DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	July 31, 2019 (Unaudited)

						Shares		Value
COMMON STOCK – (97.52%)
	COMMUNICATION SERVICES – (14.10%)
		Media & Entertainment – (14.10%)
				Alphabet Inc., Class C  *			16,736	$	20,362,356
				Facebook, Inc., Class A  *			41,360		8,033,353
					Total Communication Services				28,395,709
	CONSUMER DISCRETIONARY – (21.05%)
		Automobiles & Components – (1.37%)
				Adient plc  *			116,552		2,768,110
		Consumer Services – (5.88%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			113,439		11,832,822
		Retailing – (13.80%)
				Alibaba Group Holding Ltd., ADR  (China)*			23,343		4,040,907
				Amazon.com, Inc.  *			10,627		19,838,271
				Naspers Ltd. - N  (South Africa)			15,997		3,899,430
									27,778,608
					Total Consumer Discretionary				42,379,540
	ENERGY – (3.25%)
				Apache Corp.			212,861		5,198,066
				Encana Corp.  (Canada)			295,914		1,352,327
					Total Energy				6,550,393
	FINANCIALS – (44.43%)
		Banks – (14.29%)
				Bank of America Corp.			63,860		1,959,225
				JPMorgan Chase & Co.			73,091		8,478,556
				U.S. Bancorp			154,864		8,850,478
				Wells Fargo & Co.			195,964		9,486,617
									28,774,876
		Diversified Financials – (24.89%)
			Capital Markets – (3.62%)
				Bank of New York Mellon Corp.			155,379		7,290,383
			Consumer Finance – (11.30%)
				American Express Co.			73,794		9,177,760
				Capital One Financial Corp.			146,899		13,576,405
									22,754,165
			Diversified Financial Services – (9.97%)
				Berkshire Hathaway Inc., Class B  *			97,742		20,079,139
									50,123,687
		Insurance – (5.25%)
			Life & Health Insurance – (1.50%)
				AIA Group Ltd.  (Hong Kong)			294,620		3,021,252
			Property & Casualty Insurance – (3.75%)
				Markel Corp.  *			6,779		7,551,331
									10,572,583
					Total Financials				89,471,146
	HEALTH CARE – (2.95%)
		Health Care Equipment & Services – (2.95%)
				CVS Health Corp.			17,592		982,865
				Quest Diagnostics Inc.			48,538		4,954,759
					Total Health Care				5,937,624

1

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	July 31, 2019 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (10.03%)
		Capital Goods – (10.03%)
				Ferguson PLC  (United Kingdom)						83,694	$	6,227,899
				United Technologies Corp.						104,550		13,967,880
							Total Industrials					20,195,779
	INFORMATION TECHNOLOGY – (1.71%)
		Semiconductors & Semiconductor Equipment – (1.71%)
				Intel Corp.						68,230		3,449,026
							Total Information Technology					3,449,026
						TOTAL COMMON STOCK – (Identified cost $178,893,655)						196,379,217
SHORT-TERM INVESTMENTS – (2.48%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $1,995,143 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 08/25/19-05/20/69, total market value $2,034,900)					$	1,995,000		1,995,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 2.55%, 08/01/19, dated 07/31/19, repurchase value of $997,071 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-7.00%, 11/01/38-07/01/49, total market value $1,016,940)						997,000		997,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $1,995,143 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.95%-5.00%, 06/01/27-08/01/49, total market value $2,034,900)						1,995,000		1,995,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,987,000)						4,987,000
					Total Investments – (100.00%) – (Identified cost $183,880,655)							201,366,217
					Other Assets Less Liabilities – (0.00%)							4,601
						Net Assets – (100.00%)					$	201,370,818
	ADR: American Depositary Receipt
	*		Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

2

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF	July 31, 2019 (Unaudited)

						Shares		Value
COMMON STOCK – (98.69%)
	COMMUNICATION SERVICES – (3.21%)
		Media & Entertainment – (3.21%)
				Alphabet Inc., Class C  *			3,908	$	4,754,785
					Total Communication Services				4,754,785
	FINANCIALS – (95.48%)
		Banks – (36.09%)
				Bank of America Corp.			220,450		6,763,406
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			111,868		3,516,011
				Danske Bank A/S  (Denmark)			57,674		856,030
				DBS Group Holdings Ltd.  (Singapore)			241,932		4,612,875
				DNB ASA  (Norway)			303,496		5,429,725
				JPMorgan Chase & Co.			65,391		7,585,356
				Metro Bank PLC  (United Kingdom)*			193,350		842,037
				PNC Financial Services Group, Inc.			31,381		4,484,345
				U.S. Bancorp			209,408		11,967,667
				Wells Fargo & Co.			151,668		7,342,248
									53,399,700
		Diversified Financials – (38.28%)
			Capital Markets – (17.42%)
				Bank of New York Mellon Corp.			154,265		7,238,114
				Charles Schwab Corp.			45,096		1,949,049
				Goldman Sachs Group, Inc.			20,310		4,470,840
				Julius Baer Group Ltd.  (Switzerland)			113,282		4,840,835
				KKR & Co. Inc., Class A			140,780		3,765,865
				State Street Corp.			60,326		3,504,338
									25,769,041
			Consumer Finance – (13.56%)
				American Express Co.			73,158		9,098,660
				Capital One Financial Corp.			118,650		10,965,633
									20,064,293
			Diversified Financial Services – (7.30%)
				Berkshire Hathaway Inc., Class B  *			52,606		10,806,851
									56,640,185
		Insurance – (21.11%)
			Property & Casualty Insurance – (13.07%)
				Chubb Ltd.			46,125		7,049,745
				Loews Corp.			76,193		4,079,373
				Markel Corp.  *			7,367		8,206,323
									19,335,441
			Reinsurance – (8.04%)
				Alleghany Corp.  *			6,839		4,689,708
				Everest Re Group, Ltd.			13,580		3,349,371
				Greenlight Capital Re, Ltd., Class A  *			103,600		865,060

3

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	July 31, 2019 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
				Reinsurance – (Continued)
					Swiss Re AG  (Switzerland)						30,960	$	2,998,067
													11,902,206
													31,237,647
								Total Financials					141,277,532
							TOTAL COMMON STOCK – (Identified cost $141,248,104)						146,032,317
SHORT-TERM INVESTMENTS – (1.26%)
					INTL FCStone Financial Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $746,053 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 08/25/19-05/20/69, total market value $760,920)					$	746,000		746,000
					Nomura Securities International, Inc. Joint Repurchase Agreement, 2.55%, 08/01/19, dated 07/31/19, repurchase value of $374,026 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.875%-7.00%, 11/01/19-07/01/49, total market value $381,480)						374,000		374,000
					SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $746,053 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.83%-5.00%, 04/01/25-08/01/49, total market value $760,920)						746,000		746,000
							TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,866,000)						1,866,000
						Total Investments – (99.95%) – (Identified cost $143,114,104)							147,898,317
						Other Assets Less Liabilities – (0.05%)							68,448
							Net Assets – (100.00%)					$	147,966,765
	*		Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

4

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF	July 31, 2019 (Unaudited)

						Shares		Value
COMMON STOCK – (98.55%)
	COMMUNICATION SERVICES – (11.21%)
		Media & Entertainment – (11.21%)
				Alphabet Inc., Class C  *			12,539	$	15,255,951
				Baidu, Inc., Class A, ADR  (China)*			10,922		1,219,987
				Facebook, Inc., Class A  *			46,580		9,047,233
				Fang Holdings Ltd., Class A, ADR  (China)*			16,931		35,047
					Total Communication Services				25,558,218
	CONSUMER DISCRETIONARY – (32.11%)
		Automobiles & Components – (2.00%)
				Adient plc  *			191,565		4,549,669
		Consumer Services – (7.29%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			159,357		16,622,529
		Retailing – (22.82%)
				Alibaba Group Holding Ltd., ADR  (China)*			69,674		12,061,266
				Amazon.com, Inc.  *			7,257		13,547,222
				JD.com, Inc., Class A, ADR  (China)*			387,711		11,596,436
				Naspers Ltd. - N  (South Africa)			50,748		12,370,339
				Quotient Technology Inc.  *			234,768		2,469,759
									52,045,022
					Total Consumer Discretionary				73,217,220
	ENERGY – (4.97%)
				Apache Corp.			220,980		5,396,332
				Encana Corp.  (Canada)			814,337		3,721,520
				Seven Generations Energy Ltd., Class A  (Canada)*			401,171		2,228,052
					Total Energy				11,345,904
	FINANCIALS – (31.02%)
		Banks – (13.14%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			131,443		4,131,254
				Danske Bank A/S  (Denmark)			242,860		3,604,666
				DBS Group Holdings Ltd.  (Singapore)			392,620		7,486,016
				DNB ASA  (Norway)			132,459		2,369,771
				Metro Bank PLC  (United Kingdom)*			314,499		1,369,639
				Wells Fargo & Co.			226,989		10,988,538
									29,949,884
		Diversified Financials – (12.07%)
			Capital Markets – (2.11%)
				Julius Baer Group Ltd.  (Switzerland)			52,956		2,262,948
				Noah Holdings Ltd., ADS  (China)*			78,731		2,546,160
									4,809,108
			Consumer Finance – (5.42%)
				Capital One Financial Corp.			116,430		10,760,461
				Yirendai Ltd., ADR  (China)*			143,955		1,610,856
									12,371,317
			Diversified Financial Services – (4.54%)
				Berkshire Hathaway Inc., Class B  *			50,353		10,344,017
									27,524,442
		Insurance – (5.81%)
			Life & Health Insurance – (1.52%)
				AIA Group Ltd.  (Hong Kong)			337,390		3,459,847

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	July 31, 2019 (Unaudited)

							Units/Shares/ Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Multi-line Insurance – (4.29%)
				Sul America S.A.  (Brazil)					889,597	$	9,794,926
											13,254,773
						Total Financials					70,729,099
	INDUSTRIALS – (10.51%)
		Capital Goods – (8.53%)
				Ferguson PLC  (United Kingdom)					145,282		10,810,829
				United Technologies Corp.					64,663		8,638,977
											19,449,806
		Transportation – (1.98%)
				InterGlobe Aviation Ltd.  (India)					200,000		4,528,996
						Total Industrials					23,978,802
	INFORMATION TECHNOLOGY – (8.73%)
		Semiconductors & Semiconductor Equipment – (4.85%)
				Applied Materials, Inc.					144,708		7,144,234
				Intel Corp.					77,188		3,901,853
											11,046,087
		Technology Hardware & Equipment – (3.88%)
				Hollysys Automation Technologies Ltd.  (China)					512,103		8,854,261
						Total Information Technology					19,900,348
					TOTAL COMMON STOCK – (Identified cost $233,318,436)						224,729,591
SHORT-TERM INVESTMENTS – (1.50%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $1,372,098 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 08/25/19-05/20/69, total market value $1,399,440)				$	1,372,000		1,372,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 2.55%, 08/01/19, dated 07/31/19, repurchase value of $685,049 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-5.00%, 01/01/46-07/01/49, total market value $698,700)					685,000		685,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $1,372,098 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.95%-5.00%, 06/01/27-08/01/49, total market value $1,399,440)					1,372,000		1,372,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,429,000)						3,429,000

6

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	July 31, 2019 (Unaudited)

			Total Investments – (100.05%) – (Identified cost $236,747,436)		$	228,158,591
			Liabilities Less Other Assets – (0.05%)			(117,839)
				Net Assets – (100.00%)	$	228,040,752
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

7

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF	July 31, 2019 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (95.92%)
	COMMUNICATION SERVICES – (2.25%)
		Media & Entertainment – (2.25%)
				Baidu, Inc., Class A, ADR  (China)*			8,100	$	904,770
				Fang Holdings Ltd., Class A, ADR  (China)*			72,866		150,833
				iQIYI, Inc., Class A, ADR  (China)*			85,968		1,598,145
					Total Communication Services				2,653,748
	CONSUMER DISCRETIONARY – (32.28%)
		Consumer Services – (10.82%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			122,593		12,787,676
		Retailing – (21.46%)
				Alibaba Group Holding Ltd., ADR  (China)*			44,748		7,746,326
				Ctrip.com International, Ltd., ADR  (China)*			46,980		1,831,280
				JD.com, Inc., Class A, ADR  (China)*			196,494		5,877,136
				Meituan Dianping, Class B  (China)*			251,800		2,036,102
				Naspers Ltd. - N  (South Africa)			32,349		7,885,396
									25,376,240
					Total Consumer Discretionary				38,163,916
	ENERGY – (5.01%)
				Encana Corp.  (Canada)			657,813		3,006,205
				Seven Generations Energy Ltd., Class A  (Canada)*			526,011		2,921,398
					Total Energy				5,927,603
	FINANCIALS – (28.48%)
		Banks – (14.48%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			121,625		3,822,674
				Danske Bank A/S  (Denmark)			182,330		2,706,245
				DBS Group Holdings Ltd.  (Singapore)			294,510		5,615,370
				DNB ASA  (Norway)			236,500		4,231,127
				Metro Bank PLC  (United Kingdom)*			169,312		737,352
									17,112,768
		Diversified Financials – (5.54%)
			Capital Markets – (4.59%)
				Julius Baer Group Ltd.  (Switzerland)			84,483		3,610,179
				Noah Holdings Ltd., ADS  (China)*			56,281		1,820,127
									5,430,306
			Consumer Finance – (0.95%)
				Yirendai Ltd., ADR  (China)*			99,697		1,115,610
									6,545,916
		Insurance – (8.46%)
			Life & Health Insurance – (2.97%)
				AIA Group Ltd.  (Hong Kong)			342,290		3,510,095
			Multi-line Insurance – (5.49%)
				Sul America S.A.  (Brazil)			589,800		6,494,005
									10,004,100
					Total Financials				33,662,784
	HEALTH CARE – (3.44%)
		Pharmaceuticals, Biotechnology & Life Sciences – (3.44%)
				Novartis AG, ADR  (Switzerland)			23,196		2,124,289
				Roche Holding AG - Genusschein  (Switzerland)			7,254		1,941,643
					Total Health Care				4,065,932

8

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	July 31, 2019 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (20.70%)
		Capital Goods – (15.34%)
				Brenntag AG  (Germany)						23,625	$	1,153,881
				Ferguson PLC  (United Kingdom)						76,227		5,672,259
				Safran S.A.  (France)						38,307		5,499,386
				Schneider Electric SE  (France)						67,353		5,810,952
												18,136,478
		Transportation – (5.36%)
				Azul S.A., ADR  (Brazil)*						26,168		1,065,038
				InterGlobe Aviation Ltd.  (India)						232,903		5,274,083
												6,339,121
							Total Industrials					24,475,599
	INFORMATION TECHNOLOGY – (3.76%)
		Technology Hardware & Equipment – (3.76%)
				Hollysys Automation Technologies Ltd.  (China)						257,294		4,448,613
							Total Information Technology					4,448,613
						TOTAL COMMON STOCK – (Identified cost $113,869,584)						113,398,195
SHORT-TERM INVESTMENTS – (4.17%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $1,974,141 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 08/25/19-05/20/69, total market value $2,013,480)					$	1,974,000		1,974,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 2.55%, 08/01/19, dated 07/31/19, repurchase value of $988,070 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-4.00%, 07/01/48-05/01/49, total market value $1,007,760)						988,000		988,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 2.58%, 08/01/19, dated 07/31/19, repurchase value of $1,974,141 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.83%-5.00%, 04/01/25-07/01/49, total market value $2,013,480)						1,974,000		1,974,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,936,000)						4,936,000
					Total Investments – (100.09%) – (Identified cost $118,805,584)							118,334,195
					Liabilities Less Other Assets – (0.09%)							(111,900)
						Net Assets – (100.00%)					$	118,222,295
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*		Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 10 for the Fund's policy regarding valuation of investments.
For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

9

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments
	July 31, 2019 (Unaudited)

Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. ("Adviser"), the Funds' investment adviser, identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds' Pricing Committee and Board of Trustees. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds' Board of Trustees at its next regularly scheduled meeting covering the period in which the fair valuation was determined.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

The Funds' valuation procedures are reviewed and subject to approval by the Board of Trustees. There have been no significant changes to the fair valuation procedures during the period.

Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.

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DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments – (Continued)
	July 31, 2019 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of July 31, 2019 in valuing each Fund's investments carried at value:

	Investments in Securities at Value
							Davis Select
	Davis Select		Davis Select		Davis Select		International
	U.S. Equity ETF		Financial ETF		Worldwide ETF		ETF
Valuation Inputs
Level 1 – Quoted Prices:
Common Stock:
Communication Services	$	28,395,709	$	4,754,785	$	25,558,218	$	2,653,748
Consumer Discretionary		38,480,110		–		60,846,881		28,242,418
Energy		6,550,393		–		11,345,904		5,927,603
Financials		86,449,894		121,697,963		50,176,212		13,252,416
Health Care		5,937,624		–		–		2,124,289
Industrials		13,967,880		–		8,638,977		1,065,038
Information Technology		3,449,026		–		19,900,348		4,448,613
Total Level 1		183,230,636		126,452,748		176,466,540		57,714,125
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		3,899,430		–		12,370,339		9,921,498
Financials		3,021,252		19,579,569		20,552,887		20,410,368
Health Care		–		–		–		1,941,643
Industrials		6,227,899		–		15,339,825		23,410,561
Short-term securities		4,987,000		1,866,000		3,429,000		4,936,000
Total Level 2		18,135,581		21,445,569		51,692,051		60,620,070
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	201,366,217	$	147,898,317	$	228,158,591	$	118,334,195

*Includes certain securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading.

Federal Income Taxes

At July 31, 2019, the unrealized appreciation (depreciation) and aggregate cost of investments for federal income tax purposes were as follows:

	Davis Select		Davis Select		Davis Select		Davis Select
	U.S. Equity ETF		Financial ETF		Worldwide ETF		International ETF
Unrealized appreciation	$	26,765,253	$	12,168,368	$	24,974,248	$	11,888,178
Unrealized depreciation		(9,306,062)		(7,453,618)		(33,659,493)		(12,548,219)
Net unrealized appreciation (depreciation)	$	17,459,191	$	4,714,750	$	(8,685,245)	$	(660,041)
Aggregate cost	$	183,907,026	$	143,183,567	$	236,843,836	$	118,994,236

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