DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF	January 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (97.57%)
	COMMUNICATION SERVICES – (14.39%)
		Media & Entertainment – (14.39%)
				Alphabet Inc., Class C  *			13,826	$	37,523,349
				Meta Platforms, Inc., Class A  *			54,510		17,075,803
					Total Communication Services				54,599,152
	CONSUMER DISCRETIONARY – (11.26%)
		Retailing – (11.26%)
				Alibaba Group Holding Ltd., ADR  (China)*			70,498		8,867,943
				Amazon.com, Inc.  *			7,397		22,127,904
				JD.com, Inc., Class A, ADR  (China)*			96,650		7,237,152
				Naspers Ltd. - N  (South Africa)			7,421		1,199,591
				Prosus N.V., Class N  (Netherlands)			30,003		2,496,125
				Vroom, Inc.  *			97,692		783,490
					Total Consumer Discretionary				42,712,205
	FINANCIALS – (55.30%)
		Banks – (23.91%)
				Bank of America Corp.			186,460		8,603,264
				Danske Bank A/S  (Denmark)			244,843		4,752,705
				DBS Group Holdings Ltd.  (Singapore)			769,991		20,225,252
				JPMorgan Chase & Co.			81,820		12,158,452
				U.S. Bancorp			311,694		18,137,474
				Wells Fargo & Co.			498,954		26,843,725
									90,720,872
		Diversified Financials – (24.59%)
			Capital Markets – (3.23%)
				Bank of New York Mellon Corp.			206,524		12,238,612
			Consumer Finance – (12.55%)
				American Express Co.			44,143		7,937,794
				Capital One Financial Corp.			270,328		39,665,228
									47,603,022
			Diversified Financial Services – (8.81%)
				Berkshire Hathaway Inc., Class B  *			106,840		33,443,057
									93,284,691
		Insurance – (6.80%)
			Life & Health Insurance – (3.87%)
				AIA Group Ltd.  (Hong Kong)			627,820		6,554,321
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,023,090		8,119,058
									14,673,379
			Property & Casualty Insurance – (2.93%)
				Markel Corp.  *			9,033		11,135,341
									25,808,720
					Total Financials				209,814,283
	HEALTH CARE – (7.99%)
		Health Care Equipment & Services – (4.84%)
				Cigna Corp.			51,232		11,806,926
				Quest Diagnostics Inc.			48,436		6,539,829
									18,346,755
		Pharmaceuticals, Biotechnology & Life Sciences – (3.15%)
				Viatris Inc.			798,439		11,952,632
					Total Health Care				30,299,387

1

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT U.S. EQUITY ETF - (CONTINUED)	January 31, 2022 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (7.16%)
		Semiconductors & Semiconductor Equipment – (7.16%)
				Applied Materials, Inc.						82,755	$	11,435,086
				Intel Corp.						322,202		15,729,901
							Total Information Technology					27,164,987
	MATERIALS – (1.47%)
				Teck Resources Ltd., Class B  (Canada)						180,482		5,571,479
							Total Materials					5,571,479
						TOTAL COMMON STOCK – (Identified cost $253,760,247)						370,161,493
SHORT-TERM INVESTMENTS – (1.73%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $3,531,005 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 04/01/22-05/15/61, total market value $3,601,620)					$	3,531,000		3,531,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $3,023,004 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.00%, 01/01/31-01/01/52, total market value $3,083,460)						3,023,000		3,023,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $6,554,000)						6,554,000
					Total Investments – (99.30%) – (Identified cost $260,314,247)							376,715,493
					Other Assets Less Liabilities – (0.70%)							2,658,745
						Net Assets – (100.00%)					$	379,374,238
	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	January 31, 2022 (Unaudited)

							Shares		Value
COMMON STOCK – (98.21%)
	FINANCIALS – (98.21%)
		Banks – (44.70%)
			Banks – (43.15%)
				Bank of America Corp.				210,285	$	9,702,550
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)				127,031		4,655,686
				Danske Bank A/S  (Denmark)				340,478		6,609,098
				DBS Group Holdings Ltd.  (Singapore)				330,686		8,686,086
				DNB Bank ASA  (Norway)				304,403		7,244,850
				JPMorgan Chase & Co.				53,854		8,002,704
				M&T Bank Corp.				21,565		3,652,680
				Metro Bank PLC  (United Kingdom)*				295,258		387,457
				PNC Financial Services Group, Inc.				46,310		9,539,397
				Truist Financial Corp.				28,518		1,791,501
				U.S. Bancorp				237,843		13,840,084
				Wells Fargo & Co.				227,134		12,219,809
										86,331,902
			Thrifts & Mortgage Finance – (1.55%)
				Rocket Companies, Inc., Class A				245,608		3,104,485
										89,436,387
		Diversified Financials – (33.12%)
			Capital Markets – (13.51%)
				Bank of New York Mellon Corp.				155,461		9,212,619
				Charles Schwab Corp.				90,131		7,904,489
				Julius Baer Group Ltd.  (Switzerland)				118,799		7,763,476
				State Street Corp.				22,638		2,139,291
										27,019,875
			Consumer Finance – (13.15%)
				American Express Co.				47,108		8,470,960
				Capital One Financial Corp.				121,555		17,835,765
										26,306,725
			Diversified Financial Services – (6.46%)
				Berkshire Hathaway Inc., Class B  *				41,287		12,923,657
										66,250,257
		Insurance – (20.39%)
			Life & Health Insurance – (1.29%)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)				326,500		2,591,045
			Property & Casualty Insurance – (14.99%)
				Chubb Ltd.				64,916		12,806,628
				Loews Corp.				131,675		7,855,731
				Markel Corp.  *				7,567		9,328,144
										29,990,503
			Reinsurance – (4.11%)
				Alleghany Corp.  *				8,421		5,591,544
				Everest Re Group, Ltd.				6,676		1,891,978
				Greenlight Capital Re, Ltd., Class A  *				101,438		734,411
										8,217,933
										40,799,481
						Total Financials				196,486,125
					TOTAL COMMON STOCK – (Identified cost $149,565,834)					196,486,125

3

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT FINANCIAL ETF - (CONTINUED)	January 31, 2022 (Unaudited)

					Principal			Value
SHORT-TERM INVESTMENTS – (1.75%)
	StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $1,889,003 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 04/01/22-05/15/61, total market value $1,926,780)					$	1,889,000	$	1,889,000
	Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $1,618,002 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.00%, 01/01/31-01/01/52, total market value $1,650,360)						1,618,000		1,618,000
			TOTAL SHORT-TERM INVESTMENTS – (Identified cost $3,507,000)						3,507,000
		Total Investments – (99.96%) – (Identified cost $153,072,834)							199,993,125
		Other Assets Less Liabilities – (0.04%)							76,931
				Net Assets – (100.00%)				$	200,070,056

	*	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	January 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (98.72%)
	COMMUNICATION SERVICES – (15.13%)
		Media & Entertainment – (15.13%)
				Alphabet Inc., Class C  *			5,650	$	15,333,930
				Baidu, Inc., Class A, ADR  (China)*			39,511		6,311,487
				IAC/InterActiveCorp  *			35,491		4,845,941
				iQIYI, Inc., Class A, ADR  (China)*			275,309		1,123,261
				Liberty Media Corp., Liberty Formula One, Series A  *			75,781		4,152,799
				Liberty Media Corp., Liberty Formula One, Series C  *			100,756		6,068,534
				Meta Platforms, Inc., Class A  *			42,099		13,187,933
				Vimeo, Inc.  *			58,702		859,984
					Total Communication Services				51,883,869
	CONSUMER DISCRETIONARY – (21.62%)
		Retailing – (21.62%)
				Alibaba Group Holding Ltd., ADR  (China)*			113,982		14,337,796
				Amazon.com, Inc.  *			3,567		10,670,574
				Coupang, Inc., Class A  (South Korea)*			155,070		3,228,557
				JD.com, Inc., Class A, ADR  (China)*			211,039		15,802,600
				Meituan, Class B  (China)*			353,340		10,541,667
				Naspers Ltd. - N  (South Africa)			23,108		3,735,364
				Prosus N.V., Class N  (Netherlands)			171,366		14,256,942
				Vroom, Inc.  *			196,764		1,578,047
					Total Consumer Discretionary				74,151,547
	CONSUMER STAPLES – (0.94%)
		Food, Beverage & Tobacco – (0.94%)
				Darling Ingredients Inc.  *			50,753		3,236,519
					Total Consumer Staples				3,236,519
	FINANCIALS – (42.33%)
		Banks – (23.17%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			156,490		5,735,359
				Danske Bank A/S  (Denmark)			974,417		18,914,636
				DBS Group Holdings Ltd.  (Singapore)			848,736		22,293,636
				DNB Bank ASA  (Norway)			213,288		5,076,295
				Metro Bank PLC  (United Kingdom)*			576,961		757,126
				Wells Fargo & Co.			495,717		26,669,575
									79,446,627
		Diversified Financials – (11.57%)
			Capital Markets – (3.12%)
				Julius Baer Group Ltd.  (Switzerland)			120,462		7,872,153
				Noah Holdings Ltd., Class A, ADS  (China)*			90,382		2,837,091
									10,709,244
			Consumer Finance – (2.99%)
				Capital One Financial Corp.			69,800		10,241,754
			Diversified Financial Services – (5.46%)
				Berkshire Hathaway Inc., Class B  *			59,806		18,720,474
									39,671,472
		Insurance – (7.59%)
			Life & Health Insurance – (7.59%)
				AIA Group Ltd.  (Hong Kong)			1,141,990		11,922,159

5

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2022 (Unaudited)

							Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (Continued)
			Life & Health Insurance – (Continued)
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)					1,778,275	$	14,112,070
											26,034,229
						Total Financials					145,152,328
	HEALTH CARE – (6.09%)
		Health Care Equipment & Services – (3.15%)
				Cigna Corp.					46,828		10,791,981
		Pharmaceuticals, Biotechnology & Life Sciences – (2.94%)
				Viatris Inc.					673,578		10,083,463
						Total Health Care					20,875,444
	INDUSTRIALS – (0.19%)
		Transportation – (0.19%)
				DiDi Global Inc., Class A, ADS  (China)*					178,264		643,533
						Total Industrials					643,533
	INFORMATION TECHNOLOGY – (11.40%)
		Semiconductors & Semiconductor Equipment – (5.74%)
				Applied Materials, Inc.					54,259		7,497,509
				Intel Corp.					249,376		12,174,536
											19,672,045
		Software & Services – (0.46%)
				Clear Secure, Inc., Class A  *					63,788		1,574,925
		Technology Hardware & Equipment – (5.20%)
				Hollysys Automation Technologies Ltd.  (China)*					613,067		8,098,615
				Samsung Electronics Co., Ltd.  (South Korea)					156,585		9,739,443
											17,838,058
						Total Information Technology					39,085,028
	MATERIALS – (1.02%)
				Teck Resources Ltd., Class B  (Canada)					113,130		3,492,323
						Total Materials					3,492,323
					TOTAL COMMON STOCK – (Identified cost $290,104,713)						338,520,591
SHORT-TERM INVESTMENTS – (1.33%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $2,465,003 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 04/01/22-05/15/61, total market value $2,514,300)				$	2,465,000		2,465,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $2,111,003 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.78%-3.00%, 01/26/27-01/01/52, total market value $2,153,220)					2,111,000		2,111,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,576,000)						4,576,000

6

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT WORLDWIDE ETF - (CONTINUED)	January 31, 2022 (Unaudited)

			Total Investments – (100.05%) – (Identified cost $294,680,713)		$	343,096,591
			Liabilities Less Other Assets – (0.05%)			(172,384)
				Net Assets – (100.00%)	$	342,924,207
	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	January 31, 2022 (Unaudited)

						Shares		Value
COMMON STOCK – (97.52%)
	COMMUNICATION SERVICES – (4.82%)
		Media & Entertainment – (4.82%)
				Baidu, Inc., Class A, ADR  (China)*			43,728	$	6,985,111
				iQIYI, Inc., Class A, ADR  (China)*			351,019		1,432,157
					Total Communication Services				8,417,268
	CONSUMER DISCRETIONARY – (27.53%)
		Consumer Durables & Apparel – (2.37%)
				Fila Holdings Corp.  (South Korea)			167,915		4,148,386
		Consumer Services – (0.73%)
				Trip.com Group Ltd., ADR  (China)*			47,781		1,271,452
		Retailing – (24.43%)
				Alibaba Group Holding Ltd., ADR  (China)*			67,812		8,530,072
				Coupang, Inc., Class A  (South Korea)*			105,800		2,202,756
				JD.com, Inc., Class A, ADR  (China)*			132,958		9,955,895
				Meituan, Class B  (China)*			292,870		8,737,584
				Naspers Ltd. - N  (South Africa)			35,333		5,711,512
				Prosus N.V., Class N  (Netherlands)			90,217		7,505,681
									42,643,500
					Total Consumer Discretionary				48,063,338
	FINANCIALS – (41.19%)
		Banks – (24.67%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			269,145		9,864,164
				Danske Bank A/S  (Denmark)			553,186		10,738,023
				DBS Group Holdings Ltd.  (Singapore)			512,290		13,456,254
				DNB Bank ASA  (Norway)			359,452		8,555,027
				Metro Bank PLC  (United Kingdom)*			350,718		460,235
									43,073,703
		Diversified Financials – (7.06%)
			Capital Markets – (7.06%)
				Julius Baer Group Ltd.  (Switzerland)			153,977		10,062,347
				Noah Holdings Ltd., Class A, ADS  (China)*			71,872		2,256,062
									12,318,409
		Insurance – (9.46%)
			Life & Health Insurance – (9.46%)
				AIA Group Ltd.  (Hong Kong)			785,690		8,202,455
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,046,846		8,307,581
									16,510,036
					Total Financials				71,902,148
	HEALTH CARE – (3.29%)
		Pharmaceuticals, Biotechnology & Life Sciences – (3.29%)
				Novartis AG, ADR  (Switzerland)			31,771		2,761,218
				Roche Holding AG - Genusschein  (Switzerland)			7,724		2,989,181
					Total Health Care				5,750,399
	INDUSTRIALS – (8.27%)
		Capital Goods – (8.00%)
				Brenntag SE  (Germany)			32,281		2,765,715
				Ferguson PLC  (United Kingdom)			37,898		5,960,992
				Schneider Electric SE  (France)			30,911		5,236,179
									13,962,886

8

DAVIS FUNDAMENTAL ETF TRUST	Schedule of Investments
DAVIS SELECT INTERNATIONAL ETF - (CONTINUED)	January 31, 2022 (Unaudited)

								Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INDUSTRIALS – (CONTINUED)
		Transportation – (0.27%)
				DiDi Global Inc., Class A, ADS  (China)*						132,310	$	477,639
							Total Industrials					14,440,525
	INFORMATION TECHNOLOGY – (10.38%)
		Semiconductors & Semiconductor Equipment – (2.49%)
				Tokyo Electron Ltd.  (Japan)						8,900		4,353,283
		Technology Hardware & Equipment – (7.89%)
				Hollysys Automation Technologies Ltd.  (China)*						365,522		4,828,546
				Samsung Electronics Co., Ltd.  (South Korea)						143,782		8,943,108
												13,771,654
							Total Information Technology					18,124,937
	MATERIALS – (2.04%)
				Teck Resources Ltd., Class B  (Canada)						115,330		3,560,237
							Total Materials					3,560,237
						TOTAL COMMON STOCK – (Identified cost $160,154,085)						170,258,852
SHORT-TERM INVESTMENTS – (2.68%)
				StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $2,520,004 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 04/01/22-05/15/61, total market value $2,570,400)					$	2,520,000		2,520,000
				Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 02/01/22, dated 01/31/22, repurchase value of $2,158,003 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 1.50%-3.00%, 01/01/31-01/01/52, total market value $2,201,160)						2,158,000		2,158,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $4,678,000)						4,678,000
					Total Investments – (100.20%) – (Identified cost $164,832,085)							174,936,852
					Liabilities Less Other Assets – (0.20%)							(356,428)
						Net Assets – (100.00%)					$	174,580,424
	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
	January 31, 2022 (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 for 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 investments 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.

10

DAVIS FUNDAMENTAL ETF TRUST	Notes to Schedule of Investments – (Continued)
	January 31, 2022 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of January 31, 2022 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	$	54,599,152	$	–	$	51,883,869	$	8,417,268
Consumer Discretionary		39,016,489		–		45,617,574		21,960,175
Consumer Staples		–		–		3,236,519		–
Financials		170,162,947		163,204,113		64,204,253		12,120,226
Health Care		30,299,387		–		20,875,444		2,761,218
Industrials		–		–		643,533		477,639
Information Technology		27,164,987		–		29,345,585		4,828,546
Materials		5,571,479		–		3,492,323		3,560,237
Total Level 1		326,814,441		163,204,113		219,299,100		54,125,309
Level 2 – Other Significant Observable Inputs:
Common Stock*:
Consumer Discretionary		3,695,716		–		28,533,973		26,103,163
Financials		39,651,336		33,282,012		80,948,075		59,781,922
Health Care		–		–		–		2,989,181
Industrials		–		–		–		13,962,886
Information Technology		–		–		9,739,443		13,296,391
Short-Term Investments		6,554,000		3,507,000		4,576,000		4,678,000
Total Level 2		49,901,052		36,789,012		123,797,491		120,811,543
Level 3 – Significant Unobservable Inputs:
Total Level 3		–		–		–		–
Total Investments	$	376,715,493	$	199,993,125	$	343,096,591	$	174,936,852

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

Federal Income Taxes

At January 31, 2022, 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	$	124,086,714	$	50,697,230	$	78,538,978	$	31,992,955
Unrealized depreciation		(7,945,454)		(4,269,029)		(32,430,515)		(25,060,919)
Net unrealized appreciation	$	116,141,260	$	46,428,201	$	46,108,463	$	6,932,036
Aggregate cost	$	260,574,233	$	153,564,924	$	296,988,128	$	168,004,816

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