April 1, 2024
The Davenport Funds
Davenport Core Leaders 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
Dated August 1, 2023
Effective on March 4, 2024, Christopher T. Kelley no longer serves as portfolio manager for the fixed income portion of the Davenport Balanced Income Fund. All references to Christopher T. Kelley in this Prospectus should be disregarded.
RISK/RETURN SUMMARY
The list of portfolio managers for the Davenport Balanced Income Fund in the section Management of the Fund - Portfolio Managers on page 37 of this Prospectus is replaced in its entirety as follows:
Portfolio Managers
The following portfolio managers are jointly and primarily responsible for managing the Balanced Income Fund.
| Name | Title with the Advisor | Length of Service to the Fund |
| Equity Portion | ||
| Michael S. Beall, CFA | Executive Vice President & Director | Since inception (2015) |
| Adam Bergman, CFA | Senior Vice President | Since 2023 |
| George L. Smith, III, CFA | Senior Vice President & Director | Since inception (2015) |
| Fixed Income Portion | ||
| William B. Cleland, CFP | Vice President | Since 2021 |
| Kevin J. Hopkins, Jr., CFA | Vice President | Since 2020 |
MANAGEMENT OF THE FUNDS
The portfolio managers chart for the Davenport Funds in the section Management of the Funds on page 53 of this Prospectus is replaced in its entirety as follows:
Portfolio Managers
| Davenport Core Leaders Fund | Jeffrey F. Omohundro, CFA | Christopher G. Pearson, CFA | George L. Smith, III, CFA |
| Davenport Value & Income Fund |
Michael S. Beall, CFA | Adam Bergman, CFA | George L. Smith, III, CFA |
| Davenport Equity Opportunities Fund | Christopher G. Pearson, CFA | George L. Smith, III, CFA | |
| Davenport Small Cap Focus Fund |
Christopher G. Pearson, CFA | George L. Smith, III, CFA | |
| Davenport Balanced Income Fund | Michael S. Beall, CFA | Adam Bergman, CFA | George L. Smith, III, CFA |
| William B Cleland, CFP | Kevin J. Hopkins, Jr., CFA |
Please retain this Supplement for future reference