davis funds sicav investment company

Davis Funds SICAV Investment Company31 January 2009

Semi-Annual Report

Fund of Luxembourg LawSociété d’investissement à capital variable Luxembourg

Reports and AccountsFor the Six Months Ended 31 January 2009

Davis Advisors

Investment Manager

No subscriptions can be received solely on the basis of fi nancial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and most recent interim report, if published thereafter.

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DAVIS FUNDS SICAV Table of Contents

Management’s Discussion and Analysis: Davis Value Fund ............................................................................................................................ 2Davis Opportunities Fund................................................................................................................ 3Davis Financial Fund ....................................................................................................................... 4Davis Real Estate Fund.................................................................................................................... 4

Schedule of Investments:

Davis Value Fund ............................................................................................................................ 7Davis Opportunities Fund................................................................................................................ 12Davis Financial Fund ....................................................................................................................... 16Davis Real Estate Fund.................................................................................................................... 18

Statements of Net Assets......................................................................................................................... 21 Statements of Operations ........................................................................................................................ 22 Statements of Changes in Net Assets...................................................................................................... 23 Notes to Financial Statements................................................................................................................. 25 Financial Highlights:

Davis Value Fund ............................................................................................................................ 28Davis Opportunities Fund................................................................................................................ 30Davis Financial Fund ....................................................................................................................... 32Davis Real Estate Fund.................................................................................................................... 34

DAVIS FUNDS SICAV Management’s Discussion and Analysis Davis Value Fund The Davis Value Fund’s Class A shares delivered a negative return on net asset value of 36.50% for the six-month period ended 31 January 20091. Over the same time period, the Standard & Poor’s 500® Index2 (“Index”) declined 33.95%. The decline was widespread as every sector3 within the Index posted substantial declines. The sectors within the Index that turned in the weakest performance over the six-month period were financials, materials, and industrials. The sectors that turned in the strongest (but still negative) performance over the six-month period were consumer staples and health care.

Factors Impacting the Fund’s Performance The Fund’s financial companies out-performed the corresponding sector within the Index (down 44% versus down 56% for the Index), but were still the largest detractors4 from absolute performance. A higher relative average weighting in this sector (29% versus 14% for the Index) detracted from performance. American International Group5, American Express, Wells Fargo, Loews, and JPMorgan Chase were among the most important detractors from performance. NIPPONKOA and Ambac Financial Group were among the most important contributors to the Fund’s performance. The Fund no longer owns Ambac Financial Group. The second largest detractor from performance was energy companies. The Fund’s energy companies under-performed the corresponding sector within the Index (down 40% versus down 33% for the Index) and had a higher relative average weighting (15% versus 13% for the Index). ConocoPhillips, Canadian Natural Resources, Devon Energy, and EOG Resources were among the most important detractors from performance. The Fund’s relative performance was helped by having a higher relative average weighting in consumer staple companies (15% versus 13% for the Index). Unfortunately, the Fund’s consumer staple companies under-performed the corresponding sector within the Index (down 27% versus down 18% for the Index). Hershey was among the most important contributors to performance while Costco Wholesale was among the most important detractors. The Fund’s relative performance was harmed by having a lower relative average weighting in the health care sector (5% versus 14% for the Index). The Fund’s health care companies out-performed the corresponding sector within the Index (down 13% versus down 17% for the Index). Schering-Plough and UnitedHealth Group were among the most important contributors to performance. The Fund ended the six-month period with approximately 11% of its assets invested in foreign companies. As a whole these companies under-performed the domestic companies held by the Fund.

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DAVIS FUNDS SICAV Management’s Discussion and Analysis – (Continued) Davis Opportunities Fund

The Davis Opportunities Fund’s Class A shares delivered a negative return on net asset value of 32.68% for the six-month period ended 31 January 20091. Over the same time period, the Russell 3000® Index2 (“Index”) declined 34.92%. The decline was widespread as every sector3 within the Index posted substantial declines. The sectors within the Index that turned in the weakest performance over the six-month period were financials, materials, and industrials. The sectors that turned in the strongest (but still negative) performance over the six-month period were consumer staples and health care.

Factors Impacting the Fund’s Performance

Three sectors, consumer discretionary, information technology, and financials, accounted for over 60% of the Fund’s negative return.

The Fund had more invested in consumer discretionary companies than in any other sector and they were the most important detractors4 from the Fund’s absolute performance. The Fund’s consumer discretionary companies out-performed the corresponding sector within the Index (down 31% versus down 35% for the Index) and had a higher relative average weighting (27% versus 9% for the Index). Netflix5 was among the most important contributors to the Fund’s performance. Garmin and Hunter Douglas were among the most important detractors from performance.

Financial companies were the second largest detractor from performance. The Fund’s financial companies out-performed the corresponding sector within the Index (down 30% versus down 51% for the Index) and had a higher relative average weighting (20% versus 15% for the Index). Discover Financial Services, Brown & Brown, Legg Mason, and Wells Fargo were among the most important contributors to performance. Markel was among the most important detractors from performance. The Fund no longer owns Discover Financial Services or Legg Mason.

The third largest detractor from performance was information technology companies. The Fund’s information technology companies under-performed the corresponding sector within the Index (down 37% versus down 36% for the Index) and had a lower relative average weighting (15% versus 16% for the Index). Google was among the most important contributors to performance. Agilent Technologies and Dell were among the most important detractors from performance. The Fund no longer owns Dell.

The Fund’s relative performance was also harmed by having a lower relative average weighting in the consumer staples sector (2% versus 11% for the Index) and weak stock selection in the energy sector. The Fund’s energy companies under-performed the corresponding sector within the Index (down 52% versus down 37% for the Index). Transocean and Tenaris were among the most important detractors from performance.

Another company detracting from the Fund’s performance was Sigma-Aldrich.

The Fund ended the six-month period with approximately 16% of its assets invested in foreign companies. As a whole these companies under-performed the domestic companies held by the Fund.

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DAVIS FUNDS SICAV Management’s Discussion and Analysis – (Continued) Davis Financial Fund

The Davis Financial Fund’s Class A shares delivered a negative return on net asset value of 40.78% for the six-month period ended 31 January 20091. Over the same time period, the Standard & Poor’s 500® Index2 (“Index”) declined 33.95%. Financial companies as a whole turned in the weakest performance of any sector3 of the Index. The banking, diversified financial, and insurance industry groups all turned in negative performance.


The specific financial companies that the Fund owned out-performed the majority of financial companies in the Index, but still turned in negative performance. The Fund’s non-financial holdings overall also turned in negative performance.

The Fund’s insurance companies out-performed the corresponding industry group within the Index (down 41% versus down 55% for the Index) but were still one of the largest detractors4 from performance. Transatlantic Holdings5, Loews, and American International Group were among the most important detractors from performance.

The Fund’s diversified financial companies out-performed the corresponding industry group within the Index (down 44% versus down 58% for the Index). American Express, JPMorgan Chase, Merrill Lynch, and Moody’s were among the most important detractors from performance. Merrill Lynch merged with Bank of America in January 2009.

The Fund’s banking companies out-performed the corresponding industry group within the Index (down 30% versus down 53% for the Index), but still detracted from performance.

The Fund ended the six-month period with approximately 22% of its assets invested in foreign companies. As a whole these companies under-performed the domestic companies owned by the Fund.

Davis Real Estate Fund

The Davis Real Estate Fund’s Class A shares delivered a negative return on net asset value of 48.16% for the six-month period ended 31 January 20091. Over the same time period, the Dow Jones Wilshire Real Estate Securities Index2 (“Index”) declined 50.47%. All seven sub-industries3 within the Index delivered negative returns, with real estate operating companies, industrial REITs, and retail REITs turning in the weakest performance.


The Fund’s office REITs out-performed the corresponding sub-industry within the Index (down 45% versus down 53% for the Index), but they were the largest detractors4 from absolute performance. A higher relative average weighting in this sub-industry (26% versus 16% for the Index) detracted from performance. Alexandria Real Estate5, SL Green, Boston Properties, and Derwent London were among the most important detractors from performance. The Fund no longer owns Boston Properties.

The second largest detractor from performance was retail REITs. The Fund’s retail REITs under-performed the corresponding sub-industry within the Index (down 70% versus down 58% for the Index). A lower relative average weighting (9% versus 22% for the Index) in this weak sub-industry improved relative performance. General Growth Properties and Taubman Centers were among the most important detractors from performance. Simon Property Group was among the most important contributors to the Fund’s performance. The Fund no longer owns General Growth Properties.

The Fund’s relative performance was also harmed by having a lower relative average weighting in specialized REITs (12% versus 28% for the Index). Cogdell Spencer was among the most important detractors from performance.

AMB Properties was the single most important contributor to the Fund’s performance. Forest City Enterprises and Cousins Properties were among the most important detractors from the Fund’s performance.

The Fund ended the six-month period with approximately 9% of its assets invested in foreign companies. As a whole these companies under-performed the domestic companies owned by the Fund.

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DAVIS FUNDS SICAV Management’s Discussion and Analysis – (Continued) This Semi-Annual Report is authorized for use by existing shareholders. Prospective shareholders must receive a current Davis Funds (SICAV) prospectus, which contains more information about investment strategies, risks, charges and expenses. Please read the prospectus carefully before investing or sending money.

Davis Value Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. The risks of an investment in the Davis Value Fund are: (1) market risk, (2) company risk, (3) foreign country risk, (4) financial services risk, (5) headline risk, and (6) selection risk. See the prospectus for a full description of the primary risks.

Davis Opportunities Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. The risks of an investment in the Davis Opportunities Fund are: (1) market risk, (2) company risk, (3) small and medium capitalization risk, (4) foreign country risk, (5) headline risk, and (6) selection risk. See the prospectus for a full description of the primary risks.

Davis Financial Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. The risks of an investment in the Davis Financial Fund are: (1) market risk, (2) company risk, (3) concentrated financial services portfolio risk, (4) foreign country risk, (5) headline risk, and (6) selection risk. See the prospectus for a full description of the primary risks.

Davis Financial Fund concentrates its investments in the financial sector, and it may be subject to greater risks than a fund that does not concentrate its investments in a particular sector. The Fund’s investment performance, both good and bad, is expected to reflect the economic performance of the financial sector more than a fund that does not concentrate its portfolio.

Davis Real Estate Fund’s investment objective is total return through a combination of growth and income. There can be no assurance that the Fund will achieve its objective. The risks of an investment in the Davis Real Estate Fund are: (1) market risk, (2) company risk, (3) concentrated real estate portfolio risk, (4) focused portfolio risk, (5) small and medium capitalization risk, (6) foreign country risk, (7) headline risk, and (8) selection risk. See the prospectus for a full description of the primary risks.

Davis Real Estate Fund concentrates its investments in the real estate sector, and it may be subject to greater risks than a fund that does not concentrate its investments in a particular sector. The Fund’s investment performance, both good and bad, is expected to reflect the economic performance of the real estate sector much more than a fund that does not concentrate its portfolio.

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DAVIS FUNDS SICAV Management’s Discussion and Analysis – (Continued) 1 Total return assumes reinvestment of dividends and capital gain distributions. Past performance is not a guarantee of future results. Investment return and principal value will vary and, when redeemed, an investor’s shares may be worth more or less than they were when they were purchased. The following tables list the average annual total returns for Class A shares for the periods ended 31 January 2009 and the annualized operating expense ratios for the six months ended 31 January 2009. Returns and expense ratios for other classes of shares will vary from the following returns and expense ratios.

(without a 5.75% sales charge taken into consideration) EXPENSE FUND NAME 1-YEAR 5-YEAR 10-YEAR INCEPTION RATIO Davis Value Fund A (43.71)% (5.83)% (1.29)% 4.58% - 10/04/95 1.76% Davis Opportunities Fund A (41.05)% (6.50)% (2.01)% 2.80% - 10/04/95 2.37% Davis Financial Fund A (51.19)% (9.91)% (2.63)% (1.09)% - 15/09/97 2.50% Davis Real Estate Fund A (50.73)% (6.05)% 1.85% (0.30)% - 15/09/97 2.50%

(with a 5.75% sales charge taken into consideration)

FUND NAME 1-YEAR 5-YEAR 10-YEAR INCEPTION Davis Value Fund A (46.95)% (6.94)% (1.88)% 4.14% - 10/04/95 Davis Opportunities Fund A (44.44)% (7.60)% (2.58)% 2.37% - 10/04/95 Davis Financial Fund A (53.99)% (10.97)% (3.20)% (1.60)% - 15/09/97 Davis Real Estate Fund A (53.56)% (7.16)% 1.24% (0.82)% - 15/09/97

SINCE FUNDS’ BENCHMARK INDEX 1-YEAR 5-YEAR 10-YEAR INCEPTION Standard & Poor’s 500® Index (38.63)% (4.24)% (2.64)% 5.43% - 10/04/95 0.73% - 15/09/97 Russell 3000® Index (38.86)% (4.05)% (1.99)% 5.48% - 10/04/95 Dow Jones Wilshire Real Estate

Securities Index (50.56)% (4.03)% 5.43% 3.29% - 15/09/97 Fund performance changes over time and current performance may be higher or lower than stated. The operating expense ratios may vary in future years. 2 The definitions of indices quoted in this report appear below. Investments cannot be made directly in the indices.

I. The Standard & Poor’s 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

II. The Russell 3000® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

III. The Dow Jones Wilshire Real Estate Securities Index is a broad measure of the performance of publicly traded real estate securities, such as Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs). The Index is capitalization-weighted, and the beginning date was 1 January 1978. The Index is rebalanced monthly and returns are calculated on a buy and hold basis. 3 The companies included in the Standard & Poor’s 500® Index and Russell 3000® Index are divided into ten sectors. One or more industry groups make up a sector. The companies in the Dow Jones Wilshire Real Estate Securities Index are divided into seven sub-industries. 4 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product of both its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%. 5 This Management Discussion and Analysis discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. The Schedule of Investments lists each Fund’s holdings of each company discussed.

Shares of the Davis Funds (SICAV) are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

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DAVIS FUNDS SICAV Schedule of Investments DAVIS VALUE FUND 31 January 2009 (Unaudited)

Shares Security Value

(Note 2) TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE – (93.81%) COMMON STOCK – (93.81%) CONSUMER DISCRETIONARY – (10.07%)

Automobiles & Components – (0.49%) 185,800 Harley-Davidson, Inc. – (0.49%) ......................................................................................$ 2,263,044 ________________________________________________________________________

Consumer Durables & Apparel – (0.26%) 31,860 Garmin Ltd. – (0.12%) ...................................................................................................... 558,665 21,636 Hunter Douglas NV (Netherlands) – (0.14%) .................................................................... 628,657 ________________________________________________________________________

1,187,322 ________________________________________________________________________

Consumer Services – (1.60%) 354,290 H&R Block, Inc. – (1.60%) ............................................................................................... 7,344,432 ________________________________________________________________________

Media – (4.82%) 740,839 Comcast Corp., Special Class A – (2.24%) ....................................................................... 10,279,141 385,090 Grupo Televisa S.A., ADR (Mexico) – (1.18%) ................................................................ 5,387,409 23,500 Lagardere S.C.A. (France) – (0.19%) ................................................................................ 892,294 86,320 Liberty Media Corp. - Entertainment, Series A * – (0.35%) .............................................. 1,583,541 620,490 News Corp., Class A – (0.86%) ........................................................................................ 3,964,931 ________________________________________________________________________

22,107,316 ________________________________________________________________________

Retailing – (2.90%) 51,600 Amazon.com, Inc. * – (0.66%) .......................................................................................... 3,035,370 226,600 Bed Bath & Beyond Inc. * – (1.15%) ................................................................................ 5,265,051 275,780 CarMax, Inc. * – (0.50%) ................................................................................................... 2,280,701 107,875 Liberty Media Corp. - Interactive, Series A * – (0.08%) ................................................... 341,424 7,000 Lowe's Cos, Inc. – (0.03%) ............................................................................................... 127,890 27,300 Sears Holdings Corp. * – (0.24%) ...................................................................................... 1,115,887 70,200 Staples, Inc. – (0.24%) ...................................................................................................... 1,118,637 ________________________________________________________________________

13,284,960 ________________________________________________________________________

TOTAL CONSUMER DISCRETIONARY............................................................................... 46,187,074 ________________________________________________________________________

CONSUMER STAPLES – (13.92%) Food & Staples Retailing – (5.88%)

417,000 Costco Wholesale Corp. – (4.09%) ................................................................................... 18,758,745 305,586 CVS Caremark Corp. – (1.79%) ....................................................................................... 8,214,152 ________________________________________________________________________

26,972,897 ________________________________________________________________________

Food, Beverage & Tobacco – (5.92%) 137,800 Diageo PLC, ADR (United Kingdom) – (1.63%) .............................................................. 7,488,052 158,866 Heineken Holding NV (Netherlands) – (0.92%) ................................................................ 4,230,172 40,900 Hershey Co. – (0.33%) ...................................................................................................... 1,524,752 374,770 Philip Morris International Inc. – (3.04%) ........................................................................ 13,922,706 ________________________________________________________________________

27,165,682 ________________________________________________________________________

Household & Personal Products – (2.12%) 64,220 Avon Products, Inc. – (0.29%) .......................................................................................... 1,313,299 154,100 Procter & Gamble Co. – (1.83%) ...................................................................................... 8,398,450 ________________________________________________________________________

9,711,749 ________________________________________________________________________

TOTAL CONSUMER STAPLES............................................................................................ 63,850,328 ________________________________________________________________________

ENERGY – (16.22%) 200,100 Canadian Natural Resources Ltd. (Canada) – (1.55%) ...................................................... 7,113,555 2,852,000 China Coal Energy Co. - H (China) – (0.45%) .................................................................. 2,051,944 399,770 ConocoPhillips – (4.14%) ................................................................................................. 19,001,068 251,216 Devon Energy Corp. – (3.38%) ......................................................................................... 15,474,906 200,169 EOG Resources, Inc. – (2.96%) ........................................................................................ 13,565,453

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DAVIS FUNDS SICAV Schedule of Investments DAVIS VALUE FUND - (CONTINUED) 31 January 2009 (Unaudited)


(Note 2) TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE – (CONTINUED) COMMON STOCK – (CONTINUED) ENERGY – (CONTINUED) 248,080 Occidental Petroleum Corp. – (2.95%) .............................................................................$ 13,532,764 2,500 OGX Petroleo e Gas Participacoes S.A. * (Brazil) – (0.13%) ............................................ 592,672 55,816 Transocean Ltd. * – (0.66%) .............................................................................................. 3,048,670 ________________________________________________________________________

TOTAL ENERGY ................................................................................................................ 74,381,032 ________________________________________________________________________

FINANCIALS – (25.97%) Banks – (3.46%)

Commercial Banks – (3.46%) 838,887 Wells Fargo & Co. – (3.46%) ........................................................................................... 15,854,964 ________________________________________________________________________

Diversified Financials – (11.76%) Capital Markets – (4.37%) 106,310 Ameriprise Financial, Inc. – (0.47%) ................................................................................ 2,142,146 515,720 Bank of New York Mellon Corp. – (2.89%) ..................................................................... 13,274,633 100,300 Brookfield Asset Management Inc., Class A (Canada) – (0.34%) ..................................... 1,582,734 164,700 E*TRADE Financial Corp. * – (0.04%) ............................................................................ 188,581 20,290 Goldman Sachs Group, Inc. – (0.36%) ............................................................................. 1,638,012 24,300 Morgan Stanley – (0.11%) ................................................................................................ 491,589 30,940 State Street Corp. – (0.16%) .............................................................................................. 719,974 ________________________________________________________________________

20,037,669 ________________________________________________________________________

Consumer Finance – (2.66%) 726,820 American Express Co. – (2.65%) ...................................................................................... 12,159,699 6,850 Discover Financial Services – (0.01%) ............................................................................. 48,977 ________________________________________________________________________

12,208,676 ________________________________________________________________________

Diversified Financial Services – (4.73%) 68,493 Bank of America Corp. – (0.10%) .................................................................................... 450,684 195,912 Citigroup Inc. – (0.15%) ................................................................................................... 695,488 625,268 JPMorgan Chase & Co. – (3.48%) .................................................................................... 15,950,587 168,400 Moody's Corp. – (0.79%) .................................................................................................. 3,607,128 19,950 Visa Inc., Class A – (0.21%) ............................................................................................. 984,532 ________________________________________________________________________

21,688,419 ________________________________________________________________________

53,934,764 ________________________________________________________________________

Insurance – (10.27%) Life & Health Insurance – (0.29%) 49,000 Principal Financial Group, Inc. – (0.18%) ........................................................................ 812,910 26,100 Sun Life Financial Inc. (Canada) – (0.11%) ....................................................................... 525,393 ________________________________________________________________________

1,338,303 ________________________________________________________________________

Multi-line Insurance – (2.25%) 573,727 American International Group, Inc. – (0.16%) .................................................................. 734,370 392,227 Loews Corp. – (2.09%) ..................................................................................................... 9,570,339 ________________________________________________________________________

10,304,709 ________________________________________________________________________

Property & Casualty Insurance – (6.84%) 200 Berkshire Hathaway Inc., Class A * – (3.90%) .................................................................. 17,900,400 234 Berkshire Hathaway Inc., Class B * – (0.15%) .................................................................. 699,426 1,562 Markel Corp. * – (0.09%) .................................................................................................. 421,787 42,200 MBIA Inc. * – (0.04%) ...................................................................................................... 162,892 464,500 NIPPONKOA Insurance Co., Ltd. (Japan) – (0.82%) ........................................................ 3,767,972

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(Note 2) TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE – (CONTINUED) COMMON STOCK – (CONTINUED) FINANCIALS – (CONTINUED)

Insurance – (Continued) Property & Casualty Insurance – (Continued) 692,600 Progressive Corp. (Ohio) * – (1.84%) ................................................................................$ 8,415,090 ________________________________________________________________________

31,367,567 ________________________________________________________________________

Reinsurance – (0.89%) 10,800 Everest Re Group, Ltd. – (0.15%) ..................................................................................... 680,400 105,275 Transatlantic Holdings, Inc. – (0.74%) ............................................................................. 3,384,591 ________________________________________________________________________

4,064,991 ________________________________________________________________________

47,075,570 ________________________________________________________________________

Real Estate – (0.48%) 688,000 Hang Lung Group Ltd. (Hong Kong) – (0.48%) ................................................................ 2,213,303 ________________________________________________________________________

TOTAL FINANCIALS .......................................................................................................... 119,078,601 ________________________________________________________________________

HEALTH CARE – (6.47%) Health Care Equipment & Services – (4.21%)

95,500 Cardinal Health, Inc. – (0.78%) ........................................................................................ 3,595,575 116,600 Express Scripts, Inc. * – (1.37%) ....................................................................................... 6,275,412 37,500 Medtronic, Inc. – (0.27%) ................................................................................................. 1,255,875 289,000 UnitedHealth Group Inc. – (1.79%) .................................................................................. 8,187,370 ________________________________________________________________________

19,314,232 ________________________________________________________________________

Pharmaceuticals, Biotechnology & Life Sciences – (2.26%) 63,800 Johnson & Johnson – (0.81%) ........................................................................................... 3,680,622 378,800 Schering-Plough Corp. – (1.45%) ..................................................................................... 6,651,728 ________________________________________________________________________

10,332,350 ________________________________________________________________________

TOTAL HEALTH CARE...................................................................................................... 29,646,582 ________________________________________________________________________

INDUSTRIALS – (5.88%) Capital Goods – (1.06%)

48,650 ABB Ltd., ADR (Switzerland) – (0.14%) .......................................................................... 634,883 25,170 PACCAR Inc. – (0.15%) ................................................................................................... 665,243 18,200 Siemens AG, Registered (Germany) – (0.22%) ................................................................. 1,017,834 120,945 Tyco International Ltd. – (0.55%) ..................................................................................... 2,542,264 ________________________________________________________________________

4,860,224 ________________________________________________________________________

Commercial & Professional Services – (2.93%) 78,650 D&B Corp. – (1.31%) ....................................................................................................... 5,977,400 363,130 Iron Mountain Inc. * – (1.62%) .......................................................................................... 7,429,640 ________________________________________________________________________

13,407,040 ________________________________________________________________________

Transportation – (1.89%) 1,517,523 China Merchants Holdings International Co., Ltd. (China) – (0.58%) .............................. 2,661,068 1,214,000 China Shipping Development Co. Ltd. - H (China) – (0.25%) .......................................... 1,158,330 958,700 Cosco Pacific Ltd. (China) – (0.19%) ................................................................................ 871,472 34,796 Kuehne & Nagel International AG, Registered (Switzerland) – (0.42%) .......................... 1,906,385

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(Note 2) TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE – (CONTINUED) COMMON STOCK – (CONTINUED) INDUSTRIALS – (CONTINUED)

Transportation – (Continued) 48,930 United Parcel Service, Inc., Class B – (0.45%) .................................................................$ 2,079,036 ________________________________________________________________________

8,676,291 ________________________________________________________________________

TOTAL INDUSTRIALS ........................................................................................................ 26,943,555 ________________________________________________________________________

INFORMATION TECHNOLOGY – (9.49%) Semiconductors & Semiconductor Equipment – (1.75%)

535,800 Texas Instruments Inc. – (1.75%) ..................................................................................... 8,010,210 ________________________________________________________________________

Software & Services – (4.04%) 176,400 Activision Blizzard, Inc. * – (0.34%) ................................................................................. 1,545,264 69,900 eBay Inc. * – (0.18%) ........................................................................................................ 840,548 22,740 Google Inc., Class A * – (1.68%) ....................................................................................... 7,712,157 493,200 Microsoft Corp. – (1.84%) ................................................................................................ 8,438,652 ________________________________________________________________________

18,536,621 ________________________________________________________________________

Technology Hardware & Equipment – (3.70%) 248,400 Agilent Technologies, Inc. * – (0.98%) ............................................................................. 4,491,072 169,600 Cisco Systems, Inc. * – (0.55%) ........................................................................................ 2,538,912 167,120 Dell Inc. * – (0.35%) .......................................................................................................... 1,585,969 191,100 Hewlett-Packard Co. – (1.45%) ........................................................................................ 6,640,725 120,325 Tyco Electronics Ltd. – (0.37%) ....................................................................................... 1,703,802 ________________________________________________________________________

16,960,480 ________________________________________________________________________

TOTAL INFORMATION TECHNOLOGY.............................................................................. 43,507,311 ________________________________________________________________________

MATERIALS – (5.16%) 90,700 BHP Billiton PLC (United Kingdom) – (0.33%) ............................................................... 1,530,162 64,960 Martin Marietta Materials, Inc. – (1.14%) ........................................................................ 5,230,579 37,100 Monsanto Co. – (0.62%) ................................................................................................... 2,821,826 38,400 Rio Tinto PLC (United Kingdom) – (0.18%) ..................................................................... 826,107 512,893 Sealed Air Corp. – (1.52%) ............................................................................................... 6,949,700 334,100 Sino-Forest Corp. * (Canada) – (0.54%) ............................................................................. 2,492,273 77,000 Vulcan Materials Co. – (0.83%) ........................................................................................ 3,808,420 ________________________________________________________________________

TOTAL MATERIALS .......................................................................................................... 23,659,067 ________________________________________________________________________

TELECOMMUNICATION SERVICES – (0.21%) 404,000 Sprint Nextel Corp. * – (0.21%) ......................................................................................... 981,720 ________________________________________________________________________

TOTAL TELECOMMUNICATION SERVICES....................................................................... 981,720 ________________________________________________________________________

UTILITIES – (0.42%) 243,600 AES Corp. * – (0.42%) ...................................................................................................... 1,926,876 ________________________________________________________________________

TOTAL UTILITIES ............................................................................................................. 1,926,876 ________________________________________________________________________

TOTAL TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL

EXCHANGE - (Average identified cost $595,640,117) ................................................ 430,162,146 ________________________________________________________________________

10


Principal Security Value

(Note 2) TRANSFERABLE SECURITIES NOT LISTED ON AN OFFICIAL EXCHANGE – (0.26%) CONVERTIBLE BONDS – (0.26%) TELECOMMUNICATION SERVICES – (0.26%) $ 1,800,000 Level 3 Communications, Inc., Conv. Sr. Notes, 10.00%, 05/01/2011 – (0.26%) .............$ 1,174,500 ________________________________________________________________________

TOTAL TRANSFERABLE SECURITIES NOT LISTED ON AN OFFICIAL

EXCHANGE - (Average identified cost $1,800,000) .................................................... 1,174,500 ________________________________________________________________________

SHORT TERM INVESTMENTS – (8.88%) 20,133,000 NATC California LLC, Commercial Paper, 0.40%, 02/02/09 – (4.39%) ......................... 20,132,553 20,585,000 Sanpaolo IMI U.S. Financial Co., Commercial Paper, 0.15%, 02/02/09 – (4.49%) ......... 20,584,828 ________________________________________________________________________

TOTAL SHORT TERM INVESTMENTS - (Average identified cost $40,717,381) .... 40,717,381 ________________________________________________________________________

Total Investments – (102.95%) – (Average identified cost $638,157,498) - (a) .................. 472,054,027 Liabilities Less Other Assets – (2.95%) ............................................................................. (13,532,774) ________________________________________________________________________

Net Assets – (100.00%) ......................................................................................... $ 458,521,253 ________________________________________________________________________ ________________________________________________________________________

ADR: American Depositary Receipt

* Non-Income producing security.

(a) At 31 January 2009, unrealized appreciation (depreciation) of securities is as follows:

Unrealized appreciation ...................................................................................................... $ 31,329,089 Unrealized depreciation ...................................................................................................... (197,432,560) ________________________________________________________________________

Net unrealized depreciation .................................................................................. $ (166,103,471) ________________________________________________________________________ ________________________________________________________________________

See Notes to Financial Statements

11

DAVIS FUNDS SICAV Schedule of Investments DAVIS OPPORTUNITIES FUND 31 January 2009 (Unaudited)



Automobiles & Components – (0.36%) 3,700 Johnson Controls, Inc. – (0.36%) ......................................................................................$ 46,287 ________________________________________________________________________

Consumer Durables & Apparel – (3.41%) 13,820 Garmin Ltd. – (1.90%) ...................................................................................................... 242,334 6,635 Hunter Douglas NV (Netherlands) – (1.51%) .................................................................... 192,787 ________________________________________________________________________

435,121 ________________________________________________________________________

Consumer Services – (4.90%) 10,970 H&R Block, Inc. – (1.78%) ............................................................................................... 227,408 13,910 Yum! Brands, Inc. – (3.12%) ............................................................................................ 398,104 ________________________________________________________________________

625,512 ________________________________________________________________________

Media – (9.42%) 12,750 Comcast Corp., Special Class A – (1.39%) ....................................................................... 176,906 15,530 Grupo Televisa S.A., ADR (Mexico) – (1.70%) ................................................................ 217,265 11,100 Lagardere S.C.A. (France) – (3.30%) ................................................................................ 421,467 7,370 Liberty Media Corp. - Entertainment, Series A * – (1.06%) .............................................. 135,203 15,800 News Corp., Class A – (0.79%) ........................................................................................ 100,962 7,290 Walt Disney Co. – (1.18%) ............................................................................................... 150,757 ________________________________________________________________________

1,202,560 ________________________________________________________________________

Retailing – (5.79%) 19,910 CarMax, Inc. * – (1.29%) ................................................................................................... 164,656 11,560 Liberty Media Corp. - Interactive, Series A * – (0.28%) ................................................... 36,587 14,910 Netflix Inc. * – (4.22%) ..................................................................................................... 538,549 ________________________________________________________________________

739,792 ________________________________________________________________________

TOTAL CONSUMER DISCRETIONARY............................................................................... 3,049,272 ________________________________________________________________________

CONSUMER STAPLES – (1.66%) Food & Staples Retailing – (0.76%)

890 Costco Wholesale Corp. – (0.31%) ................................................................................... 40,037 5,550 Whole Foods Market, Inc. * – (0.45%) .............................................................................. 56,804 ________________________________________________________________________

96,841 ________________________________________________________________________

Food, Beverage & Tobacco – (0.90%) 4,350 Heineken Holding NV (Netherlands) – (0.90%) ................................................................ 115,829 ________________________________________________________________________

TOTAL CONSUMER STAPLES............................................................................................ 212,670 ________________________________________________________________________

ENERGY – (4.47%) 2,050 Devon Energy Corp. – (0.99%) ......................................................................................... 126,280 3,300 Occidental Petroleum Corp. – (1.41%) ............................................................................. 180,015 5,270 Tenaris S.A., ADR (Argentina) – (0.82%) ......................................................................... 104,293 2,925 Transocean Ltd. * – (1.25%) .............................................................................................. 159,764 ________________________________________________________________________

TOTAL ENERGY ................................................................................................................ 570,352 ________________________________________________________________________


Commercial Banks – (0.98%) 6,600 Wells Fargo & Co. – (0.98%) ........................................................................................... 124,740 ________________________________________________________________________

Diversified Financials – (8.36%) Capital Markets – (6.71%) 14,700 Bank of New York Mellon Corp. – (2.96%) ..................................................................... 378,378 11,600 Charles Schwab Corp. – (1.23%) ...................................................................................... 157,702 32,900 E*TRADE Financial Corp. * – (0.30%) ............................................................................ 37,671

12

DAVIS FUNDS SICAV Schedule of Investments DAVIS OPPORTUNITIES FUND - (CONTINUED) 31 January 2009 (Unaudited)



Diversified Financials – (Continued) Capital Markets – (Continued) 2,100 Julius Baer Holding AG (Switzerland) – (0.49%) ..............................................................$ 62,165 8,000 T. Rowe Price Group Inc. – (1.73%) ................................................................................. 221,000 ________________________________________________________________________

856,916 ________________________________________________________________________

Diversified Financial Services – (1.65%) 72 CME Group Inc. – (0.10%) ............................................................................................... 12,541 3,094 Pargesa Holdings S.A., Bearer Shares (Switzerland) – (1.55%) ........................................ 197,985 ________________________________________________________________________

210,526 ________________________________________________________________________

1,067,442 ________________________________________________________________________

Insurance – (8.31%) Insurance Brokers – (0.21%) 1,390 Brown & Brown, Inc. – (0.21%) ....................................................................................... 26,590 ________________________________________________________________________

Life & Health Insurance – (0.89%) 6,620 Power Corp. of Canada (Canada) – (0.89%) ...................................................................... 113,527 ________________________________________________________________________

Property & Casualty Insurance – (4.29%) 16,518 Ambac Financial Group, Inc. – (0.15%) ........................................................................... 18,831 1,900 Markel Corp. * – (4.01%) .................................................................................................. 513,057 4,240 MBIA Inc. * – (0.13%) ...................................................................................................... 16,366 ________________________________________________________________________

548,254 ________________________________________________________________________

Reinsurance – (2.92%) 1,560 Everest Re Group, Ltd. – (0.77%) ..................................................................................... 98,280 1,880 RenaissanceRe Holdings Ltd. – (0.66%) ........................................................................... 84,017 5,937 Transatlantic Holdings, Inc. – (1.49%) ............................................................................. 190,875 ________________________________________________________________________

373,172 ________________________________________________________________________

1,061,543 ________________________________________________________________________


HEALTH CARE – (10.50%) Health Care Equipment & Services – (4.99%)

905 Cardinal Health, Inc. – (0.27%) ........................................................................................ 34,073 11,060 IDEXX Laboratories, Inc. * – (2.83%) .............................................................................. 362,104 300 Laboratory Corp. of America Holdings * – (0.14%) .......................................................... 17,760 2,000 Medtronic, Inc. – (0.52%) ................................................................................................. 66,980 5,530 UnitedHealth Group Inc. – (1.23%) .................................................................................. 156,665 ________________________________________________________________________

637,582 ________________________________________________________________________

Pharmaceuticals, Biotechnology & Life Sciences – (5.51%) 5,120 Johnson & Johnson – (2.31%) ........................................................................................... 295,373 23,250 Schering-Plough Corp. – (3.20%) ..................................................................................... 408,270 ________________________________________________________________________

703,643 ________________________________________________________________________

TOTAL HEALTH CARE...................................................................................................... 1,341,225 ________________________________________________________________________

INDUSTRIALS – (11.54%) Capital Goods – (7.03%)

54,690 Blount International, Inc. * – (3.59%) ................................................................................ 458,302 10,960 Shaw Group Inc. * – (2.39%) ............................................................................................. 304,688

13



(Note 2) TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE – (CONTINUED) COMMON STOCK – (CONTINUED) INDUSTRIALS – (CONTINUED)

Capital Goods – (Continued) 2,400 Siemens AG, Registered (Germany) – (1.05%) .................................................................$ 134,220 ________________________________________________________________________

897,210 ________________________________________________________________________

Commercial & Professional Services – (3.29%) 1,200 D&B Corp. – (0.71%) ....................................................................................................... 91,200 16,090 Iron Mountain Inc. * – (2.58%) .......................................................................................... 329,201 ________________________________________________________________________

420,401 ________________________________________________________________________

Transportation – (1.22%) 27,085 Clark Holdings, Inc. * – (0.15%) ....................................................................................... 18,960 2,501 Kuehne & Nagel International AG, Registered (Switzerland) – (1.07%) .......................... 137,023 ________________________________________________________________________

155,983 ________________________________________________________________________

TOTAL INDUSTRIALS ........................................................................................................ 1,473,594 ________________________________________________________________________

INFORMATION TECHNOLOGY – (19.46%) Semiconductors & Semiconductor Equipment – (1.83%)

15,600 Texas Instruments Inc. – (1.83%) ..................................................................................... 233,220 ________________________________________________________________________

Software & Services – (12.85%) 9,250 Activision Blizzard, Inc. * – (0.63%) ................................................................................. 81,030 18,569 Convera Corp., Class A * – (0.03%) .................................................................................. 3,159 3,100 Google Inc., Class A * – (8.23%) ....................................................................................... 1,051,349 12,670 Microsoft Corp. – (1.70%) ................................................................................................ 216,784 4,950 SAP AG, ADR (Germany) – (1.37%) ................................................................................ 175,131 9,700 Yahoo! Inc. * – (0.89%) ..................................................................................................... 113,829 ________________________________________________________________________

1,641,282 ________________________________________________________________________

Technology Hardware & Equipment – (4.78%) 19,350 Agilent Technologies, Inc. * – (2.74%) ............................................................................. 349,848 11,400 Cisco Systems, Inc. * – (1.33%) ........................................................................................ 170,658 2,600 Hewlett-Packard Co. – (0.71%) ........................................................................................ 90,350 ________________________________________________________________________

610,856 ________________________________________________________________________

TOTAL INFORMATION TECHNOLOGY.............................................................................. 2,485,358 ________________________________________________________________________

MATERIALS – (5.35%) 1,750 Monsanto Co. – (1.04%) ................................................................................................... 133,105 10,740 Sigma-Aldrich Corp. – (3.04%) ........................................................................................ 387,553 21,800 Sino-Forest Corp. * (Canada) – (1.27%) ............................................................................. 162,621 ________________________________________________________________________

TOTAL MATERIALS .......................................................................................................... 683,279 ________________________________________________________________________

TELECOMMUNICATION SERVICES – (0.53%) 2,250 American Tower Corp., Class A * – (0.53%) .................................................................... 68,265 ________________________________________________________________________

TOTAL TELECOMMUNICATION SERVICES....................................................................... 68,265 ________________________________________________________________________

UTILITIES – (0.44%) 2,400 NRG Energy, Inc. * – (0.44%) ........................................................................................... 56,064 ________________________________________________________________________

TOTAL UTILITIES ............................................................................................................. 56,064 ________________________________________________________________________


EXCHANGE - (Average identified cost $18,050,673) .................................................. 12,193,804 ________________________________________________________________________

14



(Note 2) TRANSFERABLE SECURITIES NOT LISTED ON AN OFFICIAL EXCHANGE – (1.02%) CONVERTIBLE BONDS – (1.02%) TELECOMMUNICATION SERVICES – (1.02%) $ 200,000 Level 3 Communications, Inc., Conv. Sr. Notes, 10.00%, 05/01/2011 – (1.02%) .............$ 130,500 ________________________________________________________________________


EXCHANGE - (Average identified cost $200,000) ....................................................... 130,500 ________________________________________________________________________

Total Investments – (96.50%) – (Average identified cost $18,250,673) - (a) ...................... 12,324,304 Other Assets Less Liabilities – (3.50%) ............................................................................. 447,349 ________________________________________________________________________

Net Assets – (100.00%) ......................................................................................... $ 12,771,653 ________________________________________________________________________ ________________________________________________________________________



Unrealized appreciation ...................................................................................................... $ 387,450 Unrealized depreciation ...................................................................................................... (6,313,819) ________________________________________________________________________



15

DAVIS FUNDS SICAV Schedule of Investments DAVIS FINANCIAL FUND 31 January 2009 (Unaudited)



Consumer Services – (2.14%) 5,500 H&R Block, Inc. – (2.14%) ...............................................................................................$ 114,015 ________________________________________________________________________

TOTAL CONSUMER DISCRETIONARY............................................................................... 114,015 ________________________________________________________________________

ENERGY – (4.54%) 6,800 Canadian Natural Resources Ltd. (Canada) – (4.54%) ...................................................... 241,740 ________________________________________________________________________

TOTAL ENERGY ................................................................................................................ 241,740 ________________________________________________________________________


Commercial Banks – (7.04%) 2,100 ICICI Bank Ltd., ADR (India) – (0.65%) .......................................................................... 34,608 5,760 State Bank of India Ltd., GDR (India) – (5.18%) .............................................................. 275,904 3,400 Wells Fargo & Co. – (1.21%) ........................................................................................... 64,260 ________________________________________________________________________

374,772 ________________________________________________________________________

Diversified Financials – (35.61%) Capital Markets – (17.62%) 4,800 Ameriprise Financial, Inc. – (1.82%) ................................................................................ 96,720 14,300 Bank of New York Mellon Corp. – (6.92%) ..................................................................... 368,082 7,300 Brookfield Asset Management Inc., Class A (Canada) – (2.17%) ..................................... 115,194 800 Charles Schwab Corp. – (0.20%) ...................................................................................... 10,876 1,860 Goldman Sachs Group, Inc. – (2.82%) ............................................................................. 150,158 6,100 Julius Baer Holding AG (Switzerland) – (3.39%) .............................................................. 180,575 570 T. Rowe Price Group Inc. – (0.30%) ................................................................................. 15,746 ________________________________________________________________________

937,351 ________________________________________________________________________

Consumer Finance – (7.36%) 22,300 American Express Co. – (7.01%) ...................................................................................... 373,079 16,250 First Marblehead Corp. * – (0.35%) ................................................................................... 18,688 ________________________________________________________________________

391,767 ________________________________________________________________________

Diversified Financial Services – (10.63%) 1,721 Bank of America Corp. – (0.21%) .................................................................................... 11,324 7,588 JPMorgan Chase & Co. – (3.64%) .................................................................................... 193,570 10,400 Moody's Corp. – (4.18%) .................................................................................................. 222,768 6,300 RHJ International * (Belgium) – (0.56%) ........................................................................... 29,641 2,200 Visa Inc., Class A – (2.04%) ............................................................................................. 108,570 ________________________________________________________________________

565,873 ________________________________________________________________________

1,894,991 ________________________________________________________________________

Insurance – (40.79%) Life & Health Insurance – (2.93%) 3,933 China Life Insurance Co., Ltd., ADR (China) – (2.93%) ................................................... 155,668 ________________________________________________________________________

Multi-line Insurance – (7.96%) 12,410 American International Group, Inc. – (0.30%) .................................................................. 15,885 16,700 Loews Corp. – (7.66%) ..................................................................................................... 407,480 ________________________________________________________________________

423,365 ________________________________________________________________________

Property & Casualty Insurance – (16.93%) 1,800 ACE Ltd. – (1.48%) .......................................................................................................... 78,588 2,800 Ambac Financial Group, Inc. – (0.06%) ........................................................................... 3,192 3,960 FPIC Insurance Group, Inc. * – (2.90%) ............................................................................ 154,579 1,100 Markel Corp. * – (5.58%) .................................................................................................. 297,033

16

DAVIS FUNDS SICAV Schedule of Investments DAVIS FINANCIAL FUND - (CONTINUED) 31 January 2009 (Unaudited)



Insurance – (Continued) Property & Casualty Insurance – (Continued) 6,200 MBIA Inc. * – (0.45%) ......................................................................................................$ 23,932 366,000 PICC Property and Casualty Co. Ltd. * (China) – (3.03%) ................................................ 161,394 15,000 Progressive Corp. (Ohio) * – (3.43%) ................................................................................ 182,250 ________________________________________________________________________

900,968 ________________________________________________________________________

Reinsurance – (12.97%) 2,800 Everest Re Group, Ltd. – (3.31%) ..................................................................................... 176,400 15,987 Transatlantic Holdings, Inc. – (9.66%) ............................................................................. 513,982 ________________________________________________________________________

690,382 ________________________________________________________________________

2,170,383 ________________________________________________________________________


INDUSTRIALS – (4.50%) Commercial & Professional Services – (4.50%)

3,150 D&B Corp. – (4.50%) ....................................................................................................... 239,400 ________________________________________________________________________

TOTAL INDUSTRIALS ........................................................................................................ 239,400 ________________________________________________________________________

MATERIALS – (2.78%) 10,900 Sealed Air Corp. – (2.78%) ............................................................................................... 147,695 ________________________________________________________________________

TOTAL MATERIALS .......................................................................................................... 147,695 ________________________________________________________________________



Total Investments– (97.40%) – (Average identified cost $8,561,889) - (a) ......................... 5,182,996 Other Assets Less Liabilities – (2.60%) ............................................................................. 138,208 ________________________________________________________________________

Net Assets – (100.00%) ......................................................................................... $ 5,321,204 ________________________________________________________________________ ________________________________________________________________________

ADR: American Depositary Receipt

GDR: Global Depositary Receipt






17

DAVIS FUNDS SICAV Schedule of Investments DAVIS REAL ESTATE FUND 31 January 2009 (Unaudited)


(Note 2) TRANSFERABLE SECURITIES LISTED ON AN OFFICIAL EXCHANGE – (87.17%) COMMON STOCK – (83.63%) FINANCIALS – (77.82%)

Diversified Financials – (4.31%) Capital Markets – (4.31%) 11,410 Brookfield Asset Management Inc., Class A (Canada) – (4.31%) .....................................$ 180,050 ________________________________________________________________________

Real Estate – (73.51%) Real Estate Investment Trusts (REITs) – (63.48%) Diversified REITs – (4.70%) 20,400 Cousins Properties, Inc. – (4.70%) .................................................................................... 196,044 ________________________________________________________________________

Industrial REITs – (4.82%) 56,000 Brixton PLC (United Kingdom) – (1.64%) ........................................................................ 68,796 21,600 DCT Industrial Trust Inc. – (1.89%) ................................................................................. 78,840 6,500 First Potomac Realty Trust – (1.29%) ............................................................................... 53,820 ________________________________________________________________________

201,456 ________________________________________________________________________

Office REITs – (24.75%) 5,100 Alexandria Real Estate Equities, Inc. – (7.25%) ............................................................... 302,634 7,600 Corporate Office Properties Trust – (4.80%) .................................................................... 200,488 6,100 Derwent London PLC (United Kingdom) – (1.25%) ......................................................... 52,109 8,300 Digital Realty Trust, Inc. – (6.34%) .................................................................................. 264,770 9,100 Douglas Emmett, Inc. – (2.03%) ....................................................................................... 84,630 800 Kilroy Realty Corp. – (0.44%) .......................................................................................... 18,288 7,000 SL Green Realty Corp. – (2.64%) ..................................................................................... 109,970 ________________________________________________________________________

1,032,889 ________________________________________________________________________

Residential REITs – (8.46%) 9,300 American Campus Communities, Inc. – (4.76%) .............................................................. 198,741 100 Equity Residential – (0.06%) ............................................................................................ 2,393 2,300 Essex Property Trust, Inc. – (3.64%) ................................................................................ 151,915 ________________________________________________________________________

353,049 ________________________________________________________________________

Retail REITs – (8.79%) 3,300 CBL & Associates Properties, Inc. – (0.32%) ................................................................... 13,431 3,100 Federal Realty Investment Trust – (3.76%) ...................................................................... 156,953 2,400 Simon Property Group, Inc. – (2.47%) ............................................................................. 103,152 4,700 Taubman Centers, Inc. – (2.24%) ...................................................................................... 93,295 ________________________________________________________________________

366,831 ________________________________________________________________________

Specialized REITs – (11.96%) 21,623 Cogdell Spencer, Inc. – (4.37%) ....................................................................................... 182,498 9,400 Host Hotels & Resorts Inc. – (1.21%) ............................................................................... 50,572 4,500 LaSalle Hotel Properties – (0.90%) ................................................................................... 37,485 8,200 Ventas, Inc. – (5.48%) ....................................................................................................... 228,534 ________________________________________________________________________

499,089 ________________________________________________________________________

2,649,358 ________________________________________________________________________

Real Estate Management & Development – (10.03%) Diversified Real Estate Activities – (5.63%) 3,700 Mitsui Fudosan Co., Ltd. (Japan) – (1.19%) ...................................................................... 49,844 7,700 St. Joe Co. * – (4.44%) ...................................................................................................... 185,185 ________________________________________________________________________

235,029 ________________________________________________________________________

Real Estate Operating Companies – (4.40%) 26,000 Forest City Enterprises, Inc., Class A – (4.22%) ............................................................... 175,760

18

DAVIS FUNDS SICAV Schedule of Investments DAVIS REAL ESTATE FUND - (CONTINUED) 31 January 2009 (Unaudited)



Real Estate – (Continued) Real Estate Management & Development – (Continued) Real Estate Operating Companies – (Continued) 28,600 Minerva PLC * (United Kingdom) – (0.18%) .....................................................................$ 7,558 ________________________________________________________________________

183,318 ________________________________________________________________________

418,347 ________________________________________________________________________

3,067,705 ________________________________________________________________________


INDUSTRIALS – (5.81%) Transportation – (5.81%)

5,400 Alexander & Baldwin, Inc. – (2.85%) ............................................................................... 119,016 1,860 Burlington Northern Santa Fe Corp. – (2.96%) ................................................................ 123,225 ________________________________________________________________________

242,241 ________________________________________________________________________

TOTAL INDUSTRIALS ........................................................................................................ 242,241 ________________________________________________________________________

Total Common Stock Listed on an Official Exchange ........................................... 3,489,996 ________________________________________________________________________

PREFERRED STOCK – (3.54%) FINANCIALS – (3.54%)

Real Estate – (3.54%) Real Estate Investment Trusts (REITs) – (3.54%) Industrial REITs – (1.09%) 2,700 AMB Property Corp., 6.75%, Series M – (1.09%) ............................................................ 45,306 ________________________________________________________________________

Office REITs – (1.68%) 1,400 Digital Realty Trust, Inc., 5.50%, 12/31/49, Cum. Conv. Pfd. – (0.69%) ......................... 28,837 1,044 Digital Realty Trust, Inc., 8.50%, Series A – (0.45%) ...................................................... 18,636 1,900 SL Green Realty Corp., 7.625%, Series C – (0.54%) ........................................................ 22,705 ________________________________________________________________________

70,178 ________________________________________________________________________

Residential REITs – (0.39%) 600 Equity Residential, 7.00%, Series E, Cum. Conv. Pfd. – (0.39%) .................................... 16,500 ________________________________________________________________________

Retail REITs – (0.38%) 2,040 CBL & Associates Properties, Inc., 7.375%, Series D – (0.38%) ..................................... 15,810 ________________________________________________________________________

TOTAL FINANCIALS .......................................................................................................... 147,794 ________________________________________________________________________

Total Preferred Stock Listed on an Official Exchange ......................................... 147,794 ________________________________________________________________________



19

DAVIS FUNDS SICAV Schedule of Investments DAVIS REAL ESTATE FUND - (CONTINUED) 31 January 2009 (Unaudited)


(Note 2) TRANSFERABLE SECURITIES NOT LISTED ON AN OFFICIAL EXCHANGE – (1.29%) CONVERTIBLE BONDS – (1.29%) FINANCIALS – (1.29%)

Real Estate – (1.29%) Real Estate Investment Trusts (REITs) – (1.29%) Industrial REITs – (1.07%) $ 84,000 Prologis, Conv. Sr. Notes, 2.25%, 04/01/37 – (1.07%) .....................................................$ 44,415 ________________________________________________________________________

Office REITs – (0.22%) 15,000 SL Green Realty Corp., 144A Conv. Sr. Notes, 3.00%, 03/30/27 (a) – (0.22%) ............... 9,356 ________________________________________________________________________

TOTAL FINANCIALS .......................................................................................................... 53,771 ________________________________________________________________________


EXCHANGE - (Average identified cost $48,003) ......................................................... 53,771 ________________________________________________________________________

Total Investments – (88.46%) – (Average identified cost $6,430,647) - (b)........................ 3,691,561 Other Assets Less Liabilities – (11.54%) ........................................................................... 481,794 ________________________________________________________________________

Net Assets – (100.00%) ......................................................................................... $ 4,173,355 ________________________________________________________________________ ________________________________________________________________________


(a)

These securities are subject to Rule 144A. The Directors of the Fund have determined that there is sufficient liquidity in these securities to realize current valuations. These securities amounted to $9,356, or 0.22% of the Fund's net assets, as of 31 January 2009.

(b) At 31 January 2009, unrealized appreciation (depreciation) of securities is as follows:




20

DAVIS FUNDS SICAV Statements of Net Assets At 31 January 2009 (Unaudited) (Expressed in U.S. Dollars)

Davis Value

Fund

Davis Opportunities

Fund Davis Financial

Fund Davis Real

Estate Fund SICAV Total ASSETS: Investments in securities at value

(Note 2) ..................................... $ 472,054,027 $ 12,324,304 $ 5,182,996 $ 3,691,561 $ 493,252,888Cash ............................................. 29,688 537,915 137,502 493,203 1,198,308Receivables: Capital stock sold ...................... 596,156 – – – 596,156 Dividends and interest .............. 571,910 13,339 8,208 5,327 598,784 Investment securities sold .......... 894,640 – 29,321 43,173 967,134Prepaid expenses .......................... 39,397 2,800 2,075 2,530 46,802Due from investment adviser ....... – – 10,140 8,700 18,840 Total Assets ........................... 474,185,818 12,878,358 5,370,242 4,244,494 496,678,912LIABILITIES: Payables: Capital stock reacquired ............ 13,656,501 7,923 652 – 13,665,076 Investment securities purchased 886,679 42,000 – 40,744 969,423Accrued expenses ........................ 1,121,385 56,782 48,386 30,395 1,256,948 Total Liabilities ..................... 15,664,565 106,705 49,038 71,139 15,891,447NET ASSETS ............................. $ 458,521,253 $ 12,771,653 $ 5,321,204 $ 4,173,355 $ 480,787,465

NET ASSETS CONSIST OF: Undistributed net investment

income (loss) ............................ $ (26,599,247) $ (3,220,773) $ (2,489,709) $ 46,223 $ (32,263,506)Unrealized depreciation on

investments ............................... (166,103,655) (5,926,392) (3,378,893) (2,739,058) (178,147,998)Accumulated net realized gains .... 201,196,243 10,997,689 5,364,117 3,306,956 220,865,005Paid-in capital .............................. 450,027,912 10,921,129 5,825,689 3,559,234 470,333,964 Net Assets .............................. $ 458,521,253 $ 12,771,653 $ 5,321,204 $ 4,173,355 $ 480,787,465

CLASS A SHARES Net assets .................................. $ 451,338,222 $ 12,644,822 $ 5,134,079 $ 3,975,203 $ 473,092,326 Shares outstanding .................... 25,784,476 916,534 581,346 462,603 27,744,959

Net asset value and redemption price per share (net assets/shares outstanding) ...... $ 17.50 $ 13.80 $ 8.83 $ 8.59

Maximum offering price per share (100/94.25 of net asset value) ..................................... $ 18.57 $ 14.64 $ 9.37 $ 9.11

CLASS B SHARES Net assets .................................. $ 7,183,031 $ 126,831 $ 187,125 $ 198,152 $ 7,695,139 Shares outstanding .................... 447,886 10,014 23,060 23,708 504,668

Net asset value, offering, and redemption price per share (net assets/shares outstanding) ........................... $ 16.04 $ 12.67 $ 8.11 $ 8.36


21

DAVIS FUNDS SICAV Statements of Operations Six months ended 31 January 2009 (Unaudited) (Expressed in U.S. Dollars)


Davis Value

Fund

Davis Opportunities


Fund Davis Real

Estate Fund SICAV Total

INVESTMENT INCOME (LOSS): Income: Dividends, net (Note 2) ............ $ 4,786,637 $ 137,169 $ 51,373 $ 78,174 $ 5,053,353 Interest ...................................... 215,428 11,956 434 3,323 231,141 Total income .......................... 5,002,065 149,125 51,807 81,497 5,284,494Expenses: Management fees (Note 4) ....... 4,502,048 116,758 61,299 41,814 4,721,919 Custodian fees .......................... 75,808 3,435 2,524 3,171 84,938 Transfer agent fees: Class A .................................. 236,802 21,632 19,991 11,226 289,651 Class B .................................. 13,850 1,065 1,641 967 17,523 Audit fees ................................. 26,700 8,300 10,750 5,500 51,250 Legal fees ................................. 17,500 488 248 250 18,486 Accounting fees......................... 171,667 10,426 8,152 7,986 198,231 Other charges & taxes ............... 247,602 23,413 21,677 20,462 313,154

Service fees paid under

distribution plan (Note 4): Class B ................................ 50,661 888 1,595 1,970 55,114Total expenses ............................. 5,342,638 186,405 127,877 93,346 5,750,266

Reimbursement of expenses by

investment adviser (Note 4) ... – (705) (24,240) (21,660) (46,605) Net expenses ............................. 5,342,638 185,700 103,637 71,686 5,703,661 Net investment income (loss) . (340,573) (36,575) (51,830) 9,811 (419,167)

REALIZED & UNREALIZED LOSS ON INVESTMENTS:

Net realized loss from investments and foreign currency transactions ............. (30,244,813) (2,343,794) (151,054) (1,437,246) (34,176,907)

Net change in unrealized appreciation (depreciation) on investments ............................ (244,421,193) (4,086,053) (3,829,612) (2,111,615) (254,448,473)

Net realized and unrealized loss on investments and foreign currency transactions ............. (274,666,006) (6,429,847) (3,980,666) (3,548,861) (288,625,380)

Net decrease in net assets

resulting from operations ....... $ (275,006,579) $ (6,466,422) $ (4,032,496) $ (3,539,050) $ (289,044,547)

22

DAVIS FUNDS SICAV Statements of Changes in Net Assts Six months ended 31 January 2009 (Unaudited) (Expressed in U.S. Dollars)


Davis Value

Fund

Davis Opportunities


Fund Davis Real


OPERATIONS: Net investment income (loss) .... $ (340,573) $ (36,575) $ (51,830) $ 9,811 $ (419,167)

Net realized loss from investments and foreign currency transactions ............. (30,244,813) (2,343,794) (151,054) (1,437,246) (34,176,907)

Net change in unrealized appreciation (depreciation) on investments during the period ..................................... (244,421,193) (4,086,053) (3,829,612) (2,111,615) (254,448,473)


resulting from operations ....... (275,006,579) (6,466,422) (4,032,496) (3,539,050) (289,044,547)

CAPITAL SHARE TRANSACTIONS (NOTE 5):

Class A .................................. 16,084 (361,123) (4,190,877) 518,853 (4,017,063) Class B .................................. (1,358,357) (28,508) (109,105) (165,325) (1,661,295)

Total decrease in net assets . (276,348,852) (6,856,053) (8,332,478) (3,185,522) (294,722,905)

NET ASSETS: Beginning of period .................. 734,870,105 19,627,706 13,653,682 7,358,877 775,510,370 End of period ............................ $ 458,521,253 $ 12,771,653 $ 5,321,204 $ 4,173,355 $ 480,787,465

23

DAVIS FUNDS SICAV Statements of Changes in Net Assts Year ended 31 July 2008 (Expressed in U.S. Dollars)


Davis Value

Fund

Davis Opportunities


Fund Davis Real


OPERATIONS: Net investment income (loss) ... $ (2,734,580) $ (277,606) $ (162,473) $ 35,980 $ (3,138,679)

Net realized gain (loss) from investments and foreign currency transactions ............. 56,919,824 1,734,514 728,850 (254,763) 59,128,425

Net change in unrealized appreciation (depreciation) on investments during the year ... (173,639,734) (7,761,983) (4,591,767) (695,105) (186,688,589)


resulting from operations ....... (119,454,490) (6,305,075) (4,025,390) (913,888) (130,698,843)

DIVIDENDS AND DISTRIBUTIONS Net investment income: Class A .................................. – – – (148,392) (148,392) Class B .................................. – – – (1,336) (1,336)

CAPITAL SHARE TRANSACTIONS (NOTE 5):

Class A .................................. (24,171,932) (2,309,176) 4,576,131 (354,837) (22,259,814) Class B .................................. (2,939,113) (946,547) 82,276 (114,566) (3,917,950)

Total increase (decrease) in

net assets ......................... (146,565,535) (9,560,798) 633,017 (1,533,019) (157,026,335)

NET ASSETS: Beginning of year ..................... 881,435,640 29,188,504 13,020,665 8,891,896 932,536,705 End of year ............................... $ 734,870,105 $ 19,627,706 $ 13,653,682 $ 7,358,877 $ 775,510,370

24

DAVIS FUNDS SICAV Notes to Financial Statements At 31 January 2009 (Unaudited) NOTE 1 – GENERAL

Davis Funds SICAV (“SICAV”) is an investment company organized under the laws of the Grand-Duchy of Luxembourg, qualifying as a Société d'investissement à capital variable (“SICAV”). The SICAV was governed by Part I of the amended Luxembourg law of 30 March 1988 until 13 February 2007. Since that date, the SICAV is subject to the amended law dated 20 December 2002. The SICAV is registered under number B 49.537 at the Register of Commerce at the District Court of Luxembourg, where its Articles of Incorporation are available for inspection (as well as at the SICAV’s registered office at 49, Avenue J.F. Kennedy, 1855 Kirchberg, Luxembourg).

The SICAV was incorporated in Luxembourg on 19 December 1994 for an unlimited period. The initial capital was 45,000 USD, represented by 4,500 shares. At the time of incorporation, Davis Advisors purchased 4,499 shares. The SICAV issues different classes of shares. The subscription proceeds of each class are invested in a specific pool of assets (“Fund”), which is invested in accordance with the specific investment policy applicable to such Fund. Presently, the SICAV has four such Funds, Davis Value Fund and Davis Opportunities Fund, which commenced operations on 10 April 1995, and Davis Financial Fund and Davis Real Estate Fund, which commenced operations on 15 September 1997. On 5 September 2000 each Fund commenced the offering of shares in two classes, Class A and Class B. The Class A shares are sold with a front-end sales charge and the Class B shares are sold at net asset value and may be subject to a contingent deferred sales charge upon redemption. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by each class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the SICAV in the preparation of its financial statements.

SECURITY VALUATION – The value of securities, which are quoted or dealt in on any stock exchange, is based on the last closing price known/last available price. In some circumstances, securities are valued based upon the average price on the exchange, which is normally the principal market of such securities. Securities which are not quoted and do not trade on any stock exchange, but for which an active trading market exists, are valued in a similar manner to that provided for securities which are quoted or dealt in on any stock exchange. Securities, which are not quoted or dealt in on a regulated market, as well as quoted and non-quoted securities on such other markets, for which no current market prices are available, or for which current market prices are not representative of the fair market value, are valued at fair value as determined prudently and in good faith by, or at the direction of, the Board of Directors. Investments in short-term securities (maturing in sixty days or less) are valued at amortized cost, which approximates market value.

SECURITIES TRANSACTIONS AND RELATED INVESTMENT INCOME – Security transactions are accounted for on the trade date (date the order to buy or sell is executed) with gain or loss on the sale of securities being determined based upon average cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Dividend income may be subject to withholding taxes in the distributing country. These taxes may not be recoverable. The amount of taxes withheld during the six months ended 31 January 2009 amounted to $1,296,284, $23,965, $20,338, and $31,763, for Davis Value Fund, Davis Opportunities Fund, Davis Financial Fund, and Davis Real Estate Fund, respectively.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS – Dividends and distributions to shareholders are recorded on the ex-dividend date.

REPURCHASE AGREEMENTS – The Funds may transfer uninvested cash balances into repurchase agreement accounts secured by U.S. Government securities. A custodian bank holds securities pledged as collateral for repurchase agreements until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

NOTE 3 – PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds of sales of investment securities (excluding short-term securities) during the six months ended 31 January 2009 were as follows:

Purchases Sales Davis Value Fund............................................................ $ 54,166,112 $ 78,833,119Davis Opportunities Fund ............................................... 3,321,259 3,580,211Davis Financial Fund ...................................................... 552,971 4,855,471Davis Real Estate Fund ................................................... 2,241,265 1,752,513

25

DAVIS FUNDS SICAV Notes to Financial Statements – (Continued) At 31 January 2009 (Unaudited) NOTE 4 – INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Advisory fees are paid monthly to Davis Advisors, the Funds’ investment adviser (“Investment Adviser”), at the annual rate of 1.50% of the average daily net assets of Davis Value Fund, Davis Opportunities Fund, Davis Financial Fund, and Davis Real Estate Fund. The Investment Adviser also charges a trail commission, payable monthly, of 1.00% per annum on the average net assets of Class B shares of each Fund. Out of such commission, the Investment Adviser may make payments to dealers who act in the distribution of shares on the basis of the value of the shares owned by such dealers’ clients during any given period. The Investment Adviser has agreed to reimburse each Fund’s expenses to the extent necessary to cap the total annual operating expenses (Class A shares, 2.50% and Class B shares, 3.50% for each Fund). During the six months ended 31 January 2009, such reimbursements amounted to $705, $24,240, and $21,660 for the Davis Opportunity Fund, Davis Financial Fund, and Davis Real Estate Fund, respectively.

Certain directors of the SICAV are also officers of the Investment Adviser.

NOTE 5 – CAPITAL STOCK

Transactions in capital stock were as follows:

Davis Value Fund Class A Six months ended

31 January 2009 (Unaudited)

Year ended 31 July 2008

Shares Amount Shares Amount Shares subscribed ............................... 4,372,630 $ 102,562,469 12,329,009 $ 373,141,134 Shares reacquired................................ (4,769,806) (102,546,385) (12,867,241) (397,313,066)

Net increase (decrease)................ (397,176) $ 16,084 (538,232) $ (24,171,932)

Class B Six months ended 31 January 2009

(Unaudited) Year ended 31 July 2008

Shares Amount Shares Amount Shares subscribed ............................... 20,118 $ 394,536 58,555 $ 1,661,403 Shares reacquired................................ (93,726) (1,752,893) (159,183) (4,600,516)

Net decrease ................................ (73,608) $ (1,358,357) (100,628) $ (2,939,113)

Davis Opportunities Fund Class A Six months ended




Net decrease ................................ (29,475) $ (361,123) (94,726) $ (2,309,176)



Shares Amount Shares Amount Shares subscribed ............................... 340 $ 5,141 1,566 $ 37,690 Shares reacquired................................ (2,638) (33,649) (47,245) (984,237)

Net decrease ................................ (2,298) $ (28,508) (45,679) $ (946,547)

26

DAVIS FUNDS SICAV Notes to Financial Statements – (Continued) At 31 January 2009 (Unaudited) NOTE 5 – CAPITAL STOCK – (CONTINUED)

Davis Financial Fund Class A Six months ended




Net increase (decrease)................ (303,090) $ (4,190,877) 250,707 $ 4,576,131



Shares Amount Shares Amount Shares subscribed ............................... – $ – 19,593 $ 322,190 Shares reacquired................................ (10,808) (109,105) (13,614) (239,914)

Net increase (decrease)................ (10,808) $ (109,105) 5,979 $ 82,276

Davis Real Estate Fund Class A Six months ended



Shares Amount Shares Amount Shares subscribed ............................... 120,588 $ 1,212,077 270,855 $ 5,017,580 Shares issued in reinvestment of

distributions ..................................... – – 5,116 89,120 120,588 1,212,077 275,971 5,106,700 Shares reacquired................................ (64,711) (693,224) (296,028) (5,461,537)

Net increase (decrease)................ 55,877 $ 518,853 (20,057) $ (354,837)



Shares Amount Shares Amount Shares subscribed ............................... 817 $ 9,425 12,604 $ 212,877 Shares issued in reinvestment of

distributions ..................................... – – 26 437 817 9,425 12,630 213,314 Shares reacquired................................ (15,479) (174,750) (18,840) (327,880)

Net decrease ................................ (14,662) $ (165,325) (6,210) $ (114,566) NOTE 6 – TAXATION

It is the SICAV's policy to comply with the requirements of Luxembourg’s current taxation laws and practices. The only tax for which the SICAV is liable is a tax of 0.05% per annum calculated based on the net asset value at the end of each quarter, which is payable quarterly at the end of the relevant quarter.

NOTE 7 – CHANGES IN THE INVESTMENT PORTFOLIO

Changes in the investment portfolio for the year may be requested from the registered office.

27

DAVIS FUNDS SICAV Financial Highlights DAVIS VALUE FUND Financial Highlights for a share of capital stock outstanding throughout each period.

Class A Six months

ended 31 January 2009 Year ended 31 July

(Unaudited) 2008 2007 2006 Net Asset Value, Beginning of Period................................$ 27.56 $ 32.29 $ 28.75 $ 26.64 Income (Loss) from Investment Operations

Net Investment Loss........................................................ (0.01)2 (0.10)2 (0.10)2 (0.11)2

Net Gains (Losses) on Securities (both realized and unrealized) ................................................................... (10.05) (4.63) 3.64 2.22 Total from Investment Operations............................... (10.06) (4.73) 3.54 2.11

Net Asset Value, End of Period..........................................$ 17.50 $ 27.56 $ 32.29 $ 28.75 Total Return1 ...................................................................... (36.50)% (14.65)% 12.31% 7.92% Ratios/Supplemental Data

Net Assets, End of Period (000 omitted).........................$ 451,338 $ 721,620 $ 862,711 $ 998,023 Ratio of Expenses to Average Net Assets ....................... 1.76%* 1.74% 1.72% 1.76% Ratio of Net Investment Loss to Average

Net Assets.................................................................... (0.09)%* (0.31)% (0.31)% (0.40)% Portfolio Turnover Rate3 ................................................. (11.99)% (26.03)% (34.61)% (31.56)%

1 Sales charges are not reflected in the calculation.

2 Per share calculations were based on average shares outstanding for the period. 3 Total securities transactions less total investor transactions, divided by monthly average assets. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. The portfolio turnover rate is unaudited. * Annualized See Notes to Financial Statements

28

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS VALUE FUND

Financial Highlights for a share of capital stock outstanding throughout each period.

Class B Six months ended

31 January 2009 Year ended 31 July (Unaudited) 2008 2007 2006 Net Asset Value, Beginning of Period............................ $ 25.41 $ 30.10 $ 27.10 $ 25.39 Income (Loss) from Investment Operations

Net Investment Loss ................................................... (0.13)2 (0.41)2 (0.42)2 (0.40)2

Net Gains (Losses) on Securities (both realized and unrealized) ........................................................ (9.24) (4.28) 3.42 2.11 Total from Investment Operations........................... (9.37) (4.69) 3.00 1.71

Net Asset Value, End of Period...................................... $ 16.04 $ 25.41 $ 30.10 $ 27.10 Total Return1 .................................................................. (36.88)% (15.58)% 11.07% 6.73% Ratios/Supplemental Data

Net Assets, End of Period (000 omitted) .................... $ 7,183 $ 13,250 $ 18,724 $ 19,726 Ratio of Expenses to Average Net Assets................... 2.95%* 2.90% 2.84% 2.90% Ratio of Net Investment Loss to Average

Net Assets................................................................ (1.28)%* (1.47)% (1.43)% (1.54)% Portfolio Turnover Rate3............................................. (11.99)% (26.03)% (34.61)% (31.56)%

1 Sales charges are not reflected in the calculation. 2 Per share calculations were based on average shares outstanding for the period. 3 Total securities transactions less total investor transactions, divided by monthly average assets. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. The portfolio turnover rate is unaudited. * Annualized See Notes to Financial Statements

29

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS OPPORTUNITIES FUND


Class A Six months ended






Net Assets................................................................ (0.45)%* (1.07)% (1.18)% (1.42)% Portfolio Turnover Rate3............................................. 30.64% 60.62% 37.92% 49.95%

1 Sales charges are not reflected in the calculation. 2 Per share calculations were based on average shares outstanding for the period. 3 Total securities transactions less total investor transactions, divided by monthly average assets. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. The portfolio turnover rate is unaudited. * Annualized See Notes to Financial Statements

30

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS OPPORTUNITIES FUND







Net Assets, End of Period (000 omitted) .................... $ 127 $ 233 $ 1,442 $ 1,097 Ratio of Expenses to Average Net Assets................... 3.50%* 3.24% 3.12% 3.43% Ratio of Net Investment Loss to Average

Net Assets................................................................ (1.58)%* (2.19)% (2.25)% (2.44)% Portfolio Turnover Rate3............................................. 30.64% 60.62% 37.92% 49.95%

1 Sales charges are not reflected in the calculation. 2 Per share calculations were based on average shares outstanding for the period. 3 Total securities transactions less total investor transactions, divided by monthly average assets. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation. The portfolio turnover rate is unaudited. * Annualized


31

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS FINANCIAL FUND








Net Assets................................................................ (1.23)%* (1.13)% (1.48)% (1.67)% Portfolio Turnover Rate3............................................. 2.37% (30.84)% (4.24)% (2.67)%



32

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS FINANCIAL FUND





Net Gains (Losses) on Securities (both realized and unrealized)........................................... (5.54) (4.28) 3.09 1.27 Total from Investment Operations........................... (5.66) (4.62) 2.64 0.86


Net Assets, End of Period (000 omitted) .................... $ 187 $ 466 $ 513 $ 585 Ratio of Expenses to Average Net Assets................... 3.50%* 3.50% 3.50% 3.50% Ratio of Net Investment Loss to Average

Net Assets................................................................ (2.23)%* (2.19)% (2.48)% (2.67)% Portfolio Turnover Rate3............................................. 2.37% (30.84)% (4.24)% (2.67)%



33

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS REAL ESTATE FUND




Net Investment Income............................................... 0.032 0.102 0.232 0.062 Net Gains (Losses) on Securities (both realized

and unrealized) ........................................................ (8.01) (2.10) (0.18) 2.26 Total from Investment Operations........................... (7.98) (2.00) 0.05 2.32

Dividends and Distributions

Net Investment Income ............................................... – (0.35) (0.05) (0.07) Total Dividends and Distributions........................... – (0.35) (0.05) (0.07)


Net Assets, End of Period (000 omitted) .................... $ 3,975 $ 6,737 $ 8,073 $ 11,148 Ratio of Expenses to Average Net Assets................... 2.50%* 2.47% 2.31% 2.50% Ratio of Net Investment Income to Average

Net Assets................................................................ 0.42%* 0.54% 1.06% 0.38% Portfolio Turnover Rate3............................................. 33.40% 4.16% 79.33% 17.14%



34

DAVIS FUNDS SICAV Financial Highlights – (Continued) DAVIS REAL ESTATE FUND




Net Investment Income (Loss).................................... (0.04)2 (0.09)2 0.022 (0.11)2

Net Gains (Losses) on Securities (both realized and unrealized)........................................... (7.80) (2.03) (0.17) 2.22 Total from Investment Operations........................... (7.84) (2.12) (0.15) 2.11

Dividends and Distributions

Net Investment Income ............................................... – (0.04) – – Total Dividends and Distributions........................... – (0.04) – –

Net Asset Value, End of Period...................................... $ 8.36 $ 16.20 $ 18.36 $ 18.51 Total Return1 .................................................................. (48.40)% (11.56)% (0.81)% 12.87% Ratios/Supplemental Data

Net Assets, End of Period (000 omitted) .................... $ 198 $ 621 $ 818 $ 758 Ratio of Expenses to Average Net Assets................... 3.50%* 3.48% 3.38% 3.50% Ratio of Net Investment Income (Loss) to

Average Net Assets ................................................. (0.58)%* (0.47)% 0.11% (0.62)% Portfolio Turnover Rate .............................................. 33.40% 4.16% 79.33% 17.14%



35

DAVIS FUNDS SICAV

Directors Andrew A. Davis Kenneth C. Eich Roland Simon

Custodian and Corporate and Domiciliary Agent State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy 1855 Kirchberg Luxembourg

Transfer Agent and Registrar Bank of New York (Luxembourg) S.A. Aerogolf Center 1A, Rue Hoehenhof 1736 Senningerberg Luxembourg

Independent Auditor Deloitte S.A. 560, Rue de Neudorf 2220 Luxembourg Luxembourg

Legal Advisers in Luxembourg Elvinger, Hoss & Prussen 2, Place Winston Churchill B.P. 425 2014 Luxembourg Luxembourg

Investment Adviser Davis Selected Advisers, L.P. (doing business as “Davis Advisors”) 2949 East Elvira Road, Suite 101 Tucson, Arizona 85756 USA

General Distributor Davis Distributors, LLC 2949 East Elvira Road, Suite 101 Tucson, Arizona 85756 USA

Information Agent NORAMCO Asset Management S.A. NORAMCO AG 117, Rue Krunn Schloss Weilerbach 6453 Echternach 54669 Bollendorf Luxembourg Germany

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davis funds sicav investment company

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