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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 0.92%. 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 video reprint is authorized for use by existing shareholders. A current Selected American Shares prospectus and Davis New York Venture 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 Selected American Shares prospectus and Davis New York Venture Fund prospectus carefully before you invest or send money.

Performance discussed is for the Davis New York Venture Fund Class A shares, not including a sales charge as of March 31, 2010. The "market" is represented by the S&P 500 Index.

The Davis New York Venture Fund and Selected American Shares are managed by the same Portfolio Managers with substantially the same style and strategies.

This video 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. Equity markets are volatile and an investor may lose money. Past performance is not a guarantee of future results.

DAVIS DISTRIBUTORS, LLC (DDLLC) received permission from Wealthtrack.com to use this video. Wealthtrack.com is not affiliated with DDLLC, and DDLLC did not commission Wealthtrack.com to create or publish this video.

Selected American Shares' investment objective is capital growth and income. In the current market environment, we expect that income will be low. Davis New York Venture Fund's investment objective is long-term growth of capital. There can be no assurance that either Fund will achieve its objective. The Funds 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 Funds are: market risk: the market value of shares of common stock can change rapidly and unpredictably and have the potential for loss; company risk: equity securities represent ownership positions in companies. Over time, the market value of a common stock should reflect the success or failure of the company issuing the stock; financial services risk: investing a significant portion of assets in the financial services sector may cause a fund to be more volatile as securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; and 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. As of March 31, 2010, Selected American Shares had approximately 16.4% of assets invested in foreign companies. As of March 31, 2010, Davis New York Venture Fund had approximately 15.6% of assets invested in foreign companies. See the prospectuses for a complete listing of the principal risks.

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 S shares as of the most recent prospectus was 0.94%. 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 returns, click here or call 800-243-1575.

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 include "forward looking statements" which may or may not be accurate over the long term. 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. These opinions are current as of the date of this video but are subject to change. Market values will vary so that an investor may experience a gain or a loss. The information provided in this material should not be considered a recommendation to buy, sell, or hold any particular security.

As of March 31, 2010, Selected American Shares had invested the following percentages of its assets in the companies listed:

As of March 31, 2010, Davis New York Venture Fund had invested the following percentages of its assets in the companies listed:

Selected Funds and Davis Funds have both adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in detail in the prospectuses.

Click here or call 800-243-1575 for the most current public portfolio holdings information for Selected American Shares.

Click here or call (800) 279-0279 for the most current public portfolio holdings information for Davis New York Venture Fund.

Morningstar assigns a stewardship grade to funds it covers. The overall stewardship grade is the sum of the following five components that are graded on a scale of A through F: Regulatory Issues, Board Quality, Manager Incentives, Fees, and Corporate Culture. The overall grade will range from an A to an F. Morningstar utilizes a fund's public filings, responses to a survey sent out by Morningstar to the fund company and the expertise of the Morningstar analysts to determine a fund grade. The methodology for the Morningstar Stewardship grade is completely different from the performance-based Morningstar star rating and has no impact on the star rating. The grades discussed in the video are subject to change and are as of December 31, 2009. As of December 31, 2009, Selected American Shares was one of only three Funds to receive an "A" in all five components.

Morningstar Analyst Picks are the favorite funds of the Morningstar analysts who specialize in each category. Analysts make their selections based on a fund's historical risk and return, costs and knowledge of the managers and their strategies.

Although we believe that the financial services industry and select financial business will not become obsolete, the future is always uncertain.

While Shelby Cullom Davis' success, who invested $100,000 in 1947 and compounded it into over $800 million by the time of his death in 1994, forms the basis of the Davis investment discipline, this was an extraordinary achievement and other investors may not enjoy the same success.

While we research and invest in companies subject to headline risk, we cannot be correct every time, and a company's stock may never recover.

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.

As of March 31, 2010, Selected Funds assets under management were approximately $8.5 billion. As of March 31, 2010, Davis Funds assets under management were approximately $36.7 billion.

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.

Effective July 1, 2009, Davis Advisors voluntarily and permanently reduced any management fee breakpoints ABOVE 0.55% to 0.55%.

Over the last five years, the high and low turnover ratio for Selected American Shares was 18% and 4%, respectively. Over the last five years, the high and low turnover ratio for Davis New York Venture Fund was 16% and 3%, respectively.

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. Investments cannot be made directly in an index.

After July 31, 2010, this video must be accompanied by a supplement containing performance data for the most recent quarter end.

Shares of the Selected Funds and 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.