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DAVIS NEW YORK VENTURE FUND INC
N-CSR
2024-07-31
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, 2023 to July 31, 2024 (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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 $10,000 investment</td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class A)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>101.01</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;">0.92<span>%</span></td>
</tr> </table>
101.01
0.0092
<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;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund underperformed the 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 19.59%, versus a 22.15% 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 - Information Technology (+35%), Communication Services (+30%), <br/> and Financials (+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 - Consumer Staples (+8), Materials (+10%), and Energy (+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;">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;">Information Technology - underperformed the Index sector (+21% vs +35%) and underweight (average weighting 12% vs 29%)</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;">Financials - underperformed the Index sector (+23% 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;">Ping An Insurance (-35%) - largest individual detractor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">AIA Group (-31%) and Julius Baer Group (-19%)</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;">Darling Ingredients (-43%), JD.com (-34%), IAC (-24%), AGCO (-13%), OCI (-12%), and MGM Resorts (-15%)</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;">AGCO - new purchase during the period</div> </li>
</ul> </li>
</ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Contributors to Performance</div>
</div>
<ul style="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 - outperformed the Index sector (+39% vs +30%) and overweight (average weighting 13% 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;">Meta Platforms (+49%) - largest individual contributor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Alphabet (+29%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Significantly overweight in stronger performing Financials sector - (average weighting 44% vs 13%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Wells Fargo (+32%), Capital One Financial (+32%), Berkshire Hathaway (+23%), Bank of New York Mellon (+48%), Danske Bank (+38%), and JPMorgan Chase (+38%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Underweight in Consumer Staples (average weighting 1% vs 6%) and Energy (average weighting less than 1% vs 4%), two of the weakest performing sectors 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;">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;">Amazon.com (+40%) and Applied Materials (+41%)</div> </li>
</ul> </li>
</ul>
<div style="break-before:always;margin-top:0px;margin-bottom:0px;"> </div>
</div>
<div style="margin-bottom:10pt;">
<div style="break-inside:avoid;">
<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 and the S&P 500 Index over 10 fiscal years for an investment made on July 31<b>, </b>2014.</div>
</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><div style="margin-bottom:8pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_105413.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/>
</div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 07/31/24</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="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">19.59<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">11.03<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.92<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.90<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.96<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.40<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.15<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.98<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.14<span>%</span></td>
</tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;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
0.1959
0.1103
0.0992
Davis New York Venture Fund (Class A) — With sales charge
0.1390
0.0996
0.0940
S&P 500 Index
0.2215
0.1498
0.1314
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the 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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24 (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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>6.7<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24</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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>45<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>17<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>34.0<span style="visibility:hidden;display:none">%</span></td>
</tr> </table>
6700000000
45
0.17
34000000.0
<div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(8, 62, 28);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Top Sectors as of 07/31/24 Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">38.52<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.22<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.82<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.26<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.53<span>%</span></td>
</tr> </table>
0.3852
0.1322
0.1282
0.1226
0.1053
Davis New York Venture Fund
Class B
NYVBX
This Annual shareholder report contains important information about the Davis New York Venture Fund (the “Fund”) for the period of August 1, 2023 to July 31, 2024 (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="break-inside:avoid;">
<div style="margin-bottom:10pt;">
<div style="break-inside:avoid;">
<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>
</div>
</div>
<div style="margin-bottom:10pt;">
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 $10,000 investment</td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class B)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>191.27</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;">1.75<span>%</span></td>
</tr> </table>
</div>
</div>
191.27
0.0175
<div style="margin-bottom:14pt;">
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund underperformed the Standard & Poor’s 500 Index (“S&P 500 or the “Index”) for the period. The Fund’s Class B shares delivered a total return on net asset value of 18.59%, versus a 22.15% 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 - Information Technology (+35%), Communication Services (+30%), <br/> and Financials (+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 - Consumer Staples (+8), Materials (+10%), and Energy (+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;">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;">Information Technology - underperformed the Index sector (+21% vs +35%) and underweight (average weighting 12% vs 29%)</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;">Financials - underperformed the Index sector (+23% 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;">Ping An Insurance (-35%) - largest individual detractor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">AIA Group (-31%) and Julius Baer Group (-19%)</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;">Darling Ingredients (-43%), JD.com (-34%), IAC (-24%), AGCO (-13%), OCI (-12%), and MGM Resorts (-15%)</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;">AGCO - new purchase during the period</div> </li>
</ul> </li>
</ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Contributors to Performance</div>
</div>
<ul style="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 - outperformed the Index sector (+39% vs +30%) and overweight (average weighting 13% 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;">Meta Platforms (+49%) - largest individual contributor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Alphabet (+29%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Significantly overweight in stronger performing Financials sector - (average weighting 44% vs 13%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Wells Fargo (+32%), Capital One Financial (+32%), Berkshire Hathaway (+23%), Bank of New York Mellon (+48%), Danske Bank (+38%), and JPMorgan Chase (+38%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Underweight in Consumer Staples (average weighting 1% vs 6%) and Energy (average weighting less than 1% vs 4%), two of the weakest performing sectors 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;">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;">Amazon.com (+40%) and Applied Materials (+41%)</div> </li>
</ul> </li>
</ul>
<div style="break-before:always;margin-top:0px;margin-bottom:0px;"> </div>
</div>
<div style="break-inside:avoid;">
<div style="margin-bottom:10pt;">
<div style="break-inside:avoid;">
<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 and the S&P 500 Index over 10 fiscal years for an investment made on July 31<b>, </b>2014.</div>
</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>
<div style="margin-bottom:8pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_105414.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/>
</div>
</div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 07/31/24</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="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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 B) — Without CDSC*</strong> </td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">18.59<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.20<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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 B) — With CDSC*,**</strong> </td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.59<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.86<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.20<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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<em style="font-style: normal; font-weight: normal;"></em></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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.15<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.98<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.14<span>%</span></td>
</tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:0px;border-bottom-style:initial;font-family:'times new roman';font-style:italic;border-bottom-color:initial;height:10pt">
<td style="break-inside: avoid-page; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:6pt;margin-bottom:0px;">*</div> </td>
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:8pt;margin-bottom:0px;">Because Class B shares automatically convert to Class A shares after 7 years, the “10-Year” returns for Class B reflect Class A performance for the period after conversion.</div> </td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;font-family:'times new roman';font-style:italic;height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:6pt;margin-bottom:0px;">**</div> </td>
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:8pt;margin-bottom:0px;">Includes any applicable contingent deferred sales charge (“CDSC”).</div> </td>
</tr> </table>
Davis New York Venture Fund (Class B) — Without CDSC
0.1859
0.1009
0.0920
Davis New York Venture Fund (Class B) — With CDSC
0.1459
0.0986
0.0920
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the 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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24 (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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>6.7<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24</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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>45<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>17<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>34.0<span style="visibility:hidden;display:none">%</span></td>
</tr> </table>
6700000000
45
0.17
34000000.0
<div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(8, 62, 28);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Top Sectors as of 07/31/24 Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">38.52<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.22<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.82<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.26<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.53<span>%</span></td>
</tr> </table>
0.3852
0.1322
0.1282
0.1226
0.1053
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, 2023 to July 31, 2024 (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="break-inside:avoid;">
<div style="margin-bottom:10pt;">
<div style="break-inside:avoid;">
<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>
</div>
</div>
<div style="margin-bottom:10pt;">
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 $10,000 investment</td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class C)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>191.26</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;">1.75<span>%</span></td>
</tr> </table>
</div>
</div>
191.26
0.0175
<div style="margin-bottom:14pt;">
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund underperformed the Standard & Poor’s 500 Index (“S&P 500 or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 18.58%, versus a 22.15% 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 - Information Technology (+35%), Communication Services (+30%), <br/> and Financials (+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 - Consumer Staples (+8), Materials (+10%), and Energy (+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;">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;">
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<div style="margin-top:0px;margin-bottom:0px;">Information Technology - underperformed the Index sector (+21% vs +35%) and underweight (average weighting 12% vs 29%)</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;">Financials - underperformed the Index sector (+23% 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;">
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<div style="margin-top:0px;margin-bottom:0px;">Ping An Insurance (-35%) - largest individual detractor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">AIA Group (-31%) and Julius Baer Group (-19%)</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;">
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<div style="margin-top:0px;margin-bottom:0px;">Darling Ingredients (-43%), JD.com (-34%), IAC (-24%), AGCO (-13%), OCI (-12%), and MGM Resorts (-15%)</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;">AGCO - new purchase during the period</div> </li>
</ul> </li>
</ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Contributors to Performance</div>
</div>
<ul style="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 - outperformed the Index sector (+39% vs +30%) and overweight (average weighting 13% 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;">Meta Platforms (+49%) - largest individual contributor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Alphabet (+29%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Significantly overweight in stronger performing Financials sector - (average weighting 44% vs 13%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Wells Fargo (+32%), Capital One Financial (+32%), Berkshire Hathaway (+23%), Bank of New York Mellon (+48%), Danske Bank (+38%), and JPMorgan Chase (+38%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Underweight in Consumer Staples (average weighting 1% vs 6%) and Energy (average weighting less than 1% vs 4%), two of the weakest performing sectors 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;">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;">Amazon.com (+40%) and Applied Materials (+41%)</div> </li>
</ul> </li>
</ul>
<div style="break-before:always;margin-top:0px;margin-bottom:0px;"> </div>
</div>
<div style="break-inside:avoid;">
<div style="margin-bottom:10pt;">
<div style="break-inside:avoid;">
<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 and the S&P 500 Index over 10 fiscal years for an investment made on July 31<b>, </b>2014.</div>
</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>
<div style="margin-bottom:8pt;"> <img alt="Fund Performance - Growth of 10K" src="chartimages_105415.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/>
</div>
</div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 07/31/24</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="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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 C) — Without CDSC*</strong> </td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">18.58<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.12<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.23<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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 C) — With CDSC*,**</strong> </td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">17.58<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.12<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.23<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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<em style="font-style: normal; font-weight: normal;"></em></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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.15<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.98<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.14<span>%</span></td>
</tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:0px;border-bottom-style:initial;font-family:'times new roman';font-style:italic;border-bottom-color:initial;height:10pt">
<td style="break-inside: avoid-page; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:6pt;margin-bottom:0px;">*</div> </td>
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:8pt;margin-bottom:0px;">Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.</div> </td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;font-family:'times new roman';font-style:italic;height:10pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 0; padding-right: 6px; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; width: 0px;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:6pt;margin-bottom:0px;">**</div> </td>
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left;"> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);text-align:justify;font-size:8pt;margin-bottom:0px;">Includes any applicable contingent deferred sales charge (“CDSC”).</div> </td>
</tr> </table>
Davis New York Venture Fund (Class C) — Without CDSC
0.1858
0.1012
0.0923
Davis New York Venture Fund (Class C) — With CDSC
0.1758
0.1012
0.0923
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the 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="padding-right:10pt;margin-bottom:0px;padding-left:0px;">
<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>
</div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24 (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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>6.7<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24</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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>45<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>17<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>34.0<span style="visibility:hidden;display:none">%</span></td>
</tr> </table>
6700000000
45
0.17
34000000.0
<div style="padding-left:10pt;padding-right:0px;">
<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 as of 07/31/24 Net Assets</b> </div>
</div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">38.52<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.22<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.82<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.26<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.53<span>%</span></td>
</tr> </table>
0.3852
0.1322
0.1282
0.1226
0.1053
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, 2023 to July 31, 2024 (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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 $10,000 investment</td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class R)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>131.53</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;">1.20<span>%</span></td>
</tr> </table>
131.53
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;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund underperformed the 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 19.22%, versus a 22.15% 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 - Information Technology (+35%), Communication Services (+30%), <br/> and Financials (+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 - Consumer Staples (+8), Materials (+10%), and Energy (+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;">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;">Information Technology - underperformed the Index sector (+21% vs +35%) and underweight (average weighting 12% vs 29%)</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;">Financials - underperformed the Index sector (+23% 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;">Ping An Insurance (-35%) - largest individual detractor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">AIA Group (-31%) and Julius Baer Group (-19%)</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;">Darling Ingredients (-43%), JD.com (-34%), IAC (-24%), AGCO (-13%), OCI (-12%), and MGM Resorts (-15%)</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;">AGCO - new purchase during the period</div> </li>
</ul> </li>
</ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Contributors to Performance</div>
</div>
<ul style="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 - outperformed the Index sector (+39% vs +30%) and overweight (average weighting 13% 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;">Meta Platforms (+49%) - largest individual contributor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Alphabet (+29%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Significantly overweight in stronger performing Financials sector - (average weighting 44% vs 13%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Wells Fargo (+32%), Capital One Financial (+32%), Berkshire Hathaway (+23%), Bank of New York Mellon (+48%), Danske Bank (+38%), and JPMorgan Chase (+38%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Underweight in Consumer Staples (average weighting 1% vs 6%) and Energy (average weighting less than 1% vs 4%), two of the weakest performing sectors 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;">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;">Amazon.com (+40%) and Applied Materials (+41%)</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 and the S&P 500 Index over 10 fiscal years for an investment made on July 31<b>, </b>2014.</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_105417.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 539pt;"/>
</div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 07/31/24</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="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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 R)</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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">19.22<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.73<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">9.62<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.15<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.98<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.14<span>%</span></td>
</tr> </table>
Davis New York Venture Fund (Class R)
0.1922
0.1073
0.0962
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the 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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24 (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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>6.7<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24</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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>45<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>17<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>34.0<span style="visibility:hidden;display:none">%</span></td>
</tr> </table>
6700000000
45
0.17
34000000.0
<div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(8, 62, 28);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Top Sectors as of 07/31/24 Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">38.52<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.22<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.82<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.26<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.53<span>%</span></td>
</tr> </table>
0.3852
0.1322
0.1282
0.1226
0.1053
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, 2023 to July 31, 2024 (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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 $10,000 investment</td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-style:none;height:20pt;border-bottom-color:initial">
<td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">Davis New York Venture Fund<br/> (Class Y)</td>
<td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"> <span style="float:none">$</span>73.66</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;">0.67<span>%</span></td>
</tr> </table>
73.66
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;" title="oef:FactorsAffectingPerfTextBlock">Management’s Discussion of Fund Performance</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;">Summary of Results</div>
<div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;text-align:justify;">The Fund underperformed the 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 19.89%, versus a 22.15% 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 - Information Technology (+35%), Communication Services (+30%), <br/> and Financials (+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 - Consumer Staples (+8), Materials (+10%), and Energy (+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;">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;">Information Technology - underperformed the Index sector (+21% vs +35%) and underweight (average weighting 12% vs 29%)</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;">Financials - underperformed the Index sector (+23% 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;">Ping An Insurance (-35%) - largest individual detractor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">AIA Group (-31%) and Julius Baer Group (-19%)</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;">Darling Ingredients (-43%), JD.com (-34%), IAC (-24%), AGCO (-13%), OCI (-12%), and MGM Resorts (-15%)</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;">AGCO - new purchase during the period</div> </li>
</ul> </li>
</ul>
<div style="break-inside:avoid;">
<div style="font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Contributors to Performance</div>
</div>
<ul style="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 - outperformed the Index sector (+39% vs +30%) and overweight (average weighting 13% 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;">Meta Platforms (+49%) - largest individual contributor</div> </li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Alphabet (+29%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Significantly overweight in stronger performing Financials sector - (average weighting 44% vs 13%)</div>
<ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top:0px;margin-bottom:0px;">Wells Fargo (+32%), Capital One Financial (+32%), Berkshire Hathaway (+23%), Bank of New York Mellon (+48%), Danske Bank (+38%), and JPMorgan Chase (+38%)</div> </li>
</ul> </li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top:0px;margin-bottom:0px;">Underweight in Consumer Staples (average weighting 1% vs 6%) and Energy (average weighting less than 1% vs 4%), two of the weakest performing sectors 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;">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;">Amazon.com (+40%) and Applied Materials (+41%)</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 and the S&P 500 Index over 10 fiscal years for an investment made on July 31<b>, </b>2014.</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_105416.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 539pt;"/>
</div>
<table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;border-bottom-width:1pt;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 07/31/24</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="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">19.89<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">11.30<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.20<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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<em style="font-style: normal; font-weight: normal;"></em></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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">22.15<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">14.98<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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.14<span>%</span></td>
</tr> </table>
Davis New York Venture Fund (Class Y)
0.1989
0.1130
0.1020
The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the 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-page">
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24 (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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>6.7<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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 07/31/24</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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>45<span style="visibility:hidden;display:none">%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;height:20pt;border-bottom-color:rgb(8, 62, 28);border-bottom-width:1pt">
<td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman';">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="visibility:hidden;display:none;float:none">$</span>17<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;"> <span style="float:none">$</span>34.0<span style="visibility:hidden;display:none">%</span></td>
</tr> </table>
6700000000
45
0.17
34000000.0
<div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'times new roman';color:rgb(8, 62, 28);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(8, 62, 28);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;"> <b>Top Sectors as of 07/31/24 Net Assets</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid-page">
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">38.52<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">13.22<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.82<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">12.26<span>%</span></td>
</tr>
<tr style="break-inside:avoid-page;border-bottom-width:1pt;border-bottom-style:solid;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; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt;">10.53<span>%</span></td>
</tr> </table>
0.3852
0.1322
0.1282
0.1226
0.1053
Reflects 4.75% front-end sales charge.
Because Class B shares automatically convert to Class A shares after 7 years, the “10-Year” returns for Class B reflect Class A performance for the period after conversion.
Because Class C shares automatically convert to Class A shares after 8 years, the “10-Year” returns for Class C reflect Class A performance for the period after conversion.
Includes any applicable contingent deferred sales charge (“CDSC”).
Includes any applicable contingent deferred sales charge (“CDSC”).