Real Estate Fund | Davis Funds

Price	$ Change / % Change
$44.95	$-0.16 / -0.35%

Price	$ Change / % Change
Category	Real Estate
Inception	1/3/94

Resource
Factsheet
PM Commentary
Prospectus

Overview

Investment Strategy

Davis Real Estate Fund is a portfolio of durable, well-managed real estate companies selected using the time-tested Davis Investment Discipline.

The Fund seeks best-of-breed real estate businesses with first-class management that prioritize producing steadily increasing income and strong returns on capital.

The Fund offers investors the diversification of the real estate asset class

We are one of the largest shareholders in the Fund. We experience the same risks and reap the same rewards as our shareholders.

Fund Details as of 9/30/24

Detail	Value
	Long-Term Growth and Income
Total Net Assets ($M)	167.4
Benchmark	Wilshire U.S. Real Estate Securities
Lipper Category	Real Estate

A Shares

Detail	Value
Ticker (A)	RPFRX
Inception Date (A)	1/3/94
CUSIP (A)	239103302
Fund Number (A)	429
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)	DRECX
Inception Date (C)	8/13/97
CUSIP (C)	239103724
Fund Number (C)	829
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)	2.00%

Y Shares

Detail	Value
Ticker (Y)	DREYX
Inception Date (Y)	11/8/96
CUSIP (Y)	239103823
Fund Number (Y)	917
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.	0.75%
Gross Expense Ratio (Y)	0.75%

Fund Managers

Andrew A. Davis

39 Years Industry Experience
32 Years at Davis Funds

View Bio

E Chandler Spears

30 Years Industry Experience
24 Years at Davis Funds

View Bio

Resources

Document
PM Commentary
Factsheet

Performance as of 9/30/24

Average Annual Returns

A Shares: Quarterly (as of 9/30/24)


Share Class		YTD*	1 Yr	3 Yr	5 Yr	10 Yr	Since Incep
	A Shares without a sales charge	12.97%	31.07%	1.91%	3.57%	6.99%	8.79%
	A Shares with a maximum 4.75% sales charge	7.61%	24.84%	0.27%	2.57%	6.48%	8.62%

The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 10/31/24)


Share Class		YTD*	1 Yr	3 Yr	5 Yr	10 Yr	Since Incep
	A Shares without a sales charge	8.74%	33.05%	-1.69%	2.51%	5.65%	8.63%
	A Shares with a maximum 4.75% sales charge	3.57%	26.73%	-3.27%	1.52%	5.14%	8.46%

The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 9/30/24)


Share Class		YTD*	1 Yr	3 Yr	5 Yr	10 Yr	Since Incep
	C Shares without CDSC	12.31%	30.02%	1.10%	2.75%	6.27%	7.08%
	C Shares with CDSC	11.31%	29.02%	1.10%	2.75%	6.27%	7.08%

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 Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 10/31/24)


Share Class		YTD*	1 Yr	3 Yr	5 Yr	10 Yr	Since Incep
	C Shares without CDSC	8.03%	31.97%	-2.46%	1.70%	4.94%	6.91%
	C Shares with CDSC	7.03%	30.97%	-2.46%	1.70%	4.94%	6.91%

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 Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 9/30/24)


Share Class		YTD*	1 Yr	3 Yr	5 Yr	10 Yr	Since Incep
	Y Shares	13.19%	31.39%	2.16%	3.80%	7.23%	8.34%

The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 10/31/24)


Share Class		YTD*	1 Yr	3 Yr	5 Yr	10 Yr	Since Incep
	Y Shares	8.95%	33.36%	-1.44%	2.74%	5.88%	8.17%

The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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.

Portfolio Characteristics as of 9/30/24

Portfolio Composition

Item	Real Estate Fund	Wilshire U.S. Real Estate Securities^®
P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. The Forward P/E of the Wilshire U.S. Real Estate Securities is 46.9x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index.	42.2x	46.9x
5 Year Earnings Growth	7.9%	8.2%
P/B Ratio Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company’s per share book value. Stocks with negative book values are excluded for this calculation.	2.7	3.0
Standard Deviation (5 year, A Shares) Standard Deviation is a measure of the average deviations of a return series from its mean; often used as a risk measure. A large standard deviation implies that there have been large swings or volatility in the manager’s return series.	21.5	21.4
Number of Holdings	37	95
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities.	38.5	44.2
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio.	15.0	3.9

	Real Estate Fund	Real Estate Category Average
Turnover Rate Turnover Rate is a measure of the trading activity in a mutual fund’s investment portfolio that reflects how often securities are bought and sold. These amounts are as of the most recent prospectus. Over the last five years, the high and low turnover rate was 25% and 14%, respectively.	14%	50%

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 9/30/24)

Holding	Ticker	Real Estate Fund	Wilshire U.S. Real Estate Securities^®
Prologis	PLD	8.4%	11.1%
Public Storage	PSA	5.2%	5.5%
Ventas	VTR	4.9%	2.5%
Cousins Properties	CUZ	4.7%	0.4%
Equinix	EQIX	4.7%	8.0%
American Tower	AMT	4.5%	—
Alexandria Real Estate Equities	ARE	4.4%	2.0%
Digital Realty Trust	DLR	4.3%	5.0%
Simon Property Group	SPG	4.0%	5.2%
Brixmor Property Group	BRX	3.8%	0.8%
Total		48.8%	40.5%

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

Holding	Ticker	Real Estate Fund	Wilshire U.S. Real Estate Securities^®
Prologis	PLD	6.8%	10.2%
American Tower	AMT	5.4%	—
Ventas	VTR	5.3%	2.6%
Cousins Properties	CUZ	5.1%	0.5%
Equinix	EQIX	5.0%	8.4%
Public Storage	PSA	5.0%	5.1%
Digital Realty Trust	DLR	4.5%	5.7%
Alexandria Real Estate Equities	ARE	4.3%	1.9%
Simon Property Group	SPG	4.1%	5.4%
Brixmor Property Group	BRX	3.8%	0.8%
Total		49.4%	40.5%

All Holdings: Quarterly (as of 9/30/24)

Holding	Ticker	Real Estate Fund	Wilshire U.S. Real Estate Securities^®
Prologis	PLD	8.4%	11.1%
Public Storage	PSA	5.2%	5.5%
Ventas	VTR	4.9%	2.5%
Cousins Properties	CUZ	4.7%	0.4%
Equinix	EQIX	4.7%	8.0%
American Tower	AMT	4.5%	—
Alexandria Real Estate Equities	ARE	4.4%	2.0%
Digital Realty Trust	DLR	4.3%	5.0%
Simon Property Group	SPG	4.0%	5.2%
Brixmor Property Group	BRX	3.8%	0.8%
AvalonBay Communities	AVB	3.3%	3.0%
BXP	BXP	3.2%	1.2%
Extra Space Storage	EXR	3.0%	3.6%
Rexford Industrial Realty	REXR	2.8%	1.1%
Essex Property Trust	ESS	2.7%	1.8%
Camden Property Trust	CPT	2.5%	1.2%
American Homes 4 Rent	AMH	2.3%	1.2%
UDR	UDR	2.3%	1.4%
Sunstone Hotel Investors	SHO	2.3%	0.2%
Regency Centers	REG	2.3%	1.2%
Equity Residential	EQR	2.1%	2.6%
Eastgroup Properties, Inc.	EGP	2.0%	0.9%
Federal Realty Investment Trust	FRT	1.7%	0.9%
Terreno Realty	TRNO	1.7%	0.6%
Hudson Pacific Properties	HPP	1.6%	0.1%
Mid-America Apartment Communities	MAA	1.5%	1.8%
Healthpeak Properties	DOC	1.5%	1.5%
VICI Properties	VICI	1.4%	—
Highwoods Properties	HIW	1.3%	0.3%
Crown Castle	CCI	1.3%	—
Great Portland Estates	GPE LN	1.1%	—
Welltower	WELL	1.1%	7.4%
Community Healthcare Trust	CHCT	1.0%	—
Derwent London	DLN LN	1.0%	—
Retail Opportunity Investments	ROIC	1.0%	0.2%
Sun Communities	SUI	0.9%	1.6%
Douglas Emmett	DEI	0.6%	0.3%
Cash	—	1.9%	—

All Holdings: Monthly (as of 10/31/24)

Holding	Ticker	Real Estate Fund	Wilshire U.S. Real Estate Securities^®
Prologis	PLD	6.8%	10.2%
American Tower	AMT	5.4%	—
Ventas	VTR	5.3%	2.6%
Cousins Properties	CUZ	5.1%	0.5%
Equinix	EQIX	5.0%	8.4%
Public Storage	PSA	5.0%	5.1%
Digital Realty Trust	DLR	4.5%	5.7%
Alexandria Real Estate Equities	ARE	4.3%	1.9%
Simon Property Group	SPG	4.1%	5.4%
Brixmor Property Group	BRX	3.8%	0.8%
AvalonBay Communities	AVB	3.5%	3.1%
BXP	BXP	3.4%	1.2%
Rexford Industrial Realty	REXR	3.0%	0.9%
Extra Space Storage	EXR	2.8%	3.3%
Essex Property Trust	ESS	2.8%	1.8%
Camden Property Trust	CPT	2.4%	1.2%
Sunstone Hotel Investors	SHO	2.4%	0.2%
Regency Centers	REG	2.4%	1.3%
UDR	UDR	2.2%	1.4%
American Homes 4 Rent	AMH	2.2%	1.2%
Eastgroup Properties, Inc.	EGP	2.1%	0.8%
Equity Residential	EQR	2.1%	2.6%
Federal Realty Investment Trust	FRT	1.7%	0.9%
Terreno Realty	TRNO	1.6%	0.6%
Healthpeak Properties	DOC	1.5%	1.5%
Mid-America Apartment Communities	MAA	1.5%	1.7%
Hudson Pacific Properties	HPP	1.5%	0.1%
VICI Properties	VICI	1.4%	—
Highwoods Properties	HIW	1.4%	0.3%
Crown Castle	CCI	1.2%	—
Welltower	WELL	1.2%	8.0%
Community Healthcare Trust	CHCT	1.1%	—
Great Portland Estates	GPE LN	1.0%	—
Derwent London	DLN LN	1.0%	—
Sun Communities	SUI	0.9%	1.6%
Douglas Emmett	DEI	0.6%	0.3%
Cash	—	1.9%	—

Industry Diversification

Industry		Percentage
	Specialized REITs	24.9%
	Residential REITs	17.9%
	Industrial REITs	15.1%
	Office REITs	13.8%
	Health Care REITs	13.1%
	Retail REITs	13.0%
	Hotel & Resort REITs	2.3%

Geographic Diversification

Region		Percentage
	Pacific	36%
	South Atlantic	14%
	Northeast Central	13%
	Mountain	9%
	Southeast Central	8%
	New England	8%
	Mid Atlantic	5%
	Southwest Central	5%
	Non-U.S.	2%
	Northwest Central	—

PM Commentary

Portfolio Manager Commentaries

Document	Description
Manager Commentary - Semi-Annual Review 2024	An interview with the Fund Managers.

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.	September 2024

Literature

Regulatory Reports

Document
Summary Prospectus
Prospectus
Financial Statements and Other Information Items 7-11 of Form N-CSR
Statement of Additional Information
Holdings Q1
Holdings Q3
Proxy

Document
Annual Report

Document
Semi-Annual Report - Class A
Semi-Annual Report - Class C
Semi-Annual Report - Class Y

Account Forms

Document
Non-Retirement Change of Ownership Form
Designation of Beneficiary Form
Account Service Form
Trusted Contact Form
Letter of Instruction Form
Cost Basis Change Form
Shareowner Change of Dealer Form
Broker Change of Dealer Form

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: Traditional IRA Disclosure Statement and Custodial Agreement Roth IRA Disclosure and Custodial Agreement Simple IRA Disclosure and Custodial Agreement
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

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	1.09%	0.18	-	-	-	37.45
	6/26/23	6/27/23	6/28/23	1.09%	0.18	-	-	-	38.59
	9/26/23	9/27/23	9/28/23	1.09%	0.18	-	-	-	35.80
	12/26/23	12/27/23	12/28/23	1.09%	0.40	-	-	-	41.92
Class C	3/28/23	3/29/23	3/30/23	1.09%	0.1045	-	-	-	37.46
	6/26/23	6/27/23	6/28/23	1.09%	0.1079	-	-	-	38.60
	9/26/23	9/27/23	9/28/23	1.09%	0.1065	-	-	-	35.81
	12/26/23	12/27/23	12/28/23	1.09%	0.33	-	-	-	41.92
Class Y	3/28/23	3/29/23	3/30/23	1.09%	0.208	-	-	-	38.00
	6/26/23	6/27/23	6/28/23	1.09%	0.207	-	-	-	39.16
	9/26/23	9/27/23	9/28/23	1.09%	0.2075	-	-	-	36.32
	12/26/23	12/27/23	12/28/23	1.09%	0.429	-	-	-	42.53

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.

2024 Estimated Year-End Distributions Percentage of 10/31/24 NAV Price

This information on 2024 estimated year-end distributions is intended for existing shareholders. Davis New York Venture Fund also paid a semiannual capital gains distribution. No other Davis Fund paid a semiannual capital gains distribution.