Davis Advisors

• An independent, employee-owned investment management firm founded in 1969.

• A time-tested investment discipline offered to clients through ETFs, mutual funds, variable annuities, separately managed accounts, and offshore funds.

• Founded more than 45 years ago, our mission has been to serve our shareholders and to do so with high integrity.

How We Seek to Compound Long-Term Wealth

• We employ a patient, long-term investment approach.

• We seek to beat the index, not mirror it. True active management, high-conviction and benchmark-agnostic.

• We believe stocks represent ownership interests in businesses and therefore rigorously research company fundamentals.

• We are highly sensitive to valuation, as price can be critical in generating attractive long-term investment results.

An investor should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. The prospectuses contain this and other information about the Funds. You can obtain a current prospectus 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.