Overview

Investment Strategy

The goal of the Fund is to create an opportunistic portfolio that can seek attractive businesses across all market caps, industries and sectors.

Using our signature Davis Investment Discipline, the Fund has outperformed the S&P 1500® Index since Davis began managing the Fund.

"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

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

Opportunity Fund's portfolio companies have offered attractive growth 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.

Opportunity Fund's portfolio companies are 43% 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 5.70% 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.
1,506
42
16.6%
14.8%
12.0x
21.2x
Fund
S&P 1500
The companies of Davis Opportunity Fund have grown more than the companies in the index, yet are 43% less expensive.

Fund Details as of 12/31/23

Detail Value
Long-Term Growth of Capital
Total Net Assets ($M) 531.6
Benchmark S&P 1500
Lipper Category Multi Cap Value

A Shares

Detail Value
Ticker (A) RPEAX
Inception Date (A) 12/1/94
CUSIP (A) 239103104
Fund Number (A) 720
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, 1.00%; Class C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 1, 2024. 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. 0.94%
Gross Expense Ratio (A) 0.94%

C Shares

Detail Value
Ticker (C) DGOCX
Inception Date (C) 8/15/97
CUSIP (C) 239103765
Fund Number (C) 822
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, 1.00%; Class C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 1, 2024. 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) 1.76%

Y Shares

Detail Value
Ticker (Y) DGOYX
Inception Date (Y) 9/18/97
CUSIP (Y) 239103831
Fund Number (Y) 912
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, 1.00%; Class C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 1, 2024. 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. 0.69%
Gross Expense Ratio (Y) 0.69%

Returns from Inception as of 12/31/23

Item Value
A Shares (Average Annual Return, without a sales charge) 10.55%
Average Fund in Lipper Category 9.23%

Resources

Document
PM Commentary
Factsheet

Performance as of 12/31/23

Growth of $10,000 (Class A Shares since 1999, without a sales charge)

Outperformed the S&P 1500® Index since Davis assumed management in 1999

Opportunity Fund
S&P 1500

Average Annual Returns

A Shares: Quarterly (as of 12/31/23)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
22.12% 22.12% 9.45% 13.16% 9.87% 10.55%
A Shares
with a maximum 4.75% sales charge
16.32% 16.32% 7.69% 12.07% 9.34% 10.38%

The average annual total returns for Davis Opportunity Fund’s Class A shares for periods ending December 31, 2023, including a maximum 4.75% sales charge, are: 1 year, 16.32%; 5 years, 12.07%; and 10 years, 9.34%. 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 0.94%. [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 May 1, 2024.] 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 1/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
-1.10% 10.72% 8.47% 10.91% 9.83% 10.48%
A Shares
with a maximum 4.75% sales charge
-5.80% 5.46% 6.72% 9.84% 9.30% 10.30%

The average annual total returns for Davis Opportunity Fund’s Class A shares for periods ending December 31, 2023, including a maximum 4.75% sales charge, are: 1 year, 16.32%; 5 years, 12.07%; and 10 years, 9.34%. 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 0.94%. [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 May 1, 2024.] 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 12/31/23)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
21.10% 21.10% 8.55% 12.23% 9.17% 7.98%
C Shares
with CDSC
20.10% 20.10% 8.55% 12.23% 9.17% 7.98%

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 Opportunity Fund’s Class A shares for periods ending December 31, 2023, including a maximum 4.75% sales charge, are: 1 year, 16.32%; 5 years, 12.07%; and 10 years, 9.34%. 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 0.94%. [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 May 1, 2024.] 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 1/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
-1.16% 9.83% 7.59% 10.01% 9.13% 7.91%
C Shares
with CDSC
-2.15% 8.83% 7.59% 10.01% 9.13% 7.91%

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 Opportunity Fund’s Class A shares for periods ending December 31, 2023, including a maximum 4.75% sales charge, are: 1 year, 16.32%; 5 years, 12.07%; and 10 years, 9.34%. 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 0.94%. [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 May 1, 2024.] 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 12/31/23)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 22.41% 22.41% 9.71% 13.42% 10.13% 8.33%

The average annual total returns for Davis Opportunity Fund’s Class A shares for periods ending December 31, 2023, including a maximum 4.75% sales charge, are: 1 year, 16.32%; 5 years, 12.07%; and 10 years, 9.34%. 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 0.94%. [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 May 1, 2024.] 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 1/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares -1.07% 11.00% 8.74% 11.19% 10.09% 8.25%

The average annual total returns for Davis Opportunity Fund’s Class A shares for periods ending December 31, 2023, including a maximum 4.75% sales charge, are: 1 year, 16.32%; 5 years, 12.07%; and 10 years, 9.34%. 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 0.94%. [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 May 1, 2024.] 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 12/31/23

Portfolio Composition

Item Opportunity Fund S&P 1500®
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. 12.0x 21.2x
5 Year Earnings Growth 16.6% 14.8%
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. 2.7 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. 87% 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. 20.0 18.7
Number of Holdings 42 1506
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 203.2 622.5
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 53.4 5.5
Opportunity Fund 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 44% and 12%, respectively. 12% 67%
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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 12/31/23)

Holding Ticker Opportunity Fund S&P 1500®
Wells Fargo WFC 6.6% 0.4%
Quest Diagnostics DGX 6.1% < 0.1%
Capital One Financial COF 5.9% 0.1%
Viatris VTRS 5.6% < 0.1%
Cigna Group CI 4.6% 0.2%
Owens Corning OC 4.6% < 0.1%
Teck Resources TECK 4.5%
Schneider Electric SU FP 4.0%
UnitedHealth Group UNH 3.9% 1.1%
U.S. Bancorp USB 3.8% 0.2%
Top 10 Holdings Total % of Portfolio 49.5% 2.1%

Top 10 Holdings: Monthly (as of 1/31/24)

Holding Ticker Opportunity Fund S&P 1500®
Wells Fargo WFC 6.7% 0.4%
Viatris VTRS 6.2% < 0.1%
Capital One Financial COF 6.2% 0.1%
Quest Diagnostics DGX 5.8% < 0.1%
Owens Corning OC 4.7% < 0.1%
Cigna Group CI 4.7% 0.2%
Teck Resources TECK 4.4%
Schneider Electric SU FP 4.0%
UnitedHealth Group UNH 3.9% 1.1%
U.S. Bancorp USB 3.7% 0.2%
Top 10 Holdings Total % of Portfolio 50.3% 2.1%

All Holdings: Quarterly (as of 12/31/23)

Holding Ticker Opportunity Fund S&P 1500®
Wells Fargo WFC 6.6% 0.4%
Quest Diagnostics DGX 6.1% < 0.1%
Capital One Financial COF 5.9% 0.1%
Viatris VTRS 5.6% < 0.1%
Cigna Group CI 4.6% 0.2%
Owens Corning OC 4.6% < 0.1%
Teck Resources TECK 4.5%
Schneider Electric SU FP 4.0%
UnitedHealth Group UNH 3.9% 1.1%
U.S. Bancorp USB 3.8% 0.2%
Markel Group MKL 3.3%
Amazon.com AMZN 3.0% 3.2%
Berkshire Hathaway BRK B 2.8% 1.5%
Intel INTC 2.6% 0.5%
Meta Platforms META 2.6% 1.8%
Applied Materials AMAT 2.3% 0.3%
Darling Ingredients DAR 2.3% < 0.1%
Eaton ETN 2.3% 0.2%
Wesco International WCC 2.3% < 0.1%
Ferguson FERG LN 2.2%
Carrier Global CARR 2.1% 0.1%
MasterBrand MBC 2.0%
Johnson Controls International JCI 2.0% 0.1%
Texas Instruments TXN 1.6% 0.4%
Alphabet GOOG 1.5% 1.6%
Humana HUM 1.4% 0.1%
AGCO AGCO 1.4% < 0.1%
DiDi Global DIDIY 1.4%
SAP SAP 1.3%
CVS Health CVS 1.2% 0.2%
Microsoft MSFT 1.1% 6.4%
Prosus PRX NA 1.1%
Oracle ORCL 1.1% 0.4%
Tourmaline Oil TOU CN 1.0%
Delivery Hero DHER GR 0.8%
IAC IAC 0.8%
Clear Secure YOU 0.4%
JD.com JD 0.4%
Samsung Electronics 005930 KS 0.4%
KE Holdings BEKE 0.4%
Alibaba Group Holding BABA 0.2%
ASAC II ASAC LP < 0.1%
Cash 1.3%

All Holdings: Monthly (as of 1/31/24)

Holding Ticker Opportunity Fund S&P 1500®
Wells Fargo WFC 6.7% 0.4%
Viatris VTRS 6.2% < 0.1%
Capital One Financial COF 6.2% 0.1%
Quest Diagnostics DGX 5.8% < 0.1%
Owens Corning OC 4.7% < 0.1%
Cigna Group CI 4.7% 0.2%
Teck Resources TECK 4.4%
Schneider Electric SU FP 4.0%
UnitedHealth Group UNH 3.9% 1.1%
U.S. Bancorp USB 3.7% 0.2%
Markel Group MKL 3.6%
Amazon.com AMZN 3.1% 3.2%
Berkshire Hathaway BRK B 3.0% 1.5%
Meta Platforms META 2.8% 1.8%
Applied Materials AMAT 2.4% 0.3%
Wesco International WCC 2.3% < 0.1%
Intel INTC 2.3% 0.5%
Darling Ingredients DAR 2.0% < 0.1%
Ferguson FERG LN 1.9%
Johnson Controls International JCI 1.9% 0.1%
Eaton ETN 1.8% 0.2%
MasterBrand MBC 1.7%
Carrier Global CARR 1.5% 0.1%
Alphabet GOOG 1.5% 1.6%
Texas Instruments TXN 1.5% 0.4%
Tourmaline Oil TOU CN 1.5%
SAP SAP 1.5%
AGCO AGCO 1.4% < 0.1%
DiDi Global DIDIY 1.2%
Microsoft MSFT 1.2% 6.4%
Humana HUM 1.2% 0.1%
CVS Health CVS 1.2% 0.2%
Oracle ORCL 1.1% 0.4%
Prosus PRX NA 1.1%
IAC IAC 0.8%
Delivery Hero DHER GR 0.7%
Clear Secure YOU 0.4%
Samsung Electronics 005930 KS 0.4%
JD.com JD 0.3%
KE Holdings BEKE 0.3%
Alibaba Group Holding BABA 0.1%
ASAC II ASAC LP < 0.1%
Cash 2.0%

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 Opportunity Fund S&P 1500®
Industrials 24.5% 9.8%
Health Care 23.1% 12.3%
Financials 22.7% 13.3%
Information Technology 11.0% 27.3%
Consumer Discretionary 5.6% 11.2%
Communication Services 4.9% 8.0%
Materials 4.6% 2.8%
Consumer Staples 2.3% 6.0%
Energy 1.0% 4.0%
Real Estate 0.4% 3.0%
Utilities 2.4%

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.

Opportunity Fund
Large 89.8%
Mid 8.1%
Small 2.1%
S&P 1500® Index
Large 92.6%
Mid 5.7%
Small 1.7%

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. December 2023

Video

Video Insights

Video

Market Distortions Caused by Historically Low Rates

We believe that select Banks may be among the best opportunities in the market today, as investors significantly overestimate the risks and underestimate the upside potential of these durable businesses

Video

“Fragile Value” & “Speculative Growth” Areas to Avoid

Identifying vulnerable companies in both the Value and Growth camps – each dangerous in their own ways

Video

Davis Portfolios Providing an Attractive Entry Point for Investors

Davis portfolios with companies that have had greater earnings growth than the index, yet are priced at nearly half the index multiple

Video

The Opportunity in e-Commerce, Healthcare Services & Workhorse Technology

Four areas we are finding opportunities now among resilient, cash-generative companies with attractive growth profiles and surprisingly low multiples

Video

Recession Potential and Impact on Portfolio Positioning

Predicting is futile. Buy businesses that have proven resilient through the inevitable storms. Investors are now being reminded of the critical importance of business durability.

Video

Where Should Investors Hide in Today’s Market

High quality, resilient, cash-generating businesses bought at attractive prices may be the place to be if you are concerned with protecting long term purchasing power in a period of higher inflation

Insights

Fund Insights

Document Description
Davis Opportunity 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 Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class A 12/7/23 12/8/23 12/11/23 100% 0.5619 - - 1.79 36.26
Class C 12/7/23 12/8/23 12/11/23 100% 0.195 - - 1.79 25.36
Class Y 12/7/23 12/8/23 12/11/23 100% 0.70 - - 1.79 39.02

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.