This resource provides an overview of the "Davis Investment Discipline" as applied to the Davis Appreciation & Income Fund and provides information on top portfolio holdings, as well as several representations of our long-term performance.

Portfolio Managers Andrew Davis and Keith Sabol offer their thoughts on the convertible securities market, individual companies, and recent portfolio performance on a semiannual basis.

Davis has created these reports to help investors understand how the managers have directed the fund over the past year. The reports also include overviews of performance, portfolio holdings and transactions over the period, as well as an outline of the fund's financials. Among other important notes, it also includes information regarding the corporate governance of Davis Advisors.