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N-1A
DAVIS NEW YORK VENTURE FUND INC
N-CSRS
2026-01-31
Davis New York Venture Fund
Class A
NYVTX
This Semi-Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to January 31, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisfunds.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisfunds.com/resources/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis New York Venture Fund<br/>(Class A)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: rgb(0, 0, 0); text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
50
0.0091
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 18.61%, versus a 10.13% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Communication Services (+24%), Energy (+20%), and Health Care (+20%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Utilities (+2%), Real Estate (+3%), and Financials (+3%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+77% vs +7%) and underweight (average weighting 12% vs 34%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Applied Materials (+80%) and Samsung Electronics (+119%) - two largest individual contributors</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+15% vs +3%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">U.S. Bancorp (+27%), Danske Bank (+28%), and Ping An Insurance (+38%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+23% vs +20%) and overweight (average weighting 13% vs 9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (+53%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 5% vs 3%), a stronger performing sector of the Index</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Coterra Energy (+20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (+76%), Teck Resources (+66%), and Tyson Foods (+27%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (+6% vs +24%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Pinterest (-43%) and Meta Platforms (-7%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">IAC (-6%) and Angi (-20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Discretionary - underperformed the Index sector (-2% vs +9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">MGM Resorts (-8%) and Trip.com Group (-1%)</div>
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</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Significantly overweight in Financials (average weighting 33% vs 13%), a weaker performing sector of the Index</div>
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<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (-7% vs +10%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Owens Corning (-13%), DiDi Global (-6%), and AGCO (-3%)</div>
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<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holding</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">OCI (-25%)</div>
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<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
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<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class A) — Without sales charge</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.48<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.97<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.46<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class A) — With sales charge*</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.89<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.92<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.56<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.60<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; font-family: 'times new roman'; font-style: italic; height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px; padding: 0 6px 0 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 6pt; margin-bottom: 0px;">*</div>
</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 8pt; margin-bottom: 0px;">Reflects 4.75% front-end sales charge.</div>
</td>
</tr>
</table>
Davis New York Venture Fund (Class A) — Without sales charge
0.2348
0.1297
0.1346
Davis New York Venture Fund (Class A) — With sales charge
0.1761
0.1189
0.1292
S&P 500 Index
0.1635
0.1498
0.1556
Russell 1000 Value Index
0.1583
0.1252
0.1160
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 01/31/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.3</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.6</td>
</tr>
</table>
7300000000
47
0.06
18600000
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>01/31/26</b> <b> Net Assets</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.40<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.78<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.36<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.43<span>%</span></td>
</tr>
</table>
0.3040
0.1245
0.1178
0.1136
0.0943
Davis New York Venture Fund
Class C
NYVCX
This Semi-Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to January 31, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisfunds.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisfunds.com/resources/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div><div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis New York Venture Fund<br/>(Class C)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.74<span>%</span><span>*</span></td>
</tr>
</table><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: rgb(0, 0, 0); text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
96
0.0174
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 18.12%, versus a 10.13% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Communication Services (+24%), Energy (+20%), and Health Care (+20%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Utilities (+2%), Real Estate (+3%), and Financials (+3%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+77% vs +7%) and underweight (average weighting 12% vs 34%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Applied Materials (+80%) and Samsung Electronics (+119%) - two largest individual contributors</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+15% vs +3%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">U.S. Bancorp (+27%), Danske Bank (+28%), and Ping An Insurance (+38%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+23% vs +20%) and overweight (average weighting 13% vs 9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (+53%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 5% vs 3%), a stronger performing sector of the Index</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Coterra Energy (+20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (+76%), Teck Resources (+66%), and Tyson Foods (+27%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (+6% vs +24%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Pinterest (-43%) and Meta Platforms (-7%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">IAC (-6%) and Angi (-20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Discretionary - underperformed the Index sector (-2% vs +9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">MGM Resorts (-8%) and Trip.com Group (-1%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Significantly overweight in Financials (average weighting 33% vs 13%), a weaker performing sector of the Index</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (-7% vs +10%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Owens Corning (-13%), DiDi Global (-6%), and AGCO (-3%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holding</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">OCI (-25%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class C) — Without CDSC*</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.73<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class C) — With CDSC*,**</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.73<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.56<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.60<span>%</span></td>
</tr>
</table><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; font-family: 'times new roman'; font-style: italic; border-bottom-color: initial; height: 10pt;">
<td style="break-inside: avoid-page; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px; padding: 0 6px 0 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 6pt; margin-bottom: 0px;">*</div>
</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 8pt; margin-bottom: 0px;">Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.</div>
</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; font-family: 'times new roman'; font-style: italic; height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px; padding: 0 6px 0 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 6pt; margin-bottom: 0px;">**</div>
</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 8pt; margin-bottom: 0px;">Includes any applicable contingent deferred sales charge (“CDSC”).</div>
</td>
</tr>
</table>
Davis New York Venture Fund (Class C) — Without CDSC
0.2244
0.1204
0.1273
Davis New York Venture Fund (Class C) — With CDSC
0.2144
0.1204
0.1273
S&P 500 Index
0.1635
0.1498
0.1556
Russell 1000 Value Index
0.1583
0.1252
0.1160
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 01/31/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.3</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.6</td>
</tr>
</table>
7300000000
47
0.06
18600000
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>01/31/26</b> <b> Net Assets</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.40<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.78<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.36<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.43<span>%</span></td>
</tr>
</table>
0.3040
0.1245
0.1178
0.1136
0.0943
Davis New York Venture Fund
Class R
NYVRX
This Semi-Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to January 31, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisfunds.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisfunds.com/resources/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis New York Venture Fund<br/>(Class R)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: rgb(0, 0, 0); text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
66
0.0120
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class R shares delivered a total return of 18.43%, versus a 10.13% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Communication Services (+24%), Energy (+20%), and Health Care (+20%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Utilities (+2%), Real Estate (+3%), and Financials (+3%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+77% vs +7%) and underweight (average weighting 12% vs 34%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Applied Materials (+80%) and Samsung Electronics (+119%) - two largest individual contributors</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+15% vs +3%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">U.S. Bancorp (+27%), Danske Bank (+28%), and Ping An Insurance (+38%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+23% vs +20%) and overweight (average weighting 13% vs 9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (+53%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 5% vs 3%), a stronger performing sector of the Index</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Coterra Energy (+20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (+76%), Teck Resources (+66%), and Tyson Foods (+27%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (+6% vs +24%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Pinterest (-43%) and Meta Platforms (-7%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">IAC (-6%) and Angi (-20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Discretionary - underperformed the Index sector (-2% vs +9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">MGM Resorts (-8%) and Trip.com Group (-1%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Significantly overweight in Financials (average weighting 33% vs 13%), a weaker performing sector of the Index</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (-7% vs +10%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Owens Corning (-13%), DiDi Global (-6%), and AGCO (-3%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holding</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">OCI (-25%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class R)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.67<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.14<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.56<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.60<span>%</span></td>
</tr>
</table>
Davis New York Venture Fund (Class R)
0.2310
0.1267
0.1314
S&P 500 Index
0.1635
0.1498
0.1556
Russell 1000 Value Index
0.1583
0.1252
0.1160
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 01/31/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.3</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.6</td>
</tr>
</table>
7300000000
47
0.06
18600000
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>01/31/26</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.40<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.78<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.36<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.43<span>%</span></td>
</tr>
</table>
0.3040
0.1245
0.1178
0.1136
0.0943
Davis New York Venture Fund
Class Y
DNVYX
This Semi-Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to January 31, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisfunds.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisfunds.com/resources/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis New York Venture Fund<br/>(Class Y)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: rgb(0, 0, 0); text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
37
0.0067
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 18.71%, versus a 10.13% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Communication Services (+24%), Energy (+20%), and Health Care (+20%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Utilities (+2%), Real Estate (+3%), and Financials (+3%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+77% vs +7%) and underweight (average weighting 12% vs 34%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Applied Materials (+80%) and Samsung Electronics (+119%) - two largest individual contributors</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+15% vs +3%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">U.S. Bancorp (+27%), Danske Bank (+28%), and Ping An Insurance (+38%)</div>
</li>
</ul>
</li>
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<div style="margin-top: 0px; margin-bottom: 0px;">Health Care - outperformed the Index sector (+23% vs +20%) and overweight (average weighting 13% vs 9%)</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (+53%)</div>
</li>
</ul>
</li>
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<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 5% vs 3%), a stronger performing sector of the Index</div>
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<div style="margin-top: 0px; margin-bottom: 0px;">Coterra Energy (+20%)</div>
</li>
</ul>
</li>
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<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (+76%), Teck Resources (+66%), and Tyson Foods (+27%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
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<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (+6% vs +24%)</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Pinterest (-43%) and Meta Platforms (-7%) - two largest individual detractors</div>
</li>
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<div style="margin-top: 0px; margin-bottom: 0px;">IAC (-6%) and Angi (-20%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Discretionary - underperformed the Index sector (-2% vs +9%)</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">MGM Resorts (-8%) and Trip.com Group (-1%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Significantly overweight in Financials (average weighting 33% vs 13%), a weaker performing sector of the Index</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Industrials - underperformed the Index sector (-7% vs +10%)</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Owens Corning (-13%), DiDi Global (-6%), and AGCO (-3%)</div>
</li>
</ul>
</li>
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<div style="margin-top: 0px; margin-bottom: 0px;">Individual holding</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">OCI (-25%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class Y)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.75<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.73<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.35<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.98<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.56<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.60<span>%</span></td>
</tr>
</table>
Davis New York Venture Fund (Class Y)
0.2375
0.1325
0.1373
S&P 500 Index
0.1635
0.1498
0.1556
Russell 1000 Value Index
0.1583
0.1252
0.1160
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 01/31/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.3</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 01/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">47</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">6<span>%</span></td>
</tr>
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<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.6</td>
</tr>
</table>
7300000000
47
0.06
18600000
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Sectors</b> <b> as of </b> <b>01/31/26</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.40<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.78<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.36<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.43<span>%</span></td>
</tr>
</table>
0.3040
0.1245
0.1178
0.1136
0.0943
Annualized.
Annualized.
Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.
Includes any applicable contingent deferred sales charge (“CDSC”).
Annualized.
Reflects 4.75% front-end sales charge.
Annualized.