Overview

Investment Strategy

The goal of the Fund is to provide investors access to attractive investment opportunities in the U.S. and abroad, in both developed and developing markets.

The Fund applies our signature Davis Investment Discipline to seek durable, well-managed businesses at value prices and holding them for the long term.

Investing solely in U.S. stock funds may mean missing the tremendous growth opportunities and diversification potential that international companies provide.

"By being highly selective and rejecting the vast majority of companies in the index, we’ve uncovered businesses with highly attractive earnings growth, yet selling at some of the lowest valuations we have ever seen. We believe this sets the stage for attractive returns in the years ahead.”

– Portfolio Manager Chris Davis

Selective Attractive Growth Undervalued

Global Fund invests in only a select group of well-researched companies

Global Fund's portfolio companies have grown more than the companies in the index The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that the Fund’s performance will be positive as equity markets are volatile and an investor may lose money.

Global Fund's portfolio companies are 45% less expensive than the index

Holdings The number of holdings in the Fund excluding cash positions. EPS Growth (5 Year) Five-year EPS Growth Rate (5-year EPS) is the average annualized earnings per share growth for a company over the past 5 years. The values shown are the weighted average of the 5-year EPS of the stocks in the Fund or Index. Approximately 14.08% of the assets of the Fund are not accounted for in the calculation of 5-year EPS as relevant information on certain companies is not available to the Fund’s data provider. P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index.
2,759
43
17.4%
16.0%
10.5x
19.0x
Fund
MSCI ACWI
The companies of Davis Global Fund have grown more than the companies in the index, yet are 45% less expensive.

Fund Details as of 6/30/24

Detail Value
Long-Term Growth of Capital
Total Net Assets ($M) 804.1
Benchmark MSCI ACWI
Lipper Category Global Multi Cap Value

A Shares

Detail Value
Ticker (A) DGFAX
Inception Date (A) 12/22/04
CUSIP (A) 239080872
Fund Number (A) 1820
Net Expense Ratio (A) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.05%; Class C Shares, 1.80%; and Class Y Shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 0.95%
Gross Expense Ratio (A) 0.95%

C Shares

Detail Value
Ticker (C) DGFCX
Inception Date (C) 12/22/04
CUSIP (C) 239080856
Fund Number (C) 1822
Net Expense Ratio (C) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.05%; Class C Shares, 1.80%; and Class Y Shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 1.75%
Gross Expense Ratio (C) 1.75%

Y Shares

Detail Value
Ticker (Y) DGFYX
Inception Date (Y) 7/25/07
CUSIP (Y) 239080849
Fund Number (Y) 2253
Net Expense Ratio (Y) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.05%; Class C Shares, 1.80%; and Class Y Shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 0.71%
Gross Expense Ratio (Y) 0.71%

Fund Manager

Danton G. Goei
28 Years Industry Experience
26 Years at Davis Funds
View Bio

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Performance as of 6/30/24

Growth of $10,000 (Class A Shares since Inception, without a sales charge)

Global Fund
MSCI ACWI

Average Annual Returns

A Shares: Quarterly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
11.67% 15.10% -2.23% 7.17% 6.64% 7.48%
A Shares
with a maximum 4.75% sales charge
6.37% 9.64% -3.80% 6.14% 6.12% 7.22%

The average annual total returns for Davis Global Fund’s Class A shares for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 9.64%; 5 years, 6.14%; and 10 years, 6.12%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 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 of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

A Shares: Monthly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
11.67% 15.10% -2.23% 7.17% 6.64% 7.48%
A Shares
with a maximum 4.75% sales charge
6.37% 9.64% -3.80% 6.14% 6.12% 7.22%

The average annual total returns for Davis Global Fund’s Class A shares for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 9.64%; 5 years, 6.14%; and 10 years, 6.12%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 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 of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

C Shares: Quarterly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
11.26% 14.20% -2.99% 6.33% 5.97% 7.04%
C Shares
with CDSC
10.26% 13.20% -2.99% 6.33% 5.97% 7.04%

Class C shares automatically convert to Class A shares after eight years. Class C shares’ performance for the periods exceeding eight years include the first eight years of Class C share performance and Class A share performance thereafter.

The average annual total returns for Davis Global Fund’s Class A shares for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 9.64%; 5 years, 6.14%; and 10 years, 6.12%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 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 of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

C Shares: Monthly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
11.26% 14.20% -2.99% 6.33% 5.97% 7.04%
C Shares
with CDSC
10.26% 13.20% -2.99% 6.33% 5.97% 7.04%

Class C shares automatically convert to Class A shares after eight years. Class C shares’ performance for the periods exceeding eight years include the first eight years of Class C share performance and Class A share performance thereafter.

The average annual total returns for Davis Global Fund’s Class A shares for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 9.64%; 5 years, 6.14%; and 10 years, 6.12%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 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 of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Y Shares: Quarterly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 11.86% 15.42% -1.98% 7.43% 6.90% 5.31%

The average annual total returns for Davis Global Fund’s Class A shares for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 9.64%; 5 years, 6.14%; and 10 years, 6.12%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 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 of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Y Shares: Monthly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 11.86% 15.42% -1.98% 7.43% 6.90% 5.31%

The average annual total returns for Davis Global Fund’s Class A shares for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 9.64%; 5 years, 6.14%; and 10 years, 6.12%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 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 of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Portfolio Characteristics as of 6/30/24

Portfolio Composition

Item Global Fund MSCI ACWI®
P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. 10.5x 19.0x
5 Year Earnings Growth 17.4% 16.0%
P/B Ratio Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company’s per share book value. Stocks with negative book values are excluded for this calculation. 3.0 4.0
Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. 91% N/A
Standard Deviation (5 year, A Shares) Standard Deviation is a measure of the average deviations of a return series from its mean; often used as a risk measure. A large standard deviation implies that there have been large swings or volatility in the manager’s return series. 20.6 17.6
Number of Holdings 43 2759
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 239.4 627.0
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 24.5 11.7
Global Fund Global Multi Cap Value Category Average
Turnover Rate Turnover Rate is a measure of the trading activity in a mutual fund’s investment portfolio that reflects how often securities are bought and sold. These amounts are as of the most recent prospectus. Over the last five years, the high and low turnover rate was 35% and 15%, respectively. 16% 60%
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Portfolio Holdings The information provided should not be considered a recommendation to buy, sell or hold any particular security. 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. Holding percentages are subject to change.

Top 10 Holdings: Quarterly (as of 6/30/24)

Holding Ticker Global Fund MSCI ACWI®
Meta Platforms META 6.6% 1.5%
Capital One Financial COF 5.7% 0.1%
Meituan 3690 HK 5.4% 0.1%
Ping An Insurance Group 2318 HK 5.3% < 0.1%
Prosus PRX NA 4.8% 0.1%
Danske Bank DANSKE DC 4.2% < 0.1%
Julius Baer Group BAER SE 4.1% < 0.1%
Humana HUM 4.0% 0.1%
Samsung Electronics 005930 KS 3.8% 0.4%
Teck Resources TECK 3.5% < 0.1%
Top 10 Holdings Total % of Portfolio 47.5% 2.4%

Top 10 Holdings: Monthly (as of 6/30/24)

Holding Ticker Global Fund MSCI ACWI®
Meta Platforms META 6.6% 1.5%
Capital One Financial COF 5.7% 0.1%
Meituan 3690 HK 5.4% 0.1%
Ping An Insurance Group 2318 HK 5.3% < 0.1%
Prosus PRX NA 4.8% 0.1%
Danske Bank DANSKE DC 4.2% < 0.1%
Julius Baer Group BAER SE 4.1% < 0.1%
Humana HUM 4.0% 0.1%
Samsung Electronics 005930 KS 3.8% 0.4%
Teck Resources TECK 3.5% < 0.1%
Top 10 Holdings Total % of Portfolio 47.5% 2.4%

All Holdings: Quarterly (as of 6/30/24)

Holding Ticker Global Fund MSCI ACWI®
Meta Platforms META 6.6% 1.5%
Capital One Financial COF 5.7% 0.1%
Meituan 3690 HK 5.4% 0.1%
Ping An Insurance Group 2318 HK 5.3% < 0.1%
Prosus PRX NA 4.8% 0.1%
Danske Bank DANSKE DC 4.2% < 0.1%
Julius Baer Group BAER SE 4.1% < 0.1%
Humana HUM 4.0% 0.1%
Samsung Electronics 005930 KS 3.8% 0.4%
Teck Resources TECK 3.5% < 0.1%
MGM Resorts MGM 3.5% < 0.1%
Amazon.com AMZN 3.4% 2.5%
Alphabet GOOG 3.1% 1.3%
DiDi Global DIDIY 3.1%
Berkshire Hathaway BRK B 3.0% 0.7%
Viatris VTRS 2.9% < 0.1%
Applied Materials AMAT 2.9% 0.3%
KE Holdings BEKE 2.6% < 0.1%
Tourmaline Oil TOU CN 2.5% < 0.1%
Solventum SOLV 2.0% < 0.1%
DBS Group Holdings DBS SP 1.9% 0.1%
AIA Group 1299 HK 1.7% 0.1%
JD.com JD 1.7%
Cigna Group CI 1.5% 0.1%
Intel INTC 1.5% 0.2%
Naspers NPN SJ 1.4% 0.1%
Delivery Hero DHER GR 1.4% < 0.1%
Quest Diagnostics DGX 1.2% < 0.1%
Markel Group MKL 1.2% < 0.1%
Sea SE 1.1% < 0.1%
Coupang CPNG 1.0%
Liberty Formula One FWONA 1.0%
Owens Corning OC 1.0% < 0.1%
Tyson Foods TSN 1.0% < 0.1%
IAC IAC 0.9%
Fila Holdings 081660 KS 0.8%
AGCO AGCO 0.7%
Darling Ingredients DAR 0.7%
Metro Bank Holdings MTRO LN 0.3%
Clear Secure YOU 0.3%
Noah Holdings NOAH 0.1%
JD.com 9618 HK 0.1% < 0.1%
Cash 0.9%

All Holdings: Monthly (as of 6/30/24)

Holding Ticker Global Fund MSCI ACWI®
Meta Platforms META 6.6% 1.5%
Capital One Financial COF 5.7% 0.1%
Meituan 3690 HK 5.4% 0.1%
Ping An Insurance Group 2318 HK 5.3% < 0.1%
Prosus PRX NA 4.8% 0.1%
Danske Bank DANSKE DC 4.2% < 0.1%
Julius Baer Group BAER SE 4.1% < 0.1%
Humana HUM 4.0% 0.1%
Samsung Electronics 005930 KS 3.8% 0.4%
Teck Resources TECK 3.5% < 0.1%
MGM Resorts MGM 3.5% < 0.1%
Amazon.com AMZN 3.4% 2.5%
Alphabet GOOG 3.1% 1.3%
DiDi Global DIDIY 3.1%
Berkshire Hathaway BRK B 3.0% 0.7%
Viatris VTRS 2.9% < 0.1%
Applied Materials AMAT 2.9% 0.3%
KE Holdings BEKE 2.6% < 0.1%
Tourmaline Oil TOU CN 2.5% < 0.1%
Solventum SOLV 2.0% < 0.1%
DBS Group Holdings DBS SP 1.9% 0.1%
AIA Group 1299 HK 1.7% 0.1%
JD.com JD 1.7%
Cigna Group CI 1.5% 0.1%
Intel INTC 1.5% 0.2%
Naspers NPN SJ 1.4% 0.1%
Delivery Hero DHER GR 1.4% < 0.1%
Quest Diagnostics DGX 1.2% < 0.1%
Markel Group MKL 1.2% < 0.1%
Sea SE 1.1% < 0.1%
Coupang CPNG 1.0%
Liberty Formula One FWONA 1.0%
Owens Corning OC 1.0% < 0.1%
Tyson Foods TSN 1.0% < 0.1%
IAC IAC 0.9%
Fila Holdings 081660 KS 0.8%
AGCO AGCO 0.7%
Darling Ingredients DAR 0.7%
Metro Bank Holdings MTRO LN 0.3%
Clear Secure YOU 0.3%
Noah Holdings NOAH 0.1%
JD.com 9618 HK 0.1% < 0.1%
Cash 0.9%

Sector Allocation The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Sector Global Fund MSCI ACWI®
Financials 27.9% 15.5%
Consumer Discretionary 23.7% 10.4%
Communication Services 12.8% 7.9%
Health Care 11.8% 10.9%
Information Technology 8.6% 25.8%
Industrials 4.8% 10.3%
Materials 3.6% 4.0%
Real Estate 2.6% 2.0%
Energy 2.5% 4.4%
Consumer Staples 1.7% 6.2%
Utilities 2.5%

Regional Allocation

Region Global Fund MSCI ACWI®
United States 48.7% 64.7%
Asia 28.8% 14.9%
Europe 15.0% 15.0%
North & Central America Ex US 6.1% 2.9%
Africa 1.4% 0.3%
Australia/Oceania 1.7%
South America 0.5%

Country Allocation - Top 10

Country Global Fund MSCI ACWI®
United States 48.7% 64.7%
China 18.4% 2.6%
Canada 6.1% 2.6%
Korea, Republic of (South Korea) 5.7% 1.2%
Netherlands 4.9% 1.2%
Denmark 4.3% 0.9%
Switzerland 4.1% 2.2%
Singapore 3.0% 0.3%
Hong Kong 1.7% 0.4%
South Africa 1.4% 0.3%
Top 10 Countries Total % of Portfolio 98.3% 76.4%

Developed vs Emerging Markets

Market Global Fund MSCI ACWI®
United States 48.7% 64.7%
Developed Ex US 25.8% 25.4%
Emerging Markets 25.5% 9.8%

Market Cap Breakout The Adviser considers companies with market capitalizations over $10 billion to be large-capitalization companies, between $3 billion and $10 billion to be mid-capitalization companies, and under $3 billion to be small-capitalization companies.

Global Fund
Market Percentage
Large 92.6%
Mid 5.8%
Small 1.6%
MSCI ACWI® Index
Market Percentage
Large 95.1%
Mid 4.7%
Small 0.2%

PM Commentary

Portfolio Manager Commentaries

Document Description
Manager Commentary - Annual Review 2024 An interview with the Fund Managers.

Factsheet

Fact Sheets

Document Description Date
Fund Fact Sheet Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. June 2024

Video

Video Insights

Video

Our PM on the Davis Global and International Funds

Portfolios built on fundamental bottom-up research. Our companies have grown faster yet trade at significant discounts to their respective index

Insights

Fund Insights

Document Description
Davis Global Fund: Selective. Attractive Growth. Undervalued. Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark - A powerful combination.
Davis Research: Uncovering Value in Clean Energy The challenges and opportunities that accompany the transition to a lower carbon economy, separating hype from reality, and why our copper and biofuel businesses may be significant beneficiaries

Purchase Details

Account Minimums

Investment Class A Class C Class Y
Minimum Initial Investment $1,000 $1,000 $5,000,000
Minimum Additional Investment $25 $25 $25

Distributions

2023 Distributions as of 01/08/24

This information on 2023 distributions is intended for existing shareholders

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from appreciation in the portfolio. The funds' long-term investment approach means that this appreciation may have occurred over an extended period of time. The majority of the gains are long-term and generally subject to lower tax rates than short-term gains or dividend income.

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class A 12/7/23 12/8/23 12/11/23 100% 0.304095 - 0.036395 - - 23.72
Class C 12/7/23 12/8/23 12/11/23 100% 0.1036 - 0.0326 - - 21.56
Class Y 12/7/23 12/8/23 12/11/23 100% 0.3639 - 0.0369 - - 23.84

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.


Before investing in the Davis Funds, you should carefully consider the investment objectives, risks, charges, and expenses of the Funds. The prospectus and summary prospectus contains this and other information about the Funds. You can obtain performance information and a current prospectus and summary prospectus by visiting davisfunds.com or calling 800.279.0279. Please read the prospectus or summary prospectus carefully before investing or sending money. Investing involves risks including possible loss of principal.