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

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Security DescriptionSymbol
Alexandria Real Estate Equities, Inc. ARE
Alexandria Real Estate Equities, Inc. Pfd. - Series D AREEP
American Campus Communities, Inc. ACC
American Tower Corp. AMT
AvalonBay Communities, Inc. AVB
BioMed Realty Trust, Inc. BMR
Boston Properties, Inc. BXP
Brandywine Realty Trust BDN
CBL & Associates Properties, Inc. CBL
CBL & Associates Properties, Inc. Pfd. - Series D CBL D
Coresite Realty Corp. COR
Corporate Office Properties Trust OFC
CubeSmart CUBE
DCT Industrial Trust, Inc. DCT
DDR Corporation DDR
Digital Realty Trust, Inc. DLR
Digital Realty Trust, Inc. - Conv. Bond 25389JAC0
Digital Realty Trust, Inc. Pfd. - Series D DGRDP
DuPont Fabros Technology, Inc. DFT
DuPont Fabros Technology, Inc. Pfd. - Series B DFT B
EastGroup Properties, Inc. EGP
Education Realty Trust, Inc. EDR
Entertainment Properties Trust EPR
Security DescriptionSymbol
Equity Residential EQR
Essex Property Trust, Inc. ESS
Federal Realty Investment Trust FRT
Forest City Enterprises - A FCE A
Forest City Enterprises - Conv. Bond 345550AM9
Home Properties, Inc. HME
Host Hotels & Resorts, Inc. HST
Kimco Realty Corp. KIM
Macerich Company MAC
Plum Creek Timber Company, Inc. PCL
Post Properties, Inc. PPS
Potlatch Corp. PCH
Prologis, Inc. PLD
Prologis, Inc. Pfd. - Series M PLD M
Public Storage, Inc. PSA
Rayonier, Inc RYN
Simon Property Group, Inc. SPG
SL Green Realty Corp. SLG
Sunstone Hotel Investors, Inc. SHO
Ventas, Inc. VTR
Vornado Realty Trust VNO
Weyerhaeuser Co. WY

* 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.