Davis Real Estate Fund
Portfolio holdings sorted by percent of assets as of March 31, 2012

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Security DescriptionSymbol
Simon Property Group, Inc. SPG
Alexandria Real Estate Equities, Inc. Pfd. - Series D AREEP
American Tower Corp. AMT
Digital Realty Trust, Inc. DLR
Digital Realty Trust, Inc. - Conv. Bond 25389JAC0
AvalonBay Communities, Inc. AVB
Equity Residential EQR
American Campus Communities, Inc. ACC
Macerich Company MAC
Boston Properties, Inc. BXP
Ventas, Inc. VTR
Alexandria Real Estate Equities, Inc. ARE
Rayonier, Inc RYN
Essex Property Trust, Inc. ESS
BioMed Realty Trust, Inc. BMR
Public Storage, Inc. PSA
EastGroup Properties, Inc. EGP
Entertainment Properties Trust EPR
DCT Industrial Trust, Inc. DCT
Forest City Enterprises - A FCE A
Education Realty Trust, Inc. EDR
Post Properties, Inc. PPS
Security DescriptionSymbol
Vornado Realty Trust VNO
Host Hotels & Resorts, Inc. HST
DDR Corporation DDR
Plum Creek Timber Company, Inc. PCL
Kimco Realty Corp. KIM
Coresite Realty Corp. COR
Prologis, Inc. Pfd. - Series M PLD M
SL Green Realty Corp. SLG
Brandywine Realty Trust BDN
CBL & Associates Properties, Inc. CBL
Corporate Office Properties Trust OFC
Prologis, Inc. PLD
Digital Realty Trust, Inc. Pfd. - Series D DGRDP
DuPont Fabros Technology, Inc. DFT
CBL & Associates Properties, Inc. Pfd. - Series D CBL D
Federal Realty Investment Trust FRT
Sunstone Hotel Investors, Inc. SHO
Forest City Enterprises - Conv. Bond 345550AM9
SL Green Realty Corp. - Conv. Bond 78444FAA4
DuPont Fabros Technology, Inc. Pfd. - Series B DFT B
CubeSmart CUBE

* 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.