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This material is authorized for use by existing shareholders. A current Davis 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 Advisors' investment professionals made candid statements and observations regarding investment strategies, individual securities, economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments also included expressions of opinions that are speculative in nature and should not be relied on as statements of fact. Comments included in this material are not recommendations to buy, sell, or hold any security mentioned.

Past performance is not a guarantee of future results. Investment return and principal value will vary so that an investor may lose money. Not all purchases by Davis Advisors will be profitable. A company that has contributed to fund performance in the past may not continue to do so in the future. Equity markets are volatile and an investor may lose money.

While Davis searches for out of the spotlight companies and companies that are subject to headline risk that can become global leaders, there can be no assurance that this will occur. A company's stock price that has decreased because of negative headlines may never recover.

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. Some important risks of an investment in Davis New York Venture Fund are: (1) market risk: The market value of shares of common stock can change rapidly and unpredictably; (2) company risk: The market value of a common stock varies with the success or failure of the company issuing the stock; (3) financial services risk: Investing a significant portion of assets in the financial services sector may cause a fund to be more volatile. 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 (4) 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 September 30, 2007, Davis New York Venture Fund had approximately 15.4% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks.

Davis Opportunity Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. As of September 30, 2007, Davis Opportunity Fund had 19.9% of assets invested in foreign companies. 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. Small- and Medium-capitalization 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. See the prospectus for a complete listing of the principal risks.

Davis Global Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. The most important risks of an investment in Davis Global Fund are: 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; currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. The Fund may, but generally does not hedge its currency risk; market risk: The market value of shares of common stock can change rapidly and unpredictably; and emerging market risk: the Fund invests in emerging or developing markets. Davis Advisors determines the emerging markets countries based on the countries that are represented in the MSCI Emerging Markets Index. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets. These securities may be more difficult to sell at an acceptable price and their prices may be more volatile than securities of issuers in more developed markets. Settlements of trades may be subject to greater delays so that the Fund might not receive the proceeds of a sale of a security on a timely basis. In unusual situations it may not be possible to repatriate sales proceeds in a timely fashion. These investments may be very speculative. As of September 30, 2007, Davis Global Fund had approximately 29.6% of assets invested in securities from emerging markets. See the prospectus for a complete listing of the principal risks.

The Davis New York Venture Fund and Davis Opportunity Fund prospectuses do not place any restriction, or provide any mandate, on the amount of assets invested in foreign companies.

The views expressed by Davis Advisors' investment professionals in this material are subject to change, and some of the stocks discussed may no longer be owned. The information provided in this report should not be considered a recommendation to buy, sell, or hold any of the securities mentioned. As of September 30, 2007, Davis New York Venture Fund had invested the following percentages of its assets in the companies discussed in this material:

AIG 3.84%, Altria Group 3.41%, American Express 4.37%, Ameriprise Financial 1.06%, Bank of NY Mellon 1.77%, Cardinal Health 0.63%, Citigroup 1.77%, ConocoPhillips 4.53%, Costco Wholesale 3.26%, CVS Caremark 1.32%, Dell 1.06%, Devon Energy 2.39%, Diageo 1.35%, EOG Resources 1.66%, Express Scripts 0.68%, Google 0.77%, Heineken 0.92%, Hershey 0.50%, Hewlett-Packard 0.66%, HSBC 2.51%, JPMorgan Chase 3.02%, Microsoft 1.84%, Millea 0.92%, Occidental Petroleum 1.73%, Principal Financial Group 0.32%, Sprint Nextel 0.87%, Tyco International 1.17%, Tyco Electronics 0.93%, United Health Group 1.06%, Wachovia 1.74%, Wal-Mart Stores 1.15%, Wells Fargo 2.25%

Davis Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in detail in the prospectus. Visit davisfunds.com or call (800) 279-0279 for the most current public portfolio holdings information.

The high and low turnover during the last five years for the Davis New York Venture Fund was 10% and 3%, respectively. The high and low turnover during the last five years for the Davis Opportunity Fund was 43% and 22%, respectively. The high and low turnover since inception for the Davis Global Fund was 10% and 0%, respectively.

The Davis family, active employees, and directors have $2 billion of their own money invested in the mutual funds our firm manages.

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.

DAVIS DISTRIBUTORS, LLC,
1-800-279-0279, 2949 East Elvira Road, Suite 101, Tucson, Arizona 85706