March 31, 2023
Davenport Balanced Income Fund (DBALX)
Supplement to the Summary Prospectus Dated August 1, 2022,
as Supplemented January 1, 2023
Effective March 31, 2023, management of the equity portion of the Davenport Balanced Income Fund (the “Fund”) transitioned from a committee structure to a dedicated portfolio management team structure and Michael S. Beall, CFA, Adam Bergman, CFA, and George L. Smith, III, CFA, were appointed to serve as the Fund’s equity portfolio managers. Prior to March 31, 2023, Mr. Smith and Mr. Beall managed the equity portion of the Fund, along with the other members of the Advisor’s Investment Policy Committee. William B. Cleland, CFP, Kevin J. Hopkins, Jr., CFA, and Christopher T. Kelley continue to manage the Fund’s fixed income investments.
Portfolio Managers
The portfolio managers listed below are jointly and primarily responsible for managing the Fund.
| Name |
Portfolio Responsibility |
Title with the Advisor |
Length of Service to the Fund |
| Michael S. Beall, CFA | Equity | Executive Vice President & Director | Since inception (2015) |
| Adam Bergman, CFA | Equity | Senior Vice President | Since 2023 |
| William B. Cleland, CFP | Fixed Income | Vice President | Since 2021 |
| Kevin J. Hopkins, Jr., CFA | Fixed Income | Vice President | Since 2020 |
| Christopher T. Kelley | Fixed Income | Vice President | Since inception (2015) |
| George L. Smith, III, CFA | Equity | Senior Vice President & Director | Since inception (2015) |
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You may obtain copies of the Prospectuses and Statement of Additional Information for The Davenport Funds free of charge on the Funds’ website at www.investdavenport.com, by calling toll-free 1-800-281-3217, or by writing to Shareholder Services, P.O. Box 46707, Cincinnati, Ohio 45246-0707.
This Supplement replaces a previous Supplement
Please retain it with your records