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dsi:C000009549Member dsi:IndustrialREITsMember 2026-06-30 0000203002 dsi:C000009549Member dsi:OfficeREITsMember 2026-06-30 0000203002 dsi:C000009549Member dsi:ResidentialREITsMember 2026-06-30 0000203002 dsi:C000009549Member dsi:SpecializedREITsMember 2026-06-30 0000203002 dsi:C000009550Member 2026-06-30 0000203002 dsi:C000009550Member dsi:HealthCareREITsMember 2026-06-30 0000203002 dsi:C000009550Member dsi:IndustrialREITsMember 2026-06-30 0000203002 dsi:C000009550Member dsi:OfficeREITsMember 2026-06-30 0000203002 dsi:C000009550Member dsi:ResidentialREITsMember 2026-06-30 0000203002 dsi:C000009550Member dsi:SpecializedREITsMember 2026-06-30 iso4217:USD pure dsi:Holding 0000203002 false N-1A N-CSRS DAVIS SERIES INC 2026-06-30 Davis Opportunity Fund Class A RPEAX This Semi-Annual shareholder report contains important information about the Davis Opportunity Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Opportunity Fund<br/> (Class A)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.96<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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 0.0096 <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 S&amp;P 1500 Index (“S&amp;P 1500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 11.53%, versus a 10.89% return for the S&amp;P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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&amp;P 1500</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 - Information Technology (+21%), Industrials (+21%), and Energy (+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 - Financials (flat), Consumer Discretionary (flat), and Communication Services (+1%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 - significantly outperformed the Index sector (+20% vs +4%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 (+30%), Quest Diagnostics (+23%), and CVS Health (+33%)</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;">Information Technology - outperformed the Index sector (+31% vs +21%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%)</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;">Underweight in Communication Services (average weighting 5% vs 10%), 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;">Materials - outperformed the Index sector (+21% vs +12%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Teck Resources (+25%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">WESCO International (+42%), MGM Resorts (+31%), and Owens Corning (+44%)</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;">WESCO International - largest individual contributor</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 underweight in stronger performing Information Technology sector - (average weighting 13% vs 33%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">AppLovin (-24%), SAP (-36%), and Microsoft (-23%)</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;">Energy - underperformed the Index sector (+5% vs +20%)</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 (+14% vs +21%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">DiDi Global (-37%) - largest individual detractor</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;">Full Truck Alliance (-18%) - new purchase during the period</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 Health Care - (average weighting 24% vs 9%)</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;">Individual holdings</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Capital One Financial (-17%), Prosus (-30%), Markel Group (-9%), JBS (-11%), and AUMOVIO (-18%)</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Opportunity Fund (Class A) — Without sales charge</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">24.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.87<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Opportunity Fund (Class A) — With sales charge*</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">18.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.33<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&amp;P 1500 Index</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">15.17<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; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <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; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <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 Opportunity Fund (Class A) — Without sales charge 0.2428 0.1015 0.1287 Davis Opportunity Fund (Class A) — With sales charge 0.1837 0.0909 0.1233 S&P 1500 Index 0.2287 0.1300 0.1517 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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>651.4</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">51</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">11<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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>1.7</td> </tr> </table> 651400000 51 0.11 1700000 <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>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">24.88<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.63<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.29<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.91<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.14<span>%</span></td> </tr> </table> 0.2488 0.1463 0.1329 0.1091 0.1014 Davis Opportunity Fund Class C DGOCX This Semi-Annual shareholder report contains important information about the Davis Opportunity Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Opportunity Fund<br/> (Class C)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.77<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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> 93 0.0177 <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 S&amp;P 1500 Index (“S&amp;P 1500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 11.09%, versus a 10.89% return for the S&amp;P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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&amp;P 1500</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 - Information Technology (+21%), Industrials (+21%), and Energy (+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 - Financials (flat), Consumer Discretionary (flat), and Communication Services (+1%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 - significantly outperformed the Index sector (+20% vs +4%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 (+30%), Quest Diagnostics (+23%), and CVS Health (+33%)</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;">Information Technology - outperformed the Index sector (+31% vs +21%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%)</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;">Underweight in Communication Services (average weighting 5% vs 10%), 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;">Materials - outperformed the Index sector (+21% vs +12%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Teck Resources (+25%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">WESCO International (+42%), MGM Resorts (+31%), and Owens Corning (+44%)</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;">WESCO International - largest individual contributor</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 underweight in stronger performing Information Technology sector - (average weighting 13% vs 33%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">AppLovin (-24%), SAP (-36%), and Microsoft (-23%)</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;">Energy - underperformed the Index sector (+5% vs +20%)</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 (+14% vs +21%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">DiDi Global (-37%) - largest individual detractor</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;">Full Truck Alliance (-18%) - new purchase during the period</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 Health Care - (average weighting 24% vs 9%)</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;">Individual holdings</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Capital One Financial (-17%), Prosus (-30%), Markel Group (-9%), JBS (-11%), and AUMOVIO (-18%)</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Opportunity Fund (Class C) — Without CDSC*</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">23.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.15<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Opportunity Fund (Class C) — With CDSC*,**</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.15<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&amp;P 1500 Index</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">15.17<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; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <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; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <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; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <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; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <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 Opportunity Fund (Class C) — Without CDSC 0.2326 0.0926 0.1215 Davis Opportunity Fund (Class C) — With CDSC 0.2226 0.0926 0.1215 S&P 1500 Index 0.2287 0.1300 0.1517 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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>651.4</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">51</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">11<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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>1.7</td> </tr> </table> 651400000 51 0.11 1700000 <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>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">24.88<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.63<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.29<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.91<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.14<span>%</span></td> </tr> </table> 0.2488 0.1463 0.1329 0.1091 0.1014 Davis Opportunity Fund Class Y DGOYX This Semi-Annual shareholder report contains important information about the Davis Opportunity Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Opportunity Fund<br/>(Class Y)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">0.71<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 0.0071 <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 S&amp;P 1500 Index (“S&amp;P 1500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 11.65%, versus a 10.89% return for the S&amp;P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.</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&amp;P 1500</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 - Information Technology (+21%), Industrials (+21%), and Energy (+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 - Financials (flat), Consumer Discretionary (flat), and Communication Services (+1%)</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;">Health Care - significantly outperformed the Index sector (+20% vs +4%)</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 (+30%), Quest Diagnostics (+23%), and CVS Health (+33%)</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;">Information Technology - outperformed the Index sector (+31% vs +21%)</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;">Samsung Electronics (+160%), Applied Materials (+182%), and Texas Instruments (+74%)</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;">Underweight in Communication Services (average weighting 5% vs 10%), 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;">Materials - outperformed the Index sector (+21% vs +12%)</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;">Teck Resources (+25%)</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;">WESCO International (+42%), MGM Resorts (+31%), and Owens Corning (+44%)</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;">WESCO International - largest individual contributor</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;">Significantly underweight in stronger performing Information Technology sector - (average weighting 13% vs 33%)</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;">AppLovin (-24%), SAP (-36%), and Microsoft (-23%)</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;">Energy - underperformed the Index sector (+5% vs +20%)</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 (+14% vs +21%)</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;">DiDi Global (-37%) - largest individual detractor</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;">Full Truck Alliance (-18%) - new purchase during the period</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 Health Care - (average weighting 24% vs 9%)</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;">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;">Capital One Financial (-17%), Prosus (-30%), Markel Group (-9%), JBS (-11%), and AUMOVIO (-18%)</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 06/30/26</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 Opportunity 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;">24.58<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;">10.42<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&amp;P 1500 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;">22.87<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;">13.00<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;">15.17<span>%</span></td> </tr> </table> Davis Opportunity Fund (Class Y) 0.2458 0.1042 0.1314 S&P 1500 Index 0.2287 0.1300 0.1517 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 06/30/26 (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;">$</span>651.4</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7</td> </tr> </table> 651400000 51 0.11 1700000 <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>06/30/26</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;">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;">24.88<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;">Industrials</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;">14.63<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;">13.29<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;">10.91<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;">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;">10.14<span>%</span></td> </tr> </table> 0.2488 0.1463 0.1329 0.1091 0.1014 Davis Government Bond Fund Class A RFBAX This Semi-Annual shareholder report contains important information about the Davis Government Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; font-weight: bold; text-align: justify;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Government Bond Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">1.00<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 0.0100 <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 Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 1.33%, versus a 0.64% return for the Bloomberg Index.<br/><br/>The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).</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> </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;">Bloomberg Index consisted of approximately 250 holdings at the end of the period, all of which were Treasuries and Agencies</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;">MBS outperformed both Treasuries and Agencies during the period</div> </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;">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;">Performance benefited primarily due to large position (average weighting of 51%) in Collateralized Mortgage Obligations (“CMOs”)</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;">What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment</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;">SBA (Small Business Administration) loan position (average weighting of 19%)</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;">What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate</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;">MBS pass-through position (average weighting of 23%)</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;">What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders</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;">Relative performance hindered slightly by 7% average position in repurchase agreements (cash)</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;">Impact from Fund expenses - Bloomberg Index does not charge expenses</div> </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; height: 72.7275px;"> <tr style="break-after: avoid; border-bottom: 1pt solid rgb(8, 62, 28); break-inside: avoid-page; height: 14.5455px;"> <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; height: 14.5455px;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</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; height: 14.5455px;">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; height: 14.5455px;">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; height: 14.5455px;">10 Years</td> </tr> <tr style="border-bottom: 1pt solid rgb(8, 62, 28); break-inside: avoid-page; height: 14.5455px;"> <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; height: 14.5455px;"><strong>Davis Government Bond 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; height: 14.5455px;">3.27<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; height: 14.5455px;">1.46<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; height: 14.5455px;">1.11<span>%</span></td> </tr> <tr style="border-bottom: 1pt solid rgb(8, 62, 28); break-inside: avoid-page; height: 14.5455px;"> <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; height: 14.5455px;"><strong>Davis Government Bond 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; height: 14.5455px;">(1.64<span>)</span><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; height: 14.5455px;">0.48<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; height: 14.5455px;">0.62<span>%</span></td> </tr> <tr style="border-bottom: 1pt solid rgb(8, 62, 28); break-inside: avoid-page; height: 14.5455px;"> <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; height: 14.5455px;"><strong>Bloomberg U.S. Aggregate Bond 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; height: 14.5455px;">3.79<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; height: 14.5455px;">0.08<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; height: 14.5455px;">1.54<span>%</span></td> </tr> <tr style="border-bottom: 1pt solid rgb(8, 62, 28); break-inside: avoid-page; height: 14.5455px;"> <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; height: 14.5455px;"><strong>Bloomberg U.S. Government 1-3 Year Bond 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; height: 14.5455px;">2.92<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; height: 14.5455px;">1.91<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; height: 14.5455px;">1.76<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 Government Bond Fund (Class A) — Without sales charge 0.0327 0.0146 0.0111 Davis Government Bond Fund (Class A) — With sales charge -0.0164 0.0048 0.0062 Bloomberg U.S. Aggregate Bond Index 0.0379 0.0008 0.0154 Bloomberg U.S. Government 1-3 Year Bond Index 0.0292 0.0191 0.0176 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 06/30/26 (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;">$</span>16.7</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0</td> </tr> </table> 16700000 55 0 0.0 <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>Portfolio Composition</b> <b> as of </b> <br/><b>06/30/26</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;">Collateralized Mortgage Obligations</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;">51.89<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;">Small Business Administration</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;">18.32<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;">Fannie Mae Pools</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;">10.28<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;">Ginnie Mae Pools</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;">6.74<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;">Freddie Mac Pools</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;">4.89<span>%</span></td> </tr> </table> 0.5189 0.1832 0.1028 0.0674 0.0489 <div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Bond Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Government Bond Fund Class C DGVCX This Semi-Annual shareholder report contains important information about the Davis Government Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; font-weight: bold; text-align: justify;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Government Bond Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</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;">1.75<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> 87 0.0175 <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 Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 0.96%, versus a 0.64% return for the Bloomberg Index.<br/><br/>The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).</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> </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;">Bloomberg Index consisted of approximately 250 holdings at the end of the period, all of which were Treasuries and Agencies</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;">MBS outperformed both Treasuries and Agencies during the period</div> </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;">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;">Performance benefited primarily due to large position (average weighting of 51%) in Collateralized Mortgage Obligations (“CMOs”)</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;">What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment</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;">SBA (Small Business Administration) loan position (average weighting of 19%)</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;">What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate</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;">MBS pass-through position (average weighting of 23%)</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;">What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders</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;">Relative performance hindered slightly by 7% average position in repurchase agreements (cash)</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;">Impact from Fund expenses - Bloomberg Index does not charge expenses</div> </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 06/30/26</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 Government Bond 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;">2.50<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;">0.70<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;">0.50<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 Government Bond 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;">1.50<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;">0.70<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;">0.50<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>Bloomberg U.S. Aggregate Bond 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;">3.79<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;">0.08<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;">1.54<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>Bloomberg U.S. Government 1-3 Year Bond 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;">2.92<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;">1.91<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;">1.76<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 Government Bond Fund (Class C) — Without CDSC 0.0250 0.0070 0.0050 Davis Government Bond Fund (Class C) — With CDSC 0.0150 0.0070 0.0050 Bloomberg U.S. Aggregate Bond Index 0.0379 0.0008 0.0154 Bloomberg U.S. Government 1-3 Year Bond Index 0.0292 0.0191 0.0176 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 06/30/26 (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;">$</span>16.7</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0</td> </tr> </table> 16700000 55 0 0.0 <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>Portfolio Composition</b> <b> as of </b> <br/><b>06/30/26</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;">Collateralized Mortgage Obligations</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;">51.89<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;">Small Business Administration</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;">18.32<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;">Fannie Mae Pools</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;">10.28<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;">Ginnie Mae Pools</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;">6.74<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;">Freddie Mac Pools</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;">4.89<span>%</span></td> </tr> </table> 0.5189 0.1832 0.1028 0.0674 0.0489 <div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Bond Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Government Bond Fund Class Y DGVYX This Semi-Annual shareholder report contains important information about the Davis Government Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; font-weight: bold; text-align: justify;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Government Bond Fund<br/>(Class Y)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">0.75<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 0.0075 <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 Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class Y shares delivered a total return of 1.46%, versus a 0.64% return for the Bloomberg Index.<br/><br/>The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.98 years during the period. The Fund remains mostly invested in mortgage-backed securities (“MBS”).</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> </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;">Bloomberg Index consisted of approximately 250 holdings at the end of the period, all of which were Treasuries and Agencies</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;">MBS outperformed both Treasuries and Agencies during the period</div> </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;">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;">Performance benefited primarily due to large position (average weighting of 51%) in Collateralized Mortgage Obligations (“CMOs”)</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;">What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment</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;">SBA (Small Business Administration) loan position (average weighting of 19%)</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;">What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate</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;">MBS pass-through position (average weighting of 23%)</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;">What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders</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;">Relative performance hindered slightly by 7% average position in repurchase agreements (cash)</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;">Impact from Fund expenses - Bloomberg Index does not charge expenses</div> </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 06/30/26</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 Government Bond 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;">3.52<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;">1.68<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;">1.36<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; 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>Bloomberg U.S. Aggregate Bond 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;">3.79<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;">0.08<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;">1.54<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>Bloomberg U.S. Government 1-3 Year Bond 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;">2.92<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;">1.91<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;">1.76<span>%</span></td> </tr> </table> Davis Government Bond Fund (Class Y) 0.0352 0.0168 0.0136 Bloomberg U.S. Aggregate Bond Index 0.0379 0.0008 0.0154 Bloomberg U.S. Government 1-3 Year Bond Index 0.0292 0.0191 0.0176 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 06/30/26 (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;">$</span>16.7</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0</td> </tr> </table> 16700000 55 0 0.0 <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>Portfolio Composition</b> <b> as of </b> <br/><b>06/30/26</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;">Collateralized Mortgage Obligations</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;">51.89<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;">Small Business Administration</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;">18.32<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;">Fannie Mae Pools</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;">10.28<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;">Ginnie Mae Pools</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;">6.74<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;">Freddie Mac Pools</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;">4.89<span>%</span></td> </tr> </table> 0.5189 0.1832 0.1028 0.0674 0.0489 <div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Bond Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Government Money Market Fund Class A RPGXX This Semi-Annual shareholder report contains important information about the Davis Government Money Market Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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;margin-bottom:0px;font-family:'times new roman';font-size:9pt;font-weight:bold;text-align:justify;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Government Money Market Fund<br/> (Class A)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>27</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.54<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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> 27 0.0054 <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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>131.6</td> </tr> <tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">17</td> </tr> <tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>193.5</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">7 day yield</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">3.18<span>%</span></td> </tr> </table> 131600000 17 193500 <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>Portfolio Composition</b> <b> as of </b> <br/> <b>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Repurchase Agreements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">69.09<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Federal Home Loan Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.75<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Federal Farm Credit Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Fannie Mae</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">2.25<span>%</span></td> </tr> </table> 0.6909 0.1275 0.0911 0.0225 <div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">How has the Fund changed?</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Money Market Fund.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space:nowrap"> </span>(1-800-279-0279 and <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space:nowrap"> </span>(1-800-279-0279 and <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Government Money Market Fund Class C RPGXX This Semi-Annual shareholder report contains important information about the Davis Government Money Market Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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;margin-bottom:0px;font-family:'times new roman';font-size:9pt;font-weight:bold;text-align:justify;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Government Money Market Fund<br/> (Class C)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>27</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.54<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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> 27 0.0054 <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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>131.6</td> </tr> <tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">17</td> </tr> <tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>193.5</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">7 day yield</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">3.18<span>%</span></td> </tr> </table> 131600000 17 193500 <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>Portfolio Composition</b> <b> as of </b> <br/> <b>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Repurchase Agreements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">69.09<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Federal Home Loan Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.75<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Federal Farm Credit Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Fannie Mae</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">2.25<span>%</span></td> </tr> </table> 0.6909 0.1275 0.0911 0.0225 <div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">How has the Fund changed?</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Money Market Fund.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space:nowrap"> </span>(1-800-279-0279 and <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space:nowrap"> </span>(1-800-279-0279 and <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Government Money Market Fund Class Y RPGXX This Semi-Annual shareholder report contains important information about the Davis Government Money Market Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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;margin-bottom:0px;font-family:'times new roman';font-size:9pt;font-weight:bold;text-align:justify;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Government Money Market Fund<br/> (Class Y)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>27</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.54<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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> 27 0.0054 <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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>131.6</td> </tr> <tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">17</td> </tr> <tr style="border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>193.5</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">7 day yield</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">3.18<span>%</span></td> </tr> </table> 131600000 17 193500 <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>Portfolio Composition</b> <b> as of </b> <br/> <b>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Repurchase Agreements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">69.09<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Federal Home Loan Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.75<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Federal Farm Credit Bank</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.11<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Fannie Mae</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">2.25<span>%</span></td> </tr> </table> 0.6909 0.1275 0.0911 0.0225 <div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">How has the Fund changed?</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Portfolio Manager for Davis Government Money Market Fund.</div><div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space:nowrap"> </span>(1-800-279-0279 and <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;text-align:justify;margin-bottom:7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space:nowrap"> </span>(1-800-279-0279 and <span style="text-decoration-line:underline;color:rgb(8, 62, 28);font-family:'times new roman';font-size:9pt;text-align:justify">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Financial Fund Class A RPFGX This Semi-Annual shareholder report contains important information about the Davis Financial Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Financial Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</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;">0.96<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> 48 0.0096 <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 S&amp;P 500 Financials Index (the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 0.03%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% return of the S&amp;P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in 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&amp;P 500 Financials</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 industries - Banks (+5%) and Insurance (+2%)</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 industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-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;">Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)</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;">Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors</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;">DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)</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;">Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)</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;">Julius Baer Group (+15%) and Bank of New York Mellon (+26%)</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;">Underweight in Financial Services (average weighting 14% vs 28%)</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;">Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)</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;">Chubb (+10%) and RenaissanceRe Holdings (+13%)</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;">Consumer Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)</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;">Capital One Financial (-17%) - largest individual detractor</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;">American Express (-8%)</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;">Financial Services - underperformed the Index industry (-11% vs -5%)</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;">Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)</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;">Non-financial 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;">Prosus (-30%)</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;">Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)</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 06/30/26</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 Financial 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;">13.67<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;">12.90<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;">13.08<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 Financial 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;">8.27<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;">11.81<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;">12.54<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&amp;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;">22.32<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;">13.40<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;">15.50<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&amp;P 500 Financials 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;">4.05<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;">9.85<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;">13.39<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 Financial Fund (Class A) — Without sales charge 0.1367 0.1290 0.1308 Davis Financial Fund (Class A) — With sales charge 0.0827 0.1181 0.1254 S&P 500 Index 0.2232 0.1340 0.1550 S&P 500 Financials Index 0.0405 0.0985 0.1339 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 06/30/26 (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;">$</span>1.2</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3.1</td> </tr> </table> 1200000000 31 0.03 3100000 <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 Industries</b> <b> as of </b> <b>06/30/26</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;">Banks</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;">43.60<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;">Insurance</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;">20.18<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;">Financial 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;">13.66<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 Finance</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;">12.69<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;">Capital Markets</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;">7.00<span>%</span></td> </tr> </table> 0.4360 0.2018 0.1366 0.1269 0.0700 Davis Financial Fund Class C DFFCX This Semi-Annual shareholder report contains important information about the Davis Financial Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Financial Fund<br/> (Class C)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.75<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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> 87 0.0175 <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 S&amp;P 500 Financials Index (the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of -0.37%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% return of the S&amp;P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in 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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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&amp;P 500 Financials</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 industries - Banks (+5%) and Insurance (+2%)</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 industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors</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;">DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)</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;">Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Julius Baer Group (+15%) and Bank of New York Mellon (+26%)</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;">Underweight in Financial Services (average weighting 14% vs 28%)</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;">Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Chubb (+10%) and RenaissanceRe Holdings (+13%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Capital One Financial (-17%) - largest individual detractor</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;">American Express (-8%)</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;">Financial Services - underperformed the Index industry (-11% vs -5%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)</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;">Non-financial holding</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Prosus (-30%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Financial Fund (Class C) — Without CDSC*</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.38<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Financial Fund (Class C) — With CDSC*,**</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">11.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.38<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&amp;P 500 Index</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">15.50<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&amp;P 500 Financials Index</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">4.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.39<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; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <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; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <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; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <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; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <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 Financial Fund (Class C) — Without CDSC 0.1278 0.1200 0.1238 Davis Financial Fund (Class C) — With CDSC 0.1178 0.1200 0.1238 S&P 500 Index 0.2232 0.1340 0.1550 S&P 500 Financials Index 0.0405 0.0985 0.1339 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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in billions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>1.2</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">31</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">3<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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>3.1</td> </tr> </table> 1200000000 31 0.03 3100000 <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 Industries</b> <b> as of </b> <b>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">43.60<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">20.18<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.66<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.69<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Capital Markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">7.00<span>%</span></td> </tr> </table> 0.4360 0.2018 0.1366 0.1269 0.0700 Davis Financial Fund Class Y DVFYX This Semi-Annual shareholder report contains important information about the Davis Financial Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28);">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis Financial Fund<br/> (Class Y)</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>35</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.71<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; padding-top: 0; padding-right: 4pt; padding-bottom: 0; padding-left: 0; font-size: 6pt; vertical-align: top; width: 1%;">*</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-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 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> 35 0.0071 <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 S&amp;P 500 Financials Index (the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 0.16%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% return of the S&amp;P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in 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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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&amp;P 500 Financials</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 industries - Banks (+5%) and Insurance (+2%)</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 industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors</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;">DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)</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;">Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Julius Baer Group (+15%) and Bank of New York Mellon (+26%)</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;">Underweight in Financial Services (average weighting 14% vs 28%)</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;">Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Chubb (+10%) and RenaissanceRe Holdings (+13%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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 Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Capital One Financial (-17%) - largest individual detractor</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;">American Express (-8%)</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;">Financial Services - underperformed the Index industry (-11% vs -5%)</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)</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;">Non-financial holding</div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Prosus (-30%)</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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <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;">Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>Davis Financial Fund (Class Y) </strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.35<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&amp;P 500 Index</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">15.50<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal;"><strong>S&amp;P 500 Financials Index</strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">4.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.39<span>%</span></td> </tr> </table> Davis Financial Fund (Class Y) 0.1396 0.1316 0.1335 S&P 500 Index 0.2232 0.1340 0.1550 S&P 500 Financials Index 0.0405 0.0985 0.1339 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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Fund net assets as of 06/30/26 (in billions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>1.2</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">31</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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">3<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; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Total advisory fees paid for the period (in millions)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>3.1</td> </tr> </table> 1200000000 31 0.03 3100000 <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 Industries</b> <b> as of </b> <b>06/30/26</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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Banks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">43.60<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">20.18<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.66<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Finance</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.69<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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Capital Markets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">7.00<span>%</span></td> </tr> </table> 0.4360 0.2018 0.1366 0.1269 0.0700 Davis Balanced Fund Class A RPFCX This Semi-Annual shareholder report contains important information about the Davis Balanced Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; font-weight: bold; text-align: justify;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Balanced Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</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;">0.97<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> 51 0.0097 <div style="margin-bottom: 8pt;"> <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: 8pt;">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; text-align: justify; margin-bottom: 4pt;">The Fund outperformed the Standard &amp; Poor’s 500 Index (“S&amp;P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 11.27%, versus a 10.21% return for the S&amp;P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 73% of net assets invested in stocks, 11% in bonds, and 16% in repurchase agreements and cash.</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: 4pt;">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&amp;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 - Industrials, Information Technology, and Energy (all +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 - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)</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: 4pt;">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 (Equities only) - significantly outperformed the Index sector (+104% vs +20%)</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 (+182%) - largest individual contributor</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;">Texas Instruments (+74%)</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 (Equities only) - outperformed the Index sector (+21% 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;">CVS Health (+33%), Viatris (+30%), and Quest Diagnostics (+23%)</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 (Equities only) - outperformed the Index sector (+1% vs -1%)</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;">Bank of New York Mellon (+26%)</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;">Communication Services (Equities only) - outperformed the Index sector (+6% vs +1%) and underweight <br/>(average weighting 5% 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;">Alphabet (+13%)</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 equity 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;">Owens Corning (+44%), Devon Energy (+11%), and Chubb (+10%)</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;">Devon Energy - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</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: 4pt;">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;">Significantly overweight in weaker performing Financials sector (Equities only) - (average weighting 34% vs 12%)</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;">Capital One Financial (-17%) - largest individual detractor</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;">Markel Group (-9%), Wells Fargo (-10%), and AIA Group (-10%)</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 underweight in stronger performing Information Technology sector (Equities only) - (average weighting 10% vs 35%)</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;">Microsoft (-23%)</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 Health Care (Equities only) - (average weighting 28% 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;">Solventum (-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;">In a stronger market, the Fund’s relative performance was hindered by its 25% combined average position in bonds and repurchase agreements (cash)</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;">Individual equity 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;">JBS (-11%), AUMOVIO (-18%), Meta Platforms (-15%), and Tourmaline (-5%)</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 06/30/26</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 Balanced 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;">23.08<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;">11.08<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;">11.38<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 Balanced 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;">17.23<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;">10.01<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;">10.84<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&amp;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;">22.32<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;">13.40<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;">15.50<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>Bloomberg U.S. Aggregate Bond 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;">3.79<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;">0.08<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;">1.54<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 Balanced Fund (Class A) — Without sales charge 0.2308 0.1108 0.1138 Davis Balanced Fund (Class A) — With sales charge 0.1723 0.1001 0.1084 S&P 500 Index 0.2232 0.1340 0.1550 Bloomberg U.S. Aggregate Bond Index 0.0379 0.0008 0.0154 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: 0px;"><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 06/30/26 (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;">$</span>319.4</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>826.2</td> </tr> </table> 319400000 66 0.07 826200 <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: 0px;"><b>Asset Allocation</b> <b> as of </b> <b>06/30/26</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;">Common Stock</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;">72.83<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;">Short-Term Investments</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;">16.01<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;">Mortgages</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;">8.17<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;">Corporate Bonds</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;">1.53<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;">Small Business Administration</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;">0.88<span>%</span></td> </tr> </table> 0.7283 0.1601 0.0817 0.0153 0.0088 <div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Co-Portfolio Manager for Davis Balanced Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Balanced Fund Class C DCSCX This Semi-Annual shareholder report contains important information about the Davis Balanced Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; font-weight: bold; text-align: justify;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Balanced Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</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;">1.75<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> 91 0.0175 <div style="margin-bottom: 8pt;"> <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: 8pt;">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; text-align: justify; margin-bottom: 4pt;">The Fund outperformed the Standard &amp; Poor’s 500 Index (“S&amp;P 500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 10.85%, versus a 10.21% return for the S&amp;P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 73% of net assets invested in stocks, 11% in bonds, and 16% in repurchase agreements and cash.</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: 4pt;">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&amp;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 - Industrials, Information Technology, and Energy (all +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 - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)</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: 4pt;">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 (Equities only) - significantly outperformed the Index sector (+104% vs +20%)</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 (+182%) - largest individual contributor</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;">Texas Instruments (+74%)</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 (Equities only) - outperformed the Index sector (+21% 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;">CVS Health (+33%), Viatris (+30%), and Quest Diagnostics (+23%)</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 (Equities only) - outperformed the Index sector (+1% vs -1%)</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;">Bank of New York Mellon (+26%)</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;">Communication Services (Equities only) - outperformed the Index sector (+6% vs +1%) and underweight <br/>(average weighting 5% 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;">Alphabet (+13%)</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 equity 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;">Owens Corning (+44%), Devon Energy (+11%), and Chubb (+10%)</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;">Devon Energy - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</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: 4pt;">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;">Significantly overweight in weaker performing Financials sector (Equities only) - (average weighting 34% vs 12%)</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;">Capital One Financial (-17%) - largest individual detractor</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;">Markel Group (-9%), Wells Fargo (-10%), and AIA Group (-10%)</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 underweight in stronger performing Information Technology sector (Equities only) - (average weighting 10% vs 35%)</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;">Microsoft (-23%)</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 Health Care (Equities only) - (average weighting 28% 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;">Solventum (-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;">In a stronger market, the Fund’s relative performance was hindered by its 25% combined average position in bonds and repurchase agreements (cash)</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;">Individual equity 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;">JBS (-11%), AUMOVIO (-18%), Meta Platforms (-15%), and Tourmaline (-5%)</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 06/30/26</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 Balanced 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;">22.14<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;">10.23<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;">10.70<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 Balanced 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;">21.14<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;">10.23<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;">10.70<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&amp;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;">22.32<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;">13.40<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;">15.50<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>Bloomberg U.S. Aggregate Bond 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;">3.79<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;">0.08<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;">1.54<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 Balanced Fund (Class C) — Without CDSC 0.2214 0.1023 0.1070 Davis Balanced Fund (Class C) — With CDSC 0.2114 0.1023 0.1070 S&P 500 Index 0.2232 0.1340 0.1550 Bloomberg U.S. Aggregate Bond Index 0.0379 0.0008 0.0154 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: 0px;"><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 06/30/26 (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;">$</span>319.4</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>826.2</td> </tr> </table> 319400000 66 0.07 826200 <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: 0px;"><b>Asset Allocation</b> <b> as of </b> <b>06/30/26</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;">Common Stock</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;">72.83<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;">Short-Term Investments</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;">16.01<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;">Mortgages</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;">8.17<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;">Corporate Bonds</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;">1.53<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;">Small Business Administration</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;">0.88<span>%</span></td> </tr> </table> 0.7283 0.1601 0.0817 0.0153 0.0088 <div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Co-Portfolio Manager for Davis Balanced Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Balanced Fund Class Y DCSYX This Semi-Annual shareholder report contains important information about the Davis Balanced Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; font-weight: bold; text-align: justify;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Balanced Fund<br/>(Class Y)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</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> 35 0.0067 <div style="margin-bottom: 8pt;"> <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: 8pt;">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; text-align: justify; margin-bottom: 4pt;">The Fund outperformed the Standard &amp; Poor’s 500 Index (“S&amp;P 500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 11.44%, versus a 10.21% return for the S&amp;P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 73% of net assets invested in stocks, 11% in bonds, and 16% in repurchase agreements and cash.</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: 4pt;">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&amp;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 - Industrials, Information Technology, and Energy (all +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 - Financials (-1%), Consumer Discretionary (-1%), and Communication Services (+1%)</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: 4pt;">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 (Equities only) - significantly outperformed the Index sector (+104% vs +20%)</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 (+182%) - largest individual contributor</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;">Texas Instruments (+74%)</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 (Equities only) - outperformed the Index sector (+21% 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;">CVS Health (+33%), Viatris (+30%), and Quest Diagnostics (+23%)</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 (Equities only) - outperformed the Index sector (+1% vs -1%)</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;">Bank of New York Mellon (+26%)</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;">Communication Services (Equities only) - outperformed the Index sector (+6% vs +1%) and underweight <br/>(average weighting 5% 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;">Alphabet (+13%)</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 equity 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;">Owens Corning (+44%), Devon Energy (+11%), and Chubb (+10%)</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;">Devon Energy - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</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: 4pt;">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;">Significantly overweight in weaker performing Financials sector (Equities only) - (average weighting 34% vs 12%)</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;">Capital One Financial (-17%) - largest individual detractor</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;">Markel Group (-9%), Wells Fargo (-10%), and AIA Group (-10%)</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 underweight in stronger performing Information Technology sector (Equities only) - (average weighting 10% vs 35%)</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;">Microsoft (-23%)</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 Health Care (Equities only) - (average weighting 28% 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;">Solventum (-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;">In a stronger market, the Fund’s relative performance was hindered by its 25% combined average position in bonds and repurchase agreements (cash)</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;">Individual equity 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;">JBS (-11%), AUMOVIO (-18%), Meta Platforms (-15%), and Tourmaline (-5%)</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 06/30/26</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 Balanced 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;">23.45<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;">11.42<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;">11.73<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&amp;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;">22.32<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;">13.40<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;">15.50<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>Bloomberg U.S. Aggregate Bond 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;">3.79<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;">0.08<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;">1.54<span>%</span></td> </tr> </table> Davis Balanced Fund (Class Y) 0.2345 0.1142 0.1173 S&P 500 Index 0.2232 0.1340 0.1550 Bloomberg U.S. Aggregate Bond Index 0.0379 0.0008 0.0154 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: 0px;"><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 06/30/26 (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;">$</span>319.4</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">7<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>826.2</td> </tr> </table> 319400000 66 0.07 826200 <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: 0px;"><b>Asset Allocation</b> <b> as of </b> <b>06/30/26</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;">Common Stock</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;">72.83<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;">Short-Term Investments</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;">16.01<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;">Mortgages</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;">8.17<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;">Corporate Bonds</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;">1.53<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;">Small Business Administration</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;">0.88<span>%</span></td> </tr> </table> 0.7283 0.1601 0.0817 0.0153 0.0088 <div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">As of March 1, 2026, Erik Jones replaced Creston King as the Co-Portfolio Manager for Davis Balanced Fund.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: justify; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund during the period. For more complete information, you may review the Fund’s prospectus, which is available 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 upon request by contacting Investor Services at<span style="white-space: nowrap;"> </span>(1-800-279-0279 and <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">dvsinvestor.services@dsaco.com</span>).</div> davisfunds.com/resources/regulatory-documents 1-800-279-0279 dvsinvestor.services@dsaco.com Davis Real Estate Fund Class A RPFRX This Semi-Annual shareholder report contains important information about the Davis Real Estate Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Real Estate Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>53</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;">1.00<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> 53 0.0100 <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 slightly outperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 12.39%, versus a 12.36% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.</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;">Wilshire 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;">Strongest performing industries - Hotel &amp; Resort REITs (+42%), Health Care REITs (+20%), and Retail REITs (+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 industries - Real Estate Management &amp; Development (-18%), Residential REITs (+7%), and Industrial REITs (+8%)</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;">Specialized REITs - outperformed the Index industry (+18% vs +14%)</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;">Equinix (+37%) and Fermi (+71%) - two largest individual contributors</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;">Public Storage (+25%) and Digital Realty Trust (+18%)</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;">Fermi - new purchase during the period</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;">Underweight in Real Estate Management &amp; Development (average weighting 4% vs 6%), the weakest performing industry 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;">Office REITs - outperformed the Index industry (+15% vs +13%) and overweight (average weighting 18% 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;">Cousins Properties (+19%) and COPT Defense Properties (+33%)</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;">Healthpeak Properties (+38%), Brixmor Property Group (+23%), Simon Property Group (+24%), and Sunstone Hotel Investors (+30%)</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;">Underweight in Health Care REITs - (average weighting 10% vs 16%)</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;">Alexandria Real Estate Equities (+11%) - negatively impacted by sales in second half of period when performance rebounded</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;">Industrial REITs - underperformed the Index industry (+6% vs +8%)</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;">Rexford Industrial Realty (-11%) - largest individual detractor</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 Residential REITs - (average weighting 17% vs 11%)</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;">Sun Communities (-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;">Underweight in Retail REITs - (average weighting 11% vs 14%)</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;">NETSTREIT (-3%) - no longer a Fund holding</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;">SBA Communications (-19%), CBRE Group (-19%), American Tower (-5%), Jones Lang LaSalle (-12%), and VICI Properties (-2%)</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;">SBA Communications, CBRE Group, and Jones Lang LaSalle - new purchases during the period</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 06/30/26</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 Real Estate 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;">7.89<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;">1.00<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;">3.99<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 Real Estate 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;">2.77<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;">0.03<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;">3.48<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&amp;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;">22.32<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;">13.40<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;">15.50<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>Wilshire U.S. Real Estate Securities 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;">14.27<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;">5.17<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;">5.81<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 Real Estate Fund (Class A) — Without sales charge 0.0789 0.0100 0.0399 Davis Real Estate Fund (Class A) — With sales charge 0.0277 0.0003 0.0348 S&P 500 Index 0.2232 0.1340 0.1550 Wilshire U.S. Real Estate Securities Index 0.1427 0.0517 0.0581 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 06/30/26 (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;">$</span>126.1</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>322.7</td> </tr> </table> 126100000 41 0.12 322700 <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 Industries</b> <b> as of </b> <b>06/30/26</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;">Specialized REITs</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> </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;">Office REITs</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;">20.13<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;">Residential REITs</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;">16.66<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;">Industrial REITs</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;">12.32<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 REITs</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;">10.12<span>%</span></td> </tr> </table> 0.2375 0.2013 0.1666 0.1232 0.1012 Davis Real Estate Fund Class C DRECX This Semi-Annual shareholder report contains important information about the Davis Real Estate Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Real Estate Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</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;">1.75<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> 92 0.0175 <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 underperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 11.98%, versus a 12.36% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.</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;">Wilshire 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;">Strongest performing industries - Hotel &amp; Resort REITs (+42%), Health Care REITs (+20%), and Retail REITs (+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 industries - Real Estate Management &amp; Development (-18%), Residential REITs (+7%), and Industrial REITs (+8%)</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;">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;">Specialized REITs - outperformed the Index industry (+18% vs +14%)</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;">Equinix (+37%) and Fermi (+71%) - two largest individual contributors</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;">Public Storage (+25%) and Digital Realty Trust (+18%)</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;">Fermi - new purchase during the period</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;">Underweight in Real Estate Management &amp; Development (average weighting 4% vs 6%), the weakest performing industry 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;">Office REITs - outperformed the Index industry (+15% vs +13%) and overweight (average weighting 18% 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;">Cousins Properties (+19%) and COPT Defense Properties (+33%)</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;">Healthpeak Properties (+38%), Brixmor Property Group (+23%), Simon Property Group (+24%), and Sunstone Hotel Investors (+30%)</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;">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;">Underweight in Health Care REITs - (average weighting 10% vs 16%)</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;">Alexandria Real Estate Equities (+11%) - negatively impacted by sales in second half of period when performance rebounded</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;">Industrial REITs - underperformed the Index industry (+6% vs +8%)</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;">Rexford Industrial Realty (-11%) - largest individual detractor</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 Residential REITs - (average weighting 17% vs 11%)</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;">Sun Communities (-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;">Underweight in Retail REITs - (average weighting 11% vs 14%)</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;">NETSTREIT (-3%) - no longer a Fund holding</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;">SBA Communications (-19%), CBRE Group (-19%), American Tower (-5%), Jones Lang LaSalle (-12%), and VICI Properties (-2%)</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;">SBA Communications, CBRE Group, and Jones Lang LaSalle - new purchases during the period</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 06/30/26</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 Real Estate 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;">7.08<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;">0.22<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;">3.30<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 Real Estate 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;">6.08<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;">0.22<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;">3.30<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&amp;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;">22.32<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;">13.40<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;">15.50<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>Wilshire U.S. Real Estate Securities 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;">14.27<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;">5.17<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;">5.81<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 Real Estate Fund (Class C) — Without CDSC 0.0708 0.0022 0.0330 Davis Real Estate Fund (Class C) — With CDSC 0.0608 0.0022 0.0330 S&P 500 Index 0.2232 0.1340 0.1550 Wilshire U.S. Real Estate Securities Index 0.1427 0.0517 0.0581 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 06/30/26 (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;">$</span>126.1</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>322.7</td> </tr> </table> 126100000 41 0.12 322700 <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 Industries</b> <b> as of </b> <b>06/30/26</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;">Specialized REITs</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> </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;">Office REITs</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;">20.13<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;">Residential REITs</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;">16.66<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;">Industrial REITs</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;">12.32<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 REITs</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;">10.12<span>%</span></td> </tr> </table> 0.2375 0.2013 0.1666 0.1232 0.1012 Davis Real Estate Fund Class Y DREYX This Semi-Annual shareholder report contains important information about the Davis Real Estate Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Real Estate Fund<br/>(Class Y)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>40</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;">0.75<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> 40 0.0075 <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 slightly outperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 12.52%, versus a 12.36% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.</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;">Wilshire 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;">Strongest performing industries - Hotel &amp; Resort REITs (+42%), Health Care REITs (+20%), and Retail REITs (+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 industries - Real Estate Management &amp; Development (-18%), Residential REITs (+7%), and Industrial REITs (+8%)</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;">Specialized REITs - outperformed the Index industry (+18% vs +14%)</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;">Equinix (+37%) and Fermi (+71%) - two largest individual contributors</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;">Public Storage (+25%) and Digital Realty Trust (+18%)</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;">Fermi - new purchase during the period</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;">Underweight in Real Estate Management &amp; Development (average weighting 4% vs 6%), the weakest performing industry 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;">Office REITs - outperformed the Index industry (+15% vs +13%) and overweight (average weighting 18% 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;">Cousins Properties (+19%) and COPT Defense Properties (+33%)</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;">Healthpeak Properties (+38%), Brixmor Property Group (+23%), Simon Property Group (+24%), and Sunstone Hotel Investors (+30%)</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;">Underweight in Health Care REITs - (average weighting 10% vs 16%)</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;">Alexandria Real Estate Equities (+11%) - negatively impacted by sales in second half of period when performance rebounded</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;">Industrial REITs - underperformed the Index industry (+6% vs +8%)</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;">Rexford Industrial Realty (-11%) - largest individual detractor</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 Residential REITs - (average weighting 17% vs 11%)</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;">Sun Communities (-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;">Underweight in Retail REITs - (average weighting 11% vs 14%)</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;">NETSTREIT (-3%) - no longer a Fund holding</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;">SBA Communications (-19%), CBRE Group (-19%), American Tower (-5%), Jones Lang LaSalle (-12%), and VICI Properties (-2%)</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;">SBA Communications, CBRE Group, and Jones Lang LaSalle - new purchases during the period</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 06/30/26</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 Real Estate 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;">8.16<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;">1.26<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;">4.23<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&amp;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;">22.32<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;">13.40<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;">15.50<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>Wilshire U.S. Real Estate Securities 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;">14.27<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;">5.17<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;">5.81<span>%</span></td> </tr> </table> Davis Real Estate Fund (Class Y) 0.0816 0.0126 0.0423 S&P 500 Index 0.2232 0.1340 0.1550 Wilshire U.S. Real Estate Securities Index 0.1427 0.0517 0.0581 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 06/30/26 (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;">$</span>126.1</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">12<span>%</span></td> </tr> <tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>322.7</td> </tr> </table> 126100000 41 0.12 322700 <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 Industries</b> <b> as of </b> <b>06/30/26</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;">Specialized REITs</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> </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;">Office REITs</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;">20.13<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;">Residential REITs</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;">16.66<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;">Industrial REITs</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;">12.32<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 REITs</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;">10.12<span>%</span></td> </tr> </table> 0.2375 0.2013 0.1666 0.1232 0.1012 Annualized. Annualized. Annualized. Annualized. Annualized. Reflects 4.75% front-end sales charge. 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. Annualized. Annualized. Annualized. Reflects 4.75% front-end sales charge. 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. 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”). Includes any applicable contingent deferred sales charge (“CDSC”). Annualized. Annualized. Reflects 4.75% front-end sales charge. 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. Annualized. Annualized. Reflects 4.75% front-end sales charge. Reflects 4.75% front-end sales charge. 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”).