# EDGAR Filing Document

**Accession Number:** 0000842512
**File Stem:** 0001752724-23-026656
**Filing Date:** 2023-2
**Character Count:** 56596
**Document Hash:** 4d79870f056e969f87bc64380b7e5b55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-026656.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001752724-23-026656

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**PERIOD START**: 20230331

**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:** 23638402

**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

## Series and Classes Contracts Data

### Davenport Small Cap Focus Fund (Series ID: S000047867)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000150331 | Davenport Small Cap Focus Fund | DSCPX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **DAVENPORT CORE FUND** | **DAVENPORT CORE FUND** | **DAVENPORT CORE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **COMMON STOCKS - 97.0%** | **Shares** | **Value** |
| **Communications - 12.8%** | **Communications - 12.8%** | **Communications - 12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;158300 | &nbsp;&nbsp;$13966809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C <sup>(a)</sup> | &nbsp;&nbsp;133220 | &nbsp;&nbsp;11820611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5669 | &nbsp;&nbsp;11424622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;126000 | &nbsp;&nbsp;15394680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;75713 | &nbsp;&nbsp;9111302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. <sup>(a)</sup> | &nbsp;&nbsp;112620 | &nbsp;&nbsp;15766800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) <sup>(a)</sup> | &nbsp;&nbsp;137399 | &nbsp;&nbsp;11937225 |
|  |  | &nbsp;&nbsp;89422049 |
| **Consumer Discretionary - 8.6%** | **Consumer Discretionary - 8.6%** | **Consumer Discretionary - 8.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;225300 | &nbsp;&nbsp;18925200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. <sup>(a)</sup> | &nbsp;&nbsp;145983 | &nbsp;&nbsp;8888905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;34578 | &nbsp;&nbsp;10921807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;270918 | &nbsp;&nbsp;21565073 |
|  |  | &nbsp;&nbsp;60300985 |
| **Consumer Staples - 3.0%** | **Consumer Staples - 3.0%** | **Consumer Staples - 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp;48490 | &nbsp;&nbsp;11237558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;20970 | &nbsp;&nbsp;9572805 |
|  |  | &nbsp;&nbsp;20810363 |
| **Energy - 4.7%** | **Energy - 4.7%** | **Energy - 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;71335 | &nbsp;&nbsp;9239309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Company | &nbsp;&nbsp;104493 | &nbsp;&nbsp;23865156 |
|  |  | &nbsp;&nbsp;33104465 |
| **Financials - 15.0%** | **Financials - 15.0%** | **Financials - 15.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon plc - Class A | &nbsp;&nbsp;47135 | &nbsp;&nbsp;14147099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;281855 | &nbsp;&nbsp;9335038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;66820 | &nbsp;&nbsp;20640698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A <sup>(a)</sup> | &nbsp;&nbsp;135522 | &nbsp;&nbsp;3885416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | &nbsp;&nbsp;527590 | &nbsp;&nbsp;16597981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;104842 | &nbsp;&nbsp;14059312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Corporation <sup>(a)</sup> | &nbsp;&nbsp;19823 | &nbsp;&nbsp;26116604 |
|  |  | &nbsp;&nbsp;104782148 |
| **Health Care - 13.5%** | **Health Care - 13.5%** | **Health Care - 13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;139508 | &nbsp;&nbsp;15316583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation | &nbsp;&nbsp;99675 | &nbsp;&nbsp;26455739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;141102 | &nbsp;&nbsp;24925668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | &nbsp;&nbsp;90703 | &nbsp;&nbsp;12275744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;29061 | &nbsp;&nbsp;15407561 |
|  |  | &nbsp;&nbsp;94381295 |
| **Industrials - 5.1%** | **Industrials - 5.1%** | **Industrials - 5.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;85081 | &nbsp;&nbsp;18232858 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT CORE FUND** | **DAVENPORT CORE FUND** | **DAVENPORT CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 97.0% (Continued)** | **Shares** | **Value** |
| **Industrials - 5.1% (Continued)** | **Industrials - 5.1% (Continued)** | **Industrials - 5.1% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation | &nbsp;&nbsp;82937 | &nbsp;&nbsp;$17173765 |
|  |  | &nbsp;&nbsp;35406623 |
| **Materials - 8.8%** | **Materials - 8.8%** | **Materials - 8.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;78373 | &nbsp;&nbsp;24159261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;57123 | &nbsp;&nbsp;19305860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;75615 | &nbsp;&nbsp;17945708 |
|  |  | &nbsp;&nbsp;61410829 |
| **Real Estate - 2.4%** | **Real Estate - 2.4%** | **Real Estate - 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;79869 | &nbsp;&nbsp;16921046 |
| **Technology - 23.1%** | **Technology - 23.1%** | **Technology - 23.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;63877 | &nbsp;&nbsp;17044939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;58570 | &nbsp;&nbsp;19710562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;145747 | &nbsp;&nbsp;18936908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;28113 | &nbsp;&nbsp;15718822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;26985 | &nbsp;&nbsp;10503102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;60062 | &nbsp;&nbsp;20885359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;96918 | &nbsp;&nbsp;23242875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;37574 | &nbsp;&nbsp;10468868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;22864 | &nbsp;&nbsp;8877405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | &nbsp;&nbsp;78539 | &nbsp;&nbsp;16317262 |
|  |  | &nbsp;&nbsp;161706102 |
| **Total Common Stocks** (Cost $458,539,937) | **Total Common Stocks** (Cost $458,539,937) | &nbsp;&nbsp;$678245905 |
| **MONEY MARKET FUNDS - 0.8%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class Z, 4.16% <sup>(b)</sup> (Cost $5,753,952) | &nbsp;&nbsp;5753952 | &nbsp;&nbsp;$5753952 |
| **Total Investments at Value - 97.8%** (Cost $464,293,889) | **Total Investments at Value - 97.8%** (Cost $464,293,889) | &nbsp;&nbsp;$683999857 |
| **Other Assets in Excess of Liabilities - 2.2%** | **Other Assets in Excess of Liabilities - 2.2%** | &nbsp;&nbsp;15122286 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$699122143 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **DAVENPORT VALUE & INCOME FUND** | **DAVENPORT VALUE & INCOME FUND** | **DAVENPORT VALUE & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **COMMON STOCKS - 96.3%** | **Shares** | **Value** |
| **Communications - 4.8%** | **Communications - 4.8%** | **Communications - 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;173065 | &nbsp;&nbsp;$15269525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;660148 | &nbsp;&nbsp;23085375 |
|  |  | &nbsp;&nbsp;38354900 |
| **Consumer Discretionary - 6.4%** | **Consumer Discretionary - 6.4%** | **Consumer Discretionary - 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;515540 | &nbsp;&nbsp;10645901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;93313 | &nbsp;&nbsp;18591682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;83188 | &nbsp;&nbsp;21922534 |
|  |  | &nbsp;&nbsp;51160117 |
| **Consumer Staples - 13.2%** | **Consumer Staples - 13.2%** | **Consumer Staples - 13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. | &nbsp;&nbsp;169735 | &nbsp;&nbsp;16934461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo plc - ADR | &nbsp;&nbsp;93450 | &nbsp;&nbsp;16651855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) | &nbsp;&nbsp;335010 | &nbsp;&nbsp;13638257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;202763 | &nbsp;&nbsp;20521643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;174159 | &nbsp;&nbsp;13314456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;75015 | &nbsp;&nbsp;11180236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;95166 | &nbsp;&nbsp;13493587 |
|  |  | &nbsp;&nbsp;105734495 |
| **Energy - 8.0%** | **Energy - 8.0%** | **Energy - 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;125492 | &nbsp;&nbsp;22524559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;990636 | &nbsp;&nbsp;24339927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;433180 | &nbsp;&nbsp;16937338 |
|  |  | &nbsp;&nbsp;63801824 |
| **Financials - 23.0%** | **Financials - 23.0%** | **Financials - 23.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;100068 | &nbsp;&nbsp;30911005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A <sup>(a)</sup> | &nbsp;&nbsp;321630 | &nbsp;&nbsp;9221132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | &nbsp;&nbsp;641892 | &nbsp;&nbsp;20193922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;128585 | &nbsp;&nbsp;11953262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;211627 | &nbsp;&nbsp;9571889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;54415 | &nbsp;&nbsp;32329040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;346344 | &nbsp;&nbsp;13029461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;138488 | &nbsp;&nbsp;18571241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Corporation <sup>(a)</sup> | &nbsp;&nbsp;17818 | &nbsp;&nbsp;23475037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;340290 | &nbsp;&nbsp;14050574 |
|  |  | &nbsp;&nbsp;183306563 |
| **Health Care - 11.7%** | **Health Care - 11.7%** | **Health Care - 11.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;35226 | &nbsp;&nbsp;18069881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;206662 | &nbsp;&nbsp;36506842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;265903 | &nbsp;&nbsp;20665981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Company plc | &nbsp;&nbsp;524618 | &nbsp;&nbsp;17884228 |
|  |  | &nbsp;&nbsp;93126932 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT VALUE & INCOME FUND** | **DAVENPORT VALUE & INCOME FUND** | **DAVENPORT VALUE & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 96.3% (Continued)** | **Shares** | **Value** |
| **Industrials - 14.9%** | **Industrials - 14.9%** | **Industrials - 14.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company | &nbsp;&nbsp;113515 | &nbsp;&nbsp;$13612719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;38997 | &nbsp;&nbsp;16720354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;62510 | &nbsp;&nbsp;13015207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;74214 | &nbsp;&nbsp;18287814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;151609 | &nbsp;&nbsp;17404713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | &nbsp;&nbsp;111010 | &nbsp;&nbsp;19297978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;83032 | &nbsp;&nbsp;20708181 |
|  |  | &nbsp;&nbsp;119046966 |
| **Real Estate - 9.9%** | **Real Estate - 9.9%** | **Real Estate - 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;122339 | &nbsp;&nbsp;16594062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;108085 | &nbsp;&nbsp;10837683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;306477 | &nbsp;&nbsp;15964387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | &nbsp;&nbsp;244472 | &nbsp;&nbsp;23078157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corporation | &nbsp;&nbsp;376157 | &nbsp;&nbsp;12684014 |
|  |  | &nbsp;&nbsp;79158303 |
| **Technology - 2.2%** | **Technology - 2.2%** | **Technology - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;160725 | &nbsp;&nbsp;17670106 |
| **Utilities - 2.2%** | **Utilities - 2.2%** | **Utilities - 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;209541 | &nbsp;&nbsp;17517628 |
| **Total Common Stocks** (Cost $643,552,537) | **Total Common Stocks** (Cost $643,552,537) | &nbsp;&nbsp;$768877834 |
| **MONEY MARKET FUNDS - 3.6%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class Z, 4.16% <sup>(b)</sup> (Cost $28,967,716) | &nbsp;&nbsp;28967716 | &nbsp;&nbsp;$28967716 |
| **Total Investments at Value - 99.9%** (Cost $672,520,253) | **Total Investments at Value - 99.9%** (Cost $672,520,253) | &nbsp;&nbsp;$797845550 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;492233 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$798337783 |

---

ADR - American Depositary Receipt.

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **DAVENPORT EQUITY OPPORTUNITIES FUND** | **DAVENPORT EQUITY OPPORTUNITIES FUND** | **DAVENPORT EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **COMMON STOCKS - 95.5%** | **Shares** | **Value** |
| **Communications - 7.4%** | **Communications - 7.4%** | **Communications - 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corporation - Class A <sup>(a)</sup> | &nbsp;&nbsp;1175074 | &nbsp;&nbsp;$16498039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | &nbsp;&nbsp;285371 | &nbsp;&nbsp;29715682 |
|  |  | &nbsp;&nbsp;46213721 |
| **Consumer Discretionary - 21.0%** | **Consumer Discretionary - 21.0%** | **Consumer Discretionary - 21.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1018253 | &nbsp;&nbsp;21026924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;1433904 | &nbsp;&nbsp;16332167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> | &nbsp;&nbsp;87791 | &nbsp;&nbsp;10515606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. <sup>(a)</sup> | &nbsp;&nbsp;266689 | &nbsp;&nbsp;18598891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobileye Global, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;267645 | &nbsp;&nbsp;9383634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(a)</sup> | &nbsp;&nbsp;47142 | &nbsp;&nbsp;39789262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | &nbsp;&nbsp;47361 | &nbsp;&nbsp;14318651 |
|  |  | &nbsp;&nbsp;129965135 |
| **Energy - 2.0%** | **Energy - 2.0%** | **Energy - 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;501661 | &nbsp;&nbsp;12325811 |
| **Financials - 24.4%** | **Financials - 24.4%** | **Financials - 24.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A <sup>(a)</sup> | &nbsp;&nbsp;450370 | &nbsp;&nbsp;12912108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | &nbsp;&nbsp;924295 | &nbsp;&nbsp;29078321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;80192 | &nbsp;&nbsp;47643671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;516896 | &nbsp;&nbsp;19445627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Corporation <sup>(a)</sup> | &nbsp;&nbsp;31953 | &nbsp;&nbsp;42097758 |
|  |  | &nbsp;&nbsp;151177485 |
| **Industrials - 13.7%** | **Industrials - 13.7%** | **Industrials - 13.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | &nbsp;&nbsp;209524 | &nbsp;&nbsp;11213724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | &nbsp;&nbsp;209524 | &nbsp;&nbsp;9830866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corporation <sup>(a)</sup> | &nbsp;&nbsp;565052 | &nbsp;&nbsp;22376059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;88909 | &nbsp;&nbsp;22173905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;176563 | &nbsp;&nbsp;19522571 |
|  |  | &nbsp;&nbsp;85117125 |
| **Materials - 7.4%** | **Materials - 7.4%** | **Materials - 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;71088 | &nbsp;&nbsp;24025612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;91710 | &nbsp;&nbsp;21765534 |
|  |  | &nbsp;&nbsp;45791146 |
| **Real Estate - 7.8%** | **Real Estate - 7.8%** | **Real Estate - 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;117804 | &nbsp;&nbsp;24957956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | &nbsp;&nbsp;248061 | &nbsp;&nbsp;23416958 |
|  |  | &nbsp;&nbsp;48374914 |
| **Technology - 11.8%** | **Technology - 11.8%** | **Technology - 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;3087455 | &nbsp;&nbsp;25811124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | &nbsp;&nbsp;72539 | &nbsp;&nbsp;13555363 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT EQUITY OPPORTUNITIES FUND** | **DAVENPORT EQUITY OPPORTUNITIES FUND** | **DAVENPORT EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 95.5% (Continued)** | **Shares** | **Value** |
| **Technology - 11.8% (Continued)** | **Technology - 11.8% (Continued)** | **Technology - 11.8% (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Knight, Inc. <sup>(a)</sup> | &nbsp;&nbsp;340534 | &nbsp;&nbsp;$21027974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc. <sup>(a)</sup> | &nbsp;&nbsp;105431 | &nbsp;&nbsp;12655937 |
|  |  | &nbsp;&nbsp;73050398 |
| **Total Common Stocks** (Cost $540,776,876) | **Total Common Stocks** (Cost $540,776,876) | &nbsp;&nbsp;$592015735 |
| **MONEY MARKET FUNDS - 4.6%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class Z, 4.16% <sup>(b)</sup> (Cost $28,237,539) | &nbsp;&nbsp;28237539 | &nbsp;&nbsp;$28237539 |
| **Total Investments at Value - 100.1%** (Cost $569,014,415) | **Total Investments at Value - 100.1%** (Cost $569,014,415) | &nbsp;&nbsp;$620253274 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (565744) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$619687530 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **DAVENPORT SMALL CAP FOCUS FUND** | **DAVENPORT SMALL CAP FOCUS FUND** | **DAVENPORT SMALL CAP FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **COMMON STOCKS - 86.6%** | **Shares** | **Value** |
| **Communications - 6.1%** | **Communications - 6.1%** | **Communications - 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. - Class C <sup>(a)</sup> | &nbsp;&nbsp;2491909 | &nbsp;&nbsp;$18938509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Company | &nbsp;&nbsp;881656 | &nbsp;&nbsp;14000697 |
|  |  | &nbsp;&nbsp;32939206 |
| **Consumer Discretionary - 17.1%** | **Consumer Discretionary - 17.1%** | **Consumer Discretionary - 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1079369 | &nbsp;&nbsp;22288970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;1274372 | &nbsp;&nbsp;14515097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. <sup>(a)</sup> | &nbsp;&nbsp;572014 | &nbsp;&nbsp;43982156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. <sup>(a)</sup> | &nbsp;&nbsp;1231557 | &nbsp;&nbsp;11490427 |
|  |  | &nbsp;&nbsp;92276650 |
| **Consumer Staples - 7.4%** | **Consumer Staples - 7.4%** | **Consumer Staples - 7.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods Corporation | &nbsp;&nbsp;164375 | &nbsp;&nbsp;24608581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaboard Corporation | &nbsp;&nbsp;4024 | &nbsp;&nbsp;15191445 |
|  |  | &nbsp;&nbsp;39800026 |
| **Energy - 3.4%** | **Energy - 3.4%** | **Energy - 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peyto Exploration & Development Corporation | &nbsp;&nbsp;1809254 | &nbsp;&nbsp;18563127 |
| **Financials - 13.4%** | **Financials - 13.4%** | **Financials - 13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;99404 | &nbsp;&nbsp;18391728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;75314 | &nbsp;&nbsp;19696117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;145905 | &nbsp;&nbsp;4406331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corporation | &nbsp;&nbsp;432961 | &nbsp;&nbsp;18500424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TowneBank | &nbsp;&nbsp;360677 | &nbsp;&nbsp;11123279 |
|  |  | &nbsp;&nbsp;72117879 |
| **Health Care - 4.5%** | **Health Care - 4.5%** | **Health Care - 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Company plc | &nbsp;&nbsp;710235 | &nbsp;&nbsp;24211911 |
| **Industrials - 8.5%** | **Industrials - 8.5%** | **Industrials - 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enovis Corporation <sup>(a)</sup> | &nbsp;&nbsp;299545 | &nbsp;&nbsp;16031649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESAB Corporation | &nbsp;&nbsp;252078 | &nbsp;&nbsp;11827500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corporation <sup>(a)</sup> | &nbsp;&nbsp;458319 | &nbsp;&nbsp;18149432 |
|  |  | &nbsp;&nbsp;46008581 |
| **Materials - 4.8%** | **Materials - 4.8%** | **Materials - 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corporation | &nbsp;&nbsp;82681 | &nbsp;&nbsp;25722886 |
| **Real Estate - 9.3%** | **Real Estate - 9.3%** | **Real Estate - 9.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;127904 | &nbsp;&nbsp;6888909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus International Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2199750 | &nbsp;&nbsp;20941620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | &nbsp;&nbsp;191321 | &nbsp;&nbsp;18060702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radius Global Infrastructure, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;337474 | &nbsp;&nbsp;3988943 |
|  |  | &nbsp;&nbsp;49880174 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT SMALL CAP FOCUS FUND** | **DAVENPORT SMALL CAP FOCUS FUND** | **DAVENPORT SMALL CAP FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 86.6% (Continued)** | **Shares** | **Value** |
| **Technology - 12.1%** | **Technology - 12.1%** | **Technology - 12.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;3437806 | &nbsp;&nbsp;$28740058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avid Technology, Inc. <sup>(a)</sup> | &nbsp;&nbsp;569571 | &nbsp;&nbsp;15144893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corporation <sup>(a)</sup> | &nbsp;&nbsp;1536434 | &nbsp;&nbsp;21248882 |
|  |  | &nbsp;&nbsp;65133833 |
| **Total Common Stocks** (Cost $478,831,530) | **Total Common Stocks** (Cost $478,831,530) | &nbsp;&nbsp;$466654273 |
| **EXCHANGE-TRADED FUNDS - 3.4%** | **Shares** | **Value** |
| ALPS Medical Breakthroughs ETF <sup>(a)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;$18228000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,633,960) |  |  |
| **MONEY MARKET FUNDS - 10.1%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class Z, 4.16% <sup>(b)</sup> (Cost $54,519,260) | &nbsp;&nbsp;54519260 | &nbsp;&nbsp;$54519260 |
| **Total Investments at Value - 100.1%** (Cost $551,984,750) | **Total Investments at Value - 100.1%** (Cost $551,984,750) | &nbsp;&nbsp;$539401533 |
| **Liabilities in Excess of Other Assets - (0.1%)** | **Liabilities in Excess of Other Assets - (0.1%)** | &nbsp;&nbsp; (240362) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$539161171 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **COMMON STOCKS - 55.7%** | **Shares** | **Value** |
| **Communications - 2.8%** | **Communications - 2.8%** | **Communications - 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;23040 | &nbsp;&nbsp;$2032819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;50749 | &nbsp;&nbsp;934289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;88029 | &nbsp;&nbsp;3078374 |
|  |  | &nbsp;&nbsp;6045482 |
| **Consumer Discretionary - 3.6%** | **Consumer Discretionary - 3.6%** | **Consumer Discretionary - 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;117411 | &nbsp;&nbsp;2424537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;12587 | &nbsp;&nbsp;2507834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;11056 | &nbsp;&nbsp;2913588 |
|  |  | &nbsp;&nbsp;7845959 |
| **Consumer Staples - 7.1%** | **Consumer Staples - 7.1%** | **Consumer Staples - 7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. | &nbsp;&nbsp;23009 | &nbsp;&nbsp;2295608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo plc - ADR | &nbsp;&nbsp;12545 | &nbsp;&nbsp;2235393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;13155 | &nbsp;&nbsp;1288269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) | &nbsp;&nbsp;45515 | &nbsp;&nbsp;1852916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;27471 | &nbsp;&nbsp;2780340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;23135 | &nbsp;&nbsp;1768671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;10007 | &nbsp;&nbsp;1491443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;12557 | &nbsp;&nbsp;1780457 |
|  |  | &nbsp;&nbsp;15493097 |
| **Energy - 4.9%** | **Energy - 4.9%** | **Energy - 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corporation | &nbsp;&nbsp;16932 | &nbsp;&nbsp;3039125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;132019 | &nbsp;&nbsp;3243707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;57275 | &nbsp;&nbsp;2239452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;87000 | &nbsp;&nbsp;2098440 |
|  |  | &nbsp;&nbsp;10620724 |
| **Financials - 13.5%** | **Financials - 13.5%** | **Financials - 13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;13379 | &nbsp;&nbsp;4132773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management Ltd. - Class A <sup>(a)</sup> | &nbsp;&nbsp;61650 | &nbsp;&nbsp;1767506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corporation | &nbsp;&nbsp;84137 | &nbsp;&nbsp;2646950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation | &nbsp;&nbsp;16976 | &nbsp;&nbsp;1578089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;27793 | &nbsp;&nbsp;1257077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;11715 | &nbsp;&nbsp;2167509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;7238 | &nbsp;&nbsp;4300241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;46907 | &nbsp;&nbsp;1764641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;18345 | &nbsp;&nbsp;2460065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Corporation <sup>(a)</sup> | &nbsp;&nbsp;2366 | &nbsp;&nbsp;3117181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corporation | &nbsp;&nbsp;50417 | &nbsp;&nbsp;2154318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;45275 | &nbsp;&nbsp;1869405 |
|  |  | &nbsp;&nbsp;29215755 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 55.7% (Continued)** | **Shares** | **Value** |
| **Health Care - 6.4%** | **Health Care - 6.4%** | **Health Care - 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;4673 | &nbsp;&nbsp;$2397109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;27374 | &nbsp;&nbsp;4835617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;35449 | &nbsp;&nbsp;2755096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Company plc | &nbsp;&nbsp;116716 | &nbsp;&nbsp;3978849 |
|  |  | &nbsp;&nbsp;13966671 |
| **Industrials - 7.3%** | **Industrials - 7.3%** | **Industrials - 7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company | &nbsp;&nbsp;15092 | &nbsp;&nbsp;1809832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company | &nbsp;&nbsp;5099 | &nbsp;&nbsp;2186247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;8270 | &nbsp;&nbsp;1721897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;9678 | &nbsp;&nbsp;2384853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;19630 | &nbsp;&nbsp;2253524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | &nbsp;&nbsp;14971 | &nbsp;&nbsp;2602559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;11245 | &nbsp;&nbsp;2804503 |
|  |  | &nbsp;&nbsp;15763415 |
| **Materials - 0.9%** | **Materials - 0.9%** | **Materials - 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corporation | &nbsp;&nbsp;6465 | &nbsp;&nbsp;2011326 |
| **Real Estate - 5.2%** | **Real Estate - 5.2%** | **Real Estate - 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;16385 | &nbsp;&nbsp;2222461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;13709 | &nbsp;&nbsp;1374601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;41095 | &nbsp;&nbsp;2140639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Company - Class A | &nbsp;&nbsp;32689 | &nbsp;&nbsp;3085842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL Green Realty Corporation | &nbsp;&nbsp;74437 | &nbsp;&nbsp;2510016 |
|  |  | &nbsp;&nbsp;11333559 |
| **Technology - 1.1%** | **Technology - 1.1%** | **Technology - 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;21446 | &nbsp;&nbsp;2357773 |
| **Utilities - 2.9%** | **Utilities - 2.9%** | **Utilities - 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Infrastructure Partners, L.P. | &nbsp;&nbsp;61867 | &nbsp;&nbsp;1917258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Partners, L.P. | &nbsp;&nbsp;76999 | &nbsp;&nbsp;1951155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;28278 | &nbsp;&nbsp;2364041 |
|  |  | &nbsp;&nbsp;6232454 |
| **Total Common Stocks** (Cost $107,262,761) | **Total Common Stocks** (Cost $107,262,761) | &nbsp;&nbsp;$120886215 |
| **FIXED RATE CORPORATE BONDS - 28.8%** | **Par Value** | **Value** |
| **Communications - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The), 3.350%, due 03/24/2025 | &nbsp;&nbsp;$2505000 | &nbsp;&nbsp;$2427799 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **FIXED RATE CORPORATE BONDS - 28.8% (Continued)** | **Par Value** | **Value** |
| **Consumer Discretionary - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 1.000%, due 05/12/2026 | &nbsp;&nbsp;$3250000 | &nbsp;&nbsp;$2882009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Company, Inc, 1.500%, due 06/10/2026 | &nbsp;&nbsp;3425000 | &nbsp;&nbsp;2978169 |
|  |  | &nbsp;&nbsp;5860178 |
| **Consumer Staples - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc., 4.400%, due 09/08/2025 | &nbsp;&nbsp;1525000 | &nbsp;&nbsp;1503416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc., 3.800%, due 11/18/2024 | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;2188798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., 1.050%, due 09/17/2026 | &nbsp;&nbsp;2835000 | &nbsp;&nbsp;2513668 |
|  |  | &nbsp;&nbsp;6205882 |
| **Energy - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Pipelines, L.P., 4.450%, due 07/15/2027 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;2095484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Company, 3.800%, due 11/15/2025 | &nbsp;&nbsp;937000 | &nbsp;&nbsp;912212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX, L.P., 4.125%, due 03/01/2027 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;3071931 |
|  |  | &nbsp;&nbsp;6079627 |
| **Financials - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company, 3.375%, due 05/03/2024 | &nbsp;&nbsp;2995000 | &nbsp;&nbsp;2935196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc., 3.500%, due 03/18/2024 | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;1131576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance, Inc., 4.000%, due 04/01/2024 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1969573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.300%, due 04/27/2025 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2180229 |
|  |  | &nbsp;&nbsp;8216574 |
| **Health Care - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 2.200%, due 02/21/2027 | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;2156326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation, 3.000%, due 08/15/2026 | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;2431563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation, 1.300%, due 08/15/2026 | &nbsp;&nbsp;2490000 | &nbsp;&nbsp;2192600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation, 1.150%, due 06/15/2025 | &nbsp;&nbsp;2990000 | &nbsp;&nbsp;2736262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc., 5.400%, due 11/14/2025 | &nbsp;&nbsp;2990000 | &nbsp;&nbsp;3052383 |
|  |  | &nbsp;&nbsp;12569134 |
| **Industrials - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Ltd., 1.350%, due 12/02/2024 | &nbsp;&nbsp;3490000 | &nbsp;&nbsp;3255505 |
| **Materials - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The), 3.450%, due 06/01/2027 | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;2249135 |
| **Real Estate - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corporation, 1.450%, due 09/15/2026 | &nbsp;&nbsp;2990000 | &nbsp;&nbsp;2612258 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **FIXED RATE CORPORATE BONDS - 28.8% (Continued)** | **Par Value** | **Value** |
| **Real Estate - 2.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage, 1.500%, due 11/09/2026 | &nbsp;&nbsp;$3490000 | &nbsp;&nbsp;$3102661 |
|  |  | &nbsp;&nbsp;5714919 |
| **Technology - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.200%, due 07/01/2026 | &nbsp;&nbsp;2325000 | &nbsp;&nbsp;2178435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation, 5.800%, due 11/10/2025 | &nbsp;&nbsp;2990000 | &nbsp;&nbsp;3058284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc., 2.400%, due 10/01/2024 | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;2301163 |
|  |  | &nbsp;&nbsp;7537882 |
| **Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 1.450%, due 04/15/2026 | &nbsp;&nbsp;2740000 | &nbsp;&nbsp;2442301 |
| **Total Fixed Rate Corporate Bonds** (Cost $67,506,214) | **Total Fixed Rate Corporate Bonds** (Cost $67,506,214) | &nbsp;&nbsp;$62558936 |
| **VARIABLE RATE CORPORATE BONDS <sup>(b)</sup> - 4.5%** | **Par Value** | **Value** |
| **Consumer Discretionary - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation, 3.157%, (SOFR + 42), due 02/14/2024 | &nbsp;&nbsp;$1295000 | &nbsp;&nbsp;$1287615 |
| **Financials - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The), 3.837%, (SOFR + 50), due 03/18/2024 | &nbsp;&nbsp;3450000 | &nbsp;&nbsp;3439037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.023%, (SOFR + 116.5), due 04/17/2025 | &nbsp;&nbsp;2995000 | &nbsp;&nbsp;2982348 |
|  |  | &nbsp;&nbsp;6421385 |
| **Industrials - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Capital Corporation, 3.636%, (SOFR + 56), due 03/07/2025 | &nbsp;&nbsp;1990000 | &nbsp;&nbsp;1974701 |
| **Total Variable Rate Corporate Bonds** (Cost $9,738,644) | **Total Variable Rate Corporate Bonds** (Cost $9,738,644) | &nbsp;&nbsp;$9683701 |
| **U.S. TREASURY OBLIGATIONS- 8.9%** | **Par Value** | **Value** |
| **U.S. Treasury Bills - 3.5% <sup>(c)</sup>** | **U.S. Treasury Bills - 3.5% <sup>(c)</sup>** | **U.S. Treasury Bills - 3.5% <sup>(c)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.655%, due 06/15/2023 | &nbsp;&nbsp;$1795000 | &nbsp;&nbsp;$1758815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.259%, due 08/10/2023 | &nbsp;&nbsp;3990000 | &nbsp;&nbsp;3882380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.046%, due 09/07/2023 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1939931 |
|  |  | &nbsp;&nbsp;7581126 |

---

---

| | | |
|:---|:---|:---|
| **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** | **DAVENPORT BALANCED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **U.S. TREASURY OBLIGATIONS- 8.9% (Continued)** | **Par Value** | **Value** |
| **U.S. Treasury Notes - 5.4%** | **U.S. Treasury Notes - 5.4%** | **U.S. Treasury Notes - 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.383%, due 01/31/2024 <sup>(b)</sup> | &nbsp;&nbsp;$990000 | &nbsp;&nbsp;$990010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, due 02/29/2024 | &nbsp;&nbsp;1995000 | &nbsp;&nbsp;1923694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250%, due 06/15/2024 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;4225078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, due 06/30/2025 | &nbsp;&nbsp;4810000 | &nbsp;&nbsp;4637141 |
|  |  | &nbsp;&nbsp;11775923 |
| **Total U.S. Treasury Obligations** (Cost $19,887,826) | **Total U.S. Treasury Obligations** (Cost $19,887,826) | &nbsp;&nbsp;$19357049 |
| **MONEY MARKET FUNDS - 2.0%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class Z, 4.16% <sup>(d)</sup> (Cost $4,366,031) | &nbsp;&nbsp;4366031 | &nbsp;&nbsp;$4366031 |
| **Total Investments at Value - 99.9%** (Cost $208,761,476) | **Total Investments at Value - 99.9%** (Cost $208,761,476) | &nbsp;&nbsp;$216851932 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;282130 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$217134062 |

---

ADR - American Depositary Receipt. <br> SOFR - Secured Overnight Financing Rate.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2022. The reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

<sup>(c)</sup> The rate shown is the annualized yield at the time of purchase.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of December 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Williamsburg Investment Trust

- **b. Investment Company Act file number:** 811-05685

- **c. CIK number of Registrant:** 0000842512

- **d. LEI of Registrant:** 549300K2N6TCPDPSAZ53

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** DAVENPORT SMALL CAP FOCUS FUND

- **b. EDGAR series identifier (if any):** S000047867

- **c. LEI of Series:** 549300L7GNH2106OTX12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $541698227.65

**Total Liabilities:** $2537056.33

**Net Assets:** $539161171.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000150331 | 13.59%               | 2.36%                | -6.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5672694.88             | $72730113.60                               |
| Month 2  | $8853224.18              | $4244027.32                                |
| Month 3  | $-29714.21               | $-36979032.20                              |

### Schedule of Portfolio Investments

| Name                                     | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verra Mobility Corporation               | Verra Mobility Corporation                       | CUSIP: 92511U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1536434 | NS      | $21248882.22  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alight Inc                               | Alight Inc.                                      | CUSIP: 01626W101<br>LEI: 549300600ESCO1HTVN74 | Long             | EC               | CORP              | US        |   3437806 | NS      | $28740058.16  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp Del                        | Seaboard Corporation                             | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |      4024 | NS      | $15191445.04  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc            | Janus International Group, Inc.                  | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2199750 | NS      | $20941620.00  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc.                     | AVID TECHNOLOGY, INC.                            | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |    569571 | NS      | $15144892.89  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TowneBank (Portsmouth Virginia)          | TowneBank                                        | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |    360677 | NS      | $11123278.68  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corporation                       | Enovis Corporation                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    299545 | NS      | $16031648.40  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                  | Live Oak Bancshares, Inc.                        | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145905 | NS      | $4406331.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc New                       | DraftKings Inc.                                  | CUSIP: 26142V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1274372 | NS      | $14515097.08  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alps Etf Trust                           | ALPS Medical Breakthroughs ETF                   | CUSIP: 00162Q593<br>LEI: 549300VF1907NYC4WM31 | Long             | EC               | RF                | US        |    600000 | NS      | $18228000.00  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmarket Corporation                    | NewMarket Corporation                            | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |     82681 | NS      | $25722885.91  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Peyto Exploration                        | PEYTO EXPLORATION & DEVELOPMENT CORPORATION      | CUSIP: 717046106<br>LEI: 549300WZKJ63UJDWP310 | Long             | EC               | CORP              | US        |   1809254 | NS      | $18563126.97  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenandoah Telecommunications Co.        | Shenandoah Telecommunications Company            | CUSIP: 82312B106<br>LEI: 549300XH3H4OUKFPHS84 | Long             | EC               | CORP              | US        |    881656 | NS      | $14000697.28  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                      | First American Treasury Obligations Fund Class Z | CUSIP: 31846V542<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  54519260 | PA      | $54519260.30  | 10.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc              | Monarch Casino & Resort, Inc.                    | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |    572014 | NS      | $43982156.46  | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| J&J Snack Foods Corp                     | J & J Snack Foods Corporation                    | CUSIP: 466032109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164375 | NS      | $24608581.25  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB Corp.                               | ESAB Corporation                                 | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |    252078 | NS      | $11827499.76  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Latin America Ltd                | Liberty Latin America Ltd. Class C               | CUSIP: G9001E128<br>LEI: 213800YWQHEAX7CAVO83 | Long             | EC               | CORP              | US        |   2491909 | NS      | $18938508.40  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Radius Global Infrastructure Inc.        | Radius Global Infrastructure, Inc.               | CUSIP: 750481103<br>LEI: 213800NT341MQ5USBX63 | Long             | EC               | CORP              | US        |    337474 | NS      | $3988942.68   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                         | FRP Holdings, Inc.                               | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127904 | NS      | $6888909.44   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                | Kinsale Capital Group, Inc.                      | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     75314 | NS      | $19696117.28  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Evoqua Water Technologies Corp           | Evoqua Water Technologies Corporation            | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Long             | EC               | CORP              | US        |    458319 | NS      | $18149432.40  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Company PLC                      | Perrigo Company plc                              | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | US        |    710235 | NS      | $24211911.15  | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corporation | Stewart Information Services Corporation         | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |    432961 | NS      | $18500423.53  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cannae Holdings Incorporation            | Cannae Holdings, Inc.                            | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |   1079369 | NS      | $22288969.85  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                | Lamar Advertising Company Class A                | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |    191321 | NS      | $18060702.40  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group Inc.       | Diamond Hill Investment Group, Inc.              | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |     99404 | NS      | $18391728.08  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.                | OneSpaWorld Holdings Ltd.                        | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | US        |   1231557 | NS      | $11490426.81  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Davenport Small Cap Focus Fund

**Signature:** Jennifer L. Leamer

**Name of Signer:** Jennifer L. Leamer

**Title:** SVP, Fund Accounting