Rolling 10 Year Returns
All Weather Performance


By steadfastly adhering to our investment discipline through ever-changing market and economic environments, the Davis New York Venture Fund has outperformed the S&P 500® Index over every rolling 10 year period since 1969. It is the only fund with this track record of consistency.1

These results were generated through decades that contained economic recessions, economic expansions, major military conflicts, bull markets, bear markets and periods of rising and falling interest rates and energy prices. The most recent decade contained such events as the 2008 financial crisis, the NASDAQ collapse, the 2001-2002 bear market and 9/11.

Because investing during uncertain times is the rule, not the exception, and predicting what the next decade will bring for investors is impossible, it is crucial to invest with a manager who has experienced and successfully navigated a wide variety of investment environments.




Davis New York
Venture Fund Class A,
Total Returns as of
March 31, 2010 		1
Year 		5
Years 		7
Years 		10
Years 		15
Years 		20
Years 		25
Years 		30
Years 		40
Years 		Inception
(2/17/69)
with a maximum
4.75% sales charge 		 48.68% 0.94% 7.43% 1.36% 9.01% 10.38% 12.11% 13.70% 11.79% 11.78%

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 total annual operating expense ratio for Class A shares as of the most recent prospectus was 0.92%. 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. For most recent month-end performance, click here or call 800-279-0279. Rolling 10 year returns would be lower in some periods if a sales charge were included. See the endnotes for a description of this chart and a definition of the S&P 500® Index. *Returns calculated from 2/17/69 through 12/31/78.




1 Davis New York Venture Fund is the only Fund to have outperformed the S&P 500 Index over every rolling 10 calendar year time period from 2/17/1969-12/31/2009. Past performance is not a guarantee of future results.

This piece is authorized for use by existing shareholders. A current Davis New York Venture Fund prospectus must accompany or precede this piece if it is distributed to prospective shareholders. You should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. Read the prospectus carefully before you invest or send money.

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 equity securities issued by large companies with market capitalizations of at least $10 billion. Some important risks of an investment in the 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 as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; 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 March 31, 2010, Davis New York Venture Fund had approximately 15.6% of assets invested in foreign companies. 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 2009. 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. The figures are not adjusted for any sales charge that may be imposed. If a sales charge were imposed, the reported figures would be lower. The figures shown reflect past results; past performance is not a guarantee of future results. 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 and an investor may lose money. Returns for other share classes will vary.

Broker-dealers and other financial intermediaries may charge Davis Advisors substantial fees for selling its products and providing continuing support to clients and shareholders. For example, broker-dealers and other financial intermediaries may charge: sales commissions; distribution and service fees; and record-keeping fees. In addition, payments or reimbursements may be requested for: marketing support concerning Davis Advisors' products; placement on a list of offered products; access to sales meetings, sales representatives and management representatives; and participation in conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events and other dealer-sponsored events. Financial advisors should not consider Davis Advisors' payment(s) to a financial intermediary as a basis for recommending Davis Advisors.

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.

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.

 






























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