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N-1A
DAVIS NEW YORK VENTURE FUND INC
N-CSR
2026-07-31
Davis New York Venture Fund
Class A
NYVTX
This Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026 (the “period”).
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 year?</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 $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class A)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>104</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;">0.90<span>%</span></td> </tr> </table>
104
0.0090
<div style="margin-bottom:14pt;">
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 30.53%, versus a 19.56% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div> </div>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Market Overview</div>
<ul style="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&P 500</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 - Energy (+41%), Health Care (+27%), and Information Technology (+26%)</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Weakest performing sectors - Utilities (+6%), Consumer Discretionary (+8%), and Consumer Staples (+10%)</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;">Information Technology - significantly outperformed the Index sector (+168% 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;">Samsung Electronics (+262%) and Applied Materials (+167%) - 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;">Texas Instruments (+56%)</div> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Applied Materials - 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;">Health Care - outperformed the Index sector (+59% vs +27%) and overweight (average weighting 14% vs 9%)</div>
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<div style="margin-top:0px;margin-bottom:0px;">Viatris (+109%) and CVS Health (+73%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Financials - outperformed the Index sector (+17% vs +11%)</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;">
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<div style="margin-top:0px;margin-bottom:0px;">U.S. Bancorp (+46%) and Danske Bank (+58%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Overweight in Energy (average weighting 7% vs 3%), the strongest performing sector of the Index</div>
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<div style="margin-top:0px;margin-bottom:0px;">Devon Energy (+33%) - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</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>
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<div style="margin-top:0px;margin-bottom:0px;">Alphabet (+86%) and Teck Resources (+87%)</div> </li> </ul> </li> </ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Detractors from Performance</div> </div>
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<div style="margin-top:0px;margin-bottom:0px;">Communication Services - underperformed the Index sector (flat vs +19%)</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;">
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<div style="margin-top:0px;margin-bottom:0px;">Meta Platforms (-28%) and Pinterest (-38%) - two largest individual detractors</div> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Angi (-65%)</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 Information Technology (average weighting 11% vs 35%), a stronger performing sector of the Index</div> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Overweight in Financials (average weighting 30% vs 13%)</div>
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<div style="margin-top:0px;margin-bottom:0px;">Markel Group (-6%) and Capital One Financial (-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;">Industrials - underperformed the Index sector (-13% vs +20%)</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;">
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<div style="margin-top:0px;margin-bottom:0px;">DiDi Global (-30%) and AGCO (-13%)</div> </li> </ul> </li>
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<div style="margin-top:0px;margin-bottom:0px;">Energy - underperformed the Index sector (+27% vs +41%)</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 Consumer Discretionary holdings</div>
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<div style="margin-top:0px;margin-bottom:0px;">Prosus (-20%), Trip.com Group (-24%), and Naspers (-16%)</div> </li> </ul> </li> </ul>
<div style="break-before:always;margin-top:0px;margin-bottom:0px;"> </div> </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;">Fund Performance</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 following graph compares the initial and subsequent account values of a $10,000 investment in the Fund, the S&P 500 Index, and the Russell 1000 Value Index<span style="white-space:nowrap"> </span>over 10 fiscal years for an investment made<span style="white-space:nowrap"> </span>on July 31<b>, </b>2016.</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;">GROWTH OF $10,000</div><div style="margin-bottom:8pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_143534.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div><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>
<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 07/31/26</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 New York Venture 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;">30.53<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;">12.23<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;">13.13<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; 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 New York Venture 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;">24.33<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;">11.15<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;">12.59<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&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;">19.56<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;">12.85<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;">15.07<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>Russell 1000 Value 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;">31.19<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;">11.82<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;">11.61<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 New York Venture Fund (Class A) — Without sales charge
0.3053
0.1223
0.1313
Davis New York Venture Fund (Class A) — With sales charge
0.2433
0.1115
0.1259
S&P 500 Index
0.1956
0.1285
0.1507
Russell 1000 Value Index
0.3119
0.1182
0.1161
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do 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<b>www.davisfunds.com</b> .
<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 07/31/26 (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>7.7</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; 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 07/31/26</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;">46</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;">18<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>38.2</td> </tr> </table>
7700000000
46
0.18
38200000
<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>07/31/26</b> <b> Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; 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;">27.07<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;">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;">17.40<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; 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;">12.88<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;">Communication 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;">9.69<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;">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;">8.60<span>%</span></td> </tr> </table>
0.2707
0.1740
0.1288
0.0969
0.0860
Davis New York Venture Fund
Class C
NYVCX
This Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026 (the “period”).
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 year?</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>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis New York Venture Fund<br/>(Class C)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>200</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.74<span>%</span></td>
</tr>
</table>
200
0.0174
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 29.45%, versus a 19.56% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Energy (+41%), Health Care (+27%), and Information Technology (+26%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Utilities (+6%), Consumer Discretionary (+8%), and Consumer Staples (+10%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+168% 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;">Samsung Electronics (+262%) and Applied Materials (+167%) - 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;">Texas Instruments (+56%)</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;">Applied Materials - 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;">Health Care - outperformed the Index sector (+59% vs +27%) and overweight (average weighting 14% vs 9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (+109%) and CVS Health (+73%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+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;">U.S. Bancorp (+46%) and Danske Bank (+58%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 7% vs 3%), the strongest performing sector of the Index</div>
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<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Devon Energy (+33%) - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (+86%) and Teck Resources (+87%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (flat vs +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;">Meta Platforms (-28%) and Pinterest (-38%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Angi (-65%)</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 Information Technology (average weighting 11% vs 35%), a stronger 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;">Overweight in Financials (average weighting 30% 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;">Markel Group (-6%) and Capital One Financial (-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;">Industrials - underperformed the Index sector (-13% 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;">DiDi Global (-30%) and AGCO (-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;">Energy - underperformed the Index sector (+27% vs +41%)</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 Consumer Discretionary 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;">Prosus (-20%), Trip.com Group (-24%), and Naspers (-16%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</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;">Fund Performance</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 following graph compares the initial and subsequent account values of a $10,000 investment in the Fund, the S&P 500 Index, and the Russell 1000 Value Index<span style="white-space: nowrap;"> </span>over 10 fiscal years for an investment made<span style="white-space: nowrap;"> </span>on July 31<b>, </b>2016.</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;">GROWTH OF $10,000</div>
<div style="margin-bottom: 8pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_143536.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div>
*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.
<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 07/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class C) — Without CDSC*</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.45<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;">11.30<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;">12.41<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class C) — With CDSC*,**</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">28.45<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;">11.30<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;">12.41<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.56<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;">12.85<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;">15.07<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.19<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;">11.82<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;">11.61<span>%</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; font-family: 'times new roman'; font-style: italic; border-bottom-color: initial; height: 10pt;">
<td style="break-inside: avoid-page; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px; padding: 0 6px 0 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 6pt; margin-bottom: 0px;">*</div>
</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 8pt; margin-bottom: 0px;">Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.</div>
</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; font-family: 'times new roman'; font-style: italic; height: 10pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px; padding: 0 6px 0 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 6pt; margin-bottom: 0px;">**</div>
</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); text-align: justify; font-size: 8pt; margin-bottom: 0px;">Includes any applicable contingent deferred sales charge (“CDSC”).</div>
</td>
</tr>
</table>
Davis New York Venture Fund (Class C) — Without CDSC
0.2945
0.1130
0.1241
Davis New York Venture Fund (Class C) — With CDSC
0.2845
0.1130
0.1241
S&P 500 Index
0.1956
0.1285
0.1507
Russell 1000 Value Index
0.3119
0.1182
0.1161
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do 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 07/31/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.7</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 07/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</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;">18<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>38.2</td>
</tr>
</table>
7700000000
46
0.18
38200000
<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>07/31/26</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.07<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.40<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">12.88<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;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.69<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;">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;">8.60<span>%</span></td>
</tr>
</table>
0.2707
0.1740
0.1288
0.0969
0.0860
Davis New York Venture Fund
Class R
NYVRX
This Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026 (the “period”).
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 year?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis New York Venture Fund<br/>(Class R)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>138</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span></td>
</tr>
</table>
138
0.0120
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class R shares delivered a total return of 30.15%, versus a 19.56% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing sectors - Energy (+41%), Health Care (+27%), and Information Technology (+26%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing sectors - Utilities (+6%), Consumer Discretionary (+8%), and Consumer Staples (+10%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Information Technology - significantly outperformed the Index sector (+168% 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;">Samsung Electronics (+262%) and Applied Materials (+167%) - 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;">Texas Instruments (+56%)</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;">Applied Materials - 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;">Health Care - outperformed the Index sector (+59% vs +27%) and overweight (average weighting 14% vs 9%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Viatris (+109%) and CVS Health (+73%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financials - outperformed the Index sector (+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;">U.S. Bancorp (+46%) and Danske Bank (+58%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Overweight in Energy (average weighting 7% vs 3%), the strongest performing sector of the Index</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Devon Energy (+33%) - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Alphabet (+86%) and Teck Resources (+87%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Communication Services - underperformed the Index sector (flat vs +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;">Meta Platforms (-28%) and Pinterest (-38%) - two largest individual detractors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Angi (-65%)</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 Information Technology (average weighting 11% vs 35%), a stronger 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;">Overweight in Financials (average weighting 30% 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;">Markel Group (-6%) and Capital One Financial (-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;">Industrials - underperformed the Index sector (-13% 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;">DiDi Global (-30%) and AGCO (-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;">Energy - underperformed the Index sector (+27% vs +41%)</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 Consumer Discretionary 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;">Prosus (-20%), Trip.com Group (-24%), and Naspers (-16%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</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;">Fund Performance</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 following graph compares the initial and subsequent account values of a $500,000 investment in the Fund, the S&P 500 Index, and the Russell 1000 Value Index<span style="white-space: nowrap;"> </span>over 10 fiscal years for an investment made<span style="white-space: nowrap;"> </span>on July 31<b>, </b>2016.</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;">GROWTH OF $500,000</div>
<div style="margin-bottom: 8pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_143538.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 539pt;"/> </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 07/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis New York Venture Fund (Class R)</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.15<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;">11.93<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;">12.82<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.56<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;">12.85<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;">15.07<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Russell 1000 Value Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.19<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;">11.82<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;">11.61<span>%</span></td>
</tr>
</table>
Davis New York Venture Fund (Class R)
0.3015
0.1193
0.1282
S&P 500 Index
0.1956
0.1285
0.1507
Russell 1000 Value Index
0.3119
0.1182
0.1161
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do 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 07/31/26 (in billions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7.7</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 07/31/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</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;">18<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>38.2</td>
</tr>
</table>
7700000000
46
0.18
38200000
<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>07/31/26</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.07<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.40<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">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;">12.88<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;">Communication Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.69<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;">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;">8.60<span>%</span></td>
</tr>
</table>
0.2707
0.1740
0.1288
0.0969
0.0860
Davis New York Venture Fund
Class Y
DNVYX
This Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2025 to July 31, 2026 (the “period”).
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 year?</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 $10,000 investment</td> </tr>
<tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class Y)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>77</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;">0.67<span>%</span></td> </tr> </table>
77
0.0067
<div style="margin-bottom:14pt;">
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 30.82%, versus a 19.56% return for the S&P 500. The Fund invests principally in common stocks (including American Depositary Receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund continues to invest a significant portion of its assets in financial services and foreign companies.</div> </div>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Market Overview</div>
<ul style="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&P 500</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 - Energy (+41%), Health Care (+27%), and Information Technology (+26%)</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Weakest performing sectors - Utilities (+6%), Consumer Discretionary (+8%), and Consumer Staples (+10%)</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;">Information Technology - significantly outperformed the Index sector (+168% 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;">Samsung Electronics (+262%) and Applied Materials (+167%) - 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;">Texas Instruments (+56%)</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;">Applied Materials - 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;">Health Care - outperformed the Index sector (+59% vs +27%) and overweight (average weighting 14% vs 9%)</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 (+109%) and CVS Health (+73%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Financials - outperformed the Index sector (+17% vs +11%)</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;">U.S. Bancorp (+46%) and Danske Bank (+58%)</div> </li> </ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Overweight in Energy (average weighting 7% vs 3%), the strongest performing sector of the Index</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;">Devon Energy (+33%) - completed merger with Coterra in May 2026 and includes Coterra performance prior to merger</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;">Alphabet (+86%) and Teck Resources (+87%)</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;">Communication Services - underperformed the Index sector (flat vs +19%)</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;">Meta Platforms (-28%) and Pinterest (-38%) - two largest individual detractors</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Angi (-65%)</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 Information Technology (average weighting 11% vs 35%), a stronger 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;">Overweight in Financials (average weighting 30% vs 13%)</div>
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<div style="margin-top:0px;margin-bottom:0px;">Markel Group (-6%) and Capital One Financial (-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;">Industrials - underperformed the Index sector (-13% vs +20%)</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 (-30%) and AGCO (-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;">Energy - underperformed the Index sector (+27% vs +41%)</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 Consumer Discretionary holdings</div>
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<div style="margin-top:0px;margin-bottom:0px;">Prosus (-20%), Trip.com Group (-24%), and Naspers (-16%)</div> </li> </ul> </li> </ul>
<div style="break-before:always;margin-top:0px;margin-bottom:0px;"> </div> </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;">Fund Performance</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 following graph compares the initial and subsequent account values of a $5,000,000 investment in the Fund, the S&P 500 Index, and the Russell 1000 Value Index<span style="white-space:nowrap"> </span>over 10 fiscal years for an investment made<span style="white-space:nowrap"> </span>on July 31<b>, </b>2016.</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;">GROWTH OF $5,000,000</div><div style="margin-bottom:8pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_143537.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 539pt;"/> </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 07/31/26</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 New York Venture 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;">30.82<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;">12.50<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;">13.42<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&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;">19.56<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;">12.85<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;">15.07<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>Russell 1000 Value 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;">31.19<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;">11.82<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;">11.61<span>%</span></td> </tr> </table>
Davis New York Venture Fund (Class Y)
0.3082
0.1250
0.1342
S&P 500 Index
0.1956
0.1285
0.1507
Russell 1000 Value Index
0.3119
0.1182
0.1161
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do 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 07/31/26 (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>7.7</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; 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 07/31/26</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;">46</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;">18<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>38.2</td> </tr> </table>
7700000000
46
0.18
38200000
<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>07/31/26</b> <b> Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid">
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; 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;">27.07<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;">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;">17.40<span>%</span></td> </tr>
<tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(8, 62, 28)">
<td style="break-inside: avoid-page; vertical-align: middle; 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;">12.88<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;">Communication 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;">9.69<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;">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;">8.60<span>%</span></td> </tr> </table>
0.2707
0.1740
0.1288
0.0969
0.0860
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.
Reflects 4.75% front-end sales charge.
Includes any applicable contingent deferred sales charge (“CDSC”).