Overview

Investment Strategy

The Davis Government Money Market Fund seeks to achieve current income consistent with the principles of capital preservation and maintaining liquidity.

The Fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share. There is no guarantee the Fund will be successful in maintaining a $1.00 share price.

The Fund invests primarily in short-term U.S. government agency securities that carry the highest credit rating but yield more than U.S. Treasury securities of comparable maturities.

It invests exclusively in U.S. Treasury securities, U.S. government agency securities, and U.S. government agency mortgage securities as well as repurchase agreements collateralized by U.S. government securities. The Fund seeks to maintain liquidity and preserve capital by carefully monitoring the maturity of its investments. The Fund’s portfolio maintains a dollar-weighted average maturity of 60 days or less.

Fund Details as of 3/31/24

Detail Value
Safety and Current Income
Total Net Assets ($M) 85.7
Benchmark
Lipper Category U.S. Govt Money Market

A Shares

Detail Value
Ticker (A) RPGXX
Inception Date (A) 10/26/89
CUSIP (A) 239103864
Fund Number (A) 427
Net Expense Ratio (A) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than zero until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may recapture from the assets of the Fund any of the operating expenses it has reimbursed (but not any of the management fees which it has waived) until the end of the third calendar year after the end of the calendar year in which such reimbursement occurs, subject to certain limitations. This recapture could negatively affect the Fund’s future yield. As of the most recent prospectus. 0.69%
Gross Expense Ratio (A) 0.69%

C Shares

Detail Value
Ticker (C) RPGXX
Inception Date (C) 3/30/95
CUSIP (C) 239103849
Fund Number (C) 737
Net Expense Ratio (C) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than zero until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may recapture from the assets of the Fund any of the operating expenses it has reimbursed (but not any of the management fees which it has waived) until the end of the third calendar year after the end of the calendar year in which such reimbursement occurs, subject to certain limitations. This recapture could negatively affect the Fund’s future yield. As of the most recent prospectus. 0.69%
Gross Expense Ratio (C) 0.69%

Y Shares

Detail Value
Ticker (Y) RPGXX
Inception Date (Y) 7/18/06
CUSIP (Y) 239103781
Fund Number (Y) 914
Net Expense Ratio (Y) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than zero until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may recapture from the assets of the Fund any of the operating expenses it has reimbursed (but not any of the management fees which it has waived) until the end of the third calendar year after the end of the calendar year in which such reimbursement occurs, subject to certain limitations. This recapture could negatively affect the Fund’s future yield. As of the most recent prospectus. 0.69%
Gross Expense Ratio (Y) 0.69%

Fund Manager

Creston A. King
38 Years Industry Experience
25 Years at Davis Funds
View Bio

Resources

Document
Factsheet
Percentage of income from U.S. government obligations

Portfolio Characteristics as of 3/31/24

Portfolio Statistics

Item Government Money Market Fund
7 Day SEC Yield 4.63%
Unsubsidized 30 day SEC Yield 4.73%
Dividend Paid Monthly
Last Distribution $0.003936
Last 12 Month Distribution $0.045306

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 Government Money Market Fund
StoneX Repurchase Agreement 38.8%
Nomura Repurchase Agreement 36.4%
US Government 91282CGF2 5.8%
FFCB 3133ENWP1 5.8%
FHLB 313384H44 5.7%
FFCB 3133EPFL4 1.7%
FHLMC 3134GXWB6 1.7%
Private Export Funding 74274TAG5 1.2%
FHLB 3130AQEB5 1.0%
FHLB 3130ARCT6 1.0%
Top 10 Holdings Total % of Portfolio 99.0%

Top 10 Holdings: Monthly (as of 5/31/24)

Holding/​Issuer Ticker/​CUSIP Government Money Market Fund
Nomura Repurchase Agreement 35.1%
StoneX Repurchase Agreement 31.2%
US Government 91282CGF2 5.5%
FFCB 3133ERAD3 5.5%
US Government 912797KX4 5.4%
FHLB 313384H44 5.4%
US Government 91282CFS5 3.3%
FHLMC 3137EAEP0 3.2%
FFCB 3133EPFL4 1.6%
Private Export Funding 74274TAG5 1.1%
Top 10 Holdings Total % of Portfolio 97.3%

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

Holding/​Issuer Ticker/​CUSIP Government Money Market Fund
StoneX Repurchase Agreement 38.8%
Nomura Repurchase Agreement 36.4%
US Government 91282CGF2 5.8%
FFCB 3133ENWP1 5.8%
FHLB 313384H44 5.7%
FFCB 3133EPFL4 1.7%
FHLMC 3134GXWB6 1.7%
Private Export Funding 74274TAG5 1.2%
FHLB 3130AQEB5 1.0%
FHLB 3130ARCT6 1.0%
FFCB 3133EMV25 0.6%
FHLB 3130AV7F3 0.4%
FHLB 3133X8EW8 0.2%
FFCB 3133EKQU3 0.1%

All Holdings: Monthly (as of 5/31/24)

Holding/​Issuer Ticker/​CUSIP Government Money Market Fund
Nomura Repurchase Agreement 35.1%
StoneX Repurchase Agreement 31.2%
US Government 91282CGF2 5.5%
FFCB 3133ERAD3 5.5%
US Government 912797KX4 5.4%
FHLB 313384H44 5.4%
US Government 91282CFS5 3.3%
FHLMC 3137EAEP0 3.2%
FFCB 3133EPFL4 1.6%
Private Export Funding 74274TAG5 1.1%
FHLB 3130AQEB5 0.9%
FHLB 3130ARCT6 0.9%
FFCB 3133EMV25 0.5%
FHLB 3130AV7F3 0.4%
FHLB 3133X8EW8 0.2%
FFCB 3133EKQU3 0.1%

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

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.