Tax Information


Davis New York Venture Fund
Davis Financial Fund
Davis Opportunity Fund
Davis Real Estate Fund
Davis Appreciation & Income Fund
Davis Government Bond Fund
Davis Global Fund


2009 Davis New York Venture Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record Date Ex- Date Payable Date Qualified
Dividend
Percentage
Ordinary Income Return of Capital Reinvest-ment Price Short-term Capital Gain Long-term Capital Gain
Class A 11/30/09 12/1/09 12/2/09 100% 0.21 - 30.52 - -
Class B 11/30/09 12/1/09 12/2/09 - - - - - -
Class C 11/30/09 12/1/09 12/2/09 100% 0.002 - 29.56 - -
Class Y 11/30/09 12/1/09 12/2/09 100% 0.29 - 30.82 - -
Class R 11/30/09 12/1/09 12/2/09 100% 0.105 - 30.60 - -

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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2009 Davis Financial Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record Date Ex- Date Payable Date Qualified
Dividend
Percentage
Ordinary Income Return of Capital Reinvest-ment Price Short-term Capital Gain Long-term Capital Gain
Class A 11/30/09 12/1/09 12/2/09 100% 0.035 - 28.47 - -
Class B 11/30/09 12/1/09 12/2/09 - - - - - -
Class C 11/30/09 12/1/09 12/2/09 - - - - - -
Class Y 11/30/09 12/1/09 12/2/09 100% 0.059 - 29.10 - -

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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2009 Davis Opportunity Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record Date Ex- Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Reinvest-ment Price Short-term Capital Gain Long-term Capital Gain
Class A 11/30/09 12/1/09 12/2/09 100% 0.0769 - 19.88 - -
Class B 11/30/09 12/1/09 12/2/09 - - - - - -
Class C 11/30/09 12/1/09 12/2/09 - - - - - -
Class Y 11/30/09 12/1/09 12/2/09 100% 0.143 - 20.45 - -

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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2009 Davis Real Estate Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record Date Ex- Date Payable Date Qualified
Dividend
Percentage
Ordinary Income Return of Capital Reinvest-ment
Price
Short-term Capital Gain Long-term Capital Gain
Class A 3/31/09 4/1/09 4/2/09 14.71% 0.08 - 10.71 - -
6/30/09 7/1/09 7/2/09 14.71% 0.08 - 14.25 - -
9/30/09 10/1/09 10/2/09 14.71% 0.08 - 17.86 - -
12/29/09 12/30/09 12/31/09 - - - - - -
Class B 3/31/09 4/1/09 4/2/09 14.71% 0.0473 - 10.61 - -
6/30/09 7/1/09 7/2/09 14.71% 0.0386 - 14.12 - -
9/30/09 10/1/09 10/2/09 14.71% 0.0323 - 17.68 - -
12/29/09 12/30/09 12/31/09 - - - - - -
Class C 3/31/09 4/1/09 4/2/09 14.71% 0.0564 - 10.74 - -
6/30/09 7/1/09 7/2/09 14.71% 0.0502 - 14.29 - -
9/30/09 10/1/09 10/2/09 14.71% 0.0445 - 17.89 - -
12/29/09 12/30/09 12/31/09 - - - - - -
Class Y 3/31/09 4/1/09 4/2/09 14.71% 0.0939 - 10.83 - -
6/30/09 7/1/09 7/2/09 14.71% 0.0948 - 14.42 - -
9/30/09 10/1/09 10/2/09 14.71% 0.0949 - 18.06 - -
12/29/09 12/30/09 12/31/09 - - - - - -

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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2009 Davis Appreciation & Income Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record
Date
Ex- Date Payable
Date
Qualified
Dividend
Percentage
Ordinary
Income
Return of
Capital
Reinvest-
ment Price
Short-term
Capital
Gain
Long-term
Capital
Gain
Class A 3/31/09 4/1/09 4/2/09 67.22% 0.08 - 15.84 - -
6/30/09 7/1/09 7/2/09 67.22% 0.08 - 19.11 - -
9/30/09 10/1/09 10/2/09 67.22% 0.08 - 22.84 - -
12/29/09 12/30/09 12/31/09 67.22% 0.1685 - 23.88 - -
Class B 3/31/09 4/1/09 4/2/09 67.22% 0.0438 - 15.67 - -
6/30/09 7/1/09 7/2/09 67.22% 0.0335 - 18.91 - -
9/30/09 10/1/09 10/2/09 67.22% 0.0271 - 22.60 - -
12/29/09 12/30/09 12/31/09 67.22% 0.121 - 23.63 - -
Class C 3/31/09 4/1/09 4/2/09 67.22% 0.0495 - 15.92 - -
6/30/09 7/1/09 7/2/09 67.22% 0.041 - 19.21 - -
9/30/09 10/1/09 10/2/09 67.22% 0.034 - 22.95 - -
12/29/09 12/30/09 12/31/09 67.22% 0.123 - 24.00 - -
Class Y 3/31/09 4/1/09 4/2/09 67.22% 0.0925 - 15.91 - -
6/30/09 7/1/09 7/2/09 67.22% 0.0936 - 19.20 - -
9/30/09 10/1/09 10/2/09 67.22% 0.0942 - 22.94 - -
12/29/09 12/30/09 12/31/09 67.22% 0.183 - 23.99 - -

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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2009 Davis Government Bond Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record
Date
Ex- Date Payable
Date
Qualified
Dividend
Percentage
Ordinary
Income
Return of
Capital
Reinvest-
ment Price
Short-term
Capital
Gain
Long-term
Capital
Gain
Class A 11/30/09 12/1/09 12/2/09 0% Monthly - - - -
Class B 11/30/09 12/1/09 12/2/09 0% Monthly - - - -
Class C 11/30/09 12/1/09 12/2/09 0% Monthly - - - -
Class Y 11/30/09 12/1/09 12/2/09 0% Monthly - - - -

U.S. Government Sources of Income

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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2009 Davis Global Fund Dividend Distribution Information
(updated as of 1/12/2010)
  Record
Date
Ex- Date Payable
Date
Qualified
Dividend
Percentage
Ordinary
Income
Return of
Capital
Reinvest-
ment Price
Foreign
Tax Credit
Short-term
Capital
Gain
Long-term
Capital
Gain
Class A 12/29/09 12/30/09 12/31/09 100% 0.10982 - 12.20 0.01982 - -
Class B 12/29/09 12/30/09 12/31/09 - - - - - - -
Class C 12/29/09 12/30/09 12/31/09 - - - - - - -
Class Y 12/29/09 12/30/09 12/31/09 100% 0.135 - 12.16 0.02 - -

This information on 2009 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2009 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI) under the Jobs and Growth Tax Relief Reconciliation Act of 2003. QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2009 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here

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Davis Funds 800/279-0279

Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756































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