2024 Estimated Year-End Distributions have been posted.

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Davis Family of Funds

Fund Distributions

See below for details on estimated and historical distributions for each of our funds.

Mutual Funds Distributions
Variable Accounts Distributions

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Tax information for current shareholders who hold directly with Davis Funds, including your 1099-DIV forms, can be accessed via your online account.

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Mutual Funds Distributions

2023 Distributions

This information on 2023 distributions is intended for existing shareholders

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from appreciation in the portfolio. The funds' long-term investment approach means that this appreciation may have occurred over an extended period of time. The majority of the gains are long-term and generally subject to lower tax rates than short-term gains or dividend income.

New York Venture Fund as of 01/08/24

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	6/26/23	6/27/23	6/28/23	89.39%	0.1379	-	-	0.60	24.91
	12/7/23	12/8/23	12/11/23	89.39%	0.0951	-	0.19	1.08	24.92
Class B	6/26/23	6/27/23	6/28/23	89.39%	0.032	-	-	0.60	19.22
	12/7/23	12/8/23	12/11/23	89.39%	-	-	0.19	1.08	18.94
Class C	6/26/23	6/27/23	6/28/23	89.39%	0.032	-	-	0.60	20.44
	12/7/23	12/8/23	12/11/23	89.39%	-	-	0.19	1.08	20.22
Class Y	6/26/23	6/27/23	6/28/23	89.39%	0.176	-	-	0.60	25.87
	12/7/23	12/8/23	12/11/23	89.39%	0.131	-	0.19	1.08	25.94
Class R	6/26/23	6/27/23	6/28/23	89.39%	0.108	-	-	0.60	24.97
	12/7/23	12/8/23	12/11/23	89.39%	0.061	-	0.19	1.08	24.99

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

International Fund as of 01/08/24

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Foreign Tax Credit	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	12/7/23	12/8/23	12/11/23	100%	0.192792	-	0.024692	-	-	10.34
Class C	12/7/23	12/8/23	12/11/23	100%	0.102	-	0.022	-	-	9.54
Class Y	12/7/23	12/8/23	12/11/23	100%	0.2252	-	0.0252	-	-	10.20

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Global Fund as of 01/08/24

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Foreign Tax Credit	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	12/7/23	12/8/23	12/11/23	100%	0.304095	-	0.036395	-	-	23.72
Class C	12/7/23	12/8/23	12/11/23	100%	0.1036	-	0.0326	-	-	21.56
Class Y	12/7/23	12/8/23	12/11/23	100%	0.3639	-	0.0369	-	-	23.84

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Financial Fund as of 01/08/24

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	12/7/23	12/8/23	12/11/23	100%	1.01	-	-	2.56	47.99
Class C	12/7/23	12/8/23	12/11/23	100%	0.49	-	-	2.56	37.11
Class Y	12/7/23	12/8/23	12/11/23	100%	1.159	-	-	2.56	49.95

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Opportunity Fund as of 01/08/24

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	12/7/23	12/8/23	12/11/23	100%	0.5619	-	-	1.79	36.26
Class C	12/7/23	12/8/23	12/11/23	100%	0.195	-	-	1.79	25.36
Class Y	12/7/23	12/8/23	12/11/23	100%	0.70	-	-	1.79	39.02

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Balanced Fund as of 01/08/24 (formerly Appreciation and Income Fund)

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	3/28/23	3/29/23	3/30/23	78.53%	0.15	-	-	-	46.60
	6/26/23	6/27/23	6/28/23	78.53%	0.15	-	-	-	50.36
	9/26/23	9/27/23	9/28/23	78.53%	0.25	-	-	-	49.86
	12/26/23	12/27/23	12/28/23	78.53%	0.2297	-	0.067	0.74	54.50
Class C	3/28/23	3/29/23	3/30/23	78.53%	0.061	-	-	-	46.46
	6/26/23	6/27/23	6/28/23	78.53%	0.058	-	-	-	50.20
	9/26/23	9/27/23	9/28/23	78.53%	0.1536	-	-	-	49.71
	12/26/23	12/27/23	12/28/23	78.53%	0.131	-	0.067	0.74	54.33
Class Y	3/28/23	3/29/23	3/30/23	78.53%	0.189	-	-	-	46.80
	6/26/23	6/27/23	6/28/23	78.53%	0.187	-	-	-	50.57
	9/26/23	9/27/23	9/28/23	78.53%	0.2932	-	-	-	50.07
	12/26/23	12/27/23	12/28/23	78.53%	0.269	-	0.067	0.74	54.74

Percentage of income from U.S. government obligations

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Real Estate Fund as of 01/08/24

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	3/28/23	3/29/23	3/30/23	1.09%	0.18	-	-	-	37.45
	6/26/23	6/27/23	6/28/23	1.09%	0.18	-	-	-	38.59
	9/26/23	9/27/23	9/28/23	1.09%	0.18	-	-	-	35.80
	12/26/23	12/27/23	12/28/23	1.09%	0.40	-	-	-	41.92
Class C	3/28/23	3/29/23	3/30/23	1.09%	0.1045	-	-	-	37.46
	6/26/23	6/27/23	6/28/23	1.09%	0.1079	-	-	-	38.60
	9/26/23	9/27/23	9/28/23	1.09%	0.1065	-	-	-	35.81
	12/26/23	12/27/23	12/28/23	1.09%	0.33	-	-	-	41.92
Class Y	3/28/23	3/29/23	3/30/23	1.09%	0.208	-	-	-	38.00
	6/26/23	6/27/23	6/28/23	1.09%	0.207	-	-	-	39.16
	9/26/23	9/27/23	9/28/23	1.09%	0.2075	-	-	-	36.32
	12/26/23	12/27/23	12/28/23	1.09%	0.429	-	-	-	42.53

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Government Bond Fund as of 12/08/23

Share Class	Record Date	Ex-Date	Payable Date	Qualified Dividend Percentage	Ordinary Income	Return of Capital	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	12/7/23	12/8/23	12/11/23		Monthly	-	-	-	-
Class C	12/7/23	12/8/23	12/11/23		Monthly	-	-	-	-
Class Y	12/7/23	12/8/23	12/11/23		Monthly	-	-	-	-

Percentage of income from U.S. government obligations

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

2024 Estimated Year-End Distributions Percentage of 10/31/24 NAV Price

This information on 2024 estimated year-end distributions is intended for existing shareholders. Davis New York Venture Fund also paid a semiannual capital gains distribution. No other Davis Fund paid a semiannual capital gains distribution.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. Most or all of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income.

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.
Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.

Fund	Record Date	Ex-Date	Payable Date	Short-term Capital Gain	Long-term Capital Gain
New York Venture Fund	12/12/24	12/13/24	12/16/24	<1%	10% - 12%
International Fund	12/12/24	12/13/24	12/16/24	None Expected	None Expected
Global Fund	12/12/24	12/13/24	12/16/24	None Expected	8% - 10%
Financial Fund	12/12/24	12/13/24	12/16/24	<1%	2% - 3%
Opportunity Fund	12/12/24	12/13/24	12/16/24	<1%	12% - 14%
Balanced Fund	12/26/24	12/27/24	12/30/24	<1%	5% - 6%
Real Estate Fund	12/26/24	12/27/24	12/30/24	<1%	1% - 3%
Government Bond Fund	12/12/24	12/13/24	12/16/24	None Expected	None Expected

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

2024 Semi-Annual Distributions

This information on 2024 distributions is intended for existing shareholders.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The fund's long-term investment approach means that this appreciation may have occurred over an extended period of time. All of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income. Thus, for longtime shareholders in search of yield, capital gains distributions tend to be more tax efficient than interest or dividend income.

New York Venture Fund as of 06/14/24

Share Class	Record Date	Ex-Date	Payable Date	Ordinary Income	Short-term Capital Gain	Long-term Capital Gain	Reinvestment Price
Class A	6/13/24	6/14/24	6/17/24	0.1826	-	2.00	27.49
Class B	6/13/24	6/14/24	6/17/24	0.046	-	2.00	20.40
Class C	6/13/24	6/14/24	6/17/24	0.05	-	2.00	21.92
Class Y	6/13/24	6/14/24	6/17/24	0.225	-	2.00	28.69
Class R	6/13/24	6/14/24	6/17/24	0.144	-	2.00	27.56

This information on 2024 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent in early 2025 for all tax reporting.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Variable Account Funds Distributions

2024 Estimated Year-End Distributions Percentage of 10/31/24 NAV Price

This information on 2024 estimated year-end distributions is intended for existing shareholders.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. Most or all of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income.

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.
Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.

Fund	Record Date	Ex-Date	Payable Date	Short-term Capital Gain	Long-term Capital Gain
Equity Portfolio	12/26/24	12/27/24	12/30/24	None Expected	19% - 21%
Real Estate Portfolio	12/26/24	12/27/24	12/30/24	<1%	1% - 3%
Financial Portfolio	12/26/24	12/27/24	12/30/24	<1%	7% - 8%

2023 Distributions

This information on 2023 distributions is intended for existing shareholders

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from appreciation in the portfolio. The funds' long-term investment approach means that this appreciation may have occurred over an extended period of time. The majority of the gains are long-term and generally subject to lower tax rates than short-term gains or dividend income.

Equity Portfolio as of 02/07/24 (formerly Value Portfolio)

Record Date	Ex-Date	Payable Date	Dividends Received Deduction	Ordinary Income	Return of Capital	Reinvestment Price	Short-term Capital Gain	Long-term Capital Gain
12/26/23	12/27/23	12/28/23	53.50%	0.085	-	6.25	0.091	0.588

This information on 2023 distributions is intended for existing shareholders.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Real Estate Portfolio as of 02/07/24

Record Date	Ex-Date	Payable Date	Dividends Received Deduction	Ordinary Income	Return of Capital	Reinvestment Price	Short-term Capital Gain	Long-term Capital Gain
3/28/23	3/29/23	3/30/23	0%	0.06	-	12.92	-	-
6/26/23	6/27/23	6/28/23	0%	0.06	-	13.31	-	-
9/26/23	9/27/23	9/28/23	0%	0.06	-	12.36	-	-
12/26/23	12/27/23	12/28/23	0%	0.16	-	14.39	-	-

This information on 2023 distributions is intended for existing shareholders.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

Financial Portfolio as of 02/07/24

Record Date	Ex-Date	Payable Date	Dividends Received Deduction	Ordinary Income	Return of Capital	Reinvestment Price	Short-term Capital Gain	Long-term Capital Gain
12/26/23	12/27/23	12/28/23	77.91%	0.28	-	13.04	-	0.563

This information on 2023 distributions is intended for existing shareholders.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.