UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

John Chilton, Esq.

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Cantor FBP Equity & Dividend Plus Fund

Cantor FBP Appreciation & Income Opportunities Fund

Semi-Annual Report

September 30, 2021

(Unaudited)

No-Load Funds

We are pleased to report on your Funds and their investments for the six-month period ended September 30, 2021, and to provide some additional information since we last communicated with you. We would like to thank the Funds’ shareholders, as they approved at a Special Shareholders’ Meeting in mid-July the new investment advisory agreements required as a result of the acquisition of Flippin, Bruce & Porter, Inc. by Cantor Fitzgerald Investment Advisors, LP., so the Funds are now The Cantor FBP Funds. We are excited about this new chapter in the Fund’s future.

Economic and Market Update

As discussed in each Funds’ Review below, equity returns over the last six- and twelve-months ended September 30, 2021 have been quite impressive, however the period ended in a turbulent manner with broad market indexes retreating from all-time highs reached just a month earlier. With a -4.65% return for the month of September, the S&P 500^® Index notched its worst monthly number since the onset of the pandemic in March 2020. The Russell 1000^® Value Index also declined during the month; in fact, the value benchmark generated its first negative quarter since the first quarter of calendar 2020.

Occasionally there is an obvious single reason for market weakness, but more often several factors work together to move the market. The most recent selloff tends to fall into the second category. First, rising interest rates and persistent inflationary pressures certainly contributed. With the Federal Open Market Committee signaling that one of its accommodative policies, the outright purchasing of bonds, is likely to be curtailed in the coming months, the yield on the 10-year US Treasury bond moved from below 1.2% to above 1.5%. Rising rates tend to have an especially negative impact on the segment of the market where valuations are the highest. That is why the technology-heavy Nasdaq Composite lagged other stock market benchmarks recently. Also contributing to market weakness was the rise of the Delta variant of Covid-19. As case levels rose over the summer, there were signs that the reopening of the economy stalled. This is evident in mobility data that showed hotel occupancy rates declining and TSA checkpoint numbers dropping to 25% below 2019 baseline levels in September after reaching 11% below at the end of July. Supply chain disruptions also threatened to derail economic growth, which likely added to the selling pressure on the stock market. Market sectors impacted the most by these factors tended to be more economically sensitive groups like Consumer Discretionary and Industrials. The factors listed above created an environment where market leadership rotated back and forth between growth and value with no clear style bias evident.

While the challenges facing the economy listed above are very real, we believe that above-average economic growth is likely to persist for some time. The Fed has said it is not likely to increase the fed funds rate until 2023, meaning monetary stimulus should remain accomodative. Corporate earnings continue to surprise to the upside with estimates for S&P 500^® earnings in 2021 near $200 per share, 22% above 2019 levels. 2022 is also shaping up as another year of record profits with estimates topping $220 per share. The unemployment rate has dropped to near 5%, still above pre-pandemic levels, but down sharply from 2020. There appears to be strong pent-up demand by consumers despite the temporary impact to spending related to the Delta variant. Government assistance, including PPP loans, stimulus checks, and enhanced unemployment benefits provided a backstop for the economy. Financially, many Americans find themselves in better shape post-pandemic than had been feared, which is good news for the economy. We expect to see a boost from inventory rebuilding as supply chain bottlenecks clear going forward. And finally, with continuing vaccine uptake and news of more post-infection treatments on the horizon, we are optimistic that the worst of Covid-19 may be behind us.

Our equity market outlook is positive given our views on the economy. Valuation levels for the market, specifically the S&P 500^® at around 20 times forward earnings, appear to be somewhat elevated. However, these valuations can be justified given the very low level of interest rates and the very high earnings growth evident today. Therefore we believe the markets will be very sensitive to significant changes in either. We also believe that corporations will move to return more cash to shareholders (via dividends and share buybacks) as we move into 2022. Corporate earnings growth has significantly outpaced cash returned, which is understandable given the uncertainty created by the coronavirus. Dividend increases did accelerate in 2021, but the gap in corporate income earned and payouts to shareholders creates the potential for additional boosts in future cash returns.

Cantor FBP Equity & Dividend Plus Fund Review

The Cantor FBP Equity & Dividend Plus Fund and the S&P 500^® Index returned 5.29% and 9.18% for the semi-annual period ended September 30, 2021. Annual returns were more impressive. The Cantor FBP Equity & Dividend Plus Fund returned 41.74% and the S&P 500^® Index returned 30.00% for the twelve months ended September 30, 2021. The Fund was invested 97.7% equity and 2.3% cash as of September 30, 2021.

The Fund’s results were helped this period by holdings in the Financials, Industrials, and Health Care sectors, and results were held back by lower returns in the Communications and Consumer Discretionary sectors. Individual outperformers were Nucor, ConocoPhillips, Pfizer and UPS. ViacomCBS, HP, Tapestry and Kohl’s negatively affected returns. The Fund’s positive return relative to the Index over the past year was reflective of its preference towards value names. During the period, the Fund purchased new positions in Kimberly-Clark, Organon & Co. and Atmos Energy. The Fund sold UPS, Public Storage and reduced Kohl’s, Dow and Nucor.

The Fund does utilize as part of its investment discipline the use of covered call options as individual securities approach the top of the Adviser’s growth and price expectations. The Fund’s purpose in selling the call options is to generate additional cash flow to the Fund and to hedge the possibility the security may not achieve its price objective. In very strong stock markets, this discipline may limit the upside of the securities where options have been written, but in flat to negative markets, it may provide additional return. During the six-months ended September 30, 2021, the amount of premiums generated from selling covered call options was $171,362.

Cantor FBP Appreciation & Income Opportunities Fund Review

The Cantor FBP Appreciation & Income Opportunities Fund returned 5.13% for the semi-annual and 37.53% for the annual period ended September 30, 2021. The S&P 500 Index returned 9.18% and 30.00%, and the Bloomberg Intermediate U.S. Government/Credit Index returned 1.00% and -0.40% respectively over the same time periods. The Fund was 76.8% equity, 10.1% fixed income and 13.1% cash as of September 30, 2021.

Financials, Energy and Technology helped the Fund’s results this period. Communications, Consumer Discretionary and Industrials were the weaker sectors. Leading individual performers were Devon Energy, Capital One Financial, Nucor and Microsoft. Federal Express, HP and Kohl’s most negatively affected returns. During the period, we added Organon & Co., Tyson Foods, Dollar Tree and Atmos Energy to the Fund. The Fund reduced positions in Kohl’s and Nucor, and sold its holdings in General Electric.

The Fund does utilize as part of its investment discipline the use of covered call options as individual securities approach the top of the Adviser’s growth and price expectations. The Fund’s purpose in selling the call options is to generate additional income to the Fund and to hedge the possibility the security may

not achieve its price objective. In very strong stock markets, this discipline may limit the upside of the securities where options have been written, but in modest to negative markets, it may provide additional return. During the six months ended September 30, 2021, the amount of premiums generated from selling covered call options was $7,155.

We want to thank you for your continued support and investment in The Cantor FBP Funds. Please visit our website at www.fbpfunds.com for information on your Funds and the investment philosophy and process we utilize to achieve their investment objectives.

John T. Bruce, CFA

President - Portfolio Manager

October 21, 2021

Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Updated performance information, current through the most recent month-end, is available by contacting the Funds at 1-866-738-1127.

This report is submitted for the general information of the shareholders of the Funds. It reflects our views, opinions and portfolio holdings as of the date of this letter. These views are subject to change at any time based upon market or other conditions. For more current information throughout the year please visit www.fbpfunds.com or call the Funds at 1-866-738-1127. This report is not authorized for distribution to prospective investors in the Funds unless accompanied by a current prospectus.

Performance for each Fund is compared to the most appropriate broad-based index, the S&P 500^® Index, an unmanaged index of 500 large common stocks. Each Fund’s performance results are also compared to the Consumer Price Index, a measure of inflation; the Bloomberg Barclays Intermediate U.S. Government/ Credit Index is also compared for the Cantor FBP Appreciation & Income Opportunities Fund.

Cantor FBP Equity & Dividend Plus Fund

Comparison of the Change in Value of a $10,000 Investment in

Cantor FBP Equity & Dividend Plus Fund, the S&P 500^® Index and the Consumer Price Index

Cantor FBP Appreciation & Income Opportunities Fund

Comparison of the Change in Value of a $10,000 Investment in
Cantor FBP Appreciation & Income Opportunities Fund, the S&P 500^® Index,
the Consumer Price Index and the Bloomberg Intermediate U.S. Government/Credit Index

Asset Allocation (% of Net Assets)

Asset Allocation (% of Net Assets)

ADR - American Depositary Receipt.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

ADR - American Depositary Receipt.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements. 

See accompanying notes to financial statements.

See accompanying notes to financial statements. 

See accompanying notes to financial statements. 

Selected Per Share Data for a Share Outstanding Throughout Each Period

See accompanying notes to financial statements. 

Selected Per Share Data for a Share Outstanding Throughout Each Period

See accompanying notes to financial statements.

Cantor FBP Equity & Dividend Plus Fund (formerly FBP Equity & Dividend Plus Fund) and Cantor FBP Appreciation & Income Opportunities Fund (formerly FBP Appreciation & Income Opportunities Fund) (each a “Fund” and collectively the “Funds”) are no-load, diversified series of Williamsburg Investment Trust (the “Trust”), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust was organized as a Massachusetts business trust on July 18, 1988. Other series of the Trust are not included in this report.

The investment objective of Cantor FBP Equity & Dividend Plus Fund is to provide above-average and growing income while also achieving long-term growth of capital.

The investment objectives of Cantor FBP Appreciation & Income Opportunities Fund are long term capital appreciation and current income, assuming a moderate level of investment risk.

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The following is a summary of the Funds’ significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Securities valuation — The Funds’ portfolio securities are valued as of the close of business of the regular session of the New York Stock Exchange (normally 4:00 p.m. Eastern time). Securities traded on a national stock exchange, including common stocks and closed-end investment companies, if any, are valued based upon the closing price on the principal exchange where the security is traded, if available, otherwise, at the last quoted bid price. Securities that are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Covered call options written by the Funds are valued at the last quoted sale price or, in the absence of a sale, at the ask price on the principal exchanges on which they are traded. Investments representing shares of money market funds and other open-end investment companies are valued at their net asset value (“NAV”) as reported by such companies. When using a quoted price and when the market is considered active, securities will be classified as Level 1 within the fair value hierarchy (see below).

Fixed income securities, including U.S. Treasury obligations and corporate bonds, are typically valued on the basis of prices provided by an independent pricing service. The prices provided by the pricing service are determined with consideration given to institutional bid and last sale prices and take into account securities prices, yields, maturities, call features, ratings, institutional trading in similar groups of securities, and developments related to specific securities. Given the inputs used by the pricing service, these securities are classified as Level 2 within the fair value hierarchy.

When market quotations are not readily available, if a pricing service cannot provide a price, or if the investment adviser believes the price received from the pricing service is not indicative of market value, securities will be valued in good faith at fair value using methods consistent with procedures adopted by the Board of Trustees and will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Such methods of fair valuation may include, but are not limited to: multiple of earnings,

multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

The following is a summary of each Fund’s investments and other financial instruments based on the inputs used to value the investments and other financial instruments as of September 30, 2021, by security type:

Refer to each Fund’s Schedule of Investments for a listing of the common stocks and corporate bonds by sector type. There were no Level 3 investments held by the Funds as of or during the six months ended September 30, 2021.

Share valuation — The NAV per share of each Fund is calculated daily by dividing the total value of its assets, less liabilities, by the number of shares outstanding. The offering price and redemption price per share of each Fund is equal to its NAV per share.

Investment income — Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Interest income is accrued as earned. Discounts and premiums on fixed income securities purchased are amortized using the interest method. Withholding taxes, if any, on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s rules and tax rates.

Distributions to shareholders — Dividends arising from net investment income are declared and paid quarterly to shareholders of each Fund. Net realized short-term capital gains, if any, may be distributed throughout the year and net realized long-term capital gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either temporary or permanent in nature. Dividends and distributions are recorded on the ex-dividend date. The tax character of distributions paid during the periods ended September 30, 2021 and March 31, 2021 was as follows:

Investment transactions — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investments sold are determined on a specific identification basis.

Common expenses — Common expenses of the Trust are allocated among the Funds and the other series of the Trust based on relative net assets of each series or the nature of the services performed and the relative applicability to each series.

Options transactions — When the Funds’ investment adviser believes that individual portfolio investment securities held by the Funds are approaching the top of the adviser’s growth and price expectations, covered call options can be written (sold) against such securities and the Funds will receive a premium in return. The Funds write options only for income generation and hedging purposes and not for speculation. The premiums received from writing the options are recorded as a liability and are subsequently valued daily at the closing prices on their primary exchanges. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised increase the proceeds used to calculate the realized gain or loss on the sale of the underlying security. If a closing purchase transaction is used to

terminate a Fund’s obligation on a call option, a gain or loss will be realized, depending upon whether the price of the closing purchase transaction is more or less than the premium previously received on the call option written.

Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, each as of the date of the financial statements, and the reported amounts of increase (decrease) in net assets from operation during the reporting period. Actual results could differ from those estimates.

Federal income tax — Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Qualification generally will relieve the Funds of liability for federal income taxes to the extent 100% of their net investment income and any net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of September 30, 2021:

The difference between the federal income tax cost of portfolio investments and the financial statement cost of portfolio investments for Cantor FBP Appreciation and Income Opportunities Fund is due to certain differences in the recognition of capital gains and losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are primarily due to differing methods in the amortization of discounts and premiums on fixed income securities.

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken by each Fund on federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

Investment transactions, other than short-term investments and U.S. government securities, were as follows for the six months ended September 30, 2021: