DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	January 31, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (99.28%)
	COMMUNICATION SERVICES – (14.98%)
		Media & Entertainment – (14.98%)
				Alphabet Inc., Class C  *			16,736	$	24,003,273
				Facebook, Inc., Class A  *			41,606		8,400,668
					Total Communication Services				32,403,941
	CONSUMER DISCRETIONARY – (19.85%)
		Automobiles & Components – (0.44%)
				Adient plc  *			37,350		960,269
		Consumer Services – (6.09%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			108,379		13,173,467
		Retailing – (13.32%)
				Alibaba Group Holding Ltd., ADR  (China)*			23,482		4,851,146
				Amazon.com, Inc.  *			10,627		21,346,668
				Naspers Ltd. - N  (South Africa)			16,092		2,610,066
									28,807,880
					Total Consumer Discretionary				42,941,616
	ENERGY – (3.14%)
				Apache Corp.			214,128		5,875,672
				Ovintiv Inc.			59,535		930,532
					Total Energy				6,806,204
	FINANCIALS – (46.03%)
		Banks – (15.47%)
				Bank of America Corp.			64,240		2,108,999
				DBS Group Holdings Ltd.  (Singapore)			166,000		3,057,893
				JPMorgan Chase & Co.			73,526		9,731,902
				U.S. Bancorp			155,786		8,290,931
				Wells Fargo & Co.			219,264		10,292,252
									33,481,977
		Diversified Financials – (24.60%)
			Capital Markets – (3.23%)
				Bank of New York Mellon Corp.			156,304		6,999,293
			Consumer Finance – (11.23%)
				American Express Co.			74,233		9,640,640
				Capital One Financial Corp.			146,899		14,660,520
									24,301,160
			Diversified Financial Services – (10.14%)
				Berkshire Hathaway Inc., Class B  *			97,742		21,936,237
									53,236,690
		Insurance – (5.96%)
			Life & Health Insurance – (2.26%)
				AIA Group Ltd.  (Hong Kong)			493,020		4,885,308
			Property & Casualty Insurance – (3.70%)
				Markel Corp.  *			6,819		7,998,483
									12,883,791
					Total Financials				99,602,458
	HEALTH CARE – (2.50%)
		Health Care Equipment & Services – (2.50%)
				Quest Diagnostics Inc.			48,827		5,403,684
					Total Health Care				5,403,684

1

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	January 31, 2020 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (10.75%)
			Capital Goods – (10.75%)
				Ferguson PLC  (United Kingdom)						84,192	$	7,560,594
				United Technologies Corp.						104,550		15,703,410
							Total Industrials					23,264,004
	INFORMATION TECHNOLOGY – (2.03%)
			Semiconductors & Semiconductor Equipment – (2.03%)
				Intel Corp.						68,636		4,387,899
							Total Information Technology					4,387,899
						TOTAL COMMON STOCK – (Identified cost $177,906,608)						214,809,806
SHORT-TERM INVESTMENTS – (0.65%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.60%, 02/03/20, dated 01/31/20, repurchase value of $493,066 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.23%-6.50%, 01/01/27-01/01/50, total market value $502,860)					$	493,000		493,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 1.58%, 02/03/20, dated 01/31/20, repurchase value of $423,056 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 0.00%-4.50%, 11/15/29-01/20/50, total market value $431,460)						423,000		423,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.61%, 02/03/20, dated 01/31/20, repurchase value of $493,066 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%, 03/01/37-01/01/50, total market value $502,860)						493,000		493,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,409,000)						1,409,000
					Total Investments – (99.93%) – (Identified cost $179,315,608)							216,218,806
					Other Assets Less Liabilities – (0.07%)							156,386
						Net Assets – (100.00%)					$	216,375,192
	ADR: American Depositary Receipt
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 11 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	January 31, 2020 (Unaudited)

							Shares		Value
COMMON STOCK – (96.32%)
	COMMUNICATION SERVICES – (3.50%)
		Media & Entertainment – (3.50%)
				Alphabet Inc., Class C  *				3,816	$	5,473,022
						Total Communication Services				5,473,022
	FINANCIALS – (92.82%)
		Banks – (36.98%)
				Bank of America Corp.				223,968		7,352,869
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)				113,658		3,775,719
				Danske Bank A/S  (Denmark)				117,040		1,953,781
				DBS Group Holdings Ltd.  (Singapore)				261,032		4,808,482
				DNB ASA  (Norway)				323,208		5,650,506
				JPMorgan Chase & Co.				62,861		8,320,282
				Metro Bank PLC  (United Kingdom)*				294,472		891,251
				PNC Financial Services Group, Inc.				45,441		6,750,261
				U.S. Bancorp				209,348		11,141,501
				Wells Fargo & Co.				151,668		7,119,296
										57,763,948
		Diversified Financials – (38.07%)
			Capital Markets – (16.63%)
				Bank of New York Mellon Corp.				151,915		6,802,754
				Charles Schwab Corp.				81,010		3,690,005
				Goldman Sachs Group, Inc.				20,504		4,874,826
				Julius Baer Group Ltd.  (Switzerland)				110,644		5,528,619
				State Street Corp.				67,072		5,072,655
										25,968,859
			Consumer Finance – (13.72%)
				American Express Co.				67,555		8,773,368
				Capital One Financial Corp.				126,728		12,647,454
										21,420,822
			Diversified Financial Services – (7.72%)
				Berkshire Hathaway Inc., Class B  *				53,750		12,063,113
										59,452,794
		Insurance – (17.77%)
			Property & Casualty Insurance – (11.39%)
				Chubb Ltd.				38,059		5,784,587
				Loews Corp.				74,417		3,828,755
				Markel Corp.  *				6,969		8,174,428
										17,787,770
			Reinsurance – (6.38%)
				Alleghany Corp.  *				4,793		3,823,184
				Everest Re Group, Ltd.				9,368		2,590,908
				Greenlight Capital Re, Ltd., Class A  *				101,190		942,079
				Swiss Re AG  (Switzerland)				23,080		2,606,168
										9,962,339
										27,750,109
						Total Financials				144,966,851
					TOTAL COMMON STOCK – (Identified cost $139,725,830)					150,439,873

3

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	January 31, 2020 (Unaudited)

						Principal			Value
SHORT-TERM INVESTMENTS – (3.62%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.60%, 02/03/20, dated 01/31/20, repurchase value of $1,983,264 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.23%-6.50%, 01/01/27-01/01/50, total market value $2,022,660)				$	1,983,000	$	1,983,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 1.58%, 02/03/20, dated 01/31/20, repurchase value of $1,696,223 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-6.00%, 03/01/20-01/01/50, total market value $1,729,920)					1,696,000		1,696,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.61%, 02/03/20, dated 01/31/20, repurchase value of $1,983,266 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.00%, 01/01/34-10/01/49, total market value $2,022,660)					1,983,000		1,983,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,662,000)					5,662,000
				Total Investments – (99.94%) – (Identified cost $145,387,830)						156,101,873
				Other Assets Less Liabilities – (0.06%)						86,301
					Net Assets – (100.00%)				$	156,188,174
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 11 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	January 31, 2020 (Unaudited)

						Shares		Value
COMMON STOCK – (98.78%)
	COMMUNICATION SERVICES – (12.85%)
		Media & Entertainment – (12.85%)
				58.com, Inc., Class A, ADR  (China)*			40,624	$	2,259,507
				Alphabet Inc., Class C  *			12,539		17,983,810
				Baidu, Inc., Class A, ADR  (China)*			11,153		1,378,065
				Facebook, Inc., Class A  *			47,550		9,600,820
				Fang Holdings Ltd., Class A, ADR  (China)*			17,286		44,944
					Total Communication Services				31,267,146
	CONSUMER DISCRETIONARY – (33.86%)
		Automobiles & Components – (0.76%)
				Adient plc  *			71,918		1,849,012
		Consumer Services – (7.96%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			159,357		19,369,843
		Retailing – (25.14%)
				Alibaba Group Holding Ltd., ADR  (China)*			69,674		14,393,952
				Amazon.com, Inc.  *			7,257		14,577,281
				JD.com, Inc., Class A, ADR  (China)*			387,711		14,612,828
				Meituan Dianping, Class B  (China)*			328,740		4,161,794
				Naspers Ltd. - N  (South Africa)			67,733		10,986,056
				Quotient Technology Inc.  *			239,675		2,413,527
									61,145,438
					Total Consumer Discretionary				82,364,293
	ENERGY – (4.16%)
				Apache Corp.			145,751		3,999,408
				Ovintiv Inc.			166,270		2,598,797
				Seven Generations Energy Ltd., Class A  (Canada)*			704,345		3,533,966
					Total Energy				10,132,171
	FINANCIALS – (28.53%)
		Banks – (13.01%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			134,188		4,457,725
				Danske Bank A/S  (Denmark)			247,938		4,138,898
				DBS Group Holdings Ltd.  (Singapore)			400,620		7,379,839
				DNB ASA  (Norway)			135,224		2,364,063
				Metro Bank PLC  (United Kingdom)*			494,721		1,497,327
				Wells Fargo & Co.			251,679		11,813,812
									31,651,664
		Diversified Financials – (12.03%)
			Capital Markets – (2.23%)
				Julius Baer Group Ltd.  (Switzerland)			54,058		2,701,150
				Noah Holdings Ltd., ADS  (China)*			80,375		2,727,124
									5,428,274
			Consumer Finance – (5.06%)
				Capital One Financial Corp.			116,424		11,619,115
				Yiren Digital Ltd., ADR  (China)*			146,963		673,091
									12,292,206
			Diversified Financial Services – (4.74%)
				Berkshire Hathaway Inc., Class B  *			51,406		11,537,049
									29,257,529

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2020 (Unaudited)

							Shares/Units/ Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (3.49%)
			Life & Health Insurance – (2.36%)
				AIA Group Ltd.  (Hong Kong)					579,590	$	5,743,126
			Multi-line Insurance – (1.13%)
				Sul America S.A.  (Brazil)					187,527		2,758,651
											8,501,777
						Total Financials					69,410,970
	INDUSTRIALS – (10.58%)
		Capital Goods – (8.93%)
				Ferguson PLC  (United Kingdom)					131,388		11,798,880
				United Technologies Corp.					66,012		9,915,002
											21,713,882
		Transportation – (1.65%)
				InterGlobe Aviation Ltd.  (India)					207,365		4,020,348
						Total Industrials					25,734,230
	INFORMATION TECHNOLOGY – (8.80%)
		Semiconductors & Semiconductor Equipment – (5.59%)
				Applied Materials, Inc.					147,732		8,566,978
				Intel Corp.					78,800		5,037,684
											13,604,662
		Technology Hardware & Equipment – (3.21%)
				Hollysys Automation Technologies Ltd.  (China)					522,803		7,794,993
						Total Information Technology					21,399,655
					TOTAL COMMON STOCK – (Identified cost $230,341,044)						240,308,465
SHORT-TERM INVESTMENTS – (2.85%)
				INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.60%, 02/03/20, dated 01/31/20, repurchase value of $2,426,323 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.23%-6.50%, 01/01/27-01/01/50, total market value $2,474,520)				$	2,426,000		2,426,000
				Nomura Securities International, Inc. Joint Repurchase Agreement, 1.58%, 02/03/20, dated 01/31/20, repurchase value of $2,077,273 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.93%-6.00%, 01/01/22-01/01/50, total market value $2,118,540)					2,077,000		2,077,000
				SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.61%, 02/03/20, dated 01/31/20, repurchase value of $2,426,325 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-3.50%, 01/01/34-01/01/50, total market value $2,474,520)					2,426,000		2,426,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $6,929,000)						6,929,000

6

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2020 (Unaudited)

			Total Investments – (101.63%) – (Identified cost $237,270,044)		$	247,237,465
			Liabilities Less Other Assets – (1.63%)			(3,965,508)
				Net Assets – (100.00%)	$	243,271,957
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 11 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	January 31, 2020 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (90.99%)
	COMMUNICATION SERVICES – (3.43%)
		Media & Entertainment – (3.43%)
				58.com, Inc., Class A, ADR  (China)*			25,485	$	1,417,476
				Baidu, Inc., Class A, ADR  (China)*			9,840		1,215,830
				Fang Holdings Ltd., Class A, ADR  (China)*			88,526		230,168
				iQIYI, Inc., Class A, ADR  (China)*			104,441		2,322,768
					Total Communication Services				5,186,242
	CONSUMER DISCRETIONARY – (33.94%)
		Consumer Services – (10.28%)
				New Oriental Education & Technology Group, Inc., ADR  (China)*			128,033		15,562,411
		Retailing – (23.66%)
				Alibaba Group Holding Ltd., ADR  (China)*			56,795		11,733,279
				JD.com, Inc., Class A, ADR  (China)*			210,240		7,923,946
				Meituan Dianping, Class B  (China)*			550,470		6,968,860
				Naspers Ltd. - N  (South Africa)			45,354		7,356,260
				Trip.com Group Ltd., ADR  (China)*			57,072		1,833,723
									35,816,068
					Total Consumer Discretionary				51,378,479
	ENERGY – (3.83%)
				Ovintiv Inc.			125,987		1,969,170
				Seven Generations Energy Ltd., Class A  (Canada)*			762,553		3,826,018
					Total Energy				5,795,188
	FINANCIALS – (24.79%)
		Banks – (13.98%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			147,754		4,908,388
				Danske Bank A/S  (Denmark)			221,509		3,697,712
				DBS Group Holdings Ltd.  (Singapore)			358,310		6,600,444
				DNB ASA  (Norway)			287,308		5,022,882
				Metro Bank PLC  (United Kingdom)*			311,593		943,070
									21,172,496
		Diversified Financials – (5.29%)
			Capital Markets – (4.92%)
				Julius Baer Group Ltd.  (Switzerland)			102,637		5,128,528
				Noah Holdings Ltd., ADS  (China)*			68,374		2,319,930
									7,448,458
			Consumer Finance – (0.37%)
				Yiren Digital Ltd., ADR  (China)*			121,099		554,633
									8,003,091
		Insurance – (5.52%)
			Life & Health Insurance – (3.66%)
				AIA Group Ltd.  (Hong Kong)			559,290		5,541,974
			Multi-line Insurance – (1.86%)
				Sul America S.A.  (Brazil)			191,510		2,817,244
									8,359,218
					Total Financials				37,534,805

8

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	January 31, 2020 (Unaudited)

						Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	HEALTH CARE – (3.71%)
		Pharmaceuticals, Biotechnology & Life Sciences – (3.71%)
			Novartis AG, ADR  (Switzerland)					28,184	$	2,663,670
			Roche Holding AG - Genusschein  (Switzerland)					8,820		2,958,831
					Total Health Care					5,622,501
	INDUSTRIALS – (18.21%)
		Capital Goods – (14.43%)
			Brenntag AG  (Germany)					28,700		1,485,227
			Ferguson PLC  (United Kingdom)					82,307		7,391,317
			Safran S.A.  (France)					36,607		5,902,406
			Schneider Electric SE  (France)					70,935		7,074,097
										21,853,047
		Transportation – (3.78%)
			Azul S.A., ADR  (Brazil)*					31,794		1,319,451
			InterGlobe Aviation Ltd.  (India)					226,798		4,397,112
										5,716,563
					Total Industrials					27,569,610
	INFORMATION TECHNOLOGY – (3.08%)
		Technology Hardware & Equipment – (3.08%)
			Hollysys Automation Technologies Ltd.  (China)					312,568		4,660,389
					Total Information Technology					4,660,389
				TOTAL COMMON STOCK – (Identified cost $130,055,437)						137,747,214
SHORT-TERM INVESTMENTS – (9.79%)
			INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.60%, 02/03/20, dated 01/31/20, repurchase value of $5,191,692 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.23%-6.50%, 01/01/27-01/01/50, total market value $5,294,820)				$	5,191,000		5,191,000
			Nomura Securities International, Inc. Joint Repurchase Agreement, 1.58%, 02/03/20, dated 01/31/20, repurchase value of $4,442,585 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.646%-6.00%, 06/01/26-08/20/62, total market value $4,530,840)					4,442,000		4,442,000
			SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.61%, 02/03/20, dated 01/31/20, repurchase value of $5,191,696 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-4.00%, 07/01/30-02/01/50, total market value $5,294,820)					5,191,000		5,191,000
				TOTAL SHORT-TERM INVESTMENTS – (Identified cost $14,824,000)						14,824,000

9

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	January 31, 2020 (Unaudited)

			Total Investments – (100.78%) – (Identified cost $144,879,437)		$	152,571,214
			Liabilities Less Other Assets – (0.78%)			(1,176,339)
				Net Assets – (100.00%)	$	151,394,875
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*	Non-income producing security.
Please refer to "Notes to Schedule of Investments" on page 11 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.

10

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments
	January 31, 2020 (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)
	January 31, 2020 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of January 31, 2020 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	$	32,403,941	$	5,473,022	$	31,267,146	$	5,186,242
Consumer Discretionary		40,331,550		–		67,216,443		37,053,359
Energy		6,806,204		–		10,132,171		5,795,188
Financials		91,659,257		123,528,044		45,586,567		10,600,195
Health Care		5,403,684		–		–		2,663,670
Industrials		15,703,410		–		9,915,002		1,319,451
Information Technology		4,387,899		–		21,399,655		4,660,389
Total Level 1		196,695,945		129,001,066		185,516,984		67,278,494
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		2,610,066		–		15,147,850		14,325,120
Financials		7,943,201		21,438,807		23,824,403		26,934,610
Health Care		–		–		–		2,958,831
Industrials		7,560,594		–		15,819,228		26,250,159
Short-term securities		1,409,000		5,662,000		6,929,000		14,824,000
Total Level 2		19,522,861		27,100,807		61,720,481		85,292,720
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	216,218,806	$	156,101,873	$	247,237,465	$	152,571,214

*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 January 31, 2020, 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		International
	U.S. Equity ETF		Financial ETF		Worldwide ETF		ETF
Unrealized appreciation	$	43,766,912	$	16,179,856	$	37,540,854	$	20,777,983
Unrealized depreciation		(8,061,228)		(5,657,749)		(31,136,548)		(15,348,433)
Net unrealized appreciation (depreciation)	$	35,705,684	$	10,522,107	$	6,404,306	$	5,429,550
Aggregate cost	$	180,513,122	$	145,579,766	$	240,833,159	$	147,141,664

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