0000203002 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:C000009539Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:C000009541Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:C000009542Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member oef:RiskNondiversifiedStatusMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:StockMarketRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:CommonStockRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:FinancialServicesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member us-gaap:CreditRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:InterestRateSensitivityRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:FocusedPortfolioRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:HeadlineRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:ForeignCountryRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:LargeCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:ManagerRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:DepositaryReceiptsRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:FeesAndExpensesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:ForeignCurrencyRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:EmergingMarketRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003445Member dseries:MidAndSmallCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2016-01-01 2016-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2017-01-01 2017-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2018-01-01 2018-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2019-01-01 2019-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2020-01-01 2020-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2021-01-01 2021-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2022-01-01 2022-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2023-01-01 2023-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2024-01-01 2024-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009539Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009541Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009541Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009541Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009542Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009542Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009542Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_500_Financials_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_500_Financials_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_500_Financials_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:C000009527Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:C000009529Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:C000009530Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:StockMarketRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:CommonStockRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:ForeignCountryRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:HeadlineRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:LargeCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:MidAndSmallCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:ManagerRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:DepositaryReceiptsRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:EmergingMarketRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:FeesAndExpensesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003442Member dseries:ForeignCurrencyRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2016-01-01 2016-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2017-01-01 2017-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2018-01-01 2018-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2019-01-01 2019-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2020-01-01 2020-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2021-01-01 2021-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2022-01-01 2022-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2023-01-01 2023-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2024-01-01 2024-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009527Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009529Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009529Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009529Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009530Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009530Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009530Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_1500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_1500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_SP_1500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:C000009547Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:C000009549Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:C000009550Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:StockMarketRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:CommonStockRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:RealEstateRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:HeadlineRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:LargeCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:ManagerRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:FeesAndExpensesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:MidAndSmallCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003447Member dseries:VariableCurrentIncomeRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2016-01-01 2016-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2017-01-01 2017-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2018-01-01 2018-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2019-01-01 2019-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2020-01-01 2020-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2021-01-01 2021-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2022-01-01 2022-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2023-01-01 2023-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2024-01-01 2024-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009547Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009549Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009549Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009549Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009550Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009550Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009550Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Wilshire_US_Real_Estate_Securities_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Wilshire_US_Real_Estate_Securities_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Wilshire_US_Real_Estate_Securities_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:C000009543Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:C000009545Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:C000009546Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:StockMarketRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:CommonStockRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:HeadlineRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:LargeCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:ManagerRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:PreferredStockRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:BondsAndOtherDebtSecuritiesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member us-gaap:InterestRateRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:VariableCurrentIncomeRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member us-gaap:CreditRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:ChangesInDebtRatingRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:ExtensionAndPrepaymentRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:ForeignCountryRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:DepositaryReceiptsRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:FeesAndExpensesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:MidAndSmallCapitalizationCompaniesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:HighYieldMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003446Member dseries:ShareholderConcentrationRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2016-01-01 2016-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2017-01-01 2017-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2018-01-01 2018-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2019-01-01 2019-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2020-01-01 2020-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2021-01-01 2021-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2022-01-01 2022-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2023-01-01 2023-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2024-01-01 2024-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009543Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009545Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009545Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009545Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009546Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Bloomberg_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Bloomberg_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Bloomberg_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:C000009531Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:C000009533Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:C000009534Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:USGovernmentSecuritiesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:RepurchaseAgreementRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member us-gaap:CreditRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:ChangesInDebtRatingRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:FeesAndExpensesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:InflationRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member us-gaap:InterestRateRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:ExtensionAndPrepaymentRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003443Member dseries:VariableCurrentIncomeRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2016-01-01 2016-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2017-01-01 2017-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2018-01-01 2018-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2019-01-01 2019-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2020-01-01 2020-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2021-01-01 2021-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2022-01-01 2022-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2023-01-01 2023-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2024-01-01 2024-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009531Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009533Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009533Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009533Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009534Member 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009534Member 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009534Member 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Bloomberg_US_Government_13_Year_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2025-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Bloomberg_US_Government_13_Year_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2021-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:index_Bloomberg_US_Government_13_Year_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-01-01 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:C000009538Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:C000009536Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:C000009537Member 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member oef:RiskMoneyMarketFundMayNotPreserveDollarMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member oef:RiskMoneyMarketFundSponsorMayNotProvideSupportMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:ChangesInDebtRatingRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member us-gaap:CreditRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:FeesAndExpensesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:InflationRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member us-gaap:InterestRateRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:RepurchaseAgreementRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:USGovernmentSecuritiesRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:VariableCurrentIncomeRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member dseries:ShareholderConcentrationRiskMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:S000003444Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2016-01-01 2016-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2017-01-01 2017-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2018-01-01 2018-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2019-01-01 2019-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2020-01-01 2020-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2021-01-01 2021-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2022-01-01 2022-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2023-01-01 2023-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2024-01-01 2024-12-31 0000203002 dseries:doc_Davis_SeriesMember dseries:C000009536Member 2025-01-01 2025-12-31 pure iso4217:USD Davis Financial Fund Investment Objective <div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> Fees and Expenses of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial intermediary and in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">“How to Choose a Share Class”</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 45 of the Fund’s prospectus and “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Selecting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0%;">the Appropriate Class of Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” on page 35 of the Fund’s statement of additional information. In addition, descriptions of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” to the prospectus based on information provided by the financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:350.93pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:52.48pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:53.24pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:46.35pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> </tr> <tr style="height:21.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.75%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:32.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">of such shares)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.50%*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%†</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.00pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">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.</span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;margin-top:0.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">†</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.0pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Only applies in the first year after purchase.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div></div> 0.0475 0 0 0.005 0.01 0 0 0 0 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:31.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:271.51pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:78.95pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:79.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:72.82pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y shares</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.24%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.15%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.19%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.14%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.94%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.74%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.69%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Less Fee Waiver and/or Expense Reimbursement*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses After Fee Waivers and/or </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:6pt;">Expense Reimbursement</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.94%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.74%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.69%</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:justify;width:474pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">The Adviser (as defined below) 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, 1.00%; Class C shares, 1.75%; Class Y shares, 0.75%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through May 1, 2027. The expense cap cannot be terminated prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.</span></div></div> 0.0055 0.0055 0.0055 0.0024 0.01 0 0.0015 0.0019 0.0014 0.0094 0.0174 0.0069 0 0 0 0.0094 0.0174 0.0069 2027-05-01 <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$277</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$548</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$944</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,840</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$177</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$548</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$944</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,840</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> </tr> </table> </div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$277</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$548</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$944</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,840</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$177</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$548</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$944</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,840</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> </tr> </table> </div> 566 760 970 1575 566 760 970 1575 277 548 944 1840 177 548 944 1840 70 221 384 859 70 221 384 859 Portfolio Turnover <div style="line-height:11.0pt;margin-top:0.50pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 10% of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span></div> 0.10 Principal Investment Strategies of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Davis Selected Advisers, L.P. (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of the Fund’s net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the financial services sector. The Fund invests principally in common stocks (including indirect holdings of common stock through Depositary Receipts (as defined below)). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries, including countries with developed or emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">A company is principally engaged in financial services if it owns financial services-related assets that constitute at least 50% of the value of all of its assets, or if it derives at least 50% of its revenues from providing financial services. Companies are classified by GICS based on their principal business activity. Revenue is a key factor in determining a firm’s principal business activity. Financial services companies include those with their principal business activity in one of the following areas: banks, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial services, consumer finance, capital markets, insurance, and mortgage REITs.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Davis Investment Discipline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies’ equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors’ estimate of the company’s intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors’ goal is to invest in companies for the long term (ideally, five years or longer, although this goal may not be met). Davis Advisors considers selling a company’s equity securities if the securities’ market price exceeds Davis Advisors’ estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company’s equity securities is no longer attractive, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to raise cash to purchase a more attractive investment opportunity, to satisfy net redemptions, or for other purposes.</span></div> </div> (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of the Fund’s net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the financial services sector. You may lose money by investing in the Fund. <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Stock Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Common Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Common stock represents an ownership position in a company. An adverse event may have a negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an issuer’s other securities, including preferred, convertible, and debt securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Financial Services Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Risks of investing in the financial services sector include: (1) systemic risk: factors outside the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">control of a particular financial institution may adversely affect the ability of the financial institution to operate normally or may impair its financial condition; (2) regulatory actions: financial services companies may suffer setbacks if regulators change the rules under which they operate; (3) changes in interest rates: unstable and/or rising interest rates may have a disproportionate effect on companies in the financial services sector; (4) non-diversified loan portfolios: financial services companies may have concentrated portfolios that make them vulnerable to economic conditions that affect an industry; (5) credit: financial services companies may have exposure to investments or agreements that may lead to losses; and (6) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">competition: the financial services sector has become increasingly competitive.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Financial Services Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Risks of investing in the financial services sector include: (1) systemic risk: factors outside the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">control of a particular financial institution may adversely affect the ability of the financial institution to operate normally or may impair its financial condition; (2) regulatory actions: financial services companies may suffer setbacks if regulators change the rules under which they operate; (3) changes in interest rates: unstable and/or rising interest rates may have a disproportionate effect on companies in the financial services sector; (4) non-diversified loan portfolios: financial services companies may have concentrated portfolios that make them vulnerable to economic conditions that affect an industry; (5) credit: financial services companies may have exposure to investments or agreements that may lead to losses; and (6) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">competition: the financial services sector has become increasingly competitive.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Financial institutions are often highly leveraged and may not be able to make timely payments of interest and principal.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Interest Rate Sensitivity Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Interest rates may have a powerful influence on the earnings of financial institutions.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Focused Portfolio Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Funds that invest in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the value of the Fund’s total portfolio.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Headline Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in a company when the company becomes the center of controversy after receiving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">adverse media attention concerning its operations, long-term prospects, management, or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">never recover or may become worthless.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Country Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities of foreign companies (including Depositary Receipts) may be subject to greater risk, as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">foreign economies may not be as strong or diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States. There may also be less information publicly </span></div> </div><div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">available regarding the non-U.S. issuers and their securities. These securities may be less liquid (and, in some cases, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquid) and could be harder to value than more liquid securities.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with $10 billion or more in market capitalization are considered by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earnings per share than do mid- and small-capitalization companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Manager Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund to underperform relevant benchmarks or other funds with a similar investment objective. Even if the Adviser implements the intended investment strategies, the implementation of the strategies may be unsuccessful in achieving the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s investment objective.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Depositary Receipts, consisting of American Depositary Receipts, European Depositary Receipts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. Depositary Receipts are subject to many of the risks associated with investing directly in foreign securities. Depositary Receipts may trade at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount, or a premium, to the underlying security and may be less liquid than the underlying securities listed on an exchange.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income and capital appreciation to offset the operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, increases the risk that a shareholder may lose money.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">dollar value of securities denominated in that foreign currency. For example, when the Fund holds a security that is denominated in a foreign currency, a decline of that foreign currency against the U.S. dollar would generally cause the value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund’s shares to decline.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities of issuers in emerging and developing markets may offer special investment opportunities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">but present risks relating to political, economic, or regulatory conditions not found in more mature markets, such as government controls on foreign investments, government restrictions on the transfer of securities, and less developed trading markets, exchanges, reporting standards, and legal and accounting systems. These securities may be more volatile and less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid, which may also make them more difficult to value than securities in countries with developed economies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mid- and Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with less than $10 billion in market capitalization are considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets, and financial resources than larger companies and their securities may trade less frequently and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in more limited volume than those of larger, more mature companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Corporation or any other government agency.</span></div> </div> Performance Results <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&amp;P 500 Index, a broad-based securities market index, and the S&amp;P 500 Financials Index. The S&amp;P 500 Financials Index is a measure of the performance of the companies in the financial sector as a subset of the S&amp;P 500 Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other share classes will vary.</span></div> </div> The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.davisfunds.com 1-800-279-0279 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. 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.) (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown. <img alt=" " src="imgdf457d8f2.jpg" style="height:142pt;width:315pt;"/> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:48.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-21.21pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:76.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">26.98%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-34.71%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-8.77%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table> </div> Highest 0.2698 2020-12-31 Lowest -0.3471 2020-03-31 Year-to-Date -0.0877 2026-03-31 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025, with maximum sales charge)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:11.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">23.15%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.16%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.25%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">22.02%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">15.79%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10.93%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions and sale of Fund shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.50%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.54%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.73%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">27.26%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.36%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.08%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">29.61%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">18.56%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.04%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">S&amp;P 500 Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.88%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.42%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.81%</span></div> </div> </td> </tr> <tr style="height:11pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">S&amp;P 500 Financials Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or taxes</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">15.02%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">15.26%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.17%</span></div> </div> </td> </tr> </table> </div> Average Annual Total Returns (For the periods ended December 31, 2025, with maximum sales charge) 0.2315 0.1716 0.1225 0.2202 0.1579 0.1093 0.145 0.1354 0.0973 0.2726 0.1736 0.1208 0.2961 0.1856 0.1304 0.1788 0.1442 0.1481 0.1502 0.1526 0.1317 Davis Opportunity Fund Investment Objective <div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks long-term growth of capital.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> Fees and Expenses of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial intermediary and in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">“How to Choose a Share Class”</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 45 of the Fund’s prospectus and “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Selecting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0%;">the Appropriate Class of Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” on page 35 of the Fund’s statement of additional information. In addition, descriptions of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” to the prospectus based on information provided by the financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:350.93pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:52.48pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:53.24pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:46.35pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> </tr> <tr style="height:21.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.75%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:32.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">of such shares)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.50%*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%†</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.00pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">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.</span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;margin-top:0.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">†</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.0pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Only applies in the first year after purchase.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div></div> 0.0475 0 0 0.005 0.01 0 0 0 0 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:31.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:271.51pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:78.95pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:79.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:72.82pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y shares</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.22%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.17%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.24%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.14%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.94%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.79%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.69%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Less Fee Waiver and/or Expense Reimbursement*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.03%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses After Fee Waivers and/or </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:6pt;">Expense Reimbursement</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.94%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.76%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.69%</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:justify;width:474pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">The Adviser (as defined below) 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, 1.00%; Class C shares, 1.75%; Class Y shares, 0.75%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through May 1, 2027. The expense cap cannot be terminated prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.</span></div></div> 0.0055 0.0055 0.0055 0.0022 0.01 0 0.0017 0.0024 0.0014 0.0094 0.0179 0.0069 0 -0.0003 0 0.0094 0.0176 0.0069 2027-05-01 <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$279</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$560</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$967</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,879</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$179</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$560</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$967</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,879</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> </tr> </table> </div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$566</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$760</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$970</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,575</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$279</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$560</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$967</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,879</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$179</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$560</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$967</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,879</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$70</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$221</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$384</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$859</span></div> </div> </td> </tr> </table> </div> 566 760 970 1575 566 760 970 1575 279 560 967 1879 179 560 967 1879 70 221 384 859 70 221 384 859 Portfolio Turnover <div style="line-height:11.0pt;margin-top:0.50pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18% of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span></div> 0.18 Principal Investment Strategies of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Davis Selected Advisers, L.P. (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest the Fund’s portfolio principally in common stocks (including indirect holdings of common stock through Depositary Receipts (as defined below)). The Fund may invest in large, medium or small companies without regard to market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.</span></div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Davis Investment Discipline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies’ equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors’ estimate of the company’s intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors’ goal is to invest in companies for the long term (ideally, five years or longer, although this goal may not be met). Davis Advisors considers selling a company’s equity securities if the securities’ market price exceeds Davis Advisors’ estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company’s equity securities is no longer attractive, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to raise cash to purchase a more attractive investment opportunity, to satisfy net redemptions, or for other purposes.</span></div> </div> You may lose money by investing in the Fund. <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Stock Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Common Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Common stock represents an ownership position in a company. An adverse event may have a negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an issuer’s other securities, including preferred, convertible, and debt securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Country Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities of foreign companies (including Depositary Receipts) may be subject to greater risk, as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">foreign economies may not be as strong or diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States. There may also be less information publicly available regarding the non-U.S. issuers and their securities. These securities may be less liquid (and, in some cases, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquid) and could be harder to value than more liquid securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Headline Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in a company when the company becomes the center of controversy after receiving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">adverse media attention concerning its operations, long-term prospects, management, or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">never recover or may become worthless.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with $10 billion or more in market capitalization are considered by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earnings per share than do mid- and small-capitalization companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mid- and Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with less than $10 billion in market capitalization are considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets, and financial resources than larger companies and their securities may trade less frequently and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in more limited volume than those of larger, more mature companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Manager Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund to underperform relevant benchmarks or other funds with a similar investment objective. Even if the Adviser implements the intended investment strategies, the implementation of the strategies may be unsuccessful in achieving the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s investment objective.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Depositary Receipts, consisting of American Depositary Receipts, European Depositary Receipts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. Depositary Receipts are subject to many of the risks associated with investing directly in foreign securities. Depositary Receipts may trade at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount, or a premium, to the underlying security and may be less liquid than the underlying securities listed on an exchange.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Emerging Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities of issuers in emerging and developing markets may offer special investment opportunities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">but present risks relating to political, economic, or regulatory conditions not found in more mature markets, such as government controls on foreign investments, government restrictions on the transfer of securities, and less developed trading </span></div> </div><div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">markets, exchanges, reporting standards, and legal and accounting systems. These securities may be more volatile and less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid, which may also make them more difficult to value than securities in countries with developed economies.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income and capital appreciation to offset the operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, increases the risk that a shareholder may lose money.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">dollar value of securities denominated in that foreign currency. For example, when the Fund holds a security that is denominated in a foreign currency, a decline of that foreign currency against the U.S. dollar would generally cause the value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund’s shares to decline.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Corporation or any other government agency.</span></div> </div> Performance Results <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&amp;P 1500 Index, a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other share classes will vary.</span></div> </div> The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.davisfunds.com 1-800-279-0279 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. 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.) (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown. <img alt=" " src="img04ce41e83.jpg" style="height:142pt;width:315pt;"/> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:61.91pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-27.96pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:63.23pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">19.47%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-24.05%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.63%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table> </div> Highest 0.1947 2020-06-30 Lowest -0.2405 2020-03-31 Year-to-Date -0.0063 2026-03-31 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025, with maximum sales charge)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:11.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">16.22%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">11.44%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">11.56%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.83%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">8.85%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.57%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions and sale of Fund shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.01%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">8.70%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.09%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">20.04%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">11.60%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">11.37%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">22.35%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.80%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.37%</span></div> </div> </td> </tr> <tr style="height:11pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">S&amp;P 1500 Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or taxes</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.02%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.95%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.45%</span></div> </div> </td> </tr> </table> </div> Average Annual Total Returns (For the periods ended December 31, 2025, with maximum sales charge) 0.1622 0.1144 0.1156 0.1283 0.0885 0.0957 0.1201 0.087 0.0909 0.2004 0.116 0.1137 0.2235 0.128 0.1237 0.1702 0.1395 0.1445 Davis Real Estate Fund Investment Objective <div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks total return through a combination of growth and income.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> Fees and Expenses of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial intermediary and in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">“How to Choose a Share Class”</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 45 of the Fund’s prospectus and “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Selecting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0%;">the Appropriate Class of Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” on page 35 of the Fund’s statement of additional information. In addition, descriptions of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” to the prospectus based on information provided by the financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:350.93pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:52.48pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:53.24pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:46.35pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> </tr> <tr style="height:21.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.75%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:32.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">of such shares)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.50%*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%†</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.00pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">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.</span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;margin-top:0.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">†</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.0pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Only applies in the first year after purchase.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div></div> 0.0475 0 0 0.005 0.01 0 0 0 0 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:31.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:271.51pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:78.95pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:79.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:72.82pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y shares</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.19%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.28%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.84%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.19%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.02%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.39%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.74%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Less Fee Waiver and/or Expense Reimbursement*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.02%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.64%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses After Fee Waivers and/or </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:6pt;">Expense Reimbursement</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.75%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.74%</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:justify;width:474pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">The Adviser (as defined below) 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, 1.00%; Class C shares, 1.75%; Class Y shares, 0.75%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through May 1, 2027. The expense cap cannot be terminated prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.</span></div></div> 0.0055 0.0055 0.0055 0.0019 0.01 0 0.0028 0.0084 0.0019 0.0102 0.0239 0.0074 -0.0002 -0.0064 0 0.01 0.0175 0.0074 2027-05-01 <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$782</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,010</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,662</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$782</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,010</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,662</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$278</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$684</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,218</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,333</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$178</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$684</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,218</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,333</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$76</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$237</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$411</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$918</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$76</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$237</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$411</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$918</span></div> </div> </td> </tr> </table> </div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$782</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,010</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,662</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$782</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,010</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,662</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$278</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$684</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,218</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,333</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$178</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$684</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,218</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,333</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$76</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$237</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$411</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$918</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$76</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$237</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$411</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$918</span></div> </div> </td> </tr> </table> </div> 572 782 1010 1662 572 782 1010 1662 278 684 1218 2333 178 684 1218 2333 76 237 411 918 76 237 411 918 Portfolio Turnover <div style="line-height:11.0pt;margin-top:0.50pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17% of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span></div> 0.17 Principal Investment Strategies of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Davis Selected Advisers, L.P. (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of the Fund’s net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the real estate industry. The Fund invests principally in common stocks of domestic companies and may invest in foreign companies (including indirect holdings of a foreign issuer’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">common stock through Depositary Receipts (as defined below)).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">A company is principally engaged in the real estate industry if it owns real estate or real estate-related assets that constitute at least 50% of the value of all of its assets, or if it derives at least 50% of its revenues or net profits from owning, financing, developing, managing or selling real estate, or from offering products or services that are related to real estate. Issuers of real estate securities include real estate investment trusts (“REITs”), brokers, developers, lenders and companies with substantial real estate holdings, such as paper, lumber, hotel and entertainment companies. Most of the Fund’s real estate securities are, and will likely continue to be, interests in publicly traded REITs. REITs pool investors’ funds to make real estate-related </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments, such as buying interests in income-producing property or making loans to real estate developers.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Davis Investment Discipline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies’ equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors’ estimate of the company’s intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors’ goal is to invest in companies for the long term (ideally, five years or longer, although this goal may not be met). Davis Advisors considers selling a company’s equity securities if the securities’ market price exceeds Davis Advisors’ estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company’s equity securities is no longer attractive, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to raise cash to purchase a more attractive investment opportunity, to satisfy net redemptions, or for other purposes.</span></div> </div> (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of the Fund’s net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the real estate industry. You may lose money by investing in the Fund. <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Stock Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Common Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Common stock represents an ownership position in a company. An adverse event may have a negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an issuer’s other securities, including preferred, convertible, and debt securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Real Estate Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Real estate securities are susceptible to the many risks associated with the direct ownership of real estate, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">including declines in property values, increases in property taxes, operating expenses, interest rates or competition, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">overbuilding, changes in zoning laws, or losses from casualty or condemnation.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Headline Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in a company when the company becomes the center of controversy after receiving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">adverse media attention concerning its operations, long-term prospects, management, or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">never recover or may become worthless.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with $10 billion or more in market capitalization are considered by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earnings per share than do mid- and small-capitalization companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Manager Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund to underperform relevant benchmarks or other funds with a similar investment objective. Even if the Adviser implements the intended investment strategies, the implementation of the strategies may be unsuccessful in achieving the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s investment objective.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income and capital appreciation to offset the operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, increases the risk that a shareholder may lose money.</span></div> </div> <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mid- and Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with less than $10 billion in market capitalization are considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets, and financial resources than larger companies and their securities may trade less frequently and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in more limited volume than those of larger, more mature companies.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Variable Current Income Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The income that the Fund pays to investors is not stable.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Corporation or any other government agency.</span></div> </div> Performance Results <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&amp;P 500 Index, a broad-based securities market index, and of the Wilshire U.S. Real Estate Securities Index. The Wilshire U.S. Real Estate Securities Index is a measure of the performance of publicly traded real estate securities. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other share classes will vary.</span></div> </div> The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.davisfunds.com 1-800-279-0279 1-800-279-0279 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. 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.) (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) <img alt=" " src="img43f8f9484.jpg" style="height:142pt;width:315pt;"/> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:61.91pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-27.96pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:63.23pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">16.64%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2019</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-26.34%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:61.91pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-1.45%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:63.23pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table> </div> Highest 0.1664 2019-03-31 Lowest -0.2634 2020-03-31 Year-to-Date -0.0145 2026-03-31 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025, with maximum sales charge)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:11.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-10.20%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.77%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.61%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-12.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.51%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.36%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions and sale of Fund shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-5.43%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.02%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.43%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-7.33%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.96%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.42%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-5.47%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.03%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.35%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">S&amp;P 500 Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.88%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.42%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.81%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Wilshire U.S. Real Estate Securities Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">taxes</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.47%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">7.04%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">5.74%</span></div> </div> </td> </tr> </table> </div> -0.102 0.0177 0.0361 -0.12 0.0051 0.0236 -0.0543 0.0102 0.0243 -0.0733 0.0196 0.0342 -0.0547 0.0303 0.0435 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1481 0.0347 0.0704 0.0574 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Yield for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the period ended December 31, 2025)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-17.62pt;"> </span></div> </div> </td> </tr> <tr style="height:12.13pt;"> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">30-Day SEC Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.32%</span></div> </div> </td> </tr> </table> </div> <div style="line-height:11.0pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">You can obtain the Fund’s most recent 30-day SEC Yield by calling Investor Services toll-free at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-800-279-0279, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time.</span></div> </div> Yield for Class A Shares (For the period ended December 31, 2025) 0.0232 Davis Balanced Fund Investment Objective <div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks total return through a combination of growth and income.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> Fees and Expenses of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial intermediary and in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">“How to Choose a Share Class”</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 45 of the Fund’s prospectus and “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Selecting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0%;">the Appropriate Class of Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” on page 35 of the Fund’s statement of additional information. In addition, descriptions of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” to the prospectus based on information provided by the financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:350.93pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:52.48pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:53.24pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:46.35pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> </tr> <tr style="height:21.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.75%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:32.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">of such shares)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.50%*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%†</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.00pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">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.</span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;margin-top:0.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">†</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.0pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Only applies in the first year after purchase.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div></div> 0.0475 0 0 0.005 0.01 0 0 0 0 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:31.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:271.51pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:78.95pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:79.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:72.82pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y shares</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.55%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.23%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.20%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.40%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.12%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.98%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.95%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.67%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Less Fee Waiver and/or Expense Reimbursement*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.20%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses After Fee Waivers and/or </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:6pt;">Expense Reimbursement</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.98%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.75%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.67%</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:justify;width:474pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">The Adviser (as defined below) 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, 1.00%; Class C shares, 1.75%; Class Y shares, 0.75%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through May 1, 2027. The expense cap cannot be terminated prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.</span></div></div> 0.0055 0.0055 0.0055 0.0023 0.01 0 0.002 0.004 0.0012 0.0098 0.0195 0.0067 0 -0.002 0 0.0098 0.0175 0.0067 2027-05-01 <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$570</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$772</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$991</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,619</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$570</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$772</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$991</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,619</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$278</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$593</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,034</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,006</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$178</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$593</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,034</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,006</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$68</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$214</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$373</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$835</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$68</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$214</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$373</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$835</span></div> </div> </td> </tr> </table> </div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$570</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$772</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$991</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,619</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$570</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$772</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$991</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,619</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$278</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$593</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,034</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,006</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$178</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$593</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,034</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,006</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$68</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$214</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$373</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$835</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$68</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$214</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$373</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$835</span></div> </div> </td> </tr> </table> </div> 570 772 991 1619 570 772 991 1619 278 593 1034 2006 178 593 1034 2006 68 214 373 835 68 214 373 835 Portfolio Turnover <div style="line-height:11.0pt;margin-top:0.50pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span></div> 0.12 Principal Investment Strategies of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Davis Selected Advisers, L.P. (“Davis Advisors” or the “Adviser”), the Fund’s investment adviser, uses the Davis Investment Discipline to invest the Fund’s assets in a balanced portfolio of common stock, preferred stock and bonds. The Fund may also hold cash. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in securities issued by either domestic or foreign companies.</span></div> <div style="line-height:11.0pt;margin-top:6.5pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund’s investments in common stock issued by companies across the spectrum of market capitalizations are purchased primarily for their growth potential. Fixed income securities, consisting of both investment grade and high-yield, high-risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt securities (“junk bonds”), are purchased both for current income and to provide diversification.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Davis Investment Discipline.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies’ equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors’ estimate of the company’s intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors’ goal is to invest in companies for the long term (ideally, five years or longer, although this goal may not be met). Davis Advisors considers selling a company’s equity securities if the securities’ market price exceeds Davis Advisors’ estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company’s equity securities is no longer attractive, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to raise cash to purchase a more attractive investment opportunity, to satisfy net redemptions, or for other purposes.</span></div> </div> You may lose money by investing in the Fund. <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Stock Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Common Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Common stock represents an ownership position in a company. An adverse event may have a negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an issuer’s other securities, including preferred, convertible, and debt securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Headline Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may invest in a company when the company becomes the center of controversy after receiving </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">adverse media attention concerning its operations, long-term prospects, management, or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">never recover or may become worthless.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with $10 billion or more in market capitalization are considered by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earnings per share than do mid- and small-capitalization companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Manager Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund to underperform relevant benchmarks or other funds with a similar investment objective. Even if the Adviser implements the intended investment strategies, the implementation of the strategies may be unsuccessful in achieving the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s investment objective.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Preferred Stock Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stock is a form of equity security and is generally ranked behind an issuer’s debt securities in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">claims for dividends and assets of an issuer in a liquidation or bankruptcy. An adverse event may have a negative impact on a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">company and could result in a decline in the price of its preferred stock.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Bonds and Other Debt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Corporations, governments and other issuers sell bonds and other debt securities to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">borrow money. Issuers pay investors interest and generally must repay the amount borrowed at maturity. Bonds and other debt </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities generally are subject to credit risk and interest rate risk.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Interest rate increases can cause the price of a debt security to decrease.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Variable Current Income Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The income that the Fund pays to investors is not stable.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The issuer of a fixed income security (potentially even the U.S. Government) may be unable to make timely payments of interest and principal.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Changes in Debt Rating Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If a rating agency gives a fixed income security or its issuer a low rating, the value of the security will decline because investors will demand a higher rate of return.</span></div> </div> <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Extension and Prepayment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Extension risk occurs when borrowers maintain their existing debt obligations until they </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">come due instead of choosing to prepay them. Prepayment risk occurs when borrowers prepay their debt obligations more quickly than usual so that they can refinance at a lower rate. The pace at which borrowers prepay affects the yield and the cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">flow to holders of securities and the market value of those securities.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Foreign Country Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities of foreign companies (including Depositary Receipts) may be subject to greater risk, as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">foreign economies may not be as strong or diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States. There may also be less information publicly available regarding the non-U.S. issuers and their securities. These securities may be less liquid (and, in some cases, may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquid) and could be harder to value than more liquid securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Depositary Receipts, consisting of American Depositary Receipts, European Depositary Receipts, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. Depositary Receipts are subject to many of the risks associated with investing directly in foreign securities. Depositary Receipts may trade at a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount, or a premium, to the underlying security and may be less liquid than the underlying securities listed on an exchange.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income and capital appreciation to offset the operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, increases the risk that a shareholder may lose money.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Mid- and Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with less than $10 billion in market capitalization are considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets, and financial resources than larger companies and their securities may trade less frequently and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in more limited volume than those of larger, more mature companies.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">High-Yield, High-Risk Debt Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Issuers of these debt securities are unlikely to have a cushion from which to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">make their payments when their earnings are poor or when the economy in general is in decline. These issuers are likely to have a substantial amount of other debt, which will be senior to the high-yield, high-risk debt securities. An issuer must be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current on its senior obligations before it can pay bondholders.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Shareholder Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> From time to time, a relatively large percentage (over 20%) of the Fund’s shares may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">held by related shareholders. A large redemption by one or more of such shareholders may: (1) reduce the Fund’s liquidity, (2) increase the Fund’s transactions and transaction costs, (3) result in substantial capital gains distributions for shareholders, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(4) increase the Fund’s ongoing operating expenses, which could negatively impact the remaining shareholders of the Fund.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Corporation or any other government agency.</span></div> </div> Performance Results <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&amp;P 500 Index, a broad-based securities market index, and the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. Aggregate Bond Index is a measure of the performance of the investment grade, US Dollar-denominated, fixed-rate taxable bond market. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.davisfunds.com or by calling 1-800-279-0279.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other share classes will vary.</span></div> </div> The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.davisfunds.com 1-800-279-0279 1-800-279-0279 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. 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.) (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) <img alt=" " src="imge33c41b45.jpg" style="height:142pt;width:315pt;"/> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:48.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-21.21pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:76.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">15.48%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-22.46%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.68%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table> </div> Highest 0.1548 2020-12-31 Lowest -0.2246 2020-03-31 Year-to-Date 0.0068 2026-03-31 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025, with maximum sales charge)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:11.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">15.60%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">11.80%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.91%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.84%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10.75%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.23%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions and sale of Fund shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10.36%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.23%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">8.01%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">19.41%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">12.03%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.76%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">21.74%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">13.24%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10.78%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">S&amp;P 500 Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">17.88%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.42%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">14.81%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Bloomberg U.S. Aggregate Bond Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, expenses or </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">taxes</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">7.30%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.36%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.01%</span></div> </div> </td> </tr> </table> </div> 0.156 0.118 0.0991 0.1384 0.1075 0.0923 0.1036 0.0923 0.0801 0.1941 0.1203 0.0976 0.2174 0.1324 0.1078 0.1788 0.1442 0.1481 0.073 -0.0036 0.0201 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Yield for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the period ended December 31, 2025)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-17.62pt;"> </span></div> </div> </td> </tr> <tr style="height:12.13pt;"> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">30-Day SEC Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.36%</span></div> </div> </td> </tr> </table> </div> <div style="line-height:11.0pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">You can obtain the Fund’s most recent 30-day SEC Yield by calling Investor Services toll-free at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-800-279-0279, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time.</span></div> </div> 0.0136 You can obtain the Fund’s most recent 30-day SEC Yield by calling Investor Services toll-free at 1-800-279-0279, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time. Davis Government Bond Fund Investment Objective <div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund seeks current income.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> Fees and Expenses of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial intermediary and in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">“How to Choose a Share Class”</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 45 of the Fund’s prospectus and “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Selecting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0%;">the Appropriate Class of Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” on page 35 of the Fund’s statement of additional information. In addition, descriptions of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sales load waivers and/or discounts for Class A shares with respect to certain financial intermediaries are reproduced in “</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A: Intermediary-Specific Sales Charge Waivers and Discounts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">” to the prospectus based on information provided by the financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:350.93pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:52.48pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:53.24pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:46.35pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;line-height:10.00pt;"> </span></div> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">shares</span></div> </div> </td> </tr> <tr style="height:21.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.75%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:32.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">of such shares)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.50%*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%†</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:350.93pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:52.48pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:53.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:46.35pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.00pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">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.</span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;margin-top:0.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">†</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:left;width:474.0pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Only applies in the first year after purchase.</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div></div> 0.0475 0 0 0.005 0.01 0 0 0 0 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:31.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:271.51pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:78.95pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:79.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class C shares</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:72.82pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class Y shares</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.30%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.30%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.30%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.21%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.91%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.14%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.51%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.21%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.44%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Less Fee Waiver and/or Expense Reimbursement*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.51%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-1.46%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.69%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:271.51pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses After Fee Waivers and/or </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:6pt;">Expense Reimbursement</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:78.95pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.00%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:79.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.75%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:72.82pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.75%</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:justify;width:474pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">The Adviser (as defined below) 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, 1.00%; Class C shares, 1.75%; Class Y shares, 0.75%). For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser is obligated to continue the expense cap through May 1, 2027. The expense cap cannot be terminated prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund.</span></div></div> 0.003 0.003 0.003 0.0021 0.01 0 0.01 0.0191 0.0114 0.0151 0.0321 0.0144 -0.0051 -0.0146 -0.0069 0.01 0.0175 0.0075 2027-05-01 <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$882</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,214</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,149</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$882</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,214</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,149</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$278</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$853</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,552</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$3,014</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$178</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$853</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,552</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$3,014</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$77</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$388</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$721</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,665</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$77</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$388</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$721</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,665</span></div> </div> </td> </tr> </table> </div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:381.82pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you redeem your shares in:</span></div> </div> </td> <td colspan="4" style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:157.05pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">If you did not redeem your shares in:</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:67.72pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$882</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,214</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,149</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$572</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$882</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,214</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$2,149</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$278</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$853</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,552</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$3,014</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$178</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$853</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,552</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$3,014</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:67.72pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$77</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$388</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$721</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,665</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$77</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$388</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$721</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$1,665</span></div> </div> </td> </tr> </table> </div> 572 882 1214 2149 572 882 1214 2149 278 853 1552 3014 178 853 1552 3014 77 388 721 1665 77 388 721 1665 Portfolio Turnover <div style="line-height:11.0pt;margin-top:0.50pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 10% of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span></div> 0.10 Principal Investment Strategies of the Fund <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund invests exclusively in U.S. Treasury securities, U.S. Government agency securities, U.S. Government agency mortgage securities (collectively “U.S. Government Securities”) and repurchase agreements collateralized by U.S. Government Securities. Under normal circumstances, the Fund’s portfolio will maintain a weighted average maturity of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">three years or less.</span></div> You may lose money by investing in the Fund. <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Generally, government securities, like other debt securities, are interest rate sensitive. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">During periods of falling interest rates, the values of debt securities held by the Fund generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating services in their ratings of debt securities and changes in the ability of an issuer to make payments of interest and principal also will affect the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">these investments.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The repurchase obligation of the seller is, in effect, secured by the underlying securities. In the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquidating the underlying securities and losses.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The issuer of a fixed income security (potentially even the U.S. Government) may be unable to make timely payments of interest and principal.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Changes in Debt Rating Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If a rating agency gives a fixed income security or its issuer a low rating, the value of the security will decline because investors will demand a higher rate of return.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income and capital appreciation to offset the operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, increases the risk that a shareholder may lose money.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Also called purchasing power risk, this is the chance that the cash flows from an investment won’t be worth as much in the future because of changes in purchasing power due to inflation.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Interest rate increases can cause the price of a debt security to decrease.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Extension and Prepayment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Extension risk occurs when borrowers maintain their existing debt obligations until they </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">come due instead of choosing to prepay them. Prepayment risk occurs when borrowers prepay their debt obligations more quickly than usual so that they can refinance at a lower rate. The pace at which borrowers prepay affects the yield and the cash </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">flow to holders of securities and the market value of those securities.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Variable Current Income Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The income that the Fund pays to investors is not stable.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Corporation or any other government agency.</span></div> </div> Performance Results <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the Bloomberg U.S. Government 1-3 Year Bond Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other share classes will vary.</span></div> </div> The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.davisfunds.com 1-800-279-0279 1-800-279-0279 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. 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.) (Sales loads are not reflected in the bar chart and, if these amounts were reflected, returns would be less than those shown.) <img alt=" " src="imgb92495816.jpg" style="height:142pt;width:315pt;"/> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:46.92pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-20.46pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:78.23pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:46.92pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.05%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:78.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">September 30, 2024</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:46.92pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-2.96%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:78.23pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2022</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:46.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.76%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:78.23pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table> </div> Highest 0.0205 2024-09-30 Lowest -0.0296 2022-03-31 Year-to-Date 0.0076 2026-03-31 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025, with maximum sales charge)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:11.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.49%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.12%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.58%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-1.70%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.70%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.03%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return after taxes on distributions and sale of Fund shares</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.30%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">-0.26%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.17%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class C shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.69%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.36%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.46%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class Y shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">return before taxes</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">4.73%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.35%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.32%</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Bloomberg U.S. Government 1-3 Year Bond Index </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">reflects no deduction for fees, </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:0.0pt;">expenses or taxes</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">5.17%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.76%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.84%</span></div> </div> </td> </tr> </table> </div> -0.0049 0.0012 0.0058 -0.017 -0.007 -0.0003 -0.003 -0.0026 0.0017 0.0269 0.0036 0.0046 0.0473 0.0135 0.0132 reflects no deduction for fees, expenses or taxes 0.0517 0.0176 0.0184 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Yield for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the period ended December 31, 2025)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-17.62pt;"> </span></div> </div> </td> </tr> <tr style="height:12.13pt;"> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">30-Day SEC Yield</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.61%</span></div> </div> </td> </tr> </table> </div> <div style="line-height:11.0pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">You can obtain the Fund’s most recent 30-day SEC Yield by calling Investor Services toll-free at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-800-279-0279, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time.</span></div> </div> Yield for Class A Shares (For the period ended December 31, 2025) 0.0361 Davis Government Money Market Fund Investment Objective <div style="line-height:11.0pt;margin-top:0.5pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund seeks as high a level of current income as is consistent with the principle of preservation of capital and maintenance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of liquidity.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span></div> Fees and Expenses of the Fund <div style="line-height:11.0pt;margin-top:0.5pt;text-align:left;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:11.0pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:392.74pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(fees paid directly from your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:110.26pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A, C, and Y shares</span></div> </div> </td> </tr> <tr style="height:21.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Sales Charge (Load) Imposed on Purchases</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of offering price)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:32.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Maximum Deferred Sales Charge (Load)</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such </span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">shares)</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> <tr style="height:22pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Redemption Fee</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:6pt;">(as a percentage of total redemption proceeds)</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">None</span></div> </div> </td> </tr> </table> </div> 0 0 0 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:21.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:392.74pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span></div> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(expenses that you pay each year as a percentage of the value of your investment)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Bottom;width:110.26pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Class A, C, and Y shares</span></div> </div> </td> </tr> <tr style="height:10.88pt;"> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:1.125pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.30%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Distribution and/or Service (12b-1) Fees</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Other Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.30%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.60%</span></div> </div> </td> </tr> <tr style="height:10.75pt;"> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Less Fee Waiver and/or Expense Reimbursement*</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> </tr> <tr style="height:11pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:392.74pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:110.26pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:12pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.60%</span></div> </div> </td> </tr> </table> </div><div style="clear:both;margin-top:2.50pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:12pt;text-align:left;width:4pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">*</span></div> <div style="float:left;line-height:10pt;margin-left:8pt;text-align:justify;width:474pt;"><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Davis Selected Advisers, L.P. has contractually agreed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than zero until May 1, 2027. After that date, there is no assurance that Davis Selected Advisers, L.P. will continue to waive fees and/or reimburse 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. The agreement cannot be terminated prior to that date, without the consent of the Board of Directors.</span></div></div> 0.003 0.003 0 0 0.003 0.003 0.006 0.006 0 0 0.006 0.006 2027-05-01 <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span><span style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:0.00pt;"> </span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:261.32pt; border-spacing: 0px;"> <tr style="height:11pt;"> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:104.26pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:35.58pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">3 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:38.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;padding-bottom:2pt;padding-top:2pt;vertical-align:Middle;width:43.49pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">10 Years</span></div> </div> </td> </tr> <tr style="height:10pt;"> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:104.26pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Class A, C, and Y shares</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:35.58pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$61</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$192</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:38.99pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$335</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:2pt;vertical-align:Top;width:43.49pt;"> <div style="line-height:10.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">$750</span></div> </div> </td> </tr> </table> </div> 61 192 335 750 Principal Investment Strategies of the Fund <div style="line-height:11.0pt;margin-top:0.50pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share. There can be no </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">guarantee that the Fund will be successful in maintaining a $1.00 share price.</span></div> <div style="line-height:11.0pt;margin-top:6.50pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Fund invests exclusively in U.S. Treasury securities, U.S. Government agency securities, U.S. Government agency mortgage securities (collectively “U.S. Government Securities”) and repurchase agreements collateralized by U.S. Government Securities. As a government money market fund, the Fund normally invests at least 99.5% of its total assets in U.S. Government Securities, repurchase agreements collateralized by cash and/or U.S. Government Securities, and cash. The Fund seeks to maintain liquidity and preserve capital by carefully monitoring the maturity of its investments. The Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio maintains a dollar-weighted average maturity of sixty days or less.</span></div> </div> 5% of its total assets in U. <div style="line-height:11.0pt;margin-top:6.00pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Changes in Debt Rating Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If a rating agency gives a fixed income security or its issuer a low rating, the value of the security will decline because investors will demand a higher rate of return.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.00pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Credit Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The issuer of a fixed income security (potentially even the U.S. Government) may be unable to make timely payments of interest and principal.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.00pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Fees and Expenses Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may not earn enough through income to offset the operating expenses of the Fund. All </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mutual funds incur operating fees and expenses. Fees and expenses reduce the return that a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low-return environment, or a bear market, increases the risk that a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder may lose money.</span></div> </div> <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Inflation Risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Also called purchasing power risk, this is the chance that the cash flows from an investment won’t be worth as much in the future because of changes in purchasing power due to inflation.</span></div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Interest Rate Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Interest rate increases can cause the price of a debt security to decrease.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The repurchase obligation of the seller is, in effect, secured by the underlying securities. In the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">event of a bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquidating the underlying securities and losses.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Generally, government securities, like other debt securities, are interest rate sensitive. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">During periods of falling interest rates, the values of debt securities held by the Fund generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating services in their ratings of debt securities and changes in the ability of an issuer to make payments of interest and principal also will affect the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">these investments.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Variable Current Income Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The income that the Fund pays to investors is not stable.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">Shareholder Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> From time to time, a relatively large percentage (over 20%) of the Fund’s shares may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">held by related shareholders. A large redemption by one or more of such shareholders may: (1) reduce the Fund’s liquidity, (2) increase the Fund’s transactions and transaction costs, (3) result in substantial capital gains distributions for shareholders, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(4) increase the Fund’s ongoing operating expenses, which could negatively impact the remaining shareholders of the Fund.</span></div> </div> <div style="line-height:11.0pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:0%;">You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.</span></div> </div> Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.</span> Performance Results <div style="line-height:11.0pt;margin-top:0.0pt;text-align:justify;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.davisfunds.com or by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">calling 1-800-279-0279.</span></div> The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. www.davisfunds.com 1-800-279-0279 1-800-279-0279 Calendar Year Total Returns for All Share Classes <img alt=" " src="imgbb2848e07.jpg" style="height:142pt;width:315pt;"/> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:168pt; border-spacing: 0px;"> <tr style="height:13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:48.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-21.21pt;"> </span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:42.85pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Returns</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Bottom;width:76.72pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.00pt;">Period Ending</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Highest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.17%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height:25.75pt;"> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Lowest </span></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00%</span></div> </div> </td> <td style="border-bottom:0.25pt solid #000000;padding-bottom:2.065pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.50pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">December 31, 2021</span></div> </div> </td> </tr> <tr style="height:13pt;"> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:48.43pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:42.85pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.78%</span></div> </div> </td> <td style="padding-bottom:2pt;padding-top:2.065pt;vertical-align:Top;width:76.72pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">March 31, 2026</span></div> </div> </td> </tr> </table> </div> Highest 0.0117 2023-12-31 Lowest 0 2021-12-31 Year-to-Date 0.0078 2026-03-31 <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the periods ended December 31, 2025, with maximum sales charge)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 1 Year</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 5 Years</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Past 10 Years</span></div> </div> </td> </tr> <tr style="height:12.13pt;"> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:329.65pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">All Share Classes</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:54.01pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.74%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:57.42pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">2.77%</span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:61.92pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">1.75%</span></div> </div> </td> </tr> </table> </div> <div style="margin-top:0.0pt;"> <table cellpadding="0" style="border-bottom:0.25pt solid #000000;border-top:0.25pt solid #000000;empty-cells:show;width:503pt; border-spacing: 0px;"> <tr style="height:22.13pt;"> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:10.50pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Yield for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;line-height:10.00pt;margin-left:0.0pt;"> </span></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;margin-left:8pt;">(For the period ended December 31, 2025)</span></div> </div> </td> <td style="background-color:#E5E5E5;border-bottom:0.25pt solid #000000;padding-bottom:1.125pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:-17.62pt;"> </span></div> </div> </td> </tr> <tr style="height:12.13pt;"> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:467.76pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">7-Day Yield:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:11.00pt;margin-left:0.0pt;"> </span></div> </div> </td> <td style="padding-bottom:1pt;padding-top:1.125pt;vertical-align:Top;width:35.24pt;"> <div style="line-height:11.00pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.21%</span></div> </div> </td> </tr> </table> </div> <div style="line-height:11.0pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">You can obtain the Fund’s most recent 7-day Yield by calling Investor Services toll-free at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-800-279-0279, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time.</span></div> </div> Yield for Class A Shares (For the period ended December 31, 2025) 0.0321 0.1504 0.1927 -0.1178 0.2631 -0.0588 0.3146 -0.0891 0.1552 0.2955 0.2929 0.1526 0.2309 -0.1350 0.2549 0.1279 0.2496 -0.1408 0.2212 0.1278 0.2202 0.0971 0.0830 -0.0452 0.2539 -0.0823 0.4324 -0.2674 0.1046 0.0489 -0.0572 0.0920 0.1635 -0.0802 0.2033 0.0475 0.2573 -0.1564 0.2298 0.1586 0.2137 -0.0026 0.0021 0.0042 0.0323 0.0169 -0.0148 -0.0529 0.0388 0.0428 0.0448 0.0008 0.0035 0.0130 0.0174 0.0023 0.0004 0.0112 0.0441 0.0461 0.0374 485BPOS N-1A 0000203002 false 2025-12-31 DAVIS SERIES INC Only applies in the first year after purchase. 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. Only applies in the first year after purchase. 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. 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. Only applies in the first year after purchase. 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. Only applies in the first year after purchase. Only applies in the first year after purchase. 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. Davis Selected Advisers, L.P. has contractually agreed to waive fees and/or reimburse the Fund’s expenses such that net investment income will not be less than zero until May 1, 2027. After that date, there is no assurance that Davis Selected Advisers, L.P. will continue to waive fees and/or reimburse 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. The agreement cannot be terminated prior to that date, without the consent of the Board of Directors.