This audio includes candid statements and observations regarding investment strategies, individual securities, and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct.

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions regarding the investment prospects of our portfolio holdings and Fund include "forward-looking statements" which may or may not be accurate over the long term. Forward-looking statements can be identified by words like "believe," "expect," "anticipate," or similar expressions when discussing prospects for particular portfolio holdings and/or the Fund. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate.

Davis New York Venture Fund Class A, Annualized Total Returns as of December 31, 2011	1 Year	5 Years	10 Years
with a maximum 4.75% sales charge	-9.30%	-3.30%	2.87%

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 0.89%. 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 quoted. For most recent month-end performance, click here or call 800-279-0279.

This audio is authorized for use by existing shareholders. A current Davis Fund prospectus must accompany or precede this material 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.

Objective and risks. 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. The 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: stock market risk: stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines; manager risk: poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective; common stock risk: common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock; financial services risk: investing a significant portion of assets in the financial services sector may cause the Fund to be more sensitive to problems affecting financial companies; headline risk: the Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may never recover or may become worthless; fees and expenses risk: the Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance; foreign country risk: foreign companies may be subject to greater risk 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; emerging market risk: the Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets; foreign currency risk: securities issued by foreign companies are frequently denominated in foreign currencies. 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; trading markets and depositary receipts risk: foreign securities may trade in the form of depositary receipts. Although depositary receipts have risks similar to the securities that they represent, they may also involve higher expenses and may trade at a discount (or premium) to the underlying security. In addition, depositary receipts may not pass through voting and other shareholder rights, and may be less liquid than the underlying securities listed on an exchange. As of December 31, 2011, the Fund had approximately 17.52% of assets invested in foreign companies. See the prospectus for a complete description of the principal risks.

The information provided in this audio should not be considered a recommendation to buy, sell, or hold any particular security. As of December 31, 2011, Davis New York Venture Fund had invested the following percentages of its assets in the companies listed:

American Express 5.13%
Bank of New York Mellon 4.42%
Bed, Bath & Beyond 2.93%
Canadian Natural 3.05%
Costco 4.55%
CVS Caremark 5.34%
Devon 1.16%
EOG 3.19%
Sino-Forest 0.13%
VISA 0.43%
Wells Fargo 5.71%

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. Click here or call 800-279-0279 for the most current public portfolio holdings information.

Common stocks, cash, and bonds represent different asset classes subject to different risks and rewards. Future economic events may favor one asset class over another.

Chris Davis describes how decades of poor returns in the S&P 500^® Index have historically been followed by decades of satisfactory returns. The source of this information is Thomson Financial, Lipper and Bloomberg. There is no guarantee that in the future attractive results will follow a disappointing period. Past performance is not a guarantee of future results.

Systematic investing (or Dollar Cost averaging) does not assure a profit nor protect against losses in declining markets. Systematic investing involves continuous investment regardless of fluctuating prices. You should consider your financial ability to continue purchases through periods of high or low price levels.

The rolling returns of the Davis New York Venture Fund versus the S&P 500^® Index are discussed in this piece. The 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 rolling periods indicated from 1970 through 2011. 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. The returns are not adjusted for any sales charge that may be imposed. If a sales charge were imposed, the percentages would be lower. The percentages discussed reflect past results; past performance is not a guarantee of future results. There can be no guarantee that the Fund will continue to outperform the market in rolling periods in the future. Equity markets are volatile and an investor may lose money. Returns for other share classes will vary.

Chris Davis cited a study that examined the percentage of top quartile large cap equity managers whose performance fell into the bottom half, quartile or decile for at least one rolling three-year period from January 1, 2000 - December 31, 2009. 176 managers from eVestment Alliance’s large cap universe whose 10 year average annualized performance ranked in the top quartile were examined. 96% fell into the bottom half; 79% fell into the bottom quartile; and 47% fell into the bottom decile. The source is Davis Advisors. Past performance is not a guarantee of future results.

The Davis family, Davis Advisors, employees, and directors have more than $2 billion of their own money invested side by side with fellow shareholders (as of December 31, 2011).

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.

An SIV is a Structured Investment Vehicle which is a pool of investment assets that attempts to profit from credit spreads between short-term debt and long-term structured finance products such as asset-backed securities.

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. The Dow Jones Industrial Average is a price-weighted average of 30 actively traded blue chip stocks. The Dow Jones is calculated by adding the closing prices of the component stocks and using a divisor that is adjusted for splits and stock dividends equal to 10% or more of the market value of an issue as well as substitutions and mergers. The average is quoted in points, not in dollars. Investments cannot be made directly in an index.

After April 30, 2012, this material must be accompanied by a supplement containing performance data for the most recent quarter end.

Chris Davis compares a hypothetical investment with us and the market. This assumes an investment in Davis New York Venture Fund, class A shares without a sales charge on February 17, 1969, until December 31, 2011, with the reinvestment of dividends and capital gain distributions. The value at the end of the period in the Fund was $1,050,953. The investment in the market was a hypothetical investment in the S&P 500^® for the same time period. The value of this investment at the end of the period was $470,329.

Chris Davis references 10-year periods where stocks produced “satisfactory” and “lousy” returns. He defines lousy as a 10-year average annual return less than 5% and satisfactory are more than 5%.

Holdings are subject to change.

Investments in all companies, including Wells Fargo, is subject to risk.

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.