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