Like many securities firms, Davenport & Company receives payments from third parties whose products we distribute, including mutual fund companies, money market funds, and insurance companies. Payments from mutual fund, money market fund, and insurance companies may include sales loads, rule 12b-1 fees, sub-transfer agent fees for maintaining customer account information and providing other administrative services for the mutual funds, shareholder accounting fees and networking fees and reimbursements for education and training-related expenses, marketing support, and client seminars.

In addition, Davenport & Company has entered into a "revenue sharing" arrangement with the adviser and distributor of the money market funds used for cash management services. Davenport & Company believes that all payments are in accordance with industry rules and regulations as currently in effect. The maximum aggregate payment that Davenport & Company receives from money market funds (including an adviser or distributor thereof) ranges from 0.05% to 0.88% annually, depending on fund type and share class.

Please contact your financial advisor if you have any questions regarding such relationships, payments, or the extent to which he or she benefits from them. You should also refer to the prospectuses and Statements of Additional Information of the mutual funds, money market funds, and insurance products in which you invest for further information regarding such payments.