0001752724-21-035801.txt : 20210224 0001752724-21-035801.hdr.sgml : 20210224 20210224105116 ACCESSION NUMBER: 0001752724-21-035801 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210224 PERIOD START: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILLIAMSBURG INVESTMENT TRUST CENTRAL INDEX KEY: 0000842512 IRS NUMBER: 566344591 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05685 FILM NUMBER: 21669770 BUSINESS ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 FORMER COMPANY: FORMER CONFORMED NAME: NOTTINGHAM INVESTMENT TRUST /NC/ DATE OF NAME CHANGE: 19940125 FORMER COMPANY: FORMER CONFORMED NAME: NOTTINGHAM INVESTMENT TRUST DATE OF NAME CHANGE: 19940125 0000842512 S000001559 Davenport Core Fund C000004218 Davenport Core Fund DAVPX NPORT-P 1 primary_doc.xml NPORT-P false 0000842512 XXXXXXXX S000001559 C000004218 Williamsburg Investment Trust 811-05685 0000842512 549300K2N6TCPDPSAZ53 225 Pictoria Drive Suite 450 Cincinnati 45246 513-587-3400 DAVENPORT CORE FUND S000001559 5493000IORVZ5ZKT8K09 2021-03-31 2020-12-31 N 722112505.47 788115.42 721324390.05 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 8783471.13 N MARTIN MARIETTA MATERIALS INC 5299005MZ4WZECVATV08 Martin Marietta Materials, Inc. 573284106 43247.00000000 NS USD 12280850.59000000 1.702541985187 Long EC CORP US N 1 N N N Pepsico Inc FJSUNZKFNQ5YPJ5OT455 PepsiCo, Inc. 713448108 65734.00000000 NS USD 9748352.20000000 1.351451903535 Long EC CORP US N 1 N N N Moodys Corp 549300GCEDD8YCF5WU84 Moody's Corporation 615369105 36170.00000000 NS USD 10497980.80000000 1.455375826023 Long EC CORP US N 1 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc. Class A 02079K305 8290.00000000 NS USD 14529385.60000000 2.014265121271 Long EC CORP US N 1 N N N The Charles Schwab Corporation 549300VSGCJ7E698NM85 Charles Schwab Corporation (The) 808513105 282887.00000000 NS USD 15004326.48000000 2.080108018939 Long EC CORP US N 1 N N N T-Mobile US, Inc. 549300QHIJYOHPACPG31 T-Mobile USA, Inc. 872590104 160897.00000000 NS USD 21696960.45000000 3.007933843536 Long EC CORP US N 1 N N N Ball Corporation 0BGI85ALH27ZJP15DY16 Ball Corporation 058498106 115660.00000000 NS USD 10777198.80000000 1.494084901143 Long EC CORP US N 1 N N N Broadcom Inc 549300WV6GIDOZJTV909 Broadcom, Inc. 11135F101 29532.00000000 NS USD 12930586.20000000 1.792617354738 Long EC CORP US N 1 N N N Visa Inc 549300JZ4OKEHW3DPJ59 Visa, Inc. Class A 92826C839 92686.00000000 NS USD 20273208.78000000 2.810553623258 Long EC CORP US N 1 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Company 46625H100 116788.00000000 NS USD 14840251.16000000 2.057361620473 Long EC CORP US N 1 N N N Brookfield Asset Management, Inc. C6J3FGIWG6MBDGTE8F80 Brookfield Asset Management, Inc. Class A 112585104 582403.00000000 NS USD 24035771.81000000 3.332172340427 Long EC CORP CA N 1 N N N Air Products & Chemicals, Inc. 7QEON6Y1RL5XR3R1W237 Air Products & Chemicals, Inc. 009158106 64490.00000000 NS USD 17619957.80000000 2.442723141356 Long EC CORP US N 1 N N N Berkshire Hathaway Inc. 5493000C01ZX7D35SD85 Berkshire Hathaway, Inc. Class B 084670702 82053.00000000 NS USD 19025629.11000000 2.637596811149 Long EC CORP US N 1 N N N Nike, Inc. 787RXPR0UX0O0XUXPZ81 NIKE, Inc. Class B 654106103 96606.00000000 NS USD 13666850.82000000 1.894688576806 Long EC CORP US N 1 N N N Microsoft Corporation INR2EJN1ERAN0W5ZP974 Microsoft Corporation 594918104 108857.00000000 NS USD 24211973.94000000 3.356599925634 Long EC CORP US N 1 N N N Apple Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 179128.00000000 NS USD 23768494.32000000 3.295118624555 Long EC CORP US N 1 N N N Liberty Broadband Corporation 549300MIX43II8JLN536 Liberty Broadband Corporation Series C 530307305 103475.00000000 NS USD 16387335.75000000 2.271839962165 Long EC CORP US N 1 N N N Mercadolibre Inc 549300DKPDN9M5S8GB14 MercadoLibre, Inc. 58733R102 5315.00000000 NS USD 8903794.30000000 1.234367563723 Long EC CORP US N 1 N N N Abbott Laboratories HQD377W2YR662HK5JX27 Abbott Laboratories 002824100 103075.00000000 NS USD 11285681.75000000 1.564577866168 Long EC CORP US N 1 N N N Aon plc VVT2B79I2Z4U3R6BY589 Aon plc G0403H108 60100.00000000 NS USD 12697327.00000000 1.760279726451 Long EC CORP US N 1 N N N Honeywell International Inc. ISRPG12PN4EIEOEMW547 Honeywell International, Inc. 438516106 65415.00000000 NS USD 13913770.50000000 1.928920010459 Long EC CORP US N 1 N N N Danaher Corporation S4BKK9OTCEWQ3YHPFM11 Danaher Corporation 235851102 115041.00000000 NS USD 25555207.74000000 3.542817641065 Long EC CORP US N 1 N N N The Sherwin-Williams Company Z15BMIOX8DDH0X2OBP21 Sherwin-Williams Company (The) 824348106 25703.00000000 NS USD 18889391.73000000 2.618709694356 Long EC CORP US N 1 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc. Class C 02079K107 6941.00000000 NS USD 12159799.08000000 1.685760144497 Long EC CORP US N 1 N N N Nestle SA/Ag KY37LUS27QQX7BB93L28 Nestle S.A. ADR 641069406 100638.00000000 NS USD 11855156.40000000 1.643526347303 Long EC CORP CH N 1 N N N Becton, Dickinson and Company ICE2EP6D98PQUILVRZ91 Becton, Dickinson and Company 075887109 44474.00000000 NS USD 11128284.28000000 1.542757243967 Long EC CORP US N 1 N N N Union Pacific Corporation 549300LMMRSZZCZ8CL11 Union Pacific Corporation 907818108 65908.00000000 NS USD 13723363.76000000 1.902523185033 Long EC CORP US N 1 N N N The TJX Companies Inc. V167QI9I69W364E2DY52 TJX Companies, Inc. (The) 1.150%, Due 05/15/2028 872540109 207349.00000000 NS USD 14159863.21000000 1.963036798051 Long EC CORP US N 1 N N N Adobe Inc FU4LY2G4933NH2E1CP29 Adobe, Inc. 00724F101 50230.00000000 NS USD 25121027.60000000 3.482625562995 Long EC CORP US N 1 N N N The Home Depot, Inc. QEKMOTMBBKA8I816DO57 Home Depot, Inc. (The) 437076102 35678.00000000 NS USD 9476790.36000000 1.313804231594 Long EC CORP US N 1 N N N Medtronic Plc 549300GX3ZBSQWUXY261 Medtronic plc G5960L103 92610.00000000 NS USD 10848335.40000000 1.503946844116 Long EC CORP US N 1 N N N MasterCard Incorporated AR5L2ODV9HN37376R084 Mastercard, Inc. Class A 57636Q104 59045.00000000 NS USD 21075522.30000000 2.921781460701 Long EC CORP US N 1 N N N DISH Network Corporation 529900U350CWHH15G169 DISH Network Corporation Class A 25470M109 293407.00000000 NS USD 9488782.38000000 1.315466731873 Long EC CORP US N 1 N N N FIRST AMERN FDS INC N/A First American Treasury Obligations Fund Class Z 31846V542 10231059.49000000 PA USD 10231059.49000000 1.418371488768 Long STIV RF US N 1 N N N TWDC Enterprises 18 Corp 549300GZKULIZ0WOW665 Walt Disney Company (The) 254687106 93875.00000000 NS USD 17008272.50000000 2.357922833972 Long EC CORP US N 1 N N N Carmax Inc 529900F60CID3NCZM330 CarMax, Inc. 143130102 139983.00000000 NS USD 13222794.18000000 1.833127281206 Long EC CORP US N 1 N N N American Tower Corporation 5493006ORUSIL88JOE18 American Tower Corporation 03027X100 98746.00000000 NS USD 22164527.16000000 3.072754431395 Long EC CORP US N 1 N N N UBER TECHNOLOGIES INC 549300B2FTG34FILDR98 Uber Technologies, Inc. 90353T100 179019.00000000 NS USD 9129969.00000000 1.265723040276 Long EC CORP US N 1 N N N Accenture Plc N/A Accenture plc Class A G1151C101 79405.00000000 NS USD 20741380.05000000 2.875458023617 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 6552.00000000 NS USD 21339405.36000000 2.958364593566 Long EC CORP US N 1 N N N ISHARES TRUST 5493000860OXIC4B5K91 ISHARES NASDAQ BIOTECHNOLOGY ETF 464287556 64546.00000000 NS USD 9778073.54000000 1.355572288263 Long EC RF US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 99285.00000000 NS USD 15625473.30000000 2.166220013566 Long EC CORP US N 1 N N N Fleetcor Technolo 549300DG6RR0NQSFLN74 FleetCor Technologies, Inc. 339041105 54271.00000000 NS USD 14806756.93000000 2.052718185360 Long EC CORP US N 1 N N N Sony Corporation 529900R5WX9N2OI2N910 Sony Corporation ADR 835699307 119530.00000000 NS USD 12084483.00000000 1.675318783988 Long EC CORP JP N 1 N N N Illumina Inc SQ95QG8SR5Q56LSNF682 Illumina, Inc. 452327109 30448.00000000 NS USD 11265760.00000000 1.561816036640 Long EC CORP US N 1 N N N Markel Corporation 549300SCNO12JLWIK605 Markel Corporation 570535104 15757.00000000 NS USD 16281708.10000000 2.257196391053 Long EC CORP US N 1 N N N Vertex Pharmaceuticals Incorporated 54930015RAQRRZ5ZGJ91 Vertex Pharmaceuticals, Inc. 92532F100 29906.00000000 NS USD 7067984.04000000 0.979862061715 Long EC CORP US N 1 N N N 2021-01-28 Davenport Core Fund Jennifer L. Leamer Jennifer L. Leamer Mutual Fund Controller XXXX NPORT-EX 2 davenportnport1.htm DAVENPORT SOI 1

 

DAVENPORT CORE FUND
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)
 
COMMON STOCKS - 96.0% Shares Value
Communications - 13.9%
Alphabet, Inc. - Class A (a) 8,290   $ 14,529,386  
Alphabet, Inc. - Class C (a) 6,941   12,159,799  
DISH Network Corporation - Class A (a) 293,407   9,488,782  
Liberty Broadband Corporation - Series C (a) 103,475   16,387,336  
T-Mobile US, Inc. (a) 160,897   21,696,960  
Uber Technologies, Inc. (a) 179,019   9,129,969  
Walt Disney Company (The) (a) 93,875   17,008,273  
    100,400,505  
Consumer Discretionary - 11.2%
Amazon.com, Inc. (a) 6,552   21,339,406  
CarMax, Inc. (a) 139,983   13,222,794  
Home Depot, Inc. (The) 35,678   9,476,790  
MercadoLibre, Inc. (a) 5,315   8,903,794  
NIKE, Inc. - Class B 96,606   13,666,851  
TJX Companies, Inc. (The) 207,349   14,159,863  
    80,769,498  
Consumer Staples - 3.0%
Nestlé S.A. - ADR 100,638   11,855,156  
PepsiCo, Inc. 65,734   9,748,352  
    21,603,508  
Financials - 14.1%
Aon plc - Class A 60,100   12,697,327  
Berkshire Hathaway, Inc. - Class B (a) 82,053   19,025,629  
Brookfield Asset Management, Inc. - Class A 582,403   24,035,772  
Charles Schwab Corporation (The) 282,887   15,004,327  
JPMorgan Chase & Company 116,788   14,840,251  
Markel Corporation (a) 15,757   16,281,708  
    101,885,014  
Health Care - 12.9%
Abbott Laboratories 103,075   11,285,682  
Becton, Dickinson and Company 44,474   11,128,284  
Danaher Corporation 115,041   25,555,208  
Illumina, Inc. (a) 30,448   11,265,760  
Johnson & Johnson 99,285   15,625,473  
Medtronic plc 92,610   10,848,336  
Vertex Pharmaceuticals, Inc. (a) 29,906   7,067,984  
    92,776,727  
Industrials - 3.8%
Honeywell International, Inc. 65,415   13,913,770  
 
 

 

DAVENPORT CORE FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.0% (Continued) Shares Value
Industrials - 3.8% (Continued)
Union Pacific Corporation 65,908   $ 13,723,364  
    27,637,134  
Materials - 8.3%
Air Products & Chemicals, Inc. 64,490   17,619,958  
Ball Corporation 115,660   10,777,199  
Martin Marietta Materials, Inc. 43,247   12,280,850  
Sherwin-Williams Company (The) 25,703   18,889,392  
    59,567,399  
Real Estate - 3.1%
American Tower Corporation 98,746   22,164,527  
   
Technology - 25.7%
Accenture plc - Class A 79,405   20,741,380  
Adobe, Inc. (a) 50,230   25,121,028  
Apple, Inc. 179,128   23,768,494  
Broadcom, Inc. 29,532   12,930,586  
FleetCor Technologies, Inc. (a) 54,271   14,806,757  
Mastercard, Inc. - Class A 59,045   21,075,522  
Microsoft Corporation 108,857   24,211,974  
Moody's Corporation 36,170   10,497,981  
Sony Corporation - ADR 119,530   12,084,483  
Visa, Inc. - Class A 92,686   20,273,209  
    185,511,414  
     
Total Common Stocks (Cost $366,829,752) $ 692,315,726  
     
     
EXCHANGE-TRADED FUNDS - 1.4% Shares Value
iShares Nasdaq Biotechnology ETF (Cost $9,000,550) 64,546   $ 9,778,074  
   
 
 

 

DAVENPORT CORE FUND
SCHEDULE OF INVESTMENTS (Continued)
 
MONEY MARKET FUNDS - 1.4% Shares Value

First American Treasury Obligations Fund –

Class Z, 0.03% (b) (Cost $10,231,059)

 10,231,059   $ 10,231,059  
     
Total Investments at Value - 98.8% (Cost $386,061,361) $ 712,324,859  
   
Other Assets in Excess of Liabilities - 1.2% 8,999,531  
   
Net Assets - 100.0% $ 721,324,390  
 

 

 

 

ADR - American Depositary Receipt.
 

 

 

 

(a) Non-income producing security.
(b) The rate shown is the 7-day effective yield as of December 31, 2020.

 

 

 

See accompanying notes to Schedules of Investments.
 

 

 
 

 

DAVENPORT VALUE & INCOME FUND
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)
 
COMMON STOCKS - 97.3% Shares Value
Communications - 6.6%
Alphabet, Inc. - Class A (a) 6,504   $ 11,399,171  
Comcast Corporation - Class A 504,479   26,434,700  
Verizon Communications, Inc. 177,366   10,420,252  
    48,254,123  
Consumer Discretionary - 5.1%
Cannae Holdings, Inc. (a) 260,326   11,524,632  
Lowe's Companies, Inc. 62,548   10,039,580  
McDonald's Corporation 74,202   15,922,265  
    37,486,477  
Consumer Staples - 14.5%
Anheuser-Busch InBev S.A./N.V. - ADR 300,915   21,036,968  
Bunge Ltd. 271,802   17,824,775  
Diageo plc - ADR 133,076   21,133,799  
PepsiCo, Inc. 119,562   17,731,044  
Philip Morris International, Inc. 196,772   16,290,754  
Tyson Foods, Inc. - Class A 176,565   11,377,849  
    105,395,189  
Energy - 3.2%
Chevron Corporation 121,084   10,225,544  
Enbridge, Inc. 406,546   13,005,406  
    23,230,950  
Financials - 21.5%
Berkshire Hathaway, Inc. - Class B (a) 83,352   19,326,828  
Brookfield Asset Management, Inc. - Class A 689,088   28,438,662  
Capital One Financial Corporation 184,229   18,211,037  
Fairfax Financial Holdings Ltd. 41,967   14,308,229  
Fidelity National Financial, Inc. 642,378   25,110,556  
JPMorgan Chase & Company 180,066   22,880,986  
Markel Corporation (a) 17,063   17,631,198  
Truist Financial Corporation 228,199   10,937,578  
    156,845,074  
Health Care - 7.8%
Bristol-Myers Squibb Company 226,358   14,040,987  
Johnson & Johnson 151,911   23,907,753  
Medtronic plc 158,815   18,603,589  
    56,552,329  
Industrials - 17.0%
3M Company 106,157   18,555,182  
Deere & Company 53,383   14,362,696  
L3Harris Technologies, Inc. 71,660   13,545,173  
 
 

 

DAVENPORT VALUE & INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 97.3% (Continued) Shares Value
Industrials - 17.0% (Continued)
Norfolk Southern Corporation 68,159   $ 16,195,260  
TE Connectivity Ltd. 145,015   17,556,966  
United Parcel Service, Inc. - Class B 132,650   22,338,260  
Watsco, Inc. 93,164   21,106,305  
    123,659,842  
Materials - 1.7%
Newmont Corporation 204,308   12,236,006  
   
Real Estate - 8.8%
Crown Castle International Corporation 91,918   14,632,426  
Gaming and Leisure Properties, Inc. 374,419   15,875,363  
Lamar Advertising Company - Class A 284,045   23,638,225  
W.P. Carey, Inc. 135,517   9,564,790  
    63,710,804  
Technology - 7.2%
Microsoft Corporation 82,296   18,304,276  
QUALCOMM, Inc. 123,088   18,751,226  
Sony Corporation - ADR 155,347   15,705,582  
    52,761,084  
Utilities - 3.9%
Dominion Energy, Inc. 225,731   16,974,971  
NextEra Energy, Inc. 151,076   11,655,514  
    28,630,485  
     
Total Common Stocks (Cost $549,957,056) $ 708,762,363  
     
 
 

 

 

DAVENPORT VALUE & INCOME FUND    
SCHEDULE OF INVESTMENTS (Continued)    
     
MONEY MARKET FUNDS - 2.7% Shares Value

First American Treasury Obligations Fund –

Class Z, 0.03% (b) (Cost $19,640,828)

 19,640,828   $ 19,640,828  
     
Total Investments at Value - 100.0% (Cost $569,597,884) $ 728,403,191  
   
Liabilities in Excess of Other Assets - (0.0%) (c)     (108,013 )
   
Net Assets - 100.0% $ 728,295,178  
 

 

 

 

ADR - American Depositary Receipt.
 

 

 

 

(a) Non-income producing security.
(b) The rate shown is the 7-day effective yield as of December 31, 2020.
(c) Percentage rounds to less than 0.1%.

 

 

 

See accompanying notes to Schedules of Investments.
 

 

 
 

 

DAVENPORT EQUITY OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)
 
COMMON STOCKS - 96.9% Shares Value
Communications - 13.9%
Altice USA, Inc. - Class A (a) 555,409   $ 21,033,339  
DISH Network Corporation - Class A (a) 1,137,787   36,796,032  
Take-Two Interactive Software, Inc. (a) 128,233   26,645,535  
    84,474,906  
Consumer Discretionary - 26.3%
Cannae Holdings, Inc. (a) 560,351   24,806,739  
CarMax, Inc. (a) 203,830   19,253,782  
DraftKings, Inc. - Class A (a) 282,846   13,169,310  
Etsy, Inc. (a) 163,013   29,001,643  
Hilton Worldwide Holdings, Inc. 142,996   15,909,735  
Live Nation Entertainment, Inc. (a) 192,241   14,125,869  
MercadoLibre, Inc. (a) 13,071   21,896,800  
O'Reilly Automotive, Inc. (a) 47,551   21,520,156  
    159,684,034  
Financials - 16.9%
Brookfield Asset Management, Inc. - Class A 791,144   32,650,513  
Fairfax Financial Holdings Ltd. 51,278   17,482,721  
Fidelity National Financial, Inc. 690,050   26,974,055  
Markel Corporation (a) 24,847   25,674,405  
    102,781,694  
Health Care - 3.2%
Align Technology, Inc. (a) 36,156   19,321,043  
   
Industrials - 12.3%
Colfax Corporation (a) 577,237   22,073,543  
Evoqua Water Technologies Corporation (a) 368,312   9,937,058  
Watsco, Inc. 87,416   19,804,095  
Xylem, Inc. 224,492   22,851,040  
    74,665,736  
Materials - 7.4%
Martin Marietta Materials, Inc. 71,088   20,186,859  
Sherwin-Williams Company (The) 33,411   24,554,078  
    44,740,937  
Real Estate - 7.2%
American Tower Corporation 124,589   27,965,247  
Lamar Advertising Company - Class A 190,442   15,848,583  
    43,813,830  
Technology - 9.7%
Autodesk, Inc. (a) 67,113   20,492,283  
Black Knight, Inc. (a) 239,209   21,134,115  
 
 

 

DAVENPORT EQUITY OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 96.9% (Continued) Shares Value
Technology - 9.7% (Continued)
Intuit, Inc. 45,549   $ 17,301,788  
    58,928,186  
     
Total Common Stocks (Cost $389,571,431) $ 588,410,366  
     
     
MONEY MARKET FUNDS - 3.1% Shares Value

First American Treasury Obligations Fund –

Class Z, 0.03% (b) (Cost $18,896,470)

 18,896,470   $ 18,896,470  
     
Total Investments at Value - 100.0% (Cost $408,467,901) $ 607,306,836  
   
Liabilities in Excess of Other Assets - (0.0%) (c)     (32,315 )
   
Net Assets - 100.0% $ 607,274,521  
 

 

 

 

 

 

 

 

(a) Non-income producing security.
(b) The rate shown is the 7-day effective yield as of December 31, 2020.
(c) Percentage rounds to less than 0.1%.

 

 

 

See accompanying notes to Schedules of Investments.
 

 

 
 

 

 

DAVENPORT SMALL CAP FOCUS FUND
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)
 
COMMON STOCKS - 95.2% Shares Value
Communications - 9.8%
Cable One, Inc. 3,357   $ 7,478,456  
Liberty Latin America Ltd. - Class C (a) 969,576   10,752,598  
Shenandoah Telecommunications Company 218,349   9,443,594  
Switch, Inc. - Class A 703,796   11,521,141  
    39,195,789  
Consumer Discretionary - 28.6%
American Woodmark Corporation (a) 100,273   9,410,621  
Builders FirstSource, Inc. (a) 391,598   15,981,114  
Cannae Holdings, Inc. (a) 575,613   25,482,388  
GAN Ltd. (a) 369,308   7,489,566  
Hanesbrands, Inc. 776,701   11,324,301  
Monarch Casino & Resort, Inc. (a) 397,244   24,319,278  
Norwegian Cruise Line Holdings Ltd. (a) 410,000   10,426,300  
OneSpaWorld Holdings Ltd. 978,151   9,918,451  
    114,352,019  
Consumer Staples - 7.5%
Bunge Ltd. 130,000   8,525,400  
J&J Snack Foods Corporation 76,038   11,814,024  
Seaboard Corporation 3,254   9,862,874  
    30,202,298  
Energy - 2.0%
Cabot Oil & Gas Corporation 500,000   8,140,000  
   
Financials - 15.3%
Diamond Hill Investment Group, Inc. 76,614   11,436,172  
Foley Trasimene Acquisition Corporation (a) 850,000   10,115,000  
Kinsale Capital Group, Inc. 16,917   3,385,599  
Live Oak Bancshares, Inc. 139,275   6,609,992  
Stewart Information Services Corporation 332,084   16,059,582  
TowneBank 323,732   7,601,227  
Trebia Acquisition Corporation (a) 500,000   5,780,000  
    60,987,572  
Industrials - 15.7%
Casella Waste Systems, Inc. - Class A (a) 159,012   9,850,793  
Chart Industries, Inc. (a) 60,000   7,067,400  
Colfax Corporation (a) 396,992   15,180,974  
Evoqua Water Technologies Corporation (a) 769,579   20,763,242  
Watsco, Inc. 42,896   9,718,089  
    62,580,498  
 
 

 

DAVENPORT SMALL CAP FOCUS FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 95.2% (Continued) Shares Value
Materials - 6.8%
Fortuna Silver Mines, Inc. (a) 878,251   $ 7,236,788  
MAG Silver Corporation (a) 407,434   8,360,546  
NewMarket Corporation 29,186   11,624,492  
    27,221,826  
Real Estate - 5.6%
FRP Holdings, Inc. (a) 118,860   5,414,073  
Lamar Advertising Company - Class A 188,874   15,718,094  
Radius Global Infrastructure, Inc. – Class A (a) 100,000   1,285,000  
    22,417,167  
Technology - 3.9%
Sonos, Inc. (a) 316,970   7,413,928  
Verra Mobility Corporation (a) 599,260   8,042,069  
    15,455,997  
     
Total Common Stocks (Cost $279,140,529) $ 380,553,166  
     
     
MONEY MARKET FUNDS - 4.7% Shares Value

First American Treasury Obligations Fund –

Class Z, 0.03% (b) (Cost $18,606,970)

 18,606,970   $ 18,606,970  
     
Total Investments at Value - 99.9% (Cost $297,747,499) $ 399,160,136  
   
Other Assets in Excess of Liabilities - 0.1% 510,107  
   
Net Assets - 100.0% $ 399,670,243  
 

 

 

 

 

 

 

 

(a) Non-income producing security.
(b) The rate shown is the 7-day effective yield as of December 31, 2020.

 

 

 

See accompanying notes to Schedules of Investments.
 

 

 
 

 

DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)
 
COMMON STOCKS - 64.4% Shares Value
Communications - 3.8%
Alphabet, Inc. - Class A (a) 925   $ 1,621,192  
Comcast Corporation - Class A 72,401   3,793,812  
Verizon Communications, Inc. 25,334   1,488,373  
    6,903,377  
Consumer Discretionary - 5.1%
Cannae Holdings, Inc. (a) 86,593   3,833,472  
Hanesbrands, Inc. 112,905   1,646,155  
Lowe's Companies, Inc. 8,846   1,419,871  
McDonald's Corporation 10,246   2,198,587  
    9,098,085  
Consumer Staples - 9.6%
Anheuser-Busch InBev S.A./N.V. - ADR 42,376   2,962,506  
Bunge Ltd. 39,012   2,558,407  
Diageo plc - ADR 18,672   2,965,301  
Ingredion, Inc. 13,155   1,034,904  
PepsiCo, Inc. 16,526   2,450,806  
Philip Morris International, Inc. 27,471   2,274,324  
Tyson Foods, Inc. - Class A 24,894   1,604,169  
Universal Corporation 31,964   1,553,770  
    17,404,187  
Energy - 2.3%
Chevron Corporation 16,932   1,429,908  
Enbridge, Inc. 57,275   1,832,227  
Enterprise Products Partners, L.P. 45,067   882,863  
    4,144,998  
Financials - 14.5%
Berkshire Hathaway, Inc. - Class B (a) 11,473   2,660,244  
Brookfield Asset Management, Inc. - Class A 97,228   4,012,599  
Capital One Financial Corporation 24,967   2,467,988  
Diamond Hill Investment Group, Inc. 11,715   1,748,698  
Fairfax Financial Holdings Ltd. 5,756   1,962,451  
Fidelity National Financial, Inc. 94,131   3,679,581  
JPMorgan Chase & Company 25,480   3,237,744  
Markel Corporation (a) 2,366   2,444,788  
Stewart Information Services Corporation 50,417   2,438,166  
Truist Financial Corporation 31,833   1,525,756  
    26,178,015  
Health Care - 4.4%
Bristol-Myers Squibb Company 32,006   1,985,332  
Johnson & Johnson 21,433   3,373,125  
 
 

 

DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
COMMON STOCKS - 64.4% (Continued) Shares Value
Health Care - 4.4% (Continued)
Medtronic plc 22,304   $ 2,612,691  
    7,971,148  
Industrials - 9.5%
3M Company 15,092   2,637,931  
Deere & Company 7,738   2,081,909  
L3Harris Technologies, Inc. 10,096   1,908,346  
Norfolk Southern Corporation 9,678   2,299,589  
TE Connectivity Ltd. 19,630   2,376,604  
United Parcel Service, Inc. - Class B 17,565   2,957,946  
Watsco, Inc. 13,056   2,957,837  
    17,220,162  
Materials - 1.0%
Newmont Corporation 28,611   1,713,513  
   
Real Estate - 4.9%
Crown Castle International Corporation 12,840   2,044,000  
Gaming and Leisure Properties, Inc. 53,118   2,252,187  
Lamar Advertising Company - Class A 39,607   3,296,094  
W.P. Carey, Inc. 18,598   1,312,647  
    8,904,928  
Technology - 4.2%
Microsoft Corporation 11,293   2,511,789  
QUALCOMM, Inc. 17,205   2,621,010  
Sony Corporation - ADR 24,392   2,466,031  
    7,598,830  
Utilities - 5.1%
Brookfield Infrastructure Partners, L.P. 41,245   2,037,503  
Brookfield Renewable Partners, L.P. 77,000   3,322,528  
Dominion Energy, Inc. 30,720   2,310,144  
NextEra Energy, Inc. 20,584   1,588,055  
    9,258,230  
     
Total Common Stocks (Cost $96,383,896) $ 116,395,473  
     
     
 
 

 

DAVENPORT BALANCED INCOME FUND    
SCHEDULE OF INVESTMENTS (Continued)    
     
EXCHANGE-TRADED FUNDS - 0.5% Shares Value
Utilities Select Sector SPDR Fund (The) (Cost $656,257) 13,027   $ 816,793  
   
 
FIXED RATE CORPORATE BONDS - 21.5% Par Value Value
Communications - 1.5%    
Walt Disney Company (The), 3.35%, due 03/24/2025 $ 2,505,000   $ 2,777,024  
   
Consumer Staples - 2.4%    
Altria Group, Inc., 4.75%, due 05/05/2021 1,500,000   1,521,616  

J.M. Smucker Company (The), 3.50%,

due 10/15/2021

 1,500,000   1,536,784  
PepsiCo, Inc., 2.75%, due 03/05/2022 1,200,000   1,235,238  
    4,293,638  
Energy - 4.8%    
Boardwalk Pipelines, L.P., 4.45%, due 07/15/2027 2,000,000   2,238,673  
Halliburton Company, 3.80%, due 11/15/2025 2,325,000   2,607,541  
MPLX, L.P., 4.13%, due 03/01/2027 3,250,000   3,748,339  
    8,594,553  
Financials - 2.1%    
BlackRock, Inc., 3.50%, due 03/18/2024 1,150,000   1,263,164  
Citigroup, Inc., 3.30%, due 04/27/2025 2,250,000   2,495,165  
    3,758,329  
Health Care - 2.8%    
Amgen, Inc., 2.20%, due 02/21/2027 2,000,000   2,144,025  
CVS Health Corporation, 3.00%, due 08/15/2026 2,600,000   2,876,920  
    5,020,945  
Industrials - 3.1%    

General Dynamics Corporation, 3.38%,

due 05/15/2023

 3,250,000   3,475,424  

John Deere Capital Corporation, 2.60%,

due 03/07/2024

 2,000,000   2,141,293  
    5,616,717  
Materials - 1.2%    

Sherwin-Williams Company (The), 3.45%,

due 06/01/2027

 2,000,000   2,259,477  
   
 
 

 

 

DAVENPORT BALANCED INCOME FUND    
SCHEDULE OF INVESTMENTS (Continued)    
     
FIXED RATE CORPORATE BONDS - 21.5% Par Value Value
Technology - 3.6%    
Fiserv, Inc., 3.20%, due 07/01/2026 $ 2,225,000   $ 2,492,401  
Oracle Corporation, 3.63%, due 07/15/2023 1,500,000   1,625,950  
PayPal Holdings, Inc., 2.40%, due 10/01/2024 2,250,000   2,404,419  
    6,522,770  
     
Total Fixed Rate Corporate Bonds (Cost $36,303,593) $ 38,843,453  
     
 
VARIABLE RATE CORPORATE BONDS (b) - 4.2% Par Value Value
Consumer Staples - 0.7%    

Campbell Soup Company,

0.847% (3MO LIBOR + 63), due 03/15/2021

 $ 1,250,000   $ 1,251,118  
   
Energy - 2.0%    

BP Capital Markets plc,

0.889% (3MO LIBOR + 65), due 09/19/2022

 1,750,000   1,753,845  

ConocoPhillips Company,

1.121% (3MO LIBOR + 90), due 05/15/2022

 1,750,000   1,762,717  
    3,516,562  
Financials - 0.8%    

JPMorgan Chase & Company,

1.705% (3MO LIBOR + 148), due 03/01/2021

 1,500,000   1,501,632  
   
Materials - 0.7%    

Vulcan Materials Company,

0.875% (3MO LIBOR + 65), due 03/01/2021

 1,275,000   1,275,540  
   
Total Variable Rate Corporate Bonds (Cost $7,545,589) $ 7,544,852  
     
     
U.S. TREASURY OBLIGATIONS- 7.6% Par Value Value
U.S. Treasury Notes - 7.6%  
3.125%, due 05/15/2021 $ 2,750,000   $ 2,780,078  
2.75%, due 06/30/2025 4,810,000   5,333,651  
2.875%, due 08/15/2028 4,785,000   5,558,264  
Total U.S. Treasury Obligations (Cost $12,353,863)   $ 13,671,993  

 

 

    
   
     
 
 

 

DAVENPORT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
 
MONEY MARKET FUNDS - 1.6% Shares Value

First American Treasury Obligations Fund –

Class Z, 0.03% (c) (Cost $2,927,300)

 2,927,300   $ 2,927,300  
     
Total Investments at Value - 99.8% (Cost $156,170,498) $ 180,199,864  
   
Other Assets in Excess of Liabilities - 0.2% 424,475  
   
Net Assets - 100.0% $ 180,624,339  
 

 

 

 

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 December 31, 2020.  The reference rate and spread (in basis points) are indicated parenthetically.  
(c) The rate shown is the 7-day effective yield as of December 31, 2020.

 

 

 

See accompanying notes to Schedules of Investments.
 

 

 

 
 

 

THE DAVENPORT FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

December 31, 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 Funds’ investments and the inputs used to value the investments as of December 31, 2020 by security type:

 

Davenport Core Fund:  Level 1  Level 2  Level 3  Total
  Common Stocks  $692,315,726   $—     $—     $692,315,726 
  Exchange-Traded Funds   9,778,074    —      —      9,778,074 
  Money Market Funds   10,231,059    —      —      10,231,059 
  Total  $712,324,859   $—     $—     $712,324,859 
                     
Davenport Value & Income Fund:   Level 1    Level 2    Level 3    Total 
  Common Stocks  $708,762,363   $—     $—     $708,762,363 
  Money Market Funds   19,640,828    —      —      19,640,828 
  Total  $728,403,191   $—     $—     $728,403,191 
                     
Davenport Equity Opportunities Fund:   Level 1    Level 2    Level 3    Total 
  Common Stocks  $588,410,366   $—     $—     $588,410,366 
  Money Market Funds   18,896,470    —      —      18,896,470 
  Total  $607,306,836   $—     $—     $607,306,836 
                     
Davenport Small Cap Focus Fund:   Level 1    Level 2    Level 3    Total 
  Common Stocks  $380,553,166   $—     $—     $380,553,166 
  Money Market Funds   18,606,970    —      —      18,606,970 
  Total  $399,160,136   $—     $—     $399,160,136 
                     
Davenport Balanced Income Fund:   Level 1    Level 2    Level 3    Total 
  Common Stocks  $116,395,473   $—     $—     $116,395,473 
  Exchange-Traded Funds   816,793    —      —      816,793 
  Fixed Rate Corporate Bonds   —      38,843,453    —      38,843,453 
  Variable Rate Corporate Bonds   —      7,544,852    —      7,544,852 
  U.S. Treasury Obligations   —      13,671,993    —      13,671,993 
  Money Market Funds   2,927,300    —      —      2,927,300 
  Total  $120,139,566   $60,060,298   $—     $180,199,864 

 

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 December 31, 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 December 31, 2020:

   Davenport Core Fund  Davenport Value & Income Fund  Davenport Equity Opportunities Fund
          
Cost of portfolio investments  $386,073,839   $569,667,655   $409,022,141 
                
Gross unrealized appreciation  $326,755,503   $179,691,676   $215,831,871 
Gross unrealized depreciation   (504,483)   (20,956,140)   (17,547,176)
                
Net unrealized appreciation  $326,251,020   $158,735,536   $198,284,695 
                
     Davenport Small Cap Focus Fund      Davenport Balanced Income Fund       
                
Cost of portfolio investments  $302,455,249   $156,105,429      
                
Gross unrealized appreciation  $103,124,501   $28,022,410      
Gross unrealized depreciation   (6,419,614)   (3,927,975)     
                
Net unrealized appreciation  $96,704,887   $24,094,435      

 

 

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 December 31, 2020, Davenport Core Fund had 25.7% of the value of its net assets invested in stocks within the Technology sector, Davenport Equity Opportunities Fund had 26.3% of the value of its net assets invested in stocks within the Consumer Discretionary sector and Davenport Small Cap Focus Fund had 28.6% of the value of its net assets invested in stocks within the Consumer Discretionary sector.