Disclaimer

This report is authorized for use by existing shareholders. A current Davis Fund prospectus must accompany or precede this material if it is distributed to prospective shareholders. You should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. Read the prospectus carefully before you invest or send money.

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions include “forward-looking statements” which may or may not be accurate over the long term. Forward-looking statements can be identified by words like “believe,” “expect,” “anticipate,” or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate.

The graphs and charts in this report are used to illustrate specific points. No graph, chart, formula or other device can, by itself, guide an investor as to what securities should be bought or sold or when to buy or sell them. Although the facts in this report have been obtained from and are based on sources we believe to be reliable, we do not guarantee their accuracy, and such information is subject to change without notice.

The 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.

Warren Buffett is not associated in any way with Davis Selected Advisers, Davis Advisors or their affiliates.

“Three Reactions to a Market Downturn” chart represents performance of S&P 500® Index from 10/9/2007 to 12/31/2023. Nervous investor sold out of stocks and went to cash on 3/9/2009 for the remainder of the investment period. Patient investor maintained their original position. Savvy investor contributed an additional $10,000 to their original investment on 3/9/2009. Savvy investor invested twice as much money as the other investor types and was able to successfully time the market. Past performance is not a guarantee of future results. Source: Thomson Financial, Lipper and Bloomberg. Chart represents a hypothetical $10,000 investment in the S&P 500® Index from October 9, 2007 through December 31, 2023 with the conditions described in the text. Hypotheticals assume a cash yield of 1.0% per year. Investments cannot be made directly in an index. Past performance is not a guarantee of future results.

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.

Davis Distributors, LLC 2949 East Elvira Road, Suite 101, Tucson, AZ 85756 800-279-0279, davisfunds.com