DAVENPORT CORE FUND
SCHEDULE OF INVESTMENTS
June 30, 2020 (Unaudited)
| COMMON STOCKS - 95.1% | Shares | Value | ||||||
| Communication Services - 9.6% | ||||||||
| Alphabet, Inc. - Class A (a) | 7,961 | $ | 11,289,096 | |||||
| Alphabet, Inc. - Class C (a) | 6,941 | 9,811,867 | ||||||
| Liberty Broadband Corporation - Series C (a) | 103,475 | 12,826,761 | ||||||
| T-Mobile US, Inc. (a) | 141,130 | 14,698,690 | ||||||
| Walt Disney Company (The) | 69,634 | 7,764,887 | ||||||
| 56,391,301 | ||||||||
| Consumer Discretionary - 10.4% | ||||||||
| Amazon.com, Inc. (a) | 7,435 | 20,511,827 | ||||||
| CarMax, Inc. (a) | 139,983 | 12,535,478 | ||||||
| Home Depot, Inc. (The) | 34,852 | 8,730,774 | ||||||
| NIKE, Inc. - Class B | 94,083 | 9,224,838 | ||||||
| TJX Companies, Inc. (The) | 201,130 | 10,169,133 | ||||||
| 61,172,050 | ||||||||
| Consumer Staples - 5.1% | ||||||||
| Mondelēz International, Inc. - Class A | 154,758 | 7,912,777 | ||||||
| Nestlé S.A. - ADR | 121,554 | 13,424,424 | ||||||
| PepsiCo, Inc. | 62,225 | 8,229,878 | ||||||
| 29,567,079 | ||||||||
| Energy - 2.3% | ||||||||
| Chevron Corporation | 67,744 | 6,044,797 | ||||||
| Marathon Petroleum Corporation | 204,933 | 7,660,396 | ||||||
| 13,705,193 | ||||||||
| Financials - 17.3% | ||||||||
| Aon plc - Class A | 43,356 | 8,350,366 | ||||||
| Berkshire Hathaway, Inc. - Class B (a) | 82,053 | 14,647,281 | ||||||
| Brookfield Asset Management, Inc. - Class A | 480,771 | 15,817,366 | ||||||
| Capital One Financial Corporation | 150,286 | 9,406,401 | ||||||
| Charles Schwab Corporation (The) | 282,887 | 9,544,607 | ||||||
| CME Group, Inc. | 52,565 | 8,543,915 | ||||||
| JPMorgan Chase & Company | 116,788 | 10,985,079 | ||||||
| Markel Corporation (a) | 15,355 | 14,175,275 | ||||||
| Moody's Corporation | 36,170 | 9,936,984 | ||||||
| 101,407,274 | ||||||||
| Health Care - 12.4% | ||||||||
| Abbott Laboratories | 103,075 | 9,424,147 | ||||||
| Becton, Dickinson and Company | 43,084 | 10,308,709 | ||||||
| CVS Health Corporation | 130,146 | 8,455,586 | ||||||
| Danaher Corporation | 126,338 | 22,340,348 | ||||||
| Johnson & Johnson | 97,740 | 13,745,176 | ||||||
DAVENPORT CORE FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS - 95.1% (Continued) | Shares | Value | ||||||
| Health Care - 12.4% (Continued) | ||||||||
| Medtronic plc | 92,610 | $ | 8,492,337 | |||||
| 72,766,303 | ||||||||
| Industrials - 4.8% | ||||||||
| Honeywell International, Inc. | 63,353 | 9,160,210 | ||||||
| Lockheed Martin Corporation | 20,933 | 7,638,870 | ||||||
| Union Pacific Corporation | 65,235 | 11,029,282 | ||||||
| 27,828,362 | ||||||||
| Information Technology - 22.1% | ||||||||
| Accenture plc - Class A | 93,234 | 20,019,204 | ||||||
| Adobe, Inc. (a) | 62,835 | 27,352,704 | ||||||
| Apple, Inc. | 43,769 | 15,966,931 | ||||||
| Broadcom, Inc. | 29,532 | 9,320,595 | ||||||
| Mastercard, Inc. - Class A | 58,230 | 17,218,611 | ||||||
| Microsoft Corporation | 107,581 | 21,893,809 | ||||||
| Visa, Inc. - Class A | 92,686 | 17,904,155 | ||||||
| 129,676,009 | ||||||||
| Materials - 6.9% | ||||||||
| Air Products & Chemicals, Inc. | 37,095 | 8,956,959 | ||||||
| Ecolab, Inc. | 42,886 | 8,532,170 | ||||||
| Martin Marietta Materials, Inc. | 40,356 | 8,336,339 | ||||||
| Sherwin-Williams Company (The) | 25,365 | 14,657,165 | ||||||
| 40,482,633 | ||||||||
| Real Estate - 4.2% | ||||||||
| American Tower Corporation | 94,667 | 24,475,206 | ||||||
| Total Common Stocks (Cost $327,993,280) | $ | 557,471,410 | ||||||
| RIGHTS - 0.0% (b) | Shares | Value | ||||||
| T-Mobile US, Inc. (a) (Cost $21,789) | 141,130 | $ | 23,710 |
| EXCHANGE-TRADED FUNDS - 1.0% | Shares | Value | ||||||
| iShares Nasdaq Biotechnology ETF (Cost $5,935,454) | 42,740 | $ | 5,842,131 |
DAVENPORT CORE FUND
SCHEDULE OF INVESTMENTS (Continued)
| MONEY MARKET FUNDS - 1.4% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class Z, 0.06% (c) (Cost $8,352,059) | 8,352,059 | $ | 8,352,059 | |||||
| Total Investments at Value - 97.5% (Cost $342,302,582) | $ | 571,689,310 | ||||||
| Other Assets in Excess of Liabilities - 2.5% | 14,762,675 | |||||||
| Net Assets - 100.0% | $ | 586,451,985 | ||||||
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | Percentage rounds to less than 0.1%. |
| (c) | The rate shown is the 7-day effective yield as of June 30, 2020. |
See accompanying notes to Schedules of Investments.
DAVENPORT VALUE & INCOME FUND
SCHEDULE OF INVESTMENTS
June 30, 2020 (Unaudited)
| COMMON STOCKS - 97.2% | Shares | Value | ||||||
| Communication Services - 5.0% | ||||||||
| Comcast Corporation - Class A | 517,473 | $ | 20,171,097 | |||||
| Verizon Communications, Inc. | 188,005 | 10,364,716 | ||||||
| 30,535,813 | ||||||||
| Consumer Discretionary - 6.9% | ||||||||
| Las Vegas Sands Corporation | 178,026 | 8,107,304 | ||||||
| Lowe's Companies, Inc. | 85,434 | 11,543,842 | ||||||
| McDonald's Corporation | 75,652 | 13,955,524 | ||||||
| Starbucks Corporation | 117,723 | 8,663,236 | ||||||
| 42,269,906 | ||||||||
| Consumer Staples - 13.7% | ||||||||
| Anheuser-Busch InBev S.A./N.V. - ADR | 251,853 | 12,416,353 | ||||||
| Bunge Ltd. | 289,711 | 11,915,814 | ||||||
| Diageo plc - ADR | 134,798 | 18,115,503 | ||||||
| PepsiCo, Inc. | 122,216 | 16,164,288 | ||||||
| Philip Morris International, Inc. | 200,522 | 14,048,571 | ||||||
| Tyson Foods, Inc. - Class A | 183,895 | 10,980,371 | ||||||
| 83,640,900 | ||||||||
| Energy - 5.1% | ||||||||
| Chevron Corporation | 124,510 | 11,110,027 | ||||||
| Enbridge, Inc. | 308,830 | 9,394,609 | ||||||
| Marathon Petroleum Corporation | 288,265 | 10,775,346 | ||||||
| 31,279,982 | ||||||||
| Financials - 19.6% | ||||||||
| Bank of America Corporation | 352,223 | 8,365,296 | ||||||
| Berkshire Hathaway, Inc. - Class B (a) | 84,698 | 15,119,440 | ||||||
| Brookfield Asset Management, Inc. - Class A | 608,129 | 20,007,444 | ||||||
| Capital One Financial Corporation | 182,908 | 11,448,212 | ||||||
| Fairfax Financial Holdings Ltd. | 42,445 | 13,108,714 | ||||||
| Fidelity National Financial, Inc. | 570,384 | 17,487,973 | ||||||
| JPMorgan Chase & Company | 187,542 | 17,640,200 | ||||||
| Markel Corporation (a) | 17,498 | 16,153,629 | ||||||
| 119,330,908 | ||||||||
| Health Care - 13.0% | ||||||||
| Bristol-Myers Squibb Company | 236,584 | 13,911,139 | ||||||
| CVS Health Corporation | 238,126 | 15,471,046 | ||||||
| Johnson & Johnson | 158,339 | 22,267,214 | ||||||
| Medtronic plc | 164,846 | 15,116,378 | ||||||
| Merck & Company, Inc. | 156,869 | 12,130,680 | ||||||
| 78,896,457 | ||||||||
DAVENPORT VALUE & INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS - 97.2% (Continued) | Shares | Value | ||||||
| Industrials - 10.0% | ||||||||
| 3M Company | 90,214 | $ | 14,072,482 | |||||
| Norfolk Southern Corporation | 72,292 | 12,692,306 | ||||||
| United Parcel Service, Inc. - Class B | 130,815 | 14,544,012 | ||||||
| Watsco, Inc. | 109,037 | 19,375,875 | ||||||
| 60,684,675 | ||||||||
| Information Technology - 10.9% | ||||||||
| Cisco Systems, Inc. | 312,626 | 14,580,877 | ||||||
| International Business Machines Corporation | 82,682 | 9,985,505 | ||||||
| Microsoft Corporation | 83,891 | 17,072,657 | ||||||
| QUALCOMM, Inc. | 143,949 | 13,129,588 | ||||||
| TE Connectivity Ltd. | 145,934 | 11,900,918 | ||||||
| 66,669,545 | ||||||||
| Real Estate - 8.4% | ||||||||
| Crown Castle International Corporation | 95,200 | 15,931,720 | ||||||
| Gaming and Leisure Properties, Inc. | 293,666 | 10,160,853 | ||||||
| Lamar Advertising Company - Class A | 234,202 | 15,635,326 | ||||||
| W.P. Carey, Inc. | 137,550 | 9,305,257 | ||||||
| 51,033,156 | ||||||||
| Utilities - 4.6% | ||||||||
| Dominion Energy, Inc. | 227,407 | 18,460,900 | ||||||
| NextEra Energy, Inc. | 38,498 | 9,246,065 | ||||||
| 27,706,965 | ||||||||
| Total Common Stocks (Cost $552,396,102) | $ | 592,048,307 | ||||||
| MONEY MARKET FUNDS - 2.7% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class Z, 0.06% (b) (Cost $16,698,353) | 16,698,353 | $ | 16,698,353 | |||||
| Total Investments at Value - 99.9% (Cost $569,094,455) | $ | 608,746,660 | ||||||
| Other Assets in Excess of Liabilities - 0.1% | 408,485 | |||||||
| Net Assets - 100.0% | $ | 609,155,145 | ||||||
ADR - American Depositary Receipt.
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2020. |
See accompanying notes to Schedules of Investments.
DAVENPORT EQUITY OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2020 (Unaudited)
| COMMON STOCKS - 97.1% | Shares | Value | ||||||
| Communication Services - 21.0% | ||||||||
| Altice USA, Inc. - Class A (a) | 555,409 | $ | 12,518,919 | |||||
| DISH Network Corporation - Class A (a) | 828,365 | 28,586,876 | ||||||
| Liberty Broadband Corporation - Series C (a) | 192,940 | 23,916,842 | ||||||
| Live Nation Entertainment, Inc. (a) | 317,493 | 14,074,465 | ||||||
| Take-Two Interactive Software, Inc. (a) | 146,444 | 20,439,189 | ||||||
| 99,536,291 | ||||||||
| Consumer Discretionary - 16.8% | ||||||||
| CarMax, Inc. (a) | 203,830 | 18,252,976 | ||||||
| DraftKings, Inc. - Class A (a) | 205,231 | 6,825,983 | ||||||
| Etsy, Inc. (a) | 203,598 | 21,628,216 | ||||||
| MercadoLibre, Inc. (a) | 13,071 | 12,885,000 | ||||||
| O'Reilly Automotive, Inc. (a) | 47,551 | 20,050,830 | ||||||
| 79,643,005 | ||||||||
| Financials - 21.7% | ||||||||
| Brookfield Asset Management, Inc. - Class A | 646,218 | 21,260,572 | ||||||
| Cannae Holdings, Inc. (a) | 367,791 | 15,116,210 | ||||||
| Cboe Global Markets, Inc. | 41,987 | 3,916,548 | ||||||
| Fairfax Financial Holdings Ltd. | 67,386 | 20,811,492 | ||||||
| Fidelity National Financial, Inc. | 609,228 | 18,678,931 | ||||||
| Markel Corporation (a) | 24,847 | 22,938,005 | ||||||
| 102,721,758 | ||||||||
| Health Care - 4.1% | ||||||||
| Align Technology, Inc. (a) | 27,361 | 7,508,953 | ||||||
| Zoetis, Inc. | 87,976 | 12,056,231 | ||||||
| 19,565,184 | ||||||||
| Industrials - 9.7% | ||||||||
| Colfax Corporation (a) | 355,844 | 9,928,048 | ||||||
| Watsco, Inc. | 119,643 | 21,260,561 | ||||||
| Xylem, Inc. | 224,492 | 14,583,000 | ||||||
| 45,771,609 | ||||||||
| Information Technology - 9.0% | ||||||||
| Autodesk, Inc. (a) | 67,113 | 16,052,758 | ||||||
| Black Knight, Inc. (a) | 182,917 | 13,272,458 | ||||||
| Intuit, Inc. | 45,549 | 13,491,158 | ||||||
| 42,816,374 | ||||||||
| Materials - 8.1% | ||||||||
| Martin Marietta Materials, Inc. | 71,088 | 14,684,648 | ||||||
| Sherwin-Williams Company (The) | 41,395 | 23,920,101 | ||||||
| 38,604,749 | ||||||||
DAVENPORT EQUITY OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
| COMMON STOCKS - 97.1% (Continued) | Shares | Value | ||||||
| Real Estate - 6.7% | ||||||||
| American Tower Corporation | 123,333 | $ | 31,886,514 | |||||
| Total Common Stocks (Cost $347,476,416) | $ | 460,545,484 | ||||||
| MONEY MARKET FUNDS - 3.5% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class Z, 0.06% (b) (Cost $16,734,709) | 16,734,709 | $ | 16,734,709 | |||||
| Total Investments at Value - 100.6% (Cost $364,211,125) | $ | 477,280,193 | ||||||
| Liabilities in Excess of Other Assets - (0.6%) | (2,717,671 | ) | ||||||
| Net Assets - 100.0% | $ | 474,562,522 |
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2020. |
See accompanying notes to Schedules of Investments.
| DAVENPORT SMALL CAP FOCUS FUND | ||||||||
| SCHEDULE OF INVESTMENTS | ||||||||
| June 30, 2020 (Unaudited) | ||||||||
| COMMON STOCKS - 90.5% | Shares | Value | ||||||
| Communication Services - 6.6% | ||||||||
| Cable One, Inc. | 3,357 | $ | 5,958,171 | |||||
| Liberty Latin America Ltd. - Class C (a) | 335,000 | 3,162,400 | ||||||
| Shenandoah Telecommunications Company | 150,368 | 7,411,639 | ||||||
| 16,532,210 | ||||||||
| Consumer Discretionary - 15.5% | ||||||||
| Eldorado Resorts, Inc. (a) | 82,081 | 3,288,165 | ||||||
| Etsy, Inc. (a) | 69,629 | 7,396,689 | ||||||
| GAN Ltd. (a) | 264,308 | 6,726,638 | ||||||
| Hanesbrands, Inc. | 626,701 | 7,075,454 | ||||||
| Monarch Casino & Resort, Inc. (a) | 413,936 | 14,106,939 | ||||||
| 38,593,885 | ||||||||
| Consumer Staples - 5.4% | ||||||||
| Bunge Ltd. | 110,000 | 4,524,300 | ||||||
| Seaboard Corporation | 3,054 | 8,959,886 | ||||||
| 13,484,186 | ||||||||
| Financials - 25.7% | ||||||||
| Cannae Holdings, Inc. (a) | 418,866 | 17,215,393 | ||||||
| Diamond Hill Investment Group, Inc. | 79,614 | 9,049,723 | ||||||
| First American Financial Corporation | 95,000 | 4,561,900 | ||||||
| Foley Trasimene Acquisition Corporation (a) | 700,000 | 7,469,000 | ||||||
| Kinsale Capital Group, Inc. | 21,917 | 3,401,738 | ||||||
| Stewart Information Services Corporation | 259,555 | 8,438,133 | ||||||
| TowneBank | 263,732 | 4,968,711 | ||||||
| Trebia Acquisition Corporation (a) | 350,000 | 3,657,500 | ||||||
| Trupanion, Inc. (a) | 122,581 | 5,232,983 | ||||||
| 63,995,081 | ||||||||
| Industrials - 18.9% | ||||||||
| American Woodmark Corporation (a) | 60,212 | 4,555,038 | ||||||
| Builders FirstSource, Inc. (a) | 371,598 | 7,692,079 | ||||||
| Casella Waste Systems, Inc. - Class A (a) | 139,012 | 7,245,305 | ||||||
| Colfax Corporation (a) | 306,992 | 8,565,077 | ||||||
| Evoqua Water Technologies Corporation (a) | 564,579 | 10,501,169 | ||||||
| Watsco, Inc. | 47,896 | 8,511,119 | ||||||
| 47,069,787 | ||||||||
| Information Technology - 6.4% | ||||||||
| CoreLogic, Inc. | 50,000 | 3,361,000 | ||||||
| Switch, Inc. - Class A | 453,796 | 8,086,645 | ||||||
| Verra Mobility Corporation (a) | 429,260 | 4,412,793 | ||||||
| 15,860,438 | ||||||||
| DAVENPORT SMALL CAP FOCUS FUND | ||||||||
| SCHEDULE OF INVESTMENTS (Continued) | ||||||||
| COMMON STOCKS - 90.5% (Continued) | Shares | Value | ||||||
| Materials - 8.9% | ||||||||
| Fortuna Silver Mines, Inc. (a) | 1,727,351 | $ | 8,792,217 | |||||
| MAG Silver Corporation (a) | 456,234 | 6,432,899 | ||||||
| NewMarket Corporation | 17,246 | 6,906,678 | ||||||
| 22,131,794 | ||||||||
| Real Estate - 3.1% | ||||||||
| FRP Holdings, Inc. (a) | 108,860 | 4,417,539 | ||||||
| Lamar Advertising Company - Class A | 51,595 | 3,444,482 | ||||||
| 7,862,021 | ||||||||
| Total Common Stocks (Cost $187,345,145) | $ | 225,529,402 | ||||||
| MONEY MARKET FUNDS - 9.2% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class Z, 0.06% (b) (Cost $22,938,291) | 22,938,291 | $ | 22,938,291 | |||||
| Total Investments at Value - 99.7% (Cost $210,283,436) | $ | 248,467,693 | ||||||
| Other Assets in Excess of Liabilities - 0.3% | 684,457 | |||||||
| Net Assets - 100.0% | $ | 249,152,150 | ||||||
| (a) | Non-income producing security. |
| (b) | The rate shown is the 7-day effective yield as of June 30, 2020. |
See accompanying notes to Schedules of Investments.
| DAVENPORT BALANCED INCOME FUND | ||
| SCHEDULE OF INVESTMENTS | ||
| June 30, 2020 (Unaudited) | ||
| COMMON STOCKS - 58.0% | Shares | Value | ||||||
| Communication Services - 2.7% | ||||||||
| Comcast Corporation - Class A | 72,401 | $ | 2,822,191 | |||||
| Verizon Communications, Inc. | 25,334 | 1,396,663 | ||||||
| 4,218,854 | ||||||||
| Consumer Discretionary - 3.6% | ||||||||
| Las Vegas Sands Corporation | 24,314 | 1,107,260 | ||||||
| Lowe's Companies, Inc. | 11,504 | 1,554,420 | ||||||
| McDonald's Corporation | 10,246 | 1,890,080 | ||||||
| Starbucks Corporation | 15,711 | 1,156,172 | ||||||
| 5,707,932 | ||||||||
| Consumer Staples - 8.7% | ||||||||
| Anheuser-Busch InBev S.A./N.V. - ADR | 34,055 | 1,678,911 | ||||||
| Bunge Ltd. | 39,012 | 1,604,564 | ||||||
| Diageo plc - ADR | 18,672 | 2,509,330 | ||||||
| Ingredion, Inc. | 13,155 | 1,091,865 | ||||||
| PepsiCo, Inc. | 16,526 | 2,185,729 | ||||||
| Philip Morris International, Inc. | 27,471 | 1,924,618 | ||||||
| Tyson Foods, Inc. - Class A | 24,894 | 1,486,421 | ||||||
| Universal Corporation | 31,964 | 1,358,790 | ||||||
| 13,840,228 | ||||||||
| Energy - 3.2% | ||||||||
| Chevron Corporation | 16,932 | 1,510,842 | ||||||
| Enbridge, Inc. | 41,717 | 1,269,031 | ||||||
| Enterprise Products Partners, L.P. | 45,067 | 818,868 | ||||||
| Marathon Petroleum Corporation | 38,850 | 1,452,213 | ||||||
| 5,050,954 | ||||||||
| Financials - 12.1% | ||||||||
| Bank of America Corporation | 49,208 | 1,168,690 | ||||||
| Berkshire Hathaway, Inc. - Class B (a) | 11,473 | 2,048,045 | ||||||
| Brookfield Asset Management, Inc. - Class A | 85,357 | 2,808,245 | ||||||
| Capital One Financial Corporation | 24,967 | 1,562,685 | ||||||
| Diamond Hill Investment Group, Inc. | 11,715 | 1,331,644 | ||||||
| Fairfax Financial Holdings Ltd. | 5,756 | 1,777,683 | ||||||
| Fidelity National Financial, Inc. | 77,211 | 2,367,289 | ||||||
| JPMorgan Chase & Company | 25,480 | 2,396,649 | ||||||
| Markel Corporation (a) | 2,366 | 2,184,220 | ||||||
| Stewart Information Services Corporation | 50,417 | 1,639,057 | ||||||
| 19,284,207 | ||||||||
| Health Care - 6.7% | ||||||||
| Bristol-Myers Squibb Company | 32,006 | 1,881,953 | ||||||
| CVS Health Corporation | 32,240 | 2,094,633 | ||||||
| DAVENPORT BALANCED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| COMMON STOCKS - 58.0% (Continued) | Shares | Value | ||||||
| Health Care - 6.7% (Continued) | ||||||||
| Johnson & Johnson | 21,433 | $ | 3,014,122 | |||||
| Medtronic plc | 22,304 | 2,045,277 | ||||||
| Merck & Company, Inc. | 21,142 | 1,634,911 | ||||||
| 10,670,896 | ||||||||
| Industrials - 5.1% | ||||||||
| 3M Company | 12,195 | 1,902,298 | ||||||
| Norfolk Southern Corporation | 9,678 | 1,699,166 | ||||||
| United Parcel Service, Inc. - Class B | 17,565 | 1,952,877 | ||||||
| Watsco, Inc. | 14,790 | 2,628,183 | ||||||
| 8,182,524 | ||||||||
| Information Technology - 5.7% | ||||||||
| Cisco Systems, Inc. | 42,155 | 1,966,109 | ||||||
| International Business Machines Corporation | 11,189 | 1,351,296 | ||||||
| Microsoft Corporation | 11,293 | 2,298,238 | ||||||
| QUALCOMM, Inc. | 19,466 | 1,775,494 | ||||||
| TE Connectivity Ltd. | 19,630 | 1,600,827 | ||||||
| 8,991,964 | ||||||||
| Real Estate - 5.1% | ||||||||
| Brookfield Property Partners, L.P. | 114,171 | 1,129,151 | ||||||
| Crown Castle International Corporation | 12,840 | 2,148,774 | ||||||
| Gaming and Leisure Properties, Inc. | 39,785 | 1,376,548 | ||||||
| Lamar Advertising Company - Class A | 31,755 | 2,119,964 | ||||||
| W.P. Carey, Inc. | 18,598 | 1,258,155 | ||||||
| 8,032,592 | ||||||||
| Utilities - 5.1% | ||||||||
| Brookfield Infrastructure Corporation - Class A | 4,384 | 199,647 | ||||||
| Brookfield Infrastructure Partners, L.P. | 41,245 | 1,695,582 | ||||||
| Brookfield Renewable Partners, L.P. | 51,333 | 2,458,851 | ||||||
| Dominion Energy, Inc. | 30,720 | 2,493,849 | ||||||
| NextEra Energy, Inc. | 5,146 | 1,235,915 | ||||||
| 8,083,844 | ||||||||
| Total Common Stocks (Cost $93,932,441) | $ | 92,063,995 | ||||||
| FIXED RATE CORPORATE BONDS - 23.4% | Par Value | Value | ||||||
| Consumer Staples - 3.8% | ||||||||
| Altria Group, Inc., 4.75%, due 05/05/2021 | $ | 1,500,000 | $ | 1,555,074 | ||||
| J.M. Smucker Company (The), 3.50%, due 10/15/2021 | 1,500,000 | 1,558,242 | ||||||
| PepsiCo, Inc., 2.75%, due 03/05/2022 | 1,200,000 | 1,250,571 |
| DAVENPORT BALANCED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| FIXED RATE CORPORATE BONDS - 23.4% (Continued) | Par Value | Value | ||||||
| Consumer Staples - 3.8% (Continued) | ||||||||
| Sysco Corporation, 2.60%, due 10/01/2020 | $ | 1,700,000 | $ | 1,704,982 | ||||
| 6,068,869 | ||||||||
| Energy - 5.1% | ||||||||
| Boardwalk Pipelines, L.P., 4.45%, due 07/15/2027 | 2,000,000 | 2,100,342 | ||||||
| Halliburton Company, 3.80%, due 11/15/2025 | 2,325,000 | 2,511,284 | ||||||
| MPLX, L.P., 4.125%, due 03/01/2027 | 3,250,000 | 3,461,968 | ||||||
| 8,073,594 | ||||||||
| Financials - 3.9% | ||||||||
| BlackRock, Inc., 3.50%, due 03/18/2024 | 1,150,000 | 1,273,908 | ||||||
| Citigroup, Inc., 3.30%, due 04/27/2025 | 2,250,000 | 2,470,910 | ||||||
| Fiserv, Inc., 3.20%, due 07/01/2026 | 2,225,000 | 2,462,652 | ||||||
| 6,207,470 | ||||||||
| Health Care - 3.1% | ||||||||
| Amgen, Inc., 2.20%, due 02/21/2027 | 2,000,000 | 2,109,134 | ||||||
| CVS Health Corporation, 3.00%, due 08/15/2026 | 2,600,000 | 2,845,553 | ||||||
| 4,954,687 | ||||||||
| Industrials - 3.6% | ||||||||
| General Dynamics Corporation, 3.375%, due 05/15/2023 | 3,250,000 | 3,514,103 | ||||||
| John Deere Capital Corporation, 2.60%, due 03/07/2024 | 2,000,000 | 2,131,586 | ||||||
| 5,645,689 | ||||||||
| Information Technology - 2.5% | ||||||||
| Oracle Corporation, 3.625%, due 07/15/2023 | 1,500,000 | 1,634,208 | ||||||
| PayPal Holdings, Inc., 2.40%, due 10/01/2024 | 2,250,000 | 2,388,063 | ||||||
| 4,022,271 | ||||||||
| Materials - 1.4% | ||||||||
| Sherwin-Williams Company (The), 3.45%, due 06/01/2027 | 2,000,000 | 2,237,702 | ||||||
| Total Fixed Rate Corporate Bonds (Cost $35,319,633) | $ | 37,210,282 | ||||||
| VARIABLE RATE CORPORATE BONDS (b) - 6.6% | Par Value | Value | ||||||
| Consumer Staples - 0.8% | ||||||||
| Campbell Soup Company, 0.943% (3MO LIBOR + 63), due 03/15/2021 | $ | 1,250,000 | $ | 1,251,270 |
| DAVENPORT BALANCED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| VARIABLE RATE CORPORATE BONDS (b) - 6.6% (Continued) | Par Value | Value | ||||||
| Energy - 1.1% | ||||||||
| ConocoPhillips Company, 2.592% (3MO LIBOR + 90), due 05/15/2022 | $ | 1,750,000 | $ | 1,758,095 | ||||
| Financials - 3.9% | ||||||||
| BP Capital Markets plc, 0.966% (3MO LIBOR + 65), due 09/19/2022 | 1,750,000 | 1,737,067 | ||||||
| Goldman Sachs Group, Inc., 2.862% (3MO LIBOR + 117), due 11/15/2021 | 2,000,000 | 2,005,976 | ||||||
| JPMorgan Chase & Company, 1.830% (3MO LIBOR + 148), due 03/01/2021 | 1,500,000 | 1,510,473 | ||||||
| Wells Fargo & Company, 1.328% (3MO LIBOR + 101), due 12/07/2020 | 929,000 | 932,728 | ||||||
| 6,186,244 | ||||||||
| Materials - 0.8% | ||||||||
| Vulcan Materials Company, 1.000% (3MO LIBOR + 65), due 03/01/2021 | 1,275,000 | 1,268,153 | ||||||
| Total Variable Rate Corporate Bonds (Cost $10,493,152) | $ | 10,463,762 | ||||||
| U.S. TREASURY OBLIGATIONS - 8.7% | Par Value | Value | ||||||
| U.S. Treasury Notes - 8.7% | ||||||||
| 3.125%, due 05/15/2021 | $ | 2,750,000 | $ | 2,820,254 | ||||
| 2.75%, due 06/30/2025 | 4,810,000 | 5,395,091 | ||||||
| 2.875%, due 08/15/2028 | 4,785,000 | 5,666,861 | ||||||
| Total U.S. Treasury Obligations (Cost $12,360,667) | $ | 13,882,206 |
| EXCHANGE-TRADED FUNDS - 0.5% | Shares | Value | ||||||
| Utilities Select Sector SPDR Fund (The) (Cost $656,257) | 13,027 | $ | 735,114 |
| DAVENPORT BALANCED INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| MONEY MARKET FUNDS - 2.6% | Shares | Value | ||||||
| First American Treasury Obligations Fund - Class Z, 0.06% (c) (Cost $4,135,971) | 4,135,971 | $ | 4,135,971 | |||||
| Total Investments at Value - 99.8% (Cost $156,898,121) | $ | 158,491,330 | ||||||
| Other Assets in Excess of Liabilities - 0.2% | 356,635 | |||||||
| Net Assets - 100.0% | $ | 158,847,965 | ||||||
ADR - American Depositary Receipt.
LIBOR - London Interbank Offered Rate.
| (a) | Non-income producing security. |
| (b) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2020. The reference rate and spread (in basis points) are indicated parenthetically. |
| (c) | The rate shown is the 7-day effective yield as of June 30, 2020. |
See accompanying notes to Schedules of Investments.
THE DAVENPORT FUNDS
NOTES TO SCHEDULES OF INVESTMENTS
June 30, 2020 (Unaudited)
| 1. | Securities Valuation |
The portfolio securities of Davenport Core Fund, Davenport Value & Income Fund, Davenport Equity Opportunities Fund, Davenport Small Cap Focus Fund and Davenport Balanced Income Fund (individually, a “Fund,” and collectively, the “Funds”) 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 exchange-traded funds (“ETFs”), 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 which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. Investments representing shares of money market funds and other open-end investment companies, other than ETFs, 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 corporate bonds and U.S. Treasury obligations, 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 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 security, subsequent private transactions in the security or related securities, or a combination of these and other factors.
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs |
| • | Level 3 – significant unobservable inputs |
THE DAVENPORT FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
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 the inputs used to value the Funds’ investments as of June 30, 2020 by security type:
| Davenport Core Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 557,471,410 | $ | - | $ | - | $ | 557,471,410 | ||||||||
| Rights | 23,710 | - | - | 23,710 | ||||||||||||
| Exchange-Traded Funds | 5,842,131 | - | - | 5,842,131 | ||||||||||||
| Money Market Funds | 8,352,059 | - | - | 8,352,059 | ||||||||||||
| Total | $ | 571,689,310 | $ | - | $ | - | $ | 571,689,310 | ||||||||
| Davenport Value & Income Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 592,048,307 | $ | - | $ | - | $ | 592,048,307 | ||||||||
| Money Market Funds | 16,698,353 | - | - | 16,698,353 | ||||||||||||
| Total | $ | 608,746,660 | $ | - | $ | - | $ | 608,746,660 |
| Davenport Equity Opportunities Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 460,545,484 | $ | - | $ | - | $ | 460,545,484 | ||||||||
| Money Market Funds | 16,734,709 | - | - | 16,734,709 | ||||||||||||
| Total | $ | 477,280,193 | $ | - | $ | - | $ | 477,280,193 |
| Davenport Small Cap Focus Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 225,529,402 | $ | - | $ | - | $ | 225,529,402 | ||||||||
| Money Market Funds | 22,938,291 | - | - | 22,938,291 | ||||||||||||
| Total | $ | 248,467,693 | $ | - | $ | - | $ | 248,467,693 |
| Davenport Balanced Income Fund: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 92,063,995 | $ | - | $ | - | $ | 92,063,995 | ||||||||
| Fixed Rate Corporate Bonds | - | 37,210,282 | - | 37,210,282 | ||||||||||||
| Variable Rate Corporate Bonds | - | 10,463,762 | - | 10,463,762 | ||||||||||||
| U.S. Treasury Obligations | - | 13,882,206 | - | 13,882,206 | ||||||||||||
| Exchange-Traded Funds | 735,114 | - | - | 735,114 | ||||||||||||
| Money Market Funds | 4,135,971 | - | - | 4,135,971 | ||||||||||||
| Total | $ | 96,935,080 | $ | 61,556,250 | $ | - | $ | 158,491,330 |
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 securities or derivative instruments held by the Funds as of or during the period ended June 30, 2020.
THE DAVENPORT FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
| 2. | Investment Transactions |
Investment transactions are accounted for on trade date. Realized gains and losses on investments sold are determined on a specific identification basis.
| 3. | Federal Income Tax |
The following information is computed on a tax basis for each item as of June 30, 2020:
| Davenport Core Fund | Davenport Value & Income Fund | Davenport Equity Opportunities Fund | ||||||||||
| Cost of portfolio investments | $ | 342,315,060 | $ | 569,163,640 | $ | 364,766,040 | ||||||
| Gross unrealized appreciation | $ | 240,709,014 | $ | 93,963,864 | $ | 142,958,503 | ||||||
| Gross unrealized depreciation | (11,334,764 | ) | (54,380,844 | ) | (30,444,350 | ) | ||||||
| Net unrealized appreciation | $ | 229,374,250 | $ | 39,583,020 | $ | 112,514,153 | ||||||
| Davenport Small Cap Focus Fund | Davenport Balanced Income Fund | |||||||
| Cost of portfolio investments | $ | 210,869,072 | $ | 156,799,081 | ||||
| Gross unrealized appreciation | $ | 52,002,988 | $ | 12,720,261 | ||||
| Gross unrealized depreciation | (14,404,367 | ) | (11,028,012 | ) | ||||
| Net unrealized appreciation | $ | 37,598,621 | $ | 1,692,249 | ||||
The difference between the federal tax cost of portfolio investments and the Schedule of Investments cost of portfolio investments for each Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales and/or adjustments to basis on publicly traded partnerships and passive foreign investment companies.
THE DAVENPORT FUNDS
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
| 4. | Sector Risk |
If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio would be adversely affected. As of June 30, 2020, Davenport Small Cap Focus Fund had 25.7% of the value of its net assets invested in common stocks within the Financials sector.