April 1, 2024
The Davenport Funds
Davenport Balanced Income Fund (DBALX)
Supplement to the Summary 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. 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 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 |
Please retain this Supplement for future reference