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