5.00%, due 03/15/2023 |
500,000
|
594,750
|
||||||
Virginia State Public Building Authority,
Public Facilities, Series D, Revenue, 5.00%, due 08/01/2016 |
1,000,000
|
1,002,310
|
||||||
Virginia State Public School Authority, Revenue,
5.00%, due 08/01/2023 |
500,000
|
599,755
|
||||||
Virginia State Public School Authority, Series A, Revenue,
5.00%, due 08/01/2020 |
585,000
|
634,778
|
||||||
Virginia State Public School Authority, Series B-1, Revenue,
5.00%, due 08/01/2018 |
500,000
|
576,535
|
||||||
Virginia State Resources Authority, Clean Water, Revenue,
5.00%, due 10/01/2021 |
500,000
|
588,775
|
||||||
Virginia State Resources Authority, Infrastructure, Revenue,
5.00%, due 11/01/2024, |
||||||||
prerefunded 11/01/2018 @ 100
|
15,000
|
17,448
|
||||||
5.00%, due 11/01/2024
|
485,000
|
555,820
|
||||||
Virginia State Resources Authority,
Infrastructure, Series B, Revenue, 5.00%, due 11/01/2024 |
150,000
|
180,132
|
||||||
Virginia State, Series B, GO,
5.00%, due 06/01/2017 |
250,000
|
279,425
|
||||||
Total Virginia Revenue and General Obligation (GO) Bonds (Cost $22,996,921)
|
$
|
24,042,244
|
WASHINGTON, D.C. REVENUE BONDS — 2.2%
|
Par Value
|
Value
|
||||||
Metropolitan Washington Airports Authority, Series C, Revenue,
|
||||||||
5.00%, due 10/01/2022 (Cost $505,375)
|
$
|
500,000
|
$
|
570,785
|
EXCHANGE-TRADED FUNDS — 0.5%
|
Shares
|
Value
|
||||||
SPDR Nuveen Barclays Short Term Municipal Bond ETF (Cost $120,500)
|
5,000
|
$
|
122,050
|
MONEY MARKET FUNDS — 4.6%
|
Shares
|
Value
|
||||||
Fidelity Tax Exempt Portfolio - Class I, 0.01% (a) (Cost $1,217,602)
|
1,217,602
|
$
|
1,217,602
|
|||||
Total Investments at Value — 99.0% (Cost $24,840,398)
|
$
|
25,952,681
|
||||||
Other Assets in Excess of Liabilities — 1.0%
|
259,742
|
|||||||
Net Assets — 100.0%
|
$
|
26,212,423
|
(a) | The rate shown is the 7-day effective yield as of September 30, 2014. |
The
Jamestown Balanced Fund |
The Jamestown
Equity Fund |
The
Jamestown Tax Exempt Virginia Fund |
||||||||||
ASSETS
|
||||||||||||
Investments in securities:
|
||||||||||||
At acquisition cost
|
$
|
11,803,276
|
$
|
16,480,404
|
$
|
24,840,398
|
||||||
At value (Note 2)
|
$
|
17,199,169
|
$
|
28,934,996
|
$
|
25,952,681
|
||||||
Cash
|
921,652
|
2,011,941
|
—
|
|||||||||
Dividends and interest receivable
|
67,998
|
26,775
|
312,359
|
|||||||||
Receivable for investment securities sold
|
78,173
|
64,975
|
—
|
|||||||||
Receivable for capital shares sold
|
—
|
615
|
—
|
|||||||||
Other assets
|
2,182
|
7,993
|
6,931
|
|||||||||
TOTAL ASSETS
|
18,269,174
|
31,047,295
|
26,271,971
|
|||||||||
LIABILITIES
|
||||||||||||
Distributions payable
|
5,075
|
2,835
|
6,126
|
|||||||||
Payable for capital shares redeemed
|
23,307
|
32,350
|
39,895
|
|||||||||
Accrued investment advisory fees (Note 4)
|
9,370
|
16,864
|
4,745
|
|||||||||
Payable to administrator (Note 4)
|
5,515
|
5,515
|
5,015
|
|||||||||
Other accrued expenses
|
4,428
|
692
|
3,767
|
|||||||||
TOTAL LIABILITIES
|
47,695
|
58,256
|
59,548
|
|||||||||
NET ASSETS
|
$
|
18,221,479
|
$
|
30,989,039
|
$
|
26,212,423
|
||||||
Net assets consist of:
|
||||||||||||
Paid-in capital
|
$
|
12,084,321
|
$
|
17,097,979
|
$
|
25,111,249
|
||||||
Accumulated (distributions in excess of) net investment income
|
(54,858
|
)
|
872
|
—
|
||||||||
Accumulated net realized gains (losses) from security transactions
|
796,123
|
1,435,596
|
(11,109
|
)
|
||||||||
Net unrealized appreciation on investments
|
5,395,893
|
12,454,592
|
1,112,283
|
|||||||||
Net assets
|
$
|
18,221,479
|
$
|
30,989,039
|
$
|
26,212,423
|
||||||
Shares of beneficial interest outstanding
(unlimited number of shares authorized, $0.01 par value) |
1,217,914
|
1,395,819
|
2,570,599
|
|||||||||
Net asset value, offering price and redemption price per share (Note 2)
|
$
|
14.96
|
$
|
22.20
|
$
|
10.20
|
The Jamestown Balanced
Fund |
The Jamestown Equity
Fund |
The Jamestown Tax Exempt Virginia
Fund |
||||||||||
INVESTMENT INCOME
|
||||||||||||
Dividends
|
$
|
124,084
|
$
|
287,155
|
$
|
540
|
||||||
Interest
|
79,996
|
—
|
416,908
|
|||||||||
TOTAL INVESTMENT INCOME
|
204,080
|
287,155
|
417,448
|
|||||||||
EXPENSES
|
||||||||||||
Investment advisory fees (Note 4)
|
60,850
|
100,905
|
52,604
|
|||||||||
Administration fees (Note 4)
|
30,000
|
30,000
|
27,000
|
|||||||||
Professional fees
|
8,090
|
8,124
|
7,979
|
|||||||||
Trustees' fees and expenses (Note 4)
|
3,242
|
3,242
|
3,242
|
|||||||||
Compliance service fees (Note 4)
|
3,100
|
3,100
|
3,100
|
|||||||||
Pricing costs
|
3,513
|
509
|
4,918
|
|||||||||
Account maintenance fees
|
1,223
|
3,665
|
3,845
|
|||||||||
Printing of shareholder reports
|
2,637
|
4,370
|
1,692
|
|||||||||
Custodian and bank service fees
|
2,521
|
3,234
|
2,675
|
|||||||||
Registration and filing fees
|
2,962
|
3,495
|
1,917
|
|||||||||
Other expenses
|
2,599
|
6,391
|
5,083
|
|||||||||
TOTAL EXPENSES
|
120,737
|
167,035
|
114,055
|
|||||||||
Fees voluntarily waived by the Adviser (Note 4)
|
(3,000
|
)
|
—
|
(23,313
|
)
|
|||||||
Expenses reimbursed through a directed brokerage arrangement (Note 5)
|
(3,000
|
)
|
(6,000
|
)
|
—
|
|||||||
NET EXPENSES
|
114,737
|
161,035
|
90,742
|
|||||||||
NET INVESTMENT INCOME
|
89,343
|
126,120
|
326,706
|
|||||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
||||||||||||
Net realized gains on security transactions
|
837,733
|
1,503,299
|
9,427
|
|||||||||
Net realized gains from in-kind redemptions (Note 2)
|
350,159
|
—
|
—
|
|||||||||
Net change in unrealized appreciation/depreciation on investments
|
(554,108
|
)
|
40,607
|
80,229
|
||||||||
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS
|
633,784
|
1,543,906
|
89,656
|
|||||||||
NET INCREASE IN NET ASSETS FROM OPERATIONS
|
$
|
723,127
|
$
|
1,670,026
|
$
|
416,362
|
The Jamestown
Balanced Fund |
The Jamestown
Equity Fund |
|||||||||||||||
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
|||||||||||||
FROM OPERATIONS
|
||||||||||||||||
Net investment income
|
$
|
89,343
|
$
|
176,046
|
$
|
126,120
|
$
|
217,453
|
||||||||
Net realized gains on security transactions
|
837,733
|
1,929,585
|
1,503,299
|
3,074,559
|
||||||||||||
Net realized gains from in-kind redemptions (Note 2)
|
350,159
|
—
|
—
|
—
|
||||||||||||
Net change in unrealized appreciation/depreciation on investments
|
(554,108
|
)
|
750,659
|
40,607
|
3,084,810
|
|||||||||||
Net increase in net assets from operations
|
723,127
|
2,856,290
|
1,670,026
|
6,376,822
|
||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||||||
From net investment income
|
(111,548
|
)
|
(206,179
|
)
|
(129,136
|
)
|
(214,899
|
)
|
||||||||
From net realized gains from security transactions
|
(920,584
|
)
|
(1,348,960
|
)
|
(1,851,187
|
)
|
(2,036,342
|
)
|
||||||||
Decrease in net assets from distributions to shareholders
|
(1,032,132
|
)
|
(1,555,139
|
)
|
(1,980,323
|
)
|
(2,251,241
|
)
|
||||||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||||||||||
Proceeds from shares sold
|
66,938
|
73,538
|
191,505
|
1,644,087
|
||||||||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
940,876
|
1,443,519
|
1,880,442
|
2,153,131
|
||||||||||||
Payments for shares redeemed
|
(1,280,745
|
)
|
(3,678,492
|
)
|
(1,518,199
|
)
|
(5,492,882
|
)
|
||||||||
Net increase (decrease) in net assets from capital share transactions
|
(272,931
|
)
|
(2,161,435
|
)
|
553,748
|
(1,695,664
|
)
|
|||||||||
TOTAL INCREASE (DECREASE)
IN NET ASSETS |
(581,936
|
)
|
(860,284
|
)
|
243,451
|
2,429,917
|
||||||||||
NET ASSETS
|
||||||||||||||||
Beginning of period
|
18,803,415
|
19,663,699
|
30,745,588
|
28,315,671
|
||||||||||||
End of period
|
$
|
18,221,479
|
$
|
18,803,415
|
$
|
30,989,039
|
$
|
30,745,588
|
||||||||
ACCUMULATED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME
|
$
|
(54,858
|
)
|
$
|
(42,176
|
)
|
$
|
872
|
$
|
3,888
|
||||||
CAPITAL SHARE ACTIVITY
|
||||||||||||||||
Shares sold
|
4,557
|
4,911
|
8,703
|
77,915
|
||||||||||||
Shares reinvested
|
64,875
|
98,321
|
89,162
|
103,431
|
||||||||||||
Shares redeemed
|
(86,108
|
)
|
(248,509
|
)
|
(70,137
|
)
|
(257,766
|
)
|
||||||||
Net increase (decrease) in shares outstanding
|
(16,676
|
)
|
(145,277
|
)
|
27,728
|
(76,420
|
)
|
|||||||||
Shares outstanding, beginning of period
|
1,234,590
|
1,379,867
|
1,368,091
|
1,444,511
|
||||||||||||
Shares outstanding, end of period
|
1,217,914
|
1,234,590
|
1,395,819
|
1,368,091
|
The Jamestown Tax Exempt
Virginia Fund |
||||||||
Six Months Ended
Sept. 30, 2014 (Unaudited) |
Year
Ended March 31, 2014 |
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$
|
326,706
|
$
|
676,375
|
||||
Net realized gains (losses) on security transactions
|
9,427
|
(20,536
|
)
|
|||||
Net change in unrealized appreciation/depreciation on investments
|
80,229
|
(773,876
|
)
|
|||||
Net increase (decrease) in net assets from operations
|
416,362
|
(118,037
|
)
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(326,727
|
)
|
(676,352
|
)
|
||||
From net realized gains from security transactions
|
—
|
(12,336
|
)
|
|||||
Decrease in net assets from distributions to shareholders
|
(326,727
|
)
|
(688,688
|
)
|
||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
613,055
|
1,324,814
|
||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
284,136
|
586,079
|
||||||
Payments for shares redeemed
|
(1,058,425
|
)
|
(2,602,167
|
)
|
||||
Net decrease in net assets from capital share transactions
|
(161,234
|
)
|
(691,274
|
)
|
||||
TOTAL DECREASE IN NET ASSETS
|
(71,599
|
)
|
(1,497,999
|
)
|
||||
NET ASSETS
|
||||||||
Beginning of period
|
26,284,022
|
27,782,021
|
||||||
End of period
|
$
|
26,212,423
|
$
|
26,284,022
|
||||
UNDISTRIBUTED NET INVESTMENT INCOME
|
$
|
—
|
$
|
21
|
||||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
60,128
|
130,015
|
||||||
Shares reinvested
|
27,819
|
57,356
|
||||||
Shares redeemed
|
(103,722
|
)
|
(253,628
|
)
|
||||
Net decrease in shares outstanding
|
(15,775
|
)
|
(66,257
|
)
|
||||
Shares outstanding, beginning of period
|
2,586,374
|
2,652,631
|
||||||
Shares outstanding, end of period
|
2,570,599
|
2,586,374
|
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
15.23
|
$
|
14.25
|
$
|
13.86
|
$
|
13.16
|
$
|
12.11
|
$
|
10.09
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.07
|
0.14
|
0.15
|
0.14
|
0.16
|
0.22
|
||||||||||||||||||
Net realized and unrealized gains on investments
|
0.50
|
2.06
|
0.98
|
0.71
|
1.06
|
2.04
|
||||||||||||||||||
Total from investment operations
|
0.57
|
2.20
|
1.13
|
0.85
|
1.22
|
2.26
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.09
|
)
|
(0.16
|
)
|
(0.16
|
)
|
(0.15
|
)
|
(0.17
|
)
|
(0.24
|
)
|
||||||||||||
Distributions from net realized gains
|
(0.75
|
)
|
(1.06
|
)
|
(0.58
|
)
|
—
|
—
|
—
|
|||||||||||||||
Total distributions
|
(0.84
|
)
|
(1.22
|
)
|
(0.74
|
)
|
(0.15
|
)
|
(0.17
|
)
|
(0.24
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
14.96
|
$
|
15.23
|
$
|
14.25
|
$
|
13.86
|
$
|
13.16
|
$
|
12.11
|
||||||||||||
Total return (a)
|
3.93
|
%(b)
|
15.92
|
%
|
8.68
|
%
|
6.56
|
%
|
10.24
|
%
|
22.56
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
18,221
|
$
|
18,803
|
$
|
19,664
|
$
|
19,048
|
$
|
21,331
|
$
|
22,183
|
||||||||||||
Ratio of total expenses to average net assets
|
1.29
|
%(c)
|
1.25
|
%
|
1.29
|
%
|
1.28
|
%
|
1.24
|
%
|
1.20
|
%
|
||||||||||||
Ratio of net expenses to average net assets (d)
|
1.23
|
%(c)
|
1.19
|
%
|
1.22
|
%
|
1.21
|
%
|
1.18
|
%
|
1.11
|
%
|
||||||||||||
Ratio of net investment income to average net assets (d)
|
0.95
|
%(c)
|
0.91
|
%
|
1.11
|
%
|
1.08
|
%
|
1.31
|
%
|
1.98
|
%
|
||||||||||||
Portfolio turnover rate
|
13
|
%(b)
|
21
|
%
|
21
|
%
|
20
|
%
|
30
|
%
|
40
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Ratios were determined based on net expenses after voluntary advisory fee waivers by the Adviser (Note 4) and/or expense reimbursements through a directed brokerage arrangement (Note 5). |
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
22.47
|
$
|
19.60
|
$
|
17.73
|
$
|
16.54
|
$
|
14.67
|
$
|
11.01
|
||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.09
|
0.15
|
0.15
|
0.09
|
0.09
|
0.10
|
||||||||||||||||||
Net realized and unrealized gains on investments
|
1.08
|
4.30
|
1.93
|
1.21
|
1.87
|
3.64
|
||||||||||||||||||
Total from investment operations
|
1.17
|
4.45
|
2.08
|
1.30
|
1.96
|
3.74
|
||||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.09
|
)
|
(0.15
|
)
|
(0.15
|
)
|
(0.11
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||||||||
Distributions from net realized gains
|
(1.35
|
)
|
(1.43
|
)
|
(0.06
|
)
|
—
|
—
|
—
|
|||||||||||||||
Total distributions
|
(1.44
|
)
|
(1.58
|
)
|
(0.21
|
)
|
(0.11
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
22.20
|
$
|
22.47
|
$
|
19.60
|
$
|
17.73
|
$
|
16.54
|
$
|
14.67
|
||||||||||||
Total return (a)
|
5.60
|
%(b)
|
23.55
|
%
|
11.84
|
%
|
7.89
|
%
|
13.48
|
%
|
33.96
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
30,989
|
$
|
30,746
|
$
|
28,316
|
$
|
27,703
|
$
|
28,359
|
$
|
26,534
|
||||||||||||
Ratio of total expenses to average net assets
|
1.08
|
%(c)
|
1.07
|
%
|
1.11
|
%
|
1.11
|
%
|
1.13
|
%
|
1.16
|
%
|
||||||||||||
Ratio of net expenses to average net assets (d)
|
1.04
|
%(c)
|
1.03
|
%
|
1.06
|
%
|
1.06
|
%
|
1.09
|
%
|
1.12
|
%
|
||||||||||||
Ratio of net investment income to average net assets (d)
|
0.81
|
%(c)
|
0.72
|
%
|
0.81
|
%
|
0.56
|
%
|
0.56
|
%
|
0.78
|
%
|
||||||||||||
Portfolio turnover rate
|
13
|
%(b)
|
21
|
%
|
28
|
%
|
28
|
%
|
49
|
%
|
59
|
%
|
(a) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Ratios were determined based on net expenses after expense reimbursements through a directed brokerage arrangement (Note 5). |
Six Months Ended
Sept. 30, 2014 |
Years Ended March 31,
|
|||||||||||||||||||||||
(Unaudited)
|
2014
|
2013
|
2012
|
2011
|
2010
|
|||||||||||||||||||
Net asset value at beginning of period
|
$
|
10.16
|
$
|
10.47
|
$
|
10.57
|
$
|
10.25
|
$
|
10.33
|
$
|
10.24
|
||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.13
|
0.26
|
0.26
|
0.29
|
0.29
|
0.30
|
||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.04
|
(0.30
|
)
|
(0.06
|
)
|
0.32
|
(0.06
|
)
|
0.11
|
|||||||||||||||
Total from investment operations
|
0.17
|
(0.04
|
)
|
0.20
|
0.61
|
0.23
|
0.41
|
|||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.13
|
)
|
(0.26
|
)
|
(0.27
|
)
|
(0.29
|
)
|
(0.29
|
)
|
(0.31
|
)
|
||||||||||||
Distributions from net realized gains
|
—
|
(0.01
|
)
|
(0.03
|
)
|
(0.00
|
)(a)
|
(0.02
|
)
|
(0.01
|
)
|
|||||||||||||
Total distributions
|
(0.13
|
)
|
(0.27
|
)
|
(0.30
|
)
|
(0.29
|
)
|
(0.31
|
)
|
(0.32
|
)
|
||||||||||||
Net asset value at end of period
|
$
|
10.20
|
$
|
10.16
|
$
|
10.47
|
$
|
10.57
|
$
|
10.25
|
$
|
10.33
|
||||||||||||
Total return (b)
|
1.65
|
%(c)
|
(0.37
|
%)
|
1.88
|
%
|
6.03
|
%
|
2.26
|
%
|
4.04
|
%
|
||||||||||||
Net assets at end of period (000's)
|
$
|
26,212
|
$
|
26,284
|
$
|
27,782
|
$
|
30,063
|
$
|
30,368
|
$
|
32,905
|
||||||||||||
Ratio of total expenses to average net assets
|
0.87
|
%(d)
|
0.88
|
%
|
0.76
|
%
|
0.77
|
%
|
0.76
|
%
|
0.75
|
%
|
||||||||||||
Ratio of net expenses to average net assets (e)
|
0.69
|
%(d)
|
0.69
|
%
|
0.69
|
%
|
0.69
|
%
|
0.69
|
%
|
0.69
|
%
|
||||||||||||
Ratio of net investment income to average net assets (e)
|
2.48
|
%(d)
|
2.59
|
%
|
2.50
|
%
|
2.75
|
%
|
2.78
|
%
|
2.89
|
%
|
||||||||||||
Portfolio turnover rate
|
11
|
%(c)
|
1
|
%
|
15
|
%
|
2
|
%
|
8
|
%
|
16
|
%
|
(a) | Amount rounds to less than a penny per share. |
(b) | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Ratios were determined after voluntary advisory fee waivers by the Adviser (Note 4). |
• | Level 1 – quoted prices in active markets for identical securities |
• | Level 2 – other significant observable inputs |
• | Level 3 – significant unobservable inputs |
The Jamestown Balanced Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
11,725,849
|
$
|
—
|
$
|
—
|
$
|
11,725,849
|
||||||||
U.S. Treasury Obligations
|
—
|
1,472,615
|
—
|
1,472,615
|
||||||||||||
U.S. Government Agency Obligations
|
—
|
536,794
|
—
|
536,794
|
||||||||||||
Corporate Bonds
|
—
|
3,102,824
|
—
|
3,102,824
|
||||||||||||
Mortgage-Backed Securities
|
—
|
255,308
|
—
|
255,308
|
||||||||||||
Municipal Bonds
|
—
|
105,779
|
—
|
105,779
|
||||||||||||
Total
|
$
|
11,725,849
|
$
|
5,473,320
|
$
|
—
|
$
|
17,199,169
|
The Jamestown Equity Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
28,934,996
|
$
|
—
|
$
|
—
|
$
|
28,934,996
|
||||||||
Total
|
$
|
28,934,996
|
$
|
—
|
$
|
—
|
$
|
28,934,996
|
The Jamestown Tax Exempt Virginia Fund
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
24,613,029
|
$
|
—
|
$
|
24,613,029
|
||||||||
Exchange-Traded Funds
|
122,050
|
—
|
—
|
122,050
|
||||||||||||
Money Market Funds
|
1,217,602
|
—
|
—
|
1,217,602
|
||||||||||||
Total
|
$
|
1,339,652
|
$
|
24,613,029
|
$
|
—
|
$
|
25,952,681
|
Periods
Ended
|
Ordinary
Income
|
Long-Term Capital Gains
|
Exempt-Interest Dividends
|
Total Distributions
|
|||||||||||||
The Jamestown Balanced Fund
|
9/30/14
|
$
|
156,788
|
$
|
875,344
|
$
|
—
|
$
|
1,032,132
|
||||||||
3/31/14
|
$
|
457,405
|
$
|
1,097,734
|
$
|
—
|
$
|
1,555,139
|
|||||||||
The Jamestown Equity Fund
|
9/30/14
|
$
|
223,357
|
$
|
1,756,966
|
$
|
—
|
$
|
1,980,323
|
||||||||
3/31/14
|
$
|
382,664
|
$
|
1,868,577
|
$
|
—
|
$
|
2,251,241
|
|||||||||
The Jamestown Tax Exempt Virginia Fund
|
9/30/14
|
$
|
—
|
$
|
—
|
$
|
326,727
|
$
|
326,727
|
||||||||
3/31/14
|
$
|
23
|
$
|
12,336
|
$
|
676,329
|
$
|
688,688
|
The Jamestown Balanced Fund
|
The Jamestown Equity Fund
|
The Jamestown Tax Exempt Virginia Fund
|
||||||||||
Cost of portfolio investments
|
$
|
11,890,977
|
$
|
16,546,990
|
$
|
24,840,398
|
||||||
Gross unrealized appreciation
|
$
|
5,418,826
|
$
|
12,557,010
|
$
|
1,150,101
|
||||||
Gross unrealized depreciation
|
(110,634
|
)
|
(169,004
|
)
|
(37,818
|
)
|
||||||
Net unrealized appreciation on investments
|
5,308,192
|
12,388,006
|
1,112,283
|
|||||||||
Accumulated ordinary income
|
29,407
|
78,681
|
—
|
|||||||||
Accumulated tax exempt income
|
—
|
—
|
6,126
|
|||||||||
Other gains
|
804,634
|
1,427,208
|
9,427
|
|||||||||
Capital loss carryforwards
|
—
|
—
|
(20,536
|
)
|
||||||||
Other temporary differences
|
(5,075
|
)
|
(2,835
|
)
|
(6,126
|
)
|
||||||
Total distributable earnings
|
$
|
6,137,158
|
$
|
13,891,060
|
$
|
1,101,174
|
The Jamestown Balanced Fund
|
The Jamestown Equity Fund
|
The Jamestown Tax Exempt Virginia Fund
|
||||||||||
Purchase of investment securities
|
$
|
2,129,989
|
$
|
3,893,744
|
$
|
2,658,306
|
||||||
Proceeds from sales and maturities of investment securities
|
$
|
3,203,557
|
$
|
4,891,347
|
$
|
3,001,802
|
Beginning
Account Value April 1, 2014 |
Ending
Account Value September 30, 2014 |
Expenses Paid
During Period*
|
|
The Jamestown Balanced Fund
|
|||
Based on Actual Fund Return
|
$1,000.00
|
$1,039.30
|
$6.29
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,018.90
|
$6.23
|
The Jamestown Equity Fund
|
|||
Based on Actual Fund Return
|
$1,000.00
|
$1,056.00
|
$5.36
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,019.85
|
$5.27
|
The Jamestown Tax Exempt Virginia Fund
|
|||
Based on Actual Fund Return
|
$1,000.00
|
$1,016.50
|
$3.49
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,021.61
|
$3.50
|
* | Expenses are equal to the Funds' annualized expense ratios for the period as stated below, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). With respect to The Jamestown Balanced Fund and The Jamestown Equity Fund, the annualized expense ratios exclude any reimbursements received through a directed brokerage arrangement (Note 5). |
The Jamestown Balanced Fund
|
1.23%
|
The Jamestown Equity Fund
|
1.04%
|
The Jamestown Tax Exempt Virginia Fund
|
0.69%
|
|
||||||||
THE JAMESTOWN FUNDS
www.jamestownfunds.com
Investment Adviser
Lowe, Brockenbrough & Company, Inc.
1802 Bayberry Court
Suite 400
Richmond, Virginia 23226
Administrator
Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, Ohio 45246-0707
(Toll-Free) 1-866-738-1126
Independent Registered
Public Accounting Firm Ernst & Young LLP
1900 Scripps Center
312 Walnut Street
Cincinnati, Ohio 45202
Legal Counsel
Sullivan & Worcester LLP
One Post Office Square
Boston, Massachusetts 02109
Board of Trustees
John P. Ackerly, IV
John T. Bruce
Robert S. Harris, Ph.D.
J. Finley Lee, Jr., Ph.D.
Harris V. Morrissette
Elizabeth W. Robertson
|
||||||||
|
Item 2. | Code of Ethics. |
Item 3. | Audit Committee Financial Expert. |
Item 4. | Principal Accountant Fees and Services. |
Item 5. | Audit Committee of Listed Registrants. |
Item 6. | Schedule of Investments. |
(a) | Not applicable [schedule filed with Item 1] |
(b) | Not applicable |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Item 10. | Submission of Matters to a Vote of Security Holders. |
Item 11. | Controls and Procedures. |
Item 12. | Exhibits. |
Exhibit 99.CERT
|
Certifications required by Rule 30a-2(a) under the Act
|
Exhibit 99.906CERT
|
Certifications required by Rule 30a-2(b) under the Act
|
By (Signature and Title)*
|
/s/ Tina H. Bloom
|
||
Tina H. Bloom, Secretary and Chief Compliance Officer
|
|||
Date
|
December 2, 2014
|
||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|||
By (Signature and Title)*
|
/s/ John T. Bruce
|
||
John T. Bruce, President (FBP Equity & Dividend
Plus Fund and FBP Appreciation & Income Opportunities Fund)
|
|||
Date
|
December 2, 2014
|
||
By (Signature and Title)*
|
/s/ Thomas W. Leavell
|
||
Thomas W. Leavell, President (The Government Street Equity Fund, The Government Street Mid-Cap Fund and The Alabama Tax Free Bond Fund)
|
|||
Date
|
December 2, 2014
|
||
By (Signature and Title)*
|
/s/ Charles M. Caravati III
|
||
Charles M. Caravati III, President (The Jamestown Balanced Fund and The Jamestown Equity Fund)
|
|||
Date
|
December 2, 2014
|
||
By (Signature and Title)*
|
/s/ Joseph A. Jennings III
|
||
Joseph A. Jennings III, President (The Jamestown Tax Exempt Virginia Fund)
|
|||
Date
|
December 2, 2014
|
||
By (Signature and Title)*
|
/s/ John P. Ackerly IV
|
||
John P. Ackerly IV, President (The Davenport Core Fund, Davenport Value & Income Fund and Davenport Equity Opportunities Fund)
|
|||
Date
|
December 2, 2014
|
||
By (Signature and Title)*
|
/s/ Mark J. Seger
|
||
Mark J. Seger, Treasurer
|
|||
Date
|
December 2, 2014
|
Date: December 2, 2014
|
/s/ John T. Bruce
|
|
John T. Bruce, President of FBP Equity & Dividend Plus Fund and FBP Appreciation & Income Opportunities Fund
|
Date: December 2, 2014
|
/s/ Thomas W. Leavell
|
|
Thomas W. Leavell, President of The Government Street Equity Fund, The Government Street Mid-Cap Fund and The Alabama Tax Free Bond Fund
|
Date: December 2, 2014
|
/s/ Charles M. Caravati III
|
|
Charles M. Caravati III, President of The Jamestown
Balanced Fund and The Jamestown Equity Fund
|
Date: December 2, 2014
|
/s/ Joseph A. Jennings III
|
|
Joseph A. Jennings III, President of The Jamestown Tax
Exempt Virginia Fund
|
Date: December 2, 2014
|
/s/ John P. Ackerly IV
|
|
John P. Ackerly IV, President of The Davenport Core Fund, Davenport Value & Income Fund and Davenport Equity Opportunities Fund
|
Date: December 2, 2014
|
/s/ Mark J. Seger
|
|
Mark J. Seger, Treasurer
|
1. | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2014 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
Williamsburg Investment Trust
|
Williamsburg Investment Trust
|
|
/s/ John T. Bruce
|
/s/ Mark J. Seger
|
|
John T. Bruce, President of
|
Mark J. Seger, Treasurer
|
|
FBP Equity & Dividend Plus Fund and
|
||
FBP Appreciation & Income Opportunities Fund
|
||
Date: December 2, 2014
|
Date: December 2, 2014
|
1. | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2014 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
Williamsburg Investment Trust
|
Williamsburg Investment Trust
|
|
/s/ Thomas W. Leavell
|
/s/ Mark J. Seger
|
|
Thomas W. Leavell, President of
|
Mark J. Seger, Treasurer
|
|
The Government Street Equity Fund,
|
||
The Government Street Mid-Cap Fund and
|
||
The Alabama Tax Free Bond Fund
|
||
Date: December 2, 2014
|
Date: December 2, 2014
|
1. | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2014 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
Williamsburg Investment Trust
|
Williamsburg Investment Trust
|
|
/s/ Charles M. Caravati III
|
/s/ Mark J. Seger
|
|
Charles M. Caravati III, President of
|
Mark J. Seger, Treasurer
|
|
The Jamestown Balanced Fund and
|
||
The Jamestown Equity Fund
|
||
Date: December 2, 2014
|
Date: December 2, 2014
|
1. | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2014 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
Williamsburg Investment Trust
|
Williamsburg Investment Trust
|
|
/s/ Joseph A. Jennings III
|
/s/ Mark J. Seger
|
|
Joseph A. Jennings III, President of
|
Mark J. Seger, Treasurer
|
|
The Jamestown Tax Exempt Virginia Fund
|
||
Date: December 2, 2014
|
Date: December 2, 2014
|
1. | The Registrant's periodic report on Form N-CSR for the period ended September 30, 2014 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
Williamsburg Investment Trust
|
Williamsburg Investment Trust
|
|
/s/ John P. Ackerly IV
|
/s/ Mark J. Seger
|
|
John P. Ackerly IV, President of
|
Mark J. Seger, Treasurer
|
|
The Davenport Core Fund,
|
||
Davenport Value & Income Fund and
|
||
Davenport Equity Opportunities Fund
|
||
Date: December 2, 2014
|
Date: December 2, 2014
|