Mutual Funds Distributions

2023 Semiannual Distributions

Davis New York Venture Fund is paying a midyear long-term capital gain distribution of $0.60 to shareholders of record on June 26, 2023 with an ex-dividend date of June 27, 2023 and a payable date of June 28, 2023.

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 06/28/23

Share Class Record Date Ex-Date Payable Date Income Per Share Short-term Capital Gain Long-term Capital Gain Reinvestment Price
A 6/26/23 6/27/23 6/28/23 $0.1379 - $0.60 $24.91
B 6/26/23 6/27/23 6/28/23 $0.032 - $0.60 $19.22
C 6/26/23 6/27/23 6/28/23 $0.032 - $0.60 $20.44
Y 6/26/23 6/27/23 6/28/23 $0.176 - $0.60 $25.87
R 6/26/23 6/27/23 6/28/23 $0.108 - $0.60 $24.97

This information on 2023 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent in early 2024 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.

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.

2022 Distributions

This information on 2022 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 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
Class A 6/27/22 6/28/22 6/29/22 100% 0.1846 - 22.28 - 1.00
12/8/22 12/9/22 12/12/22 100% 0.1849 - 22.50 - 0.29
Class B 6/27/22 6/28/22 6/29/22 100% 0.059 - 17.39 - 1.00
12/8/22 12/9/22 12/12/22 100% 0.074 - 17.49 - 0.29
Class C 6/27/22 6/28/22 6/29/22 100% 0.065 - 18.44 - 1.00
12/8/22 12/9/22 12/12/22 100% 0.075 - 18.57 - 0.29
Class Y 6/27/22 6/28/22 6/29/22 100% 0.226 - 23.11 - 1.00
12/8/22 12/9/22 12/12/22 100% 0.2195 - 23.34 - 0.29
Class R 6/27/22 6/28/22 6/29/22 100% 0.148 - 22.34 - 1.00
12/8/22 12/9/22 12/12/22 100% 0.176 - 22.55 - 0.29

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 2022 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 2022 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 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain
Class A 12/8/22 12/9/22 12/12/22 100% - - 10.60 - - -
Class C 12/8/22 12/9/22 12/12/22 100% - - 9.78 - - -
Class Y 12/8/22 12/9/22 12/12/22 100% 0.0493 - 10.47 0.0293 - -

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 2022 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 2022 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 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain
Class A 12/8/22 12/9/22 12/12/22 100% - - 21.74 - - -
Class C 12/8/22 12/9/22 12/12/22 100% - - 19.75 - - -
Class Y 12/8/22 12/9/22 12/12/22 100% 0.054273 - 21.84 0.026273 - -

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 2022 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 2022 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 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
Class A 12/8/22 12/9/22 12/12/22 100% 0.8054 - 47.48 0.041 0.78
Class C 12/8/22 12/9/22 12/12/22 100% 0.33 - 37.27 0.041 0.78
Class Y 12/8/22 12/9/22 12/12/22 100% 0.956 - 49.32 0.041 0.78

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 2022 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 2022 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 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
Class A 12/8/22 12/9/22 12/12/22 100% 0.1459 - 33.66 - 2.67
Class C 12/8/22 12/9/22 12/12/22 100% - - 24.03 - 2.67
Class Y 12/8/22 12/9/22 12/12/22 100% 0.252 - 36.10 - 2.67

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 2022 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 2022 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.

Appreciation and Income Fund as of 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
Class A 3/31/22 4/1/22 4/4/22 100% 0.06 - 53.21 - -
6/27/22 6/28/22 6/29/22 100% 0.06 - 45.83 - -
9/30/22 10/3/22 10/4/22 100% 0.13 - 43.54 - -
12/27/22 12/28/22 12/29/22 100% 0.2515 - 45.05 - 0.701
Class C 3/31/22 4/1/22 4/4/22 100% - - 53.08 - -
6/27/22 6/28/22 6/29/22 100% - - 45.69 - -
9/30/22 10/3/22 10/4/22 100% 0.039 - 43.41 - -
12/27/22 12/28/22 12/29/22 100% 0.169 - 44.91 - 0.701
Class Y 3/31/22 4/1/22 4/4/22 100% 0.103 - 53.45 - -
6/27/22 6/28/22 6/29/22 100% 0.10 - 46.03 - -
9/30/22 10/3/22 10/4/22 100% 0.167 - 43.73 - -
12/27/22 12/28/22 12/29/22 100% 0.29 - 45.24 - 0.701

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 2022 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 2022 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 01/12/23

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
Class A 3/31/22 4/1/22 4/4/22 1.58% 0.13 - 54.45 - -
6/27/22 6/28/22 6/29/22 1.58% 0.13 - 44.20 - -
9/30/22 10/3/22 10/4/22 1.58% 0.24 - 39.74 - -
12/27/22 12/28/22 12/29/22 1.58% 0.24 - 38.03 - 1.32
Class C 3/31/22 4/1/22 4/4/22 1.58% 0.024 - 54.42 - -
6/27/22 6/28/22 6/29/22 1.58% 0.033 - 44.19 - -
9/30/22 10/3/22 10/4/22 1.58% 0.148 - 39.73 - -
12/27/22 12/28/22 12/29/22 1.58% 0.1658 - 38.03 - 1.32
Class Y 3/31/22 4/1/22 4/4/22 1.58% 0.161 - 55.22 - -
6/27/22 6/28/22 6/29/22 1.58% 0.162 - 44.83 - -
9/30/22 10/3/22 10/4/22 1.58% 0.268 - 40.30 - -
12/27/22 12/28/22 12/29/22 1.58% 0.27 - 38.58 - 1.32

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 2022 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 2022 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 12/09/22

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
Class A 12/8/22 12/9/22 12/12/22 - Monthly - - - -
Class C 12/8/22 12/9/22 12/12/22 - Monthly - - - -
Class Y 12/8/22 12/9/22 12/12/22 - Monthly - - - -

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 2022 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 2022 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.

Variable Accounts Distributions

2022 Distributions

Value Portfolio as of 12/30/22

Record Date Ex-Date Payable Date Dividends Received Deduction Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
12/27/22 12/28/22 12/29/22 100% 0.10 - 5.19 - 1.76

This information on 2022 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 12/30/22

Record Date Ex-Date Payable Date Dividends Received Deduction Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
3/31/22 4/1/22 4/4/22 0% 0.04 - 19.33 - -
6/27/22 6/28/22 6/29/22 0% 0.04 - 15.66 - -
9/30/22 10/3/22 10/4/22 0% 0.08 - 14.11 - -
12/27/22 12/28/22 12/29/22 0% 0.12 - 13.04 - 0.89

This information on 2022 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 12/30/22

Record Date Ex-Date Payable Date Dividends Received Deduction Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
12/27/22 12/28/22 12/29/22 87.38% 0.245 - 11.90 0.012 0.452

This information on 2022 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.