The Davis New York Venture Fund is one of the
nation's premier equity funds. Established in
1969, the Fund seeks companies that may offer
opportunities for long-term capital appreciation.

The Davis New York Venture Fund’s goal is to
create wealth for shareholders over time.¹  It
can serve as the core holding of any long-term
growth portfolio and may be an excellent choice
for retirement saving plans, college saving plans or as a hedge against the rising costs of living.²

Investment Philosophy
Reliable Performance
Fund Factsheet
Prospectus

WHAT IS THE FUND'S INVESTMENT PHILOSOPHY?

Consistent with the investment discipline honed by the Davis family for over 50 years, the Fund seeks durable, well-managed businesses³ that can be purchased at value prices and held for the long term. The Fund also focuses on managing risk as the key to delivering reliable long-term investment results.⁴

A Research-Driven Approach
"Like most portfolio managers, we believe in understanding the financial condition of companies inside and out. Where we gain a competitive edge is by focusing on finding top-quality management teams who respond innovatively to change, have proven records and build their business through a long-term vision. We see our job as separating the doers from the bluffers." Christopher C. Davis, Portfolio Manager

A Strong Price Discipline
"We start with the premise that stocks are not merely pieces of paper but represent true ownership interests in businesses. As a result, our investment process boils down to two simple questions: What kind of businesses do we want to own, and how much should we pay for them? This strict price discipline helps us mitigate risk and can be particularly crucial in volatile markets." Kenneth Charles Feinberg, Portfolio Manager

1 Davis New York Venture Fund’s investment objective is long term growth of capital. There can be no guarantee that the Fund will achieve its objective.
2 Every investor has a unique combination of investment objectives and restrictions. We encourage you to discuss with your financial advisor how Davis New York Venture Fund may best serve your investment needs.
3 Davis New York Venture Fund searches for companies that have achieved a dominant or growing market share and are led by first class management. There is no guarantee that the Fund’s investments in these companies will be profitable.
4 Davis New York Venture Fund manages risk by adherence to a strict price discipline. Equity markets are volatile and there can be no guarantee that investors will earn a profit. The Fund’s net asset value per share will fluctuate and an investor in the Fund may lose money.

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RELIABLE PERFORMANCE

Through full market cycles, the Fund's 10-year Average Annual Total Return has outperformed the S&P 500® Index for all 10-year time periods since it was founded in 1969.⁵

Average Annual Total Return is a measure of a fund’s performance encompassing all elements of return.  The Average Annual Total Return represents the average compounded rate of return for the periods represented assuming all distributions are taken in additional fund shares.

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.
* Returns calculated from 2/17/69 through 12/31/78. Returns for other share classes will vary. See the endnotes for a description of this chart and a definition of the S&P 500 Index.

5 Past performance is not a guarantee of future results. There can be no guarantee that the Fund will achieve its investment objective or continue to deliver consistent investment performance. The figures are not adjusted for any sales charges that may be imposed. If sales charges were imposed, the reported figures would be lower.

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Davis New York Venture Fund Class A shares 2/17/69-12/31/07
Fund performance includes 4.75% maximum sales charge and reflects reinvested
distributions and changes in net asset value for Class A shares.

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.

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.

Rolling 10 Year Performance Chart. Davis New York Venture Fund's average annual total Returns for Class A shares were compared against the returns earned by the S&P 500® Index as of December 31 of each year for all 10 year time periods from 1969 through 2007. The Fund's returns assume an investment in Class A shares on January 1 of each year with all dividends and capital gain distributions reinvested for a 10 year period. There can be no guarantee that the Fund will continue to deliver consistent investment performance. The performance presented includes periods of bear markets when performance was negative. Equity markets are volatile. An investor may experience a loss. Returns for other share classes will vary. 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 towards stocks with large market capitalizations, and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.

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 representing approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in the S&P 500® Index.

Shares of the Davis Funds are not deposits or obligation 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.

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