Overview

Investment Strategy

The Fund invests in stocks and bonds, seeking to provide total return through capital appreciation and income.

The portfolio is a combination of stocks of durable, well-managed companies (about two-thirds of the portfolio) and high quality bonds (about one-third).

Through up-market years since inception in 1992, the Fund has delivered an average annual return of 14.5% vs. 18.2% for the S&P 500® Index. Through down market years since 1992, the Fund has delivered an average annual return of -12.5% vs. -17.1% for the S&P 500® Index.

Fund Details as of 3/31/24

Detail Value
Long-Term Growth and Income
Total Net Assets ($M) 249.2
Benchmark S&P 500
Lipper Category Mixed-Asset Tgt Alloc Growth

A Shares

Detail Value
Ticker (A) RPFCX
Inception Date (A) 5/1/92
CUSIP (A) 239103880
Fund Number (A) 439
Net Expense Ratio (A) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.00%; Class C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 1, 2024. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 1.00%
Gross Expense Ratio (A) 1.00%

C Shares

Detail Value
Ticker (C) DCSCX
Inception Date (C) 8/12/97
CUSIP (C) 239103732
Fund Number (C) 839
Net Expense Ratio (C) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.00%; Class C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 1, 2024. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 1.75%
Gross Expense Ratio (C) 1.97%

Y Shares

Detail Value
Ticker (Y) DCSYX
Inception Date (Y) 11/13/96
CUSIP (Y) 239103773
Fund Number (Y) 916
Net Expense Ratio (Y) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.00%; Class C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 1, 2024. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 0.68%
Gross Expense Ratio (Y) 0.68%

Fund Managers

Chris C. Davis
36 Years Industry Experience
35 Years at Davis Funds
View Bio
Creston A. King
38 Years Industry Experience
25 Years at Davis Funds
View Bio
Darin Prozes
20 Years Industry Experience
20 Years at Davis Funds
View Bio

Resources

Document
Factsheet

Performance as of 3/31/24

Average Annual Returns

A Shares: Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
9.69% 30.22% 8.08% 10.61% 6.70% 8.26%
A Shares
with a maximum 4.75% sales charge
4.48% 24.03% 6.35% 9.55% 6.18% 8.11%

The average annual total returns for Davis Appreciation and Income Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.03%; 5 years, 9.55%; and 10 years, 6.18%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.00%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires May 1, 2024.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

A Shares: Monthly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
9.69% 30.22% 8.08% 10.61% 6.70% 8.26%
A Shares
with a maximum 4.75% sales charge
4.48% 24.03% 6.35% 9.55% 6.18% 8.11%

The average annual total returns for Davis Appreciation and Income Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.03%; 5 years, 9.55%; and 10 years, 6.18%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.00%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires May 1, 2024.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

C Shares: Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
9.50% 29.27% 7.27% 9.76% 6.02% 6.11%
C Shares
with CDSC
8.50% 28.27% 7.27% 9.76% 6.02% 6.11%

Class C shares automatically convert to Class A shares after eight years. Class C shares’ performance for the periods exceeding eight years include the first eight years of Class C share performance and Class A share performance thereafter.

The average annual total returns for Davis Appreciation and Income Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.03%; 5 years, 9.55%; and 10 years, 6.18%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.00%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires May 1, 2024.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

C Shares: Monthly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
9.50% 29.27% 7.27% 9.76% 6.02% 6.11%
C Shares
with CDSC
8.50% 28.27% 7.27% 9.76% 6.02% 6.11%

Class C shares automatically convert to Class A shares after eight years. Class C shares’ performance for the periods exceeding eight years include the first eight years of Class C share performance and Class A share performance thereafter.

The average annual total returns for Davis Appreciation and Income Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.03%; 5 years, 9.55%; and 10 years, 6.18%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.00%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires May 1, 2024.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Y Shares: Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 9.80% 30.65% 8.43% 10.96% 7.00% 7.43%

The average annual total returns for Davis Appreciation and Income Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.03%; 5 years, 9.55%; and 10 years, 6.18%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.00%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires May 1, 2024.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Y Shares: Monthly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 9.80% 30.65% 8.43% 10.96% 7.00% 7.43%

The average annual total returns for Davis Appreciation and Income Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.03%; 5 years, 9.55%; and 10 years, 6.18%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.00%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires May 1, 2024.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Average Annual Returns Through Up and Down Years

Key Takeaway

Through up-market years since 1992, the Fund has delivered an average annual return of 14.5% vs. 18.2% for the S&P 500® Index. Through down market years since 1992, the Fund has delivered an average annual return of -12.5% vs. -17.1% for the S&P 500® Index.

Appreciation and Income Fund
S&P 500®

Portfolio Characteristics as of 3/31/24

Portfolio Allocation

Asset Percentage
Common Stock 67.6%
Bonds 13.8%
Cash & Equivalents 9.3%
Foreign Stocks 9.2%

Portfolio Holdings The information provided should not be considered a recommendation to buy, sell or hold any particular security. Davis Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in the prospectus. Holding percentages are subject to change.

Top 10 Holdings: Quarterly (as of 3/31/24)

Holding/​Issuer Ticker/​CUSIP Appreciation and Income Fund S&P 500®
Berkshire Hathaway BRK B 8.3% 1.7%
Capital One Financial COF 5.8% 0.1%
Applied Materials AMAT 5.7% 0.4%
Amazon.com AMZN 5.7% 3.7%
Wells Fargo WFC 5.5% 0.5%
Quest Diagnostics DGX 4.0% < 0.1%
Viatris VTRS 4.0% < 0.1%
Owens Corning OC 2.8%
Julius Baer Group BAER SE 2.6%
Intel INTC 2.6% 0.4%
Top 10 Holdings Total % of Portfolio 46.7% 7.0%

Top 10 Holdings: Monthly (as of 3/31/24)

Holding/​Issuer Ticker/​CUSIP Appreciation and Income Fund S&P 500®
Berkshire Hathaway BRK B 8.3% 1.7%
Capital One Financial COF 5.8% 0.1%
Applied Materials AMAT 5.7% 0.4%
Amazon.com AMZN 5.7% 3.7%
Wells Fargo WFC 5.5% 0.5%
Quest Diagnostics DGX 4.0% < 0.1%
Viatris VTRS 4.0% < 0.1%
Owens Corning OC 2.8%
Julius Baer Group BAER SE 2.6%
Intel INTC 2.6% 0.4%
Top 10 Holdings Total % of Portfolio 46.7% 7.0%

All Holdings: Quarterly (as of 3/31/24)

Holding/​Issuer Ticker/​CUSIP Appreciation and Income Fund S&P 500®
Berkshire Hathaway BRK B 8.3% 1.7%
Capital One Financial COF 5.8% 0.1%
Applied Materials AMAT 5.7% 0.4%
Amazon.com AMZN 5.7% 3.7%
Wells Fargo WFC 5.5% 0.5%
Quest Diagnostics DGX 4.0% < 0.1%
Viatris VTRS 4.0% < 0.1%
Owens Corning OC 2.8%
Julius Baer Group BAER SE 2.6%
Intel INTC 2.6% 0.4%
Bank of New York Mellon BK 2.5% 0.1%
JPMorgan Chase JPM 2.4% 1.3%
Cigna Group CI 2.4% 0.2%
Chubb CB 2.4% 0.2%
DBS Group Holdings DBS SP 2.2%
Humana HUM 2.2% 0.1%
Alphabet GOOG 2.1% 1.7%
Danske Bank DANSKE DC 2.1%
Texas Instruments TXN 1.9% 0.4%
Meta Platforms META 1.7% 2.4%
Markel Group MKL 1.6%
Tourmaline Oil TOU CN 1.6%
Microsoft MSFT 1.4% 7.1%
Goldman Sachs Group 38141GXX7 1.4%
FHLMC 3137HBXM1 1.2%
Occidental Petroleum 674599EE1 0.9%
GNMA 36179X2N5 0.8%
AGCO AGCO 0.8%
Johnson Controls International JCI 0.8% 0.1%
GNMA 38384DSZ1 0.8%
American Express AXP 0.8% 0.3%
AIA Group 1299 HK 0.8%
GNMA 38384CJB6 0.7%
FNMA 3140JCA38 0.7%
GNMA 38384EW27 0.7%
Viatris 92556VAD8 0.7%
Brean Asset Backed Securities Trust 10638CAA0 0.6%
Small Business Administration 8316A0KR0 0.6%
GNMA 3622ACSY7 0.6%
Morgan Stanley BAML Trust 61764PBT8 0.6%
U.S. Bancorp USB 0.6% 0.2%
American Eagle Northwest 02554CAB5 0.5%
GNMA 3622ACW55 0.5%
GNMA 38380QLA8 0.5%
GNMA 38383HGM5 0.4%
Brean Asset Backed Securities Trust 10638NAA6 0.4%
FHLMC 31335AWV6 0.3%
FNMA 3138ETYF7 0.2%
Brean Asset Backed Securities Trust 10638MAA8 0.2%
Small Business Administration 8316A0J76 0.2%
FHLMC 3137FWR85 0.1%
Cash 9.3%

All Holdings: Monthly (as of 3/31/24)

Holding/​Issuer Ticker/​CUSIP Appreciation and Income Fund S&P 500®
Berkshire Hathaway BRK B 8.3% 1.7%
Capital One Financial COF 5.8% 0.1%
Applied Materials AMAT 5.7% 0.4%
Amazon.com AMZN 5.7% 3.7%
Wells Fargo WFC 5.5% 0.5%
Quest Diagnostics DGX 4.0% < 0.1%
Viatris VTRS 4.0% < 0.1%
Owens Corning OC 2.8%
Julius Baer Group BAER SE 2.6%
Intel INTC 2.6% 0.4%
Bank of New York Mellon BK 2.5% 0.1%
JPMorgan Chase JPM 2.4% 1.3%
Cigna Group CI 2.4% 0.2%
Chubb CB 2.4% 0.2%
DBS Group Holdings DBS SP 2.2%
Humana HUM 2.2% 0.1%
Alphabet GOOG 2.1% 1.7%
Danske Bank DANSKE DC 2.1%
Texas Instruments TXN 1.9% 0.4%
Meta Platforms META 1.7% 2.4%
Markel Group MKL 1.6%
Tourmaline Oil TOU CN 1.6%
Microsoft MSFT 1.4% 7.1%
Goldman Sachs Group 38141GXX7 1.4%
FHLMC 3137HBXM1 1.2%
Occidental Petroleum 674599EE1 0.9%
GNMA 36179X2N5 0.8%
AGCO AGCO 0.8%
Johnson Controls International JCI 0.8% 0.1%
GNMA 38384DSZ1 0.8%
American Express AXP 0.8% 0.3%
AIA Group 1299 HK 0.8%
GNMA 38384CJB6 0.7%
FNMA 3140JCA38 0.7%
GNMA 38384EW27 0.7%
Viatris 92556VAD8 0.7%
Brean Asset Backed Securities Trust 10638CAA0 0.6%
Small Business Administration 8316A0KR0 0.6%
GNMA 3622ACSY7 0.6%
Morgan Stanley BAML Trust 61764PBT8 0.6%
U.S. Bancorp USB 0.6% 0.2%
American Eagle Northwest 02554CAB5 0.5%
GNMA 3622ACW55 0.5%
GNMA 38380QLA8 0.5%
GNMA 38383HGM5 0.4%
Brean Asset Backed Securities Trust 10638NAA6 0.4%
FHLMC 31335AWV6 0.3%
FNMA 3138ETYF7 0.2%
Brean Asset Backed Securities Trust 10638MAA8 0.2%
Small Business Administration 8316A0J76 0.2%
FHLMC 3137FWR85 0.1%
Cash 9.3%

Sector Allocation (Equity Holdings Only) The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Sector Appreciation and Income Fund S&P 500®
Financials 48.7% 13.2%
Health Care 16.3% 12.4%
Information Technology 15.0% 29.5%
Consumer Discretionary 7.4% 10.3%
Industrials 5.7% 8.8%
Communication Services 4.9% 9.0%
Energy 2.0% 4.0%
Consumer Staples 6.0%
Materials 2.4%
Real Estate 2.3%
Utilities 2.2%

Factsheet

Fact Sheets

Document Description Date
Fund Fact Sheet Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. March 2024

Purchase Details

Account Minimums

Investment Class A Class C Class Y
Minimum Initial Investment $1,000 $1,000 $5,000,000
Minimum Additional Investment $25 $25 $25

Distributions

2023 Distributions as of 01/08/24

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.

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

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.


Before investing in the Davis Funds, you should carefully consider the investment objectives, risks, charges, and expenses of the Funds. The prospectus and summary prospectus contains this and other information about the Funds. You can obtain performance information and a current prospectus and summary prospectus by visiting davisfunds.com or calling 800.279.0279. Please read the prospectus or summary prospectus carefully before investing or sending money. Investing involves risks including possible loss of principal.