Growth of a $10,000 Investment
Build Wealth Over Time

As Warren Buffett has said, "Investing is simply laying out money today to receive more money tomorrow." The chart below illustrates a hypothetical $10,000 investment in 1969 in the Davis New York Venture Fund, the S&P 500® Index and the Average Large Cap Fund.*

While investing on behalf of our clients through various market environments, the Davis New York Venture Fund helped investors build to $1,243,003*compared to $502,431 from the S&P 500® Index and $495,883 from the Average Large Cap Fund.




Davis New York Venture Class A Shares - 2/17/69–12/31/07


As of December 31, 2007
1 Year
3 Years
5 Years
7 Years
10 Years
Davis New York Venture
Fund Class A,
including a maximum
4.75% sales charge
-0.01%
8.41%
13.64%
4.82%
7.51%
15 Years
20 Years
25 Years
30 Years
35 Years
12.15%
14.09%
14.54%
16.19%
13.54%


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. The maximum sales charge on a Class A share is 4.75%. The total annual operating expense ratio for Davis New York Venture Fund Class A shares as of the most recent prospectus was 0.85%. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Current performance may be higher or lower than the performance data quoted. Current month end performance can be obtained by clicking here or by calling 1-800-279-0279.

* Lipper will not calculate returns with inceptions in the middle of the month. Inception date used is 2/28/69. Returns for other classes of shares will vary. All returns include the reinvestment of dividends and capital gain distributions. See the endnotes for a description of the indices. The Average Large Cap Fund is represented by the equities in the Lipper Average Large Cap peer group. Past performance is not a guarantee of future results.

* The definition of indices quoted in this material appear below. Investments cannot be made in any of these indices:

The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

The Average Large Cap Fund is represented by the equities in the Lipper Average Large Cap peer group.

The Lipper Average Large Cap peer group is a combined category including the Lipper Large Cap Growth, Core, and Value peer groups. Lipper Large Cap peer groups are funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500® Index. Funds are categorized as Growth, Core, or Value based on their portfolio characteristics; price to earnings ratio; price to book ratio; and three year sales per share growth value. Growth funds typically have above-average characteristics, Core funds typically have average characteristics, and Value funds typically have below-average characteristics, compared to the S&P 500® Index.

Davis New York Venture Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis New York Venture Fund invests primarily in common stock of U.S. companies with market capitalizations of at least $10 billion. The most important risks of an investment in Davis New York Venture Fund are: market risk: the market value of shares of common stock can change rapidly and unpredictably; company risk: the market value of a common stock varies with the success or failure of the company issuing the stock; financial services risk: investing a significant portion of assets in the financial services sector may cause a fund to be more volatile; and foreign country risk: companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. As of December 31, 2007, Davis New York Venture Fund had approximately 14.6% of assets invested in foreign securities. See the prospectus for a complete listing of the principal risks. See the prospectus for a complete listing of the principal risks.

The Fund's shares 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.

This material must be accompanied or preceded by a current Davis New York Venture Fund Prospectus. Carefully consider the fund's investment strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here or calling 1 (800) 279-0279.