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