| Agents For Service: | Ryan Charles                     |
|---------------------|----------------------------------|
|                | Davis Selected Advisers, L.P.    |
|                | 2949 East Elvira Road, Suite 101 |
|                | Tucson, AZ  85756           |
|                |                             |
|                | -or-                             |
|                |                             |
|                | Richard Cutshall                 |
|                | Greenberg Traurig LLP            |
|                | 1144 15th Street                 |
|                | Suite 3300                       |
|                | Denver, CO 80202                 |
|      | immediately upon filing pursuant to paragraph (b)                                                                                      |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------|
| [X]  | on April 30, 2020 pursuant to paragraph (b)                                                                                            |
|      | 60 days after filing pursuant to paragraph (a)                                                                                         |
|      | on                 pursuant to paragraph (a) of Rule 485    |
|      | 75 days after filing pursuant to paragraph (a)(2) of Rule 485                                                                          |
|      | on                 pursuant to paragraph (a)(2) of Rule 485 |

| 1. | Davis Opportunity Fund, Class A, C, and Y shares |
|----|--------------------------------------------------|

| 2. | Davis Financial Fund, Class A, C, and Y shares |
|----|------------------------------------------------|

| 3. | Davis Real Estate Fund, Class A, C, and Y shares |
|----|--------------------------------------------------|

| 4. | Davis Appreciation & Income Fund, Class A, C, and Y shares |
|----|----------------------------------------------------------------|

| 5. | Davis Government Bond Fund, Class A, C, and Y shares |
|----|------------------------------------------------------|

| 6. | Davis Government Money Market Fund, Class A, C, and Y shares |
|----|--------------------------------------------------------------|

----

|                                 | Class A                     | Class C | Class Y |
|--------------------------------------|-----------------------------|---------|---------|
| Davis Financial Fund                 | RPFGX                       | DFFCX   | DVFYX   |
| Davis Opportunity Fund               | RPEAX                       | DGOCX   | DGOYX   |
| Davis Real Estate Fund               | RPFRX                       | DRECX   | DREYX   |
| Davis Appreciation & Income Fund | RPFCX                       | DCSCX   | DCSYX   |
| Davis Government Bond Fund           | RFBAX                       | DGVCX   | DGVYX   |
| Davis Government Money Market Fund   | RPGXX for all share classes |

----

| Davis Financial Fund Summary                                                                 | 3  |
|----------------------------------------------------------------------------------------------|----|
| Davis Opportunity Fund Summary                                                               | 8  |
| Davis Real Estate Fund Summary                                                               | 12 |
| Davis Appreciation & Income Fund Summary                                                 | 16 |
| Davis Government Bond Fund Summary                                                           | 21 |
| Davis Government Money Market Fund Summary                                                   | 25 |
| Additional Information About Investment Objectives, Principal Strategies and Principal Risks | 28 |
| Additional Information About Expenses, Fees, Performance, and Indices                        | 38 |
| Non-Principal Investment Strategies and Risks                                                | 40 |
| Management and Organization                                                                  | 41 |
| Shareholder Information                                                                      | 43 |
| How Your Shares Are Valued                                                                   | 43 |
| Portfolio Holdings                                                                           | 45 |
| How Davis Funds Pay Earnings                                                                 | 45 |
| Federal Income Taxes                                                                         | 46 |
| Fees and Expenses of the Funds                                                               | 46 |
| Fees Paid to Dealers and Other Financial Intermediaries                                      | 47 |
| How to Choose a Share Class                                                                  | 49 |
| How to Open an Account                                                                       | 53 |
| Anti-Money Laundering Compliance                                                             | 54 |
| Retirement Plan Accounts                                                                     | 54 |
| How to Buy, Sell and Exchange Shares                                                         | 54 |
| Buying More Shares                                                                           | 55 |
| Selling Shares                                                                               | 56 |
| Exchanging Shares                                                                            | 59 |
| Frequent Purchases and Redemptions of Fund Shares                                            | 60 |
| Telephone Transactions                                                                       | 60 |
| Internet Transactions                                                                        | 61 |
| Householding                                                                                 | 61 |
| Financial Highlights                                                                         | 61 |
| Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts                         | 68 |

----

| Shareholder Fees(fees paid directly from your investment)                                                                                          | Class A shares | Class C shares | Class Y shares |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)                                                                | 4.75%          | None           | None           |
| Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 1.00%          | None           |
| Redemption Fee(as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           |

| * | Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase. |
|---|-------------------------------------------------------------------------------------------------------------------------------------|

| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or Service (12b-1) Fees                                                                        | 0.22%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.17%          | 0.17%          | 0.17%          |
| Total Annual Operating Expenses                                                                                 | 0.94%          | 1.72%          | 0.72%          |
|           | If you redeem your shares in: | If you did not redeem your shares in: |
|----------------|-------------------------------|---------------------------------------|
|           | 1 Year                        | 3 Years                               | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $566                          | $760                                  | $970 | $1,575 | $566 | $760 | $970 | $1,575 |
| Class C shares | 275                           | 542                                   | 933 | 2,030 | 175 | 542 | 933 | 2,030 |
| Class Y shares | 74                            | 230                                   | 401 | 894 | 74 | 230 | 401 | 894 |

----

----

----

| Calendar Year Total Returns for Class A Shares(Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              | Highest/Lowest quarterly results during the time period were:Highest 14.26%                (quarter ended March 31, 2012)Lowest ‐16.15%                (quarter ended September 30, 2011)Total return for the three months ended March 31, 2020 (non-annualized) was ‐34.71%. |
| Average Annual Total Returns(For the periods ended December 31, 2019, with maximum sales charge) | Past 1 Year | Past 5 Years | Past 10 Years |
|--------------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                                          | 20.31%      | 8.18%        | 10.16%        |
| Class A shares return after taxes on distributions                                          | 18.18%      | 7.07%        | 9.06%         |
| Class A shares return after taxes on distributions and sale of Fund shares                  | 13.52%      | 6.33%        | 8.18%         |
| Class C shares return before taxes                                                          | 24.27%      | 8.36%        | 9.75%         |
| Class Y shares return before taxes                                                          | 26.54%      | 9.46%        | 10.89%        |
| S&P 500® Index reflects no deduction for fees, expenses or taxes                        | 31.49%      | 11.69%       | 13.55%        |
| Portfolio Managers | Experience with this Fund                                           | Primary Title with Investment Adviser or Sub-Adviser   |
|--------------------|---------------------------------------------------------------------|--------------------------------------------------------|
| Christopher Davis  | Since January 2014; and from                May 1991 until May 2007 | Chairman, Davis Selected Advisers, L.P.                |
| Pierce Crosbie     | Since December 2018                                                 | Vice President, Davis Selected Advisers–NY, Inc. |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | $25                  | $25            |

----

----

| Shareholder Fees(fees paid directly from your investment)                                                                                          | Class A shares | Class C shares | Class Y shares |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)                                                                | 4.75%          | None           | None           |
| Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 1.00%          | None           |
| Redemption Fee(as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           |

| * | Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase. |
|---|-------------------------------------------------------------------------------------------------------------------------------------|

| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or Service (12b-1) Fees                                                                        | 0.22%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.16%          | 0.19%          | 0.15%          |
| Total Annual Operating Expenses                                                                                 | 0.93%          | 1.74%          | 0.70%          |
|           | If you redeem your shares in: | If you did not redeem your shares in: |
|----------------|-------------------------------|---------------------------------------|
|           | 1 Year                        | 3 Years                               | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $565                          | $757                                  | $965 | $1,564 | $565 | $757 | $965 | $1,564 |
| Class C shares | 277                           | 548                                   | 944 | 2,052 | 177 | 548 | 944 | 2,052 |
| Class Y shares | 72                            | 224                                   | 390 | 871 | 72 | 224 | 390 | 871 |

----

----

| Calendar Year Total Returns for Class A Shares(Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              | Highest/Lowest quarterly results during the time period were:Highest 13.87%                (quarter ended December 31, 2010)Lowest ‐18.61%                (quarter ended December 31, 2018)Total return for the three months ended March 31, 2020 (non-annualized) was ‐24.05%. |
| Average Annual Total Returns(For the periods ended December 31, 2019, with maximum sales charge) | Past 1 Year | Past 5 Years | Past 10 Years |
|--------------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                                          | 19.53%      | 9.00%        | 11.19%        |
| Class A shares return after taxes on distributions                                          | 18.08%      | 6.86%        | 9.70%         |
| Class A shares return after taxes on distributions and sale of Fund shares                  | 12.55%      | 6.68%        | 8.95%         |
| Class C shares return before taxes                                                          | 23.49%      | 9.20%        | 10.85%        |
| Class Y shares return before taxes                                                          | 25.76%      | 10.32%       | 12.00%        |
| S&P 1500® Index reflects no deduction for fees, expenses or taxes                       | 30.90%      | 11.46%       | 13.51%        |

----

| Portfolio Managers | Experience with this Fund                                | Primary Title with Investment Adviser or Sub-Adviser   |
|--------------------|----------------------------------------------------------|--------------------------------------------------------|
| Dwight Blazin      | Since December 2001                                      | Vice President, Davis Selected Advisers–NY, Inc. |
| Christopher Davis  | Since January 1999                                       | Chairman, Davis Selected Advisers, L.P.                |
| Danton Goei        | Since December 2001                                      | Vice President, Davis Selected Advisers–NY, Inc. |
| Darin Prozes       | Since November 2013                                      | Vice President, Davis Selected Advisers–NY, Inc. |
| Kent Whitaker      | Since July 2014; and from December 2001 to December 2006 | Vice President, Davis Selected Advisers–NY, Inc. |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | $25                  | $25            |

----

| Shareholder Fees(fees paid directly from your investment)                                                                                          | Class A shares | Class C shares | Class Y shares |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)                                                                | 4.75%          | None           | None           |
| Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 1.00%          | None           |
| Redemption Fee(as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           |

| * | Only applies if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase. |
|---|-------------------------------------------------------------------------------------------------------------------------------------|

| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or Service (12b-1) Fees                                                                        | 0.20%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.23%          | 0.27%          | 0.22%          |
| Total Annual Operating Expenses                                                                                 | 0.98%          | 1.82%          | 0.77%          |
| Less Fee Waiver or Expense Reimbursement(1)                                                                     | N/A            | -0.02%         | N/A            |
| Net Expenses                                                                                                    | 0.98%          | 1.80%          | 0.77%          |

| (1) | The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating                  expenses for Class C shares at 1.80% until May 1, 2021. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2021, without the consent of the Board of                  Directors. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           | If you redeem your shares in: | If you did not redeem your shares in: |
|----------------|-------------------------------|---------------------------------------|
|           | 1 Year                        | 3 Years                               | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $570                          | $772                                  | $991 | $1,619 | $570 | $772 | $991 | $1,619 |
| Class C shares | 283                           | 571                                   | 983 | 2,136 | 183 | 571 | 983 | 2,136 |
| Class Y shares | 79                            | 246                                   | 428 | 954 | 79 | 246 | 428 | 954 |

----

----

| Calendar Year Total Returns for Class A Shares(Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              | Highest/Lowest quarterly results during the time period were:Highest 16.64%                (quarter ended March 31, 2019)Lowest ‐12.90%                (quarter ended September 30, 2011)Total return for the three months ended March 31, 2020 (non-annualized) was ‐26.34%. |
| Average Annual Total Returns(For the periods ended December 31, 2019, with maximum sales charge) | Past 1 Year | Past 5 Years | Past 10 Years |
|--------------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                                          | 19.43%      | 6.62%        | 10.29%        |
| Class A shares return after taxes on distributions                                          | 18.28%      | 5.43%        | 9.40%         |
| Class A shares return after taxes on distributions and sale of Fund shares                  | 11.68%      | 4.74%        | 8.10%         |
| Class C shares return before taxes                                                          | 23.33%      | 6.74%        | 9.88%         |
| Class Y shares return before taxes                                                          | 25.69%      | 7.91%        | 11.09%        |
| S&P 500® Index reflects no deduction for fees, expenses or taxes                        | 31.49%      | 11.69%       | 13.55%        |
| Wilshire U.S. Real Estate Securities Index reflects no deductions for fees, expenses or taxes    | 25.79%      | 7.21%        | 12.11%        |
| Davis Real Estate Fund Yield for Class A Shares (For the period ended December 31, 2019) |
|------------------------------------------------------------------------------------------|
| 30-Day SEC Yield:                                                                        | 1.15% |

----

| Portfolio Managers | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser   |
|--------------------|---------------------------|--------------------------------------------------------|
| Andrew Davis       | Since January 1994        | President, Davis Selected Advisers, L.P.               |
| Chandler Spears    | Since August 2002         | Vice President, Davis Selected Advisers–NY, Inc. |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | $25                  | $25            |

----

| Shareholder Fees(fees paid directly from your investment)                                                                                          | Class A shares | Class C shares | Class Y shares |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)                                                                | 4.75%          | None           | None           |
| Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 1.00%          | None           |
| Redemption Fee(as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.55%          | 0.55%          | 0.55%          |
| Distribution and/or Service (12b-1) Fees                                                                        | 0.24%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.22%          | 0.26%          | 0.14%          |
| Total Annual Operating Expenses                                                                                 | 1.01%          | 1.81%          | 0.69%          |
| Less Fee Waiver or Expense Reimbursement(1)                                                                     | N/A            | -0.01%         | N/A            |
| Net Expenses                                                                                                    | 1.01%          | 1.80%          | 0.69%          |

| (1) | The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating                  expenses for Class C shares at 1.80% until May 1, 2021. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2021, without the consent of the Board of                  Directors. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           | If you redeem your shares in: | If you did not redeem your shares in: |
|----------------|-------------------------------|---------------------------------------|
|           | 1 Year                        | 3 Years                               | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $573                          | $781                                  | $1,006 | $1,653 | $573 | $781 | $1,006 | $1,653 |
| Class C shares | 283                           | 568                                   | 979 | 2,126 | 183 | 568 | 979 | 2,126 |
| Class Y shares | 70                            | 221                                   | 384 | 859 | 70 | 221 | 384 | 859 |

----

----

----

| Calendar Year Total Returns for Class A Shares(Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              | Highest/Lowest quarterly results during the time period were:Highest 11.67%                (quarter ended March 31, 2012)Lowest ‐18.27%                (quarter ended September 30, 2011)Total return for the three months ended March 31, 2020 (non-annualized) was ‐22.46%. |
| Average Annual Total Returns(For the periods ended December 31, 2019, with maximum sales charge) | Past 1 Year | Past 5 Years | Past 10 Years |
|--------------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class A shares return before taxes                                                          | 14.62%      | 3.75%        | 6.99%         |
| Class A shares return after taxes on distributions                                          | 14.01%      | 3.43%        | 6.67%         |
| Class A shares return after taxes on distributions and sale of Fund shares                  | 8.99%       | 2.86%        | 5.61%         |
| Class C shares return before taxes                                                          | 18.38%      | 3.93%        | 6.64%         |
| Class Y shares return before taxes                                                          | 20.72%      | 5.05%        | 7.75%         |
| S&P 500® Index reflects no deduction for fees, expenses or taxes                        | 31.49%      | 11.69%       | 13.55%        |
| Davis Appreciation & Income Fund Yield for Class A Shares(For the period ended December 31, 2019) |
|-------------------------------------------------------------------------------------------------------|
| 30-Day SEC Yield:                                                                                     | 0.93% |
| Portfolio Managers | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser   |
|--------------------|---------------------------|--------------------------------------------------------|
| Christopher Davis  | Since July 2016           | Chairman, Davis Selected Advisers, L.P.                |
| Creston King       | Since July 2016           | Vice President, Davis Selected Advisers–NY, Inc. |
| Peter Sackmann     | Since July 2016           | Vice President, Davis Selected Advisers–NY, Inc. |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | $25                  | $25            |

----

----

| Shareholder Fees(fees paid directly from your investment)                                                                                          | Class A shares | Class C shares | Class Y shares |
|----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)                                                                | 4.75%          | None           | None           |
| Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | 0.50%*         | 1.00%          | None           |
| Redemption Fee(as a percentage of total redemption proceeds)                                                                                       | None           | None           | None           |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A shares | Class C shares | Class Y shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|----------------|
| Management Fees                                                                                                 | 0.30%          | 0.30%          | 0.30%          |
| Distribution and/or Service (12b-1) Fees                                                                        | 0.20%          | 1.00%          | 0.00%          |
| Other Expenses                                                                                                  | 0.59%          | 1.01%          | 0.63%          |
| Total Annual Operating Expenses                                                                                 | 1.09%          | 2.31%          | 0.93%          |
| Less Fee Waiver or Expenses Reimbursement(1)                                                                    | -0.04%         | -0.51%         | -0.13%         |
| Net Expenses                                                                                                    | 1.05%          | 1.80%          | 0.80%          |

| (1) | The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating                  expenses (Class A shares, 1.05%; Class C shares, 1.80%; Class Y shares, 0.80%) until May 1, 2021. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1,                  2021, without the consent of the Board of Directors. The expense information has been restated to reflect the current fees. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           | If you redeem your shares in: | If you did not redeem your shares in: |
|----------------|-------------------------------|---------------------------------------|
|           | 1 Year                        | 3 Years                               | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A shares | $577                          | $801                                  | $1,044 | $1,737 | $577 | $801 | $1,044 | $1,737 |
| Class C shares | 283                           | 673                                   | 1,189 | 2,607 | 183 | 673 | 1,189 | 2,607 |
| Class Y shares | 82                            | 283                                   | 502 | 1,131 | 82 | 283 | 502 | 1,131 |

----

----

| Calendar Year Total Returns for Class A Shares(Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                              | Highest/Lowest quarterly results during the time period were:Highest 1.36%                (quarter ended June 30, 2019)Lowest ‐1.26%                (quarter ended June 30, 2013)Total return for the three months ended March 31, 2020 (non-annualized) was 1.68%. |
| Average Annual Total Returns(For the periods ended December 31, 2019, with maximum sales charge)         | Past 1 Year  | Past 5 Years | Past 10 Years |
|----------------------------------------------------------------------------------------------------------|--------------|--------------|---------------|
| Class A shares return before taxes                                                                  | ‐1.67% | ‐0.19% | 0.33%         |
| Class A shares return after taxes on distributions                                                  | ‐2.34% | ‐0.59% | ‐0.19%  |
| Class A shares return after taxes on distributions and sale of Fund shares                          | ‐1.00% | ‐0.32% | 0.04%         |
| Class C shares return before taxes                                                                  | 1.47%        | 0.03%        | 0.02%         |
| Class Y shares return before taxes                                                                  | 3.29%        | 1.05%        | 1.10%         |
| Bloomberg Barclays U.S. Government 1-3 Year Bond Index reflects no deduction for fees, expenses or taxes | 3.59%        | 1.40%        | 1.25%         |
| Davis Government Bond Fund Yield for Class A Shares(For the period ended December 31, 2019) |
|---------------------------------------------------------------------------------------------|
| 30-Day SEC Yield:                                                                           | 1.17% |
| Portfolio Manager | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser   |
|-------------------|---------------------------|--------------------------------------------------------|
| Creston King      | Since August 1999         | Vice President, Davis Selected Advisers–NY, Inc. |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | $25                  | $25            |

----

----

| Shareholder Fees(fees paid directly from your investment)                                                                                          | Class A, C and Y shares |
|----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|
| Maximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)                                                                | None                    |
| Maximum Deferred Sales Charge (Load)(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | None                    |
| Redemption Fee(as a percentage of total redemption proceeds)                                                                                       | None                    |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A, C and Y shares |
|-----------------------------------------------------------------------------------------------------------------|-------------------------|
| Management Fees                                                                                                 | 0.30%                   |
| Distribution and/or Service (12b-1) Fees                                                                        | 0.00%                   |
| Other Expenses                                                                                                  | 0.23%                   |
| Total Annual Operating Expenses                                                                                 | 0.53%                   |
| Less Fee Waiver or Expense Reimbursement(1)                                                                     | 0.00%                   |
| Net Expenses                                                                                                    | 0.53%                   |

| (1) | The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than zero                  until May 1, 2021. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may recapture from the assets of the Fund any of the operating expenses it has reimbursed (but not any of the management                  fees which it has waived) until the end of the third calendar year after the end of the calendar year in which such reimbursement occurs, subject to certain limitations. This recapture could negatively affect the Fund's future yield. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|               | 1 Year | 3 Years | 5 Years | 10 Years |
|--------------------------------------------------------------------------------|--------|---------|---------|----------|
| Class A, C, and Y shares                                                       | $54    | $170    | $296    | $665     |

----

| Calendar Year Total Returns for All Share Classes |
|---------------------------------------------------|
|                                                   | Highest/Lowest quarterly results during the time period were:Highest 0.49%                (quarter ended March 31, 2019)Lowest 0.00%                (quarter ended December 31, 2015)Total return for the three months ended March 31, 2020 (non-annualized) was 0.22%. |
| Average Annual Total Returns(For the periods ended December 31, 2019) | Past 1 Year | Past 5 Years | Past 10 Years |
|-----------------------------------------------------------------------|-------------|--------------|---------------|
| Class A, C, and Y shares                                              | 1.74%       | 0.70%        | 0.37%         |
| Davis Government Money Market Fund Yield for Class A Shares(For the period ended December 31, 2019) |
|-----------------------------------------------------------------------------------------------------|
| 7-Day Yield:                                                                                        | 1.12% |

----

| Portfolio Manager | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser   |
|-------------------|---------------------------|--------------------------------------------------------|
| Creston King      | Since August 1999         | Vice President, Davis Selected Advisers–NY, Inc. |
|                          | Class A and C shares | Class Y shares |
|-------------------------------|----------------------|----------------|
| Minimum Initial Investment    | $1,000               | $5,000,000     |
| Minimum Additional Investment | $25                  | $25            |

----

| Investment Objectives                                            | Financial Fund | Opportunity Fund | Real Estate Fund | Appreciation & Income Fund | Government Bond Fund | Government Money Market Fund |
|------------------------------------------------------------------|----------------|------------------|------------------|--------------------------------|----------------------|------------------------------|
| Long-term growth of capital:                                     | *              | *                |             |                           |                 |                         |
| Total return through a combination of growth and income:         |           |             | *                | *                              |                 |                         |
| Current income:                                                  |           |             |             |                           | *                    |                         |
| Current income along with preservation of capital and liquidity: |           |             |             |                           |                 | *                            |

----

----

|                                         | Financial Fund | Opportunity Fund | Real Estate Fund | Appreciation & Income Fund | Government Bond Fund | Government Money Market Fund |
|----------------------------------------------|----------------|------------------|------------------|--------------------------------|----------------------|------------------------------|
| Equity Risks                                 |           |             |             |                           |                 |                         |
| Common Stock Risk                            | *              | *                | *                | *                              |                 |                         |
| Convertible Securities Risk                  |           |             |             | *                              |                 |                         |
| Depositary Receipts Risk                     | *              | *                |             | *                              |                 |                         |
| Emerging Market Risk                         | *              | *                |             |                           |                 |                         |
| Financial Services Risk                      | *              |             |             |                           |                 |                         |
| Focused Portfolio Risk                       | *              |             |             |                           |                 |                         |
| Foreign Country Risk                         | *              | *                |             | *                              |                 |                         |
| Foreign Currency Risk                        | *              | *                |             |                           |                 |                         |
| Headline Risk                                | *              | *                | *                | *                              |                 |                         |
| Interest Rate Sensitivity Risk               | *              |             |             |                           |                 |                         |
| Large-Capitalization Companies Risk          | *              | *                | *                | *                              |                 |                         |
| Manager Risk                                 | *              | *                | *                | *                              |                 |                         |
| Mid- and Small-Capitalization Companies Risk | *              | *                | *                | *                              |                 |                         |
| Preferred Stock Risk                         |           |             |             | *                              |                 |                         |
| Real Estate Risk                             |           |             | *                |                           |                 |                         |
| Stock Market Risk                            | *              | *                | *                | *                              |                 |                         |
| Debt Risks                                   |           |             |             |                           |                 |                         |
| Bonds and Other Debt Securities Risk         |           |             |             | *                              |                 |                         |
| Changes in Debt Rating Risk                  |           |             |             | *                              | *                    | *                            |
| Credit Risk                                  | *              |             |             | *                              | *                    | *                            |
| Extension and Prepayment Risk                |           |             |             | *                              | *                    |                         |
| High-Yield, High-Risk Debt Securities Risk   |           |             |             | *                              |                 |                         |
| Inflation Risk                               |           |             |             |                           | *                    | *                            |
| Interest Rate Risk                           |           |             |             | *                              | *                    | *                            |
| Repurchase Agreements Risk                   |           |             |             |                           | *                    | *                            |
| U.S. Government Securities Risk              |           |             |             |                           | *                    | *                            |
| Variable Current Income Risk                 |           |             | *                | *                              | *                    | *                            |
| Other Risks                                  |           |             |             |                           |                 |                         |
| Fees and Expenses Risk                       | *              | *                | *                | *                              | *                    | *                            |

----

----

----

----

----

----

----

----

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|                                    | Financial Fund | Opportunity Fund | Real Estate Fund | Appreciation & Income Fund | Government Bond Fund |
|-----------------------------------------|----------------|------------------|------------------|--------------------------------|----------------------|
| Class A shares return before taxes | 11.38%         | 10.39%           | 9.49%            | 7.81%                          | 2.82%                |
| Class C shares return before taxes | 6.99%          | 7.51%            | 7.69%            | 5.31%                          | 2.16%                |
| Class Y shares return before taxes | 8.19%          | 7.93%            | 9.22%            | 6.91%                          | 2.51%                |

----

----

----

|                                            | Fiscal Year Ended December 31, |
|-------------------------------------------------|--------------------------------|
|                                            | 2019                           | 2018 | 2017 |
| Davis Financial Fund                            |                           |   |   |
| Brokerage Commissions Paid                      | $144,940                       | $296,564 | $138,352 |
| Brokerage as a Percentage of Average Net Assets | 0.01%                          | 0.02% | 0.01% |
| Davis Opportunity Fund                          |                           |   |   |
| Brokerage Commissions Paid                      | $245,485                       | $521,804 | $214,503 |
| Brokerage as a Percentage of Average Net Assets | 0.05%                          | 0.08% | 0.03% |
| Davis Appreciation & Income Fund            |                           |   |   |
| Brokerage Commissions Paid                      | $22,576                        | $57,971 | $24,366 |
| Brokerage as a Percentage of Average Net Assets | 0.01%                          | 0.03% | 0.01% |
| Davis Real Estate Fund                          |                           |   |   |
| Brokerage Commissions Paid                      | $63,624                        | $135,372 | $116,641 |
| Brokerage as a Percentage of Average Net Assets | 0.03%                          | 0.07% | 0.06% |
| Davis Government Bond Fund                      |                           |   |   |
| Brokerage Commissions Paid                      | None                           | None | None |
| Brokerage as a Percentage of Average Net Assets | None                           | None | None |
| Davis Government Money Market Fund              |                           |   |   |
| Brokerage Commissions Paid                      | None                           | None | None |
| Brokerage as a Percentage of Average Net Assets | None                           | None | None |

| ◾ | Christopher Davis has served as Portfolio Manager of Davis Financial Fund since January 2014 and from May 1991 until May 2007. Mr. Davis also                  manages other equity funds advised by Davis Advisors. Mr. Davis has served as an analyst and portfolio manager for Davis Advisors since September 1989. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Pierce Crosbie has managed a segment of Davis Financial Fund since December 2018, manages other equity funds advised by Davis Advisors, and also                  serves as a research analyst for Davis Advisors. Mr. Crosbie joined Davis Advisors in November 2008. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Dwight Blazin has managed a segment of Davis Opportunity Fund since December 2001, manages other equity funds advised by Davis Advisors, and also                  serves as a research analyst for Davis Advisors. Mr. Blazin joined Davis Advisors in August 1997. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Christopher Davis has served as the research adviser of Davis Opportunity Fund since January 1999 and also manages other equity funds advised by                  Davis Advisors. Mr. Davis has served as an analyst and portfolio manager for Davis Advisors since September 1989. As research adviser, Mr. Davis oversees the research analysts of Davis Opportunity Fund and allocates segments of the Fund                  to each of them to invest. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Danton Goei has managed a segment of Davis Opportunity Fund since December 2001, manages other equity funds advised by Davis Advisors, and also                  serves as a research analyst for Davis Advisors. Mr. Goei joined Davis Advisors in November 1998. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Darin Prozes has managed a segment of Davis Opportunity Fund since November 2013, manages other equity funds advised by Davis Advisors, and also                  serves as a research analyst for Davis Advisors. Mr. Prozes joined Davis Advisors in September 2004. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Kent Whitaker has managed a segment of Davis Opportunity Fund since July 2014 and also from December 2001 to December 2006, manages other equity                  funds advised by Davis Advisors, and also serves as a research analyst for Davis Advisors. Mr. Whitaker joined Davis Advisors in 2000. From 2006 to 2014 Mr. Whitaker was a managing partner of Regent Street Capital, LLC. Mr. Whitaker                  rejoined Davis Advisors in February 2014. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Andrew Davis has served as a Portfolio Manager of Davis Real Estate Fund since January 1994 and also manages other equity funds advised by Davis                  Advisors. Mr. Davis has served as a portfolio manager for Davis Advisors since February 1993. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Chandler Spears has served as a Portfolio Manager of Davis Real Estate Fund since August 2002 and also manages other equity funds advised by                  Davis Advisors. Mr. Spears has served as a research analyst at Davis Advisors since November 2000. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Christopher Davis has served as a Portfolio Manager of Davis Appreciation & Income Fund since July 2016 and also manages other equity funds                  advised by Davis Advisors. Mr. Davis has served as an analyst and portfolio manager for Davis Advisors since September 1989. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Creston King has served as a Portfolio Manager of Davis Appreciation & Income Fund since July 2016 and also manages fixed income and money                  market funds advised by Davis Advisors. Mr. King has served as a portfolio manager for Davis Advisors since August 1999. Mr. King is responsible for the management of the fixed income segment of the Fund. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Peter Sackmann has served as a Portfolio Manager of Davis Appreciation & Income Fund since July 2016. Mr. Sackmann is the member of the                  Portfolio Review Committee that is responsible for day-to-day management of the Fund’s equity investments. Mr. Sackmann has served as Director of Institutional Services and Research since October 1997. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Creston King has served as a Portfolio Manager of Davis Government Bond Fund and Davis Government Money Market Fund since August 1999. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ◾ | Dividends. Dividends are distributions to shareholders of net                  investment income and short-term capital gains on investments. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Capital Gains. Capital gains are profits received by a fund from                  the sale of securities held for the long term, which are then distributed to shareholders. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Davis New York Venture Fund ordinarily distributes its dividends and capital gains, if any, in June and December. |
|---------|-------------------------------------------------------------------------------------------------------------------|

| ◾ | Other Davis long-term growth funds (i.e., Davis Opportunity Fund, Davis Financial Fund, Davis Global Fund and Davis International Fund) ordinarily distribute dividends and capital gains,                  if any, in December. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The Davis growth & income funds (i.e., Davis Real Estate Fund and Davis Appreciation & Income Fund) ordinarily distribute dividends quarterly and capital gains, if any, in                  December. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Davis Government Bond Fund and Davis Government Money Market Fund ordinarily distribute dividends monthly. Davis Government Bond Fund ordinarily distributes capital gains, if any, in                  December. Davis Government Money Market Fund does not ordinarily distribute capital gains. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment. Davis Government Bond Fund’s and Davis Government Money Market                  Fund’s net asset values are not affected by dividend payments. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | You may elect to reinvest dividend and/or capital gain distributions to purchase additional shares of any Davis Fund or you may elect to receive them in cash. Many shareholders do not                  elect to take capital gain distributions in cash because these distributions reduce principal value. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | If a dividend or capital gain distribution is for an amount less than $50, the Fund will not issue a check. Instead, the dividend or capital gain distribution will be automatically                  reinvested in additional shares of the Fund. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | If a dividend or capital gain distribution check remains uncashed for four months or is undeliverable by the United States Postal Service, the Fund may reinvest the dividend or capital                  gain distribution in additional shares of the Fund promptly after making this determination, and future dividends and capital gains distributions will be automatically reinvested in additional shares of the Fund. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ◾ | For any investment below $100,000, you buy Class A shares at their net asset value per share plus a sales charge, which is approximately 4.75% of the offering price (see table below).                  The term “offering price” includes the front-end sales charge. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | There is no limit to how much you can invest in this share class. |
|---------|-------------------------------------------------------------------|

| ◾ | Davis Funds (other than Davis Government Money Market Fund) pay a distribution fee — of up to 0.25% of the average daily net assets — each year you hold the shares. This fee is lower                  than the fee you pay for Class C shares. Lower expenses of Class A shares translate into higher annual returns on net asset value than Class C shares. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Amount of Purchase    | Sales ChargeApproximate percentage of offering price | Sales ChargeApproximate percentage of net amount invested | Amount of Sales Charge Retained by DealerPercentage of offering price |
|-----------------------|------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------------------|
| Under $100,000        | 4.75%                                                | 4.99%                                                     | 4.00%                                                                 |
| $100,000 - $249,999   | 3.50%                                                | 3.63%                                                     | 3.00%                                                                 |
| $250,000 - $499,999   | 2.50%                                                | 2.56%                                                     | 2.00%                                                                 |
| $500,000 - $749,999   | 2.00%                                                | 2.04%                                                     | 1.75%                                                                 |
| $750,000 - $999,999   | 1.00%                                                | 1.01%                                                     | 0.75%                                                                 |
| $1 million or more(1) | None                                                 | None                                                      | None                                                                  |

| (1) | You pay no front-end sales charge on purchases of $1 million or more, but if you sell those shares (in any Davis Fund other than Davis Government Money                  Market Fund) within the first year, a deferred sales charge of 0.50% may be deducted from the redemption proceeds as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Amount of Purchase | Commission |
|--------------------|------------|
| First $5 million   | 0.50%      |
| Amounts thereafter | 0.25%      |

| ◾ | With other “immediate family” members. To receive a reduced Class A sales charge, investments made by yourself, your spouse                  and any children under the age of 21 may be aggregated if made for your own account(s) and/or certain other accounts, such as: |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Trust accounts established by the above individuals. However, if the person(s) who established the trust is (are) deceased, then the trust account may only be aggregated with accounts of                  the primary beneficiary of the trust; |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Solely controlled business accounts; or |
|---|-----------------------------------------|

| - | Single-participant retirement plans. |
|---|--------------------------------------|

| ◾ | Through Employee Benefit Plans. If you buy shares through trust or fiduciary accounts,                  or Individual Retirement Accounts (IRAs) of a single employer, the purchases will be treated as a single purchase. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Under a Statement of Intention. If you enter a Statement of Intention and agree to buy                  shares of $100,000 or more over a thirteen-month period, all of the shares you buy during that period will be counted as a single purchase, with the exception of purchases into Davis Government Money Market Fund. Before entering a                  Statement of Intention, please read the terms and conditions in the SAI. Under a Statement of Intention, you agree to permit the Funds’ transfer agent, DST Asset Manager Solutions, Inc., to hold Fund shares in escrow to guarantee payment                  of any sales charges that may be due if you ultimately invest less than you agreed to invest over the covered thirteen-month period. Money Market Fund purchases do not count toward a Statement of                  Intention, unless the shares were exchanged from another Davis Fund and the shares were previously subject to a sales charge. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Under Rights of Accumulation. If you notify your dealer, or the Distributor, you can include the Class A, B, C, R, and Y                  shares in Davis Funds you already own (excluding shares in Davis Government Money Market Fund) when calculating the price for your current purchase. These shares are valued at current offering price to determine whether or not you qualify                  for a reduction in the sales charge. Davis Government Money Market Fund purchases do not count toward Rights of Accumulation, unless the shares were exchanged from another Davis Fund and the shares were previously subject to a sales                  charge. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Combining Rights of Accumulation (ROA) with Statement of Intention. A shareholder can                  use a Statement of Intention and Rights of Accumulation in conjunction with one another; the Statement of Intention will take precedence over the Rights of Accumulation. Once the Statement of Intention has been satisfied, any new                  purchases into any of the linked Class A share accounts will receive the reduced sales charge. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Purchases by group omnibus retirement plans under section 401(a), 401(k), 403(b) or 457 of the Internal Revenue Code; |
|---------|-----------------------------------------------------------------------------------------------------------------------|

| ◾ | Rollover purchases in a Davis Funds IRA held directly with the transfer agent made with the proceeds of a retirement plan distribution that was previously invested in a Davis Fund; |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to amounts to be invested in the Funds; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Purchases by dealers, brokers, banks, registered investment advisers and other financial intermediaries that have entered into an agreement with the Distributor to offer the Funds on an                  advisory fee or wrap fee-based platform; |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Financial intermediaries who have entered into an agreement with the Distributor and have been approved by the Distributor to offer Fund shares to self-directed investment brokerage                  accounts that may or may not charge a transaction fee; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Certain state sponsored 529 college savings plans; |
|---------|----------------------------------------------------|

| ◾ | Persons involuntarily liquidated from a Fund, who, within 60 days of liquidation, buy new shares of another Davis Fund (but only up to the amount that was liquidated); |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Insurance company separate accounts; |
|---------|--------------------------------------|

| ◾ | Investments in Davis Government Money Market Fund; |
|---------|----------------------------------------------------|

| ◾ | Shareholders making purchases with dividends or capital gains that are automatically reinvested; |
|---------|--------------------------------------------------------------------------------------------------|

| ◾ | Current and former directors, officers and employees of any Davis Fund or Davis Advisors (or its affiliates), and their extended family. The term “extended family” includes “immediate                  family,” which is one’s spouse and children under 21, and also one’s grandchildren, grandparents, parents, parents-in-law, brothers and sisters, sons- and daughters-in-law, a sibling’s spouse, a spouse’s sibling, aunts, uncles, and nieces                  and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included. Extended family shall include any child regardless of age; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Davis Advisors or its affiliates; |
|---------|-----------------------------------|

| ◾ | Registered representatives, principals and employees (and any extended family member) of securities dealers having a sales agreement with the Distributor; |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Financial institutions, acting as fiduciaries, making single purchases of $250,000 or more; |
|---------|---------------------------------------------------------------------------------------------|

| ◾ | State and local governments purchasing directly from the Funds. Please consult your legal and investment advisers to determine if an investment in the Fund is permissible and suitable                  for you; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shareholders making purchases in certain accounts offered by securities firms that have entered into contracts with Davis Funds and charge fees based on assets in the account; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shareholder accounts established prior to December 2014 as a result of a merger with a Davis Fund; and |
|---------|--------------------------------------------------------------------------------------------------------|

| ◾ | Purchases by taxable accounts held directly with the transfer agent that are established with the proceeds of Required Minimum Distributions from retirement plans and accounts. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The assets being rolled over were invested in Davis Funds at the time of distribution; and |
|---------|--------------------------------------------------------------------------------------------|

| ◾ | The rolled over assets are contributed to a Davis Funds IRA with UMB Bank as the plan’s custodian. |
|---------|----------------------------------------------------------------------------------------------------------|

----

| ◾ | You buy the shares at net asset value (no initial sales charge). |
|---------|------------------------------------------------------------------|

| ◾ | The maximum purchase per transaction for Class C shares is $500,000. |
|---------|----------------------------------------------------------------------|

| ◾ | If you have significant Davis Funds holdings, you may not be eligible to invest in Class C shares. You may not purchase Class C shares if you are eligible to purchase Class A shares at                  the $1 million or more sales charge discount rate (i.e., at net asset value). See “Class A Shares Sales Charges” and “Reduction of Class A Shares Initial Sales                    Charge” for more information regarding sales charge discounts. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | If you sell Class C shares in any of the Davis Funds (other than Davis Government Money Market Fund) within one year of purchase, you must pay a deferred sales charge of one percent. At                  redemption, the deferred sales charge for each purchase will be calculated from the date of purchase, excluding any time the shares were held in the Davis Government Money Market Fund. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Investors in Class C shares (other than Davis Government Money Market Fund) pay a distribution fee of one percent of the average daily net asset value each year they hold the shares.                  Higher distribution fees translate into lower annual return on net asset value. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | As a Class A shareholder, only if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | As a Class C shareholder, if you sell shares within one year of purchase. |
|---------|---------------------------------------------------------------------------|

| ◾ | Shares in your account represented by an increase in NAV over the initial purchase price (appreciation). |
|---------|----------------------------------------------------------------------------------------------------------|

| ◾ | Shares acquired by reinvestment of dividends and capital gain distributions. |
|---------|------------------------------------------------------------------------------|

| ◾ | Shares that are no longer subject to the deferred sales charge. |
|---------|-----------------------------------------------------------------|

| ◾ | Shares held the longest, but which are still subject to the deferred sales charge. |
|---------|------------------------------------------------------------------------------------|

| ◾ | You sell Class A shares that were not subject to a commission at the time of purchase (the amount of purchase totaled $1 million or more) and the shares were held for more than a year. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | You die and were the sole owner of the account. Otherwise, shares can be redeemed without a contingent deferred sales charge following the death or disability of the last surviving                  shareholder, including a trustee of a grantor trust or revocable living trust for which the trustee is also the sole beneficiary. The death or disability must have occurred after the account was established. If you claim a disability you                  must provide evidence of a determination of disability by the Social Security Administration. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | You sell shares under a qualified retirement plan or IRA that constitutes a tax-free return of excess contributions to avoid a penalty. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Your Fund redeems the remaining shares in your account under an Involuntary Redemption. |
|---------|-----------------------------------------------------------------------------------------|

| ◾ | You qualify for an exception related to defined contribution plans. These exceptions are described in the SAI. |
|---------|----------------------------------------------------------------------------------------------------------------|

| ◾ | You are a director, officer or employee of Davis Advisors or one of its affiliates (or an extended family member of a director, officer or employee). |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | You sell Class C shares under the Systematic Withdrawal Plan and the aggregate value of the redeemed shares does not exceed twelve percent of the account’s value.* |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | * | A Systematic Withdrawal Plan may be established as either a percentage or a fixed-dollar amount. The shares that may be redeemed without a sales charge are recalculated as a percentage of                    the current market value of the account as of the date of each withdrawal. If established as a percentage, no sales charge will be incurred regardless of market fluctuations. If established as a fixed-dollar amount, a sales charge may                    be incurred if the market value of the account decreases. If you redeem shares in addition to those redeemed pursuant to the Systematic Withdrawal Plan, a deferred sales charge may be imposed on those shares and on any subsequent                    redemptions within a twelve-month period, regardless of whether such redemptions are pursuant to a Systematic Withdrawal Plan. |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | At least $5 million for an institution (e.g., trust company, bank trust, endowment, pension plan or foundation) acting on behalf of its own account or one or more clients. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | At least $5 million for a government entity (e.g., a state, county, city, department, authority or similar government agency). |
|---------|--------------------------------------------------------------------------------------------------------------------------------|

| ◾ | With an account established under a “wrap account” or other fee-based program that is sponsored and maintained by a registered broker-dealer approved by the Distributor. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | At least $500,000 for a 401(k) plan, 457 plan, employer-sponsored 403(b) plan, profit-sharing and money purchase pension plan, defined benefit plan or non-qualified deferred compensation                  plan where plan level or omnibus accounts are held on the books of the Fund. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Through a registered investment adviser (RIA) who initially invests for clients an aggregate of at least $100,000 in Davis Funds through a fund “supermarket” or other mutual fund trading                  platform sponsored by a broker-dealer or trust company and has entered into an agreement with Davis Distributors, LLC. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Mail. Complete and sign the Application Form and mail it to the Davis Funds. Include a check made payable to Davis Funds. All purchases by check should be in U.S. dollars. Davis Funds will not accept third-party checks, starter checks, traveler’s checks or money orders. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Dealer. You may have your dealer order and pay for the shares. In this case, you must pay your dealer directly. Your dealer                  will then order the shares from the Distributor. Please note that your dealer may charge a service fee or commission for these transactions. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ IRAs                                                         | ◾ SIMPLE IRAs                            |
|---------------------------------------------------------------------------|-----------------------------------------------------|
| ◾ Roth IRAs                                                         | ◾ Simplified Employee Pension (SEP) IRAs |
| ◾ Coverdell Education Savings Accounts     | ◾ 403(b) Plans                           |

----

| ◾ | Telephone. Call 1‐800‐279‐0279. You can                  speak directly with an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time or use the Funds’ automated telephone system at any time, day or night. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Online Account Access. You may initiate most account transactions through online                  account access on the Funds’ website (www.davisfunds.com). Please note that certain account types, including all Class Y share accounts, may be restricted from online access. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Mail. Send the request to the Davis Funds at either address listed below. |
|---------|--------------------------------------------------------------------------------|

| Regular mail:Davis Funds                P.O. Box 219197                Kansas City, MO 64121-9197 | Express shipping:Davis Funds                430 W 7th Street Suite 219197                Kansas City, MO 64105-1407 |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

| ◾ | Dealer. Contact a dealer who will execute the transaction through                  the Distributor. Please note that your dealer may charge service fees or commissions for these transactions. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Make the check payable to Davis Funds. |
|---------|----------------------------------------|

| ◾ | If you have the investment slip from your most recent statement, include it with the check. If you do not have an investment slip, include a letter with your check stating the name of                  the Fund, the class of shares you wish to buy and your account number. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Mail the check to: |
|---------|--------------------|

| Regular mail:Davis Funds                P.O. Box 219197                Kansas City, MO 64121-9197 | Express shipping:Davis Funds                430 W 7th Street Suite 219197                Kansas City, MO 64105-1407 |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

----

----

| ◾ | Mail the request to: |
|---------|----------------------|

| Regular mail:Davis Funds                P.O. Box 219197                Kansas City, MO 64121-9197 | Express shipping:Davis Funds                430 W 7th Street Suite 219197                Kansas City, MO 64105-1407 |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

| ◾ | A Medallion Signature Guarantee is required if the redemption request is: |
|---------|---------------------------------------------------------------------------|

| - | For a check greater than $100,000; |
|---|------------------------------------|

| - | Made payable to someone other than the registered shareholder(s); |
|---|-------------------------------------------------------------------|

| - | Sent to an address other than to the address of record or to an address of record that has been changed in the last 30 days; or |
|---|---------------------------------------------------------------------------------------------------------------------------------|

| - | To a bank account not on record. |
|---|----------------------------------|

| ◾ | Redemptions by check: |
|---------|-----------------------|

| - | Are limited to $100,000; |
|---|--------------------------|

| - | Must be mailed to the address of record that has been on the account for at least 30 days; and |
|---|------------------------------------------------------------------------------------------------|

| - | Must be made payable to the registered shareholder. |
|---|-----------------------------------------------------|

| ◾ | Redemptions via wire or ACH can only be sent to a bank currently on the account. |
|---------|----------------------------------------------------------------------------------|

| ◾ | Redemptions by check: |
|---------|-----------------------|

| - | Are limited to $100,000; |
|---|--------------------------|

| - | Must be mailed to the address of record that has been on the account for at least 30 days; and |
|---|------------------------------------------------------------------------------------------------|

| - | Must be made payable to the registered shareholder. |
|---|-----------------------------------------------------|

| ◾ | Redemptions via wire or ACH can only be sent to a bank currently on the account. |
|---------|----------------------------------------------------------------------------------|

| ◾ | For $250 or more from their accounts. Checks written for less than $250 will be honored and a $25 service fee will be debited from the account; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | So long as the account balance is at least $1,000 after the check has been paid. If a check is presented for payment which would bring the account balance to less than $1,000 a $25                  service fee will be debited from the account and check writing privileges will be suspended; and Subject to the rules prescribed by State Street Bank and Trust Company. Davis Funds and State Street Bank and Trust Company reserve the right                  to modify these rules at any time. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | You will always receive cash for sales that total less than $250,000 or one percent of a Fund’s net asset value during any ninety-day period. Any sales above the cash limit may be paid                  in securities. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | In certain circumstances, such as the death of a shareholder or acting as power of attorney, additional documentation may be required. Please contact Investor Services at 1‐800‐279‐0279 to determine if your situation requires such documentation. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | In the past, Davis Funds issued certificates for its shares. If a certificate was issued for the shares you wish to sell, the certificate must be sent by certified mail to Davis Funds,                  accompanied by a letter of instruction signed by the owner(s). |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | A sale may produce a gain or loss. Gains may be subject to tax. |
|---------|-----------------------------------------------------------------|

| ◾ | The Securities and Exchange Commission may suspend redemption of shares under certain emergency circumstances if the New York Stock Exchange is closed for reasons other than customary                  closings and holidays. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | You may receive a check at the address of record provided that this address has not changed for a period of at least 30 days. |
|---------|-------------------------------------------------------------------------------------------------------------------------------|

| ◾ | You may also choose to receive funds by ACH by completing an Account Service Form. If you wish to execute a Systematic Withdrawal Plan by ACH after your account has been established,                  please complete an Account Service Form and have your signature Medallion-guaranteed. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | You may have funds sent by check to a third party at an address other than the address of record. In order to do so, you must complete the appropriate section of the Application Form. If                  you wish to designate a third-party payee after your account has been established, you must submit a letter of instruction with a Medallion Signature Guarantee. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Mail the request to: |
|---------|----------------------|

| Regular mail:Davis Funds                P.O. Box 219197                Kansas City, MO 64121-9197 | Express shipping:Davis Funds                430 W 7th Street Suite 219197                Kansas City, MO 64105-1407 |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

----

----

| ◾ | Speak directly with an Investor Services Professional during business hours (9 a.m. to 6 p.m. Eastern time). |
|---------|--------------------------------------------------------------------------------------------------------------|

| ◾ | You can use Davis Funds’ automated telephone system, 24 hours a day, seven days a week. Class Y share accounts do not have access to the automated telephone system. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                 |                         |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------|--------------------------------------------|----------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                               Income (Loss) from Investment Operations |                                 |                         |                                       |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Davis Opportunity Fund Class A:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $28.10                               | $0.12d                       | $7.01                                      | $7.13                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $37.01                               | $0.11d                       | $(4.91)                                    | $(4.80)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $30.90                               | $0.01d                       | $7.10                                      | $7.11                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $27.45                               | $0.01d                       | $4.20                                      | $4.21                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $31.73                               | $0.01d                       | $1.59                                      | $1.60                            |   |   |   |   |
| Davis Opportunity Fund Class C:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $22.14                               | $(0.10)d                     | $5.49                                      | $5.39                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $30.36                               | $(0.14)d                     | $(3.97)                                    | $(4.11)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $25.66                               | $(0.21)d                     | $5.87                                      | $5.66                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $23.08                               | $(0.18)d                     | $3.52                                      | $3.34                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $27.79                               | $(0.22)d                     | $1.39                                      | $1.17                            |   |   |   |   |
| Davis Opportunity Fund Class Y:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $29.70                               | $0.21d                       | $7.40                                      | $7.61                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $38.77                               | $0.21d                       | $(5.17)                                    | $(4.96)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $32.32                               | $0.10d                       | $7.44                                      | $7.54                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $28.61                               | $0.07d                       | $4.40                                      | $4.47                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $32.77                               | $0.08d                       | $1.64                                      | $1.72                            |   |   |   |   |
| Davis Government Bond Fund Class A:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.29                                | $0.08d                       | $0.09                                      | $0.17                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.33                                | $0.05d                       | $(0.03)                                    | $0.02                            |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.35                                | $0.01d                       | $–                                   | $0.01                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.40                                | $0.01d                       | $(0.02)                                    | $(0.01)                          |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.42                                | $0.01d                       | $0.01                                      | $0.02                            |   |   |   |   |
| Davis Government Bond Fund Class C:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.28                                | $0.04d                       | $0.09                                      | $0.13                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.31                                | $–d,e                  | $(0.02)                                    | $(0.02)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.35                                | $(0.03)d                     | $(0.01)                                    | $(0.04)                          |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.40                                | $(0.03)d                     | $(0.02)                                    | $(0.05)                          |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.42                                | $(0.02)d                     | $–                                   | $(0.02)                          |   |   |   |   |
| Davis Government Bond Fund Class Y:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.34                                | $0.10d                       | $0.07                                      | $0.17                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.37                                | $0.06d                       | $(0.02)                                    | $0.04                            |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.40                                | $0.03d                       | $(0.02)                                    | $0.01                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.44                                | $0.03d                       | $(0.02)                                    | $0.01                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $5.47                                | $0.04d                       | $–                                   | $0.04                            |   |   |   |   |

----

|     Dividends and                Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                            Ratios to Average Net Assets |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|------------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.13)                              | $(1.63)                           | $–          | $(1.76)             | $33.47                         | 25.49%        | $310,954                                 | 0.93%               | 0.93%              | 0.38%                              | 15%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(4.11)                           | $–          | $(4.11)             | $28.10                         | (13.50)%      | $290,970                                 | 0.94%               | 0.94%              | 0.28%                              | 44%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.04)                              | $(0.96)                           | $–          | $(1.00)             | $37.01                         | 23.09%        | $325,410                                 | 0.95%               | 0.95%              | 0.03%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(0.76)                           | $–          | $(0.76)             | $30.90                         | 15.26%        | $277,040                                 | 0.95%               | 0.95%              | 0.03%                              | 61%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(5.88)                           | $–          | $(5.88)             | $27.45                         | 4.91%         | $267,348                                 | 0.96%               | 0.96%              | 0.02%                              | 39%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(1.63)                           | $–          | $(1.63)             | $25.90                         | 24.49%        | $26,309                                  | 1.74%               | 1.74%              | (0.43)%                            | 15%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(4.11)                           | $–          | $(4.11)             | $22.14                         | (14.19)%      | $33,186                                  | 1.71%               | 1.71%              | (0.49)%                            | 44%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(0.96)                           | $–          | $(0.96)             | $30.36                         | 22.16%        | $99,190                                  | 1.73%               | 1.73%              | (0.75)%                            | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(0.76)                           | $–          | $(0.76)             | $25.66                         | 14.38%        | $106,562                                 | 1.75%               | 1.74%              | (0.76)%                            | 61%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(5.88)                           | $–          | $(5.88)             | $23.08                         | 4.05%         | $102,653                                 | 1.75%               | 1.75%              | (0.77)%                            | 39%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.21)                              | $(1.63)                           | $–          | $(1.84)             | $35.47                         | 25.76%        | $184,781                                 | 0.70%               | 0.70%              | 0.61%                              | 15%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(4.11)                           | $–          | $(4.11)             | $29.70                         | (13.30)%      | $197,887                                 | 0.69%               | 0.69%              | 0.53%                              | 44%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.13)                              | $(0.96)                           | $–          | $(1.09)             | $38.77                         | 23.42%        | $250,973                                 | 0.70%               | 0.70%              | 0.28%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(0.76)                           | $–          | $(0.76)             | $32.32                         | 15.55%        | $220,325                                 | 0.71%               | 0.70%              | 0.28%                              | 61%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $(5.88)                           | $–          | $(5.88)             | $28.61                         | 5.12%         | $166,721                                 | 0.73%               | 0.73%              | 0.25%                              | 39%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.09)                              | $–                          | $–          | $(0.09)             | $5.37                          | 3.23%         | $24,216                                  | 1.09%               | 1.05%              | 1.59%                              | 13%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.06)                              | $–                          | $–          | $(0.06)             | $5.29                          | 0.42%         | $25,297                                  | 1.13%               | 1.12%              | 0.91%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.03)                              | $–                          | $–          | $(0.03)             | $5.33                          | 0.21%         | $24,178                                  | 1.14%               | 1.14%              | 0.24%                              | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.04)                              | $–                          | $–          | $(0.04)             | $5.35                          | (0.26)%       | $29,442                                  | 1.03%               | 0.97%              | 0.26%                              | 65%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.04)                              | $–                          | $–          | $(0.04)             | $5.40                          | 0.38%         | $30,733                                  | 1.05%               | 1.05%              | 0.25%                              | 25%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.05)                              | $–                          | $–          | $(0.05)             | $5.36                          | 2.47%         | $811                                     | 2.31%               | 1.80%              | 0.84%                              | 13%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.01)                              | $–                          | $–          | $(0.01)             | $5.28                          | (0.32)%       | $2,026                                   | 1.98%               | 1.97%              | 0.06%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $–                          | $–          | $–            | $5.31                          | (0.75)%       | $5,126                                   | 1.91%               | 1.91%              | (0.53)%                            | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–                             | $–                          | $–          | $–            | $5.35                          | (0.93)%       | $9,294                                   | 1.81%               | 1.75%              | (0.52)%                            | 65%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $–e                            | $–                          | $–          | $–e           | $5.40                          | (0.29)%       | $13,193                                  | 1.75%               | 1.75%              | (0.45)%                            | 25%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.10)                              | $–                          | $–          | $(0.10)             | $5.41                          | 3.29%         | $2,175                                   | 0.93%               | 0.80%              | 1.84%                              | 13%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.07)                              | $–                          | $–          | $(0.07)             | $5.34                          | 0.83%         | $1,980                                   | 0.94%               | 0.91%              | 1.12%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.04)                              | $–                          | $–          | $(0.04)             | $5.37                          | 0.27%         | $2,493                                   | 0.91%               | 0.91%              | 0.47%                              | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.05)                              | $–                          | $–          | $(0.05)             | $5.40                          | 0.20%         | $3,656                                   | 0.71%               | 0.65%              | 0.58%                              | 65%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $(0.07)                              | $–                          | $–          | $(0.07)             | $5.44                          | 0.68%         | $14,180                                  | 0.57%               | 0.57%              | 0.73%                              | 25%                 |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                 |                         |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------|--------------------------------------------|----------------------------------|
|                                                                                                                                                                                                                                                                                    Income (Loss) from Investment Operations |                                 |                         |                                       |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Davis Government Money Market Fund Class A, C, and Y:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $1.000                               | $0.017                       | $–                                   | $0.017                           |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $1.000                               | $0.013                       | $–                                   | $0.013                           |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $1.000                               | $0.004                       | $–                                   | $0.004                           |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $1.000                               | $0.001                       | $–                                   | $0.001                           |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $1.000                               | $0.001                       | $–                                   | $0.001                           |   |   |   |   |
| Davis Financial Fund Class A:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $42.20                               | $0.64d                       | $10.44                                     | $11.08                           |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $51.94                               | $0.54d                       | $(6.51)                                    | $(5.97)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $44.57                               | $0.21d                       | $8.37                                      | $8.58                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $39.39                               | $0.29d                       | $5.64                                      | $5.93                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $39.59                               | $0.23d                       | $0.46                                      | $0.69                            |   |   |   |   |
| Davis Financial Fund Class C:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $34.67                               | $0.23d                       | $8.51                                      | $8.74                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $43.27                               | $0.12d                       | $(5.37)                                    | $(5.25)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $37.44                               | $(0.13)d                     | $7.00                                      | $6.87                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $33.22                               | $(0.04)d                     | $4.72                                      | $4.68                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $33.63                               | $(0.11)d                     | $0.40                                      | $0.29                            |   |   |   |   |
| Davis Financial Fund Class Y:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $43.56                               | $0.78d                       | $10.76                                     | $11.54                           |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $53.50                               | $0.68d                       | $(6.71)                                    | $(6.03)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $45.88                               | $0.34d                       | $8.62                                      | $8.96                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $40.52                               | $0.37d                       | $5.83                                      | $6.20                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $40.70                               | $0.29d                       | $0.49                                      | $0.78                            |   |   |   |   |
| Davis Appreciation & Income Fund Class A:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $36.23                               | $0.56d                       | $6.78                                      | $7.34                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $39.80                               | $0.42d                       | $(3.59)                                    | $(3.17)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $34.51                               | $0.35d                       | $5.27                                      | $5.62                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $31.96                               | $0.32d                       | $2.61                                      | $2.93                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $36.02                               | $0.38d                       | $(4.06)                                    | $(3.68)                          |   |   |   |   |
| Davis Appreciation & Income Fund Class C:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $36.34                               | $0.25d                       | $6.78                                      | $7.03                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $39.94                               | $0.15d                       | $(3.63)                                    | $(3.48)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $34.64                               | $0.10d                       | $5.26                                      | $5.36                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $32.08                               | $0.04d                       | $2.63                                      | $2.67                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $36.15                               | $0.08d                       | $(4.07)                                    | $(3.99)                          |   |   |   |   |
| Davis Appreciation & Income Fund Class Y:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                 |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $36.39                               | $0.69d                       | $6.81                                      | $7.50                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $39.98                               | $0.56d                       | $(3.62)                                    | $(3.06)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $34.66                               | $0.48d                       | $5.30                                      | $5.78                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $32.10                               | $0.38d                       | $2.63                                      | $3.01                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $36.18                               | $0.45d                       | $(4.08)                                    | $(3.63)                          |   |   |   |   |

----

|     Dividends and Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                         Ratios to Average Net Assets |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|------------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.017)                             | $–                          | $–          | $(0.017)            | $1.000                         | 1.74%         | $148,805                                 | 0.53%               | 0.53%              | 1.74%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.013)                             | $–                          | $–          | $(0.013)            | $1.000                         | 1.30%         | $183,689                                 | 0.58%f              | 0.58%f             | 1.27%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.004)                             | $–                          | $–          | $(0.004)            | $1.000                         | 0.35%         | $212,755                                 | 0.62%f              | 0.60%f             | 0.34%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.001)                             | $–                          | $–          | $(0.001)            | $1.000                         | 0.08%         | $262,793                                 | 0.70%               | 0.38%              | 0.08%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.001)                             | $–                          | $–          | $(0.001)            | $1.000                         | 0.06%         | $225,151                                 | 0.70%               | 0.10%              | 0.06%                              | NA                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.68)                              | $(3.25)                           | $–          | $(3.93)             | $49.35                         | 26.31%        | $463,892                                 | 0.94%               | 0.94%              | 1.37%                              | 6%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.51)                              | $(3.26)                           | $–          | $(3.77)             | $42.20                         | (11.78)%      | $463,024                                 | 0.94%               | 0.94%              | 1.04%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.17)                              | $(1.04)                           | $–          | $(1.21)             | $51.94                         | 19.27%        | $626,153                                 | 0.98%               | 0.98%              | 0.43%                              | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.29)                              | $(0.46)                           | $–          | $(0.75)             | $44.57                         | 15.04%        | $508,457                                 | 0.92%               | 0.92%              | 0.72%                              | 17%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.19)                              | $(0.70)                           | $–          | $(0.89)             | $39.39                         | 1.74%         | $609,519                                 | 0.86%               | 0.86%              | 0.58%                              | 5%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.25)                              | $(3.25)                           | $–          | $(3.50)             | $39.91                         | 25.27%        | $114,489                                 | 1.72%               | 1.72%              | 0.59%                              | 6%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.09)                              | $(3.26)                           | $–          | $(3.35)             | $34.67                         | (12.43)%      | $122,240                                 | 1.70%               | 1.70%              | 0.28%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $–                             | $(1.04)                           | $–          | $(1.04)             | $43.27                         | 18.38%        | $177,326                                 | 1.73%               | 1.73%              | (0.32)%                            | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $–                             | $(0.46)                           | $–          | $(0.46)             | $37.44                         | 14.08%        | $140,605                                 | 1.74%               | 1.74%              | (0.10)%                            | 17%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $–                             | $(0.70)                           | $–          | $(0.70)             | $33.22                         | 0.86%         | $110,457                                 | 1.75%               | 1.75%              | (0.31)%                            | 5%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.81)                              | $(3.25)                           | $–          | $(4.06)             | $51.04                         | 26.54%        | $497,906                                 | 0.72%               | 0.72%              | 1.59%                              | 6%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.65)                              | $(3.26)                           | $–          | $(3.91)             | $43.56                         | (11.55)%      | $496,436                                 | 0.70%               | 0.70%              | 1.28%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.30)                              | $(1.04)                           | $–          | $(1.34)             | $53.50                         | 19.56%        | $570,816                                 | 0.72%               | 0.72%              | 0.69%                              | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.38)                              | $(0.46)                           | $–          | $(0.84)             | $45.88                         | 15.27%        | $331,889                                 | 0.72%               | 0.72%              | 0.92%                              | 17%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.26)                              | $(0.70)                           | $–          | $(0.96)             | $40.52                         | 1.91%         | $192,596                                 | 0.71%               | 0.71%              | 0.73%                              | 5%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.78)                              | $(0.09)                           | $–          | $(0.87)             | $42.70                         | 20.33%        | $116,911                                 | 1.01%               | 1.01%              | 1.41%                              | 17%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.40)                              | $–                          | $–          | $(0.40)             | $36.23                         | (8.02)%       | $108,613                                 | 1.01%               | 1.01%              | 1.07%                              | 54%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.33)                              | $–                          | $–          | $(0.33)             | $39.80                         | 16.35%        | $97,806                                  | 1.02%               | 1.02%              | 0.97%                              | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.38)                              | $–                          | $–          | $(0.38)             | $34.51                         | 9.20%         | $95,709                                  | 0.91%               | 0.90%              | 0.98%                              | 109%g               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.38)                              | $–                          | $–          | $(0.38)             | $31.96                         | (10.27)%      | $172,111                                 | 0.87%               | 0.87%              | 1.08%                              | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.46)                              | $(0.09)                           | $–          | $(0.55)             | $42.82                         | 19.38%        | $8,349                                   | 1.81%               | 1.80%              | 0.62%                              | 17%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.12)                              | $–                          | $–          | $(0.12)             | $36.34                         | (8.72)%       | $11,172                                  | 1.76%               | 1.76%              | 0.32%                              | 54%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.06)                              | $–                          | $–          | $(0.06)             | $39.94                         | 15.48%        | $34,668                                  | 1.76%               | 1.76%              | 0.23%                              | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.11)                              | $–                          | $–          | $(0.11)             | $34.64                         | 8.33%         | $50,316                                  | 1.75%               | 1.74%              | 0.14%                              | 109%g               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.08)                              | $–                          | $–          | $(0.08)             | $32.08                         | (11.04)%      | $70,140                                  | 1.72%               | 1.72%              | 0.23%                              | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.91)                              | $(0.09)                           | $–          | $(1.00)             | $42.89                         | 20.72%        | $72,470                                  | 0.69%               | 0.69%              | 1.73%                              | 17%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.53)                              | $–                          | $–          | $(0.53)             | $36.39                         | (7.72)%       | $60,702                                  | 0.68%               | 0.68%              | 1.40%                              | 54%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.46)                              | $–                          | $–          | $(0.46)             | $39.98                         | 16.75%        | $68,974                                  | 0.69%               | 0.69%              | 1.30%                              | 19%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.45)                              | $–                          | $–          | $(0.45)             | $34.66                         | 9.44%         | $61,950                                  | 0.70%               | 0.69%              | 1.19%                              | 109%g               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $(0.45)                              | $–                          | $–          | $(0.45)             | $32.10                         | (10.11)%      | $61,583                                  | 0.68%               | 0.68%              | 1.27%                              | 32%                 |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                       |                         |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|--------------------------------------------|----------------------------------|
|                                                                                                                                                                                                                                                                                      Income (Loss) from Investment Operations |                                                                                                                                                                                                                                                                                                                                                                       |                         |                                       |                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Net Asset Value, Beginning of Period                                                                                                                                                                                                                                                                                                                                       | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Davis Real Estate Fund Class A:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                       |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $35.75                                                                                                                                                                                                                                                                                                                                                                     | $0.78d                       | $8.27                                      | $9.05                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $39.70                                                                                                                                                                                                                                                                                                                                                                     | $0.81d                       | $(2.60)                                    | $(1.79)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $38.82                                                                                                                                                                                                                                                                                                                                                                     | $0.58d                       | $2.62                                      | $3.20                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $35.96                                                                                                                                                                                                                                                                                                                                                                     | $0.43d                       | $3.06                                      | $3.49                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $35.79                                                                                                                                                                                                                                                                                                                                                                     | $0.37d                       | $0.23                                      | $0.60                            |   |   |   |   |
| Davis Real Estate Fund Class C:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                       |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $35.75                                                                                                                                                                                                                                                                                                                                                                     | $0.45d                       | $8.24                                      | $8.69                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $39.69                                                                                                                                                                                                                                                                                                                                                                     | $0.48d                       | $(2.59)                                    | $(2.11)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $38.81                                                                                                                                                                                                                                                                                                                                                                     | $0.28d                       | $2.58                                      | $2.86                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $35.97                                                                                                                                                                                                                                                                                                                                                                     | $0.06d                       | $3.07                                      | $3.13                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $35.79                                                                                                                                                                                                                                                                                                                                                                     | $0.04d                       | $0.25                                      | $0.29                            |   |   |   |   |
| Davis Real Estate Fund Class Y:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                       |                         |                                       |                             |   |   |   |   |
| Year ended December 31, 2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $36.27                                                                                                                                                                                                                                                                                                                                                                     | $0.88d                       | $8.39                                      | $9.27                            |   |   |   |   |
| Year ended December 31, 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $40.25                                                                                                                                                                                                                                                                                                                                                                     | $0.91d                       | $(2.63)                                    | $(1.72)                          |   |   |   |   |
| Year ended December 31, 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $39.33                                                                                                                                                                                                                                                                                                                                                                     | $0.66d                       | $2.68                                      | $3.34                            |   |   |   |   |
| Year ended December 31, 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $36.44                                                                                                                                                                                                                                                                                                                                                                     | $0.43d                       | $3.17                                      | $3.60                            |   |   |   |   |
| Year ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $36.26                                                                                                                                                                                                                                                                                                                                                                     | $0.42d                       | $0.26                                      | $0.68                            |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                       |                         |                                       |                             |   |   |   |   |
| a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment                date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. |                         |                                       |                             |   |
| b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers.                                                                                                                                                                                                                                                                            |                         |                                       |                             |   |
| c                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a                maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.                                                  |                         |                                       |                             |   |
| d                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Per share calculations were based on average shares outstanding for the period.                                                                                                                                                                                                                                                                                            |                         |                                       |                             |   |
| e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Less than $0.005 per share.                                                                                                                                                                                                                                                                                                                                                |                         |                                       |                             |   |

----

|     Dividends and Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                           Ratios to Average Net Assets |                                                                                                                                                                                                                                                                                                                                  |                              |              |                |                           |          |                                     |                |               |                               |                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|------------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Dividends from Net Investment Income                                                                                                                                                                                                                                                                                                  | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returna | Net Assets, End of Period (in thousands) | Gross Expense Ratio | Net Expense Ratiob | Net Investment Income (Loss) Ratio | Portfolio Turnoverc |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                  |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.52)                                                                                                                                                                                                                                                                                                                               | $(0.69)                           | $–          | $(1.21)             | $43.59                         | 25.39%        | $157,718                                 | 0.98%               | 0.98%              | 1.84%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.86)                                                                                                                                                                                                                                                                                                                               | $(1.30)                           | $–          | $(2.16)             | $35.75                         | (4.52)%       | $124,763                                 | 0.97%               | 0.97%              | 2.09%                              | 44%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.37)                                                                                                                                                                                                                                                                                                                               | $(1.95)                           | $–          | $(2.32)             | $39.70                         | 8.30%         | $138,113                                 | 0.97%               | 0.97%              | 1.46%                              | 23%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.63)                                                                                                                                                                                                                                                                                                                               | $–                          | $–          | $(0.63)             | $38.82                         | 9.71%         | $152,733                                 | 0.93%               | 0.92%              | 1.08%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.43)                                                                                                                                                                                                                                                                                                                               | $–                          | $–          | $(0.43)             | $35.96                         | 1.69%         | $176,995                                 | 0.94%               | 0.94%              | 1.01%                              | 93%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                  |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.18)                                                                                                                                                                                                                                                                                                                               | $(0.69)                           | $–          | $(0.87)             | $43.57                         | 24.33%        | $6,422                                   | 1.82%               | 1.80%              | 1.02%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.53)                                                                                                                                                                                                                                                                                                                               | $(1.30)                           | $–          | $(1.83)             | $35.75                         | (5.30)%       | $6,268                                   | 1.83%               | 1.83%              | 1.23%                              | 44%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.03)                                                                                                                                                                                                                                                                                                                               | $(1.95)                           | $–          | $(1.98)             | $39.69                         | 7.40%         | $16,209                                  | 1.81%               | 1.81%              | 0.62%                              | 23%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.29)                                                                                                                                                                                                                                                                                                                               | $–                          | $–          | $(0.29)             | $38.81                         | 8.71%         | $22,288                                  | 1.82%               | 1.81%              | 0.19%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.11)                                                                                                                                                                                                                                                                                                                               | $–                          | $–          | $(0.11)             | $35.97                         | 0.83%         | $23,940                                  | 1.81%               | 1.81%              | 0.14%                              | 93%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                  |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.64)                                                                                                                                                                                                                                                                                                                               | $(0.69)                           | $–          | $(1.33)             | $44.21                         | 25.69%        | $103,800                                 | 0.77%               | 0.77%              | 2.05%                              | 18%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.96)                                                                                                                                                                                                                                                                                                                               | $(1.30)                           | $–          | $(2.26)             | $36.27                         | (4.27)%       | $62,874                                  | 0.74%               | 0.74%              | 2.32%                              | 44%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.47)                                                                                                                                                                                                                                                                                                                               | $(1.95)                           | $–          | $(2.42)             | $40.25                         | 8.57%         | $48,532                                  | 0.73%               | 0.73%              | 1.70%                              | 23%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.71)                                                                                                                                                                                                                                                                                                                               | $–                          | $–          | $(0.71)             | $39.33                         | 9.90%         | $44,330                                  | 0.73%               | 0.72%              | 1.28%                              | 53%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $(0.50)                                                                                                                                                                                                                                                                                                                               | $–                          | $–          | $(0.50)             | $36.44                         | 1.92%         | $39,148                                  | 0.74%               | 0.74%              | 1.21%                              | 93%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                  |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
| f                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Includes the recapture of expenses reimbursed from prior fiscal years. Excluding the recapture of prior reimbursed expenses, the gross and net expense ratios for the year ended December 31,                2018 would have both been 0.49%, and for the year ended December 31, 2017 would have been 0.55% and 0.52%, respectively. |                              |              |                |                           |          |                                     |                |               |                               |                |   |
| g                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | As a result of the change in portfolio management on July 1, 2016, portfolio turnover was unusually high.                                                                                                                                                                                                                             |                              |              |                |                           |          |                                     |                |               |                               |                |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                  |                              |              |                |                           |          |                                     |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |

----

| ◾ | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not                  held in a commission-based brokerage account and shares are held for the benefit of the plan |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased by a 529 Plan (does not include 529 Plan unites or 529-specific share classes or equivalents) |
|---------|----------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through a Merrill Lynch affiliated investment advisory program |
|---------|---------------------------------------------------------------------------------|

| ◾ | Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s                  policies relating to sales load discounts and waivers |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
|---------|--------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares exchanged from Class C (i.e., level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
|---------|------------------------------------------------------------------------------------------------------|

| ◾ | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and                  purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for                  reinstatement |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Death or disability of the shareholder |
|---------|----------------------------------------|

| ◾ | Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus |
|---------|-------------------------------------------------------------------------------------------------|

| ◾ | Return of excess contributions from an IRA Account |
|---------|----------------------------------------------------|

| ◾ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
|---------|-------------------------------------------------------------------------------------------------|

| ◾ | Shares acquired through a right of reinstatement |
|---------|--------------------------------------------------|

| ◾ | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares                  only) |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to                  Merrill Lynch’s policies relating to sales load discounts and waivers |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Breakpoints as described in the prospectus |
|---------|--------------------------------------------|

| ◾ | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s prospectus will be automatically calculated based on the aggregated holding of                  fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if                  the shareholder notifies his or her financial advisor about such assets |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For                  purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
|---------|-----------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund |
|---------|----------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through a Morgan Stanley self-directed brokerage account |
|---------|---------------------------------------------------------------------------|

| ◾ | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth                  Management’s share class conversion program |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and                  purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For                  purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SAR-SEPs. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment                  advisory program is not available). |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund                  family). |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for                  a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of                  Class C shares for load waived shares, that waiver will also apply to such exchanges. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
|---------|------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held                  by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant                  (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase                  occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Shares purchased in an investment advisory program. |
|---------|-----------------------------------------------------|

| ◾ | Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions. |
|---------|-----------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase                  occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer                  subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Death or disability of the shareholder. |
|---------|-----------------------------------------|

| ◾ | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
|---------|--------------------------------------------------------------------------------------------------|

| ◾ | Return of excess contributions from an IRA Account. |
|---------|-----------------------------------------------------|

| ◾ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
|---------|--------------------------------------------------------------------------------------------------|

| ◾ | Shares acquired through a right of reinstatement. |
|---------|---------------------------------------------------|

| ◾ | Breakpoints as described in this prospectus. |
|---------|----------------------------------------------|

| ◾ | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within                  the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such                  assets. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond                  James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and                  purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement). |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For                  purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares acquired through a right of reinstatement. |
|---------|---------------------------------------------------|

| ◾ | Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold upon the death or disability of the shareholder. |
|---------|--------------------------------------------------------------|

| ◾ | Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus. |
|---------|--------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased in connection with a return of excess contributions from an IRA account. |
|---------|-------------------------------------------------------------------------------------------|

| ◾ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold to pay Janney fees but only if the transaction is initiated by Janney. |
|---------|------------------------------------------------------------------------------------|

| ◾ | Shares acquired through a right of reinstatement. |
|---------|---------------------------------------------------|

| ◾ | Shares exchanged into the same share class of a different fund. |
|---------|-----------------------------------------------------------------|

| ◾ | Breakpoints as described in the fund’s Prospectus. |
|---------|----------------------------------------------------------|

| ◾ | Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by                  accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney                  Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of                  the Davis Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones                  platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of                  calculation. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | ROA is determined by calculating the higher of cost or market value (current shares x NAV). |
|---------|---------------------------------------------------------------------------------------------|

| ◾ | Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the                  LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end                  sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family                  assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and                  will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the                  associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased in an Edward Jones fee-based program. |
|---------|--------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment. |
|---------|-------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of                  the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares exchanged into class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones will be                  responsible for any remaining CDSC due to the fund company, if applicable. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Exchanges from class C shares to class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward                  Jones. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The death or disability of the shareholder |
|---------|--------------------------------------------|

| ◾ | Systematic withdrawals with up to 10% per year of the account value |
|---------|---------------------------------------------------------------------|

| ◾ | Return of excess contributions from an Individual Retirement Account (IRA) |
|---------|----------------------------------------------------------------------------|

| ◾ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones |
|---------|----------------------------------------------------------------------------------------------------------------|

| ◾ | Shares exchanged in an Edward Jones fee-based program |
|---------|-------------------------------------------------------|

| ◾ | Shares acquired through NAV reinstatement |
|---------|-------------------------------------------|

----

| ◾ | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not                  held in a commission-based brokerage account and shares are held for the benefit of the plan |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased by or through a 529 Plan |
|---------|-------------------------------------------|

| ◾ | Shares purchased through a OPCO affiliated investment advisory program |
|---------|------------------------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase                  occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement). |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer                  subject to a CDSC and the conversion is in line with the policies and procedures of OPCO |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employees and registered representatives of OPCO or its affiliates and their family members |
|---------|---------------------------------------------------------------------------------------------|

| ◾ | Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Death or disability of the shareholder |
|---------|----------------------------------------|

| ◾ | Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus |
|---------|-------------------------------------------------------------------------------------------|

| ◾ | Return of excess contributions from an IRA Account |
|---------|----------------------------------------------------|

| ◾ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO |
|---------|-------------------------------------------------------------------------------|

| ◾ | Shares acquired through a right of reinstatement |
|---------|--------------------------------------------------|

| ◾ | Breakpoints as described in this prospectus. |
|---------|----------------------------------------------|

| ◾ | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts                  within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased through reinvestment of capital gain distributions and dividend reinvestments when purchasing shares of the same Fund |
|---------|----------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares purchase from the proceeds of redemptions from another Davis Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase                  occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement) |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | A shareholder in the Funds’ Class C shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to CDSC and the                  conversion is in line with the policies and procedures of Baird |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit                  sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SAR-SEPs |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold due to death or disability of the shareholder |
|---------|-----------------------------------------------------------|

| ◾ | Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus |
|---------|-------------------------------------------------------------------------------------------------|

| ◾ | Shares sold due to returns of excess contributions from an IRA Account |
|---------|------------------------------------------------------------------------|

| ◾ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Shares sold to pay Baird fees but only if the transaction is initiated by Baird |
|---------|---------------------------------------------------------------------------------|

| ◾ | Shares acquired through a right of reinstatement |
|---------|--------------------------------------------------|

| ◾ | Breakpoints as described in this prospectus |
|---------|---------------------------------------------|

| ◾ | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holdings of Davis Fund assets held by accounts within                  the purchaser’s household at Baird. Eligible Davis Fund assets not held at Baird may be included in the rights of accumulation calculations only if the shareholder notifies his or her financial advisor about such assets |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Davis Fund shares through Baird over a 13-month period of time |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                 | Class A                     | Class C | Class Y |
|--------------------------------------|-----------------------------|---------|---------|
| Davis Financial Fund                 | RPFGX                       | DFFCX   | DVFYX   |
| Davis Opportunity Fund               | RPEAX                       | DGOCX   | DGOYX   |
| Davis Real Estate Fund               | RPFRX                       | DRECX   | DREYX   |
| Davis Appreciation & Income Fund | RPFCX                       | DCSCX   | DCSYX   |
| Davis Government Bond Fund           | RFBAX                       | DGVCX   | DGVYX   |
| Davis Government Money Market Fund   | RPGXX for all share classes |

----

| Section I: Investment Objectives, Strategies, Risks and Restrictions                                 | 3  |
|------------------------------------------------------------------------------------------------------|----|
| Investment Objective                                                                                 | 3  |
| Non-Principal Investment Strategies and Risks                                                        | 3  |
| Portfolio Transactions                                                                               | 16 |
| Investment Restrictions                                                                              | 20 |
| Section II: The Fund and Key Persons                                                                 | 24 |
| Organization of the Funds                                                                            | 24 |
| Directors and Officers                                                                               | 24 |
| Directors                                                                                            | 25 |
| Independent Directors’ Compensation                                                            | 26 |
| Officers                                                                                             | 26 |
| Standing Committees of the Board of Directors                                                        | 27 |
| Risk Oversight                                                                                       | 28 |
| Directors’ Fund Holdings                                                                       | 29 |
| Independent Directors’ Affiliations and Transactions                                           | 29 |
| Certain Shareholders of the Funds                                                                    | 29 |
| Investment Advisory Services                                                                         | 33 |
| Portfolio Managers                                                                                   | 36 |
| Disclosure of Portfolio Holdings                                                                     | 39 |
| Distribution of Fund Shares                                                                          | 40 |
| Other Important Service Providers                                                                    | 43 |
| Section III: Classes of Shares, Purchases, Exchanges and Redemptions                                 | 44 |
| Selecting the Appropriate Class of Shares                                                            | 44 |
| How To Purchase Shares                                                                               | 47 |
| Special Services                                                                                     | 48 |
| Exchange of Shares                                                                                   | 48 |
| Redemption of Shares                                                                                 | 49 |
| Section IV: General Information                                                                      | 51 |
| Determining the Price of Shares                                                                      | 51 |
| Dividends and Distributions                                                                          | 51 |
| Federal Income Taxes                                                                                 | 51 |
| Cost Basis Reporting                                                                                 | 52 |
| Procedures and Shareholder Rights are Described by Current Prospectus and Other Disclosure Documents | 52 |
| Performance Data                                                                                     | 52 |
| Appendix A: Quality Ratings of Debt Securities                                                       | 54 |
| Appendix B: Terms and Conditions for a Statement of Intention                                        | 56 |
| Appendix C: Summary of the Adviser’s Proxy Voting Policies and Procedures (August 2008)        | 57 |

----

----

| - | Internet & Direct Marketing Retail Risk. Companies that operate via the internet or direct marketing (e.g., online consumer services, online                  retail, travel) segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price                  information for the same or similar products may cause companies that operate in the online marketplace, retail and travel segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that                  operate in the online marketplace, retail, and travel segments may also be subject to heightened cybersecurity risk, including the risk of theft or damage to vital hardware, software, and information systems. The loss or public                  dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies                  being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of                  vendors’ technology and systems, could expose companies that operate via the internet or direct marketing retail to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential                  liability, and otherwise harm their businesses. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ◾ | sell futures contracts; |
|---------|-------------------------|

| ◾ | buy puts on such futures or on securities; or |
|---------|-----------------------------------------------|

| ◾ | write covered calls on securities or futures. |
|---------|-----------------------------------------------|

----

| ◾ | buy futures; |
|---------|--------------|

| ◾ | buy calls on such futures or on securities; or |
|---------|------------------------------------------------|

| ◾ | sell puts on such futures or on securities. |
|---------|---------------------------------------------|

----

----

----

----

----

----

----

----

|                                                                                                                                                                                               | Davis Financial Fund | Davis Opportunity Fund | Davis Real Estate Fund | Davis Appreciation & Income Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------|------------------------|--------------------------------------|
| Gross income from securities lending activities (including income from cash collateral reinvestment)                                                                                               | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Fees and/or compensation for securities lending activities and related services                                                                                                                    |                 |                   |                   |                                 |
| Fees paid to State Street from a revenue split for their services as securities lending agent                                                                                                      | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Fees paid for any cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split paid to State Street | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Administrative fees not included in revenue split                                                                                                                                                  | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Indemnification fees not included in revenue split                                                                                                                                                 | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Rebates (paid to borrowers)                                                                                                                                                                        | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Other fees not included in revenue split (specify)                                                                                                                                                 | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Aggregate fees/compensation for securities lending activities                                                                                                                                      | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |
| Net income from securities lending activities                                                                                                                                                      | $ ‐            | $ ‐              | $ ‐              | $ ‐                            |

----

----

----

----

----

|                                       | Fiscal Year-Ended December 31, |
|--------------------------------------------|--------------------------------|
|                                       | 2019                           | 2018 | 2017 |
| Davis Opportunity Fund                     |                           |   |   |
| Brokerage commissions paid:                | $245,485                       | $521,804 | $214,503 |
| Amount paid to brokers providing research: | None                           | None | None |
| Amount paid to brokers providing services: | None                           | None | None |
| Davis Financial Fund                       |                           |   |   |
| Brokerage commissions paid:                | $144,940                       | $296,564 | $138,352 |
| Amount paid to brokers providing research: | None                           | None | None |
| Amount paid to brokers providing services: | None                           | None | None |
| Davis Real Estate Fund                     |                           |   |   |
| Brokerage commissions paid:                | $63,624                        | $135,372 | $116,641 |
| Amount paid to brokers providing research: | None                           | None | None |
| Amount paid to brokers providing services: | None                           | None | None |
| Davis Appreciation & Income Fund       |                           |   |   |
| Brokerage commissions paid:                | $22,576                        | $57,971 | $24,366 |
| Amount paid to brokers providing research: | None                           | None | None |
| Amount paid to brokers providing services: | None                           | None | None |
| Fund                                 | Broker-Dealer             | Value       |
|--------------------------------------|---------------------------|-------------|
| Davis Opportunity Fund               | Wells Fargo & Co.     | $24,377,372 |
| Davis Financial Fund                 | JPMorgan Chase & Co.  | $80,812,132 |
|                                 | Wells Fargo & Co.     | $68,244,708 |
|                                 | Goldman Sachs Group, Inc. | $32,175,255 |
|                                 | Charles Schwab Corp.      | $26,460,386 |
| Davis Real Estate Fund               | None                      |        |
| Davis Appreciation & Income Fund | Wells Fargo & Co.     | $9,003,861  |
|                                 | JPMorgan Chase & Co.  | $7,585,157  |
|                                 | Goldman Sachs Group, Inc. | $739,380    |
| Davis Government Bond Fund           | None                      |        |
| Davis Government Money Market Fund   | None                      |        |

----

| ◾ | Diversification (All Funds except Davis Financial Fund). The Fund may not make any                  investment that is inconsistent with its classification as a diversified investment company under the 1940 Act. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Concentration (Davis Opportunity Fund, Davis Appreciation & Income Fund, Davis Government Bond Fund and Davis Government Money                    Market Fund). The Fund may not concentrate its investments in the securities of issuers primarily engaged in any particular industry or group of industries. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Issuing Senior Securities (All Funds). The Fund may not issue senior securities,                  except as permitted under applicable law, including the 1940 Act and published SEC staff positions. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Borrowing (All Funds). The Fund may not borrow money, except to the extent permitted                  by applicable law including the 1940 Act and published SEC staff positions. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Underwriting (All Funds). The Fund may not underwrite securities of other issuers                  except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Investments in Commodities and Real Estate (All Funds). The Fund may not purchase or                  sell commodities or real estate, except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Making Loans (All Funds). The Fund may not make loans to other persons, except as                  allowed by applicable law including the 1940 Act and published SEC staff positions. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Illiquid Securities. The Fund will not purchase or hold illiquid securities if more than 15% of                  the value of the Fund’s net assets would be invested in such securities. If illiquid securities exceeded 15% of the value of the Fund’s net assets, the Adviser would attempt to reduce the Fund’s investment in illiquid securities in an                  orderly fashion. Davis Government Money Market Fund may not purchase illiquid securities if more than 10% of the value of the Fund’s net assets would be invested in such securities. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | High-Yield, High-Risk Securities. The Fund will not purchase debt securities                  rated BB or Ba or lower (sometimes referred to as “Junk Bonds”) if the securities are in default at the time of purchase or if such purchase would then cause more than 20% of the Fund’s net assets to be invested in such lower-rated                  securities. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Options. The Fund will not                    purchase an option if the purchase would cause the total premiums (at market) of all options then owned to exceed 5% of the Fund’s total assets. The Fund will not sell covered calls if the transaction would cause the total premiums (at                    market) of all covered calls then written to exceed 25% of the Fund’s total assets. For additional information concerning option strategies and their risks, see the section titled “Derivatives.” |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Futures Contracts. The Fund will not engage in a futures transaction if the transaction would                  cause the nominal value of futures contracts then purchased or sold to exceed 25% of the Fund’s total assets. For additional information concerning futures contracts and their risks, see the section titled “Derivatives.” |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Short Selling. The Fund will not sell any security short if it would cause more than 5% of its                  total assets, taken at market value, to be sold short. This limitation does not apply to selling short against the box. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Investing for Control. The Fund does not invest for the purpose of exercising control or                  management of other companies. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Mortgage, Pledge, Lend or Hypothecate Assets. The Fund will not                  mortgage, pledge, lend or hypothecate more than 331/3% of its total assets, taken at market value in securities lending or other activities. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Name Policy (Davis Financial Fund, Davis Real Estate Fund, Davis Government Bond Fund and Davis Government Money Market Fund). Under normal circumstances, Davis Financial Fund invests at least 80% of net assets plus any borrowing for investment purposes in securities issued by companies in the financial services sector, and                  Davis Real Estate Fund invests at least 80% of net assets plus any borrowing for investment purposes in securities issued by companies in the real estate sector. Under normal circumstances, Davis Government Bond Fund and Davis Government                  Money Market Fund invest exclusively in U.S. Government securities and repurchase agreements collateralized by U.S. Government securities. The Funds also own other assets that are not investments, typically cash and receivables. Davis                  Financial Fund, Davis Real Estate Fund, Davis Government Bond Fund and Davis Government Money Market Fund will comply with the Name Policy as of the time an investment is made. If at some point a Fund no longer meets the 80% test (e.g.,                  due to market value changes), it would not be required to sell assets, although any future investments would need to be made in a manner that tends to bring the Fund back into compliance. In addition, because the 80% test applies under                  “normal circumstances,” a Fund could depart from the 80% requirement to take temporary defensive positions or due to other unusual events (e.g., large in-flows or redemptions). |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Name, Date of Birth, Position(s) Held with Fund, Length of Service | Principal Occupation(s) During Past Five Years                                                                                                                                                                      | Number of Portfolios Overseen | Other Directorships During Past Five Years                                                                                                                                                                                                                            |
|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Independent Directors:                                             |
| Marc P. Blum(09/09/42)Director since 1986                          | Chief Executive Officer, World Total Return Fund, LLLP; of Counsel to Gordon Feinblatt LLC (law firm)                                                                                                               | 13                            | Director, Rodney Trust Company (trust and asset management company)                                                                                                                                                                                                   |
| John S. Gates Jr.(08/02/53)Director since 2007                     | Chairman and Chief Executive Officer of PortaeCo LLC (private investment company)                                                                                                                                   | 13                            | Director, Miami Corp. (diversified investment company)                                                                                                                                                                                                                |
| Thomas S. Gayner(12/16/61)Director since 2004Chairman since 2009   | Co-CEO and Director, Markel Corp. (diversified financial holding company)                                                                                                                                           | 13                            | Director, Graham Holdings Company (educational and media company); Director, Colfax Corp. (engineering and manufacturer of pumps and fluid handling equipment); Director, Cable ONE Inc. (cable service provider)                                                     |
| Samuel H. Iapalucci(07/19/52)Director since 2006                   | Retired; Executive Vice President and Chief Financial Officer, CH2M HILL Companies, Ltd. (engineering) until 2008                                                                                                   | 13                            | None                                                                                                                                                                                                                                                                  |
| Robert P. Morgenthau(03/22/57)Director since 2002                  | Principal, Spears Abacus Advisors, LLC (investment management firm) since 2011; Chairman, NorthRoad Capital Management, LLC (investment management firm) 2002-2011                                                  | 13                            | None                                                                                                                                                                                                                                                                  |
| Marsha Williams(03/28/51)Director since 1999                       | Retired; Senior Vice President and Chief Financial Officer, Orbitz Worldwide, Inc. (travel service provider) 2007-2010                                                                                              | 13                            | Lead Independent Director, Modine Manufacturing Company (heat transfer technology); Director, McDermott International, Inc. (industrial construction and engineering); Lead Independent Director, Fifth Third Bancorp (diversified financial                services) |
| Interested Directors*:                                             |
| Andrew A. Davis(06/25/63)Director since 1997                       | President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser | 16                            | Director, Selected Funds (consisting of two portfolios) since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014                                                                                                                             |

----

| Christopher C. Davis(07/13/65)Director since 1997                                                                                                                                                                                                                                                                                                               | President or Vice President of each Davis Fund, Selected Fund, Clipper Fund, and Davis ETF; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole                member of the Adviser’s general partner, Davis Investments, LLC | 16 | Director, Selected Funds (consisting of two portfolios) since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014; Lead Independent Director, Graham Holdings Company (educational and media company); Director, The                Coca-Cola Company (beverage company) |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *          Andrew Davis and Christopher Davis own partnership units (directly, indirectly, or both) of the Adviser and are                  considered to be “interested persons” of the Funds as defined in the Investment Company Act of 1940. Andrew Davis and Christopher Davis are brothers. |
| Independent Directors | DOF    | DFF     | DREF   | DAIF   | DGBF | DGMMF  | Aggregate Fund Compensation(1) | Total Complex Compensation(2) |
|-----------------------|--------|---------|--------|--------|------|--------|--------------------------------|-------------------------------|
| Marc Blum             | $9,419 | $19,492 | $4,485 | $3,398 | $558 | $2,448 | $39,800                        | $125,000                      |
| John Gates Jr.        | $9,419 | $19,492 | $4,485 | $3,398 | $558 | $2,448 | $39,800                        | $125,000                      |
| Thomas Gayner         | $9,419 | $19,492 | $4,485 | $3,398 | $558 | $2,448 | $39,800                        | $125,000                      |
| Samuel Iapalucci      | $9,419 | $19,492 | $4,485 | $3,398 | $558 | $2,448 | $39,800                        | $125,000                      |
| Robert Morgenthau     | $9,419 | $19,492 | $4,485 | $3,398 | $558 | $2,448 | $39,800                        | $125,000                      |
| Marsha Williams       | $9,689 | $20,050 | $4,614 | $3,495 | $574 | $2,518 | $40,940                        | $128,600                      |

| (1) | “Aggregate Fund Compensation” is the aggregate compensation paid for service as a director by all series of Davis Series, Inc. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | “Total Complex Compensation” is the aggregate compensation paid for service as a director by all mutual funds with the same investment adviser. There are seven                  registered investment companies in the complex. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Independent Directors   | DOF              | DFF           | DREF          | DAIF           | DGBF             | DGMMF          | Total Invested In All Funds(2) |
|-------------------------|------------------|---------------|---------------|----------------|------------------|----------------|--------------------------------|
| M. Blum                 | $50,001-$100,000 | Over $100,000 | Over $100,000 | Over $100,000  | None             | $10,001-50,000 | Over $100,000                  |
| J. Gates Jr.            | Over $100,000    | None          | None          | None           | None             | None           | Over $100,000                  |
| T. Gayner               | Over $100,000    | Over $100,000 | Over $100,000 | $10,001-50,000 | None             | None           | Over $100,000                  |
| S. Iapalucci            | None             | None          | None          | Over $100,000  | None             | None           | Over $100,000                  |
| R. Morgenthau           | Over $100,000    | None          | None          | None           | $50,001-$100,000 | None           | Over $100,000                  |
| M. Williams             | Over $100,000    | Over $100,000 | Over $100,000 | Over $100,000  | None             | None           | Over $100,000                  |
| Interested Directors(1) | DOF              | DFF           | DREF          | DAIF           | DGBF             | DGMMF          | Total Invested In All Funds(2) |
| A. Davis                | None             | Over $100,000 | Over $100,000 | Over $100,000  | None             | $1-10,000      | Over $100,000                  |
| C. Davis                | Over $100,000    | Over $100,000 | Over $100,000 | Over $100,000  | Over $100,000    | Over $100,000  | Over $100,000                  |

| (1) | Andrew Davis and Christopher Davis are employed by and own shares in the Adviser and are considered to be “interested persons” of the Davis Funds as                  defined in the Investment Company Act of 1940. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | “Total Invested in All Funds” is the aggregate dollar range of investments in all Funds overseen by the individual director and managed by Davis Selected                  Advisers, L.P. This includes the Davis Funds for all directors, also the Selected Funds and Clipper Fund for Andrew Davis and Christopher Davis. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 | Officers and Directors |
|--------------------------------------|------------------------|
|                                 | Class A                | Class C | Class Y |
| Davis Opportunity Fund               | 5%                     | - | * |
| Davis Financial Fund                 | 8%                     | - | * |
| Davis Real Estate Fund               | 25%                    | - | 1% |
| Davis Appreciation & Income Fund | 5%                     | - | 1% |
| Davis Government Bond Fund           | 15%                    | - | 22% |
| Davis Government Money Market Fund   | 9%                     | - | 3% |

| (1) | This percentage does not include investments controlled indirectly, including holdings by Davis Selected Advisers, L.P. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| * | Indicates that officers and directors as a group owned less than 1% of the outstanding shares of the indicated class of shares. |
|---|---------------------------------------------------------------------------------------------------------------------------------|

----

| Class of Shares                                                    | Name and Address of Shareholders Owning more than 5% of Fund            | Percent of Class Outstanding |
|--------------------------------------------------------------------|-------------------------------------------------------------------------|------------------------------|
| Davis Opportunity Fund                Class A Shares               | Morgan Stanley Smith Barney LLC                New York, NY             | 13.28%                       |
|                                                               | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 9.14%                        |
|                                                               | Pershing LLC                Jersey City, NJ                             | 7.49%                        |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 7.17%                        |
|                                                               | Charles Schwab & Co. Inc.                San Francisco, CA          | 5.67%                        |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 5.08%                        |
| Davis Financial Fund                Class A Shares                 | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 10.90%                       |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 9.12%                        |
|                                                               | Christopher Davis                New York, NY                           | 7.39%                        |
|                                                               | Morgan Stanley Smith Barney LLC                New York, NY             | 7.07%                        |
|                                                               | Pershing LLC                Jersey City, NJ                             | 6.61%                        |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 5.00%                        |
| Davis Real Estate Fund                Class A Shares               | Christopher Davis                New York, NY                           | 19.04%                       |
|                                                               | Morgan Stanley Smith Barney LLC                New York, NY             | 7.08%                        |
|                                                               | Pershing LLC                Jersey City, NJ                             | 6.37%                        |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 5.65%                        |
|                                                               | J.P. Morgan Securities LLC                Brooklyn, NY                  | 5.32%                        |
| Davis Appreciation & Income Fund                Class A Shares | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 13.13%                       |
|                                                               | Morgan Stanley Smith Barney LLC                New York, NY             | 11.00%                       |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 9.64%                        |
|                                                               | Pershing LLC                Jersey City, NJ                             | 9.24%                        |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 6.69%                        |
|                                                               | Edward D. Jones & Co.                Saint Louis, MO                | 5.08%                        |

----

| Davis Government Bond Fund                Class A Shares         | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 20.70% |
|------------------------------------------------------------------|-------------------------------------------------------------------------|--------|
|                                                             | Christopher Davis                New York, NY                           | 14.80% |
|                                                             | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 9.28%  |
|                                                             | Pershing LLC                Jersey City, NJ                             | 7.31%  |
|                                                             | Edward D. Jones & Co.                Saint Louis, MO                | 5.91%  |
| Davis Government Money Market Fund                Class A Shares | State Street Bank & Trust Co.                Boston, MA             | 22.89% |
|                                                             | Davis Distributors, LLC                Tucson, AZ                       | 8.03%  |
|                                                             | Lincoln Retirement Services Co.                Fort Wayne, In           | 7.67%  |
|                                                             | Davis Selected Advisers, L.P.                Tucson, AZ                 | 5.87%  |
|                                                             | Christopher Davis                New York, NY                           | 5.35%  |
| Davis Opportunity Fund                Class C Shares             | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 15.16% |
|                                                             | UBS WM USA                Weehawken, NJ                                 | 11.60% |
|                                                             | Morgan Stanley Smith Barney LLC                New York, NY             | 11.34% |
|                                                             | Pershing LLC                Jersey City, NJ                             | 10.01% |
|                                                             | Raymond James                St. Petersburg, FL                         | 8.16%  |
|                                                             | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 7.68%  |
|                                                             | RBC Capital Markets Corp.                Minneapolis, MN                | 6.36%  |
|                                                             | Charles Schwab & Co. Inc.                San Francisco, CA          | 5.30%  |
| Davis Financial Fund                Class C Shares               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 20.92% |
|                                                             | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 15.06% |
|                                                             | Morgan Stanley Smith Barney LLC                New York, NY             | 12.71% |
|                                                             | Pershing LLC                Jersey City, NJ                             | 8.16%  |
|                                                             | Raymond James                St. Petersburg, FL                         | 7.76%  |
|                                                             | Stifel Nicolaus & Co. Inc.                St. Louis, MO             | 7.43%  |
|                                                             | UBS WM USA                Weehawken, NJ                                 | 7.42%  |
| Davis Real Estate Fund                Class C Shares             | LPL Financial                San Diego, CA                              | 23.23% |

----

|                                                               | Stifel Nicolaus & Co. Inc.                St. Louis, MO             | 15.42% |
|--------------------------------------------------------------------|-------------------------------------------------------------------------|--------|
|                                                               | Pershing LLC                Jersey City, NJ                             | 14.89% |
|                                                               | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 14.63% |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 6.72%  |
| Davis Appreciation & Income Fund                Class C Shares | UBS WM USA                Weehawken, NJ                                 | 20.90% |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 18.97% |
|                                                               | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 14.22% |
|                                                               | Pershing LLC                Jersey City, NJ                             | 9.67%  |
|                                                               | Charles Schwab & Co. Inc.                San Francisco, CA          | 8.18%  |
| Davis Government Bond Fund                Class C Shares           | Raymond James                St. Petersburg, FL                         | 19.43% |
|                                                               | LPL Financial                San Diego, CA                              | 14.51% |
|                                                               | Pershing LLC                Jersey City, NJ                             | 14.46% |
|                                                               | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 10.49% |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 9.91%  |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 6.88%  |
| Davis Government Money Market Fund                Class C Shares   | Morgan Stanley Smith Barney LLC                New York, NY             | 29.63% |
|                                                               | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 14.04% |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 9.23%  |
|                                                               | Pershing LLC                Jersey City, NJ                             | 6.05%  |
| Davis Opportunity Fund                Class Y Shares               | Davis Selected Advisers, L.P.                Tucson, AZ                 | 26.64% |
|                                                               | Morgan Stanley Smith Barney LLC                New York, NY             | 14.77% |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 8.84%  |
|                                                               | LPL Financial                San Diego, CA                              | 6.77%  |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 6.66%  |
|                                                               | Raymond James                St. Petersburg, FL                         | 5.79%  |
| Davis Financial Fund                Class Y Shares                 | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 21.97% |

----

|                                                               | Wells Fargo Clearing Services LLC                Saint Louis, MO        | 9.76%  |
|--------------------------------------------------------------------|-------------------------------------------------------------------------|--------|
|                                                               | Morgan Stanley Smith Barney LLC                New York, NY             | 9.52%  |
|                                                               | Davis Selected Advisers, L.P.                Tucson, AZ                 | 6.75%  |
|                                                               | UBS WM USA                Weehawken, NJ                                 | 6.63%  |
| Davis Real Estate Fund                Class Y Shares               | Davis Selected Advisers, L.P.                Tucson, AZ                 | 14.26% |
|                                                               | Charles Schwab & Co. Inc.                San Francisco, CA          | 8.91%  |
|                                                               | Armand Hammer United World College                Montezuma, NM         | 8.35%  |
|                                                               | Morgan Stanley Smith Barney LLC                New York, NY             | 6.29%  |
|                                                               | Pershing LLC                Jersey City, NJ                             | 5.91%  |
|                                                               | NFS LLC                Jersey City, NJ                                  | 5.75%  |
|                                                               | PIMS/Prudential Retirement                Dallas, TX                    | 5.54%  |
| Davis Appreciation & Income Fund                Class Y Shares | Davis Selected Advisers, L.P.                Tucson, AZ                 | 66.90% |
| Davis Government Bond Fund                Class Y Shares           | NFS LLC                Jersey City, NJ                                  | 41.16% |
|                                                               | LPL Financial                San Diego, CA                              | 15.92% |
|                                                               | Merrill Lynch Pierce Fenner & Smith                Jacksonville, FL | 13.94% |
|                                                               | Pershing LLC                Jersey City, NJ                             | 8.88%  |
| Davis Government Money Market Fund                Class Y Shares   | NFS LLC                Jersey City, NJ                                  | 88.31% |
|                                                               | State Street Bank & Trust Co.                Boston, MA             | 6.41%  |
|                                                               | Matrix Trust Co.                Denver, CO                              | 5.18%  |

----

|                                 | Fiscal Year-Ended December 31, |
|--------------------------------------|--------------------------------|
|                                 | 2019                           | 2018 | 2017 |
| Davis Opportunity Fund               | $2,900,581                     | $3,621,004 | $3,487,404 |
| Davis Financial Fund                 | $5,962,313                     | $7,553,313 | $6,513,353 |
| Davis Real Estate Fund               | $1,388,964                     | $1,090,112 | $1,144,088 |
| Davis Appreciation & Income Fund | $1,047,305                     | $1,058,254 | $1,103,784 |
| Davis Government Bond Fund           | $88,707                        | $92,224 | $110,326 |
| Davis Government Money Market Fund   | $440,263                       | $573,252 | $834,031 |

----

|                                    | Fiscal Year-Ended December 31, |
|-----------------------------------------|--------------------------------|
|                                    | 2019                           | 2018 | 2017 |
| Davis Opportunity Fund                  |                           |   |   |
| Accounting and Administrative Services: | $21,498                        | $21,004 | $17,996 |
| Investor Services:                      | $52,124                        | $48,328 | $46,279 |
| Davis Financial Fund                    |                           |   |   |
| Accounting and Administrative Services: | $44,996                        | $41,500 | $33,502 |
| Investor Services:                      | $144,271                       | $145,225 | $135,368 |
| Davis Real Estate Fund                  |                           |   |   |
| Accounting and Administrative Services: | $7,500                         | $6,498 | $7,504 |
| Investor Services:                      | $40,918                        | $30,951 | $32,314 |
| Davis Appreciation & Income Fund    |                           |   |   |
| Accounting and Administrative Services: | $6,502                         | $6,000 | $7,500 |
| Investor Services:                      | $20,593                        | $19,507 | $20,665 |
| Davis Government Bond Fund              |                           |   |   |
| Accounting and Administrative Services: | $2,000                         | $2,000 | $2,000 |
| Investor Services:                      | $7,836                         | $7,574 | $8,532 |
| Davis Government Money Market Fund      |                           |   |   |
| Accounting and Administrative Services: | $5,498                         | $7,002 | $6,998 |
| Investor Services:                      | $15,851                        | $15,445 | $17,188 |

----

----

| Portfolio Managers                        | Dollar Range of Fund Shares Owned(5) | Number of RICs(2) | Assets(1) in RICs in millions | Number of OPIV(3) | Assets(1) in OPIV(3) in millions | Number of OA(4) | Assets in OA(4) in millions |
|-------------------------------------------|--------------------------------------|-------------------|-------------------------------|-------------------|----------------------------------|-----------------|-----------------------------|
| Davis Financial Fund                      |
| Christopher Davis                         | Over $1 Million                      | 11                | $13,517.1                     | 2                 | $367.7                           | 42              | $6,894.6                    |
| Pierce Crosbie                            | $50,001 - $100,000                   | 3                 | $235.6                        | 0                 | $0                               | 2               | $470.3                      |
| Davis Opportunity Fund                    |
| Christopher Davis                         | Over $1 Million                      | 11                | $14,072.3                     | 2                 | $367.7                           | 42              | $6,894.6                    |
| Danton Goei                               | Over $1 Million                      | 11                | $14,407.0                     | 5                 | $643.6                           | 39              | $6,984.6                    |
| Darin Prozes                              | Over $1 Million                      | 1                 | $4.6                          | 0                 | $0                               | 22              | $398.5                      |
| Kent Whitaker                             | $100,001 - $500,000                  | 0                 | $0                            | 0                 | $0                               | 22              | $125.8                      |
| Dwight Blazin                             | $100,001 - $500,000                  | 1                 | $20.8                         | 0                 | $0                               | 22              | $86.5                       |
| Davis Real Estate Fund                    |
| Andrew Davis                              | Over $1 Million                      | 1                 | $14.5                         | 1                 | $265.2                           | 3               | $37.8                       |
| Chandler Spears                           | $100,001 - $500,000                  | 1                 | $14.5                         | 1                 | $265.2                           | 3               | $37.8                       |
| Davis Appreciation & Income Fund |
| Christopher Davis                         | Over $1 Million                      | 11                | $14,396.6                     | 2                 | $367.7                           | 42              | $6,894.6                    |
| Peter Sackmann                            | $500,001 - $1,000,000                | 0                 | $0                            | 0                 | $0                               | 1               | $78.1                       |
| Creston King                              | $100,001 - $500,000                  | 2                 | $167.2                        | 0                 | $0                               | 1               | $24.6                       |
| Davis Government Bond Fund                |
| Creston King                              | $100,001 - $500,000                  | 2                 | $187.4                        | 0                 | $0                               | 1               | $24.6                       |
| Davis Government Money Market Fund        |
| Creston King                              | $100,001- $500,000                   | 2                 | $74.6                         | 0                 | $0                               | 1               | $24.6                       |

| (1) | “Assets” means total assets managed by the portfolio manager. Some or all of these assets may be co-managed with another portfolio manager who will also                  be credited with managing the same assets. The sum of assets managed by Davis Advisors~~’~~ portfolio managers may exceed the total assets managed by Davis Advisors. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | “RIC” means Registered Investment Company. |
|-----|--------------------------------------------------------|

| (3) | “OPIV” means Other Pooled Investment Vehicles. |
|-----|------------------------------------------------------------|

| (4) | “OA” means Other Accounts. These accounts are primarily private accounts and sponsors of managed money/wrap accounts. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (5) | Ownership disclosure is made using the following ranges: None; (F) $1 - $10,000; (E) $10,001 - $50,000; (D) $50,001 - $100,000; (C) $100,001 - $500,000;                  (B) $500,001 - $1 million; (A) over $1 million. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

|                                 | Fiscal Year-Ended December 31, |
|--------------------------------------|--------------------------------|
|                                 | 2019                           | 2018 | 2017 |
| Davis Opportunity Fund               |                           |   |   |
| Total sales charges:                 | $63,124                        | $162,391 | $188,003 |
| Amount re-allowed to dealers:        | $53,134                        | $138,060 | $159,307 |
| Davis Financial Fund                 |                           |   |   |
| Total sales charges:                 | $213,230                       | $869,747 | $1,466,372 |
| Amount re-allowed to dealers:        | $179,733                       | $736,952 | $1,248,450 |
| Davis Real Estate Fund               |                           |   |   |
| Total sales charges:                 | $51,637                        | $37,827 | $35,855 |
| Amount re-allowed to dealers:        | $45,145                        | $31,914 | $30,252 |
| Davis Appreciation & Income Fund |                           |   |   |
| Total sales charges:                 | $36,055                        | $40,675 | $30,036 |
| Amount re-allowed to dealers:        | $30,579                        | $34,347 | $25,386 |

----

| Davis Government Bond Fund    |   |   |   |
|-------------------------------|--------|--------|--------|
| Total sales charges:          | $3,129 | $4,990 | $5,407 |
| Amount re-allowed to dealers: | $2,667 | $4,267 | $4,508 |
|                                 | Class A  | Class C |
|--------------------------------------|----------|---------|
| Davis Opportunity Fund               | $987     | $1,687  |
| Davis Financial Fund                 | $5,447   | $9,954  |
| Davis Real Estate Fund               | $‐ | $74     |
| Davis Appreciation & Income Fund | $‐ | $483    |
| Davis Government Bond Fund           | $‐ | $200    |
| Davis Government Money Market Fund   | None     | None    |
|                                 | Fiscal Year-Ended December 31, |
|--------------------------------------|--------------------------------|
|                                 | 2019                           | 2018 | 2017 |
| Davis Opportunity Fund               |                           |   |   |
| Class A Shares                       | $668,254                       | $734,753 | $673,261 |
| Class C Shares                       | $298,420                       | $731,578 | $1,020,628 |
| Davis Financial Fund                 |                           |   |   |
| Class A Shares                       | $1,005,873                     | $1,349,810 | $1,368,973 |
| Class C Shares                       | $1,210,904                     | $1,681,443 | $1,597,497 |
| Davis Real Estate Fund               |                           |   |   |
| Class A Shares                       | $313,587                       | $244,087 | $262,113 |
| Class C Shares                       | $69,958                        | $110,944 | $191,360 |
| Davis Appreciation & Income Fund |                           |   |   |
| Class A Shares                       | $269,546                       | $241,783 | $226,259 |
| Class C Shares                       | $98,238                        | $233,762 | $401,117 |
| Davis Government Bond Fund           |                           |   |   |
| Class A Shares                       | $51,365                        | $54,519 | $59,263 |
| Class C Shares                       | $11,549                        | $33,806 | $68,707 |

----

|                                 | Cumulative Total Carryover | % of Class Net Assets |
|--------------------------------------|----------------------------|-----------------------|
| Davis Opportunity Fund               | $23,984,193                | 91.16%                |
| Davis Financial Fund                 | $44,745,324                | 39.08%                |
| Davis Real Estate Fund               | $18,089,695                | 281.68%               |
| Davis Appreciation & Income Fund | $17,478,732                | 209.35%               |
| Davis Government Bond Fund           | $30,075                    | 3.71%                 |

----

----

| ◾ | Immediate Family or Group Purchases. Certain purchases made by or for more than one                  person may be considered to constitute a single purchase, including: (i) purchases for immediate family members, (“immediate family members” consist of spouses and children under 21); (ii) purchases by trust or other fiduciary accounts                  and purchases by Individual Retirement Accounts for employees of a single employer; and (iii) purchases made by an organized group of persons, |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | whether incorporated or not, if the group has a purpose other than buying shares of mutual funds. For further information on group purchase reductions, contact the Adviser or your                  dealer. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Other Groups. Certain purchases made by or for more than one person may be considered                  to constitute a single purchase, including: (i) purchases by trust or other fiduciary accounts and purchases by Individual Retirement Accounts for employees of a single employer; and (ii) purchases made by an organized group of persons,                  whether incorporated or not, if the group has a purpose other than buying shares of mutual funds. For further information on group purchase reductions, contact the Adviser or your dealer. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Statement of Intention. Another way to reduce the sales charge is by signing a                  Statement of Intention (“Statement”). See “Appendix B: Terms and Conditions of a Statement of Intention.” If you enter into a Statement of Intention you (or any “single purchaser”) may combine                  all purchases of all shares classes of the Davis Funds (excluding Davis Government Money Market Fund) over a 13-month period. The amount you say you intend to invest may include shares that you already own valued at public offering price,                  the day prior to the period covered by the Statement. A Statement may be backdated up to 90 days to include purchases made during that period, but the total period covered by the Statement may not exceed 13 months and purchases made prior                  to the start of the 13-month period will not be readjusted to reflect a lower sales charge. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Rights of Accumulation (All Davis Funds Combined). Another way to reduce the sales                  charge is under a right of accumulation. This means that the larger purchase entitled to a lower sales charge does not have to be in dollars invested at one time or in a single Davis Fund. The larger purchases that you (or any “single                  purchaser”) make at any one time can be determined by adding to the amount of a current purchase to the value of any Davis Fund shares (at offering price) already owned by you. Davis Government Money Market Fund shares are not counted in                  determining the total amount of Davis Funds shares you own. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Combining Statement of Intention(s) and/or Rights of Accumulation. A Statement of                  Intention for the Fund and shares of the other Davis Funds may be aggregated. Also, the Fund’s Class A shares and all share classes of the other Davis Funds that you already own, (excluding Davis Government Money Market Fund)valued at the                  current offering price the day prior to the period covered by your Statement of Intention, may be included in the amount you have stated you intend to invest pursuant to your Statement. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Purchases for Employee Benefit Plans. Trustees or other fiduciary accounts and                  Individual Retirement Accounts (“IRA”) of a single employer are treated as purchases of a single person. Purchases of and ownership by an individual and such individual’s spouse under an IRA are combined with their other purchases and                  ownership. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ** | An Automatic Withdrawal Plan may be established as either a percentage or a fixed dollar amount. The shares that may be redeemed without a sales charge are recalculated as a percentage of the current                    market value of the account as of the date of each withdrawal. If established as a percentage, no sales charge will be incurred regardless of market |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | The Distributor has entered into agreements with broker-dealers to receive on its behalf purchase and redemptions orders; |
|---------|---------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | Such broker-dealers are authorized to designate other intermediaries to receive purchase and redemption orders on behalf of the Distributor; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, its broker’s authorized designee, receives the order; and |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | A Client order will be priced at the Fund’s net asset value next computed after they are received by an authorized broker-dealer or the broker-dealer’s authorized designee. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The securities offered by the investor in exchange for shares of a Fund must not be in any way restricted as to resale or otherwise be illiquid; |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The securities must have a value that is readily ascertainable (and not established only by evaluation procedures) as evidenced by a listing on the NYSE, AMEX or NASDAQ or other                  appropriate method; and |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The transaction involves a net purchase of $1 million or more in Fund shares. |
|---------|-------------------------------------------------------------------------------|

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----

----

----

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| 1.         Out of my initial purchase (or subsequent purchases if necessary) 5% of the dollar amount specified in this Statement will be held in escrow by DST Asset Manager Solutions, Inc. in the form of                shares (computed to the nearest full share at the public offering price applicable to the initial purchase hereunder) registered in my name. For example, if the minimum amount specified under this statement is $100,000 and the public                offering price applicable to transactions of $100,000 is $10 a share, 500 shares (with a value of $5,000) would be held in escrow.2.         In the event I should exchange some or all of my shares to those of another mutual fund for which Davis Distributors, LLC, acts as distributor, according to the terms of this prospectus, I hereby                authorize DST Asset Manager Solutions, Inc. to escrow the applicable number of shares of the new fund, until such time as this Statement is complete.3.          If my total purchases are at least equal to the intended purchases, the shares in escrow will be delivered to me or to my order.4.        If my total purchases are less than the intended purchases I will permit Davis Distributors, LLC, my dealer, or DST Asset Manager Solutions, Inc. to redeem the difference in the dollar amount of the                sales charge that would have originally been paid by me, from the escrowed shares. |   | 5.         I hereby irrevocably constitute and appoint DST Asset Manager Solutions, Inc. my attorney to surrender for redemption any or all escrowed shares with full power of substitution in the premises.6.          Shares remaining after the redemption referred to in Paragraph No. 4 will be credited to my account.7.          The duties of DST Asset Manager Solutions, Inc. are only such as are herein provided being purely ministerial in nature, and it shall incur no liability whatever except for willful misconduct or                gross negligence so long as it has acted in good faith. It shall be under no responsibility other than faithfully to follow the instructions herein. It may consult with legal counsel and shall be fully protected in any action taken in good                faith in accordance with advice from such counsel. It shall not be required to defend any legal proceedings that may be instituted against it in respect of the subject matter of this Agreement unless requested to do so and indemnified to                its satisfaction against the cost and expense of such defense. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ◾ | Shareholder oriented management. One of the factors that The Adviser considers in selecting stocks for investment is the presence of                  shareholder-oriented management. In general, such managements will have a large ownership stake in the company. They will also have a record of taking actions and supporting policies designed to increase the value of the company’s shares                  and thereby enhance shareholder wealth. The Adviser’s research analysts are active in meeting with top management of portfolio companies and in discussing their views on policies or actions which could enhance shareholder value. Whether                  management shows evidence of responding to reasonable shareholder suggestions, and otherwise improving general corporate governance, is a factor which may be taken into consideration in proxy voting. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Allow responsible management teams to run the business. Because we try generally to invest with                  “owner oriented” managements (see above), we vote with the recommendation of management on most routine matters, unless circumstances such as long standing poor performance or a change from our initial assessment indicate otherwise.                  Examples include the election of directors and ratification of auditors. The Adviser supports policies, plans and structures that give management teams appropriate latitude to run the business in the way that is most likely to maximize                  value for owners. Conversely, The Adviser opposes proposals that limit management’s ability to do this. The Adviser will generally vote with management on shareholder social and environmental proposals on the basis that their impact on                  share value is difficult to judge and is therefore best done by management. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Preserve and expand the power of shareholders in areas of corporate governance. Equity shareholders are owners of the business, and                  company boards and management teams are ultimately accountable to them. The Adviser supports policies, plans and structures that promote accountability of the board and management to owners, and align the interests of the board and                  management with owners. Examples include: annual election of all board members and incentive plans that are contingent on delivering value to shareholders. The Adviser generally opposes proposals that reduce accountability or misalign                  interests, including but not limited to classified boards, poison pills, excessive option plans, and repricing of options. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Support compensation policies that reward management teams appropriately for performance. We believe that well thought out incentives are                  critical to driving long-term shareholder value creation. Management incentives ought to be |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ◾ | aligned with the goals of long-term owners. In our view, the basic problem of skyrocketing executive compensation is not high pay for high performance, but high pay for mediocrity or                  worse. In situations where we feel that the compensation practices at companies we own are not acceptable, we will exercise our discretion to vote against compensation committee members and specific compensation proposals. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | Votes consistent with the “General Proxy Voting Policies,” are presumed to be consistent with the best interests of clients; |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|

| ◾ | The Adviser may disclose the conflict to the client and obtain the client’s consent prior to voting the proxy; |
|---------|----------------------------------------------------------------------------------------------------------------------|

| ◾ | The Adviser may obtain guidance from an independent third-party; |
|---------|------------------------------------------------------------------|

| ◾ | The potential conflict may be immaterial; or |
|---------|----------------------------------------------|

| ◾ | Other reasonable means of resolving potential conflicts of interest which effectively insulate the decision on how to vote client proxies from the conflict. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 28. | Exhibits:                                                                                                                                                                                                                                                  |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)(1)   | Articles of Incorporation. Incorporated by reference to registration statement filed on Edgar on April 15, 1996.                                                                                                                                           |
| (a)(2)   | Articles Supplementary to Articles of Incorporation, reclassifying shares, dated August 28, 1996. Incorporated by reference to registration statement filed on Edgar on August 12, 1997.                                                                   |
| (a)(3)   | Articles of Amendment, dated August 21, 1995, changing names (formerly, Retirement Planning Funds of America, Inc.). Incorporated by reference to registration statement filed on Edgar on February 26, 2001.                                              |
| (a)(4)   | Articles Supplementary to Articles of Incorporation, increasing shares, dated December 8, 1997. Incorporated by reference to registration statement filed on Edgar on February 26, 2001.                                                                   |
| (a)(5)   | Articles Supplementary to Articles of Incorporation, renaming “Davis Convertible Securities Fund” to “Davis Appreciation & Income Fund”. Incorporated by reference to registration statement filed on Edgar on April 21, 2003. |
| (a)(6)   | Articles Supplementary to Articles of Incorporation, re-designating shares of Davis Government Money Market Fund. Incorporated by reference to registration statement filed on Edgar on April 29, 2009.                                                    |
| (b)      | By-laws. Davis Funds’ amended and restated bylaws, March 30, 2010. Incorporated by reference to registration statement filed on Edgar on April 27, 2011.                                                                                             |
| (c)      | Instruments Defining Rights of Security Holders. Not applicable.                                                                                                                                                                                           |
| (d)(1)   | Investment Advisory Contracts. Between Davis Series, Inc., and Davis Selected Advisers, L.P., dated January 1, 2001. Incorporated by reference to registration statement filed on Edgar on February                26, 2001.                               |
| (d)(2)   | Sub-Advisory Agreement between Davis Selected Advisers, L.P., and Davis Selected Advisers - NY, Inc., dated January 1, 2001. Incorporated by reference to registration statement filed on Edgar on February 26, 2001.                                      |
| (d)(3)   | Amendment to Investment Advisory Agreement dated July 1, 2009 reducing advisory fees. Incorporated by reference to registration statement filed on Edgar on April 30, 2010.                                                                                |
| (e)(1)   | Underwriting Contracts. Distributing Agreement dated January 1, 2001. Incorporated by reference to registration statement filed on Edgar on April 26, 2001.                                                                                                |
| (e)(2)   | Form of Dealer Agreement between principal underwriter and distributing broker-dealers. Incorporated by reference to registration statement filed on Edgar on February 26, 2001.                                                                           |
| (f)      | Bonus or Profit Sharing Contracts. Not applicable.                                                                                                                                                                                                         |
| (g)      | Custodian Agreement. Agreement with State Street Bank & Trust dated January 1, 2006. Incorporated by reference to registration statement filed on Edgar on April 27, 2006.                                                                             |
| (h)(1)   | Other Material Contracts. Transfer Agency and Service Agreement, dated January 1, 2006 and amendment thereto dated December 17, 2014. Incorporated by reference to registration statement filed on                Edgar on April 28, 2017.                 |
| (h)(2)   | Agreement Respecting Names, changing name from Retirement Planning Funds of America, Inc., to Davis Series, Inc., dated October 1, 1995. Incorporated by reference to registration statement filed on Edgar on February 26, 2001.                          |
| (h)(3)   | Davis Government Money Market Fund Management Fee Waiver and Expense Reimbursement dated 12/31/11. Incorporated by reference to registration statement filed on Edgar on April 27, 2012.                                                                   |
| (h)(4)   | Agreement to Waive Fees and Reimburse Expenses for Davis Real Estate Fund, Class C shares and Davis Government Bond Fund, Class A, C, and Y shares. Incorporated by reference to registration statement filed on Edgar on April 30, 2019.                  |
| (h)(5)*  | Agreement to Waive Fees and Reimburse Expenses for Class C shares of Davis Opportunity Fund, Davis Financial Fund, and Davis Appreciation & Income Fund.                                                                                               |
| (i)*     | Legal Opinion. Opinion and Consent of Counsel, Greenberg Traurig LLP.                                                                                                                                                                                      |
| (j)*     | Other Opinions. Consent of Independent Accountants, KPMG LP.                                                                                                                                                                                               |
| (k)      | Omitted Financial Statements. Incorporated from the Annual Report.                                                                                                                                                                                         |
| (l)      | Initial Capital Agreements. Not applicable.                                                                                                                                                                                                                |
| (m)(1)   | Rule 12b-1 Plan. Distribution Plans for Class A, B and C shares. Incorporated by reference to registration statement filed on Edgar on February 26, 2001.                                                                                                  |
| (m)(2)   | Rule 12b-1 Plan. Distribution Expense Plan in Respect to Government Money Market Fund, dated February 1, 1992. Incorporated by reference to registration statement filed on Edgar on February 26,                2001.                                     |
| (n)      | Rule 18f-3 Plan. Plan pursuant to Rule 18f-3, as amended June 10, 2003. Incorporated by reference to registration statement filed on Edgar on April 27, 2004.                                                                                              |
| (o)      | Reserved.                                                                                                                                                                                                                                                  |
| (p)      | Code of Ethics. Code of Ethics as amended October 9, 2018. Incorporated by reference to registration statement filed on Edgar on April 30, 2019.                                                                                                           |
| (q)(1)*  | Other Exhibits. Power of Attorney for all Davis Funds Directors and signing officers dated December 3, 2019, appointing Richard Cutshall and Ryan Charles as attorneys-in-fact.                                                                            |
| Item 29. | Persons Controlled by or Under Common Control With Registrant                                                                                                                                                                        |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     | Information pertaining to persons controlled by or under common control with Registrant is incorporated by reference from the Statement of Additional Information contained in Part B of this Registration                Statement. |
| Item 30. | Indemnification |
|----------|-----------------|
| Item 31. | Business and Other Connections of Investment Adviser |
|----------|------------------------------------------------------|
| Item 32. | Principal Underwriter |
|----------|-----------------------|
| Name and Principal Business Address                             | Positions and Offices with Underwriter            | Positions and Offices with Registrant                    |
|-----------------------------------------------------------------|---------------------------------------------------|----------------------------------------------------------|
| Ryan Charles2949 East Elvira Road, Suite 101Tucson, AZ 85756    | Vice President and Secretary                      | Vice President and Secretary                             |
| Kenneth C. Eich2949 East Elvira Road, Suite 101Tucson, AZ 85756 | President                                         | Executive Vice President and Principal Executive Officer |
| Randi Roessler2949 East Elvira Road, Suite, 101Tucson, AZ 85756 | Chief Compliance Officer                          | Vice President and Chief Compliance Officer              |
| Gary P. Tyc2949 East Elvira Road, Suite 101Tucson, AZ 85756     | Vice President, Treasurer and Assistant Secretary | None                                                     |
| Russell Wiese620 Fifth Avenue,3rd FloorNew York, NY 10020       | Chief Marketing Officer                           | None                                                     |
| (c) | Not applicable. |
|-----|-----------------|
| Item 33. | Location of Accounts and Records |
|----------|----------------------------------|
| Item 34. | Management Services |
|----------|---------------------|
| Item 35. | Undertakings |
|----------|--------------|
|            | DAVIS SERIES, INC.                                  |
|--------------------------------------------------------------|-----------------------------------------------------|
|                                                         |                                                |
|                                                         | *By: /s/ Ryan Charles      |
|                                                         | Ryan Charles                                        |
|                                                         | Attorney-in-Fact                                    |
| Signature                                                       | Title                                                        | Date           |
|-----------------------------------------------------------------|--------------------------------------------------------------|----------------|
|                                                            |                                                         |           |
| /s/ Kenneth Eich*     Kenneth Eich     | Principal Executive Officer                                  | April 29, 2020 |
|                                                            |                                                         |           |
| /s/ Douglas Haines*     Douglas Haines | Principal Financial Officer; andPrincipal Accounting Officer | April 29, 2020 |
|            | *By: /s/ Ryan Charles      |
|--------------------------------------------------------------|-----------------------------------------------------|
|                                                         | Ryan Charles                                        |
|                                                         | Attorney-in-Fact                                    |

| * | Ryan Charles signs this document on behalf of the Registrant and each of the foregoing officers pursuant to the powers of attorney filed as Exhibit 28 (q)(1). |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|            | *By: /s/ Ryan Charles      |
|--------------------------------------------------------------|-----------------------------------------------------|
|                                                         | Ryan Charles                                        |
|                                                         | Attorney-in-Fact                                    |
| Signature                                                                   | Title    |
|-----------------------------------------------------------------------------|----------|
|                                                                        |     |
| /s/ Marc P. Blum*     Marc P. Blum                 | Director |
| /s/ Andrew A. Davis*     Andrew A. Davis           | Director |
| /s/ Christopher C. Davis*     Christopher C. Davis | Director |
| /s/ John Gates*     John Gates                     | Director |
| /s/ Thomas S. Gayner*     Thomas S. Gayner         | Director |
| /s/ Samuel H. Iapalucci*     Samuel H. Iapalucci   | Director |
| /s/ Robert P. Morgenthau*     Robert P. Morgenthau | Director |
| /s/ Marsha Williams*     Marsha Williams           | Director |

| * | Ryan Charles signs this document on behalf of the Registrant and each of the foregoing officers pursuant to the powers of attorney filed as Exhibit 28 (q)(1). |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|            | *By: /s/ Ryan Charles      |
|--------------------------------------------------------------|-----------------------------------------------------|
|                                                         | Ryan Charles                                        |
|                                                         | Attorney-in-Fact                                    |