Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the fund's investment adviser, uses the Davis Investment Discipline to invest Davis Global Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by both United States and foreign companies, including countries with developed or emerging markets.

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DGFAX

The fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the fund's manager considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

DILAX

The investment seeks long-term growth of capital. Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the fund's investment adviser, uses the Davis Investment Discipline to invest Davis New York Venture Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by large companies with market capitalizations of at least $10 billion. Historically, the fund has invested a significant portion of its assets in financial services companies and in foreign companies, and may also invest in mid- and small- capitalization companies.

NYVTX

The investment seeks current income. The fund invests exclusively in U.S. Treasury securities, U.S. government agency securities, U.S. government agency mortgage securities (collectively "U.S. government securities"), and repurchase agreements collateralized by U.S. government securities. Under normal circumstances, the fund's portfolio will maintain a weighted average maturity of three years or less.

RFBAX

The investment seeks long-term growth of capital. The fund's investment adviser uses the Davis Investment Discipline to invest Davis Opportunity Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts). It may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.

RPEAX

The fund's investment adviser uses the Davis Investment Discipline to invest Davis Appreciation & Income Fund's assets in a balanced portfolio of common stock, convertible securities, preferred stock and bonds. It may also hold cash. The fund may invest in large, medium or small companies without regard to market capitalization and may invest in securities issued by either domestic or foreign companies.

RPFCX

The investment seeks total return through a combination of growth and income. The fund's investment adviser uses the Davis Investment Discipline to invest at least 80% of the fund's net assets, plus any borrowing for investment purposes, in securities issued by companies principally engaged in the real estate industry. The fund invests principally in common stocks of domestic companies and may invest in foreign companies (including indirect holdings of a foreign issuer's common stock through depositary receipts).

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
DGFAX	Davis Global Fund	Global Equities	Dec 21, 2004	0.96%	17.25%	7.55%	0.92%
DILAX	Davis International Fund	Foreign Large Cap Equities	Dec 29, 2006	1.00%	16.76%	2.97%	1.33%
NYVTX	Davis New York Venture Fund	Large Cap Blend Equities	Feb 17, 1969	0.89%	16.07%	9.87%	12.42%
RFBAX	Davis Government Bond Fund	Government Bonds	Nov 30, 1994	1.00%	3.97%	0.87%	3.03%
RPEAX	Davis Opportunity Fund	Large Cap Blend Equities	Dec 1, 1994	0.93%	13.01%	9.08%	5.46%
RPFCX	Davis Appreciation & Income Fund	Diversified Portfolio	Apr 30, 1992	1.00%	13.85%	6.47%	2.74%
RPFRX	Davis Real Estate Fund	REIT	Jan 3, 1994	0.95%	12.95%	7.10%	2.10%

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