Fund Description

The fund uses the Davis Investment Discipline to invest at least 80% of net assets, plus any borrowing for investment purposes, in securities of companies principally engaged in the real estate industry. It invests principally in common stocks of domestic companies and may invest in foreign companies, including through Depositary Receipts. Real estate issuers may include REITs, brokers, developers, lenders and companies with substantial real estate holdings, and most of the fund's real estate securities are, and will likely continue to be, interests in publicly traded REITs. The adviser conducts extensive research, emphasizes evaluating management, and estimates intrinsic value based on fundamental analysis of cash flows, assets and liabilities, and other criteria deemed material on a company-by-company basis.