Strategy. Under normal circumstances, the Core Leaders Fund will invest at least 80% of its net assets in common stocks. Davenport & Company LLC (the Adviser) will generally invest in common stocks of market-leading companies that have strong capital appreciation potential, strong and focused management, solid balance sheets and a history of proven results. In determining whether a company has the potential for appreciation, the Adviser will focus on several criteria, including, among other things: ? Market Leadership: The company possesses a distinct competitive advantage as reflected by its commanding and/or growing market share. ? Above Average Earnings Growth: The company has a favorable 3 to 5 year earnings per share trajectory versus the broader market as measured by companies in … Show more… Under normal circumstances, the Core Leaders Fund will invest at least 80% of its net assets in common stocks. Davenport & Company LLC (the Adviser) will generally invest in common stocks of market-leading companies that have strong capital appreciation potential, strong and focused management, solid balance sheets and a history of proven results. In determining whether a company has the potential for appreciation, the Adviser will focus on several criteria, including, among other things: ? Market Leadership: The company possesses a distinct competitive advantage as reflected by its commanding and/or growing market share. ? Above Average Earnings Growth: The company has a favorable 3 to 5 year earnings per share trajectory versus the broader market as measured by companies in the S&P 500 Index. ? Capital Allocation: The company has demonstrated its proficiency in deploying its free cash flow and/or the potential for strong returns on invested capital. ? Financial Strength: The company has a strong balance sheet and reasonable valuation levels. ? Disciplined Management: The company has a sound and talented management team that is aligned with its shareholders. The Adviser attempts to control risk through diversification among major market sectors, but at times, may emphasize a particular business sector. The Adviser does not limit the Fund to any particular capitalization requirement. At any time, the Fund may invest a portion of its assets in small, unseasoned companies. The Fund may invest up to 20% of its net assets in shares of exchange traded funds (ETFs) to increase its exposure to the broad market or to industry sectors without purchasing a large number of individual securities. ETFs trade on a securities exchange intraday and typically hold a portfolio of securities designed to track the performance of a particular index, capitalization, or market sector. When the Fund invests in an ETF, Fund shareholders will indirectly pay a proportionate share of the management fee and operating expenses of the ETF, in addition to the Funds direct fees and expenses. The Fund may invest up to 30% of its net assets in common stocks of foreign issuers if the Adviser believes they would be advantageous to the Fund and help it to achieve its investment objective. A security will be sold when the Adviser believes it no longer has the potential for strong capital appreciation, when it meets its targeted price, when the fundamentals of the issuers business or general market conditions have changed, when more attractive opportunities become available, or when strong performance has resulted in an outsized position for the security within the Funds portfolio. Show less