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. 18.5% 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 3/31/25
| Detail | Value |
|---|---|
| Long-Term Growth and Income | |
| Total Net Assets ($M) | 258.6 |
| 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, 2025. 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, 2025. 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) | 1.99% |
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, 2025. 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% |
Effective 6/30/24, Davis Appreciation & Income Fund was renamed Davis Balanced Fund.
Fund Managers
Resources
| Document |
|---|
| Factsheet |
Performance as of 3/31/25
Average Annual Returns
A Shares: Quarterly (as of 3/31/25)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
A Shares without a sales charge |
3.15% | 8.95% | 8.92% | 16.05% | 7.37% | 8.29% |
|
|
A Shares with a maximum 4.75% sales charge |
-1.75% | 3.77% | 7.18% | 14.94% | 6.85% | 8.13% |
The average annual total returns for Davis Balanced Fund’s Class A shares for periods ending March 31, 2025, including a maximum 4.75% sales charge, are: 1 year, 3.77%; 5 years, 14.94%; and 10 years, 6.85%. 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, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized.
A Shares: Monthly (as of 3/31/25)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
A Shares without a sales charge |
3.15% | 8.95% | 8.92% | 16.05% | 7.37% | 8.29% |
|
|
A Shares with a maximum 4.75% sales charge |
-1.75% | 3.77% | 7.18% | 14.94% | 6.85% | 8.13% |
The average annual total returns for Davis Balanced Fund’s Class A shares for periods ending March 31, 2025, including a maximum 4.75% sales charge, are: 1 year, 3.77%; 5 years, 14.94%; and 10 years, 6.85%. 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, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized.
C Shares: Quarterly (as of 3/31/25)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
C Shares without CDSC |
2.94% | 8.11% | 8.11% | 15.17% | 6.69% | 6.21% |
|
|
C Shares with CDSC |
1.94% | 7.11% | 8.11% | 15.17% | 6.69% | 6.21% |
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 Balanced Fund’s Class A shares for periods ending March 31, 2025, including a maximum 4.75% sales charge, are: 1 year, 3.77%; 5 years, 14.94%; and 10 years, 6.85%. 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, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized.
C Shares: Monthly (as of 3/31/25)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
C Shares without CDSC |
2.94% | 8.11% | 8.11% | 15.17% | 6.69% | 6.21% |
|
|
C Shares with CDSC |
1.94% | 7.11% | 8.11% | 15.17% | 6.69% | 6.21% |
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 Balanced Fund’s Class A shares for periods ending March 31, 2025, including a maximum 4.75% sales charge, are: 1 year, 3.77%; 5 years, 14.94%; and 10 years, 6.85%. 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, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized.
Y Shares: Quarterly (as of 3/31/25)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Y Shares | 3.24% | 9.28% | 9.27% | 16.42% | 7.69% | 7.50% |
The average annual total returns for Davis Balanced Fund’s Class A shares for periods ending March 31, 2025, including a maximum 4.75% sales charge, are: 1 year, 3.77%; 5 years, 14.94%; and 10 years, 6.85%. 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, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized.
Y Shares: Monthly (as of 3/31/25)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Y Shares | 3.24% | 9.28% | 9.27% | 16.42% | 7.69% | 7.50% |
The average annual total returns for Davis Balanced Fund’s Class A shares for periods ending March 31, 2025, including a maximum 4.75% sales charge, are: 1 year, 3.77%; 5 years, 14.94%; and 10 years, 6.85%. 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, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized.
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. 18.5% 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.
Portfolio Characteristics as of 3/31/25
Portfolio Allocation
| Asset | Percentage | |
|---|---|---|
|
|
Common Stock | 65.5% |
|
|
Bonds | 14.0% |
|
|
Foreign Stocks | 11.3% |
|
|
Cash & Equivalents | 9.3% |
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 3/31/25)
| Holding/Issuer | Ticker/CUSIP | Balanced Fund | S&P 500® |
|---|---|---|---|
| Berkshire Hathaway | BRK B | 8.9% | 2.1% |
| Capital One Financial | COF | 5.8% | 0.1% |
| Quest Diagnostics | DGX | 4.9% | < 0.1% |
| CVS Health | CVS | 4.7% | 0.2% |
| Applied Materials | AMAT | 3.9% | 0.3% |
| Solventum | SOLV | 3.3% | < 0.1% |
| Amazon.com | AMZN | 3.2% | 3.8% |
| Viatris | VTRS | 3.2% | < 0.1% |
| Humana | HUM | 2.8% | 0.1% |
| DBS Group Holdings | DBS SP | 2.8% | — |
| Total | 43.5% | 6.5% | |
Top 10 Holdings: Monthly (as of 3/31/25)
| Holding/Issuer | Ticker/CUSIP | Balanced Fund | S&P 500® |
|---|---|---|---|
| Berkshire Hathaway | BRK B | 8.9% | 2.1% |
| Capital One Financial | COF | 5.8% | 0.1% |
| Quest Diagnostics | DGX | 4.9% | < 0.1% |
| CVS Health | CVS | 4.7% | 0.2% |
| Applied Materials | AMAT | 3.9% | 0.3% |
| Solventum | SOLV | 3.3% | < 0.1% |
| Amazon.com | AMZN | 3.2% | 3.8% |
| Viatris | VTRS | 3.2% | < 0.1% |
| Humana | HUM | 2.8% | 0.1% |
| DBS Group Holdings | DBS SP | 2.8% | — |
| Total | 43.5% | 6.5% | |
All Holdings: Quarterly (as of 3/31/25)
| Holding/Issuer | Ticker/CUSIP | Balanced Fund | S&P 500® |
|---|---|---|---|
| Berkshire Hathaway | BRK B | 8.9% | 2.1% |
| Capital One Financial | COF | 5.8% | 0.1% |
| Quest Diagnostics | DGX | 4.9% | < 0.1% |
| CVS Health | CVS | 4.7% | 0.2% |
| Applied Materials | AMAT | 3.9% | 0.3% |
| Solventum | SOLV | 3.3% | < 0.1% |
| Amazon.com | AMZN | 3.2% | 3.8% |
| Viatris | VTRS | 3.2% | < 0.1% |
| Humana | HUM | 2.8% | 0.1% |
| DBS Group Holdings | DBS SP | 2.8% | — |
| Julius Baer Group | BAER SE | 2.8% | — |
| Chubb | CB | 2.7% | 0.2% |
| Bank of New York Mellon | BK | 2.3% | 0.1% |
| Wells Fargo | WFC | 2.2% | 0.5% |
| Cigna Group | CI | 2.1% | 0.2% |
| Owens Corning | OC | 2.1% | — |
| Alphabet | GOOG | 2.1% | 1.6% |
| Meta Platforms | META | 2.0% | 2.7% |
| Danske Bank | DANSKE DC | 1.9% | — |
| Markel Group | MKL | 1.9% | — |
| Texas Instruments | TXN | 1.8% | 0.3% |
| Tourmaline Oil | TOU CN | 1.8% | — |
| JPMorgan Chase | JPM | 1.8% | 1.4% |
| Goldman Sachs Group | 38141GXX7 | 1.4% | — |
| AGCO | AGCO | 1.3% | — |
| Microsoft | MSFT | 1.2% | 5.9% |
| Vale | VALE | 1.2% | — |
| FNMA | 3140JCLJ1 | 1.1% | — |
| Small Business Administration | 8316A0QH6 | 1.1% | — |
| Johnson Controls International | JCI | 0.9% | 0.1% |
| FHLMC | 3137HBXM1 | 0.9% | — |
| AIA Group | 1299 HK | 0.8% | — |
| FNMA | 3140JCM92 | 0.8% | — |
| FNMA | 3136BTYR8 | 0.7% | — |
| GNMA | 38384DSZ1 | 0.7% | — |
| FNMA | 3140JCA38 | 0.7% | — |
| Viatris | 92556VAD8 | 0.7% | — |
| Brean Asset Backed Securities Trust | 10638CAA0 | 0.6% | — |
| GNMA | 3622ACSY7 | 0.6% | — |
| U.S. Bancorp | USB | 0.5% | 0.1% |
| GNMA | 36179X2N5 | 0.5% | — |
| GNMA | 38380QLA8 | 0.5% | — |
| Small Business Administration | 8316A0KR0 | 0.4% | — |
| American Eagle Northwest | 02554CAB5 | 0.4% | — |
| GNMA | 38384CJB6 | 0.4% | — |
| GNMA | 3622ACW55 | 0.4% | — |
| Montana Higher Ed Student Assistance | 61205PAL3 | 0.4% | — |
| Brean Asset Backed Securities Trust | 10638NAA6 | 0.3% | — |
| GNMA | 38384EW27 | 0.3% | — |
| FHLMC | 31335AWV6 | 0.3% | — |
| GNMA | 38383HGM5 | 0.3% | — |
| FNMA | 3138ETYF7 | 0.2% | — |
| Brean Asset Backed Securities Trust | 10638MAA8 | 0.2% | — |
| Small Business Administration | 8316A0J76 | 0.1% | — |
| FHLMC | 3137FWR85 | 0.1% | — |
| Cash | — | 9.2% | — |
All Holdings: Monthly (as of 3/31/25)
| Holding/Issuer | Ticker/CUSIP | Balanced Fund | S&P 500® |
|---|---|---|---|
| Berkshire Hathaway | BRK B | 8.9% | 2.1% |
| Capital One Financial | COF | 5.8% | 0.1% |
| Quest Diagnostics | DGX | 4.9% | < 0.1% |
| CVS Health | CVS | 4.7% | 0.2% |
| Applied Materials | AMAT | 3.9% | 0.3% |
| Solventum | SOLV | 3.3% | < 0.1% |
| Amazon.com | AMZN | 3.2% | 3.8% |
| Viatris | VTRS | 3.2% | < 0.1% |
| Humana | HUM | 2.8% | 0.1% |
| DBS Group Holdings | DBS SP | 2.8% | — |
| Julius Baer Group | BAER SE | 2.8% | — |
| Chubb | CB | 2.7% | 0.2% |
| Bank of New York Mellon | BK | 2.3% | 0.1% |
| Wells Fargo | WFC | 2.2% | 0.5% |
| Cigna Group | CI | 2.1% | 0.2% |
| Owens Corning | OC | 2.1% | — |
| Alphabet | GOOG | 2.1% | 1.6% |
| Meta Platforms | META | 2.0% | 2.7% |
| Danske Bank | DANSKE DC | 1.9% | — |
| Markel Group | MKL | 1.9% | — |
| Texas Instruments | TXN | 1.8% | 0.3% |
| Tourmaline Oil | TOU CN | 1.8% | — |
| JPMorgan Chase | JPM | 1.8% | 1.4% |
| Goldman Sachs Group | 38141GXX7 | 1.4% | — |
| AGCO | AGCO | 1.3% | — |
| Microsoft | MSFT | 1.2% | 5.9% |
| Vale | VALE | 1.2% | — |
| FNMA | 3140JCLJ1 | 1.1% | — |
| Small Business Administration | 8316A0QH6 | 1.1% | — |
| Johnson Controls International | JCI | 0.9% | 0.1% |
| FHLMC | 3137HBXM1 | 0.9% | — |
| AIA Group | 1299 HK | 0.8% | — |
| FNMA | 3140JCM92 | 0.8% | — |
| FNMA | 3136BTYR8 | 0.7% | — |
| GNMA | 38384DSZ1 | 0.7% | — |
| FNMA | 3140JCA38 | 0.7% | — |
| Viatris | 92556VAD8 | 0.7% | — |
| Brean Asset Backed Securities Trust | 10638CAA0 | 0.6% | — |
| GNMA | 3622ACSY7 | 0.6% | — |
| U.S. Bancorp | USB | 0.5% | 0.1% |
| GNMA | 36179X2N5 | 0.5% | — |
| GNMA | 38380QLA8 | 0.5% | — |
| Small Business Administration | 8316A0KR0 | 0.4% | — |
| American Eagle Northwest | 02554CAB5 | 0.4% | — |
| GNMA | 38384CJB6 | 0.4% | — |
| GNMA | 3622ACW55 | 0.4% | — |
| Montana Higher Ed Student Assistance | 61205PAL3 | 0.4% | — |
| Brean Asset Backed Securities Trust | 10638NAA6 | 0.3% | — |
| GNMA | 38384EW27 | 0.3% | — |
| FHLMC | 31335AWV6 | 0.3% | — |
| GNMA | 38383HGM5 | 0.3% | — |
| FNMA | 3138ETYF7 | 0.2% | — |
| Brean Asset Backed Securities Trust | 10638MAA8 | 0.2% | — |
| Small Business Administration | 8316A0J76 | 0.1% | — |
| FHLMC | 3137FWR85 | 0.1% | — |
| Cash | — | 9.2% | — |
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 | Balanced Fund | S&P 500® |
|---|---|---|
| Financials | 44.7% | 14.7% |
| Health Care | 27.3% | 11.2% |
| Information Technology | 9.0% | 29.6% |
| Industrials | 5.6% | 8.5% |
| Communication Services | 5.2% | 9.2% |
| Consumer Discretionary | 4.2% | 10.3% |
| Energy | 2.4% | 3.7% |
| Materials | 1.5% | 2.0% |
| Consumer Staples | — | 6.1% |
| Utilities | — | 2.5% |
| Real Estate | — | 2.3% |
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. | December 2024 |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Prospectus |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| Annual Report - Class A |
| Annual Report - Class C |
| Annual Report - Class Y |
| Annual Financial Statements & Other Info Items 7-11 of Form N-CSR |
| Document |
|---|
| Semi-Annual Report - Class A |
| Semi-Annual Report - Class C |
| Semi-Annual Report - Class Y |
| Semi-Annual Financial Statements & Other Info Items 7-11 of Form N-CSR |
Purchase Details
Open an Account
You can invest with Davis Funds in a number of ways:
- Speak with your Financial Advisor
- Open an account by mail by downloading the applications below
| Document |
|---|
| Application for Individuals (Joint, Trust, Custodial) |
| Application for Businesses |
|
Application for Individual Retirement Account (IRA)
Please download one of the following disclosure and custodial agreements: |
|
Application for Coverdell Education Savings Account
Please download the Coverdell Education Savings Account Disclosure and Custodial Agreement |
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
2024 Distributions as of 02/11/25
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 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 | 3/28/24 | 4/1/24 | 4/2/24 | 77.74% | .20 | - | - | - | 59.56 |
| 6/13/24 | 6/14/24 | 6/17/24 | 77.74% | .20 | - | - | - | 59.35 | |
| 9/25/24 | 9/26/24 | 9/27/24 | 77.74% | .25 | - | - | - | 61.73 | |
| 12/26/24 | 12/27/24 | 12/30/24 | 77.74% | .2956 | - | .0123 | 3.36 | 59.17 | |
| Class C | 3/28/24 | 4/1/24 | 4/2/24 | 77.74% | .093 | - | - | - | 59.36 |
| 6/13/24 | 6/14/24 | 6/17/24 | 77.74% | .088 | - | - | - | 59.18 | |
| 9/25/24 | 9/26/24 | 9/27/24 | 77.74% | .132 | - | - | - | 61.53 | |
| 12/26/24 | 12/27/24 | 12/30/24 | 77.74% | .17 | - | .0123 | 3.36 | 58.97 | |
| Class Y | 3/28/24 | 4/1/24 | 4/2/24 | 77.74% | .246 | - | - | - | 59.83 |
| 6/13/24 | 6/14/24 | 6/17/24 | 77.74% | .249 | - | - | - | 59.61 | |
| 9/25/24 | 9/26/24 | 9/27/24 | 77.74% | .298 | - | - | - | 62.01 | |
| 12/26/24 | 12/27/24 | 12/30/24 | 77.74% | .344 | - | .0123 | 3.36 | 59.45 |
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 2024 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 2024 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.