Davis Financial Fund
Portfolio holdings sorted alphabetically as of April 30, 2012

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Security DescriptionSymbol
Alleghany Corp. Y
American Express Co. AXP
Ameriprise Financial, Inc. AMP
Bank of America Corp. BAC
Bank of New York Mellon Corp. BK
Bed Bath & Beyond, Inc. BBBY
Brookfield Asset Management Inc., Class A BAM
Canadian Natural Resources Ltd. CNQ
Charles Schwab Corp. SCHW
Cielo SA CIEL3 BZ
CVS Caremark Corporation CVS
Everest Re Group, Ltd. RE
First Marblehead Corp. FMD
Goldman Sachs Group, Inc. GS
Security DescriptionSymbol
Google Inc., Class A GOOG
ICICI Bank Limited -ADR IBN
Julius Baer Group Ltd. BAER VX
Loews Corp. L
Markel Corp. MKL
Oaktree Capital Group OAK
Progressive Corp. PGR
Sino-Forest Corp. TRE CN
SKBHC Holdings LLC -----
State Bank of India GDR SBID LI
U.S. Bancorp USB
Visa, Inc. Class A V
Wells Fargo & Co. WFC

* Portfolio holdings are subject to change. The holdings above may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual report or Form NQ.