Strategy. Davis Selected Advisers, L.P. (Davis Advisors or the Adviser), the Funds investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of the Funds 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 issuers common stock through Depositary Receipts (Depositary Receipts are defined as American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer)). A company is principally engaged in the real estate industry if it owns real estate or real … Show more… Davis Selected Advisers, L.P. (Davis Advisors or the Adviser), the Funds investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of the Funds 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 issuers common stock through Depositary Receipts (Depositary Receipts are defined as American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer)). A company is principally engaged in the real estate industry if it owns real estate or real estate-related assets that constitute at least 50% of the value of all of its assets, or if it derives at least 50% of its revenues or net profits from owning, financing, developing, managing or selling real estate, or from offering products or services that are related to real estate. Issuers of real estate securities include real estate investment trusts (REITs), brokers, developers, lenders, and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies. Most of the Funds real estate securities are, and will likely continue to be, interests in publicly traded REITs. REITs pool investors funds to make real estate-related investments, such as buying interests in income-producing property or making loans to real estate developers. Davis Investment Discipline. Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors estimate of the companys intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors goal is to invest in companies for the long term (ideally, five years or longer, although this goal may not be met). Davis Advisors considers selling a companys equity securities if the securities market price exceeds Davis Advisors estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the companys equity securities is no longer attractive, to raise cash to purchase a more attractive investment opportunity, to satisfy net redemptions, or for other purposes. Show less