January 1, 2023
The Davenport Funds
Davenport Core Fund
Ticker Symbol: DAVPX
Davenport Value & Income Fund
Ticker Symbol: DVIPX
Davenport Equity Opportunities Fund
Ticker Symbol: DEOPX
Davenport Small Cap Focus Fund
Ticker Symbol: DSCPX
Davenport Balanced Income Fund
Ticker Symbol: DBALX
Supplement to Prospectus and Statement of Additional Information
Dated August 1, 2022
Changes to the portfolio management team for the Davenport Core Fund, the Davenport Value & Income Fund and the Davenport Balanced Income Fund became effective on January 1, 2023 when Adam Bergman was appointed co-portfolio manager and Investment Policy Committee member. The disclosure in the section, “Management of the Fund - Portfolio Managers” in the Risk/Return Summary for the Davenport Core Fund, Davenport Value & Income Fund and Davenport Balanced Income Fund is replaced in its entirety as follows:
RISK/RETURN SUMMARY
Davenport Core Fund - Portfolio Managers (page 8)
The Core Fund is managed by the members of the Advisor’s Investment Policy Committee (“IPC”), each of whom has an equal role in the decision-making process. The members of the IPC are:
| Name | Title with the Advisor | Length of Service to the Fund |
| John P. Ackerly, IV, CFA | Senior Vice President and Director | Since 1999 |
| Michael S. Beall, CFA | Executive Vice President and Director | Since inception (1998) |
| Adam Bergman, CFA | Senior Vice President | Since 2023 |
| E. Trigg Brown, Jr. | Executive Vice President and Director | Since 2002 |
| Robert B. Giles | Executive Vice President and Director | Since 2007 |
| Christopher G. Pearson, CFA | Senior Vice President and Director | Since 2019 |
| Joel M. Ray, CFA | Senior Vice President and Director | Since 2020 |
| George L. Smith, III, CFA | Senior Vice President and Director | Since 2010 |
Davenport Value & Income Fund - Portfolio Managers (page 14)
The Value & Income Fund is managed by the members of the Advisor’s Investment Policy Committee (“IPC”), each of whom has an equal role in the decision-making process. The members of the IPC are:
| Name | Title with the Advisor | Length of Service to the Fund |
| John P. Ackerly, IV, CFA | Senior Vice President and Director | Since inception (2010) |
| Michael S. Beall, CFA | Executive Vice President and Director | Since inception (2010) |
| Adam Bergman, CFA | Senior Vice President | Since 2023 |
| E. Trigg Brown, Jr. | Executive Vice President and Director | Since inception (2010) |
| Robert B. Giles | Executive Vice President and Director | Since inception (2010) |
| Christopher G. Pearson, CFA | Senior Vice President and Director | Since 2019 |
| Joel M. Ray, CFA | Senior Vice President and Director | Since 2020 |
| George L. Smith, III, CFA | Senior Vice President and Director | Since inception (2010) |
Davenport Balanced Income Fund - Portfolio Managers (page 37)
The equity portion of the Balanced Income Fund is managed by members of the Advisor’s Investment Policy Committee (“IPC”) and the fixed income portion is managed by Kevin J. Hopkins, Jr., CFA, Christopher T. Kelley and William B. Cleland, CFP, subject to oversight by the IPC. The IPC is responsible for determining the Fund’s asset allocations among equity and fixed income investments.
| Name | Title with the Advisor | Length of Service to the Fund |
| *John P. Ackerly, IV, CFA | Senior Vice President and Director | Since inception (2015) |
| *Michael S. Beall, CFA | Executive Vice President and Director | Since inception (2015) |
| *Adam Bergman, CFA | Senior Vice President | Since 2023 |
| *E. Trigg Brown, Jr. | Executive Vice President and Director | Since inception (2015) |
| *Robert B. Giles | Executive Vice President and Director | Since inception (2015) |
| *Christopher G. Pearson, CFA | Senior Vice President and Director | Since 2019 |
| *Joel M. Ray, CFA | Senior Vice President and Director | Since 2020 |
| *George L. Smith, III, CFA | Senior Vice President and Director | Since inception (2015) |
| Christopher T. Kelley | Vice President | Since inception (2015) |
| Kevin J. Hopkins, Jr., CFA | Vice President | Since 2020 |
| William B. Cleland, CFP | Vice President | Since 2021 |
*Member of the IPC
The section, “Management of the Funds” beginning on page 53 of the Prospectus and “Investment Adviser” beginning on page 38 of the Statement of Additional Information has been updated to include Mr. Bergman in the biographies of the IPC members.
| · | Adam Bergman, CFA (age 48) joined the Advisor in 2022 and currently serves as a Senior Vice President. Prior to joining the Advisor, Mr. Bergman was a Portfolio Manager and Executive Director at Sterling Capital Management, a Truist subsidiary, from 2007 until 2022. |
Please retain this Supplement for future reference
January 1, 2023
The Davenport Funds
Davenport Balanced Income Fund (DBALX)
Supplement to the Summary Prospectus Dated August 1, 2022
Changes to the portfolio management team for the Davenport Balanced Income Fund became effective on January 1, 2023 when Adam Bergman was appointed co-portfolio manager and Investment Policy Committee member. Accordingly, the disclosure in the section Management of the Fund - Portfolio Managers on page 6 of the Summary Prospectus is replaced in its entirety as follows:
Portfolio Managers
The equity portion of the Balanced Income Fund is managed by members of the Advisor’s Investment Policy Committee (“IPC”) and the fixed income portion is managed by Kevin J. Hopkins, Jr., CFA, Christopher T. Kelley and William B. Cleland, CFP, subject to oversight by the IPC. The IPC is responsible for determining the Fund’s asset allocations among equity and fixed income investments.
| Name | Title with the Advisor | Length of Service to the Fund |
| *John P. Ackerly, IV, CFA | Senior Vice President and Director | Since inception (2015) |
| *Michael S. Beall, CFA | Executive Vice President and Director | Since inception (2015) |
| *Adam Bergman, CFA | Senior Vice President | Since 2023 |
| *E. Trigg Brown, Jr. | Executive Vice President and Director | Since inception (2015) |
| *Robert B. Giles | Executive Vice President and Director | Since inception (2015) |
| *Christopher G. Pearson, CFA | Senior Vice President and Director | Since 2019 |
| *Joel M. Ray, CFA | Senior Vice President and Director | Since 2020 |
| *George L. Smith, III, CFA | Senior Vice President and Director | Since inception (2015) |
| Christopher T. Kelley | Vice President | Since inception (2015) |
| Kevin J. Hopkins, Jr., CFA | Vice President | Since 2020 |
| William B. Cleland, CFP | Vice President | Since 2021 |
*Member of the IPC
Please retain this Supplement for future reference
January 1, 2023
The Davenport Funds
Davenport Core Fund (DAVPX)
Supplement to the Summary Prospectus Dated August 1, 2022
Changes to the portfolio management team for the Davenport Core Fund became effective on January 1, 2023 when Adam Bergman was appointed co-portfolio manager and Investment Policy Committee member. Accordingly, the disclosure in the section Management of the Fund - Portfolio Managers on page 3 of the Summary Prospectus is replaced in its entirety as follows:
Portfolio Managers
The Core Fund is managed by the members of the Advisor’s Investment Policy Committee (“IPC”), each of whom has an equal role in the decision-making process. The members of the IPC are:
| Name | Title with the Advisor | Length of Service to the Fund |
| John P. Ackerly, IV, CFA | Senior Vice President and Director | Since 1999 |
| Michael S. Beall, CFA | Executive Vice President and Director | Since inception (1998) |
| Adam Bergman, CFA | Senior Vice President | Since 2023 |
| E. Trigg Brown, Jr. | Executive Vice President and Director | Since 2002 |
| Robert B. Giles | Executive Vice President and Director | Since 2007 |
| Christopher G. Pearson, CFA | Senior Vice President and Director | Since 2019 |
| Joel M. Ray, CFA | Senior Vice President and Director | Since 2020 |
| George L. Smith, III, CFA | Senior Vice President and Director | Since 2010 |
Please retain this Supplement for future reference
January 1, 2023
The Davenport Funds
Davenport Value & Income Fund (DVIPX)
Supplement to the Summary Prospectus Dated August 1, 2022
Changes to the portfolio management team for the Davenport Value & Income Fund became effective on January 1, 2023 when Adam Bergman was appointed co-portfolio manager and Investment Policy Committee member. Accordingly, the disclosure in the section Management of the Fund - Portfolio Managers on page 4 of the Summary Prospectus is replaced in its entirety as follows:
Portfolio Managers
The Value & Income Fund is managed by the members of the Advisor’s Investment Policy Committee (“IPC”), each of whom has an equal role in the decision-making process. The members of the IPC are:
| Name | Title with the Advisor | Length of Service to the Fund |
| John P. Ackerly, IV, CFA | Senior Vice President and Director | Since inception (2010) |
| Michael S. Beall, CFA | Executive Vice President and Director | Since inception (2010) |
| Adam Bergman, CFA | Senior Vice President | Since 2023 |
| E. Trigg Brown, Jr. | Executive Vice President and Director | Since inception (2010) |
| Robert B. Giles | Executive Vice President and Director | Since inception (2010) |
| Christopher G. Pearson, CFA | Senior Vice President and Director | Since 2019 |
| Joel M. Ray, CFA | Senior Vice President and Director | Since 2020 |
| George L. Smith, III, CFA | Senior Vice President and Director | Since inception (2010) |
Please retain this Supplement for future reference