DAVENPORT & Co LLC

Effective June 1, 2026, the ETFAdvisor Active-Passive Growth and Diversified Fixed Income models became available, and the Income model was renamed as Multi-Asset Income model.

In addition to the material change discussed above, all references to the Core Leaders Balanced accounts have been removed. Legacy Core Leaders Balanced accounts have been converted to our DavenportONE program.

3. Table of Contents 1.

Cover Page

Cover Page

2.

Material Changes

3.

Table of Contents

4.

Advisory Business

5.

Fees and Compensation

6.

Performance-Based Fees and Side-By-Side Management

7.

Types of Clients

8.

Methods of Analysis, Sources of Information and Investment Strategies, Types of Investments

9.

Disciplinary Information

10.

Other Financial Industry Activities or Affiliations

11.

Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading

12.

Brokerage Practices

13.

Review of Accounts

14.

Client Referrals and other Compensation

15.

Custody

16.

Investment Discretion

17.

Voting Client Securities

18.

Financial Information

Note: All investments involve the risk of loss, including but not limited to, loss of principal, a reduction in earnings (including interest, dividends and other distributions) and the loss of future earnings. These risks include, but are not limited to, market risk, interest rate risk, issuer risk, liquidity risk, and general economic risk. Although we manage client assets in a manner consistent with risk tolerances, there can be no guarantee our efforts will be successful. Investors should be prepared to bear the risk of loss.

2 | Davenport & Company LLC – Firm Brochure Part 2A of Form ADV – June 1, 2026

4. Advisory Business Davenport is a privately held investment firm established in 1863 and headquartered in Richmond, Virginia. The firm is an independent, limited liability company owned by 100% employee owned S corporations, with no one employee owning more than 10% of the firm. Principal owners of the firm are Davenport & Company of Virginia, Inc., Davenport Corp., and Dava Corp. Davenport offers Asset Management, Retail Brokerage, Fixed Income, Public Finance, and Investment Banking and Advisory Services. The Investment Advisory Division of Davenport offers Davenport Asset Management (“DAM”) programs and Financial Advisor Managed programs described below. Davenport manages separate accounts for individuals, institutions, ERISA plans, trusts, estates, corporations, and other types of entities. In addition to managing separate accounts, DAM is the Advisor to six mutual funds and provides model delivery advisory services to third party investment platforms. The various managed account programs we offer can each be tailored to individual investors’ needs. You may impose restrictions on investing in certain securities or types of securities in your account. Davenport’s managed programs are available with several cost structures. Each program is managed in accordance with its program guidelines, regardless of the cost structure you choose – Wrap Fee, Fee and/or Commission or Commission Only (existing accounts only, commission only is no longer offered). Details about the cost structure options available for each program are discussed in Section 5 – Fees and Compensation. Davenport Asset Management Programs (“DAM”) DAM offers a variety of investment strategies. Separately managed accounts: • Core Leaders Portfolio (“Core Leaders”), which has the goal of outperforming the S&P 500® Index while taking less risk • Value & Income Portfolio (“Value & Income”), which seeks to provide income and long-term growth of capital • Equity Opportunities Portfolio (“Equity Opportunities”), which has the goal of identifying small-to-medium sized companies with the potential for above average, long-term results Davenport Mutual Fund strategies: • Davenport Core Leaders Mutual Fund (“DAVPX”) • Davenport Value & Income Mutual Fund (“DVIPX”) • Davenport Equity Opportunities Mutual Fund (“DEOPX”) There are no separately managed accounts offered with the following strategies: • Davenport Small Cap Focus Fund (“DSCPX”). The fund has an investment objective of long-term capital appreciation. • Davenport Insider Buying Fund (“DBUYX”). The fund has an investment objective of long-term growth of capital. • Davenport Balanced Income Fund (“DBALX”). The fund has an investment objective of current income and the opportunity for long term growth. Exchange Traded Fund strategies: • ETFAdvisor (“ETFAdvisor”), the strategies have an investment objective to deliver well diversified portfolios of ETFs. Fixed Income strategies: • Individual investment-grade bonds and/or Exchange Trade Funds (“ETFs”) with Intermediate, Ultra Short, or Short Duration models

A portfolio of fixed income ETFs.

Mutual Fund strategies: • FundAdvisor (“FundAdvisor”)strategies have a goal to deliver well diversified portfolios of mutual funds Blended strategies: • Blended Allocation** (“Blended Allocation”) portfolios combine either the Core Leaders or the Value & Income stock strategies with select FundAdvisor mutual funds

3 | Davenport & Company LLC – Firm Brochure Part 2A of Form ADV – June 1, 2026

Balanced Allocation ** portfolios combine the Value & Income stock strategies with individual investment-grade bonds and/or ETFs.

**This program is no longer offered to new clients. ManagerSelect (“DMS”) • Offers clients access to outside money manager strategies through a third-party agreement between Davenport and Vestmark. Davenport receives model data transmissions from Vestmark, with trading activity directed by the managers (“models”). This activity is then implemented in client accounts, which mirrors the applicable model. DavenportONE • Offers clients the ability to aggregate various investment strategies including the ManagerSelect third-party portfolio strategies and Davenport strategies, as well as certain approved mutual funds and ETFs in one Unified Managed Account (“UMA”). Model Delivery Advisory Services • Provides model delivery advisory services to third party investment platforms, including UMAprograms and similar arrangements (collectively, “Platform Providers”). Under these arrangements, DAM provides proprietary model portfolio allocations and related updates to Platform Providers for use by financial professionals and their clients. Model portfolios are managed in accordance with the stated investment objectives and strategies for each model. The model portfolios are not customized to the individual needs of any particular client. Model delivery advisory services are provided on a non-discretionary basis. DAM does not exercise investment discretion over client accounts and does not execute transactions. The Platform Provider, or the financial professional utilizing the platform, is responsible for determining the suitability of the model portfolio for each client, implementing any client specific investment restrictions, and executing transactions in client accounts. Financial Advisor Managed Programs Flexible Managed Account (“FMA”) • Offers the client a tailored portfolio in which the Financial Advisor manages your investments on either a discretionary or non-discretionary basis. The program’s flexibility allows the Financial Advisor and you to structure portfolios in a manner deemed suitable for you. Portfolio Management Account (“PMA”) • Offers the client an account in which the Financial Advisor manages your investments according to your individual needs and objectives on a discretionary basis. The Portfolio Review Committee formally reviews your portfolio on a quarterly basis and makes suggestions as appropriate. Additional reviews by the Committee are available by request from either you or the Financial Advisor and are conducted at no extra charge. Portfolio Review (“PR”) • Offers the client a non-discretionary account in which the Financial Advisor monitors your investments and recommends securities transactions according to your individual needs and objectives. The Portfolio Review Committee formally reviews each client’s portfolio on a quarterly basis and makes suggestions as appropriate. Additional reviews by the Committee are available by request from either you or the Financial Advisor and are conducted at no extra charge. Other Programs Davenport Managed Assets Program (“DMAP”) • Offers the client discretionary portfolio management of held away assets such as defined contribution plan participant accounts. DMAP enables the Financial Advisor to view, manage and trade held away assets, and (when deemed necessary) the Financial Advisor will rebalance the account considering client investment goals, risk tolerance, and current economic and market trends. Davenport’s services under this offering are limited to the investment options made available in the relevant plan.

4 | Davenport & Company LLC – Firm Brochure Part 2A of Form ADV – June 1, 2026

Flexible Retirement Account Consulting • A discretionary or non-discretionary service, in which Davenport Financial Advisors provide consulting services to public and private participant directed retirement plans, such as 401(k) plans. The Plan Sponsor or participant will direct the portfolio selection. Generally, custody and execution services are provided by a non-affiliated third party of the Plan Sponsor’s choosing. RetirementAdvisor** • A qualified retirement plan platform that offers companies, and their employees, access to the same expertise and investment processes available through FundAdvisor. Generally, custody and execution services are provided by a non-affiliated third party of the Plan Sponsor’s choosing. The services offered include:  Investment Policy Statement Review, Performance Reports (periodic reports showing historical performance, asset allocation and the performance of each holding compared to benchmarks and market segments), Asset Allocation, Mutual Fund Research, Asset Classification  Participant Education **This program is no longer offered to new clients. Investment Consulting Services

Individualized investment consulting services are provided to clients regarding securities that are not custodied or otherwise managed by Davenport. Specific services will vary by client. Consulting services may include recommending asset allocation and/or security selection within a client’s employer sponsored retirement plan, reviewing selection and retention of investment advisers other than Davenport, preparing customized reports of investment holdings and results, assisting clients’ tax advisors in gathering information needed to prepare tax returns, reconciling client’s cash flows, or other services that may be reasonably requested.

Financial Planning ●

Davenport offers personal financial planning services that may include, but are not limited to, advice on education funding, asset allocation, budgeting and cash-flow analysis, retirement planning, estate planning, and insurance planning. This service generally involves an initial meeting to gather data, and at least one subsequent meeting to discuss the recommendations.

As of 12/31/25, Davenport’s Investment Advisory regulatory assets under management totaled $23,929,304,065 on a discretionary basis. As of 12/31/25, Davenport’s Investment Advisory regulatory assets under management totaled $769,73,620 on a nondiscretionary basis.

5. Fees and Compensation Davenport’s fees and compensation vary, depending upon the type of account and cost option you choose. In general, wrap and fee and/or commission account fees are charged quarterly. Intra-quarter deposits of $50,000 or more (that generate a minimum fee of $40) will be assessed a prorated fee, and intra-quarter withdrawals of $50,000 or more (that also generates a minimum rebate of $40) will receive a prorated refund. Program changes within an account during the quarter will generate a prorated refund, and a new prorated fee will be charged on the billable market value at the time of the change. In some instances, fees and commissions will be discounted or negotiated. On rare occasions, fees will be waived with Executive Management’s approval for a specified period of time. In order to recommend or receive compensation for an Investment Advisory Account, the Davenport Financial Advisor and/or Portfolio Manager must be registered as an “Investment Advisory Representative” with the appropriate State Securities Board, unless the individual is exempt by law. Davenport Asset Management (Core Leaders, Value & Income, Equity Opportunities, Fixed Income and Blended Allocation) clients can choose from different cost options: Wrap Fee only, Fee and/or Commission (billed in advance), or Fee and/or

5 | Davenport & Company LLC – Firm Brochure Part 2A of Form ADV – June 1, 2026

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