2024 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

Online Access of Your Tax Forms

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

2024 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 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 12/13/24

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	6/13/24	6/14/24	6/17/24	TBD	.1826	TBD	-	2.00	27.49
	12/12/24	12/13/24	12/16/24	TBD	.294	TBD	.0243	3.00	TBD
Class B	6/13/24	6/14/24	6/17/24	TBD	.046	TBD	-	2.00	20.40
	12/12/24	12/13/24	12/16/24	TBD	.128	TBD	.0243	3.00	TBD
Class C	6/13/24	6/14/24	6/17/24	TBD	.05	TBD	-	2.00	21.92
	12/12/24	12/13/24	12/16/24	TBD	.139	TBD	.0243	3.00	TBD
Class Y	6/13/24	6/14/24	6/17/24	TBD	.225	TBD	-	2.00	28.69
	12/12/24	12/13/24	12/16/24	TBD	.344	TBD	.0243	3.00	TBD
Class R	6/13/24	6/14/24	6/17/24	TBD	.144	TBD	-	2.00	27.56
	12/12/24	12/13/24	12/16/24	TBD	.25	TBD	.0243	3.00	TBD

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.

International Fund as of 12/13/24

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	12/12/24	12/13/24	12/16/24	TBD	.2875	TBD	TBD	-	-	TBD
Class C	12/12/24	12/13/24	12/16/24	TBD	.18	TBD	TBD	-	-	TBD
Class Y	12/12/24	12/13/24	12/16/24	TBD	.3202	TBD	TBD	-	-	TBD

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.

Global Fund as of 12/13/24

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	12/12/24	12/13/24	12/16/24	TBD	.33	TBD	TBD	-	3.2211	TBD
Class C	12/12/24	12/13/24	12/16/24	TBD	.094	TBD	TBD	-	3.2211	TBD
Class Y	12/12/24	12/13/24	12/16/24	TBD	.4025	TBD	TBD	-	3.2211	TBD

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.

Financial Fund as of 12/13/24

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	12/12/24	12/13/24	12/16/24	TBD	1.006	TBD	.0345	1.635	TBD
Class C	12/12/24	12/13/24	12/16/24	TBD	.42	TBD	.0345	1.635	TBD
Class Y	12/12/24	12/13/24	12/16/24	TBD	1.194	TBD	.0345	1.635	TBD

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.

Opportunity Fund as of 12/13/24

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	12/12/24	12/13/24	12/16/24	TBD	.417	TBD	.045	5.84	TBD
Class C	12/12/24	12/13/24	12/16/24	TBD	.054	TBD	.045	5.84	TBD
Class Y	12/12/24	12/13/24	12/16/24	TBD	.56	TBD	.045	5.84	TBD

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.

Balanced Fund as of 12/13/24 (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	3/28/24	4/1/24	4/2/24	TBD	.20	TBD	-	-	59.56
	6/13/24	6/14/24	6/17/24	TBD	.20	TBD	-	-	59.35
	9/25/24	9/26/24	9/27/24	TBD	.25	TBD	-	-	61.73
	12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD
Class C	3/28/24	4/1/24	4/2/24	TBD	.093	TBD	-	-	59.36
	6/13/24	6/14/24	6/17/24	TBD	.088	TBD	-	-	59.18
	9/25/24	9/26/24	9/27/24	TBD	.132	TBD	-	-	61.53
	12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD
Class Y	3/28/24	4/1/24	4/2/24	TBD	.246	TBD	-	-	59.83
	6/13/24	6/14/24	6/17/24	TBD	.249	TBD	-	-	59.61
	9/25/24	9/26/24	9/27/24	TBD	.298	TBD	-	-	62.01
	12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD

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.

Real Estate Fund as of 12/13/24

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	3/28/24	4/1/24	4/2/24	TBD	.20	TBD	-	-	40.16
	6/13/24	6/14/24	6/17/24	TBD	.20	TBD	-	-	40.19
	9/25/24	9/26/24	9/27/24	TBD	.20	TBD	-	-	46.10
	12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD
Class C	3/28/24	4/1/24	4/2/24	TBD	.1242	TBD	-	-	40.14
	6/13/24	6/14/24	6/17/24	TBD	.1262	TBD	-	-	40.18
	9/25/24	9/26/24	9/27/24	TBD	.1183	TBD	-	-	46.07
	12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD
Class Y	3/28/24	4/1/24	4/2/24	TBD	.229	TBD	-	-	40.74
	6/13/24	6/14/24	6/17/24	TBD	.228	TBD	-	-	40.77
	9/25/24	9/26/24	9/27/24	TBD	.231	TBD	-	-	46.77
	12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD

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.

Government Bond Fund as of 12/13/24

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	12/12/24	12/13/24	12/16/24		Monthly	-	-	-	-
Class C	12/12/24	12/13/24	12/16/24		Monthly	-	-	-	-
Class Y	12/12/24	12/13/24	12/16/24		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 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.

Variable Account Funds Distributions

2024 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 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 12/13/24 (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
12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD

This information on 2024 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 12/13/24

Record Date	Ex-Date	Payable Date	Dividends Received Deduction	Ordinary Income	Return of Capital	Reinvestment Price	Short-term Capital Gain	Long-term Capital Gain
3/28/24	4/1/24	4/2/24	TBD	.07	TBD	13.80	-	-
6/13/24	6/14/24	6/17/24	TBD	.07	TBD	13.81	-	-
9/25/24	9/26/24	9/27/24	TBD	.07	TBD	15.83	-	-
12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD

This information on 2024 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 12/13/24

Record Date	Ex-Date	Payable Date	Dividends Received Deduction	Ordinary Income	Return of Capital	Reinvestment Price	Short-term Capital Gain	Long-term Capital Gain
12/26/24	12/27/24	12/30/24	TBD	TBD	TBD	TBD	TBD	TBD

This information on 2024 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.