Davenport's Response to the COVID-19 Outbreak CLIENT LOGIN Menu Davenport Balanced Fund The Davenport Balanced Fund is intended to provide a lower volatility investment option focused on balancing current income with long-term moderate capital appreciation. Fund Objective Balance between current income and long-term moderate capital appreciation Equity Investment Themes Dividend Aristocrats: High quality business with track records of maintaining and increasing dividends High Yielders with Capital Appreciation Potential: Above-average dividend yields and potential growth Contrarian/Special Situations: Deep values, distressed stocks with temporary headwinds Fixed Income Investment Themes Emphasis on quality – focus on investment grade corporate bonds and fixed income exchange traded funds (ETFs). High Income in the context of a laddered investment grade portfolio Portfolio Stability – fixed portion designed to dampen overall price volatility during periods of equity market weakness. Fixed Income Diversification Fixed positions typically diversified by maturity and sector weightings based on economic trends and sector valuations, with the goal of controlling credit and maturity exposure. Portfolio Construction The portfolio typically owns 45-55 stocks Position sizes typically start in the 1-2% range Broad sector diversification Low portfolio turnover Risk Management Tend to avoid significant balance sheet or business risk Valuation sensitive with focus on margin of safety embedded in purchase price Setting upside and downside price targets for all positions Typically close to fully invested Regular rebalancing to maintain targeted balance between equity and fixed income holdings Portfolio Management Investment Policy Committee Investors should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other important information, should be read carefully before investing or sending money, and may be obtained from your Investment Executive, https://www.investdavenport.com/, or by calling (888) 285-1863. Distributed by Ultimus Fund Distributors, LLC Risk Considerations: The fund may not achieve its objective and/or you could lose money on your investment in the fund. Stock markets and investments in individual stocks are volatile and can decline significantly in response to market, foreign securities, small company, exchange traded fund, investment style and management risks. Small and mid cap company stocks may be more volatile than stocks of larger, more established companies. Please see the prospectus for further information on these and other risk considerations. STRATEGIES DBALX FACTSHEET FUND FACTS TICKER DBALX FUND CLASS No Load INCEPTION 12/31/2015 GROSS EXPENSE RATIO 0.96% LINKS PROSPECTUS, DOCUMENTS, AND APPLICATIONS ADDITIONAL INFORMATION DBALX HOLDINGS Corporate Headquarters: One James Center | 901 East Cary Street, Suite 1100 | Richmond, Virginia 23219 DIRECTIONS © 2021 DAVENPORT & COMPANY LLC MEMBER: NYSE | FINRA | SIPC ALL RIGHTS RESERVED