1 Class A shares, not including a sales charge. Past performance is not a guarantee of future results.
2 Figures reported are net of reimbursements and may vary in future periods. Peer/category data is compiled using Lipper. As of March 31, 2010, the Davis Real Estate Fund had been categorized by Lipper as Real Estate.
3 As of December 31, 2009.
4 Fund expense ratio is as of most recent prospectus. Lipper Category Average is as of most recent quarter end.
5 Fund turnover is as of most recent audited financial statement. Lipper Category Average is as of most recent quarter end.


This material must be accompanied or preceded by a current Davis Series, Inc., Prospectus. Carefully consider the fund's investment objectives, 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. Read the prospectus carefully before you invest or send money.

Davis Real Estate Fund's investment objective is total return through a combination of growth and income. There can be no assurance that the Fund will achieve its objective. Under normal circumstances the Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in equity, convertible, and debt securities issued by companies principally engaged in the real estate industry. 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; concentrated real estate portfolio risk: any fund that has a concentrated portfolio is particularly vulnerable to the risks of its selected industry; focused portfolio risk: the Fund is classified as a non-diversified fund and is allowed to focus its investments in fewer companies than a diversified fund; small- and medium-capitalization risk: companies share price tend to fluctuate more often as they tend to have limited product lines, markets and financial resources, and their securities may trade less frequently and in more limited volume than those of larger companies; 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, 2009 Davis Real Estate Fund had approximately 2.1% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks.

Morningstar assigns a stewardship grade to funds it covers. The overall stewardship grade is the sum of the following five components that are graded on a scale of A through F: Regulatory Issues, Board Quality, Manager Incentives, Fees, and Corporate Culture. The overall grade will range from an A to an F. Morningstar utilizes a fund's public filings, responses to a survey sent out by Morningstar to the fund company and the expertise of the Morningstar analysts to determine a fund grade. The grades are subject to change and are as of December 31, 2009. The methodology for the Morningstar Stewardship grade is completely different from the performance-based Morningstar star rating and has no impact on the star rating.

Over the last five years, the high and low turnover ratio for Davis Real Estate Fund was 64% and 25%, respectively.

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 Lehman Brothers® Government/Credit Index is a composite made up of the Lehman Brothers Government and Credit bond indices that includes U.S. government Treasury and agency securities as well as high-grade corporate bonds. The NAREIT Equity Index is an unmanaged, market capitalization weighted index of all publicly traded Equity REITs that have 75% or more of their gross invested book assets invested directly or indirectly in the equity ownership of real estate. Investments cannot be made directly in an index.

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.  

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, AZ85756, 800-279-0279.