Like many securities firms, Davenport may receive payment from third parties whose products we distribute, including mutual fund companies, money market funds and insurance companies. Payments from mutual fund companies, 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 account fees and networking fees and reimbursements for education, marketing support and training related expenses.

In addition, Davenport has entered into a “revenue sharing” arrangement with the advisor 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 currently in effect. The maximum aggregate payment that Davenport & Company receives for money market funds (including an investment advisor or distributor thereof) ranges from 0.06% 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 your Financial Advisor benefits from these arrangements.

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.