¹Davis New York Venture Fund: As of the most recent prospectus, the gross expense ratios were: Class A, 0.91%; Class B, 2.06%; Class C, 1.73%; Class Y, 0.66%; Class R, 1.19%. The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses for Class B shares at 1.75% until December 1, 2023. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to December 1, 2023, without the consent of the Board of Directors. Davis International Fund: As of the most recent prospectus, the expense ratios were: Class A, 1.13%; Class C, 1.94%; Class Y, 0.80%. Davis Global Fund: As of the most recent prospectus, the expense ratios were: Class A, 0.96%; Class C, 1.74%; Class Y, 0.72%. Davis Opportunity Fund: As of the most recent prospectus, the gross expense ratios were: Class A, 0.94%; Class C, 1.76%; Class Y, 0.69%. The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses for Class C shares at 1.75% until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2024, without the consent of the Board of Directors. Davis Financial Fund: As of the most recent prospectus, the expense ratios were: Class A, 0.95%; Class C, 1.73%; Class Y, 0.72%. Davis Real Estate Fund: As of the most recent prospectus, the gross expense ratios were: Class A, 0.95%; Class C, 1.93%; Class Y, 0.72%. The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses for Class C shares at 1.75% and for Class Y shares at 0.75% until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2024, without the consent of the Board of Directors. Davis Appreciation & Income Fund: As of the most recent prospectus, the gross expense ratios were: Class A, 1.00%; Class C, 1.97%; Class Y, 0.68%. The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses for Class A shares at 1.00% and for Class C shares at 1.75% until May 1, 2024. After that date, there is no assurance that the adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2024 without the consent of the Board of Directors. Davis Government Bond Fund: As of the most recent prospectus, the gross expense ratios were: Class A, 1.26%; Class C, 2.84%; Class Y, 0.95%. The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses for Class A shares at 1.00%, for Class C shares at 1.75%, and for Class Y shares at 0.75% until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2024, without the consent of the Board of Directors. Davis Government Money Market Fund: As of the most recent prospectus, the net expense ratio for all classes was 0.45%. The total annual operating expense ratio may vary in future years. The Adviser is contractually committed to waive fees and/or reimburse the fund’s expenses such that net investment income will not be less than zero until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2024, without the consent of the board of directors. The expense ratio before the fee waiver was 0.60%. Davis Value Portfolio: As of the most recent prospectus, the expense ratio was 0.69%. Davis Real Estate Portfolio: As of the most recent prospectus, the gross expense ratio was 1.07%. The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 1.00% until May 1, 2024. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2024, without the consent of the Board of Directors. Davis Financial Portfolio: As of the most recent prospectus, the expense ratio was 0.75%.

The maximum sales charge on a Class A share is 4.75% and on a Class C share the maximum contingent deferred sales charge is 1%.

All total return figures include reinvestment of dividends and capital gains distributions. Class B shares automatically convert to Class A shares after seven years. Class B shares' performance for the periods exceeding seven years includes the first seven years of Class B share performance and Class A share performance thereafter. Class C shares automatically convert to Class A shares after eight years. Class C shares' performance for the periods exceeding eight years includes the first eight years of Class C share performance and Class A share performance thereafter. Total returns for periods of less than one full year for classes of shares are cumulative total returns, which are not annualized.

²Risk Disclosures. Some important risks of an investment in the Funds/Portfolios are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; financial services risk: investing a significant portion of assets in the financial services sector may cause a fund to be more volatile; foreign country risk: companies operating, incorporated or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable and foreign financial reporting standards may not be as rigorous as they are in the United States; under $10 billion market capitalization risk: small- and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; foreign currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. The Fund may, but generally does not hedge its currency risk; concentrated portfolio risk: the Fund invests principally in a single market sector, and any fund that has a concentrated portfolio is particularly vulnerable to the risks of its target sector; emerging market risk: the Fund invests in emerging or developing markets whose securities may be more difficult to sell at an acceptable price and their prices may be more volatile than securities of issuers in more developed markets. In unusual situations it may not be possible to repatriate sales proceeds in a timely fashion. These investments may be very speculative; concentrated real estate portfolio risk and focused portfolio risk: Davis Real Estate Fund primarily invests in real estate securities, and it may be subject to greater risks than a fund that does not concentrate it investments in a particular sector. Please see the prospectus for a complete listing and a description of the principal risks.

Shares of the Davis Funds 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.

³Davis Financial Fund

The Davis Financial Fund received a favorable class action settlement from a company that it no longer owns. This settlement had a material impact on the investment performance of the Fund in 2009.

Davis Opportunity Fund

All total return figures include reinvestment of dividends and capital gains distributions. Total returns for periods of less than one full year for classes of shares are cumulative total returns, which are not annualized. 

The Fund’s performance benefited from an IPO purchase in 2010.  After purchase, the IPO rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPO was an unusual occurrence.

Davis Global Fund

During the period from inception (December 22, 2004) through December 29, 2006 only the directors, officers and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. During this time period the Fund's investment strategies and operations were substantially the same as they are expected to be in the future.

The Fund’s performance benefited from an IPO purchase in 2010.  After purchase, the IPO rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPO was an unusual occurrence.

Davis International Fund

During the period from inception (December 29, 2006) through December 30, 2009, only the directors, officers and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. During this time period the Fund's investment strategies and operations were substantially the same as they are expected to be in the future.

The Fund’s performance benefited from an IPO purchase in 2010.  After purchase, the IPO rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPO was an unusual occurrence. 

Davis Government Bond Fund

All total return figures include reinvestment of dividends and capital gains distributions. Total returns for periods of less than one full year for classes of shares are cumulative total returns, which are not annualized.

⁴Davis New York Venture Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. The Fund invests primarily in equity securities issued by large companies with market capitalizations of at least $10 billion. Some important risks of an investment in the Fund are: stock market risk: stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines; manager risk: poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective; common stock risk: common stock represents an ownership position in a company. Events that have a negative impact on a business probably will be reflected in a decline in the price of its common stock. Common shareholders have a subordinate claim on a companies assets to more senior securities, including owners of preferred stock and debt securities; financial services risk: investing a significant portion of assets in the financial services sector may cause a fund to be more volatile as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund; and foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. As of March 31, 2023, the Fund had approximately 23.1% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks.

⁶Outperforming the Market. New York Venture Fund average annual total returns for Class A shares were compared against the returns earned by the S&P 500^® Index as of the end of each quarter for all time periods shown from February 17, 1969 through March 31, 2023. The Fund’s returns assume an investment in Class A shares on the first day of each quarter with all dividends and capital gain distributions reinvested for the period. The returns are not adjusted for any sales charge that may be imposed. If a sales charge was imposed, the reported figures would be lower. The figures shown reflect past results; past performance is not a guarantee of future results. There can be no guarantee that the Fund will continue to deliver consistent investment performance. The performance presented includes periods of bear markets when performance was negative. Equity markets are volatile and an investor may lose money. Returns for other share classes will vary.

⁸Fund expense ratio is as of most recent prospectus. Lipper Category Average expense ratio is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average turnover is as of most recent quarter end. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of December 31, 2022, the Davis New York Venture Fund had been categorized by Lipper as Large Cap Core.

Large-Cap Core funds invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average characteristics compared to the S&P 500^® Index.

The Lipper Average Large Cap peer group is a combined category including the Lipper Large Cap Growth, Core and Value peer groups. Lipper Large-Cap peer groups are funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Funds are categorized as Growth, Core or Value based on their style characteristics. Growth funds typically have above-average characteristics, Core funds typically have average characteristics and Value funds typically have below-average characteristics, compared to the S&P 500^® Index.

⁹Portfolio characteristics are subject to change. The holdings presented may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual Report, or Form N-Port.

The Fund generally uses Global Industry Classification Standard (“GICS”) as developed by Morgan Stanley Capital International and Standard & Poor’s Corporation to determine industry classification. GICS presents industry classification as a series of levels (i.e. sector, industry group, industry, and sub-industry). Allocations shown are at the Industry Group level except for the following industry groups which have been combined as indicated: Technology: Software & Services, Technology Hardware & Equipment, Semiconductors & Semiconductor Equipment; Pharmaceutical & Health Care: Pharmaceuticals, Biotechnology & Life Sciences, Health Care Equipment & Services. Allocations shown are at the sub-industry level for Real Estate securities. Non-Real Estate securities are shown at the industry group level. The Advisor may reclassify a company into an entirely different industry if it believes that the GICS classification for a specific company does not accurately describe the company. Industry Group weightings are subject to change.

Broker-dealers and other financial intermediaries may charge Davis Advisors substantial fees for selling its products and providing continuing support to clients and shareholders. For example, broker-dealers and other financial intermediaries may charge: sales commissions; distribution and service fees; and record-keeping fees. In addition, payments or reimbursements may be requested for: marketing support concerning Davis Advisors' products; placement on a list of offered products; access to sales meetings, sales representatives and management representatives; and participation in conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events and other dealer-sponsored events. Financial advisors should not consider Davis Advisors' payment(s) to a financial intermediary as a basis for recommending Davis Advisors.

Davis Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in the prospectus. Visit davisfunds.com or call 800-279-0279 for the most current public portfolio holdings information.

Shares of the Davis Funds 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.

¹⁰Davis International Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Some important risks of an investment in the Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably and have the potential for loss; company risk: equity securities represent ownership positions in companies. Over time, the market value of a common stock should reflect the success or failure of the company issuing the stock; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States; foreign currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. The Fund may, but generally does not hedge its currency risk; exposure to industry or sector risk: significant exposure to a particular industry or sector may cause the Fund to be more impacted by risks relating to and developments affecting the industry or sector; small- and medium-capitalization risk: small and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund; and emerging market risk: the Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets. These securities may be more difficult to sell at an acceptable price and their prices may be more volatile than securities of issuers in more developed markets. Settlements of trades may be subject to greater delays so that the Fund might not receive the proceeds of a sale of a security on a timely basis. In unusual situations it may not be possible to repatriate sales proceeds in a timely fashion. These investments may be very speculative. As of March 31, 2023, the Fund had approximately 48.3% of assets invested in securities from emerging markets. See the prospectus for a complete listing of the principal risks.

During the period from inception (December 29, 2006) through December 30, 2009, only the directors, officers and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. Since inception, the Fund’s investment strategies and operations have remained substantially the same.

¹¹Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of most recent quarter end. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2023, the Davis International Fund had been categorized by Lipper as International Multi-Cap Growth.

International Multi-Cap Growth funds invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap growth funds typically have above-average characteristics compared to the MSCI EAFE Index.

¹²The S&P 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. Investments cannot be made directly in an index.

¹³The MSCI ACWI (All Country World Index) ex USA is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in an index.

¹⁴Davis Global Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Some important risks of an investment in the Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably and have the potential for loss; company risk: equity securities represent ownership positions in companies. Over time, the market value of a common stock should reflect the success or failure of the company issuing the stock; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States; foreign currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. The Fund may, but generally does not hedge its currency risk; small- and medium-capitalization risk: exposure to industry or sector risk: significant exposure to a particular industry or sector may cause the Fund to be more impacted by risks relating to and developments affecting the industry or sector; small and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund; and emerging market risk: the Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets. These securities may be more difficult to sell at an acceptable price and their prices may be more volatile than securities of issuers in more developed markets. Settlements of trades may be subject to greater delays so that the Fund might not receive the proceeds of a sale of a security on a timely basis. In unusual situations it may not be possible to repatriate sales proceeds in a timely fashion. These investments may be very speculative. As of March 31, 2023, the Fund had approximately 27.5% of assets invested in securities from emerging markets. See the prospectus for a complete listing of the principal risks.

During the period from inception (December 22, 2004) through December 29, 2006, only the directors, officers and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. Since inception, the Fund’s investment strategies and operations have remained substantially the same.

¹⁵Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of most recent quarter end. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2023, the Davis Global Fund had been categorized by Lipper as Global Multi-Cap Growth.

Global Multi-Cap Growth funds invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have above-average characteristics compared to the MSCI World Index.

¹⁶The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index.

¹⁷Davis Opportunity Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Some important risks of an investment in the Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably and have the potential for loss; company risk: equity securities represent ownership positions in companies. Over time, the market value of a common stock should reflect the success or failure of the company issuing the stock; under $10 billion market capitalization risk: small- and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund; and foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. As of March 31, 2023, the Fund had approximately 15.1% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks.

Davis Advisors began active daily management of the Fund on January 1, 1999. From May 1, 1984, until December 31, 1998, Davis Advisors had a subadvisor that handled the active daily management of the fund.

Small-cap companies have market capitalizations less than $3 billion. Mid-cap companies have market capitalizations from $3 billion to $10 billion. Large-cap companies have market capitalizations more than $10 billion. Under normal circumstances, Davis Opportunity Fund invests the majority of its assets in equity securities issued by companies with market capitalizations of less than $20 billion.

¹⁹Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of most recent quarter end. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2023, the Davis Opportunity Fund had been categorized by Lipper as Multi-Cap Core.

Multi-Cap Core funds invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-Cap Core funds typically have average characteristics compared to the S&P SuperComposite 1500 Index.

²⁰The S&P 1500® Index is comprised of the S&P 500®, MidCap 400®, and SmallCap 600®, which together represent approximately 90% of the U.S. equity market.

²¹Davis Financial Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Under normal circumstances the Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the financial services sector. Some important risks of an investment in the Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably and have the potential for loss; company risk: equity securities represent ownership positions in companies. Over time, the market value of a common stock should reflect the success or failure of the company issuing the stock; concentrated portfolio risk: the fund invests principally in a single market sector, and any fund that has a concentrated portfolio is particularly vulnerable to the risks of its target sector; financial services risk: investing in the financial services sector may cause the fund to be more sensitive to problems affecting financial companies; focused portfolio risk: funds that invest in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the value of a funds total portfolio; under $10 billion market capitalization risk: small- and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; interest rate sensitivity: interest rates may have a powerful influence on the earnings of financial institutions; credit risk: financial institutions are often highly leveraged and may not be unable to make timely payments of interest and principal; fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund; and foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. As of March 31, 2023, the Fund had approximately 24.7% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks.

²³Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of most recent quarter end. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2023, the Davis Financial Fund had been categorized by Lipper as Financial Services.

Financial Service funds invest primarily in equity securities of domestic companies engaged in providing financial services, including but not limited to banks, finance companies, insurance companies, and securities/brokerage firms.

²⁴Davis 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. Under normal circumstances the Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in equity, convertible, and debt securities issued by companies principally engaged in the real estate industry. Some important risks of an investment in the Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably and have the potential for loss; company risk: equity securities represent ownership positions in companies. Over time, the market value of a common stock should reflect the success or failure of the company issuing the stock; concentrated portfolio risk: the fund invests principally in a single market sector, and any fund that has a concentrated portfolio is particularly vulnerable to the risks of its target sector; real estate portfolio risk: real estate securities are susceptible to the many risks associated with the direct ownership of real estate, including declines in property values, increases in property taxes, operating expenses, interest rates or competition, overbuilding, changes in zoning laws, or losses from casualty or condemnation; focused portfolio risk: funds that invest in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the value of a funds total portfolio; under $10 billion market capitalization risk: small- and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; variable current income: the income which the fund pays to investors is not stable; fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund; and foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. See the prospectus for a complete listing of the principal risks.

²⁶Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of March 31, 2023. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2023, the Davis Real Estate Fund had been categorized by Lipper as Real Estate.

Real Estate funds invest primarily in equity securities of domestic and foreign companies engaged in the real estate industry.

²⁷The S&P 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. Investments cannot be made directly in an index. 

²⁸Davis Appreciation and Income 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 Fund is subject to both equity and debt risk. Some important risks of an investment in the Fund are: stock market risk: stock markets have periods of rising prices and periods of falling prices, including sharp declines; manager risk: poor security selection may cause the Fund to underperform relevant benchmarks; common stock risk: an adverse event may have a negative impact on a company and could result in a decline in the price of its common stock; large-capitalization companies risk: companies with $10 billion or more in market capitalization generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies; mid- and small-capitalization companies risk: companies with less than $10 billion in market capitalization typically have more limited product lines, markets and financial resources than larger companies, and may trade less frequently and in more limited volume; headline risk: the Fund may invest in a company when the company becomes the center of controversy. The company’s stock may never recover or may become worthless; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified; depositary receipts risk: depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange; convertible securities risk: convertible securities are often lower-quality debt securities; preferred stock risk: preferred stock is a form of equity security and is generally ranked behind an issuer’s debt securities in claims for dividends and assets of an issuer in a liquidation or bankruptcy. An adverse event may have a negative impact on a company and could result in a decline in the price of its preferred stock; bonds and other debt securities risk: Bonds and other debt securities generally are subject to credit risk and interest rate risk; interest rate risk: interest rate increases can cause the price of a debt security to decrease; extension and prepayment risk: the pace at which borrowers prepay affects the yield and the cash flow to holders of securities and the market value of those securities; credit risk: The issuer of a fixed income security (potentially even the U.S. Government) may be unable to make timely payments of interest and principal; changes in debt rating risk: if a rating agency gives a fixed income security a low rating, the value of the security will decline; variable current income risk: the income which the Fund pays to investors is not stable; overburdened issuers risk: issuers of high-yield, high-risk debt securities are unlikely to have a cushion from which to make their payments when their earnings are poor or when the economy in general is in decline; priority risk: issuers of high-yield, high-risk debt securities are likely to have a substantial amount of other debt which it must be current on before it can pay bondholders; difficult to resell risk: many investors do not want high-yield, high-risk debt securities, and others are prohibited from buying them; and fees and expenses risk: the Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. See the prospectus for a complete description of the principal risks.

While Davis Appreciation and Income Fund seeks to structure a portfolio with the potential to participate in some of the stock’s upside potential while providing a degree of downside protection, there can be no assurance that the portfolio will actually perform in line with our expectations. There can be no assurance that securities we purchase will increase in value when the S&P 500® Index increases in value, or that they will provide downside protection when the S&P 500® Index declines in value.

³⁰Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end. Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of most recent quarter end. Figures reported are net and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2023, the Davis Appreciation & Income Fund had been categorized under Mixed-Asset Target Allocation Growth.

Mixed-Asset Target Allocation Growth Funds are those that, by portfolio practice, maintain a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

³¹Davis Government Bond Fund’s investment objective is current income. In order to achieve this objective while minimizing volatility and preserving capital, the Fund invests exclusively, under normal circumstances, in U.S. Government Securities and repurchase agreements collateralized by U.S. Government Securities with a weighted average maturity of three years or less. Some important risks of an investment in the Fund are: variable current income: the income which the fund pays to investors is not stable; interest rate sensitivity: if a security pays a fixed interest rate, and market rates increase, the value of the fixed-rate security generally declines; extension and prepayment risk: extension risk occurs when borrowers maintain their existing mortgages until they come due instead of choosing to prepay them. Prepayment risk occurs when borrowers prepay their mortgages more quickly than usual so that they can refinance at a lower rate. The pace at which borrowers prepay affects the yield and the cash flow to holders of securities and the market value of those securities; and fees and expenses risk: fees and expenses reduce the return which a shareholder may earn by investing in a fund. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. See the prospectus for a complete listing of the principal risks.

³²Davis Value Portfolio’s investment objective is long-term growth of capital. There can be no assurance that the Portfolio will achieve its objective. Davis Value Portfolio invests primarily in equity securities issued by large companies with market capitalizations of at least $10 billion. Some important risks of an investment in the Portfolio are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; financial services risk: investing a significant portion of assets in the financial services sector may cause a portfolio to be more volatile as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; and foreign country risk: companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. See the prospectus for a complete listing of the principal risks.

³³An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency.

³⁴Davis Financial Portfolio’s investment objective is long-term growth of capital. There can be no assurance that the Portfolio will achieve its objective. Under normal circumstances the Portfolio invests at least 80% of its net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the financial services sector. Some important risks of an investment in the Portfolio are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; concentrated financial services portfolio risk: investing a significant portion of assets in the financial services sector may cause a portfolio to be more volatile as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; and foreign country risk: companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. See the prospectus for a complete listing of the principal risks.

³⁵An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency.

³⁶Davis Real Estate Portfolio’s investment objective is total return through a combination of growth and income. There can be no assurance that the Portfolio will achieve its objective. Under normal circumstances the Portfolio invests at least 80% of its net assets, plus any borrowing for investment purposes, in equity, convertible, and debt securities issued by companies principally engaged in the real estate industry. Some important risks of an investment in the Portfolio are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; concentrated real estate services portfolio risk: any portfolio that has a concentrated portfolio is particularly vulnerable to the risks of its selected industry; focused portfolio risk: the Portfolio is classified as a non-diversified portfolio and is allowed to focus its investments in fewer companies than a diversified portfolio; small and medium-capitalization risk: small and mid-size companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies; and foreign country risk: companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. See the prospectus for a complete listing of the principal risks.

³⁷An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency.

³⁸The investment objective of Davis New York Venture Fund, Davis Financial Fund, Davis Global Fund, Davis International Fund, and Davis Opportunity Fund is long-term growth of capital and of Davis Appreciation and Income Fund and Davis Real Estate Fund is total return through a combination of growth and income. There can be no assurance that a Fund will achieve its objective. Some important risks of investments in Davis New York Venture Fund are stock market risk, manager risk, financial services risk, and foreign country risk. As of March 31, 2023, the Fund had approximately 23.1% of assets invested in foreign securities. Some important risks of investments in Davis Financial Fund are stock market risk, manager risk, and financial services risk. As of March 31, 2023, the Fund had approximately 24.7% of assets invested in foreign securities. Some important risks of investments in Davis Global Fund and Davis International Fund are stock market risk, manager risk, foreign country risk, and emerging market risk. As of March 31, 2023, Davis Global Fund had approximately 27.5% of assets invested in emerging markets and Davis International Fund had approximately 48.3% of assets invested in emerging markets. Some important risks of investments in Davis Opportunity Fund are stock market risk, manager risk, large-capitalization companies risk, and mid- and small-capitalization companies risk. As of March 31, 2023, the Fund had approximately 15.1% of assets invested in foreign securities. Some important risks of an investment in Davis Appreciation and Income Fund are stock market risk, manager risk, large-capitalization companies risk and mid- and small-capitalization companies risk. Some important risks of investments in Davis Real Estate Fund are real estate risk, stock market risk, and focused portfolio risk. Davis Appreciation and Income Fund is subject to both equity and debt risk.

Risk Disclosures. Following is a brief description of these risks. Please see the prospectus for a complete listing and a description of the principal risks. Stock market risk: stock markets have periods of rising prices and periods of falling prices, including sharp declines; common stock risk: an adverse event may have a negative impact on a company and could result in a decline in the price of its common stock; manager risk: poor security selection may cause the Fund to underperform relevant benchmarks; financial services risk: investing a significant portion of assets in the financial services sector may cause the Fund to be more sensitive to problems affecting financial companies; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified; foreign currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency; emerging market risk: securities of issuers in emerging and developing markets may present risks not found in more mature markets; focused portfolio risk: investing in a limited number of companies causes changes in the value of a single security to have a more significant effect on the value of the Fund’s total portfolio; large-capitalization companies risk: companies with $10 billion or more in market capitalization generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies; mid- and small-capitalization companies risk: companies with less than $10 billion in market capitalization typically have more limited product lines, markets and financial resources than larger companies, and may trade less frequently and in more limited volume; real estate portfolio risk: real estate securities are susceptible to the many risks associated with the direct ownership of real estate, such as declines in property values and increases in property taxes; depositary receipts risk: depositary receipts involve higher expenses and may trade at a discount (or premium) to the underlying security; fees and expenses risk: the Fund may not earn enough through income and capital appreciation to offset the operating expenses of the fund; and headline risk: the Fund may invest in a company when the company becomes the center of controversy. The company’s stock may never recover or may become worthless.

⁴⁰Large-Cap Core funds invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large-cap floor. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average characteristics compared to the S&P 500 Index. International Multi-Cap Growth funds invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap growth funds typically have above-average characteristics compared to the MSCI EAFE Index. Global Multi-Cap Growth funds invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Global multi-cap growth funds typically have above-average characteristics compared to the MSCI World Index. Financial Service funds invest primarily in equity securities of domestic companies engaged in providing financial services, including but not limited to banks, finance companies, insurance companies, and securities/brokerage firms. Multi-Cap Growth funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap growth funds typically have above-average characteristics compared to the S&P SuperComposite 1500® Index. Real Estate funds invest primarily in equity securities of domestic and foreign companies engaged in the real estate industry. Mixed Asset Target Allocation Growth funds, by portfolio practice, maintain a mix of between 60%–80% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

⁴¹During the period from inception through December 30, 2009, for Davis International Fund and December 29, 2006 for Davis Global Fund only the directors, officers and employees of the Funds or their investment advisers and sub-advisers (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. During this time period, the Funds’ investment strategies and operations were substantially the same as they are expected to be in the future.

The Davis Global Fund and Davis International Fund are subject to a 2% short-term redemption fee for shares held for fewer than 30 days.

Broker-dealers and other financial intermediaries may charge Davis Advisors substantial fees for selling its products and providing continuing support to clients and shareholders. For example, broker-dealers and other financial intermediaries may charge: sales commissions; distribution and service fees; and record-keeping fees. In addition, payments or reimbursements may be requested for: marketing support concerning Davis Advisors’ products; placement on a list of offered products; access to sales meetings, sales representatives and management representatives; and participation in conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events, and other dealer-sponsored events. Financial advisors should not consider Davis Advisors’ payment(s) to a financial intermediary as a basis for recommending Davis Advisors.

Davis Advisors, the Davis family and Foundation, our employees, and Fund directors have more than $2 billion invested in similarly managed accounts and strategies as of December 31, 2022.

Shares of the Davis Funds 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.