Fund Description

The fund, advised by Davis Selected Advisers, L.P., uses the Davis Investment Discipline and invests at least 80% of net assets, plus any borrowing for investment purposes, in securities of companies principally engaged in the real estate industry. It invests principally in common stocks of domestic companies and may invest in foreign companies, including through Depositary Receipts. Real estate issuers may include REITs, brokers, developers, lenders, and companies with substantial real estate holdings. Most of the fund's real estate securities are, and will likely continue to be, interests in publicly traded REITs. The adviser conducts extensive research, emphasizes individual stock selection, and analyzes companies' intrinsic value.