© 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.

Davis Advisors paid Barron’s their customary licensing fee to post this interview. Barron’s is not affiliated with Davis Advisors, and Davis Advisors did not commission Barron’s to create or publish this interview. Davis Advisors may invest in companies when their prices become depressed. While Davis Advisors researches such companies, it cannot be correct every time, and the companies’ stocks may never recover or may become worthless. See the Fund’s prospectus for a complete description of the Fund’s risks. This report includes candid statements and observations regarding investment strategies, and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments may also include the expression of opinions that are speculative in nature and should not be relied on as statements of fact.

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.

Objective and Risks. The investment objective of Davis Global Fund and Davis International Fund is long-term growth of capital. There can be no assurance that a Fund will achieve its objective. Some important risks of an investment in the Funds are: 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; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified; 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; depositary receipts risk: depositary receipts involve higher expenses and may trade at a discount (or premium) to the underlying security; 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; 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; emerging market risk: securities of issuers in emerging and developing markets may present risks not found in more mature markets. As of March 31, 2021, the Davis Global Fund had approximately 33.8% and Davis International Fund had approximately 53.8% of net assets invested in securities from emerging markets; 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; manager risk: poor security selection may cause the Fund to underperform relevant benchmarks; fees and expenses risk: the Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund; and 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. See the prospectus for a complete description of the principal risks.

The Fund is subject to a 2% short-term redemption fee for shares held for fewer than 30 days. The information provided in this material should not be considered a recommendation to buy, sell or hold any particular security.

As of March 31, 2021, the top ten holdings of Davis Global Fund were: Capital One, 6.77%; Alphabet, 6.07%; Wells Fargo, 6.05%; New Oriental Education, 4.98%; Alibaba, 4.78%; JD.com Inc., 4.74%; DNB ASA, 4.46%; DBS, 4.10%; Missfresh, 3.98%; and Naspers, 3.98%.

As of March 31, 2021, the top ten holdings of Davis International Fund were: JD.com Inc., 7.79%; New Oriental Education, 7.49%; Alibaba, 5.41%; DBS, 5.27%; DNB ASA, 5.03%; Danske Bank, 4.69%; Naspers, 4.68%; Samsung, 4.67%; AIA, 4.17%; and Schneider Electric, 4.11%. 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. 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.

Davis Distributors, LLC

2949 East Elvira Road, Suite 101, Tucson, AZ 85756

800-279-0279, davisfunds.com