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DAVIS INTERNATIONAL FUND

KEY POINTS

 * Selectively invests in attractive businesses from outside the U.S., in both
   developed and developing markets
 * Portfolio of companies with attractive earnings growth at a 46% discount to
   the Index
 * Some of the most compelling investment opportunities can be found beyond U.S.
   borders

DAILY PRICE AS OF 8/29/24 (CLASS A)

Price $ Change / % Change $12.25 $0.15 / 1.24%

Price $ Change / % Change Category Intl Multi Cap Core Inception 12/29/06

RESOURCES

Resource
 * Factsheet

 * PM Commentary

 * PM Videos

 * Prospectus

International Fund
 * Overview
 * Performance
 * Portfolio
 * PM Commentary
 * Factsheet
 * Video
 * Other

International Fund
 * Overview
 * Performance
 * Portfolio
 * PM Commentary
 * Factsheet
 * Video
 * Other


OVERVIEW


INVESTMENT STRATEGY

The goal of the Fund is to provide investors access to attractive investment
opportunities that exist outside of the United States, 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

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

International 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.

International Fund's portfolio companies are 46% 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.
The 5-year EPS of the MSCI ACWI ex US is 12.7%. Approximately 16.22% 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. The
Forward P/E of the MSCI ACWI ex US is 14.2x. These values for both the Fund and
the Index are the weighted average of the stocks in the portfolio or index.
2,158
27
Fund
MSCI ACWI ex US
16.4%
12.7%
Fund
MSCI ACWI ex US
7.7x
14.2x
Fund
MSCI ACWI ex US
Fund
MSCI ACWI ex US

The companies of Davis International Fund have grown more than the companies in
the index, yet are 46% less expensive.


FUND DETAILS AS OF 6/30/24

Fund Details Share Class Class A Class C Class Y

Detail Value Long-Term Capital Growth Total Net Assets ($M) 149.0 Benchmark MSCI
ACWI ex US Lipper Category Intl Multi Cap Core

A SHARES

Detail Value Ticker (A) DILAX Inception Date (A) 12/29/06 CUSIP (A) 239080872
Fund Number (A) 2250 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. 1.05% Gross Expense
Ratio (A) 1.09%

C SHARES

Detail Value Ticker (C) DILCX Inception Date (C) 12/29/06 CUSIP (C) 239080856
Fund Number (C) 2252 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. 1.80% Gross Expense
Ratio (C) 1.89%

Y SHARES

Detail Value Ticker (Y) DILYX Inception Date (Y) 12/31/09 CUSIP (Y) 239080849
Fund Number (Y) 2254 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. 0.74% Gross Expense
Ratio (Y) 0.74%


FUND MANAGER

DANTON G. GOEI

28 Years Industry Experience
26 Years at Davis Funds

View Bio


RESOURCES

Document PM Commentary Factsheet


FEATURED PM VIDEOS

Video

OUR PM ON THE DAVIS GLOBAL AND INTERNATIONAL FUNDS

 * Watch Now


PERFORMANCE AS OF 6/30/24


GROWTH OF $10,000 (CLASS A SHARES SINCE INCEPTION, WITHOUT A SALES CHARGE)

Created with Highcharts
10.0.0200820102012201420162018202020222024$5,000$10,000$15,000
International Fund
MSCI ACWI ex US


AVERAGE ANNUAL RETURNS

AAR Share Class Class A Class C Class Y
 * Quarterly (as of 6/30/24)
 * Monthly (as of 7/31/24)

A SHARES: QUARTERLY (AS OF 6/30/24)

Created with Highcharts 10.0.0YTD*1 Yr3 Yr5 Yr10 YrSince Incep-10%0%10%20%
Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep

A Shares
without a sales charge 8.66% 9.22% -6.49% 1.09% 1.84% 2.15%

A Shares
with a maximum 4.75% sales charge 3.49% 4.03% -8.00% 0.12% 1.35% 1.87%

The average annual total returns for Davis International Fund’s Class A shares
for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1
year, 4.03%; 5 years, 0.12%; and 10 years, 1.35%. 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
1.09%. [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. Periods less than one year are
not annualized.

A SHARES: MONTHLY (AS OF 7/31/24)

Created with Highcharts 10.0.0YTD*1 Yr3 Yr5 Yr10 YrSince Incep-5%0%5%10%
Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep

A Shares
without a sales charge 9.02% 1.97% -1.60% 1.42% 2.11% 2.16%

A Shares
with a maximum 4.75% sales charge 3.85% -2.87% -3.18% 0.44% 1.62% 1.88%

The average annual total returns for Davis International Fund’s Class A shares
for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1
year, 4.03%; 5 years, 0.12%; and 10 years, 1.35%. 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
1.09%. [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. Periods less than one year are
not annualized.

 * Quarterly (as of 6/30/24)
 * Monthly (as of 7/31/24)

C SHARES: QUARTERLY (AS OF 6/30/24)

Created with Highcharts 10.0.0YTD*1 Yr3 Yr5 Yr10 YrSince Incep-10%0%10%
Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep

C Shares
without CDSC 8.18% 8.33% -7.20% 0.31% 1.08% 1.55%

C Shares
with CDSC 7.18% 7.33% -7.20% 0.31% 1.08% 1.55%

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 International Fund’s Class A shares
for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1
year, 4.03%; 5 years, 0.12%; and 10 years, 1.35%. 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
1.09%. [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. Periods less than one year are
not annualized.

C SHARES: MONTHLY (AS OF 7/31/24)

Created with Highcharts 10.0.0YTD*1 Yr3 Yr5 Yr10 YrSince Incep-5%0%5%10%
Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep

C Shares
without CDSC 8.48% 1.21% -2.34% 0.63% 1.36% 1.56%

C Shares
with CDSC 7.48% 0.21% -2.34% 0.63% 1.36% 1.56%

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 International Fund’s Class A shares
for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1
year, 4.03%; 5 years, 0.12%; and 10 years, 1.35%. 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
1.09%. [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. Periods less than one year are
not annualized.

 * Quarterly (as of 6/30/24)
 * Monthly (as of 7/31/24)

Y SHARES: QUARTERLY (AS OF 6/30/24)

Created with Highcharts 10.0.0YTD*1 Yr3 Yr5 Yr10 YrSince Incep-10%0%10%20%
Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep

Y Shares 8.77% 9.47% -6.24% 1.35% 2.12% 3.75%

The average annual total returns for Davis International Fund’s Class A shares
for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1
year, 4.03%; 5 years, 0.12%; and 10 years, 1.35%. 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
1.09%. [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. Periods less than one year are
not annualized.

Y SHARES: MONTHLY (AS OF 7/31/24)

Created with Highcharts 10.0.0YTD*1 Yr3 Yr5 Yr10 YrSince Incep-5%0%5%10%
Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep

Y Shares 9.14% 2.22% -1.34% 1.68% 2.39% 3.75%

The average annual total returns for Davis International Fund’s Class A shares
for periods ending June 30, 2024, including a maximum 4.75% sales charge, are: 1
year, 4.03%; 5 years, 0.12%; and 10 years, 1.35%. 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
1.09%. [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. Periods less than one year are
not annualized.


PORTFOLIO CHARACTERISTICS AS OF 6/30/24


PORTFOLIO COMPOSITION

Item International Fund MSCI ACWI ex US® 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. The Forward P/E of the MSCI ACWI ex US is
14.2x. These values for both the Fund and the Index are the weighted average of
the stocks in the portfolio or index. 7.7x 14.2x 5 Year Earnings Growth 16.4%
12.7% 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. 2.3 3.1 Active
Share Active Share is a measure of the percentage of stock holdings in a
manager's portfolio that differ from the benchmark index. 95% 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. 21.9 17.4 Number of Holdings 27 2158 Weighted
Average Market Cap ($bn) Weighted Average Market Capitalization is the
portfolio-weighted mean capitalizations of all equity securities. 73.8 110.3
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market
capitalization of the stocks in a portfolio. 33.8 9.0

International Fund Intl Multi Cap Core 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 20% and 5%, respectively. 11% 62%


MASTERING THE MENTAL GAME OF INVESTING

A video series to help you develop the mindset of a successful investor.

Watch the Series


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
 * All Holdings

 * Quarterly (as of 6/30/24)
 * Monthly (as of 7/31/24)

TOP 10 HOLDINGS: QUARTERLY (AS OF 6/30/24)

Holding Ticker International Fund MSCI ACWI ex US® Samsung Electronics 005930 KS
8.2% 1.2% Danske Bank DANSKE DC 7.6% 0.1% Meituan 3690 HK 7.6% 0.3% DBS Group
Holdings DBS SP 6.4% 0.2% Prosus PRX NA 6.1% 0.2% Naspers NPN SJ 5.8% 0.1%
Julius Baer Group BAER SE 5.4% < 0.1% Ping An Insurance Group 2318 HK 5.2% 0.1%
Teck Resources TECK 5.1% 0.1% AIA Group 1299 HK 4.7% 0.3% Top 10 Holdings Total
% of Portfolio 62.1% 2.7%

TOP 10 HOLDINGS: MONTHLY (AS OF 7/31/24)

Holding Ticker International Fund MSCI ACWI ex US® Samsung Electronics 005930 KS
8.1% 1.3% Danske Bank DANSKE DC 7.9% 0.1% Meituan 3690 HK 7.4% 0.3% Prosus PRX
NA 6.0% 0.2% Naspers NPN SJ 5.8% 0.1% Julius Baer Group BAER SE 5.3% < 0.1% Teck
Resources TECK 5.2% 0.1% Ping An Insurance Group 2318 HK 5.0% 0.1% AIA Group
1299 HK 4.6% 0.3% DiDi Global DIDIY 4.0% — Top 10 Holdings Total % of Portfolio
59.3% 2.4%

 * Quarterly (as of 6/30/24)
 * Monthly (as of 7/31/24)

ALL HOLDINGS: QUARTERLY (AS OF 6/30/24)

Holding Ticker International Fund MSCI ACWI ex US® Samsung Electronics 005930 KS
8.2% 1.1% Danske Bank DANSKE DC 7.6% 0.1% Meituan 3690 HK 7.6% 0.3% DBS Group
Holdings DBS SP 6.4% 0.2% Prosus PRX NA 6.1% 0.2% Naspers NPN SJ 5.8% 0.1%
Julius Baer Group BAER SE 5.4% < 0.1% Ping An Insurance Group 2318 HK 5.2% 0.1%
Teck Resources TECK 5.1% 0.1% AIA Group 1299 HK 4.7% 0.3% DiDi Global DIDIY 4.5%
— Schneider Electric SU FP 4.3% 0.5% ITOCHU 8001 JP 3.2% 0.2% Fila Holdings
081660 KS 3.1% — KE Holdings BEKE 3.0% < 0.1% JD.com JD 2.8% — Tourmaline Oil
TOU CN 2.5% 0.1% Sea SE 2.3% 0.1% Bank of N.T. Butterfield & Son NTB 1.8% —
Delivery Hero DHER GR 1.4% < 0.1% Alibaba Group Holding BABA 1.4% — Noah
Holdings NOAH 1.4% — Coupang CPNG 1.4% — DNB Bank DNB NO 1.2% 0.1% Tokyo
Electron 8035 JP 1.1% 0.4% Metro Bank Holdings MTRO LN 0.6% — Hollysys
Automation Technologies HOLI 0.6% — Cash — 1.4% —

ALL HOLDINGS: MONTHLY (AS OF 7/31/24)

Holding Ticker International Fund MSCI ACWI ex US® Samsung Electronics 005930 KS
8.1% 1.1% Danske Bank DANSKE DC 7.9% 0.1% Meituan 3690 HK 7.4% 0.3% Prosus PRX
NA 6.0% 0.2% Naspers NPN SJ 5.8% 0.1% Julius Baer Group BAER SE 5.3% < 0.1% Teck
Resources TECK 5.2% 0.1% Ping An Insurance Group 2318 HK 5.0% 0.1% AIA Group
1299 HK 4.6% 0.3% DiDi Global DIDIY 4.0% — Schneider Electric SU FP 3.8% 0.5%
ITOCHU 8001 JP 3.4% 0.2% Fila Holdings 081660 KS 3.4% — DBS Group Holdings DBS
SP 3.2% 0.2% Tourmaline Oil TOU CN 3.0% 0.1% KE Holdings BEKE 3.0% < 0.1% JD.com
JD 2.9% — Entain ENT LN 2.7% < 0.1% Sea SE 2.1% 0.1% Bank of N.T. Butterfield &
Son NTB 1.9% — Alibaba Group Holding BABA 1.6% — Coupang CPNG 1.4% — Delivery
Hero DHER GR 1.3% < 0.1% DNB Bank DNB NO 1.3% 0.1% Noah Holdings NOAH 1.1% —
Tokyo Electron 8035 JP 1.1% 0.4% Metro Bank Holdings MTRO LN 0.9% — Cash — 2.7%
—




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 International Fund MSCI ACWI ex US® Financials 34.7% 21.7% Consumer
Discretionary 30.0% 11.1% Industrials 12.2% 13.7% Information Technology 10.0%
14.0% Materials 5.2% 7.1% Real Estate 3.1% 1.8% Energy 2.6% 5.5% Communication
Services 2.3% 5.3% Health Care — 9.5% Consumer Staples — 7.2% Utilities — 3.1%


REGIONAL ALLOCATION

Region International Fund MSCI ACWI ex US® Asia 57.6% 42.2% Europe 27.0% 42.4%
North & Central America Ex US 9.5% 8.1% Africa 5.9% 0.9% Australia/Oceania —
4.9% South America — 1.5% United States — —


COUNTRY ALLOCATION - TOP 10

Country International Fund MSCI ACWI ex US® China 26.8% 7.3% Korea, Republic of
(South Korea) 12.9% 3.5% Singapore 8.8% 0.9% Denmark 7.8% 2.5% Canada 7.7% 7.4%
Netherlands 6.2% 3.4% South Africa 5.9% 0.9% Switzerland 5.5% 6.2% Hong Kong
4.7% 1.1% Japan 4.4% 14.4% Top 10 Countries Total % of Portfolio 90.7% 47.6%


DEVELOPED VS EMERGING MARKETS

Market International Fund MSCI ACWI ex US® Developed Ex US 52.6% 72.1% Emerging
Markets 47.4% 27.9%


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.

Created with Highcharts 10.0.0

International Fund Market Percentage

Large 91.0%

Mid 1.5%

Small 7.5%

Created with Highcharts 10.0.0

MSCI ACWI ex US® Index Market Percentage

Large 87.1%

Mid 12.4%

Small 0.5%


PM COMMENTARY


PORTFOLIO MANAGER COMMENTARIES

Document Description Manager Commentary - Semi-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

 * Watch Now

Global / International


INSIGHTS


FUND INSIGHTS

Document Description Davis International Fund: Selective. Attractive Growth.
Undervalued. Our companies are rigorously researched, offer attractive growth
and yet are significantly undervalued versus the benchmark - A powerful
combination.


LITERATURE


REGULATORY REPORTS

Document Summary Prospectus Prospectus Statement of Additional Information
Holdings Q1 Holdings Q3 Proxy

Document Annual Report

Document Semi-Annual Report


ACCOUNT FORMS

Document Non-Retirement Change of Ownership Form Designation of Beneficiary Form
Account Service Form Trusted Contact Form Letter of Instruction Form Cost Basis
Change Form Shareowner Change of Dealer Form Broker Change of Dealer Form


PURCHASE DETAILS


OPEN AN ACCOUNT

YOU CAN INVEST WITH DAVIS FUNDS IN A NUMBER OF WAYS:

 * Speak with your Financial Advisor
 * Open an account by mail by downloading the applications below


Document Application for Individuals (Joint, Trust, Custodial) Application for
Businesses Application for Individual Retirement Account (IRA)

Please download one of the following disclosure and custodial agreements:
Traditional IRA Disclosure Statement and Custodial Agreement
Roth IRA Disclosure and Custodial Agreement
Simple IRA Disclosure and Custodial Agreement

Application for Coverdell Education Savings Account

Please download the Coverdell Education Savings Account Disclosure and Custodial
Agreement


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%
0.192792 - 0.024692 - - 10.34 Class C 12/7/23 12/8/23 12/11/23 100% 0.102 -
0.022 - - 9.54 Class Y 12/7/23 12/8/23 12/11/23 100% 0.2252 - 0.0252 - - 10.20

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.


 * View All Davis Funds Distributions

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.

Read here for objective/risk disclosures

Read here for index definition

Read here for Lipper definition

Davis Funds
 * Funds
   * * Prices
     * Performance
     * Taxes & Distributions
   * * New York Venture Fund
     * International Fund
     * Global Fund
     * Financial Fund
     * Opportunity Fund
     * Balanced Fund (formerly Appreciation and Income Fund)
     * Real Estate Fund
     * Government Bond Fund
     * Government Money Market Fund
   * * Equity Portfolio (formerly Value Portfolio)
     * Real Estate Portfolio
     * Financial Portfolio
 * SMAs & ETFs
   * Large Cap Value SMA Portfolio
   * All-Cap SMA Portfolio
   * International ADR SMA Portfolio
   * Global ADR SMA Portfolio
   * Davis ETFs
 * Commentary / Videos
   * Manager Commentaries
   * Video Library
 * Education
   * Successful Investing Library
   * Mastering the Mental Game of Investing
   * Wisdom of Great Investors
   * Wisdom of Great Investors – Quotes
 * Resources
   * Resources & Literature
   * Regulatory Documents
   * Applications & Forms
   * How to Invest
   * Taxes & Distributions
   * Retirement Center
 * About
   * About Davis
   * Team
   * Investment Discipline

 * Privacy Statement and Business Continuity Plan
 * Proxy Voting Information
 * Terms of Use

 * Contact
   
   FINANCIAL PROFESSIONALS
   
   REGIONAL REPRESENTATIVES
   
   800.717.3477
   
   DEALER SERVICES
   
   800.440.0334
   
   LITERATURE REQUESTS
   
   INVESTOR SERVICES
   
   Email Us
   800.279.0279
   
   Email service is intended for general fund inquiries only. Absolutely no
   trading requests (buy, sell or exchange) can be executed via this system. In
   addition no account maintenance inquiries should be submitted via this
   system. To ensure your privacy, do not send private or confidential
   information in your e-mail. This service is not a solicitation for business.
   
   FINRA’S BROKERCHECK
   
   Check the background of Davis Distributors, LLC, on FINRA’s BrokerCheck.
   
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Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756